Earnings Per Share

12 Months Ended

Dec. 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 13, "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 11, "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,
	2025					2024					2023
	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	$	554,755	46,189,024	$	12.01	$	595,399	46,189,044	$	12.89	$	442,409	46,188,981	$	9.58
Dilutive effect of stock-based awards	0		15,600	—		0		16,422	—		0		9,630	—
Assumed conversion of Class B shares	4,580		6,100,800	—		4,915		6,100,800	—		3,652		6,100,800	—
Class A – Diluted EPS:
Income available to Class A stockholders on Class A equivalent shares	$	559,335	52,305,424	$	10.69	$	600,314	52,306,266	$	11.48	$	446,061	52,299,411	$	8.53
Class B – Basic EPS:
Income available to Class B stockholders	$	4,580	2,542	$	1,802	$	4,915	2,542	$	1,934	$	3,652	2,542	$	1,437
Class B – Diluted EPS:
Income available to Class B stockholders	$	4,579	2,542	$	1,801	$	4,914	2,542	$	1,933	$	3,652	2,542	$	1,437