Capital Stock, Stock Awards and Stock Options (Tables)

12 Months Ended

Dec. 31, 2022

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

Activity Related to Stock Awards

Activity related to stock awards under these incentive compensation plans for the year ended December 31, 2022 was as follows:

	Number of Shares	Average Grant-Date Fair Value
Beginning of year, unvested	31,571	$	579.37
Awarded	1,221	605.49
Vested	(1,221)	605.49
Forfeited	(4,353)	576.45
End of Year, unvested	27,218	579.84

Activity Related to Stock Options

Activity related to options outstanding for the year ended December 31, 2022 was as follows:

	Number of Shares	Average Option Price
Beginning of year	183,189	$	612.16
Granted	—	—
Exercised	(5,084)	357.35
Expired or forfeited	—	—
End of Year	178,105	619.44

Information related to Stock Options Outstanding and Exercisable

Information related to stock options outstanding and exercisable at December 31, 2022, is as follows:

	Options Outstanding			Options Exercisable
Range of Exercise Prices	Shares Outstanding at 12/31/2022	Weighted Average Remaining Contractual Life (years)	Weighted Average Exercise Price	Shares Exercisable at 12/31/2022	Weighted Average Remaining Contractual Life (years)	Weighted Average Exercise Price
$427	74,105	7.7	426.86	22,599	7.7	426.86
719	77,258	1.8	719.15	77,258	1.8	719.15
805–872	26,742	3.0	865.02	26,407	2.9	865.26
	178,105	4.4	619.44	126,264	3.1	697.39

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)	2022			2021			2020
Numerator:
Numerator for basic earnings per share:
Net income attributable to Graham Holdings Company common stockholders	$	67,079		$	352,075		$	300,365
Less: Dividends paid–common stock outstanding and unvested restricted shares	(30,712)			(30,136)			(29,970)
Undistributed earnings	36,367			321,939			270,395
Percent allocated to common stockholders	99.43		%	99.36		%	99.45		%
	36,160			319,867			268,917
Add: Dividends paid–common stock outstanding	30,540			29,946			29,812
Numerator for basic earnings per share	66,700			349,813			298,729
Add: Additional undistributed earnings due to dilutive stock options	—			5			4
Numerator for diluted earnings per share	$	66,700		$	349,818		$	298,733
Denominator:
Denominator for basic earnings per share:
Weighted average shares outstanding	4,823			4,951			5,124
Add: Effect of dilutive stock options	13			14			15
Denominator for diluted earnings per share	4,836			4,965			5,139
Graham Holdings Company Common Stockholders:
Basic earnings per share	$	13.83		$	70.65		$	58.30
Diluted earnings per share	$	13.79		$	70.45		$	58.13

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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)	2022	2021	2020
Weighted average restricted stock	18	13	12