Earnings (Loss) Per Share (Tables)

6 Months Ended

Jun. 30, 2023

Summary of Earnings Per Share, Basic and Diluted

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


	Three Months Ended June 30						Six Months Ended June 30
(in thousands, except per share amounts)	2023			2022			2023			2022
Numerator:
Numerator for basic earnings (loss) per share:
Net income (loss) attributable to Graham Holdings Company common stockholders	$	122,788		$	(67,485)		$	175,060		$	28,139
Less: Dividends paid-common stock outstanding and unvested restricted shares	(7,722)			(7,656)			(23,534)			(23,153)
Undistributed earnings (loss)	115,066			(75,141)			151,526			4,986
Percent allocated to common stockholders (1)	99.37		%	100.00		%	99.37		%	99.40		%
	114,337			(75,141)			150,566			4,956
Add: Dividends paid-common stock outstanding	7,673			7,610			23,388			23,016
Numerator for basic earnings (loss) per share	$	122,010		$	(67,531)		$	173,954		$	27,972
Add: Additional undistributed earnings due to dilutive stock options	2			—			3			—
Numerator for diluted earnings (loss) per share	$	122,012		$	(67,531)		$	173,957		$	27,972
Denominator:
Denominator for basic earnings (loss) per share:
Weighted average shares outstanding	4,700			4,842			4,729			4,857
Add: Effect of dilutive stock options	13			—			15			13
Denominator for diluted earnings (loss) per share	4,713			4,842			4,744			4,870
Graham Holdings Company Common Stockholders:
Basic earnings (loss) per share	$	25.96		$	(13.95)		$	36.78		$	5.76
Diluted earnings (loss) per share	$	25.89		$	(13.95)		$	36.67		$	5.74

____________

Earnings (loss) per share amounts may not recalculate due to rounding.

(1) Percent of undistributed losses allocated to common stockholders is 100% in the three months ended June 30, 2022 as participating securities are not contractually obligated to share in losses.

Antidilutive Weighted Average Restricted Stock and Options

Diluted earnings (loss) 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 June 30		Six Months Ended June 30
(in thousands)	2023	2022	2023	2022
Weighted average restricted stock	10	17	10	17
Weighted average stock options	—	13	—	—