Earnings Per Share

9 Months Ended

Sep. 30, 2019

12.	Earnings Per Share

Earnings per share have been computed using the weighted average number of ordinary shares and ordinary share equivalents outstanding during the period.

The following table sets forth the computation of basic and diluted earnings per share:

	Quarters Ended September 30,				Nine Months Ended September 30,
(Dollars in thousands, except share and per share data)	2019		2018		2019		2018
Net income	$	6,721	$	3,728	$	40,984	$	16,621
Basic earnings per share:
Weighted average shares outstanding – basic		14,202,859		14,100,180		14,181,530		14,082,698
Net income per share	$	0.47	$	0.26	$	2.89	$	1.18
Diluted earnings per share:
Weighted average shares outstanding – diluted		14,327,757		14,346,585		14,328,861		14,321,113
Net income per share	$	0.47	$	0.26	$	2.86	$	1.16

A reconciliation of weighted average shares for basic earnings per share to weighted average shares for diluted earnings per share is as follows:

	Quarters Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Weighted average shares for basic earnings per share		14,202,859		14,100,180		14,181,530		14,082,698
Non-vested restricted stock		23,059		83,882		19,201		74,768
Non-vested restricted stock units		-		-		2,954		-
Options		101,839		162,523		125,176		163,647
Weighted average shares for diluted earnings per share		14,327,757		14,346,585		14,328,861		14,321,113

The weighted average shares outstanding used to determine dilutive earnings per share does not include 500,000 shares and 600,000 shares for the quarters ended September 30, 2019 and 2018, respectively, and 500,000 shares and 600,000 shares for the nine months ended September 30, 2019 and 2018, respectively, which were deemed to be anti-dilutive.

The weighted average shares outstanding used to determine dilutive earnings per share also does not include 175,498 restricted stock units for the quarter ended September 30, 2019, which were deemed to be anti-dilutive. There were no restricted stock units which were deemed to be anti-dilutive for the quarter ended September 30, 2018 and the nine months ended September 30, 2019 and 2018.