Earnings (Loss) Per Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Summary of Earnings (Loss) 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   September 30						Nine Months Ended   September 30
(in thousands, except per share amounts)	2024			2023			2024			2023
Numerator:
Numerator for basic earnings (loss) per share:
Net income (loss) attributable to Graham Holdings Company common stockholders	$	72,503		$	(23,031)		$	175,843		$	152,029
Less: Dividends paid-common stock outstanding and unvested restricted shares	(7,444)			(7,458)			(30,370)			(30,992)
Undistributed earnings (loss)	65,059			(30,489)			145,473			121,037
Percent allocated to common stockholders (1)	99.31		%	100.00		%	99.31		%	99.35		%
	64,612			(30,489)			144,473			120,253
Add: Dividends paid-common stock outstanding	7,392			7,409			30,164			30,797
Numerator for basic earnings (loss) per share	$	72,004		$	(23,080)		$	174,637		$	151,050
Add: Additional undistributed earnings due to dilutive stock options	3			—			6			2
Numerator for diluted earnings (loss) per share	$	72,007		$	(23,080)		$	174,643		$	151,052
Denominator:
Denominator for basic earnings (loss) per share:
Weighted average shares outstanding	4,352			4,602			4,395			4,686
Add: Effect of dilutive stock options	32			—			28			14
Denominator for diluted earnings (loss) per share	4,384			4,602			4,423			4,700
Graham Holdings Company Common Stockholders:
Basic earnings (loss) per share	$	16.54		$	(5.02)		$	39.74		$	32.23
Diluted earnings (loss) per share	$	16.42		$	(5.02)		$	39.49		$	32.14

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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 September 30, 2023 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   September 30		Nine Months Ended   September 30
(in thousands)	2024	2023	2024	2023
Weighted average restricted stock	21	12	20	10
Weighted average stock options	—	13	—	—