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Earnings Per Share ("EPS")
 9 Months Ended
Sep. 30, 2021
Earnings Per Share [Abstract]  
Earnings Per Share ("EPS")
Note 6. 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 and assumes the conversion of all Class B common stock; basic EPS excludes all common stock equivalents. The Company had no common stock equivalents outstanding for the periods ended September 30, 2021 and 2020.
The following table is a reconciliation of basic EPS and diluted EPS.
 
 
  
Three Months Ended
September 30,
 
  
Nine Months Ended
September 30,
 
(in thousands except share and per share data)
  
2021
 
  
2020
 
  
2021
 
  
2020
 
Basic EPS Computation:
  
  
  
  
Numerator:
  
  
  
  
Net income, Class A
   
$
9,326
 
    $ 8,630     
$
26,452
 
    $ 24,254  
Net income, Class B
   
 
2,406
 
      2,257     
 
6,873
 
      6,355  
Denominator:
                                    
Weighted average shares outstanding, Class A
   
 
3,672,969
 
      3,655,469     
 
3,663,669
 
      3,653,429  
Weighted average shares outstanding, Class B
   
 
1,894,940
 
      1,912,440     
 
1,904,240
 
      1,914,480  
Basic EPS, Class A
   
$
2.54
 
    $ 2.36     
$
7.22
 
    $ 6.64  
Basic EPS, Class B
   
 
1.27
 
      1.18     
 
3.61
 
      3.32  
    
 
 
     
 
 
     
 
 
     
 
 
  
Diluted EPS Computation:
                                    
Numerator:
                                    
Net income, Class A
   
$
9,326
 
    $ 8,630     
$
26,452
 
    $ 24,254  
Net income, Class B
   
 
2,406
 
      2,257     
 
6,873
 
      6,355  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total net income, for diluted EPS, Class A computation
   
 
11,732
 
      10,887     
 
33,325
 
      30,609  
Denominator:
                                    
Weighted average shares outstanding, basic, Class A
   
 
3,672,969
 
      3,655,469     
 
3,663,669
 
      3,653,429  
Weighted average shares outstanding, Class B
   
 
1,894,940
 
      1,912,440     
 
1,904,240
 
      1,914,480  
    
 
 
     
 
 
     
 
 
     
 
 
  
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
   
 
1,894,940
 
      1,912,440     
 
1,904,240
 
      1,914,480  
Diluted EPS, Class A
   
$
2.11
 
    $ 1.96     
$
5.99
 
    $ 5.50  
Diluted EPS, Class B
   
 
1.27
 
      1.18     
 
3.61
 
      3.32