Earnings per Share

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2023, options to purchase shares of the Company’s common stock totaling 400,998 and 368,169, respectively, were anti-dilutive. 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.


	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in thousands, except per share data)	2023		2022		2023		2022
Basic earnings per share
Net income	$	31,249	$	32,755	$	43,076	$	53,343
Average common shares outstanding	85,022		61,409		82,600		61,269
Net income per share	$	0.37	$	0.53	$	0.52	$	0.87

Diluted earnings per share
Net income	$	31,249	$	32,755	$	43,076	$	53,343
Average common shares outstanding	85,022		61,409		82,600		61,269
Add: Dilutive effect of employee restricted stock and stock options	514		514		660		549
Average diluted shares outstanding	85,536		61,923		83,260		61,818
Net income per share	$	0.37	$	0.53	$	0.52	$	0.86
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.