Biglari Holdings Inc. 10-K

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities Market Information Biglari Holdings’ Class A common stock and Class B common stock are listed for trading on the NYSE, trading symbol: BH.A and BH, respectively. Shareholders Biglari Holdings had 1,692 beneficial shareholders of its Class A common stock and 3,506 beneficial shareholders of its Class B common stock as of February 1, 2023. Dividends Biglari Holdings has never declared a dividend. 11 Table of Contents Item 6. Selected Financial Data (dollars in thousands, except per-share data) 2022 2021 2020 2019 2018 Revenue: Restaurant operations $ 241,568 $ 271,290 $ 350,666 $ 610,220 $ 775,690 Insurance premiums and other 64,540 58,609 52,679 30,083 27,628 Oil and gas 57,546 33,004 26,255 24,436 — Licensing and media 4,577 3,203 4,083 4,099 6,576 Total revenues $ 368,231 $ 366,106 $ 433,683 $ 668,838 $ 809,894 Earnings: Net earnings (loss) attributable to Biglari Holdings Inc. shareholders $ (32,018) $ 35,478 $ (37,989) $ 45,380 $ 19,392 Net earnings (loss) per equivalent Class A share $ (107.43) $ 111.83 $ (110.05) $ 131.64 $ 55.71 Year-end data: Total assets $ 828,474 $ 894,807 $ 1,017,968 $ 1,139,309 $ 1,029,493 Notes payable and other borrowings $ 10,000 $ — $ 152,261 $ 180,264 $ 181,521 Biglari Holdings Inc. shareholders’ equity $ 546,966 $ 587,696 $ 564,828 $ 616,298 $ 570,455 Earnings per share of common stock is based on the weighted-average number of shares outstanding during the period. The Company has applied the “two-class method” of computing earnings per share as prescribed in Accounting Standards Codification 260, “Earnings Per Share.” 12 Table of Contents