Net Income Per Share

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Net Income Per Share

NET INCOME PER SHARE

Basic and diluted net income per share are calculated using the two-class method.  Net income is divided by the weighted-average number of common shares outstanding during the period.  Adjustments to the weighted average number of common shares outstanding are made only when such adjustments will dilute net income per common share.  Net income is then divided by the weighted-average number of common shares and common share equivalents during the period.

The following table reconciles basic and diluted net income per share:

	Three Months Ended June 30,				Six Months Ended June 30,
(dollars and shares in thousands, except per share data)	2021		2020		2021		2020
Basic Net Income Per Share
Net income	$	62,786	$	51,705	$	149,604	$	74,345
Weighted average common shares outstanding	165,175		164,732		165,086		166,240
Basic Net Income Per Share	$	0.38	$	0.32	$	0.91	$	0.45
Diluted Net Income Per Share
Net income	$	62,786	$	51,705	$	149,604	$	74,345
Weighted average common shares outstanding	165,175		164,732		165,086		166,240
Effect of dilutive securities:
Restricted stock	737		535		713		571
Stock options and appreciation rights	22		35		22		37
Weighted average shares outstanding	165,934		165,302		165,821		166,848
Diluted Net Income Per Share	$	0.38	$	0.32	$	0.90	$	0.45