Earnings per Share

9 Months Ended

Sep. 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 nine months ended September 30, 2020, options to purchase 508,000 shares of the Company's common stock were anti-dilutive and, accordingly, were excluded in the computation of diluted earnings per share, compared to 492,000 shares for the three and nine months ended September 30, 2019.


	Three Months Ended September 30,				Nine Months Ended September 30,
(Dollars in thousands, except per share data)	2020		2019		2020		2019
Basic earnings per share
Net income	$	22,628	$	25,605	$	48,417	$	71,563
Average common shares outstanding	53,978		51,473		52,926		51,426
Net income per share	$	0.42	$	0.50	$	0.91	$	1.39

Diluted earnings per share
Net income	$	22,628	$	25,605	$	48,417	$	71,563
Average common shares outstanding	53,978		51,473		52,926		51,426
Add: Dilutive effect of employee restricted stock and stock options	323		462		399		570
Average diluted shares outstanding	54,301		51,935		53,325		51,996
Net income per share	$	0.42	$	0.49	$	0.91	$	1.38