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NET INCOME PER COMMON SHARE AND EQUITY PER COMMON SHARE
 3 Months Ended
Mar. 31, 2013
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
 
 
 
Ended March 31,
 
 
 
2013
  
2012
 
 
 
(in thousands)
 
 
 
  
 
Weighted average common shares outstanding during the period for Basic computation
  
8,725
   
8,626
 
Dilutive effect of employee stock options
  
69
   
37
 
 
        
Weighted average common shares outstanding during the period for Diluted computation
  
8,794
   
8,663
 

For the three months ended March 31, 2013, no shares of common stock were excluded from the calculations of diluted net income per share.

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, 2013, 7,859,027 shares of Class A Stock and 881,452 shares of Class B Stock were issued and outstanding.  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.  The par value for both classes is $1.00 per share.  For the three months ended March 31, 2013 and March 31, 2012, the Company issued 30,191 and 30,737 shares of Class A Stock, respectively.

Equity per common share was $13.60 and $13.64 at March 31, 2013 and December 31, 2012, respectively.  These amounts were computed by dividing common stockholders' equity by the number of weighted average shares of common stock outstanding on March 31, 2013 and December 31, 2012, respectively.