v3.25.2
Earnings (Loss) Per Share
 6 Months Ended
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 net income (loss) and 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)2025202420252024
Numerator:
Numerator for basic earnings (loss) per share:
        
Net income (loss) attributable 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)
Undistributed 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 outstanding7,798 7,523 23,364 22,772 
Numerator for basic earnings (loss) per share
$36,524 $(21,091)$60,272 $102,641 
Add: Additional undistributed earnings due to dilutive stock options
2 — 2 3 
Numerator for diluted earnings (loss) per share
$36,526 $(21,091)$60,274 $102,644 
Denominator:    
Denominator for basic earnings (loss) per share:
Weighted average shares outstanding4,333 4,401 4,327 4,416 
Add: Effect of dilutive stock options40 — 39 26 
Denominator for diluted earnings (loss) per share
4,373 4,401 4,366 4,442 
Graham Holdings Company Common Stockholders:        
Basic earnings (loss) per share
$8.43 $(4.79)$13.93 $23.24 
Diluted earnings (loss) per share
$8.35 $(4.79)$13.81 $23.11 
____________
Earnings (loss) per 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.
Diluted earnings (loss) 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)2025202420252024
Weighted average restricted stock13 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.