Earnings per Share

9 Months Ended

Sep. 30, 2022

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 September 30,				Nine months ended September 30,
	2022		2021		2022		2021
Net income available to common shareholders	$	27,374	$	22,732	$	71,408	$	64,694
Less: earnings allocated to participating securities	(255)		(220)		(679)		(618)
Net earnings allocated to common shareholders	$	27,119	$	22,512	$	70,729	$	64,076

Distributed earnings allocated to common stock	$	9,564	$	8,726	$	27,220	$	26,177
Undistributed earnings allocated to common stock	17,555		13,786		43,509		37,899
Net earnings allocated to common shareholders	$	27,119	$	22,512	$	70,729	$	64,076

Average shares outstanding	14,776		15,279		14,878		15,501
Effect of dilutive securities:
Employee stock awards	24		23		23		25
Shares for diluted earnings per share	14,800		15,302		14,901		15,526

Basic earnings per share	$	1.84	$	1.47	$	4.75	$	4.13
Diluted earnings per share	$	1.83	$	1.47	$	4.75	$	4.13

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.