Earnings Per Share

9 Months Ended

Sep. 30, 2021

Earnings per share

Basic earnings per share are computed by dividing net income over the weighted average number of shares of Class A non-voting common stock ("Class A Stock") and Class B voting common stock ("Class B Stock") outstanding. Diluted earnings per share includes the weighted average number of shares of Class A Stock and Class B Stock outstanding and options to purchase Class A Stock and unvested restricted stock awards of Class A Stock using the treasury stock method.

Earnings per share have been calculated as follows:


(Expressed in thousands, except number of shares and per share amounts)
	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2021		2020		2021		2020
Basic weighted average number of shares outstanding	12,690,386		12,553,802		12,653,310		12,696,143
Net dilutive effect of share-based awards, treasury method (1)	973,828		592,784		886,063		498,291
Diluted weighted average number of shares outstanding	13,664,214		13,146,586		13,539,373		13,194,434

Net income	$	26,250	$	15,639	$	96,067	$	41,106

Earnings per share
Basic	$	2.07	$	1.25	$	7.59	$	3.24
Diluted	$	1.92	$	1.19	$	7.10	$	3.12

1.For the three and nine months ended September 30, 2021, there was no Class A Stock granted under share-based compensation arrangements

that were anti-dilutive. For the three and nine months ended September 30, 2020, the diluted net income per share computation did not include

the anti-dilutive effect of 10,770 shares of Class A Stock granted under share-based compensation arrangements.