Net Income Per Share

6 Months Ended

Jun. 30, 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:


	Second Quarter				First Half
(in thousands, except per share data)	2023		2022		2023		2022
Numerator for basic and diluted net income per Common Stock and Class B Common Stock share:
Net income	$	122,319	$	99,562	$	240,446	$	192,952
Less dividends:
Common Stock	4,185		2,092		33,476		3,878
Class B Common Stock	502		251		4,019		809
Total undistributed earnings	$	117,632	$	97,219	$	202,951	$	188,265

Common Stock undistributed earnings – basic	$	105,021	$	86,796	$	181,192	$	157,918
Class B Common Stock undistributed earnings – basic	12,611		10,423		21,759		30,347
Total undistributed earnings – basic	$	117,632	$	97,219	$	202,951	$	188,265

Common Stock undistributed earnings – diluted	$	104,775	$	86,565	$	180,768	$	157,498
Class B Common Stock undistributed earnings – diluted	12,857		10,654		22,183		30,767
Total undistributed earnings – diluted	$	117,632	$	97,219	$	202,951	$	188,265

Numerator for basic net income per Common Stock share:
Dividends on Common Stock	$	4,185	$	2,092	$	33,476	$	3,878
Common Stock undistributed earnings – basic	105,021		86,796		181,192		157,918
Numerator for basic net income per Common Stock share	$	109,206	$	88,888	$	214,668	$	161,796

Numerator for basic net income per Class B Common Stock share:
Dividends on Class B Common Stock	$	502	$	251	$	4,019	$	809
Class B Common Stock undistributed earnings – basic	12,611		10,423		21,759		30,347
Numerator for basic net income per Class B Common Stock share	$	13,113	$	10,674	$	25,778	$	31,156

Numerator for diluted net income per Common Stock share:
Dividends on Common Stock	$	4,185	$	2,092	$	33,476	$	3,878
Dividends on Class B Common Stock assumed converted to Common Stock	502		251		4,019		809
Common Stock undistributed earnings – diluted	117,632		97,219		202,951		188,265
Numerator for diluted net income per Common Stock share	$	122,319	$	99,562	$	240,446	$	192,952

Numerator for diluted net income per Class B Common Stock share:
Dividends on Class B Common Stock	$	502	$	251	$	4,019	$	809
Class B Common Stock undistributed earnings – diluted	12,857		10,654		22,183		30,767
Numerator for diluted net income per Class B Common Stock share	$	13,359	$	10,905	$	26,202	$	31,576


	Second Quarter				First Half
(in thousands, except per share data)	2023		2022		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		8,369		8,369		7,863
Class B Common Stock weighted average shares outstanding – basic	1,005		1,005		1,005		1,511

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)	9,396		9,399		9,396		9,399
Class B Common Stock weighted average shares outstanding – diluted	1,027		1,030		1,027		1,536

Basic net income per share:
Common Stock	$	13.05	$	10.62	$	25.65	$	20.58
Class B Common Stock	$	13.05	$	10.62	$	25.65	$	20.62

Diluted net income per share:
Common Stock	$	13.02	$	10.59	$	25.59	$	20.53
Class B Common Stock	$	13.01	$	10.59	$	25.51	$	20.56

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.