NET INCOME PER COMMON SHARE AND EQUITY PER COMMON SHARE

9 Months Ended

Sep. 30, 2016

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 September 30,		For the Nine Months Ended September 30,

	2016	2015	2016	2015
	(in thousands)		(in thousands)

Weighted average common shares outstanding during the period for Basic computation	9,112	8,960	9,090	8,935
Dilutive effect of employee stock options	65	40	64	37

Weighted average common shares outstanding during the period for Diluted computation	9,177	9,000	9,154	8,972

For the three months ended September 30, 2016, no shares of restricted stock awards were excluded from the calculations of diluted net income per share. For the nine months ended September 30, 2016 3,780 shares of restricted stock awards were excluded from the calculations of diluted net income per share. Due to unrecognized compensation costs during the noted period, the hypothetical repurchase of shares exceeds the number of restricted shares expected to vest during the period, creating an anti-dilutive effect.

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, 2016, 8,232,645 shares of Class A Stock and 881,452 shares of Class B Stock were issued and outstanding. 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. The par value for both classes is $1.00 per share. For the three months ended September 30, 2016 and September 30, 2015, the Company issued 7,352 and 72,200 shares of Class A Stock, respectively. For the nine months ended September 30, 2016 and September 30, 2015, the Company issued 56,432 and 89,104 shares of Class A Stock.

Equity per common share was $14.95 and $14.77 at September 30, 2016 and December 31, 2015, respectively. These amounts were computed by dividing common stockholders' equity by the number of weighted average shares of common stock outstanding on September 30, 2016 and December 31, 2015, respectively.