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EARNINGS PER SHARE
12 Months Ended
Dec. 31, 2021
Earnings Per Share [Abstract]  
Earnings Per Share 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 31,202120202019
Common StockClass B Common StockCommon StockClass B Common StockCommon StockClass B Common Stock
Basic earnings per share:
Numerator:
Allocation of distributed earnings (cash dividends paid)$498,084 $187,903 $467,013 $173,719 $445,685 $164,627 
Allocation of undistributed earnings
574,772 216,753 464,802 173,174 393,731 145,649 
Total earnings—basic$1,072,856 $404,656 $931,815 $346,893 $839,416 $310,276 
Denominator (shares in thousands):
Total weighted-average shares—basic146,120 60,614 147,832 60,614 148,841 60,614 
Earnings Per Share—basic$7.34 $6.68 $6.30 $5.72 $5.64 $5.12 
Diluted earnings per share:
Numerator:
Allocation of total earnings used in basic computation$1,072,856 $404,656 $931,815 $346,893 $839,416 $310,276 
Reallocation of total earnings as a result of conversion of Class B common stock to Common stock404,656 — 346,893 — 310,276 — 
Reallocation of undistributed earnings— (1,098)— (822)— (886)
Total earnings—diluted$1,477,512 $403,558 $1,278,708 $346,071 $1,149,692 $309,390 
Denominator (shares in thousands):
Number of shares used in basic computation146,120 60,614 147,832 60,614 148,841 60,614 
Weighted-average effect of dilutive securities:
Conversion of Class B common stock to Common shares outstanding60,614 — 60,614 — 60,614 — 
Employee stock options609 — 600 — 785 — 
Performance and restricted stock units415 — 368 — 462 — 
Total weighted-average shares—diluted207,758 60,614 209,414 60,614 210,702 60,614 
Earnings Per Share—diluted$7.11 $6.66 $6.11 $5.71 $5.46 $5.10 
The earnings per share calculations for the years ended December 31, 2021, 2020 and 2019 excluded 43, 15 and 1,476 stock options (in thousands), respectively, that would have been antidilutive.