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NET INCOME PER COMMON SHARE AND EQUITY PER COMMON SHARE
 9 Months Ended
Sep. 30, 2012
NET INCOME PER COMMON SHARE AND EQUITY PER COMMON SHARE [Abstract]  
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 Nine Months
 
   
Ended September 30,
  
Ended September 30,
 
   
2012
  
2011
  
2012
  
2011
 
   
(in thousands)
  
(in thousands)
 
Weighted average common shares outstanding
            
during the period for Basic computation
  8,681   8,547   8,653   7,960 
Dilutive effect of employee stock options
  71   32   46   40 
                  
Weighted average common shares outstanding
                
during the period for Diluted computation
  8,752   8,579   8,699   8,000 


 
 
 

For the nine months ended September 30, 2012, employee stock options to purchase 60,750 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 September 30, 2012, 7,813,892 shares of Class A Stock and 881,452 shares of Class B Stock were issued and outstanding.  As of September 30, 2011, 7,710,195 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 September 30, 2012 and September 30, 2011, the Company issued 35,835 and 28,049 shares of Class A Stock, respectively.  For the nine months ended September 30, 2012 and September 30, 2011, the Company issued 84,386 and 66,251 share of Class A Stock.  In addition, on July 20, 2011 and August 15, 2011, the Company completed the sale of 804,290 shares and 84,000 shares of its Class A Stock, respectively.

Equity per common share was $13.39 and $13.91 at September 30, 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 September 30, 2012 and December 31, 2011, respectively.