Earnings Per Share

6 Months Ended

Jun. 30, 2021

EARNINGS PER SHARE

The computations of basic and diluted earnings per share follow:


	For the Three Months Ended June 30,
	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	$	10,560				$	6,949
Less preferred stock dividends	(139)					—

Basic earnings per share	$	10,421	12,952,357	$	0.80	$	6,949	12,911,979	$	0.54

Effect of dilutive securities:
Stock options			4,534					4,227
Stock appreciation rights ("SARs")			51,244					27,598
Restricted stock units ("RSUs")			5,579					—



Diluted earnings per share	$	10,421	13,013,714	$	0.80	$	6,949	12,943,804	$	0.54


	For the Six Months Ended June 30,
	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	$	20,919				$	11,455
Less preferred stock dividends	(139)					—

Basic earnings per share	$	20,780	12,947,228	$	1.61	$	11,455	12,940,590	$	0.89

Effect of dilutive securities:
Stock options			4,522					4,371
Stock appreciation rights ("SARs")			50,513					38,001
Restricted stock units ("RSUs")			5,626					183



Diluted earnings per share	$	20,780	13,007,889	$	1.60	$	11,455	12,983,146	$	0.88

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 and six months ended June 30, 2021 and the six months ended June 30, 2020. Our anti-dilutive stock options for the quarter ended June 30, 2020 were 300 shares. Our anti-dilutive SARs for the three and six months ended June 30, 2021 and June 30, 2020 were 222,740. All RSUs were dilutive for the three and six months ended June 30, 2021. Our anti-dilutive RSUs for the three and six months ended June 30, 2020 were 15,733 and 13,780, respectively.