Earnings per Share

6 Months Ended

Jun. 30, 2021

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, 2021, no options to purchase shares of the Company's common stock were anti-dilutive, compared to 508,000 and 489,000 shares that were excluded in the computation of diluted earnings per share for the three and six months ended June 30, 2020, respectively.


	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in thousands, except per share data)	2021		2020		2021		2020
Basic earnings per share
Net income	$	31,410	$	25,080	$	65,129	$	25,789
Average common shares outstanding	55,421		52,985		55,347		52,394
Net income per share	$	0.57	$	0.47	$	1.18	$	0.49

Diluted earnings per share
Net income	$	31,410	$	25,080	$	65,129	$	25,789
Average common shares outstanding	55,421		52,985		55,347		52,394
Add: Dilutive effect of employee restricted stock and stock options	480		323		480		413
Average diluted shares outstanding	55,901		53,308		55,827		52,807
Net income per share	$	0.56	$	0.47	$	1.17	$	0.49
Net income has not been allocated to unvested restricted stock awards that are participating securities because the amounts that would be allocated are not material to net income per share of common stock. Unvested restricted stock awards that are participating securities represent less than one percent of all of the outstanding shares of common stock for each of the periods presented.