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NET INCOME PER COMMON SHARE AND EQUITY PER COMMON SHARE
 9 Months Ended
Sep. 30, 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
 
For the Nine Months
 
Ended September 30,
 
Ended September 30,
 
2013
 
2012
 
2013
 
2012
 
(in thousands)
 
(in thousands)
 
 
 
 
 
 
 
 
Weighted average common shares outstanding during the period for Basic computation
8,789
 
8,681
 
8,759
 
8,653
Dilutive effect of employee stock options
61
 
71
 
63
 
46
 
 
 
 
 
 
 
 
Weighted average common shares outstanding during the period for Diluted computation
8,850
 
8,752
 
8,822
 
8,699

For the three and nine months ended September 30, 2013, employee stock options to purchase 34,000 and 18,000 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 authorized shares of Class B Stock.  As of September 30, 2013, 7,911,764 shares of Class A Stock and 881,452 shares of Class B Stock were issued and outstanding.  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.  The par value for both classes is $1.00 per share.  For the three months ended September 30, 2013 and September 30, 2012, the Company issued 11,574 and 35,835 shares of Class A Stock, respectively.  For the nine months ended September 30, 2013 and September 30, 2012, the Company issued 82,928 and 84,386 shares of Class A stock.

Equity per common share was $13.64 and $13.64 at September 30, 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 September 30, 2013 and December 31, 2012, respectively.