Earnings per Share

6 Months Ended

Jun. 30, 2022

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, 2022, 1,505 options to purchase shares of the Company’s common stock were anti-dilutive. For the three and six months ended June 30, 2021, no options to purchase shares of the Company's common stock were anti-dilutive.


	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in thousands, except per share data)	2022		2021		2022		2021
Basic earnings per share
Net income	$	32,755	$	31,410	$	53,343	$	65,129
Average common shares outstanding	61,409		55,421		61,269		55,347
Net income per share	$	0.53	$	0.57	$	0.87	$	1.18

Diluted earnings per share
Net income	$	32,755	$	31,410	$	53,343	$	65,129
Average common shares outstanding	61,409		55,421		61,269		55,347
Add: Dilutive effect of employee restricted stock and stock options	514		480		549		480
Average diluted shares outstanding	61,923		55,901		61,818		55,827
Net income per share	$	0.53	$	0.56	$	0.86	$	1.17
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.