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Earnings Per Share
 9 Months Ended
Sep. 30, 2012
Earnings Per Share [Abstract]  
Earnings Per Share
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.
 
Three Months Ended September 30,
 
2012
 
2011
 
Class A
 
Class B
 
Class A
 
Class B
 
(In thousands except per share amounts)
 
 
 
 
 
 
 
 
Numerator for Basic and Diluted Earnings Per Share:
 
 
 
 
 
 
 
Net income
$
24,322

 
 
 
19,265

 
 
Dividends - Class A shares
(1,237
)
 
 
 
(1,235
)
 
 
Dividends - Class B shares
(36
)
 
 
 
(36
)
 
 
 
 
 
 
 
 
 
 
Undistributed income
$
23,049

 
 
 
17,994

 
 
 
 
 
 
 
 
 
 
Allocation of net income:
 

 
 
 
 

 
 
Dividends
$
1,237

 
36

 
1,235

 
36

Allocation of undistributed income
22,397

 
652

 
17,485

 
509

 
 
 
 
 
 
 
 
Net income
$
23,634

 
688

 
18,720

 
545

 
 
 
 
 
 
 
 
Denominator:
 

 
 

 
 

 
 

Basic earnings per share - weighted-average shares
3,435

 
200

 
3,435

 
200

Effect of dilutive stock options
—

 
—

 
1

 
—

 
 
 
 
 
 
 
 
Diluted earnings per share - adjusted weighted-average shares for assumed conversions
3,435

 
200

 
3,436

 
200

 
 
 
 
 
 
 
 
Basic Earnings Per Share
$
6.88

 
3.44

 
5.45

 
2.73

 
 
 
 
 
 
 
 
Diluted Earnings Per Share
$
6.88

 
3.44

 
5.45

 
2.73


 
Nine Months Ended September 30,
 
2012
 
2011
 
Class A
 
Class B
 
Class A
 
Class B
 
(In thousands except per share amounts)
 
 
 
 
 
 
 
 
Numerator for Basic and Diluted Earnings Per Share:
 
 
 
 
 
 
 
Net income
$
67,309

 
 
 
51,265

 
 
Dividends - Class A shares
(1,237
)
 
 
 
(1,235
)
 
 
Dividends - Class B shares
(36
)
 
 
 
(36
)
 
 
 
 
 
 
 
 
 
 
Undistributed income
$
66,036

 
 
 
49,994

 
 
 
 
 
 
 
 
 
 
Allocation of net income:
 

 
 
 
 

 
 
Dividends
$
1,237

 
36

 
1,235

 
36

Allocation of undistributed income
64,168

 
1,868

 
48,580

 
1,414

 
 
 
 
 
 
 
 
Net income
$
65,405

 
1,904

 
49,815

 
1,450

 
 
 
 
 
 
 
 
Denominator:
 

 
 

 
 

 
 

Basic earnings per share - weighted-average shares
3,435

 
200

 
3,433

 
200

Effect of dilutive stock options
—

 
—

 
4

 
—

 
 
 
 
 
 
 
 
Diluted earnings per share - adjusted weighted-average shares for assumed conversions
3,435

 
200

 
3,437

 
200

 
 
 
 
 
 
 
 
Basic Earnings Per Share
$
19.04

 
9.52

 
14.51

 
7.25

 
 
 
 
 
 
 
 
Diluted Earnings Per Share
$
19.04

 
9.52

 
14.49

 
7.25



For the three and nine month per share calculations as of September 30, 2012, the exercise price of all outstanding stock options was above the market price of the Company's Class A common shares as of that date. Accordingly, there is no dilutive impact for stock options upon earnings per share during these periods.