Earnings Per Share

9 Months Ended

Sep. 30, 2023

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 is 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,
	2023					2022
(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	$	129,967	46,189,037	$	2.81	$	83,623	46,189,025	$	1.81
Dilutive effect of stock-based awards	0		9,532	—		0		6,586	—
Assumed conversion of Class B shares	1,073		6,100,800	—		690		6,100,800	—
Class A – Diluted EPS:
Income available to Class A stockholders on Class A equivalent shares	$	131,040	52,299,369	$	2.51	$	84,313	52,296,411	$	1.61
Class B – Basic and diluted EPS:
Income available to Class B stockholders	$	1,073	2,542	$	422	$	690	2,542	$	272



	Nine months ended September 30,
	2023					2022
(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	$	332,389	46,188,962	$	7.20	$	231,171	46,188,878	$	5.00
Dilutive effect of stock-based awards	0		8,893	—		0		8,007	—
Assumed conversion of Class B shares	2,744		6,100,800	—		1,908		6,100,800	—
Class A – Diluted EPS:
Income available to Class A stockholders on Class A equivalent shares	$	335,133	52,298,655	$	6.41	$	233,079	52,297,685	$	4.46
Class B – Basic and diluted EPS:
Income available to Class B stockholders	$	2,744	2,542	$	1,079	$	1,908	2,542	$	751