EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2022

EARNINGS PER SHARE

Earnings Per Share and Diluted Earnings Per Share

Years Ended December 31, (in thousands, except per share data)	2022		2021		2020
Net income	$	91,106	$	87,611	$	83,246
Dividends declared on Common Stock:
Class A Shares		(24,122)		(22,451)		(21,433)
Class B Shares		(2,679)		(2,435)		(2,288)
Undistributed net income for basic earnings per share		64,305		62,725		59,525
Weighted average potential dividends on Class A shares upon exercise of dilutive options		(87)		(100)		(35)
Undistributed net income for diluted earnings per share	$	64,218	$	62,625	$	59,490
Weighted average shares outstanding:
Class A Shares		17,876		18,497		18,838
Class B Shares		2,161		2,178		2,201
Effect of dilutive securities on Class A Shares outstanding		64		82		30
Weighted average shares outstanding including dilutive securities		20,101		20,757		21,069
Basic earnings per share:
Class A Common Stock:
Per share dividends distributed	$	1.36	$	1.23	$	1.14
Undistributed earnings per share*		3.24		3.06		2.86
Total basic earnings per share - Class A Common Stock	$	4.60	$	4.29	$	4.00
Class B Common Stock:
Per share dividends distributed	$	1.24	$	1.12	$	1.04
Undistributed earnings per share*		2.95		2.78		2.60
Total basic earnings per share - Class B Common Stock	$	4.19	$	3.90	$	3.64
Diluted earnings per share:
Class A Common Stock:
Per share dividends distributed	$	1.36	$	1.23	$	1.14
Undistributed earnings per share*		3.23		3.05		2.85
Total diluted earnings per share - Class A Common Stock	$	4.59	$	4.28	$	3.99
Class B Common Stock:
Per share dividends distributed	$	1.24	$	1.12	$	1.04
Undistributed earnings per share*		2.93		2.77		2.59
Total diluted earnings per share - Class B Common Stock	$	4.17	$	3.89	$	3.63

*To arrive at undistributed earnings per share, undistributed net income is first pro rated 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.

Antidilutive Stock Options

Years Ended December 31,	2022	2021	2020
Antidilutive stock options	178,000	144,000	338,995
Average antidilutive stock options	128,000	142,625	282,489