Earnings Per Share

6 Months Ended

Jun. 30, 2019

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.

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:



	Three months ended June 30,
	2019					2018
(dollars in thousands, except per share data)	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	$	87,036	46,188,994	$	1.88	$	79,053	46,188,705	$	1.71
Dilutive effect of stock-based awards	0		24,906	—		0		23,344	—
Assumed conversion of Class B shares	718		6,100,800	—		653		6,100,800	—
Class A – Diluted EPS:
Income available to Class A stockholders on Class A equivalent shares	$	87,754	52,314,700	$	1.68	$	79,706	52,312,849	$	1.52
Class B – Basic EPS:
Income available to Class B stockholders	$	718	2,542	$	283	$	653	2,542	$	257
Class B – Diluted EPS:
Income available to Class B stockholders	$	718	2,542	$	283	$	653	2,542	$	257



	Six months ended June 30,
	2019					2018
(dollars in thousands, except per share data)	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	$	161,730	46,188,668	$	3.50	$	144,273	46,188,309	$	3.12
Dilutive effect of stock-based awards	0		23,903	—		0		22,632	—
Assumed conversion of Class B shares	1,335		6,100,800	—		1,191		6,100,800	—
Class A – Diluted EPS:
Income available to Class A stockholders on Class A equivalent shares	$	163,065	52,313,371	$	3.12	$	145,464	52,311,741	$	2.78
Class B – Basic EPS:
Income available to Class B stockholders	$	1,335	2,542	$	525	$	1,191	2,542	$	469
Class B – Diluted EPS:
Income available to Class B stockholders	$	1,335	2,542	$	525	$	1,191	2,542	$	468