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EARNINGS PER SHARE
9 Months Ended
Sep. 30, 2021
EARNINGS PER SHARE  
EARNINGS PER SHARE

13. EARNINGS PER SHARE

The Company calculates earnings per share under the two-class method. Under the two-class method, earnings available to common shareholders for the period are allocated between Class A Common Stock and Class B Common Stock according to dividends declared (or accumulated) and participation rights in undistributed earnings. The difference in earnings per share between the two classes of common stock results from the 10% per share cash dividend premium paid on Class A Common Stock over that paid on Class B Common Stock.

A reconciliation of the combined Class A and Class B Common Stock numerators and denominators of the earnings per share and diluted earnings per share computations is presented below:

Three Months Ended

Nine Months Ended

September 30, 

September 30, 

(in thousands, except per share data)

2021

    

2020

    

2021

    

2020

    

Income from continuing operations

$

18,412

$

17,275

$

55,240

$

49,344

Income (loss) from discontinued operations

1,597

3,114

14,744

13,546

Net income available to common shareholders

20,009

20,389

69,984

62,890

Dividends declared on Common Stock:

Class A Shares

(5,557)

(5,375)

(16,980)

(16,080)

Class B Shares

(606)

(572)

(1,830)

(1,716)

Undistributed net income for basic earnings per share

13,846

14,442

51,174

45,094

Weighted average potential dividends on Class A shares upon exercise of dilutive options

(17)

(7)

(40)

(24)

Undistributed net income for diluted earnings per share

$

13,829

$

14,435

$

51,134

$

45,070

Weighted average shares outstanding:

Class A Shares

 

18,342

 

18,826

 

18,625

 

18,830

Class B Shares

2,166

2,200

2,182

2,201

Effect of dilutive securities on Class A Shares outstanding

 

83

 

20

 

72

 

37

Weighted average shares outstanding including dilutive securities

 

20,591

 

21,046

 

20,879

 

21,068

Basic earnings per share:

Class A Common Stock:

Per share dividends distributed

$

0.31

$

0.29

$

0.92

$

0.86

Undistributed earnings per share* from continuing operations

0.60

0.54

1.77

1.51

Total basic earnings per share from continuing operations

0.91

0.83

2.69

2.37

Total basic earnings per share from discontinued operations

0.08

0.15

0.71

0.65

Total basic earnings per share - Class A Common Stock

$

0.99

$

0.98

$

3.40

$

3.02

Class B Common Stock:

Per share dividends distributed

$

0.28

$

0.26

$

0.84

$

0.78

Undistributed earnings per share*

0.55

0.49

1.61

1.38

Total basic earnings per share from continuing operations

0.83

0.75

2.45

2.16

Total basic earnings per share from discontinued operations

0.07

0.14

0.65

0.59

Total basic earnings per share - Class B Common Stock

$

0.90

$

0.89

$

3.10

$

2.75

Diluted earnings per share:

Class A Common Stock:

Per share dividends distributed

$

0.31

$

0.29

$

0.92

$

0.86

Undistributed earnings per share*

0.60

0.54

1.76

1.51

Total diluted earnings per share from continuing operations

0.91

0.83

2.68

2.37

Total diluted earnings per share from discontinued operations

0.08

0.15

0.71

0.65

Total diluted earnings per share - Class A Common Stock

$

0.99

$

0.98

$

3.39

$

3.02

Class B Common Stock:

Per share dividends distributed

$

0.28

$

0.26

$

0.84

$

0.78

Undistributed earnings per share*

0.55

0.49

1.60

1.37

Total diluted earnings per share from continuing operations

0.83

0.75

2.44

2.15

Total diluted earnings per share from discontinued operations

0.07

0.14

0.65

0.59

Total diluted earnings per share - Class B Common Stock

$

0.90

$

0.89

$

3.09

$

2.74

*

To arrive at undistributed earnings per share, undistributed net income is first prorated between Class A and Class B Common Shares, with Class A Common Shares receiving a 10% premium. The resulting pro-rated, undistributed net income for each class is then divided by the weighted average shares for each class.

Stock options excluded from the detailed earnings per share calculation because their impact was antidilutive are as follows:

    

Three Months Ended

Nine Months Ended

September 30, 

September 30, 

    

2021

    

2020

    

2021

    

2020

Antidilutive stock options

 

141,000

 

431,000

 

144,000

244,000

Average antidilutive stock options

 

141,000

 

367,000

 

144,000

193,000