Capital Stock, Stock Awards and Stock Options (Tables)

12 Months Ended

Dec. 31, 2020

Capital Stock, Stock Awards, and Stock Options [Abstract]

Activity Related to Stock Awards

Activity related to stock awards under the 2012 incentive compensation plan for the year ended December 31, 2020 was as follows:

	Number of Shares	Average Grant-Date Fair Value
Beginning of year, unvested	29,140	$	584.50
Awarded	1,100	420.65
Vested	(1,350)	424.91
Forfeited	(1,650)	610.14
End of Year, unvested	27,240	584.24

Activity Related to Stock Options

Activity related to options outstanding for the year ended December 31, 2020 was as follows:

	Number of Shares	Average Option Price
Beginning of year	183,189	$	569.31
Granted	85,000	426.86
Exercised	(77,258)	325.26
End of Year	190,931	604.65

Information related to Stock Options Outstanding and Exercisable

Information related to stock options outstanding and exercisable at December 31, 2020, is as follows:

	Options Outstanding				Options Exercisable
Range of Exercise Prices	Shares Outstanding at 12/31/2020	Weighted Average Remaining Contractual Life (years)	Weighted Average Exercise Price		Shares Exercisable at 12/31/2020	Weighted Average Remaining Contractual Life (years)	Weighted Average Exercise Price
$244	1,931	1.9	$	243.85	1,931	1.9	$	243.85
427	85,000	9.7	426.86		—	—	—
719	77,258	3.8	719.15		77,258	3.8	719.15
805–872	26,742	5.0	865.02		21,615	4.9	865.62
	190,931	6.6	604.65		100,804	4.0	741.45

Fair Value of Options Assumptions

The fair value of options at date of grant was estimated using the Black-Scholes method utilizing the following assumptions:

	2020
Expected life (years)	8
Interest rate	0.53%
Volatility	27.70%
Dividend yield	1.45%

Summary of Earnings Per Share, Basic and Diluted

The following reflects the Company’s net income and share data used in the basic and diluted earnings per share computations using the two-class method:

	Year Ended December 31
(in thousands, except per share amounts)	2020			2019			2018
Numerator:
Numerator for basic earnings per share:
Net income attributable to Graham Holdings Company common stockholders	$	300,365		$	327,855		$	271,206
Less: Dividends paid–common stock outstanding and unvested restricted shares	(29,970)			(29,553)			(28,617)
Undistributed earnings	270,395			298,302			242,589
Percent allocated to common stockholders	99.45		%	99.45		%	99.39		%
	268,917			296,665			241,115
Add: Dividends paid–common stock outstanding	29,812			29,387			28,423
Numerator for basic earnings per share	298,729			326,052			269,538
Add: Additional undistributed earnings due to dilutive stock options	4			13			10
Numerator for diluted earnings per share	$	298,733		$	326,065		$	269,548
Denominator:
Denominator for basic earnings per share:
Weighted average shares outstanding	5,124			5,285			5,333
Add: Effect of dilutive stock options	15			42			37
Denominator for diluted earnings per share	5,139			5,327			5,370
Graham Holdings Company Common Stockholders:
Basic earnings per share	$	58.30		$	61.70		$	50.55
Diluted earnings per share	$	58.13		$	61.21		$	50.20

Antidilutive Weighted Average Restricted Stock and Options

Diluted earnings per share excludes the following weighted average potential common shares, as the effect would be antidilutive, as computed under the treasury stock method:

	Year Ended December 31
(in thousands)	2020	2019	2018
Weighted average restricted stock	12	12	23