Capital Stock, Stock Awards and Stock Options (Tables)

12 Months Ended

Dec. 31, 2021

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, 2021 was as follows:

	Number of Shares	Average Grant-Date Fair Value
Beginning of year, unvested	27,240	$	584.24
Awarded	20,258	539.36
Vested	(12,871)	522.17
Forfeited	(3,056)	598.44
End of Year, unvested	31,571	579.37

Activity Related to Stock Options

Activity related to options outstanding for the year ended December 31, 2021 was as follows:

	Number of Shares	Average Option Price
Beginning of year	183,189	$	612.16
Granted	—	—
Exercised	—	—
Expired or forfeited	—	—
End of Year	183,189	612.16

Information related to Stock Options Outstanding and Exercisable

Information related to stock options outstanding and exercisable at December 31, 2021, is as follows:

	Options Outstanding				Options Exercisable
Range of Exercise Prices	Shares Outstanding at 12/31/2021	Weighted Average Remaining Contractual Life (years)	Weighted Average Exercise Price		Shares Exercisable at 12/31/2021	Weighted Average Remaining Contractual Life (years)	Weighted Average Exercise Price
$244	1,931	0.9	$	243.85	1,931	0.9	$	243.85
427	77,258	8.7	426.86		12,876	8.7	426.86
719	77,258	2.8	719.15		77,258	2.8	719.15
805–872	26,742	4.0	865.02		26,074	3.9	865.51
	183,189	5.5	612.16		118,139	3.7	711.83

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)	2021			2020			2019
Numerator:
Numerator for basic earnings per share:
Net income attributable to Graham Holdings Company common stockholders	$	352,075		$	300,365		$	327,855
Less: Dividends paid–common stock outstanding and unvested restricted shares	(30,136)			(29,970)			(29,553)
Undistributed earnings	321,939			270,395			298,302
Percent allocated to common stockholders	99.36		%	99.45		%	99.45		%
	319,867			268,917			296,665
Add: Dividends paid–common stock outstanding	29,946			29,812			29,387
Numerator for basic earnings per share	349,813			298,729			326,052
Add: Additional undistributed earnings due to dilutive stock options	5			4			13
Numerator for diluted earnings per share	$	349,818		$	298,733		$	326,065
Denominator:
Denominator for basic earnings per share:
Weighted average shares outstanding	4,951			5,124			5,285
Add: Effect of dilutive stock options	14			15			42
Denominator for diluted earnings per share	4,965			5,139			5,327
Graham Holdings Company Common Stockholders:
Basic earnings per share	$	70.65		$	58.30		$	61.70
Diluted earnings per share	$	70.45		$	58.13		$	61.21

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Earnings per share amounts may not recalculate due to rounding.

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)	2021	2020	2019
Weighted average restricted stock	13	12	12