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Net Income Per Share | 3 Months Ended
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Mar. 31, 2023
Earnings Per Share [Abstract] |
Net Income Per Share | Net Income Per Share The following table sets forth the computation of basic net income per share and diluted net income per share under the two-class method:
|  | First Quarter |  |
(in thousands, except per share data) |  | 2023 |  | 2022 |  |  |  |
Numerator for basic and diluted net income per Common Stock and Class B Common Stock share: |  |  |  |  |  |  |  |
Net income |  | $ | 118,127 |  |  | $ | 93,390 |  |  |  |  |
Less dividends: |  |  |  |  |  |  |  |
Common Stock |  | 29,291 |  |  | 1,786 |  |  |  |  |
Class B Common Stock |  | 3,517 |  |  | 558 |  |  |  |  |
Total undistributed earnings |  | $ | 85,319 |  |  | $ | 91,046 |  |  |  |  |
Common Stock undistributed earnings – basic |  | $ | 76,172 |  |  | $ | 71,463 |  |  |  |  |
Class B Common Stock undistributed earnings – basic |  | 9,147 |  |  | 19,583 |  |  |  |  |
Total undistributed earnings – basic |  | $ | 85,319 |  |  | $ | 91,046 |  |  |  |  |
Common Stock undistributed earnings – diluted |  | $ | 76,002 |  |  | $ | 71,288 |  |  |  |  |
Class B Common Stock undistributed earnings – diluted |  | 9,317 |  |  | 19,758 |  |  |  |  |
Total undistributed earnings – diluted |  | $ | 85,319 |  |  | $ | 91,046 |  |  |  |  |
Numerator for basic net income per Common Stock share: |  |  |  |  |  |  |  |
Dividends on Common Stock |  | $ | 29,291 |  |  | $ | 1,786 |  |  |  |  |
Common Stock undistributed earnings – basic |  | 76,172 |  |  | 71,463 |  |  |  |  |
Numerator for basic net income per Common Stock share |  | $ | 105,463 |  |  | $ | 73,249 |  |  |  |  |
Numerator for basic net income per Class B Common Stock share: |  |  |  |  |  |  |  |
Dividends on Class B Common Stock |  | $ | 3,517 |  |  | $ | 558 |  |  |  |  |
Class B Common Stock undistributed earnings – basic |  | 9,147 |  |  | 19,583 |  |  |  |  |
Numerator for basic net income per Class B Common Stock share |  | $ | 12,664 |  |  | $ | 20,141 |  |  |  |  |
Numerator for diluted net income per Common Stock share: |  |  |  |  |  |  |  |
Dividends on Common Stock |  | $ | 29,291 |  |  | $ | 1,786 |  |  |  |  |
Dividends on Class B Common Stock assumed converted to Common Stock |  | 3,517 |  |  | 558 |  |  |  |  |
Common Stock undistributed earnings – diluted |  | 85,319 |  |  | 91,046 |  |  |  |  |
Numerator for diluted net income per Common Stock share |  | $ | 118,127 |  |  | $ | 93,390 |  |  |  |  |
Numerator for diluted net income per Class B Common Stock share: |  |  |  |  |  |  |  |
Dividends on Class B Common Stock |  | $ | 3,517 |  |  | $ | 558 |  |  |  |  |
Class B Common Stock undistributed earnings – diluted |  | 9,317 |  |  | 19,758 |  |  |  |  |
Numerator for diluted net income per Class B Common Stock share |  | $ | 12,834 |  |  | $ | 20,316 |  |  |  |  |
|  | First Quarter |  |
(in thousands, except per share data) |  | 2023 |  | 2022 |  |  |  |
Denominator for basic net income per Common Stock and Class B Common Stock share: |  |  |  |  |  |  |  |
Common Stock weighted average shares outstanding – basic |  | 8,369 |  |  | 7,357 |  |  |  |  |
Class B Common Stock weighted average shares outstanding – basic |  | 1,005 |  |  | 2,016 |  |  |  |  |
Denominator for diluted net income per Common Stock and Class B Common Stock share: |  |  |  |  |  |  |  |
Common Stock weighted average shares outstanding – diluted (assumes conversion of Class B Common Stock to Common Stock) |  | 9,395 |  |  | 9,396 |  |  |  |  |
Class B Common Stock weighted average shares outstanding – diluted |  | 1,026 |  |  | 2,039 |  |  |  |  |
Basic net income per share: |  |  |  |  |  |  |  |
Common Stock |  | $ | 12.60 |  |  | $ | 9.96 |  |  |  |  |
Class B Common Stock |  | $ | 12.60 |  |  | $ | 9.99 |  |  |  |  |
Diluted net income per share: |  |  |  |  |  |  |  |
Common Stock |  | $ | 12.57 |  |  | $ | 9.94 |  |  |  |  |
Class B Common Stock |  | $ | 12.51 |  |  | $ | 9.96 |  |  |  |  |
NOTES TO TABLE (1)For purposes of the diluted net income per share computation for Common Stock, all shares of Class B Common Stock are assumed to be converted; therefore, 100% of undistributed earnings is allocated to Common Stock. (2)For purposes of the diluted net income per share computation for Class B Common Stock, weighted average shares of Class B Common Stock are assumed to be outstanding for the entire period and not converted. (3)For periods presented during which the Company has net income, the denominator for diluted net income per share for Common Stock and Class B Common Stock includes the dilutive effect of shares relative to the Long-Term Performance Equity Plan. For periods presented during which the Company has net loss, the unvested shares granted pursuant to the Long-Term Performance Equity Plan are excluded from the computation of diluted net loss per share, as the effect would have been anti-dilutive. See Note 2 for additional information on the Long-Term Performance Equity Plan. (4)The Long-Term Performance Equity Plan awards may be settled in cash and/or shares of the Company’s Class B Common Stock. Once an election has been made to settle an award in cash, the dilutive effect of shares relative to such award is prospectively removed from the denominator in the computation of diluted net income per share. (5)The Company did not have anti-dilutive shares for any periods presented.

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