Earnings Per Share

9 Months Ended

Sep. 30, 2020

Earnings Per Share

Earnings Per Share

Note 12 — Earnings Per Share

Basic earnings per shares are calculated by dividing net income by the weighted-average shares of common stock outstanding during each period, excluding non-vested restricted shares. Our diluted earnings per share are based on the weighted-average shares of common stock outstanding during each period plus the maximum dilutive effect of common stock issuable upon exercise of stock options or vesting of restricted shares. Stock options and unvested restricted stock units are considered to common stock equivalents and are only included in the calculation of diluted earnings per common share when their effect is dilutive. The weighted-average number of shares and equivalents are determined after giving retroactive effect to stock dividends and stock splits.

The following table sets forth the computation of basic and diluted earnings per common share:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(Dollars and shares in thousands, except for per share amounts)	2020		2019		2020		2019
Basic earnings per common share:
Net income	$	95,221	$	51,565	$	34,396	$	137,392
Weighted-average basic common shares		70,905		34,057		49,330		34,859
Basic earnings per common share	$	1.34	$	1.51	$	0.70	$	3.94
Diluted earnings per common share:
Net income	$	95,221	$	51,565	$	34,396	$	137,392
Weighted-average basic common shares		70,905		34,057		49,330		34,859
Effect of dilutive securities		171		243		306		210
Weighted-average dilutive shares		71,076		34,300		49,636		35,069
Diluted earnings per common share	$	1.34	$	1.50	$	0.69	$	3.92

The calculation of diluted earnings per common share excludes outstanding stock options for which the results would have been anti-dilutive under the treasury stock method as follows:

	Three Months Ended September 30,										Nine Months Ended September 30,
(Dollars in thousands)	2020					2019					2020					2019
Number of shares					141,116					62,235					136,844					63,313
Range of exercise prices	$	52.28	to	$	91.35	$	87.30	to	$	91.35	$	61.42	to	$	91.35	$	69.48	to	$	91.35