Earnings Per Share

6 Months Ended

Jun. 30, 2026

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,
	2026					2025
(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	$	178,818	46,189,033	$	3.87	$	173,254	46,189,063	$	3.75
Dilutive effect of stock-based awards	0		8,864	—		0		14,544	—
Assumed conversion of Class B shares	1,476		6,100,800	—		1,431		6,100,800	—
Class A – Diluted EPS:
Income available to Class A stockholders on Class A equivalent shares	$	180,294	52,298,697	$	3.45	$	174,685	52,304,407	$	3.34
Class B – Basic EPS:
Income available to Class B stockholders	$	1,476	2,542	$	581	$	1,431	2,542	$	563
Class B – Diluted EPS:
Income available to Class B stockholders	$	1,476	2,542	$	581	$	1,430	2,542	$	563

	Six months ended June 30,
	2026					2025
(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	$	328,060	46,188,942	$	7.10	$	310,538	46,188,984	$	6.72
Dilutive effect of stock-based awards	0		9,698	—		0		14,613	—
Assumed conversion of Class B shares	2,708		6,100,800	—		2,564		6,100,800	—
Class A – Diluted EPS:
Income available to Class A stockholders on Class A equivalent shares	$	330,768	52,299,440	$	6.32	$	313,102	52,304,397	$	5.99
Class B – Basic EPS:
Income available to Class B stockholders	$	2,708	2,542	$	1,065	$	2,564	2,542	$	1,008
Class B – Diluted EPS:
Income available to Class B stockholders	$	2,708	2,542	$	1,065	$	2,563	2,542	$	1,008