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6) Earnings Per Share
 3 Months Ended
Mar. 31, 2021
Disclosure Text Block [Abstract]  
6) Earnings Per Share

6)       Earnings Per Share

 

The basic and diluted earnings per share amounts were calculated as follows:

 

    Three Months Ended
March 31
    2021   2020
Numerator:        
Net earnings   $ 12,128,715   $ 1,424,449
Denominator:        
Basic weighted-average shares outstanding   19,124,001   18,641,950
Effect of dilutive securities:        
Employee stock options   884,049   191,446
         
Diluted weighted-average shares outstanding   20,008,050   18,833,396
         
Basic net earnings per share   $ 0.63   $ 0.08
         
Diluted net earnings per share   $ 0.61   $ 0.08

 

Net earnings per share amounts have been retroactively adjusted for the effect of annual stock dividends. For the three months March 31, 2021 and 2020, there were -0- and 1,316,506 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. Basic and diluted earnings per share amounts are the same for each class of common stock.

 

The following table summarizes the activity in shares of capital stock for the periods presented:

 

    Class A   Class C
Outstanding shares at December 31, 2019   16,107,779   2,500,887 
Exercise of stock options   22,411   - 
Stock dividends   404,839   61,720 
Conversion of Class C to Class A   11,162   (11,162)
Outstanding shares at March 31, 2020   16,546,191   2,551,445 
         
Outstanding shares at December 31, 2020   16,595,783   2,679,603 
Exercise of stock options   27,926   - 
Stock dividends   -   - 
Conversion of Class C to Class A   48,527   (48,527)
Outstanding shares at March 31, 2021   16,672,236   2,631,076