Earnings Per Share

12 Months Ended

Dec. 31, 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 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,
	2023					2022					2021
	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	$	442,409	46,188,981	$	9.58	$	296,125	46,188,916	$	6.41	$	295,421	46,188,806	$	6.40
Dilutive effect of stock-based awards	0		9,630	—		0		8,274	—		0		17,696	—
Assumed conversion of Class B shares	3,652		6,100,800	—		2,444		6,100,800	—		2,439		6,100,800	—
Class A – Diluted EPS:
Income available to Class A stockholders on Class A equivalent shares	$	446,061	52,299,411	$	8.53	$	298,569	52,297,990	$	5.71	$	297,860	52,307,302	$	5.69
Class B – Basic EPS:
Income available to Class B stockholders	$	3,652	2,542	$	1,437	$	2,444	2,542	$	962	$	2,439	2,542	$	959
Class B – Diluted EPS:
Income available to Class B stockholders	$	3,652	2,542	$	1,437	$	2,444	2,542	$	962	$	2,438	2,542	$	959