NET INCOME PER COMMON SHARE AND EQUITY PER COMMON SHARE

9 Months Ended

Sep. 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 Nine Months
	Ended September 30,		Ended September 30,
	2015	2014	2015	2014
	(in thousands)		(in thousands)

Weighted average common shares outstanding during the period for Basic computation	8,960	8,898	8,935	8,876
Dilutive effect of employee stock options	40	32	37	43

Weighted average common shares outstanding during the period for Diluted computation	9,000	8,930	8,972	8,919

For the three and nine months ended September 30, 2015, employee stock options to purchase 33,750 and 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 exercised 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, 2015, 8,119,781 shares of Class A Stock and 881,452 shares of Class B Stock were issued and outstanding. 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. The par value for both classes is $1.00 per share. For the three months ended September 30, 2015 and September 30, 2014, the Company issued 72,200 and 8,722 shares of Class A Stock, respectively. For the nine months ended September 30, 2015 and September 30, 2014, the Company issued 89,104 and 70,344 shares of Class A stock.

Equity per common share was $14.45 and $14.14 at September 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 September 30, 2015 and December 31, 2014, respectively.