EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2024

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,	2024				2023				2022
	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)	$	812,826	$	271,975	$	663,176	$	225,895	$	567,897	$	207,133
Allocation of undistributed earnings	851,549		284,889		728,175		244,541		637,438		232,349
Total earnings—basic	$	1,664,375	$	556,864	$	1,391,351	$	470,436	$	1,205,335	$	439,482

Denominator (shares in thousands):
Total weighted-average shares—basic	148,349		54,614		149,499		55,239		146,713		58,822

Earnings Per Share—basic	$	11.22	$	10.20	$	9.31	$	8.52	$	8.22	$	7.47

Diluted earnings per share:
Numerator:
Allocation of total earnings used in basic computation	$	1,664,375	$	556,864	$	1,391,351	$	470,436	$	1,205,335	$	439,482
Reallocation of total earnings as a result of conversion of Class B common stock to Common stock	556,864		—		470,436		—		439,482		—
Reallocation of undistributed earnings	—		(753)		—		(987)		—		(1,201)
Total earnings—diluted	$	2,221,239	$	556,111	$	1,861,787	$	469,449	$	1,644,817	$	438,281

Denominator (shares in thousands):
Number of shares used in basic computation	148,349		54,614		149,499		55,239		146,713		58,822
Weighted-average effect of dilutive securities:
Conversion of Class B common stock to Common shares outstanding	54,614		—		55,239		—		58,822		—
Employee stock options	285		—		424		—		571		—
Performance and restricted stock units	239		—		385		—		469		—
Total weighted-average shares—diluted	203,487		54,614		205,547		55,239		206,575		58,822

Earnings Per Share—diluted	$	10.92	$	10.18	$	9.06	$	8.50	$	7.96	$	7.45

The earnings per share calculations for the years ended December 31, 2024, 2023 and 2022 excluded 13, 15 and 5 stock options (in thousands), respectively, that would have been antidilutive.