v3.26.3
Earnings Per Share
 9 Months Ended
Sep. 30, 2026
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 
 September 30		Nine Months Ended 
 September 30
(in thousands, except per share amounts)2026202520262025
Numerator:
Numerator for basic earnings per share:
        
Net income attributable to Graham Holdings Company common stockholders
$75,110 $122,925 $385,319 $183,568 
Less: Dividends paid-common stock outstanding and unvested restricted shares
(7,803)(7,852)(32,154)(31,360)
Undistributed earnings
67,307 115,073 353,165 152,208 
Percent allocated to common stockholders99.43 %99.39 %99.43 %99.39 %
66,921 114,372 351,139 151,280 
Add: Dividends paid-common stock outstanding7,758 7,803 31,974 31,168 
Numerator for basic earnings per share
$74,679 $122,175 $383,113 $182,448 
Add: Additional undistributed earnings due to dilutive stock options
4 7 21 8 
Numerator for diluted earnings per share
$74,683 $122,182 $383,134 $182,456 
Denominator:    
Denominator for basic earnings per share:
Weighted average shares outstanding4,198 4,334 4,264 4,329 
Add: Effect of dilutive stock options45 44 45 41 
Denominator for diluted earnings per share
4,243 4,378 4,309 4,370 
Graham Holdings Company Common Stockholders:        
Basic earnings per share
$17.79 $28.19 $89.84 $42.15 
Diluted earnings per share
$17.60 $27.91 $88.92 $41.75 
____________
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 
 September 30		Nine Months Ended 
 September 30
(in thousands)2026202520262025
Weighted average restricted stock19 16 18 14 
The diluted earnings per share amounts for each of the three and nine months ended September 30, 2026 and 2025 excludes the effect of 1,000 contingently issuable shares outstanding as their inclusion would have been antidilutive due to a market condition.
In the three and nine months ended September 30, 2026, the Company declared regular dividends totaling $1.88 and $7.52 per common share, respectively. In the three and nine months ended September 30, 2025, the Company declared regular dividends totaling $1.80 and $7.20 per common share, respectively.