Earnings per Share

9 Months Ended

Sep. 30, 2020

Earnings per Share

Basic earnings per share ("EPS") is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. For purposes of calculating basic EPS, weighted average common shares outstanding excludes treasury stock, unallocated employee stock ownership plan shares that have not been committed for release and deferred compensation obligations required to be settled in shares of Company stock.

Diluted EPS is computed using the same method as basic EPS and reflects the potential dilution which could occur if stock options and unvested shares were exercised and converted into common stock. The potentially diluted shares would then be included in the weighted average number of shares outstanding for the period using the treasury stock method.

The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share calculations for the three and nine months ended September 30, 2020 and 2019:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2020		2019		2020		2019
	(Dollars in thousands, except per share data)

Net income	$	15,087	$	14,218	$	36,949	$	41,168
Shares:
Weighted average shares outstanding - basic	110,983,871		111,371,754		110,177,736		111,486,179
Weighted average dilutive shares outstanding	—		—		—		—
Weighted average shares outstanding - diluted	110,983,871		111,371,754		110,177,736		111,486,179
Earnings per share:
Basic	$	0.14	$	0.13	$	0.34	$	0.37
Diluted	$	0.14	$	0.13	$	0.34	$	0.37

For the three and nine months ended September 30, 2020 the average number of stock options which were anti-dilutive and were not included in the computation of diluted earnings per share totaled 2,272,060 and 1,436,476, respectively.

For the three and nine months ended September 30, 2019 the average number of stock options which were anti-dilutive and were not included in the computation of diluted earnings per share totaled 790,000 and 310,000, respectively.