Exhibit 99.3
Journal Communications, Inc.
Calculation of Diluted Earnings Per Share - Class A and B (unaudited)
(dollars in thousands)
| | | 2009 | | | 2008 | |
| | | First Quarter | | | Second Quaarter | | | Third Quarter | | | Fourth Quarter | | | Fiscal Year | | | Fiscal Year | |
| | | | | | | | | | | | | | | | | | | |
| Numerator for diluted earnings (loss) per share: | | | | | | | | | | | | | | | | | | |
| Dividends on class A and B common stock | * | $ | 1,006 | | | $ | - | | | $ | - | | | $ | - | | | $ | 1,006 | | | $ | 16,665 | |
| Dividends on class C common stock | | | 464 | | | | 464 | | | | 463 | | | | 463 | | | | 1,854 | | | | 1,854 | |
| Dividends on non-vested restricted stock | | | 6 | | | | (5 | ) | | | 1 | | | | - | | | | 2 | | | | - | |
| Total undistributed earnings (loss) from continuing operations | | | | | | | | | | | | | | | | | | | | | | | | |
| Class A and B | * | | (1,215 | ) | | | (4,987 | ) | | | 1,457 | | | | 6,797 | | | | 2,540 | | | | (242,760 | ) |
| Class C | | | - | | | | - | | | | 95 | | | | 439 | | | | 165 | | | | - | |
| Non-vested restricted stock | | | - | | | | - | | | | 28 | | | | 134 | | | | 43 | | | | - | |
| Earnings (loss) from discontinued operations | | | | | | | | | | | | | | | | | | | | | | | | |
| Class A and B | | | (140 | ) | | | (304 | ) | | | (202 | ) | | | (591 | ) | | | (1,204 | ) | | | (162 | ) |
| Class C | | | - | | | | - | | | | (13 | ) | | | (38 | ) | | | (78 | ) | | | - | |
| Non-vested restricted stock | | | - | | | | - | | | | (4 | ) | | | (12 | ) | | | (21 | ) | | | - | |
| Net earnings (loss) | | $ | 121 | | | $ | (4,832 | ) | | $ | 1,825 | | | $ | 7,192 | | | $ | 4,307 | | | $ | (224,403 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Denominator for diluted earnings (loss) per class A and B share: | | | | | | | | | | | | | | | | | | | | | | | | |
| Weighted average shares outstanding - Class A and B | | | 50,272 | | | | 50,317 | | | | 50,500 | | | | 50,510 | | | | 50,400 | | | | 51,917 | |
| Impact of non-vested restricted shares | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
| Conversion of class C shares | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
| Adjusted weighted average shares outstanding for class A and B | * | | 50,272 | | | | 50,317 | | | | 50,500 | | | | 50,510 | | | | 50,400 | | | | 51,917 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Diluted earnings (loss) per share of class A and B: | | | | | | | | | | | | | | | | | | | | | | | | |
| Continuing operations | * | $ | (0.01 | ) | | $ | (0.10 | ) | | $ | 0.03 | | | $ | 0.13 | | | $ | 0.07 | | | $ | (4.36 | ) |
| Discontinued operations | | | - | | | | (0.01 | ) | | | (0.01 | ) | | | (0.01 | ) | | | (0.02 | ) | | | - | |
| Net earnings (loss) | | $ | (0.01 | ) | | $ | (0.11 | ) | | $ | 0.02 | | | $ | 0.12 | | | $ | 0.05 | | | $ | (4.36 | ) |
* Included in calculation of diluted earnings per share - class A and B
