Earnings Per Share

6 Months Ended

Jun. 30, 2016

Note 3. Earnings Per Share

Class A and Class B basic earnings per share and Class B diluted earnings per share are calculated under the two-class method. The two-class method allocates earnings to each class of stock based upon its dividend rights. Class B shares are convertible into Class A shares at a conversion ratio of 2,400 to 1. See Note 9, "Capital Stock".

Class A diluted earnings per share are calculated under the if-converted method, which reflects the conversion of Class B shares to Class A shares. Diluted earnings per share calculations include the dilutive effect of assumed issuance of stock-based awards under compensation plans that have the option to be paid in stock using the treasury stock method.

A reconciliation of the numerators and denominators used in the basic and diluted per-share computations is presented as follows for each class of common stock:



(dollars in thousands, except per share data)	Three months ended June 30,
	2016					2015
	Allocated net income (numerator)		Weighted shares (denominator)	Per-share amount		Allocated net income (numerator)		Weighted shares (denominator)	Per-share amount
Class A – Basic EPS:
Income available to Class A stockholders	$	60,807	46,188,867	$	1.32	$	55,690	46,189,068	$	1.21
Dilutive effect of stock-based awards	0		103,195	—		0		272,646	—
Assumed conversion of Class B shares	502		6,100,800	—		460		6,100,800	—
Class A – Diluted EPS:
Income available to Class A stockholders on Class A equivalent shares	$	61,309	52,392,862	$	1.17	$	56,150	52,562,514	$	1.07
Class B – Basic EPS:
Income available to Class B stockholders	$	502	2,542	$	197	$	460	2,542	$	181
Class B – Diluted EPS:
Income available to Class B stockholders	$	502	2,542	$	197	$	458	2,542	$	180



(dollars in thousands, except per share data)	Six months ended June 30,
	2016					2015
	Allocated net income (numerator)		Weighted shares (denominator)	Per-share amount		Allocated net income (numerator)		Weighted shares (denominator)	Per-share amount
Class A – Basic EPS:
Income available to Class A stockholders	$	106,327	46,188,967	$	2.30	$	94,205	46,189,068	$	2.04
Dilutive effect of stock-based awards	0		168,627	—		0		308,765	—
Assumed conversion of Class B shares	877		6,100,800	—		778		6,100,800	—
Class A – Diluted EPS:
Income available to Class A stockholders on Class A equivalent shares	$	107,204	52,458,394	$	2.04	$	94,983	52,598,633	$	1.81
Class B – Basic EPS:
Income available to Class B stockholders	$	877	2,542	$	345	$	778	2,542	$	306
Class B – Diluted EPS:
Income available to Class B stockholders	$	877	2,542	$	345	$	776	2,542	$	305