The Company calculates earnings per share in accordance with ASC 260, “Earnings Per Share”. Basic earnings per share exclude dilution and are computed by dividing income available to common shareholders by the weighted average common shares outstanding during the period. Diluted earnings per share takes into account the potential dilution that could occur if securities, including stock options and restricted stock units (“RSUs”) or other contracts to issue common stock were exercised and converted into common stock. Stock options are dilutive if exercise prices are less than current stock prices. RSUs are dilutive because they represent grants over vesting periods which do not require employees to pay exercise prices. The dilution shown in the tables below includes the dilution from both stock options and RSUs.

The following tables show the Company’s earnings per share for the periods presented:



	For the three months ended
	March 31, 2022
	Income		Shares		Per share
	(numerator)		(denominator)		amount
		(dollars in thousands except share and per share data)
Basic earnings per share
Net earnings available to common shareholders	$	28,966		57,115,903	$	0.51
Effect of dilutive securities
Common stock options and restricted stock units		—		980,077		(0.01)
Diluted earnings per share
Net earnings available to common shareholders	$	28,966		58,095,980	$	0.50

Stock options for 515,104 shares, exercisable at prices between $6.87 and $18.81 per share, were outstanding at March 31, 2022, and included in the diluted earnings per share computation because the exercise price per share was less than the average market price. Stock options for 100,000 shares were anti-dilutive and not included in the earnings per share calculation.



	For the three months ended
	March 31, 2021
	Income		Shares		Per share
	(numerator)		(denominator)		amount
		(dollars in thousands except share and per share data)
Basic earnings per share from continuing operations
Net earnings available to common shareholders	$	26,060		57,372,337	$	0.45
Effect of dilutive securities
Common stock options and restricted stock units		—		1,921,744		(0.01)
Diluted earnings per share
Net earnings available to common shareholders	$	26,060		59,294,081	$	0.44



	For the three months ended
	March 31, 2021
	Income		Shares		Per share
	(numerator)		(denominator)		amount
		(dollars in thousands except share and per share data)
Basic loss per share from discontinued operations
Net loss	$	(95)		57,372,337	$	—
Effect of dilutive securities
Common stock options and restricted stock units		—		1,921,744		—
Diluted loss per share
Net loss	$	(95)		59,294,081	$	—



	For the three months ended
	March 31, 2021
	Income		Shares		Per share
	(numerator)		(denominator)		amount
		(dollars in thousands except share and per share data)
Basic earnings per share
Net earnings available to common shareholders	$	25,965		57,372,337	$	0.45
Effect of dilutive securities
Common stock options and restricted stock units		—		1,921,744		(0.01)
Diluted earnings per share
Net earnings available to common shareholders	$	25,965		59,294,081	$	0.44