Note 8 - Earnings Per Share

9 Months Ended

Sep. 30, 2013

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

8.               EARNINGS PER SHARE

Net income per share of class A common stock and class B common stock is computed using the two-class method. Basic net income per share is computed by allocating undistributed earnings to common shares and using the weighted-average number of common shares outstanding during the period.

Diluted net income per share is computed using the weighted-average number of common shares and, if dilutive, the potential common shares outstanding during the period. Potential common shares consist of the incremental common shares issuable upon the exercise of stock options and vesting of restricted stock. The dilutive effect of outstanding stock options is reflected in diluted earnings per share by application of the treasury stock method.

The liquidation rights and the rights upon the consummation of an extraordinary transaction are the same for the holders of class A common stock and class B common stock. Other than share distributions and liquidation rights, the amount of any dividend or other distribution payable on each share of class A common stock will be equal to one-sixth (1/6^th) of the amount of any such dividend or other distribution payable on each share of class B common stock. As a result, the undistributed earnings for each year are allocated based on the contractual participation rights of the class A and class B common stock as if the earnings for the year had been distributed.

	For the Three Months Ended September 30, 2013				For the Three Months Ended September 30, 2012
	Class A  Common Stock		Class B Common Stock		Class A Common Stock		Class B Common Stock
	(In thousands, except per share data)
Numerator for net income per share - basic:
Allocation of distributed earnings	$	-	$	-	$	887	$	887
Allocation of undistributed earnings		1,906		1,906		901		901
Net income attributable to common shareholders	$	1,906	$	1,906	$	1,788	$	1,788
Denominator for net income per share - basic:
Weighted average common shares outstanding - basic		20,672		3,445		20,373		3,395
Net income per share - basic	$	0.09	$	0.55	$	0.09	$	0.53
Numerator for net income per share - diluted:
Net income attributable to common shareholders for basic computation	$	1,906	$	1,906	$	1,788	$	1,788
Denominator for net income per share - diluted:
Weighted average common shares outstanding - basic		20,672		3,445		20,373		3,395
Weighted average effect of dilutive securities:
Stock Options		404		63		481		80
Restricted Stock		35		6		29		5
Weighted average common shares outstanding - diluted		21,111		3,514		20,883		3,480
Net income per share - diluted	$	0.09	$	0.54	$	0.09	$	0.51

	For the Nine Months Ended September 30, 2013				For the Nine Months Ended September 30, 2012
	Class A Common Stock		Class B Common Stock		Class A Common Stock		Class B Common Stock
	(In thousands, except per share data)
Numerator for net income per share - basic:
Allocation of distributed earnings	$	1,071	$	1,071	$	2,649	$	2,649
Allocation of undistributed earnings		4,787		4,787		3,034		3,034
Net income attributable to common shareholders	$	5,858	$	5,858	$	5,683	$	5,683
Denominator for net income per share - basic:
Weighted average common shares outstanding - basic		20,671		3,445		20,262		3,377
Net income per share - basic	$	0.28	$	1.70	$	0.28	$	1.68
Numerator for net income per share - diluted:
Net income attributable to common shareholders for basic computation	$	5,858	$	5,858	$	5,683	$	5,683
Denominator for net income per share - diluted:
Weighted average common shares outstanding - basic		20,671		3,445		20,262		3,377
Weighted average effect of dilutive securities:
Stock Options		381		62		519		86
Restricted Stock		35		6		42		7
Weighted average common shares outstanding - diluted		21,087		3,513		20,823		3,470
Net income per share - diluted	$	0.28	$	1.67	$	0.27	$	1.64

The Company excluded 144,000 and 146,106 shares of class A common stock options for the three-month periods ended September 30, 2013 and 2012, respectively, and 24,351 shares of class B common stock options for the three-month period ended September 30, 2012, from the diluted net income per share computation because the exercise or grant price exceeded the fair market value of the common stock on such date. The Company excluded 133,114 and 225,153 shares of class A common stock options and 8,566 and 37,526 of the class B common stock options for the nine-month periods ended September 30, 2013 and 2012, respectively from the diluted net income per share computation because the exercise or grant price exceeded the fair market value of the common stock on such date. Also excluded were 1,590 shares of Class A restricted stock awards and 265 of shares of Class B restricted stock awards for the three-month period ended September 30, 2012. There were no restricted stock shares excluded for the nine-month period ended September 30, 2013.