Earnings Per Share

12 Months Ended

Dec. 31, 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 11, "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. See Note 9, "Incentive and Deferred Compensation Plans".

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)						For the years ended December 31,
	2016					2015					2014
	Allocated net income (numerator)		Weighted shares (denominator)	Per- share amount		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	$	208,644	46,188,952	$	4.52	$	173,248	46,186,671	$	3.75	$	166,134	46,247,876	$	3.59
Dilutive effect of stock-based awards	0		145,551	—		0		211,340	—		0		267,558	—
Assumed conversion of Class B shares	1,722		6,100,800	—		1,430		6,100,800	—		1,371		6,100,800	—
Class A – Diluted EPS:
Income available to Class A stockholders on Class A equivalent shares	$	210,366	52,435,303	$	4.01	$	174,678	52,498,811	$	3.33	$	167,505	52,616,234	$	3.18
Class B – Basic EPS:
Income available to Class B stockholders	$	1,722	2,542	$	678	$	1,430	2,542	$	563	$	1,371	2,542	$	539
Class B – Diluted EPS:
Income available to Class B stockholders	$	1,721	2,542	$	677	$	1,429	2,542	$	562	$	1,369	2,542	$	538