Earnings Per Share

9 Months Ended

Sep. 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 September 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	$	88,486	46,189,030	$	1.92	$	93,398	46,189,006	$	2.02
Dilutive effect of stock-based awards	0		20,599	—		0		35,319	—
Assumed conversion of Class B shares	730		6,100,800	—		771		6,100,800	—
Class A – Diluted EPS:
Income available to Class A stockholders on Class A equivalent shares	$	89,216	52,310,429	$	1.71	$	94,169	52,325,125	$	1.80
Class B – Basic EPS:
Income available to Class B stockholders	$	730	2,542	$	287	$	771	2,542	$	303
Class B – Diluted EPS:
Income available to Class B stockholders	$	730	2,542	$	287	$	770	2,542	$	303

	Nine months ended September 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	$	228,632	46,188,544	$	4.95	$	255,128	46,188,767	$	5.52
Dilutive effect of stock-based awards	0		23,244	—		0		27,708	—
Assumed conversion of Class B shares	1,887		6,100,800	—		2,106		6,100,800	—
Class A – Diluted EPS:
Income available to Class A stockholders on Class A equivalent shares	$	230,519	52,312,588	$	4.41	$	257,234	52,317,275	$	4.92
Class B – Basic EPS:
Income available to Class B stockholders	$	1,887	2,542	$	742	$	2,106	2,542	$	829
Class B – Diluted EPS:
Income available to Class B stockholders	$	1,887	2,542	$	742	$	2,105	2,542	$	828