Earnings Per Share

12 Months Ended

Dec. 31, 2015

EARNINGS PER SHARE

Earnings per share amounts are presented using two different computations. Basic earnings per share excludes dilutive effects of certain securities or contracts, such as stock options, and is computed by dividing income available to each class of common stockholders on an as if distributed basis by the weighted-average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock, that then shared in the distributed earnings of each class of common stock. Stock options not included in the weighted-average number of diluted shares, because such shares would have been anti-dilutive, were immaterial. U.S. GAAP requires a two-class presentation for the Company’s two classes of common stock (Note 6, Information Regarding Controlling Stockholder). Accordingly, the earnings per share for both Class A and Class B are presented. The following table sets forth the computations of basic and diluted earnings per share.



	Years Ended December 31,
	2015				2014			2013
	Class A			Class B	Class A		Class B	Class A		Class B
	(In thousands except per share amounts)
Numerator for Basic and Diluted Earnings Per Share:
Net income	$	98,396			105,588			96,247
Dividends – Class A shares	(1,237		)		(1,237	)		(1,237	)
Dividends – Class B shares	(36		)		(36	)		(36	)

Undistributed income	$	97,123			104,315			94,974

Allocation of net income:
Dividends	$	1,237		36	1,237		36	1,237		36
Allocation of undistributed income	94,376			2,747	101,365		2,950	92,287		2,687

Net income	$	95,613		2,783	102,602		2,986	93,524		2,723

Denominator:
Basic earnings per share - weighted-average shares	3,436			200	3,436		200	3,435		200
Effect of dilutive stock options	1			—	1		—	4		—

Diluted earnings per share - adjusted weighted-average shares for assumed conversions	3,437			200	3,437		200	3,439		200

Basic earnings per share	$	27.83		13.91	29.87		14.93	27.23		13.61

Diluted earnings per share	$	27.82		13.91	29.85		14.93	27.19		13.61

Stock options that were outstanding during the years ended December 31, 2015 and 2014, but were not included in the computation of diluted earnings per share because the effect was anti-dilutive were approximately 21,000 and 22,200 respectively.