Earnings per Share

9 Months Ended

Sep. 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 nine months ended September 30, 2023, 368,968 options to purchase shares of the Company’s common stock were anti-dilutive. For the three and nine months ended September 30, 2022, 1,505 options to purchase shares of the Company's common stock were anti-dilutive.


	Three Months Ended September 30,				Nine Months Ended September 30,
(Dollars in thousands, except per share data)	2023		2022		2023		2022
Basic earnings per share
Net income	$	31,414	$	29,237	$	74,490	$	82,580
Average common shares outstanding	85,142		61,442		83,457		61,327
Net income per share	$	0.37	$	0.48	$	0.89	$	1.35

Diluted earnings per share
Net income	$	31,414	$	29,237	$	74,490	$	82,580
Average common shares outstanding	85,142		61,442		83,457		61,327
Add: Dilutive effect of employee restricted stock and stock options	524		519		536		540
Average diluted shares outstanding	85,666		61,961		83,993		61,867
Net income per share	$	0.37	$	0.47	$	0.89	$	1.33
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.