Earnings Per Share

3 Months Ended

Mar. 31, 2020

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 March 31,
	2020					2019
(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	$	58,840	46,188,789	$	1.27	$	74,694	46,188,337	$	1.62
Dilutive effect of stock-based awards	0		34,761	—		0		22,899	—
Assumed conversion of Class B shares	486		6,100,800	—		617		6,100,800	—
Class A – Diluted EPS:
Income available to Class A stockholders on Class A equivalent shares	$	59,326	52,324,350	$	1.13	$	75,311	52,312,036	$	1.44
Class B – Basic and diluted EPS:
Income available to Class B stockholders	$	486	2,542	$	191	$	617	2,542	$	243