Earnings Per Share

3 Months Ended

Mar. 31, 2025

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 11, "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 for the three months ended March 31:

















	2025					2024
(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	$	137,284	46,188,903	$	2.97	$	123,532	46,189,014	$	2.67
Dilutive effect of stock-based awards	0		14,681	—		0		11,989	—
Assumed conversion of Class B shares	1,133		6,100,800	—		1,020		6,100,800	—
Class A – Diluted EPS:
Income available to Class A stockholders on Class A equivalent shares	$	138,417	52,304,384	$	2.65	$	124,552	52,301,803	$	2.38
Class B – Basic and diluted EPS:
Income available to Class B stockholders	$	1,133	2,542	$	446	$	1,020	2,542	$	401