XML 105 R16.htm IDEA: XBRL DOCUMENT v2.4.0.8
Earnings Per Share ("EPS")
 6 Months Ended
Jun. 30, 2013
Earnings Per Share [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 the three months ended June 30, 2013 and 2012 was an increase of 795 and 476 shares, respectively. The dilutive effect of these stock options for the six months ended June 30, 2013 and 2012 was an increase of 1,162 and 686 shares, respectively.

The following table is a reconciliation of basic EPS and diluted EPS for:

 

     Three months ended      Six months ended  
     June 30,      June 30,  
     2013      2012      2013      2012  

Basic EPS Computation:

            

(in thousands except share and per share data)

            

Numerator:

            

Net income, Class A

    $ 3,935       $ 3,727       $ 7,437       $ 6,702   

Net income, Class B

      1,091         1,044         2,065         1,877   

Denominator:

            

Weighted average shares outstanding, Class A

      3,574,379         3,556,474         3,571,963         3,553,734   

Weighted average shares outstanding, Class B

      1,982,180         1,991,880         1,984,530         1,992,817   

Basic EPS, Class A

    $ 1.10       $ 1.05       $ 2.08       $ 1.89   

Basic EPS, Class B

      0.55         0.52         1.04         0.94   
  

 

 

     

 

 

     

 

 

     

 

 

  

Diluted EPS Computation:

            

Numerator:

            

Net income, Class A

    $ 3,935       $ 3,727       $ 7,437       $ 6,702   

Net income, Class B

      1,091         1,044         2,065         1,877   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total net income, for diluted EPS, Class A computation

      5,026         4,771         9,502         8,579   

Denominator:

            

Weighted average shares outstanding, basic, Class A

      3,574,379         3,556,474         3,571,963         3,553,734   

Weighted average shares outstanding, Class B

      1,982,180         1,991,880         1,984,530         1,992,817   

Dilutive effect of Class A stock options

      795         476         1,162         686   
  

 

 

     

 

 

     

 

 

     

 

 

  

Weighted average shares outstanding diluted, Class A

      5,557,354         5,548,830         5,557,655         5,547,237   

Weighted average shares outstanding, Class B

      1,982,180         1,991,880         1,984,530         1,992,817   

Diluted EPS, Class A

    $ 0.90       $ 0.86       $ 1.71       $ 1.55   

Diluted EPS, Class B

      0.55         0.52         1.04         0.94