XML 33 R18.htm IDEA: XBRL DOCUMENT v3.10.0.1
Earnings Per Share
 12 Months Ended
Dec. 31, 2018
Earnings Per Share [Abstract]  
Earnings Per Share EARNINGS PER SHARE

Basic earnings per share of common stock are computed by dividing net 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, by definition, 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. U.S. GAAP requires a two-class presentation for the Company’s two classes of common stock (Note 6, Information Regarding Controlling Stockholder).  The Company currently has no share-based compensation awards outstanding that could be redeemed for shares of common stock.
 
Net income for the periods shown below 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).

 
Years Ended December 31,
 
2018
 
2017
 
2016
 
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 earnings
$
116,758

 
 
 
110,421

 
 
 
100,892

 
 
Dividends – Class A shares
(1,237
)
 
 
 
(1,237
)
 
 
 
(1,237
)
 
 
Dividends – Class B shares
(36
)
 
 
 
(36
)
 
 
 
(36
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Undistributed earnings
$
115,485

 
 
 
109,148

 
 
 
99,619

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Allocation of net earnings:
 

 
 
 
 

 
 
 
 

 
 
Dividends
$
1,237

 
36

 
1,237

 
36

 
1,237

 
36

Allocation of undistributed earnings
112,219

 
3,266

 
106,061

 
3,087

 
96,802

 
2,817

 
 
 
 
 
 
 
 
 
 
 
 
Net earnings
$
113,456

 
3,302

 
107,298

 
3,123

 
98,039

 
2,853

 
 
 
 
 
 
 
 
 
 
 
 
Denominator:
 

 
 

 
 

 
 

 
 

 
 

Basic earnings per share - weighted-average shares
3,436

 
200

 
3,436

 
200

 
3,436

 
200

Effect of dilutive stock options
—

 
—

 
—

 
—

 
1

 
—

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

 
200

 
3,436

 
200

 
3,437

 
200

 
 
 
 
 
 
 
 
 
 
 
 
Basic earnings per share
$
33.02

 
16.51

 
31.23

 
15.61

 
28.53

 
14.27

 
 
 
 
 
 
 
 
 
 
 
 
Diluted earnings per share
$
33.02

 
16.51

 
31.23

 
15.61

 
28.53

 
14.27