Earnings per Share

6 Months Ended

Jun. 30, 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 June 30,						Six months ended June 30,
			2020		2019		2020		2019
Net income available to common shareholders	$	18,251	$	22,751	$	47,249	$	44,370
Less: earnings allocated to participating securities	(180)		(197)		(463)		(382)
Net earnings allocated to common shareholders	$	18,071	$	22,554	$	46,786	$	43,988

Distributed earnings allocated to common stock	$	9,073	$	8,615	$	18,147	$	17,231
Undistributed earnings allocated to common stock	8,998		13,939		28,639		26,757
Net earnings allocated to common shareholders	$	18,071	$	22,554	$	46,786	$	43,988

Average shares outstanding	16,081		16,368		16,123		16,390
Effect of dilutive securities:
Employee stock awards	16		18		19		18
Shares for diluted earnings per share	16,097		16,386		16,142		16,408

Basic earnings per share	$	1.12	$	1.38	$	2.90	$	2.68
Diluted earnings per share	$	1.12	$	1.38	$	2.90	$	2.68

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.