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.
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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 | |
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