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EARNINGS PER SHARE | 12 Months Ended
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Dec. 31, 2023
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, |  | 2023 |  | 2022 |  | 2021
|  | 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) |  | $ | 663,176 |  |  | $ | 225,895 |  |  | $ | 567,897 |  |  | $ | 207,133 |  |  | $ | 498,084 |  |  | $ | 187,903 |
Allocation of undistributed earnings |  | 728,175 |  |  | 244,541 |  |  | 637,438 |  |  | 232,349 |  |  | 574,772 |  |  | 216,753 |
Total earnings—basic |  | $ | 1,391,351 |  |  | $ | 470,436 |  |  | $ | 1,205,335 |  |  | $ | 439,482 |  |  | $ | 1,072,856 |  |  | $ | 404,656 |
Denominator (shares in thousands): |  |  |  |  |  |  |  |  |  |  |  |
Total weighted-average shares—basic |  | 149,499 |  |  | 55,239 |  |  | 146,713 |  |  | 58,822 |  |  | 146,120 |  |  | 60,614 |
Earnings Per Share—basic |  | $ | 9.31 |  |  | $ | 8.52 |  |  | $ | 8.22 |  |  | $ | 7.47 |  |  | $ | 7.34 |  |  | $ | 6.68 |
Diluted earnings per share: |  |  |  |  |  |  |  |  |  |  |  |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |
Allocation of total earnings used in basic computation |  | $ | 1,391,351 |  |  | $ | 470,436 |  |  | $ | 1,205,335 |  |  | $ | 439,482 |  |  | $ | 1,072,856 |  |  | $ | 404,656 |
Reallocation of total earnings as a result of conversion of Class B common stock to Common stock |  | 470,436 |  |  | — |  |  | 439,482 |  |  | — |  |  | 404,656 |  |  | — |
Reallocation of undistributed earnings |  | — |  |  | (987) |  |  | — |  |  | (1,201) |  |  | — |  |  | (1,098) |
Total earnings—diluted |  | $ | 1,861,787 |  |  | $ | 469,449 |  |  | $ | 1,644,817 |  |  | $ | 438,281 |  |  | $ | 1,477,512 |  |  | $ | 403,558 |
Denominator (shares in thousands): |  |  |  |  |  |  |  |  |  |  |  |
Number of shares used in basic computation |  | 149,499 |  |  | 55,239 |  |  | 146,713 |  |  | 58,822 |  |  | 146,120 |  |  | 60,614 |
Weighted-average effect of dilutive securities: |  |  |  |  |  |  |  |  |  |  |  |
Conversion of Class B common stock to Common shares outstanding |  | 55,239 |  |  | — |  |  | 58,822 |  |  | — |  |  | 60,614 |  |  | — |
Employee stock options |  | 424 |  |  | — |  |  | 571 |  |  | — |  |  | 609 |  |  | — |
Performance and restricted stock units |  | 385 |  |  | — |  |  | 469 |  |  | — |  |  | 415 |  |  | — |
Total weighted-average shares—diluted |  | 205,547 |  |  | 55,239 |  |  | 206,575 |  |  | 58,822 |  |  | 207,758 |  |  | 60,614 |
Earnings Per Share—diluted |  | $ | 9.06 |  |  | $ | 8.50 |  |  | $ | 7.96 |  |  | $ | 7.45 |  |  | $ | 7.11 |  |  | $ | 6.66 |
The earnings per share calculations for the years ended December 31, 2023, 2022 and 2021 excluded 15, 5 and 43 stock options (in thousands), respectively, that would have been antidilutive.

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