Earnings per share ("EPS")

3 Months Ended

Mar. 31, 2019

Note 7. 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 Company had no common stock equivalents outstanding for the periods ended March 31, 2019 and 2018.

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

	Three Months Ended March 31,
(in thousands except share and per share data)	2019		2018
Basic EPS Computation:
Numerator:
Net income, Class A	$	7,409	$	6,062
Net income, Class B		2,009		1,647
Denominator:
Weighted average shares outstanding, Class A		3,610,329		3,608,029
Weighted average shares outstanding, Class B		1,957,580		1,959,880
Basic EPS, Class A	$	2.05	$	1.68
Basic EPS, Class B		1.03		0.84
Diluted EPS Computation:
Numerator:
Net income, Class A	$	7,409	$	6,062
Net income, Class B		2,009		1,647
Total net income, for diluted EPS, Class A computation		9,418		7,709
Denominator:
Weighted average shares outstanding, basic, Class A		3,610,329		3,608,029
Weighted average shares outstanding, Class B		1,957,580		1,959,880
Weighted average shares outstanding diluted, Class A		5,567,909		5,567,909
Weighted average shares outstanding, Class B		1,957,580		1,959,880
Diluted EPS, Class A	$	1.69	$	1.38
Diluted EPS, Class B		1.03		0.84