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Earnings Per Share
3 Months Ended
Sep. 30, 2023
Earnings Per Share [Abstract]  
2. Earnings Per Share We calculate earnings per share using the two-class method in accordance with ASC Topic 260, Earnings Per Share. The two-class method allocates the undistributed earnings available to common stockholders to the Company’s outstanding common stock, $0.25 par value (the “Voting Common Stock”) and the Series N Non-Voting Common Stock, $0.001 par value (the “Non-Voting Common Stock”) based on each share’s percentage of total weighted average shares outstanding. The Voting Common Stock and Non-Voting Common Stock are allocated 10% and 90%, respectively, of our undistributed earnings

 available to common stockholders. This represents earnings available to common stockholders less the dividends declared for both the Voting Common Stock and Non-Voting Common Stock.

Our undistributed earnings per share is calculated by taking the undistributed earnings available to common stockholders and dividing this number by the weighted average shares outstanding for the respective stock. If there was a dividend declared for that period, the dividend per share is added to the undistributed earnings per share to calculate the basic and diluted earnings per share. The process is used for both Voting Common Stock and Non-Voting Common Stock.

The calculation of basic and diluted earnings per share for the quarters ended September 30, 2023 and 2022 for our Voting Common Stock and Non-Voting Common Stock were as follows:

 

 

For the Quarters Ended

 

 

September 30,

 

 

2023

2022

 

 

(Unaudited)

 

 

(In thousands, except share and per share amounts)

 

 

 

 

 

Weighted average shares outstanding of Voting Common Stock

 

19,607,788

 

19,607,788

Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock

 

196,077,880

 

196,077,880

Percent of weighted average shares outstanding of Voting Common Stock

 

10%

 

10%

 

 

 

 

 

Net earnings available to common stockholders

$

273,508

$

349,866

Voting Common Stock dividends declared and paid

 

 

(9,804)

Non-Voting Common Stock dividends declared and paid

 

(7,059)

 

Undistributed earnings available to common stockholders

$

266,449

$

340,062

Undistributed earnings available to common stockholders allocated to Voting Common Stock

$

26,645

$

34,006

 

 

 

 

 

Undistributed earnings per share of Voting Common Stock

$

1.36

$

1.73

Dividends declared per share of Voting Common Stock

$

$

0.50

Basic and diluted earnings per share of Voting Common Stock

$

1.36

$

2.23

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding of Non-Voting Common Stock

 

176,470,092

 

176,470,092

Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock

 

196,077,880

 

196,077,880

Percent of weighted average shares outstanding of Non-Voting Common Stock

 

90%

 

90%

 

 

 

 

 

Net earnings available to common stockholders

$

273,508

$

349,866

Voting Common Stock dividends declared and paid

 

 

(9,804)

Non-Voting Common Stock dividends declared and paid

 

(7,059)

 

Undistributed earnings available to common stockholders

$

266,449

$

340,062

Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock

$

239,804

$

306,056

 

 

 

 

 

Undistributed earnings per share of Non-Voting Common Stock

$

1.36

$

1.73

Dividends declared per share of Non-Voting Common Stock

$

0.04

$

Basic and diluted earnings per share of Non-Voting Common Stock

$

1.40

$

1.73

 

The calculation of basic and diluted earnings per share for the six months ended September 30, 2023 and 2022 for our Voting Common Stock and Non-Voting Common Stock were as follows:

 

 

For Six Months Ended

 

 

September 30,

 

 

2023

2022

 

 

(Unaudited)

 

 

(In thousands, except share and per share amounts)

 

 

 

 

 

Weighted average shares outstanding of Voting Common Stock

 

19,607,788

 

19,607,788

Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock

 

196,077,880

 

196,077,880

Percent of weighted average shares outstanding of Voting Common Stock

 

10%

 

10%

 

 

 

 

 

Net earnings available to common stockholders

$

530,346

$

688,211

Voting Common Stock dividends declared and paid

 

 

(19,608)

Non-Voting Common Stock dividends declared and paid

 

(14,118)

 

Undistributed earnings available to common stockholders

$

516,228

$

668,603

Undistributed earnings available to common stockholders allocated to Voting Common Stock

$

51,623

$

66,860

 

 

 

 

 

Undistributed earnings per share of Voting Common Stock

$

2.63

$

3.41

Dividends declared per share of Voting Common Stock

$

$

1.00

Basic and diluted earnings per share of Voting Common Stock

$

2.63

$

4.41

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding of Non-Voting Common Stock

 

176,470,092

 

176,470,092

Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock

 

196,077,880

 

196,077,880

Percent of weighted average shares outstanding of Non-Voting Common Stock

 

90%

 

90%

 

 

 

 

 

Net earnings available to common stockholders

$

530,346

$

688,211

Voting Common Stock dividends declared and paid

 

 

(19,608)

Non-Voting Common Stock dividends declared and paid

 

(14,118)

 

Undistributed earnings available to common stockholders

$

516,228

$

668,603

Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock

$

464,605

$

601,743

 

 

 

 

 

Undistributed earnings per share of Non-Voting Common Stock

$

2.63

$

3.41

Dividends declared per share of Non-Voting Common Stock

$

0.08

$

Basic and diluted earnings per share of Non-Voting Common Stock

$

2.71

$

3.41