Earnings Per Share

9 Months Ended

Sep. 30, 2021

Note 12 – Earnings Per Share

Earnings per share are computed using the two-class method. Basic earnings per share is computed by dividing net income allocated to common shares by the weighted average number of common shares outstanding during the applicable period. Diluted earnings per share is computed by dividing net income by the weighted average number of common shares outstanding adjusted for the dilutive effect of all potential common shares.

There were 45,000 and 124,000 antidilutive shares of common stock for the three months ended September 30, 2021 and 2020, respectively. There were 50,000 and 123,000 antidilutive shares of common stock for the nine months ended September 30, 2021 and 2020, respectively.

Presented below are the calculations for basic and diluted earnings per share:

	Three months ended September 30,				Nine months ended September 30,
	2021		2020		2021		2020
	(In Thousands, except per share amounts)

Net income	$	19,000	$	26,293	$	58,238	$	53,310

Weighted average shares outstanding		23,785		24,297		23,790		24,720
Effect of dilutive potential common shares		175		83		197		122
Diluted weighted average shares outstanding		23,960		24,380		23,987		24,842

Basic earnings per share	$	0.80	$	1.08	$	2.45	$	2.16
Diluted earnings per share	$	0.79	$	1.08	$	2.43	$	2.15