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Investor Relations

SEC Filings

10-K
GRAHAM HOLDINGS CO filed this Form 10-K on 02/23/2018
Entire Document
 


The following reflects the Company’s income from continuing operations and share data used in the basic and diluted earnings (loss) per share computations using the two-class method:
 
Year Ended December 31
(in thousands, except per share amounts)
2017
 
2016
 
2015
Numerator:
 
 
 
 
 
Numerator for basic earnings (loss) per share:
 
 
 
 
 
Income (loss) from continuing operations attributable to Graham Holdings Company common stockholders
$
302,044

 
$
168,590

 
$
(143,456
)
Less: Dividends paid–common stock outstanding and unvested restricted shares
(28,329
)
 
(27,325
)
 
(53,090
)
Undistributed earnings (losses)
273,715

 
141,265

 
(196,546
)
Percent allocated to common stockholders (1)
99.06
%
 
98.79
%
 
100.00
%
 
271,150

 
139,562

 
(196,546
)
Add: Dividends paid–common stock outstanding
28,060

 
26,962

 
52,050

Numerator for basic earnings (loss) per share
299,210

 
166,524

 
(144,496
)
Add: Additional undistributed earnings due to dilutive stock options
17

 
9

 

Numerator for diluted earnings (loss) per share
$
299,227

 
$
166,533

 
$
(144,496
)
Denominator:
 
 
 
 
 
Denominator for basic earnings (loss) per share:
 
 
 
 
 
Weighted average shares outstanding
5,516

 
5,559

 
5,727

Add: Effect of dilutive stock options
36

 
30

 

Denominator for diluted earnings (loss) per share
5,552

 
5,589

 
5,727

Graham Holdings Company Common Stockholders:
 

 
 

 
 

Basic earnings (loss) per share from continuing operations
$
54.24

 
$
29.95

 
$
(25.23
)
Diluted earnings (loss) per share from continuing operations
$
53.89

 
$
29.80

 
$
(25.23
)
____________
(1)
Percent of undistributed losses allocated to common stockholders is 100% in 2015 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:
 
Year Ended December 31
(in thousands)
2017
 
2016
 
2015
Weighted average restricted stock
30

 
40

 
52

Weighted average stock options

 

 
39

The 2017, 2016 and 2015 diluted earnings (loss) per share amounts exclude the effects of 104,000, 102,000 and 102,000 stock options outstanding, respectively, as their inclusion would have been antidilutive due to a market condition. The 2017, 2016 and 2015 diluted earnings (loss) per share amounts also exclude the effects of 5,250, 5,450 and 6,250 restricted stock awards, respectively, as their inclusion would have been antidilutive due to a performance condition.
In 2017, 2016 and 2015, the Company declared regular dividends totaling $5.08, $4.84 and $9.10 per share, respectively.

102