Earnings Per Share

6 Months Ended

Jun. 30, 2021

Class A and Class B basic earnings per share and Class B diluted earnings per share are calculated under the two-class method. The two-class method allocates earnings to each class of stock based upon its dividend rights. Class B shares are convertible into Class A shares at a conversion ratio of 2,400 to 1. See Note 10, "Capital Stock".

Class A diluted earnings per share are calculated under the if-converted method, which reflects the conversion of Class B shares to Class A shares. Diluted earnings per share calculations include the dilutive effect of assumed issuance of stock-based awards under compensation plans that have the option to be paid in stock using the treasury stock method.

A reconciliation of the numerators and denominators used in the basic and diluted per-share computations is presented as follows for each class of common stock:


	Three months ended June 30,
	2021					2020
(dollars in thousands, except per share data)	Allocated net income (numerator)		Weighted shares (denominator)	Per-share amount		Allocated net income (numerator)		Weighted shares (denominator)	Per-share amount
Class A – Basic EPS:
Income available to Class A stockholders	$	78,382	46,188,289	$	1.70	$	81,306	46,187,808	$	1.76
Dilutive effect of stock-based awards	0		13,281	—		0		14,373	—
Assumed conversion of Class B shares	647		6,100,800	—		671		6,100,800	—
Class A – Diluted EPS:
Income available to Class A stockholders on Class A equivalent shares	$	79,029	52,302,370	$	1.51	$	81,977	52,302,981	$	1.57
Class B – Basic and diluted EPS:
Income available to Class B stockholders	$	647	2,542	$	255	$	671	2,542	$	264



	Six months ended June 30,
	2021					2020
(dollars in thousands, except per share data)	Allocated net income (numerator)		Weighted shares (denominator)	Per-share amount		Allocated net income (numerator)		Weighted shares (denominator)	Per-share amount
Class A – Basic EPS:
Income available to Class A stockholders	$	151,346	46,188,573	$	3.28	$	140,146	46,188,299	$	3.03
Dilutive effect of stock-based awards	0		19,790	—		0		24,568	—
Assumed conversion of Class B shares	1,249		6,100,800	—		1,157		6,100,800	—
Class A – Diluted EPS:
Income available to Class A stockholders on Class A equivalent shares	$	152,595	52,309,163	$	2.92	$	141,303	52,313,667	$	2.70
Class B – Basic and diluted EPS:
Income available to Class B stockholders	$	1,249	2,542	$	491	$	1,157	2,542	$	455