Earnings Per Share

9 Months Ended

Sep. 30, 2020

EARNINGS PER SHARE

The computations of basic and diluted earnings per share follow:


	For the Three Months Ended September 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	$	9,620				$	8,061

Basic earnings per share	$	9,620	12,922,158	$	0.74	$	8,061	12,412,982	$	0.65

Effect of dilutive securities:
Stock options			4,182					4,654
Stock appreciation rights (SARs)			23,244					50,142
Restricted stock units (RSUs)			—					—



Diluted earnings per share	$	9,620	12,949,584	$	0.74	$	8,061	12,467,778	$	0.65


	For the Nine Months Ended September 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	$	21,075				$	23,718


Basic earnings per share	$	21,075	12,934,401	$	1.63	$	23,718	12,555,411	$	1.89

Effect of dilutive securities:
Stock options			4,308					5,006
Stock appreciation rights (SARs)			33,082					53,965
Restricted stock units (RSUs)			—					—



Diluted earnings per share	$	21,075	12,971,913	$	1.62	$	23,718	12,614,382	$	1.88

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 nine months ended September 30, 2020 and our anti-dilutive stock options for the quarter ended September 30, 2020 were 300 shares. Our anti-dilutive stock options for the three and nine months ended September 30, 2019 were 7,700 shares. Our anti-dilutive SARs for the three and nine months ended September 30, 2020 and September 30, 2019 were 222,740 and 84,615, respectively. Our anti-dilutive RSUs for the quarter and nine months ended September 30, 2020 were 15,082 and 13,780, respectively.