Earnings Per Share

9 Months Ended

Sep. 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 September 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	$	181,356	46,189,068	$	3.93	$	158,521	46,189,059	$	3.43
Dilutive effect of stock-based awards	0		15,731	—		0		16,655	—
Assumed conversion of Class B shares	1,497		6,100,800	—		1,309		6,100,800	—
Class A – Diluted EPS:
Income available to Class A stockholders on Class A equivalent shares	$	182,853	52,305,599	$	3.50	$	159,830	52,306,514	$	3.06
Class B – Basic EPS:
Income available to Class B stockholders	$	1,497	2,542	$	589	$	1,309	2,542	$	515
Class B – Diluted EPS:
Income available to Class B stockholders	$	1,497	2,542	$	589	$	1,309	2,542	$	515

	Nine months ended September 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	$	491,894	46,189,012	$	10.65	$	444,614	46,189,038	$	9.63
Dilutive effect of stock-based awards	0		14,985	—		0		11,163	—
Assumed conversion of Class B shares	4,061		6,100,800	—		3,671		6,100,800	—
Class A – Diluted EPS:
Income available to Class A stockholders on Class A equivalent shares	$	495,955	52,304,797	$	9.48	$	448,285	52,301,001	$	8.57
Class B – Basic EPS:
Income available to Class B stockholders	$	4,061	2,542	$	1,597	$	3,671	2,542	$	1,444
Class B – Diluted EPS:
Income available to Class B stockholders	$	4,060	2,542	$	1,597	$	3,670	2,542	$	1,444