Earnings Per Share

12 Months Ended

Dec. 31, 2022

EARNINGS PER SHARE

Basic earnings per share of common stock are computed by dividing net earnings 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 (refer to Note (13) Information Regarding Controlling Stockholder). The Company currently has no share-based compensation awards outstanding that could be redeemed for shares of common stock.

Net earnings for the periods shown below are 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,
	2022			2021		2020
	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	$	101,144		180,681		92,312
Dividends – Class A shares	(1,237)			(1,237)		(1,237)
Dividends – Class B shares	(36)			(36)		(36)

Undistributed earnings	$	99,871		179,408		91,039

Allocation of net earnings:
Dividends	$	1,237	36	1,237	36	1,237	36
Allocation of undistributed earnings	97,047		2,824	174,334	5,074	88,464	2,575

Net earnings	$	98,284	2,860	175,571	5,110	89,701	2,611

Denominator:
Basic earnings per share - weighted-average shares	3,436		200	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	3,436	200

Basic earnings per share	$	28.60	14.30	51.10	25.55	26.11	13.05

Diluted earnings per share	$	28.60	14.30	51.10	25.55	26.11	13.05