Earnings per Share

6 Months Ended

Jun. 30, 2022

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,
	2022		2021		2022		2021
Net income available to common shareholders	$	22,683	$	22,148	$	44,025	$	41,962
Less: earnings allocated to participating securities	(203)		(206)		(403)		(385)
Net earnings allocated to common shareholders	$	22,480	$	21,942	$	43,622	$	41,577

Distributed earnings allocated to common stock	$	8,837	$	8,921	$	17,671	$	17,845
Undistributed earnings allocated to common stock	13,643		13,021		25,951		23,732
Net earnings allocated to common shareholders	$	22,480	$	21,942	$	43,622	$	41,577

Average shares outstanding	14,888		15,573		14,930		15,614
Effect of dilutive securities:
Employee stock awards	21		21		24		26
Shares for diluted earnings per share	14,909		15,594		14,954		15,640

Basic earnings per share	$	1.51	$	1.41	$	2.92	$	2.66
Diluted earnings per share	$	1.51	$	1.41	$	2.92	$	2.66

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.