Three Months Ended

Six Months Ended

June 30,

(in thousands, except per share data)

2025

2024

2025

2024

Net income

$

31,484

$

25,206

$

78,752

$

55,812

Dividends declared on Common Stock:

Class A Shares

(7,803)

(6,996)

(15,602)

(13,982)

Class B Shares

(881)

(796)

(1,763)

(1,592)

Undistributed net income for basic earnings per share

22,800

17,414

61,387

40,238

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

(28)

(33)

(67)

(56)

Undistributed net income for diluted earnings per share

$

22,772

$

17,381

$

61,320

$

40,182

Weighted average shares outstanding:

Class A Shares

17,571

17,483

17,571

17,475

Class B Shares

2,150

2,151

Effect of dilutive securities on Class A Shares outstanding

63

81

74

71

Weighted average shares outstanding including dilutive securities

19,784

19,714

19,795

19,697

Basic earnings per share:

Class A Common Stock:

Per share dividends distributed

$

0.45

$

0.41

$

0.90

$

0.81

Undistributed earnings per share*

1.17

0.90

3.14

2.07

Total basic earnings per share - Class A Common Stock

$

1.62

$

1.31

$

4.04

$

2.88

Class B Common Stock:

Per share dividends distributed

$

0.41

$

0.37

$

0.82

$

0.74

Undistributed earnings per share*

1.06

0.81

2.86

1.88

Total basic earnings per share - Class B Common Stock

$

1.47

$

1.18

$

3.68

$

2.62

Diluted earnings per share:

Class A Common Stock:

Per share dividends distributed

$

0.45

$

0.41

$

0.90

$

0.81

Undistributed earnings per share*

1.16

0.89

3.13

2.06

Total diluted earnings per share - Class A Common Stock

$

1.61

$

1.30

$

4.03

$

2.87

Class B Common Stock:

Per share dividends distributed

$

0.41

$

0.37

$

0.82

$

0.74

Undistributed earnings per share*

1.06

0.81

2.84

1.87

Total diluted earnings per share - Class B Common Stock

$

1.47

$

1.18

$

3.66

$

2.61