| Summary of Earnings (Loss) Per Share, Basic and Diluted |
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) | 2025 | | 2024 | | 2025 | | 2024 | | 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 outstanding | 7,798 | | | 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 outstanding | 4,333 | | | 4,401 | | | 4,327 | | | 4,416 | | | Add: Effect of dilutive stock options | 40 | | | — | | | 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.
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| Antidilutive Weighted Average Restricted Stock and Stock Options |
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) | 2025 | | 2024 | | 2025 | | 2024 | | Weighted average restricted stock | 13 | | | 20 | | | 13 | | | 19 | | | Weighted average stock options | — | | | 27 | | | — | | | — | |
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