Earnings Per Share

6 Months Ended

Jun. 30, 2020

EARNINGS PER SHARE

The computations of basic and diluted earnings per share follow:



	For the Three Months Ended June 30,
	2020					2019
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	$	6,949				$	8,564

Basic earnings per share	$	6,949	12,911,979	$	0.54	$	8,564	12,539,095	$	0.68

Effect of dilutive securities:
Stock options			4,227					5,052
Stock appreciation rights (SARs)			27,598					55,924
Restricted stock units (RSUs)			—					—

Diluted earnings per share	$	6,949	12,943,804	$	0.54	$	8,564	12,600,071	$	0.68



	For the Six Months Ended June 30,
	2020					2019
Dollars in thousands,except per share amounts	Income (Numerator)		Common Shares (Denominator)	Per Share		Income (Numerator)		Common Shares (Denominator)	Per Share
Net income	$	11,455				$	15,656

Basic earnings per share	$	11,455	12,940,590	$	0.89	$	15,656	12,627,806	$	1.24

Effect of dilutive securities:
Stock options			4,371					5,182
Stock appreciation rights (SARs)			38,001					55,877
Restricted stock units (RSUs)			183					—

Diluted earnings per share	$	11,455	12,983,146	$	0.88	$	15,656	12,688,865	$	1.23

Stock option and stock appreciation right (SAR) grants are disregarded in this computation if they are determined to be anti-dilutive. All stock options were dilutive for the six months ended June 30, 2020 and our anti-dilutive stock options for the quarter ended June 30, 2020 were 300 shares. Our anti-dilutive stock options for the three and six months ended June 30, 2019 were 7,700 shares. Our anti-dilutive SARs for the three and six months ended June 30, 2020 and June 30, 2019 were 222,740 and 84,615, respectively. Our anti-dilutive RSUs for the quarter and six months ended June 30, 2020 were 15,733 and 13,780, respectively.