Earnings Per Share

12 Months Ended

Dec. 31, 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 12, "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 10, "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,
	2022					2021					2020
	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	$	296,125	46,188,916	$	6.41	$	295,421	46,188,806	$	6.40	$	290,902	46,188,659	$	6.30
Dilutive effect of stock-based awards	0		8,274	—		0		17,696	—		0		23,901	—
Assumed conversion of Class B shares	2,444		6,100,800	—		2,439		6,100,800	—		2,402		6,100,800	—
Class A – Diluted EPS:
Income available to Class A stockholders on Class A equivalent shares	$	298,569	52,297,990	$	5.71	$	297,860	52,307,302	$	5.69	$	293,304	52,313,360	$	5.61
Class B – Basic EPS:
Income available to Class B stockholders	$	2,444	2,542	$	962	$	2,439	2,542	$	959	$	2,402	2,542	$	945
Class B – Diluted EPS:
Income available to Class B stockholders	$	2,444	2,542	$	962	$	2,438	2,542	$	959	$	2,401	2,542	$	945