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Earnings Per Share ("EPS")
 9 Months Ended
Sep. 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 September 30, 2013 and 2012 was an increase of 1,451 and 1,305 shares, respectively. The dilutive effect of these stock options for the nine months ended September 30, 2013 and 2012 was an increase of 1,261 and 926 shares, respectively.

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

 

     Three months ended
September 30,		      Nine months ended
September 30,		  
     2013      2012      2013      2012  

Basic EPS Computation:

            

(in thousands except share and per share data)

            

Numerator:

            

Net income, Class A

    $ 4,324      $ 4,441       $ 11,760       $ 11,142   

Net income, Class B

      1,195         1,241         3,261         3,119   

Denominator:

            

Weighted average shares outstanding, Class A

      3,578,400        3,559,125         3,574,109         3,555,536   

Weighted average shares outstanding, Class B

      1,978,180         1,989,380         1,982,413         1,991,671   

Basic EPS, Class A

    $ 1.21      $ 1.25       $ 3.29       $ 3.13   

Basic EPS, Class B

      0.60         0.62         1.64         1.57   
  

 

 

     

 

 

     

 

 

     

 

 

  

Diluted EPS Computation:

            

Numerator:

            

Net income, Class A

    $ 4,324      $ 4,441       $ 11,760       $ 11,142   

Net income, Class B

      1,195         1,241         3,261         3,119   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total net income, for diluted EPS, Class A computation

      5,519         5,682         15,021         14,261   

Denominator:

            

Weighted average shares outstanding, basic, Class A

      3,578,400        3,559,125         3,574,109         3,555,536   

Weighted average shares outstanding, Class B

      1,978,180        1,989,380         1,982,413         1,991,671   

Dilutive effect of Class A stock options

      1,451         1,305         1,261         926   
  

 

 

     

 

 

     

 

 

     

 

 

  

Weighted average shares outstanding diluted, Class A

      5,558,031         5,549,810         5,557,783         5,548,133   

Weighted average shares outstanding, Class B

      1,978,180        1,989,380         1,982,413         1,991,671   

Diluted EPS, Class A

    $ 0.99      $ 1.02       $ 2.70       $ 2.57   

Diluted EPS, Class B

      0.60         0.62         1.64         1.57