Net Income Per Share

3 Months Ended

Mar. 31, 2023

The following table sets forth the computation of basic net income per share and diluted net income per share under the two-class method:


	First Quarter
(in thousands, except per share data)	2023		2022
Numerator for basic and diluted net income per Common Stock and Class B Common Stock share:
Net income	$	118,127	$	93,390
Less dividends:
Common Stock	29,291		1,786
Class B Common Stock	3,517		558
Total undistributed earnings	$	85,319	$	91,046

Common Stock undistributed earnings – basic	$	76,172	$	71,463
Class B Common Stock undistributed earnings – basic	9,147		19,583
Total undistributed earnings – basic	$	85,319	$	91,046

Common Stock undistributed earnings – diluted	$	76,002	$	71,288
Class B Common Stock undistributed earnings – diluted	9,317		19,758
Total undistributed earnings – diluted	$	85,319	$	91,046

Numerator for basic net income per Common Stock share:
Dividends on Common Stock	$	29,291	$	1,786
Common Stock undistributed earnings – basic	76,172		71,463
Numerator for basic net income per Common Stock share	$	105,463	$	73,249

Numerator for basic net income per Class B Common Stock share:
Dividends on Class B Common Stock	$	3,517	$	558
Class B Common Stock undistributed earnings – basic	9,147		19,583
Numerator for basic net income per Class B Common Stock share	$	12,664	$	20,141

Numerator for diluted net income per Common Stock share:
Dividends on Common Stock	$	29,291	$	1,786
Dividends on Class B Common Stock assumed converted to Common Stock	3,517		558
Common Stock undistributed earnings – diluted	85,319		91,046
Numerator for diluted net income per Common Stock share	$	118,127	$	93,390

Numerator for diluted net income per Class B Common Stock share:
Dividends on Class B Common Stock	$	3,517	$	558
Class B Common Stock undistributed earnings – diluted	9,317		19,758
Numerator for diluted net income per Class B Common Stock share	$	12,834	$	20,316


	First Quarter
(in thousands, except per share data)	2023		2022
Denominator for basic net income per Common Stock and Class B Common Stock share:
Common Stock weighted average shares outstanding – basic	8,369		7,357
Class B Common Stock weighted average shares outstanding – basic	1,005		2,016

Denominator for diluted net income per Common Stock and Class B Common Stock share:
Common Stock weighted average shares outstanding – diluted (assumes conversion of Class B Common Stock to Common Stock)	9,395		9,396
Class B Common Stock weighted average shares outstanding – diluted	1,026		2,039

Basic net income per share:
Common Stock	$	12.60	$	9.96
Class B Common Stock	$	12.60	$	9.99

Diluted net income per share:
Common Stock	$	12.57	$	9.94
Class B Common Stock	$	12.51	$	9.96

NOTES TO TABLE

(1)For purposes of the diluted net income per share computation for Common Stock, all shares of Class B Common Stock are assumed to be converted; therefore, 100% of undistributed earnings is allocated to Common Stock.

(2)For purposes of the diluted net income per share computation for Class B Common Stock, weighted average shares of Class B Common Stock are assumed to be outstanding for the entire period and not converted.

(3)For periods presented during which the Company has net income, the denominator for diluted net income per share for Common Stock and Class B Common Stock includes the dilutive effect of shares relative to the Long-Term Performance Equity Plan. For periods presented during which the Company has net loss, the unvested shares granted pursuant to the Long-Term Performance Equity Plan are excluded from the computation of diluted net loss per share, as the effect would have been anti-dilutive. See Note 2 for additional information on the Long-Term Performance Equity Plan.

(4)The Long-Term Performance Equity Plan awards may be settled in cash and/or shares of the Company’s Class B Common Stock. Once an election has been made to settle an award in cash, the dilutive effect of shares relative to such award is prospectively removed from the denominator in the computation of diluted net income per share.

(5)The Company did not have anti-dilutive shares for any periods presented.