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Earnings Per Share | 6 Months Ended
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Jun. 30, 2019
Earnings Per Share [Abstract] |
Earnings Per Share | EARNINGS PER SHARE The Company’s unvested restricted stock awards contain nonforfeitable rights to dividends and, therefore, are considered participating securities for purposes of computing earnings per share pursuant to the two-class method. The diluted earnings per share computed under the two-class method is lower than the diluted earnings per share computed under the treasury stock method, resulting in the presentation of the lower amount in diluted earnings per share. The computation of the earnings per share under the two-class method excludes the income attributable to the unvested restricted stock awards from the numerator and excludes the dilutive impact of those underlying shares from the denominator. The following reflects the Company’s net income and share data used in the basic and diluted earnings per share computations using the two-class method:
| Three Months Ended June 30 |  | Six Months Ended June 30
(in thousands, except per share amounts) | 2019 |  | 2018 |  | 2019 |  | 2018
Numerator: |  |  |  |  |  |  |
Numerator for basic earnings per share: |  |  |  |  |  |  |
Net income attributable to Graham Holdings Company common stockholders | $ | 57,081 |  |  | $ | 46,566 |  |  | $ | 138,829 |  |  | $ | 89,457 |
Less: Dividends paid-common stock outstanding and unvested restricted shares | (7,388 | ) |  | (6,948 | ) |  | (22,167 | ) |  | (21,587 | )
Undistributed earnings | 49,693 |  |  | 39,618 |  |  | 116,662 |  |  | 67,870 |
Percent allocated to common stockholders | 99.43 | % |  | 99.33 | % |  | 99.43 | % |  | 99.33 | %
| 49,410 |  |  | 39,352 |  |  | 115,997 |  |  | 67,416 |
Add: Dividends paid-common stock outstanding | 7,346 |  |  | 6,901 |  |  | 22,041 |  |  | 21,444 |
Numerator for basic earnings per share | $ | 56,756 |  |  | $ | 46,253 |  |  | $ | 138,038 |  |  | $ | 88,860 |
Add: Additional undistributed earnings due to dilutive stock options | 2 |  |  | 2 |  |  | 5 |  |  | 3 |
Numerator for diluted earnings per share | $ | 56,758 |  |  | $ | 46,255 |  |  | $ | 138,043 |  |  | $ | 88,863 |
Denominator: |  |  |  |  |  |  |  |  |
Denominator for basic earnings per share: |  |  |  |  |  |  |  |  |  |  |
Weighted average shares outstanding | 5,285 |  |  | 5,325 |  |  | 5,285 |  |  | 5,380 |
Add: Effect of dilutive stock options | 44 |  |  | 37 |  |  | 43 |  |  | 37 |
Denominator for diluted earnings per share | 5,329 |  |  | 5,362 |  |  | 5,328 |  |  | 5,417 |
Graham Holdings Company Common Stockholders: |  |  |  |  |  |  |
Basic earnings per share | $ | 10.74 |  |  | $ | 8.69 |  |  | $ | 26.12 |  |  | $ | 16.52 |
Diluted earnings per share | $ | 10.65 |  |  | $ | 8.63 |  |  | $ | 25.91 |  |  | $ | 16.40 |
Diluted earnings per share excludes the following weighted average potential common shares, as the effect would be antidilutive, as computed under the treasury stock method:
| Three Months Ended June 30 |  | Six Months Ended June 30
(in thousands) | 2019 |  | 2018 |  | 2019 |  | 2018
Weighted average restricted stock | 12 |  |  | 21 |  |  | 11 |  |  | 24 |
The diluted earnings per share amounts for the three and six months ended June 30, 2019 and June 30, 2018 exclude the effects of 104,000 stock options outstanding, as their inclusion would have been antidilutive due to a market condition. The diluted earnings per share amounts for the three and six months ended June 30, 2018 exclude the effects of 5,250 restricted stock awards as their inclusion would have been antidilutive due to a performance condition. In the three and six months ended June 30, 2019, the Company declared regular dividends totaling $1.39 and $4.17 per common share, respectively. In the three and six months ended June 30, 2018, the Company declared regular dividends totaling $1.33 and $3.99 per common share, respectively.

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -URI http://asc.fasb.org/topic&trid=2144383 + Details
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