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Earnings Per Share
 9 Months Ended
Sep. 30, 2014
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,
 
2014
 
2013
 
Class A
 
Class B
 
Class A
 
Class B
 
(In thousands except per share amounts)
 
 
 
 
 
 
 
 
Numerator for Basic and Diluted Earnings Per Share:
 
 
 
 
 
 
 
Net income
$
28,466

 
 
 
24,782

 
 
Dividends - Class A shares
(1,236
)
 
 
 
(1,237
)
 
 
Dividends - Class B shares
(36
)
 
 
 
(36
)
 
 
 
 
 
 
 
 
 
 
Undistributed income
$
27,194

 
 
 
23,509

 
 
 
 
 
 
 
 
 
 
Allocation of net income:
 

 
 
 
 

 
 
Dividends
$
1,236

 
36

 
1,237

 
36

Allocation of undistributed income
26,425

 
769

 
22,844

 
665

 
 
 
 
 
 
 
 
Net income
$
27,661

 
805

 
24,081

 
701

 
 
 
 
 
 
 
 
Denominator:
 

 
 

 
 

 
 

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

 
200

 
3,435

 
200

Effect of dilutive stock options
2

 
—

 
4

 
—

 
 
 
 
 
 
 
 
Diluted earnings per share - adjusted weighted-average shares for assumed conversions
3,438

 
200

 
3,439

 
200

 
 
 
 
 
 
 
 
Basic Earnings Per Share
$
8.05

 
4.03

 
7.01

 
3.51

 
 
 
 
 
 
 
 
Diluted Earnings Per Share
$
8.05

 
4.03

 
7.00

 
3.51



Stock options that were outstanding during the three months ended September 30, 2014 and 2013, but were not included in the computation of diluted earnings per share because the effect was anti-dilutive were approximately 22,200 and 23,000, respectively.
 
 
 
 
 
 
 
 
 
Nine Months Ended September 30,
 
2014
 
2013
 
Class A
 
Class B
 
Class A
 
Class B
 
(In thousands except per share amounts)
 
 
 
 
 
 
 
 
Numerator for Basic and Diluted Earnings Per Share:
 
 
 
 
 
 
 
Net income
$
77,475

 
 
 
68,405

 
 
Dividends - Class A shares
(1,236
)
 
 
 
(1,237
)
 
 
Dividends - Class B shares
(36
)
 
 
 
(36
)
 
 
 
 
 
 
 
 
 
 
Undistributed income
$
76,203

 
 
 
67,132

 
 
 
 
 
 
 
 
 
 
Allocation of net income:
 

 
 
 
 

 
 
Dividends
$
1,236

 
36

 
1,237

 
36

Allocation of undistributed income
74,048

 
2,155

 
65,233

 
1,899

 
 
 
 
 
 
 
 
Net income
$
75,284

 
2,191

 
66,470

 
1,935

 
 
 
 
 
 
 
 
Denominator:
 

 
 

 
 

 
 

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

 
200

 
3,435

 
200

Effect of dilutive stock options
2

 
—

 
5

 
—

 
 
 
 
 
 
 
 
Diluted earnings per share - adjusted weighted-average shares for assumed conversions
3,437

 
200

 
3,440

 
200

 
 
 
 
 
 
 
 
Basic Earnings Per Share
$
21.92

 
10.95

 
19.35

 
9.68

 
 
 
 
 
 
 
 
Diluted Earnings Per Share
$
21.91

 
10.95

 
19.32

 
9.68



Stock options that were outstanding during the nine months ended September 30, 2014 and 2013, but were not included in the computation of diluted earnings per share because the effect was anti-dilutive were approximately 22,200 and 23,000, respectively.