EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2015

EARNINGS PER SHARE

We compute basic earnings per share for Common Stock and Class B common stock using the two-class method. The Class B common stock is convertible into Common Stock on a share-for-share basis at any time. The computation of diluted earnings per share for Common Stock assumes the conversion of Class B common stock using the if-converted method, while the diluted earnings per share of Class B common stock does not assume the conversion of those shares.

We compute basic and diluted earnings per share based on the weighted-average number of shares of Common Stock and Class B common stock outstanding as follows:



For the years ended December 31,	2015					2014					2013
	Common Stock		Class B Common Stock			Common Stock		Class B Common Stock			Common Stock		Class B Common Stock
Basic earnings per share:
Numerator:
Allocation of distributed earnings (cash dividends paid)	$	352,953	$	123,179		$	328,752	$	111,662		$	294,979	$	98,822
Allocation of undistributed earnings	27,324		9,495			303,801		102,697			319,883		106,786
Total earnings—basic	$	380,277	$	132,674		$	632,553	$	214,359		$	614,862	$	205,608

Denominator (shares in thousands):
Total weighted-average shares—basic	158,471		60,620			161,935		60,620			163,549		60,627

Earnings Per Share—basic	$	2.40	$	2.19		$	3.91	$	3.54		$	3.76	$	3.39

Diluted earnings per share:
Numerator:
Allocation of total earnings used in basic computation	$	380,277	$	132,674		$	632,553	$	214,359		$	614,862	$	205,608
Reallocation of total earnings as a result of conversion of Class B common stock to Common stock	132,674		—			214,359		—			205,608		—
Reallocation of undistributed earnings	—		(69		)	—		(1,071		)	—		(1,461		)
Total earnings—diluted	$	512,951	$	132,605		$	846,912	$	213,288		$	820,470	$	204,147

Denominator (shares in thousands):
Number of shares used in basic computation	158,471		60,620			161,935		60,620			163,549		60,627
Weighted-average effect of dilutive securities:
Conversion of Class B common stock to Common shares outstanding	60,620		—			60,620		—			60,627		—
Employee stock options	1,335		—			1,920		—			2,476		—
Performance and restricted stock options	225		—			362		—			551		—
Total weighted-average shares—diluted	220,651		60,620			224,837		60,620			227,203		60,627

Earnings Per Share—diluted	$	2.32	$	2.19		$	3.77	$	3.52		$	3.61	$	3.37

The earnings per share calculations for the years ended December 31, 2015, December 31, 2014 and December 31, 2013 excluded 2,660, 1,510 and 1,757 stock options, respectively, that would have been antidilutive.