| Earnings Per Share |
Earnings Per Share 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 11, "Capital Stock".
Class A diluted earnings per share is 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, | | | 2026 | | 2025 | | (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 | | $ | 178,818 | | | 46,189,033 | | | $ | 3.87 | | | $ | 173,254 | | | 46,189,063 | | | $ | 3.75 | | | Dilutive effect of stock-based awards | | 0 | | | 8,864 | | | — | | | 0 | | | 14,544 | | | — | | | Assumed conversion of Class B shares | | 1,476 | | | 6,100,800 | | | — | | | 1,431 | | | 6,100,800 | | | — | | | Class A – Diluted EPS: | | | | | | | | | | | | | Income available to Class A stockholders on Class A equivalent shares | | $ | 180,294 | | | 52,298,697 | | | $ | 3.45 | | | $ | 174,685 | | | 52,304,407 | | | $ | 3.34 | | Class B – Basic EPS: | | | | | | | | | | | | | | Income available to Class B stockholders | | $ | 1,476 | | | 2,542 | | | $ | 581 | | | $ | 1,431 | | | 2,542 | | | $ | 563 | | | Class B – Diluted EPS: | | | | | | | | | | | | | | Income available to Class B stockholders | | $ | 1,476 | | | 2,542 | | | $ | 581 | | | $ | 1,430 | | | 2,542 | | | $ | 563 | | | | | | | | | | | | | | | | | Six months ended June 30, | | | 2026 | | 2025 | | (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 | | $ | 328,060 | | | 46,188,942 | | | $ | 7.10 | | | $ | 310,538 | | | 46,188,984 | | | $ | 6.72 | | | Dilutive effect of stock-based awards | | 0 | | | 9,698 | | | — | | | 0 | | | 14,613 | | | — | | | Assumed conversion of Class B shares | | 2,708 | | | 6,100,800 | | | — | | | 2,564 | | | 6,100,800 | | | — | | | Class A – Diluted EPS: | | | | | | | | | | | | | Income available to Class A stockholders on Class A equivalent shares | | $ | 330,768 | | | 52,299,440 | | | $ | 6.32 | | | $ | 313,102 | | | 52,304,397 | | | $ | 5.99 | | | Class B – Basic EPS: | | | | | | | | | | | | | | Income available to Class B stockholders | | $ | 2,708 | | | 2,542 | | | $ | 1,065 | | | $ | 2,564 | | | 2,542 | | | $ | 1,008 | | | Class B – Diluted EPS: | | | | | | | | | | | | | | Income available to Class B stockholders | | $ | 2,708 | | | 2,542 | | | $ | 1,065 | | | $ | 2,563 | | | 2,542 | | | $ | 1,008 | |
|