Earnings (Loss) Per Share (Tables)

3 Months Ended

Mar. 31, 2021

Summary of Earnings (Loss) Per Share, Basic and Diluted

The following reflects the Company’s net income (loss) and share data used in the basic and diluted earnings (loss) per share computations using the two-class method:


	Three Months Ended March 31
(in thousands, except per share amounts)		2021			2020
Numerator:
Numerator for basic earnings (loss) per share:
Net income (loss) attributable to Graham Holdings Company common stockholders		$	112,450		$	(33,245)
Less: Dividends paid-common stock outstanding and unvested restricted shares		(15,106)			(15,289)
Undistributed earnings (loss)		97,344			(48,534)
Percent allocated to common stockholders (1)		99.33		%	100.00		%
		96,693			(48,534)
Add: Dividends paid-common stock outstanding		15,005			15,205
Numerator for basic earnings (loss) per share		$	111,698		$	(33,329)
Add: Additional undistributed earnings due to dilutive stock options		1			—
Numerator for diluted earnings (loss) per share		$	111,699		$	(33,329)
Denominator:
Denominator for basic earnings (loss) per share:
Weighted average shares outstanding		4,967			5,274
Add: Effect of dilutive stock options		10			—
Denominator for diluted earnings (loss) per share		4,977			5,274
Graham Holdings Company Common Stockholders:
Basic earnings (loss) per share		$	22.49		$	(6.32)
Diluted earnings (loss) per share		$	22.44		$	(6.32)

_______

(1) Percent of undistributed losses allocated to common stockholders was 100% in the first three months of 2020 as participating securities are not contractually obligated to share in losses.

Antidilutive Weighted Average Restricted Stock and Options

Diluted earnings (loss) per share excludes the following weighted average potential common shares, as the effect would be antidilutive, as computed under the treasury stock method:


	Three Months Ended March 31
(in thousands)		2021	2020
Weighted average restricted stock		9	12
Weighted average stock options		—	27