Earnings per Share

3 Months Ended

Mar. 31, 2020

The following table sets forth the computation of basic and diluted earnings per share using the two class method (in thousands, except per share data):


	Three months ended March 31,
			2020		2019
Net income available to common shareholders	$	29,000	$	21,619
Less: earnings allocated to participating securities	(263)		(186)
Net earnings allocated to common shareholders	$	28,737	$	21,433

Distributed earnings allocated to common stock	$	9,117	$	8,661
Undistributed earnings allocated to common stock	19,620		12,772
Net earnings allocated to common shareholders	$	28,737	$	21,433

Average shares outstanding	16,080		16,411
Effect of dilutive securities:
Employee stock awards	21		18
Shares for diluted earnings per share	16,101		16,429

Basic earnings per share	$	1.79	$	1.31
Diluted earnings per share	$	1.78	$	1.30

Anti-dilutive options are not included in the computation of diluted earnings per share because the options’ exercise price was greater than the average market price of the common shares and therefore, the effect would have been anti-dilutive. Anti-dilutive options were not significant for any of the periods shown above.