Earnings Per Share

9 Months Ended

Sep. 30, 2020

Basic earnings per share is computed by dividing net income by the weighted-average number of shares of common stock outstanding during the period presented. Diluted earnings per share is computed by including the net increase in shares as if dilutive outstanding restricted stock units were vested and stock options were exercised, using the treasury stock method.

Basic and diluted earnings per share has been computed based on the following:


	Three Months ended			Nine Months ended
(Dollars in thousands, except per share data)	September 30, 2020		September 30, 2019	September 30, 2020	September 30, 2019
Net income available to common stockholders, basic and diluted	$	77,757	51,610	184,540	153,134
Average outstanding shares - basic	95,411,656		90,294,811	94,704,198	86,911,402
Add: dilutive restricted stock units and stock options	30,920		154,384	43,696	170,776
Average outstanding shares - diluted	95,442,576		90,449,195	94,747,894	87,082,178
Basic earnings per share	$	0.81	0.57	1.95	1.76
Diluted earnings per share	$	0.81	0.57	1.95	1.76
Restricted stock units and stock options excluded from the diluted average outstanding share calculation 1	93,253		4,037	78,605	1,360

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1 Anti-dilution occurs when the unrecognized compensation cost per share of a restricted stock unit or the exercise price of a stock option exceeds the market price of the Company’s stock.