14. 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. There were no common stock equivalents for 2017, 2016 and 2015, respectively.

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


Year Ended December 31,	2017		2016		2015
(in thousands except share and per share data)
BASIC EPS COMPUTATION
Numerator:
Net income, Class A	$	17,526	$	19,270	$	18,081
Net income, Class B		4,775		5,264		4,940
Denominator:
Weighted average shares outstanding, Class A		3,604,029		3,600,729		3,600,729
Weighted average shares outstanding, Class B		1,963,880		1,967,180		1,967,180
Basic EPS, Class A	$	4.86	$	5.35	$	5.02
Basic EPS, Class B	$	2.43	$	2.68	$	2.51

DILUTED EPS COMPUTATION
Numerator:
Net income, Class A	$	17,526	$	19,270	$	18,081
Net income, Class B		4,775		5,264		4,940

Total net income, for diluted EPS, Class A computation		22,301		24,534		23,021
Denominator:
Weighted average shares outstanding, basic, Class A		3,604,029		3,600,729		3,600,729
Weighted average shares outstanding, Class B		1,963,880		1,967,180		1,967,180

Weighted average shares outstanding diluted, Class A		5,567,909		5,567,909		5,567,909
Weighted average shares outstanding, Class B		1,963,880		1,967,180		1,967,180
Diluted EPS, Class A	$	4.01	$	4.41	$	4.13
Diluted EPS, Class B	$	2.43	$	2.68	$	2.51