Earnings per Share ("EPS")

3 Months Ended

Mar. 31, 2013

Earnings per Share ("EPS") [Abstract]

Earnings per share ("EPS")

Note 8. Earnings per Share (“EPS”)

Class A and Class B shares participate equally in undistributed earnings. Under the Company’s Articles of Organization, the holders of Class A Common Stock are entitled to receive dividends per share equal to at least 200% of dividends paid, if any, from time to time, on each share of Class B Common Stock.

Diluted EPS includes the dilutive effect of common stock equivalents; basic EPS excludes all common stock equivalents. The only common stock equivalents for the Company are the stock options discussed below. The dilutive effect of these stock options for 2013 and 2012 was an increase of 939 and 963 shares, respectively.

The following table is a reconciliation of basic EPS and diluted EPS for the three months ended March 31,

	2013		2012
Basic EPS Computation: (in thousands except share and per share data)
Numerator:
Net income, Class A	$	3,502	$	2,973
Net income, Class B		974		835
Denominator:
Weighted average shares outstanding, Class A		3,569,546		3,550,993
Weighted average shares outstanding, Class B		1,986,880		1,993,755
Basic EPS, Class A	$	0.98	$	0.84
Basic EPS, Class B		0.49		0.42
Diluted EPS Computation:
Numerator:
Net income, Class A	$	3,502	$	2,973
Net income, Class B		974		835
Total net income, for diluted EPS, Class A computation		4,476		3,808
Denominator:
Weighted average shares outstanding, basic, Class A		3,569,546		3,550,993
Weighted average shares outstanding, Class B		1,986,880		1,993,755
Dilutive effect of Class A stock options		939		963
Weighted average shares outstanding diluted, Class A		5,557,365		5,545,711
Weighted average shares outstanding, Class B		1,986,880		1,993,755
Diluted EPS, Class A	$	0.81	$	0.69
Diluted EPS, Class B		0.49		0.42