Earnings Per Share

3 Months Ended

Mar. 31, 2021

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 10, "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,
	2021					2020
(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	$	72,964	46,188,860	$	1.58	$	58,840	46,188,789	$	1.27
Dilutive effect of stock-based awards	0		26,298	—		0		34,761	—
Assumed conversion of Class B shares	602		6,100,800	—		486		6,100,800	—
Class A – Diluted EPS:
Income available to Class A stockholders on Class A equivalent shares	$	73,566	52,315,958	$	1.41	$	59,326	52,324,350	$	1.13
Class B – Basic and diluted EPS:
Income available to Class B stockholders	$	602	2,542	$	237	$	486	2,542	$	191