Earnings Per Share

3 Months Ended

Mar. 31, 2021

Earnings Per Share

Earnings Per Share

Note 12: Earnings Per Common Share

Basic earnings per share is computed by dividing net income for the period by the weighted average number of common shares outstanding, which include deferred stock units that are vested but not delivered. Diluted earnings per common share is computed using the treasury stock method and reflects the potential dilution that could occur if the Company’s outstanding stock options and warrants were exercised and restricted stock units were vested.

Earnings per common share have been computed as follows (dollars in thousands, except per share amounts):

	Three Months Ended
	March 31,
	2021		2020
Net income	$	37,816	$	15,364
Shares:
Weighted average common shares outstanding		54,471,860		54,661,787
Dilutive effect of outstanding options, warrants, and restricted stock units as determined by the application of the treasury stock method		563,946		251,542
Weighted average common shares outstanding, as adjusted for diluted earnings per share calculation		55,035,806		54,913,329
Basic earnings per common share	$	0.69	$	0.28
Diluted earnings per common share	$	0.69	$	0.28
Common stock equivalents excluded from the earning per common share calculations because their effect would have been anti-dilutive		358,279		244,242