Capital Stock, Stock Awards and Stock Options (Tables)

12 Months Ended

Dec. 31, 2023

Capital Stock, Stock Awards, and Stock Options [Abstract]

Activity related to stock awards under these incentive compensation plans for the year ended December 31, 2023 was as follows:


	Number of Shares	Average Grant-Date Fair Value
Beginning of year, unvested	27,218	$	579.84
Awarded	14,630	609.02
Vested	(11,120)	639.31
Forfeited	(1,079)	602.40
End of Year, unvested	29,649	571.11

Activity Related to Stock Options

Activity related to options outstanding for the year ended December 31, 2023 was as follows:


	Number of Shares	Average Option Price
Beginning of year	178,105	$	619.44
Granted	—	—
Exercised	(3,060)	426.86
Expired or forfeited	—	—
End of Year	175,045	622.80

Information related to stock options outstanding and exercisable at December 31, 2023, is as follows:


	Options Outstanding			Options Exercisable
Range of Exercise Prices	Shares Outstanding at 12/31/2023	Weighted Average Remaining Contractual Life (years)	Weighted Average Exercise Price	Shares Exercisable at 12/31/2023	Weighted Average Remaining Contractual Life (years)	Weighted Average Exercise Price

$427	71,045	6.7	426.86	32,415	6.7	426.86


719	77,258	0.8	719.15	77,258	0.8	719.15
805–872	26,742	2.0	865.02	26,742	2.0	865.02

	175,045	3.4	622.80	136,415	2.5	678.29

Summary of Earnings Per Share, Basic and Diluted

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


	Year Ended December 31
(in thousands, except per share amounts)	2023			2022			2021
Numerator:
Numerator for basic earnings per share:
Net income attributable to Graham Holdings Company common stockholders	$	205,288		$	67,079		$	352,075
Less: Dividends paid–common stock outstanding and unvested restricted shares	(30,953)			(30,712)			(30,136)
Undistributed earnings	174,335			36,367			321,939
Percent allocated to common stockholders	99.34		%	99.43		%	99.36		%
	173,182			36,160			319,867
Add: Dividends paid–common stock outstanding	30,756			30,540			29,946
Numerator for basic earnings per share	203,938			66,700			349,813
Add: Additional undistributed earnings due to dilutive stock options	4			—			5
Numerator for diluted earnings per share	$	203,942		$	66,700		$	349,818
Denominator:
Denominator for basic earnings per share:
Weighted average shares outstanding	4,639			4,823			4,951
Add: Effect of dilutive stock options	15			13			14
Denominator for diluted earnings per share	4,654			4,836			4,965
Graham Holdings Company Common Stockholders:
Basic earnings per share	$	43.96		$	13.83		$	70.65
Diluted earnings per share	$	43.82		$	13.79		$	70.45

____________

Earnings per share amounts may not recalculate due to rounding.

Antidilutive Weighted Average Restricted Stock and Options

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


	Year Ended December 31
(in thousands)	2023	2022	2021
Weighted average restricted stock	12	18	13