NET INCOME PER COMMON SHARE AND EQUITY PER COMMON SHARE

6 Months Ended

Jun. 30, 2015

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 Six Months
	Ended June 30,		Ended June 30,
	2015	2014	2015	2014
	(in thousands)		(in thousands)

Weighted average common shares outstanding during the period for Basic computation	8,926	8,884	8,922	8,865
Dilutive effect of employee stock options	34	44	36	49

Weighted average common shares outstanding during the period for Diluted computation	8,960	8,928	8,958	8,914

For the three and six months ended June 30, 2015, 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 June 30, 2015, 8,047,581 shares of Class A Stock and 881,452 shares of Class B Stock were issued and outstanding. As of June 30, 2014, 8,010,191 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 June 30, 2015 and June 30, 2014, the Company issued 8,860 and 27,874 shares of Class A Stock, respectively. For the six months ended June 30, 2015 and June 30, 2014, the Company issued 16,904 and 61,622 shares of Class A stock.

Equity per common share was $14.34 and $14.14 at June 30, 2015 and December 31, 2014, respectively. These amounts were computed by dividing common stockholders' equity by the number of weighted average shares of common stock outstanding on June 30, 2015 and December 31, 2014, respectively.

NOTE 6 - REGULATORY PROCEEDINGS