Earnings Per Share

3 Months Ended

Jun. 30, 2024

2. Earnings per Share

We calculate earnings per share using the two-class method in accordance with ASC Topic 260, Earnings Per Share. The two-class method allocates the undistributed earnings available to common stockholders to the Company’s outstanding common stock, $0.25 par value (the “Voting Common Stock”), and the Series N Non-Voting Common Stock, $0.001 par value (the “Non-Voting Common Stock”), based on each share’s percentage of total weighted average shares outstanding. The Voting Common Stock and Non-Voting Common Stock are allocated 10% and 90%, respectively, of our undistributed earnings available to common stockholders. This represents earnings available to common stockholders less the dividends declared for both the Voting Common Stock and Non-Voting Common Stock.

Our undistributed earnings per share is calculated by taking the undistributed earnings available to common stockholders and dividing this number by the weighted average shares outstanding for the respective stock. If there was a dividend declared for that period, the dividend per share is added to the undistributed earnings per share to calculate the basic and diluted earnings per share. The process is used for both Voting Common Stock and Non-Voting Common Stock.

The calculation of basic and diluted earnings per share for the quarters ended June 30, 2024 and 2023 for our Voting Common Stock and Non-Voting Common Stock were as follows:


	For the Quarters Ended
	June 30,
	2024			2023
	(Unaudited)
	(In thousands, except share and per share amounts)

Weighted average shares outstanding of Voting Common Stock		19,607,788			19,607,788
Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock		196,077,880			196,077,880
Percent of weighted average shares outstanding of Voting Common Stock		10	%		10	%

Net earnings available to common stockholders	$	195,417		$	256,838
Voting Common Stock dividends declared and paid		—			—
Non-Voting Common Stock dividends declared and paid		(8,824	)		(7,059	)
Undistributed earnings available to common stockholders	$	186,593		$	249,779
Undistributed earnings available to common stockholders allocated to Voting Common Stock	$	18,659		$	24,978

Undistributed earnings per share of Voting Common Stock	$	0.95		$	1.27
Dividends declared per share of Voting Common Stock	$	—		$	—
Basic and diluted earnings per share of Voting Common Stock	$	0.95		$	1.27


Weighted average shares outstanding of Non-Voting Common Stock		176,470,092			176,470,092
Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock		196,077,880			196,077,880
Percent of weighted average shares outstanding of Non-Voting Common Stock		90	%		90	%

Net earnings available to common stockholders	$	195,417		$	256,838
Voting Common Stock dividends declared and paid		—			—
Non-Voting Common Stock dividends declared and paid		(8,824	)		(7,059	)
Undistributed earnings available to common stockholders	$	186,593		$	249,779
Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock	$	167,934		$	224,801

Undistributed earnings per share of Non-Voting Common Stock	$	0.95		$	1.27
Dividends declared per share of Non-Voting Common Stock	$	0.05		$	0.04
Basic and diluted earnings per share of Non-Voting Common Stock	$	1.00		$	1.31