Earnings Per Share

9 Months Ended

Sep. 30, 2021

Note 2 - Earnings Per Share

Basic and diluted earnings per common share are calculated using the treasury method. Under the treasury method, basic earnings per share is calculated as net income divided by the weighted average number of common shares outstanding during the period. Diluted earnings per share includes the dilutive effect of additional potential common shares issuable under stock options and restricted stock awards. Information regarding the Company's basic and diluted earnings per common share is presented in the following table:


(Dollars in thousands, except per share amounts)	Three Months Ended September 30,				Nine Months Ended September 30,
Numerator:	2021		2020		2021		2020
Net income	$	26,978	$	13,095	$	80,224	$	18,805



Denominator:





Weighted average common shares outstanding	23,429,705		23,374,496		23,413,794		23,358,672
Dilutive effect of stock-based awards	183,305		126,100		192,803		140,166
Weighted average diluted common shares outstanding	23,613,010		23,500,596		23,606,597		23,498,838

Basic earnings per common share	$	1.15	$	0.56	$	3.43	$	0.81
Diluted earnings per common share	1.14		0.56		3.40		0.80