Earnings Per Share (Tables)

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)	2026			2025			2026			2025
Numerator:
Numerator for basic earnings per share:
Net income attributable to Graham Holdings Company common stockholders	$	281,103		$	36,749		$	310,209		$	60,643
Less: Dividends paid-common stock outstanding and unvested restricted shares	(7,953)			(7,846)			(24,351)			(23,508)
Undistributed earnings	273,150			28,903			285,858			37,135
Percent allocated to common stockholders	99.43		%	99.39		%	99.43		%	99.39		%
	271,589			28,726			284,225			36,908
Add: Dividends paid-common stock outstanding	7,908			7,798			24,214			23,364
Numerator for basic earnings per share	$	279,497		$	36,524		$	308,439		$	60,272
Add: Additional undistributed earnings due to dilutive stock options	16			2			16			2
Numerator for diluted earnings per share	$	279,513		$	36,526		$	308,455		$	60,274
Denominator:
Denominator for basic earnings per share:
Weighted average shares outstanding	4,265			4,333			4,298			4,327
Add: Effect of dilutive stock options	44			40			44			39
Denominator for diluted earnings per share	4,309			4,373			4,342			4,366
Graham Holdings Company Common Stockholders:
Basic earnings per share	$	65.53		$	8.43		$	71.76		$	13.93
Diluted earnings per share	$	64.86		$	8.35		$	71.04		$	13.81

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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 June 30		Six Months Ended June 30
(in thousands)	2026	2025	2026	2025
Weighted average restricted stock	18	13	18	13