Earnings Per Share

9 Months Ended

Sep. 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 September 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	$	93,398	46,189,006	$	2.02	$	79,787	46,188,941	$	1.73
Dilutive effect of stock-based awards	0		35,319	—		0		27,697	—
Assumed conversion of Class B shares	771		6,100,800	—		659		6,100,800	—
Class A – Diluted EPS:
Income available to Class A stockholders on Class A equivalent shares	$	94,169	52,325,125	$	1.80	$	80,446	52,317,438	$	1.54
Class B – Basic EPS:
Income available to Class B stockholders	$	771	2,542	$	303	$	659	2,542	$	259
Class B – Diluted EPS:
Income available to Class B stockholders	$	770	2,542	$	303	$	658	2,542	$	259



	Nine months ended September 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	$	255,128	46,188,767	$	5.52	$	224,060	46,188,522	$	4.85
Dilutive effect of stock-based awards	0		27,708	—		0		24,320	—
Assumed conversion of Class B shares	2,106		6,100,800	—		1,850		6,100,800	—
Class A – Diluted EPS:
Income available to Class A stockholders on Class A equivalent shares	$	257,234	52,317,275	$	4.92	$	225,910	52,313,642	$	4.32
Class B – Basic EPS:
Income available to Class B stockholders	$	2,106	2,542	$	829	$	1,850	2,542	$	728
Class B – Diluted EPS:
Income available to Class B stockholders	$	2,105	2,542	$	828	$	1,849	2,542	$	727