Earnings per Share

9 Months Ended

Sep. 30, 2022

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, 2022 and 2021:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2022		2021		2022		2021
	(Dollars in thousands, except per share data)

Net income	$	20,919	$	20,982	$	64,282	$	68,715
Shares:
Weighted average shares outstanding - basic	106,926,864		102,977,254		105,440,345		104,486,520
Effect of dilutive securities	607,634		—		599,895		—
Weighted average shares outstanding - diluted	107,534,498		102,977,254		106,040,240		104,486,520
Earnings per share:
Basic	$	0.20	$	0.20	$	0.61	$	0.66
Diluted	$	0.19	$	0.20	$	0.61	$	0.66

During the three and nine months ended September 30, 2022, the average number of stock options which could potentially dilute basic earnings per share in the future that were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive totaled 121,935 and 89,990, respectively. During the three and nine months ended September 30, 2021, the average number of stock options which could potentially dilute basic earnings per share in the future that were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive totaled 3,731,901 and 3,741,138, respectively.