Earnings Per Share

9 Months Ended

Sep. 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 September 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	$	89,484	46,189,035	$	1.94	$	88,486	46,189,030	$	1.92
Dilutive effect of stock-based awards	0		15,410	—		0		20,599	—
Assumed conversion of Class B shares	739		6,100,800	—		730		6,100,800	—
Class A – Diluted EPS:
Income available to Class A stockholders on Class A equivalent shares	$	90,223	52,305,245	$	1.72	$	89,216	52,310,429	$	1.71
Class B – Basic and diluted EPS:
Income available to Class B stockholders	$	739	2,542	$	291	$	730	2,542	$	287



	Nine months ended September 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	$	240,830	46,188,729	$	5.21	$	228,632	46,188,544	$	4.95
Dilutive effect of stock-based awards	0		18,330	—		0		23,244	—
Assumed conversion of Class B shares	1,988		6,100,800	—		1,887		6,100,800	—
Class A – Diluted EPS:
Income available to Class A stockholders on Class A equivalent shares	$	242,818	52,307,859	$	4.64	$	230,519	52,312,588	$	4.41
Class B – Basic and diluted EPS:
Income available to Class B stockholders	$	1,988	2,542	$	782	$	1,887	2,542	$	742