Earnings per Share

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Earnings per Share

Earnings per Share

The following table sets forth the computation of basic and diluted earnings per share using the two class method (in thousands, except per share data): 

	Three months ended March 31,
	2022		2021
Net income available to common shareholders	$	21,342	$	19,814
Less: earnings allocated to participating securities	(200)		(179)
Net earnings allocated to common shareholders	$	21,142	$	19,635
Distributed earnings allocated to common stock	$	8,943	$	9,037
Undistributed earnings allocated to common stock	12,199		10,598
Net earnings allocated to common shareholders	$	21,142	$	19,635
Average shares outstanding	14,974		15,656
Effect of dilutive securities:
Employee stock awards	28		31
Shares for diluted earnings per share	15,002		15,687
Basic earnings per share	$	1.41	$	1.25
Diluted earnings per share	$	1.41	$	1.25

Anti-dilutive options are not included in the computation of diluted earnings per share because the options’ exercise price was greater than the average market price of the common shares and therefore, the effect would have been anti-dilutive. Anti-dilutive options were not significant for any of the periods shown above.