Earnings per Share

9 Months Ended

Sep. 30, 2021

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 September 30,				Nine months ended September 30,
	2021		2020		2021		2020
Net income available to common shareholders	$	22,732	$	20,126	$	64,694	$	67,374
Less: earnings allocated to participating securities	(220)		(198)		(618)		(658)
Net earnings allocated to common shareholders	$	22,512	$	19,928	$	64,076	$	66,716

Distributed earnings allocated to common stock	$	8,726	$	8,944	$	26,177	$	26,832
Undistributed earnings allocated to common stock	13,786		10,984		37,899		39,884
Net earnings allocated to common shareholders	$	22,512	$	19,928	$	64,076	$	66,716

Average shares outstanding	15,279		15,950		15,501		16,065
Effect of dilutive securities:
Employee stock awards	23		20		25		19
Shares for diluted earnings per share	15,302		15,970		15,526		16,084

Basic earnings per share	$	1.47	$	1.25	$	4.13	$	4.15
Diluted earnings per share	$	1.47	$	1.25	$	4.13	$	4.15

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.