Earnings Per Share

9 Months Ended

Sep. 30, 2021

EARNINGS PER SHARE

The computations of basic and diluted earnings per share follow:


	For the Three Months Ended September 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	$	12,238				$	9,620
Less preferred stock dividends	(225)					—

Basic earnings per share	$	12,013	12,964,575	$	0.93	$	9,620	12,922,158	$	0.74

Effect of dilutive securities:
Stock options			789					4,182
Stock appreciation rights ("SARs")			48,827					23,244
Restricted stock units ("RSUs")			4,481					—



Diluted earnings per share	$	12,013	13,018,672	$	0.92	$	9,620	12,949,584	$	0.74


	For the Nine Months Ended September 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	$	33,157				$	21,075
Less preferred stock dividends	(364)					—

Basic earnings per share	$	32,793	12,953,053	$	2.53	$	21,075	12,934,401	$	1.63

Effect of dilutive securities:
Stock options			3,278					4,308
Stock appreciation rights ("SARs")			49,951					33,082
Restricted stock units ("RSUs")			5,244					122



Diluted earnings per share	$	32,793	13,011,526	$	2.52	$	21,075	12,971,913	$	1.62

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 nine months ended September 30, 2021 and the nine months ended September 30, 2020. Our anti-dilutive stock options for the quarter ended September 30, 2020 were 300 shares. Our anti-dilutive SARs for the three and nine months ended September 30, 2021 and September 30, 2020 were 222,740. All RSUs were dilutive for the three and nine months ended September 30, 2021. Our anti-dilutive RSUs for the three and nine months ended September 30, 2020 were 15,082 and 13,780, respectively.