(Loss) Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2023

Summary of Earnings Per Share, Basic and Diluted

The following reflects the Company’s net (loss) income and share data used in the basic and diluted (loss) 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)	2023			2022			2023			2022
Numerator:
Numerator for basic (loss) earnings per share:
Net (loss) income attributable to Graham Holdings Company common stockholders	$	(23,031)		$	32,780		$	152,029		$	60,919
Less: Dividends paid-common stock outstanding and unvested restricted shares	(7,458)			(7,575)			(30,992)			(30,728)
Undistributed (loss) earnings	(30,489)			25,205			121,037			30,191
Percent allocated to common stockholders (1)	100.00		%	99.41		%	99.35		%	99.41		%
	(30,489)			25,058			120,253			30,015
Add: Dividends paid-common stock outstanding	7,409			7,529			30,797			30,549
Numerator for basic (loss) earnings per share	$	(23,080)		$	32,587		$	151,050		$	60,564
Add: Additional undistributed earnings due to dilutive stock options	—			1			2			—
Numerator for diluted (loss) earnings per share	$	(23,080)		$	32,588		$	151,052		$	60,564
Denominator:
Denominator for basic (loss) earnings per share:
Weighted average shares outstanding	4,602			4,808			4,686			4,841
Add: Effect of dilutive stock options	—			12			14			12
Denominator for diluted (loss) earnings per share	4,602			4,820			4,700			4,853
Graham Holdings Company Common Stockholders:
Basic (loss) earnings per share	$	(5.02)		$	6.78		$	32.23		$	12.51
Diluted (loss) earnings per share	$	(5.02)		$	6.76		$	32.14		$	12.48

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(Loss) earnings 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 September 30, 2023 as participating securities are not contractually obligated to share in losses.

Antidilutive Weighted Average Restricted Stock and Options

Diluted (loss) 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)	2023	2022	2023	2022
Weighted average restricted stock	12	17	10	17
Weighted average stock options	13	—	—	—