Earnings Per Share

12 Months Ended

Dec. 31, 2021

Earnings per share is calculated using both the two-class and the treasury stock methods with the more dilutive

method used to determine reported basic and diluted earnings per share. The two-class method was more dilutive in 2021, 2020 and 2019 and was used to determine reported earnings per share. The following table reconciles the numerators and denominators of basic and diluted EPS:


	Years ended December 31,
(dollars in thousands, except share and per share data)	2021		2020		2019
Numerators for Earnings per Common Share—Basic and Diluted:
Net income	$	110,343	$	21,040	$	98,234

Less: Income allocated to participating shares	492		68		260
Net Income Allocated to Common Shareholders	$	109,851	$	20,972	$	97,974




Denominators:



Weighted Average Common Shares Outstanding—Basic	39,050,241		39,070,439		34,628,191
Add: Average participating shares outstanding	2,720		2,780		51,287
Denominator for Diluted	39,052,961		39,073,219		34,679,478
Earnings per common share—basic	$	2.81	$	0.54	$	2.84
Earnings per common share—diluted	$	2.81	$	0.53	$	2.82


Restricted stock considered anti-dilutive excluded from dilutive potential common shares	793		1,242		12,686