Earnings Per Share

12 Months Ended

Dec. 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 13, "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. See Note 11, "Incentive and Deferred Compensation Plans".

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:



(dollars in thousands, except per share data)						For the years ended December 31,
	2020					2019					2018
	Allocated net income (numerator)		Weighted shares (denominator)	Per- share amount		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	$	290,902	46,188,659	$	6.30	$	314,227	46,188,836	$	6.80	$	285,864	46,188,637	$	6.19
Dilutive effect of stock-based awards	0		23,901	—		0		30,224	—		0		25,776	—
Assumed conversion of Class B shares	2,402		6,100,800	—		2,594		6,100,800	—		2,360		6,100,800	—
Class A – Diluted EPS:
Income available to Class A stockholders on Class A equivalent shares	$	293,304	52,313,360	$	5.61	$	316,821	52,319,860	$	6.06	$	288,224	52,315,213	$	5.51
Class B – Basic EPS:
Income available to Class B stockholders	$	2,402	2,542	$	945	$	2,594	2,542	$	1,020	$	2,360	2,542	$	928
Class B – Diluted EPS:
Income available to Class B stockholders	$	2,401	2,542	$	945	$	2,593	2,542	$	1,020	$	2,359	2,542	$	928