Earnings Per Share

6 Months Ended

Jun. 30, 2017

EARNINGS PER SHARE

Basic earnings per share of common stock are computed by dividing net income by the weighted-average basic common shares outstanding during the period. Diluted earnings per share assumes the issuance of common shares applicable to stock options in the denominator. Net income for the periods shown is allocated between Class A shares and Class B shares based upon (1) the proportionate number of shares issued and outstanding as of the end of the period, and (2) the per share dividend rights of the two classes under the Company's Restated Certificate of Incorporation (the Class B dividend per share is equal to one-half the Class A dividend per share).



	Three Months Ended June 30,
	2017			2016
	Class A		Class B	Class A	Class B
	(In thousands except per share amounts)

Numerator for Basic and Diluted Earnings Per Share:
Net income	$	25,483		26,286
Dividends - Class A shares	—			—
Dividends - Class B shares	—			—

Undistributed income	$	25,483		26,286

Allocation of net income:
Dividends	$	—	—	—	—
Allocation of undistributed income	24,762		721	25,543	743

Net income	$	24,762	721	25,543	743

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

Diluted earnings per share - adjusted weighted-average shares for assumed conversions	3,436		200	3,436	200

Basic Earnings Per Share	$	7.21	3.60	7.43	3.72

Diluted Earnings Per Share	$	7.21	3.60	7.43	3.72

Stock options that were outstanding during the three months ended June 30, 2017 and 2016, but were not included in the computation of diluted earnings per share because the effect was anti-dilutive, were approximately 0 and 20,800, respectively.




	Six Months Ended June 30,
	2017			2016
	Class A		Class B	Class A	Class B
	(In thousands except per share amounts)

Numerator for Basic and Diluted Earnings Per Share:
Net income	$	49,021		43,545
Dividends - Class A shares	—			—
Dividends - Class B shares	—			—

Undistributed income	$	49,021		43,545

Allocation of net income:
Dividends	$	—	—	—	—
Allocation of undistributed income	47,635		1,386	42,313	1,232

Net income	$	47,635	1,386	42,313	1,232

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

Diluted earnings per share - adjusted weighted-average shares for assumed conversions	3,436		200	3,436	200

Basic Earnings Per Share	$	13.86	6.93	12.31	6.16

Diluted Earnings Per Share	$	13.86	6.93	12.31	6.16

Stock options that were outstanding during the six months ended June 30, 2017 and 2016, but were not included in the computation of diluted earnings per share because the effect was anti-dilutive were approximately 0 and 20,800, respectively.