Earnings Per Share

3 Months Ended

Mar. 31, 2021

EARNINGS PER SHARE

The computations of basic and diluted earnings per share follow:


	For the Three Months Ended March 31,
	2021					2020
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	$	10,360				$	4,506

Basic earnings per share	$	10,360	12,942,099	$	0.80	$	4,506	12,975,429	$	0.35

Effect of dilutive securities:
Stock options			4,511					4,516
Stock appreciation rights ("SARs")			49,781					48,404
Restricted stock units ("RSUs")			5,671					366



Diluted earnings per share	$	10,360	13,002,062	$	0.80	$	4,506	13,028,715	$	0.35

Stock option, SAR and RSU grants are disregarded in this computation if they are determined to be anti-dilutive. All stock options were dilutive for the three months ended March 31, 2021 and 2020. Our anti-dilutive SARs for the three months ended March 31, 2021 and March 31, 2020 were 222,740. Our anti-dilutive RSUs for the three months ended March 31, 2021 and March 31, 2020 were 626 and 2,785, respectively.