Earnings Per Share

6 Months Ended

Jun. 30, 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 June 30,
	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	$	81,306	46,187,808	$	1.76	$	87,036	46,188,994	$	1.88
Dilutive effect of stock-based awards	0		14,373	—		0		24,906	—
Assumed conversion of Class B shares	671		6,100,800	—		718		6,100,800	—
Class A – Diluted EPS:
Income available to Class A stockholders on Class A equivalent shares	$	81,977	52,302,981	$	1.57	$	87,754	52,314,700	$	1.68
Class B – Basic and diluted EPS:
Income available to Class B stockholders	$	671	2,542	$	264	$	718	2,542	$	283



	Six months ended June 30,
	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	$	140,146	46,188,299	$	3.03	$	161,730	46,188,668	$	3.50
Dilutive effect of stock-based awards	0		24,568	—		0		23,903	—
Assumed conversion of Class B shares	1,157		6,100,800	—		1,335		6,100,800	—
Class A – Diluted EPS:
Income available to Class A stockholders on Class A equivalent shares	$	141,303	52,313,667	$	2.70	$	163,065	52,313,371	$	3.12
Class B – Basic and diluted EPS:
Income available to Class B stockholders	$	1,157	2,542	$	455	$	1,335	2,542	$	525