Earnings Per Share

6 Months Ended

Jun. 30, 2022

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 June 30,
	2022					2021
(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	$	79,491	46,188,845	$	1.72	$	78,382	46,188,289	$	1.70
Dilutive effect of stock-based awards	0		6,494	—		0		13,281	—
Assumed conversion of Class B shares	656		6,100,800	—		647		6,100,800	—
Class A – Diluted EPS:
Income available to Class A stockholders on Class A equivalent shares	$	80,147	52,296,139	$	1.53	$	79,029	52,302,370	$	1.51
Class B – Basic and diluted EPS:
Income available to Class B stockholders	$	656	2,542	$	258	$	647	2,542	$	255



	Six months ended June 30,
	2022					2021
(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	$	147,548	46,188,803	$	3.19	$	151,346	46,188,573	$	3.28
Dilutive effect of stock-based awards	0		8,718	—		0		19,790	—
Assumed conversion of Class B shares	1,218		6,100,800	—		1,249		6,100,800	—
Class A – Diluted EPS:
Income available to Class A stockholders on Class A equivalent shares	$	148,766	52,298,321	$	2.84	$	152,595	52,309,163	$	2.92
Class B – Basic and diluted EPS:
Income available to Class B stockholders	$	1,218	2,542	$	479	$	1,249	2,542	$	491