Three Months Ended

Six Months Ended

June 30,

(in thousands, except per share data)

 

2026

 

2025

 

2026

 

2025

Net income

$

32,866

$

31,484

$

75,435

$

78,752

Dividends declared on Common Stock:

Class A Shares

(8,609)

(7,803)

(17,212)

(15,602)

Class B Shares

(962)

(881)

(1,929)

(1,763)

Undistributed net income for basic earnings per share

23,295

22,800

56,294

61,387

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

(14)

(28)

(33)

(67)

Undistributed net income for diluted earnings per share

$

23,281

$

22,772

$

56,261

$

61,320

Weighted average shares outstanding:

Class A Shares

17,695

17,571

17,676

17,571

Class B Shares

2,138

2,150

2,143

2,150

Effect of dilutive securities on Class A Shares outstanding

31

63

33

74

Weighted average shares outstanding including dilutive securities

19,864

19,784

19,852

19,795

Basic earnings per share:

Class A Common Stock:

Per share dividends distributed

$

0.50

$

0.45

$

0.99

$

0.90

Undistributed earnings per share*

1.19

1.17

2.87

3.14

Total basic earnings per share - Class A Common Stock

$

1.69

$

1.62

$

3.86

$

4.04

Class B Common Stock:

Per share dividends distributed

$

0.45

$

0.41

$

0.90

$

0.82

Undistributed earnings per share*

1.08

1.06

2.61

2.86

Total basic earnings per share - Class B Common Stock

$

1.53

$

1.47

$

3.51

$

3.68

Diluted earnings per share:

Class A Common Stock:

Per share dividends distributed

$

0.50

$

0.45

$

0.99

$

0.90

Undistributed earnings per share*

1.18

1.16

2.86

3.13

Total diluted earnings per share - Class A Common Stock

$

1.68

$

1.61

$

3.85

$

4.03

Class B Common Stock:

Per share dividends distributed

$

0.45

$

0.41

$

0.90

$

0.82

Undistributed earnings per share*

1.08

1.06

2.60

2.84

Total diluted earnings per share - Class B Common Stock

$

1.53

$

1.47

$

3.50

$

3.66