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Note 11: Capital Stock
 12 Months Ended
Dec. 31, 2013
Notes  
Note 11: Capital Stock

11)    Capital Stock

 

The Company has two classes of common stock with shares outstanding, Class A common shares and Class C common shares. 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 2013, 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, 2013:

 

 

 

 

 Class A

 

 Class C    

 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

 

 

 

 

 

 Exercise of stock options

 

          359,786

 

       2,112,110

 Stock dividends

 

          562,152

 

          633,424

 Conversion of Class C to Class A

 

            41,773

 

         (417,727)

 

 

 

 

 

 Balance at December 31, 2013

 

     11,807,287

 

     13,301,908

 

 

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:

 

 

 

 

 2013

 

 2012

 

 2011

Numerator:

 

 

 

 

 

 

 Net earnings

 

 $    7,585,921

 

 $ 16,712,518

 

 $ 1,298,758

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

Denominator for basic earnings

 

 

 

 

 

 

 per share-weighted-average shares

 

     11,751,428

 

   10,812,967

 

  10,572,201

 

 

 

 

 

 

 

Effect of dilutive securities

 

 

 

 

 

 

 Employee stock options

 

          586,235

 

        570,744

 

      113,344

 Dilutive potential common shares

 

          586,235

 

        570,744

 

      113,344

 

 

 

 

 

 

 

Denominator for diluted earnings (loss)

 

 

 

 

 

 

per share-adjusted weighted-average

 

 

 

 

 

 

 shares and assumed conversions

 

     12,337,663

 

   11,383,711

 

  10,685,545

 

 

 

 

 

 

 

 Basic earnings (loss) per share

             

$0.65

             

$1.55

             

$0.12

 Diluted earnings (loss) per share

 

$0.61

 

$1.47

 

$0.12