EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2025

We compute basic earnings per share for Common Stock and Class B common stock using the two-class method. The Class B common stock is convertible into Common Stock on a share-for-share basis at any time. The computation of diluted earnings per share for Common Stock assumes the conversion of Class B common stock using the if-converted method, while the diluted earnings per share of Class B common stock does not assume the conversion of those shares.

We compute basic and diluted earnings per share based on the weighted-average number of shares of Common Stock and Class B common stock outstanding as follows:


For the years ended December 31,	2025				2024				2023
	Common Stock		Class B Common Stock		Common Stock		Class B Common Stock		Common Stock		Class B Common Stock
Basic earnings per share:
Numerator:
Allocation of distributed earnings (cash dividends paid)	$	813,321	$	271,975	$	812,826	$	271,975	$	663,176	$	225,895
Allocation of undistributed earnings	(151,372)		(50,665)		851,549		284,889		728,175		244,541
Total earnings—basic	$	661,949	$	221,310	$	1,664,375	$	556,864	$	1,391,351	$	470,436

Denominator (shares in thousands):
Total weighted-average shares—basic	148,281		54,614		148,349		54,614		149,499		55,239

Earnings Per Share—basic	$	4.46	$	4.05	$	11.22	$	10.20	$	9.31	$	8.52

Diluted earnings per share:
Numerator:
Allocation of total earnings used in basic computation	$	661,949	$	221,310	$	1,664,375	$	556,864	$	1,391,351	$	470,436
Reallocation of total earnings as a result of conversion of Class B common stock to Common stock	221,310		—		556,864		—		470,436		—
Reallocation of undistributed earnings	124		—		—		(753)		—		(987)
Total earnings—diluted	$	883,383	$	221,310	$	2,221,239	$	556,111	$	1,861,787	$	469,449

Denominator (shares in thousands):
Number of shares used in basic computation	148,281		54,614		148,349		54,614		149,499		55,239
Weighted-average effect of dilutive securities:
Conversion of Class B common stock to Common shares outstanding	54,614		—		54,614		—		55,239		—
Employee stock options	181		—		285		—		424		—
Performance and restricted stock units	303		—		239		—		385		—
Total weighted-average shares—diluted	203,379		54,614		203,487		54,614		205,547		55,239

Earnings Per Share—diluted	$	4.34	$	4.05	$	10.92	$	10.18	$	9.06	$	8.50

The earnings per share calculations for the years ended December 31, 2025, 2024 and 2023 excluded 27, 13 and 15 stock options (in thousands), respectively, that would have been antidilutive.