(Loss) Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Summary of (Loss) 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   June 30						Six Months Ended   June 30
(in thousands, except per share amounts)	2024			2023			2024			2023
Numerator:
Numerator for basic (loss) earnings per share:
Net (loss) income attributable to Graham Holdings Company common stockholders	$	(21,040)		$	122,788		$	103,340		$	175,060
Less: Dividends paid-common stock outstanding and unvested restricted shares	(7,574)			(7,722)			(22,926)			(23,534)
Undistributed (loss) earnings	(28,614)			115,066			80,414			151,526
Percent allocated to common stockholders (1)	100.00		%	99.37		%	99.32		%	99.37		%
	(28,614)			114,337			79,869			150,566
Add: Dividends paid-common stock outstanding	7,523			7,673			22,772			23,388
Numerator for basic (loss) earnings per share	$	(21,091)		$	122,010		$	102,641		$	173,954
Add: Additional undistributed earnings due to dilutive stock options	—			2			3			3
Numerator for diluted (loss) earnings per share	$	(21,091)		$	122,012		$	102,644		$	173,957
Denominator:
Denominator for basic (loss) earnings per share:
Weighted average shares outstanding	4,401			4,700			4,416			4,729
Add: Effect of dilutive stock options	—			13			26			15
Denominator for diluted (loss) earnings per share	4,401			4,713			4,442			4,744
Graham Holdings Company Common Stockholders:
Basic (loss) earnings per share	$	(4.79)		$	25.96		$	23.24		$	36.78
Diluted (loss) earnings per share	$	(4.79)		$	25.89		$	23.11		$	36.67

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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 June 30, 2024 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   June 30		Six Months Ended   June 30
(in thousands)	2024	2023	2024	2023
Weighted average restricted stock	20	10	19	10
Weighted average stock options	27	—	—	—