XML 27 R10.htm IDEA: XBRL DOCUMENT v2.4.0.6
NET INCOME PER COMMON SHARE AND EQUITY PER COMMON SHARE
 3 Months Ended
Mar. 31, 2012
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
 
   
Ended March 31,
 
   
2012
  
2011
 
   
(in thousands)
 
        
Weighted average common shares outstanding during the period for Basic computation
  8,626   7,651 
Dilutive effect of employee stock options
  37   48 
          
Weighted average common shares outstanding during the period for Diluted computation
  8,663   7,699 

For the three months ended March 31, 2012, employee stock options to purchase 200,250 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 Stock and 1,040,000 authorized shares of Class B Stock.  As of March 31, 2012, 7,760,243 shares of Class A Stock and 881,452 shares of Class B Stock were issued and outstanding.  As of March 31, 2011, 6,783,811 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 March 31, 2012 and March 31, 2011, the Company issued 30,737 and 28,157 shares of Class A Stock, respectively.

Equity per common share was $13.26 and $13.91 at March 31, 2012 and December 31, 2011, respectively.  These amounts were computed by dividing common stockholders' equity by the number of weighted average shares of common stock outstanding on March 31, 2012 and December 31, 2011, respectively.