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Note 11: Capital Stock
 12 Months Ended
Dec. 31, 2012
Notes  
Note 11: Capital Stock

11)Capital Stock

 

The Company has two classes of common stock with shares outstanding, Class A and Class C. Class C shares vote share for share with the Class A shares on all matters except election of one third of the directors who are elected solely by the Class A shares, but generally are entitled to a lower dividend participation rate. Class C shares are convertible into Class A shares at any time on a ten to one ratio. The decrease in treasury stock was the result of treasury stock being used to fund the company’s 401-K and Deferred Compensation Plans.

 

Stockholders of both classes of common stock have received 5% stock dividends in the years 1990 through 2012, as authorized by the Company’s Board of Directors.

 

 

The Company has Class B Common Stock of $1.00 par value, 5,000,000 shares authorized, of which none are issued. Class B shares are non-voting stock except to any proposed amendment to the Articles of Incorporation which would affect Class B Common Stock.

 

The following table summarizes the activity in shares of capital stock for the three-year period ended December 31, 2012:

 

Class A

Class C    

Balance at December 31, 2009

       8,730,227

       9,214,211

Exercise of stock options

            10,174

                      -

Stock dividends

          437,138

          460,005

Conversion of Class C to Class A

              1,406

           (14,064)

Balance at December 31, 2010

       9,178,945

       9,660,152

Exercise of stock options

                      -

                      -

Stock dividends

          459,168

          482,675

Conversion of Class C to Class A

                 685

             (6,851)

Balance at December 31, 2011

       9,638,798

     10,135,976

Exercise of stock options

          685,753

          318,912

Stock dividends

          518,702

          522,440

Conversion of Class C to Class A

                 323

             (3,227)

Balance at December 31, 2012

     10,843,576

     10,974,101

 

Earnings per share amounts have been retroactively adjusted for the effect of annual stock dividends. In accordance with accounting principles generally accepted in the United States of America, the basic and diluted earnings per share amounts were calculated as follows: 

 

2012

2011

2010

Numerator:

Net earnings (loss)

 $ 16,712,518

 $ 1,298,758

 $  (430,624)

Denominator:

Denominator for basic earnings

per share-weighted-average shares

   10,134,728

   9,893,962

   9,688,067

Effect of dilutive securities

Employee stock options

        543,566

      107,947

                -

Dilutive potential common shares

        543,566

      107,947

                -

Denominator for diluted earnings (loss)

per share-adjusted weighted-average

 

 

 

shares and assumed conversions

   10,678,294

  10,001,909

   9,688,067

Basic earnings (loss) per share

             

$1.65

             

$0.13

             

($0.04)

Diluted earnings (loss) per share

$1.57

$0.13

($0.04)