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NET INCOME PER COMMON SHARE AND EQUITY PER COMMON SHARE
 12 Months Ended
Dec. 31, 2012
NET INCOME PER COMMON SHARE AND EQUITY PER COMMON SHARE [Abstract]  
NET INCOME PER COMMON SHARE AND EQUITY PER COMMON SHARE
NOTE 13

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 Year
 
 
 
Ended December 31,
 
 
 
2012
 
 
2011
 
 
2010
 
 
 
(in thousands)
 
 
 
 
 
 
 
 
Weighted average common shares outstanding during the period for Basic computation
 
 
8,666
 
 
 
8,122
 
 
 
7,557
 
Dilutive effect of employee stock options
 
 
51
 
 
 
38
 
 
 
61
 
Weighted average common shares outstanding during the period for Diluted computation
 
 
8,717
 
 
 
8,160
 
 
 
7,618
 

For the years ended December 31, 2012 and December 31, 2011, employee stock options to purchase 60,750 and 234,000 shares of common stock were excluded from the calculations of diluted net income per share, respectively, 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 shares of Class B Stock.  As of December 31, 2012, 7,828,836 shares of Class A Stock and 881,452 shares of Class B Stock were issued and outstanding.  As of December 31, 2011, 7,729,506 shares of Class A Stock and 881,452 shares of Class B Stock were issued and outstanding.  As of December 31, 2010, 6,755,654 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 years ended December 31, 2012, December 31, 2011 and December 31, 2010, the Company issued 99,330, 85,600 and 129,876 shares of Class A Stock, respectively.  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 $13.60, $13.91 and $12.59 at December 31, 2012, December 31, 2011 and December 31, 2010, respectively.  These amounts were computed by dividing common stockholders' equity by the number of weighted average shares of common stock outstanding on December 31, 2012, December 31, 2011 and December 31, 2010, respectively.