Earnings Per Share

9 Months Ended

Sep. 30, 2021

Shareholders' Equity and Earnings Per Share

Earnings Per Share

2) Earnings Per Share

Basic earnings per common share is computed by dividing net income by the weighted average common shares outstanding. Diluted earnings per share reflect potential dilution from outstanding stock options using the treasury stock method. There were 1,056,216 and 1,741,568 weighted average stock options outstanding for the three months ended September 30, 2021 and 2020, and 1,066,216 and 1,507,437 for the nine months ended September 30, 2021 and 2020, respectively, considered to be antidilutive and excluded from the computation of diluted earnings per share. A reconciliation of these factors used in computing basic and diluted earnings per common share is as follows:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
	(Dollars in thousands, except per share amounts)
Net income	$	13,718	$	11,197	$	33,735	$	23,676
Weighted average common shares outstanding for basic
earnings per common share		60,220,717		59,589,243		60,078,953		59,432,178
Dilutive potential common shares		539,472		552,169		556,351		711,585
Shares used in computing diluted earnings per common share		60,760,189		60,141,412		60,635,304		60,143,763
Basic earnings per share	$	0.23	$	0.19	$	0.56	$	0.40
Diluted earnings per share	$	0.23	$	0.19	$	0.56	$	0.39