NET INCOME PER SHARE

9 Months Ended

Sep. 30, 2023

Basic and diluted net income per share was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
Dollars in thousands, except per share amounts	2023		2022		2023		2022
Basic net income per share:
Net income	$	19,497	$	49,915	$	47,907	$	127,604
Weighted average common shares outstanding	79,690		83,042		80,842		82,955

Basic net income per common share	$	0.24	$	0.60	$	0.59	$	1.54

Diluted net income per share:
Net income	$	19,497	$	49,915	$	47,907	$	127,604

Weighted average common shares outstanding — Basic	79,690		83,042		80,842		82,955
Effect of dilutive securities:
Stock options and restricted stock	121		357		270		521
Weighted average common shares for diluted earnings per share	79,811		83,399		81,112		83,476

Diluted net income per common share	$	0.24	$	0.60	$	0.59	$	1.53

Basic earnings per share is computed by dividing net income by the weighted-average common shares outstanding during the period. Diluted earnings per share is computed based on the weighted-average common shares outstanding plus the effect of dilutive potential common shares outstanding during the period calculated using the treasury stock method. Dilutive potential common shares include employee equity share options, non-vested shares, and similar equity instruments granted by the Company. Potential common share equivalents have been excluded where their inclusion would be anti-dilutive.

Common stock of approximately 0.6 million and 0.3 million shares at September 30, 2023, and 2022, respectively that are issuable through exercise of dilutive securities were not included in the computation of diluted net income per share because their effect would have been anti-dilutive.