As a group.
It's easy to read to one child. They can sweetly nestle on your lap, or next to you on the couch. Alternately, you can snuggle in bed together and pore over that worthy tale.
As a family grows, though, children outpace available lap real estate or become to old (ha!) to want to sit on mom's lap.
We do a lot of reading out loud for school. Currently I have my darlings sit on pillows on the floor in front of me. I was inspired to this genius by the librarians at story time. Dozens of toddlers, sitting raptly and quietly and not elbowing each other! If they can do it, so can I.
It has worked well.