We compute net income per share of Class A, Class B, and Class C stock using the two-class method. Basic net income per share is computed using the weighted-average number of shares outstanding during the period. Diluted net income per share is computed using the weighted-average number of shares and the effect of potentially dilutive securities outstanding during the period. Potentially dilutive securities consist of RSUs and other contingently issuable shares. The dilutive effect of outstanding RSUs and other contingently issuable shares is reflected in diluted earnings per share by application of the treasury stock method. The computation of the diluted net income per share of Class A stock assumes the conversion of Class B stock, while the diluted net income per share of Class B stock does not assume the conversion of those shares.

In accordance with our certificate of incorporation, the rights, including the liquidation and dividend rights, of the holders of our Class A, Class B, and Class C stock are identical, except with respect to voting. Furthermore, there are a number of safeguards built into our certificate of incorporation, as well as Delaware law, which preclude our Board of Directors from declaring or paying unequal per share dividends on our Class A, Class B, and Class C stock. Specifically, Delaware law provides that amendments to our certificate of incorporation which would have the effect of adversely altering the rights, powers, or preferences of a given class of stock must be approved by the class of stock adversely affected by the proposed amendment. In addition, our certificate of incorporation provides that before any such amendment may be put to a stockholder vote, it must be approved by the unanimous consent of our Board of Directors.

Immaterial differences in net income per share across our Class A, Class B, and Class C shares may arise due to the allocation of distributed earnings, which is based on the holders as of the record date, compared with the allocation of undistributed earnings and number of shares, which is based on the weighted average shares outstanding over the periods.


	Year Ended December 31, 2023
	Class A		Class B		Class C		Consolidated
Basic net income per share:
Numerator

Allocation of distributed earnings (cash dividends paid)	$	0	$	0	$	0	$	0
Allocation of undistributed earnings	34,601		5,124		34,070		73,795
Net income	$	34,601	$	5,124	$	34,070	$	73,795
Denominator
Number of shares used in per share computation	5,922		877		5,831		12,630



Basic net income per share	$	5.84	$	5.84	$	5.84	$	5.84
Diluted net income per share:
Numerator
Allocation of total earnings for basic computation	$	34,601	$	5,124	$	34,070	$	73,795
Reallocation of total earnings as a result of conversion of Class B to Class A shares	5,124		0		0		_(1)
Reallocation of undistributed earnings	(287)		(37)		287		_(1)

Net income	$	39,438	$	5,087	$	34,357	$	73,795





Denominator
Number of shares used in basic computation	5,922		877		5,831		12,630
Weighted-average effect of dilutive securities
Add:
Conversion of Class B to Class A shares outstanding	877		0		0		_(1)

Restricted stock units and other contingently issuable shares	0		0		92		92
Number of shares used in per share computation	6,799		877		5,923		12,722




Diluted net income per share	$	5.80	$	5.80	$	5.80	$	5.80


	Year Ended December 31, 2024
	Class A		Class B		Class C		Consolidated
Basic net income per share:
Numerator



Allocation of distributed earnings (cash dividends paid)	$	3,509	$	519	$	3,335	$	7,363
Allocation of undistributed earnings	44,085		6,520		42,150		92,755
Net income	$	47,594	$	7,039	$	45,485	$	100,118
Denominator
Number of shares used in per share computation	5,855		866		5,598		12,319



Basic net income per share	$	8.13	$	8.13	$	8.13	$	8.13
Diluted net income per share:
Numerator
Allocation of total earnings for basic computation	$	47,594	$	7,039	$	45,485	$	100,118
Reallocation of total earnings as a result of conversion of Class B to Class A shares	7,039		0		0		_(1)
Reallocation of undistributed earnings	(520)		(67)		520		_(1)
Net income	$	54,113	$	6,972	$	46,005	$	100,118





Denominator
Number of shares used in basic computation	5,855		866		5,598		12,319
Weighted-average effect of dilutive securities
Add:
Conversion of Class B to Class A shares outstanding	866		0		0		_(1)

Restricted stock units and other contingently issuable shares	0		0		128		128
Number of shares used in per share computation	6,721		866		5,726		12,447




Diluted net income per share	$	8.05	$	8.05	$	8.03	$	8.04

(1) Not applicable for consolidated net income per share.


	Year Ended December 31, 2025
	Class A		Class B		Class C		Consolidated
Basic net income per share:
Numerator
Allocation of distributed earnings (cash dividends paid)	$	4,832	$	703	$	4,514	$	10,049
Allocation of undistributed earnings	58,682		8,557		54,882		122,121
Net income	$	63,514	$	9,260	$	59,396	$	132,170
Denominator
Number of shares used in per share computation	5,822		849		5,445		12,116



Basic net income per share	$	10.91	$	10.91	$	10.91	$	10.91
Diluted net income per share:
Numerator

Allocation of total earnings for basic computation	$	63,514	$	9,260	$	59,396	$	132,170


Reallocation of total earnings as a result of conversion of Class B to Class A shares	9,260		0		0		_(1)
Reallocation of undistributed earnings	(627)		(79)		627		_(1)
Net income	$	72,147	$	9,181	$	60,023	$	132,170





Denominator
Number of shares used in basic computation	5,822		849		5,445		12,116
Weighted-average effect of dilutive securities
Add:
Conversion of Class B to Class A shares outstanding	849		0		0		_(1)

Restricted stock units and other contingently issuable shares	0		0		114		114
Number of shares used in per share computation	6,671		849		5,559		12,230




Diluted net income per share	$	10.82	$	10.81	$	10.80	$	10.81