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NET INCOME PER COMMON SHARE AND EQUITY PER COMMON SHARE
 6 Months Ended
Jun. 30, 2011
Income per common share:  
NET INCOME PER COMMON SHARE AND EQUITY PER COMMON SHARE
NOTE 5 - NET INCOME PER COMMON SHARE AND EQUITY PER COMMON SHARE

Basic net income per share is based on the weighted average number of common shares outstanding.  Diluted net income per share is based on the weighted average number of common shares outstanding and the potentially dilutive effect of employee stock options.  The following table summarizes the shares used in computing basic and diluted net income per share:

   
For the Three Months
  
For the Six Months
 
   
Ended June 30,
  
Ended June 30,
 
   
2011
  
2010
  
2011
  
2010
 
   
(in thousands)
  
(in thousands)
 
             
Average common shares outstanding during the period for Basic computation
  7,672   7,539   7,662   7,526 
        Dilutive effect of employee stock options
  43   68   44   69 
                  
                 
Average common shares outstanding during the period for Diluted computation
  7,714   7,607   7,706   7,595 

For the three and six months ended June 30, 2011, employee stock options to purchase 200,250 and 234,000 shares of common stock were excluded from the calculations of diluted net income per share as the calculated proceeds from the options’ exercise were greater than the average market price of the Company’s common stock during this period.

The Company has 15,000,000 authorized shares of Class A Non-Voting Common Stock, or Class A Stock, and 1,040,000 authorized shares of Class B Common Stock, or Class B Stock.  As of June 30, 2011, 6,793,856 shares of Class A Stock and 881,452 shares of Class B Stock were issued and outstanding.  As of June 30, 2010, 6,671,040 shares of Class A Stock and 881,452 shares of Class B Stock were issued and outstanding.  The par value for both classes is $1.00 per share.  For the three months ended June 30, 2011 and June 30, 2010 the Company issued 10,045 and 35,377 shares of Class A Stock, respectively.  For the six months ended June 30, 2011 and June 30, 2010, the Company issued 38,202 and 45,262 shares of Class A Stock, respectively.

Equity per common share was $12.50 and $12.59 at June 30, 2011 and December 31, 2010, respectively.  These amounts were computed by dividing common stockholders' equity by the number of shares of common stock outstanding on June 30, 2011 and December 31, 2010, respectively.