Earnings per Share

9 Months Ended

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


	Three Months Ended September 30,				Nine Months Ended September 30,
(Dollars in thousands, except per share data)	2021		2020		2021		2020
Basic earnings per share
Net income	$	22,944	$	22,628	$	88,073	$	48,417
Average common shares outstanding	57,148		53,978		55,954		52,926
Net income per share	$	0.40	$	0.42	$	1.57	$	0.91

Diluted earnings per share
Net income	$	22,944	$	22,628	$	88,073	$	48,417
Average common shares outstanding	57,148		53,978		55,954		52,926
Add: Dilutive effect of employee restricted stock and stock options	497		323		487		399
Average diluted shares outstanding	57,645		54,301		56,441		53,325
Net income per share	$	0.40	$	0.42	$	1.56	$	0.91
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.