Earnings Per Share

9 Months Ended

Sep. 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 September 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	$	56,906	46,188,980	$	1.23	$	49,156	46,189,068	$	1.06
Dilutive effect of stock-based awards	0		121,523	—		0		312,215	—
Assumed conversion of Class B shares	470		6,100,800	—		406		6,100,800	—
Class A – Diluted EPS:
Income available to Class A stockholders on Class A equivalent shares	$	57,376	52,411,303	$	1.09	$	49,562	52,602,083	$	0.94
Class B – Basic EPS:
Income available to Class B stockholders	$	470	2,542	$	185	$	406	2,542	$	160
Class B – Diluted EPS:
Income available to Class B stockholders	$	469	2,542	$	185	$	405	2,542	$	159



(dollars in thousands, except per share data)	Nine months ended September 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	$	163,233	46,188,971	$	3.53	$	143,361	46,189,068	$	3.10
Dilutive effect of stock-based awards	0		152,926	—		0		309,915	—
Assumed conversion of Class B shares	1,347		6,100,800	—		1,184		6,100,800	—
Class A – Diluted EPS:
Income available to Class A stockholders on Class A equivalent shares	$	164,580	52,442,697	$	3.14	$	144,545	52,599,783	$	2.75
Class B – Basic EPS:
Income available to Class B stockholders	$	1,347	2,542	$	530	$	1,184	2,542	$	466
Class B – Diluted EPS:
Income available to Class B stockholders	$	1,346	2,542	$	529	$	1,181	2,542	$	465