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Earnings (Loss) Per Share | 6 Months Ended
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Jun. 30, 2025
Earnings Per Share [Abstract] |
Earnings (Loss) Per Share | EARNINGS (LOSS) 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 ne t income (loss) a nd share data used in the basic and diluted earnings (loss) per share computations using the two-class method:
| Three Months Ended June 30 |  | Six Months Ended June 30
(in thousands, except per share amounts) | 2025 |  | 2024 |  | 2025 |  | 2024
Numerator: |  |  |  |  |  |  |
Numerator for basi c earnings (loss) pe r share: |  |  |  |  |  |  |
N et income (loss) attribu table to Graham Holdings Company common stockholders | $ | 36,749 |  |  | $ | (21,040) |  |  | $ | 60,643 |  |  | $ | 103,340 |
Less: Dividends paid-common stock outstanding and unvested restricted shares | (7,846) |  |  | (7,574) |  |  | (23,508) |  |  | (22,926) |
Undistribu ted earnings (loss) | 28,903 |  |  | (28,614) |  |  | 37,135 |  |  | 80,414 |
Percent allocated to common stockholders (1) | 99.39 | % |  | 100.00 | % |  | 99.39 | % |  | 99.32 | %
| 28,726 |  |  | (28,614) |  |  | 36,908 |  |  | 79,869 |
Add: Dividends paid-common stock outstanding | 7,798 |  |  | 7,523 |  |  | 23,364 |  |  | 22,772 |
Numerator for b asic earnings (loss) per sha re | $ | 36,524 |  |  | $ | (21,091) |  |  | $ | 60,272 |  |  | $ | 102,641 |
Add: Additional undistributed earnings due to dilutive stock options | 2 |  |  | — |  |  | 2 |  |  | 3 |
Numerator for dilu ted earnings (loss) per shar e | $ | 36,526 |  |  | $ | (21,091) |  |  | $ | 60,274 |  |  | $ | 102,644 |
Denominator: |  |  |  |  |  |  |
Denominator for b asic earnings (loss) per share: |  |  |  |  |  |  |
Weighted average shares outstanding | 4,333 |  |  | 4,401 |  |  | 4,327 |  |  | 4,416 |
Add: Effect of dilutive stock options | 40 |  |  | — |  |  | 39 |  |  | 26 |
Denominator for dilu ted earnings (loss) per s hare | 4,373 |  |  | 4,401 |  |  | 4,366 |  |  | 4,442 |
Graham Holdings Company Common Stockholders: |  |  |  |  |  |  |
B asic earnings (loss) p er share | $ | 8.43 |  |  | $ | (4.79) |  |  | $ | 13.93 |  |  | $ | 23.24 |
Dilu ted earnings (loss) per share | $ | 8.35 |  |  | $ | (4.79) |  |  | $ | 13.81 |  |  | $ | 23.11 |
____________ Earnings (loss) pe r share amounts may not recalculate due to rounding. (1) Percent of undistributed losses allocated to common stockholders is 100% in the three months ended June 30, 2024 as participating securities are not contractually obligated to share in losses. Di luted earnings (loss) per s hare 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) | 2025 |  | 2024 |  | 2025 |  | 2024
Weighted average restricted stock | 13 |  |  | 20 |  |  | 13 |  |  | 19 |
Weighted average stock options | — |  |  | 27 |  |  | — |  |  | — |
The diluted earnings per share amounts for the three and six months ended June 30, 2025 excludes the effect of 1,000 contingently issuable shares outstanding as their inclusion would have been antidilutive due to a market condition. The diluted (loss) earnings per share amounts for the three and six months ended June 30, 2024 exclude the effect of 27,742 stock options and contingently issuable shares outstanding as their inclusion would have been antidilutive due to a market condition. In the three and six months ended June 30, 2025, the Company declared regular dividends totaling $1.80 and $5.40 per common share, respectively. In the three and six months ended June 30, 2024, the Company declared regular dividends totaling $1.72 and $5.16 per common share, respectively.

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