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NET INCOME PER COMMON SHARE AND EQUITY PER COMMON SHARE
 9 Months Ended
Sep. 30, 2014
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,
 
  
2014
  
2013
  
2014
  
2013
 
  
(in thousands)
  
(in thousands)
 
         
Weighted average common shares outstanding during the period for Basic computation
  
8,898
   
8,789
   
8,876
   
8,759
 
Dilutive effect of employee stock options
  
32
   
61
   
43
   
63
 
                 
Weighted average common shares outstanding during the period for Diluted computation
  
8,930
   
8,850
   
8,919
   
8,822
 

For the three and nine months ended September 30, 2014, employee stock options to purchase 67,500 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, 2014, 8,018,913 shares of Class A Stock and 881,452 shares of Class B Stock were issued and outstanding.  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.  The par value for both classes is $1.00 per share.  For the three months ended September 30, 2014 and September 30, 2013, the Company issued 8,722 and 11,574 shares of Class A Stock, respectively.  For the nine months ended September 30, 2014 and September 30, 2013, the Company issued 70,344 and 82,928 shares of Class A stock.

Equity per common share was $13.88 and $13.89 at September 30, 2014 and December 31, 2013, respectively.  These amounts were computed by dividing common stockholders' equity by the number of weighted average shares of common stock outstanding on September 30, 2014 and December 31, 2013, respectively.