Earnings Per Share

9 Months Ended

Sep. 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 September 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	$	83,623	46,189,025	$	1.81	$	89,484	46,189,035	$	1.94
Dilutive effect of stock-based awards	0		6,586	—		0		15,410	—
Assumed conversion of Class B shares	690		6,100,800	—		739		6,100,800	—
Class A – Diluted EPS:
Income available to Class A stockholders on Class A equivalent shares	$	84,313	52,296,411	$	1.61	$	90,223	52,305,245	$	1.72
Class B – Basic and diluted EPS:
Income available to Class B stockholders	$	690	2,542	$	272	$	739	2,542	$	291



	Nine months ended September 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	$	231,171	46,188,878	$	5.00	$	240,830	46,188,729	$	5.21
Dilutive effect of stock-based awards	0		8,007	—		0		18,330	—
Assumed conversion of Class B shares	1,908		6,100,800	—		1,988		6,100,800	—
Class A – Diluted EPS:
Income available to Class A stockholders on Class A equivalent shares	$	233,079	52,297,685	$	4.46	$	242,818	52,307,859	$	4.64
Class B – Basic and diluted EPS:
Income available to Class B stockholders	$	1,908	2,542	$	751	$	1,988	2,542	$	782