EARNINGS PER SHARE

The computations of basic and diluted earnings per share follow:



	For the Three Months Ended September 30,
	2019					2018
Dollars in thousands,except per share amounts	Net Income (Numerator)		Common Shares (Denominator)	Per Share		Net Income (Numerator)		Common Shares (Denominator)	Per Share
Net income	$	8,061				$	6,899

Basic earnings per share	$	8,061	12,412,982	$	0.65	$	6,899	12,374,350	$	0.56

Effect of dilutive securities:
Stock options			4,654					7,349
Stock appreciation rights (SARs)			50,142					57,352

Diluted earnings per share	$	8,061	12,467,777	$	0.65	$	6,899	12,439,051	$	0.55



	For the Nine Months Ended September 30,
	2019					2018
Dollars in thousands,except per share amounts	Income (Numerator)		Common Shares (Denominator)	Per Share		Income (Numerator)		Common Shares (Denominator)	Per Share
Net income	$	23,718				$	20,622

Basic earnings per share	$	23,718	12,555,411	$	1.89	$	20,622	12,366,612	$	1.67

Effect of dilutive securities:
Stock options			5,006					7,561
Stock appreciation rights (SARs)			53,965					56,054

Diluted earnings per share	$	23,718	12,614,382	$	1.88	$	20,622	12,430,227	$	1.66

Stock option and stock appreciation right (SAR) grants are disregarded in this computation if they are determined to be anti-dilutive. Our anti-dilutive stock options for the three and nine months ended September 30, 2019 were 7,700 shares and for the three and nine months ended September 30, 2018 were 15,600 shares. Our anti-dilutive SARs for the three and nine months ended September 30, 2019 and September 30, 2018 were 84,615 and 87,615, respectively .