Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2022

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:


	Three Months Ended September 30						Nine Months Ended September 30
(in thousands, except per share amounts)	2022			2021			2022			2021
Numerator:
Numerator for basic earnings per share:
Net income attributable to Graham Holdings Company common stockholders	$	32,780		$	39,586		$	60,919		$	267,394
Less: Dividends-common stock outstanding and unvested restricted shares	(7,575)			(7,496)			(30,728)			(30,155)
Undistributed earnings	25,205			32,090			30,191			237,239
Percent allocated to common stockholders	99.41		%	99.32		%	99.41		%	99.32		%
	25,058			31,872			30,015			235,633
Add: Dividends-common stock outstanding	7,529			7,447			30,549			29,953
Numerator for basic earnings per share	$	32,587		$	39,319		$	60,564		$	265,586
Add: Additional undistributed earnings due to dilutive stock options	1			1			—			5
Numerator for diluted earnings per share	$	32,588		$	39,320		$	60,564		$	265,591
Denominator:
Denominator for basic earnings per share:
Weighted average shares outstanding	4,808			4,961			4,841			4,966
Add: Effect of dilutive stock options	12			16			12			14
Denominator for diluted earnings per share	4,820			4,977			4,853			4,980
Graham Holdings Company Common Stockholders:
Basic earnings per share	$	6.78		$	7.93		$	12.51		$	53.49
Diluted earnings per share	$	6.76		$	7.90		$	12.48		$	53.33

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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:


	Three Months Ended September 30		Nine Months Ended September 30
(in thousands)	2022	2021	2022	2021
Weighted average restricted stock	17	14	17	11