Earnings per Share

6 Months Ended

Jun. 30, 2020

Basic earnings per common share is computed by dividing net income available to common shareholders by the weighted average number of shares of common stock outstanding during the period.

For the three and six months ended June 30, 2020, options to purchase 508,000 and 489,000 shares, respectively, were anti-dilutive and, accordingly, were excluded in the computation of diluted earnings per share, compared to 494,000 shares for the three and six months ended June 30, 2019.


	Three Months Ended June 30,						Six Months Ended June 30,
(Dollars in thousands, except per share data)	2020		2019		2020		2019
Basic earnings per share
Net income	$	25,080	$	23,253	$	25,789	$	45,958
Average common shares outstanding	52,985		51,446		52,394		51,403
Net income per share	$	0.47	$	0.45	$	0.49	$	0.89

Diluted earnings per share
Net income	$	25,080	$	23,253	$	25,789	$	45,958
Average common shares outstanding	52,985		51,446		52,394		51,403
Add: Dilutive effect of employee restricted stock and stock options	323		506		413		595
Average diluted shares outstanding	53,308		51,952		52,807		51,998
Net income per share	$	0.47	$	0.45	$	0.49	$	0.88