Earnings Per Share

9 Months Ended

Sep. 30, 2022

Note 4. Earnings Per Share

The Company calculates earnings per share in accordance with ASC 260, “Earnings Per Share”. Basic earnings per share exclude dilution and are computed by dividing income available to common shareholders by the weighted average common shares outstanding during the period. Diluted earnings per share takes into account the potential dilution that could occur if securities, including stock options and RSUs or other contracts to issue common stock were exercised and converted into common stock. Stock options are dilutive if exercise prices are less than current stock prices. RSUs are dilutive because they represent grants over vesting periods which do not require employees to pay exercise prices. The dilution shown in the tables below includes the potential dilution from both stock options and RSUs.

The following tables show the Company’s earnings per share for the periods presented:



	For the three months ended
	September 30, 2022
	Income		Shares		Per share
	(numerator)		(denominator)		amount
		(Dollars in thousands except share and per share data)
Basic earnings per share
Net earnings available to common shareholders	$	30,604		56,429,425	$	0.54
Effect of dilutive securities
Common stock options and restricted stock units		—		578,799		—
Diluted earnings per share
Net earnings available to common shareholders	$	30,604		57,008,224	$	0.54

Stock options for 407,604 shares, exercisable at prices between $6.87 and $10.45 per share, were outstanding at September 30, 2022, and included in the diluted earnings per share computation because the exercise price per share was less than the average market price. Stock options for 200,000 shares were anti-dilutive and not included in the earnings per share calculation.



	For the nine months ended
	September 30, 2022
	Income		Shares		Per share
	(numerator)		(denominator)		amount
		(Dollars in thousands except share and per share data)
Basic earnings per share
Net earnings available to common shareholders	$	89,972		56,782,524	$	1.58
Effect of dilutive securities
Common stock options and restricted stock units		—		728,462		(0.02)
Diluted earnings per share
Net earnings available to common shareholders	$	89,972		57,510,986	$	1.56



	For the three months ended
	September 30, 2021
	Income		Shares		Per share
	(numerator)		(denominator)		amount
		(dollars in thousands except share and per share data)
Basic earnings per share from continuing operations
Net earnings available to common shareholders	$	28,195		57,198,778	$	0.49
Effect of dilutive securities
Common stock options and restricted stock units		—		1,429,528		(0.01)
Diluted earnings per share
Net earnings available to common shareholders	$	28,195		58,628,306	$	0.48



	For the three months ended
	September 30, 2021
	Income		Shares		Per share
	(numerator)		(denominator)		amount
		(dollars in thousands except share and per share data)
Basic earnings per share from discontinued operations
Net earnings available to common shareholders	$	66		57,198,778	$	—
Effect of dilutive securities
Common stock options and restricted stock units		—		1,429,528		—
Diluted earnings per share
Net earnings available to common shareholders	$	66		58,628,306	$	—



	For the three months ended
	September 30, 2021
	Income		Shares		Per share
	(numerator)		(denominator)		amount
		(dollars in thousands except share and per share data)
Basic earnings per share
Net earnings available to common shareholders	$	28,261		57,198,778	$	0.49
Effect of dilutive securities
Common stock options and restricted stock units		—		1,429,528		(0.01)
Diluted earnings per share
Net earnings available to common shareholders	$	28,261		58,628,306	$	0.48

Notes: The total of diluted earnings per share from continuing and discontinued operations does not equal diluted earnings per share due to rounding.

In 2022, after reclassification of discontinued assets to continuing operations, there was no further income or expense for discontinued operations.

Stock options for 504,104 shares, exercisable at prices between $6.87 and $18.81 per share, were outstanding at September 30, 2021, and included in the dilutive earnings per share computation. Stock options for 100,000 shares were anti-dilutive and not included in the earnings per share calculation.



	For the nine months ended
	September 30, 2021
	Income		Shares		Per share
	(numerator)		(denominator)		amount
		(dollars in thousands except share and per share data)
Basic earnings per share from continuing operations
Net earnings available to common shareholders	$	83,413		57,221,174	$	1.45
Effect of dilutive securities
Common stock options and restricted stock units		—		1,710,972		(0.04)
Diluted earnings per share
Net earnings available to common shareholders	$	83,413		58,932,146	$	1.41



	For the nine months ended
	September 30, 2021
	Income		Shares		Per share
	(numerator)		(denominator)		amount
		(dollars in thousands except share and per share data)
Basic earnings per share from discontinued operations
Net earnings available to common shareholders	$	248		57,221,174	$	0.01
Effect of dilutive securities
Common stock options and restricted stock units		—		1,710,972		—
Diluted earnings per share
Net earnings available to common shareholders	$	248		58,932,146	$	0.01



	For the nine months ended
	September 30, 2021
	Income		Shares		Per share
	(numerator)		(denominator)		amount
		(dollars in thousands except share and per share data)
Basic earnings per share
Net earnings available to common shareholders	$	83,661		57,221,174	$	1.46
Effect of dilutive securities
Common stock options and restricted stock units		—		1,710,972		(0.04)
Diluted earnings per share
Net earnings available to common shareholders	$	83,661		58,932,146	$	1.42