Earnings per Share

3 Months Ended

Mar. 31, 2023

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 months ended March 31, 2023, 161,251 options to purchase shares of the Company’s common stock were anti-dilutive. For the three months ended March 31, 2022, no options to purchase shares of the Company's common stock were anti-dilutive.


	Three Months Ended March 31,
(Dollars in thousands, except per share data)		2023		2022
Basic earnings per share
Net income		$	11,827	$	20,588
Average common shares outstanding		80,151		61,127
Net income per share		$	0.15	$	0.34

Diluted earnings per share
Net income		$	11,827	$	20,588
Average common shares outstanding		80,151		61,127
Add: Dilutive effect of employee restricted stock and stock options		566		577
Average diluted shares outstanding		80,717		61,704
Net income per share		$	0.15	$	0.33
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.