Journal Communications (JRN) 8-K Other Events

Exhibit 99.3

Journal Communications, Inc.
Calculation of Diluted Earnings Per Share - Class A and B (unaudited)
(dollars in thousands)
	2010 Quarters												2010
	First			Second			Third			Fourth			Fiscal Year
Numerator for diluted earnings per share:
Dividends on class A and B common stock	$	-	*	$	-	*	$	-	*	$	-	*	$	-	*
Dividends on class C common stock		464			464			463			464			1,854
Dividends on non-vested restricted stock		-			-			-			-			-
Total undistributed earnings from continuing operations
Class A and B		4,428	*		6,892	*		5,416	*		9,901	*		26,634	*
Class C		286			443			348			635			1,712
Non-vested restricted stock		82			125			96			171			478
Gain (loss) from discontinued operations														-
Class A and B		40			162			(26	)		3,247			3,422
Class C		3			10			(2	)		208			220
Non-vested restricted stock		-			4			-			57			61
Net earnings	$	5,303		$	8,100		$	6,295		$	14,683		$	34,381
Denominator for diluted earnings per class A and B share:
Weighted average shares outstanding - Class A and B		50,533			50,784			50,866			50,890			50,789
Impact of non-vested restricted shares		-			-			-			-			-
Conversion of class C shares		-			-			-			-			-
Adjusted weighted average shares outstanding for class A and B		50,533	*		50,784	*		50,866	*		50,890	*		50,789	*
Diluted earnings per share of class A and B:
Continuing operations	$	0.09	*	$	0.14	*	$	0.11	*	$	0.20	*	$	0.52	*
Discontinued operations		--			--			--			0.06			0.07
Net earnings	$	0.09		$	0.14		$	0.11		$	0.26		$	0.59

* Included in calculation of diluted earnings per share - class A and B