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12) Capital Stock | 12 Months Ended
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Dec. 31, 2020
Equity [Abstract] |
12) Capital Stock | 12) Capital Stock The Company has one class of preferred stock of $1.00 par value, 5,000,000 shares authorized, of which none are issued. The preferred stock is non-voting. The Company has two classes of common stock with shares outstanding, Class A common shares and Class C common shares. Class C shares have 10 votes per share on all matters except for the election of one third of the directors who are elected solely by the Class A shares. Class C shares are convertible into Class A shares at any time on a one to one ratio. The decrease in treasury stock was the result of treasury stock being used to fund the company’s 401(k) Plans. Stockholders of both Class A and Class C common stock have received 5% stock dividends in the years 1990 through 2019, and a 7.5% stock dividend in the year 2020, 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 two-year period ended December 31, 2020:
|  | Class A |  | Class C
Outstanding shares at December 31, 2018 |  | 15,304,798 |  | 2,193,643
Exercise of stock options |  | 32,517 |  | 191,443
Stock dividends |  | 767,178 |  | 119,087
Conversion of Class C to Class A |  | 3,286 |  | (3,286)
Outstanding shares at December 31, 2019 |  | 16,107,779 |  | 2,500,887
Exercise of stock options |  | 68,970 |  | 130,820
Stock dividends |  | 405,210 |  | 61,720
Conversion of Class C to Class A |  | 13,824 |  | (13,824)
Outstanding shares at December 31, 2020 |  | 16,595,783 |  | 2,679,603
Earnings per share amounts have been retroactively adjusted for the effect of annual stock dividends. In accordance with GAAP, the basic and diluted earnings per share amounts were calculated as follows:
|  | 2020 |  | 2019
Numerator: |  |  |  |
Net earnings |  | $ 55,596,613 |  | $ 10,893,519
Denominator: |  |  |  |
Denominator for basic earnings |  |  |  |
per share-weighted-average shares |  | 18,831,991 |  | 18,562,056
Effect of dilutive securities |  |  |  |
Employee stock options |  | 443,260 |  | 127,608
Dilutive potential common shares |  | 443,260 |  | 127,608
Denominator for diluted earnings |  |  |  |
per share-adjusted weighted-average |  |  |  |
shares and assumed conversions |  | 19,275,251 |  | 18,689,664
Basic earnings per share |  | $2.95 |  | $0.59
Diluted earnings per share |  | $2.88 |  | $0.58
For the years ended December 31, 2020 and 2019, there were -0- and 382,289 of anti-dilutive employee stock option shares, respectively, that were not included in the computation of diluted net earnings per common share as their effect would be anti-dilutive.

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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