Earnings Per Share

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Earnings Per Share

6)       Earnings Per Share

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

	Three Months Ended 30-June				Six Months Ended 30-June
		2021		2020		2021		2020
Numerator:
Net earnings	$	11,257,479	$	20,557,047	$	23,386,194	$	21,981,496
Denominator:
Basic weighted-average shares outstanding		20,106,954		19,719,792		20,093,834		19,658,351
Effect of dilutive securities:
Employee stock options		784,817		439,593		826,048		349,502
Diluted weighted-average shares outstanding		20,891,771		20,159,385		20,919,882		20,007,853
Basic net earnings per share	$	0.56	$	1.04	$	1.16	$	1.12
Diluted net earnings per share	$	0.54	$	1.02	$	1.12	$	1.10

Net earnings per share amounts have been retroactively adjusted for the effect of annual stock dividends. For the six months June 30, 2021 and 2020,there were 0 and 0 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		33,774		—
Stock dividends		404,839		61,720
Conversion of Class C to Class A		11,162		(11,162	)
Outstanding shares at June 30, 2020		16,557,554		2,551,445
Outstanding shares at December 31, 2020		16,595,783		2,679,603
Exercise of stock options		80,948		—
Stock dividends		836,263		131,554
Conversion of Class C to Class A		48,527		(48,527	)
Outstanding shares at June 30, 2021		17,561,521		2,762,630