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Earnings Per Share | 3 Months Ended
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Mar. 31, 2023
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 March 31 |  |
(in thousands, except per share amounts) | 2023 |  | 2022 |  |  |  |
Numerator: |  |  |  |  |  |  |
Numerator for basic earnings per share: |  |  |  |  |  |  |
Net income attributable to Graham Holdings Company common stockholders | $ | 52,272 |  |  | $ | 95,624 |  |  |  |  |
Less: Dividends paid-common stock outstanding and unvested restricted shares | (15,812) |  |  | (15,497) |  |  |  |  |
Undistributed earnings | 36,460 |  |  | 80,127 |  |  |  |  |
Percent allocated to common stockholders | 99.35 | % |  | 99.35 | % |  |  |  |
| 36,225 |  |  | 79,611 |  |  |  |  |
Add: Dividends paid-common stock outstanding | 15,711 |  |  | 15,397 |  |  |  |  |
Numerator for basic earnings per share | $ | 51,936 |  |  | $ | 95,008 |  |  |  |  |
Add: Additional undistributed earnings due to dilutive stock options | 1 |  |  | 1 |  |  |  |  |
Numerator for diluted earnings per share | $ | 51,937 |  |  | $ | 95,009 |  |  |  |  |
Denominator: |  |  |  |  |  |  |
Denominator for basic earnings per share: |  |  |  |  |  |  |
Weighted average shares outstanding | 4,759 |  |  | 4,871 |  |  |  |  |
Add: Effect of dilutive stock options | 17 |  |  | 14 |  |  |  |  |
Denominator for diluted earnings per share | 4,776 |  |  | 4,885 |  |  |  |  |
Graham Holdings Company Common Stockholders: |  |  |  |  |  |  |
Basic earnings per share | $ | 10.91 |  |  | $ | 19.50 |  |  |  |  |
Diluted earnings per share | $ | 10.88 |  |  | $ | 19.45 |  |  |  |  |
____________ Earnings per share amounts may not recalculate due to rounding. 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 March 31 |  |
(in thousands) | 2023 |  | 2022 |  |  |  |
Weighted average restricted stock | 10 |  |  | 16 |  |  |  |  |
The diluted earnings per share amounts for the three months ended March 31, 2023 and March 31, 2022 exclude the effects of 105,000 stock options and contingently issuable shares outstanding as their inclusion would have been antidilutive due to a market condition. In the three months ended March 31, 2023 and 2022, the Company declared regular dividends totaling $3.30 and $3.16 per common share, respectively.

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