Earnings Per Share

6 Months Ended

Jun. 30, 2024

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 June 30,
	2024					2023
(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	$	162,561	46,189,042	$	3.52	$	116,887	46,189,026	$	2.53
Dilutive effect of stock-based awards	0		15,457	—		0		10,148	—
Assumed conversion of Class B shares	1,342		6,100,800	—		965		6,100,800	—
Class A – Diluted EPS:
Income available to Class A stockholders on Class A equivalent shares	$	163,903	52,305,299	$	3.13	$	117,852	52,299,974	$	2.25
Class B – Basic EPS:
Income available to Class B stockholders	$	1,342	2,542	$	528	$	965	2,542	$	380
Class B – Diluted EPS:
Income available to Class B stockholders	$	1,342	2,542	$	528	$	965	2,542	$	380

	Six months ended June 30,
	2024					2023
(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	$	286,093	46,189,028	$	6.19	$	202,422	46,188,923	$	4.38
Dilutive effect of stock-based awards	0		13,723	—		0		8,575	—
Assumed conversion of Class B shares	2,362		6,100,800	—		1,671		6,100,800	—
Class A – Diluted EPS:
Income available to Class A stockholders on Class A equivalent shares	$	288,455	52,303,551	$	5.52	$	204,093	52,298,298	$	3.90
Class B – Basic EPS:
Income available to Class B stockholders	$	2,362	2,542	$	929	$	1,671	2,542	$	657
Class B – Diluted EPS:
Income available to Class B stockholders	$	2,361	2,542	$	929	$	1,671	2,542	$	657