Earnings Per Share

3 Months Ended

Mar. 31, 2022

EARNINGS PER SHARE

The computations of basic and diluted earnings per share follow:


	For the Three Months Ended March 31,
	2022					2021
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	$	11,693				$	10,360
Less preferred stock dividends	(225)					—

Basic earnings per share	$	11,468	12,745,297	$	0.90	$	10,360	12,942,099	$	0.80

Effect of dilutive securities:
Stock options			—					4,511
Stock appreciation rights ("SARs")			51,681					49,781
Restricted stock units ("RSUs")			4,925					5,671



Diluted earnings per share	$	11,468	12,801,903	$	0.90	$	10,360	13,002,062	$	0.80

Stock option and SAR 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. Our anti-dilutive SARs for the three months ended March 31, 2022 and March 31, 2021 were 346,920 and 222,740, respectively.