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(Loss) Earnings Per Share
 3 Months Ended
Mar. 31, 2020
Earnings Per Share [Abstract]  
(Loss) Earnings Per Share (LOSS) EARNINGS PER SHARE
The Company’s unvested restricted stock awards contain nonforfeitable rights to dividends and, therefore, are considered participating securities for purposes of computing earnings per share pursuant to the two-class method. The diluted earnings per share computed under the two-class method is lower than the diluted earnings per share computed under the treasury stock method, resulting in the presentation of the lower amount in diluted earnings per share. The computation of the earnings per share under the two-class method excludes the income attributable to the unvested restricted stock awards from the numerator and excludes the dilutive impact of those underlying shares from the denominator.
The following reflects the Company’s net (loss) income and share data used in the basic and diluted (loss) earnings per share computations using the two-class method:
 
Three Months Ended 
 March 31
(in thousands, except per share amounts)
2020
 
2019
Numerator:
 
 
 
Numerator for basic (loss) earnings per share:
  
 
  
Net (loss) income attributable to Graham Holdings Company common stockholders
$
(33,245
)
 
$
81,748

Less: Dividends paid-common stock outstanding and unvested restricted shares
(15,289
)
 
(14,779
)
Undistributed (loss) earnings
(48,534
)
 
66,969

Percent allocated to common stockholders (1)
100.00
%
 
99.43
%
 
(48,534
)
 
66,588

Add: Dividends paid-common stock outstanding
15,205

 
14,695

Numerator for basic (loss) earnings per share
$
(33,329
)
 
$
81,283

Add: Additional undistributed earnings due to dilutive stock options
—

 
3

Numerator for diluted (loss) earnings per share
$
(33,329
)
 
$
81,286

Denominator:
 
 
 
Denominator for basic (loss) earnings per share:


 


Weighted average shares outstanding
5,274

 
5,284

Add: Effect of dilutive stock options
—

 
42

Denominator for diluted (loss) earnings per share
5,274

 
5,326

Graham Holdings Company Common Stockholders:
  
 
  
Basic (loss) earnings per share
$
(6.32
)
 
$
15.38

Diluted (loss) earnings per share
$
(6.32
)
 
$
15.26


____________
(1)
Percent of undistributed losses allocated to common stockholders is 100% in the first three months of 2020 as participating securities are not contractually obligated to share in losses.
Diluted (loss) earnings per share excludes the following weighted average potential common shares, as the effect would be antidilutive, as computed under the treasury stock method:
 
Three Months Ended 
 March 31
(in thousands)
2020
 
2019
Weighted average restricted stock
12

 
10

Weighted average stock options
27

 
—


The diluted (loss) earnings per share amounts for the three months ended March 31, 2020 and March 31, 2019 exclude the effects of 104,000 stock options outstanding, as their inclusion would have been antidilutive due to a market condition.
In the three months ended March 31, 2020 and March 31, 2019, the Company declared regular dividends totaling $2.90 and $2.78 per common share, respectively.