| Summary of Earnings Per Share, Basic and Diluted |
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) | 2026 | | 2025 | | 2026 | | 2025 | | 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 stockholders | 99.43 | % | | 99.39 | % | | 99.43 | % | | 99.39 | % | | 66,921 | | | 114,372 | | | 351,139 | | | 151,280 | | | Add: Dividends paid-common stock outstanding | 7,758 | | | 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 outstanding | 4,198 | | | 4,334 | | | 4,264 | | | 4,329 | | | Add: Effect of dilutive stock options | 45 | | | 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.
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| Antidilutive Weighted Average Restricted Stock |
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) | 2026 | | 2025 | | 2026 | | 2025 | | Weighted average restricted stock | 19 | | | 16 | | | 18 | | | 14 | | | | | | | | | |
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