Earnings Per Share

6 Months Ended

Jun. 30, 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:


	Three months ended June 30,
	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	$	173,254	46,189,063	$	3.75	$	162,561	46,189,042	$	3.52
Dilutive effect of stock-based awards	0		14,544	—		0		15,457	—
Assumed conversion of Class B shares	1,431		6,100,800	—		1,342		6,100,800	—
Class A – Diluted EPS:
Income available to Class A stockholders on Class A equivalent shares	$	174,685	52,304,407	$	3.34	$	163,903	52,305,299	$	3.13
Class B – Basic EPS:
Income available to Class B stockholders	$	1,431	2,542	$	563	$	1,342	2,542	$	528
Class B – Diluted EPS:
Income available to Class B stockholders	$	1,430	2,542	$	563	$	1,342	2,542	$	528

	Six months ended June 30,
	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	$	310,538	46,188,984	$	6.72	$	286,093	46,189,028	$	6.19
Dilutive effect of stock-based awards	0		14,613	—		0		13,723	—
Assumed conversion of Class B shares	2,564		6,100,800	—		2,362		6,100,800	—
Class A – Diluted EPS:
Income available to Class A stockholders on Class A equivalent shares	$	313,102	52,304,397	$	5.99	$	288,455	52,303,551	$	5.52
Class B – Basic EPS:
Income available to Class B stockholders	$	2,564	2,542	$	1,008	$	2,362	2,542	$	929
Class B – Diluted EPS:
Income available to Class B stockholders	$	2,563	2,542	$	1,008	$	2,361	2,542	$	929