Earnings per share ("EPS")

6 Months Ended

Jun. 30, 2019

Earnings Per Share [Abstract]

Earnings per share ("EPS")

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 June 30, 2019 and 2018.

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

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands except share and per share data)	2019		2018		2019		2018
Basic EPS Computation:
Numerator:
Net income, Class A	$	7,460	$	7,076	$	14,867	$	13,138
Net income, Class B		2,006		1,922		4,017		3,569
Denominator:
Weighted average shares outstanding, Class A		3,620,449		3,608,029		3,615,389		3,608,029
Weighted average shares outstanding, Class B		1,947,460		1,959,880		1,952,520		1,959,880
Basic EPS, Class A	$	2.06	$	1.96	$	4.11	$	3.64
Basic EPS, Class B		1.03		0.98		2.06		1.82
Diluted EPS Computation:
Numerator:
Net income, Class A	$	7,460	$	7,076	$	14,867	$	13,138
Net income, Class B		2,006		1,922		4,017		3,569
Total net income, for diluted EPS, Class A computation		9,466		8,998		18,884		16,707
Denominator:
Weighted average shares outstanding, basic, Class A		3,620,449		3,608,029		3,615,389		3,608,029
Weighted average shares outstanding, Class B		1,947,460		1,959,880		1,952,520		1,959,880
Weighted average shares outstanding diluted, Class A		5,567,909		5,567,909		5,567,909		5,567,909
Weighted average shares outstanding, Class B		1,947,460		1,959,880		1,952,520		1,959,880
Diluted EPS, Class A	$	1.70	$	1.62	$	3.39	$	3.00
Diluted EPS, Class B		1.03		0.98		2.06		1.82