Earnings per Share

3 Months Ended

Mar. 31, 2023

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,
	2023		2022
Net income available to common shareholders	$	24,341	$	21,342
Less: earnings allocated to participating securities	(214)		(200)
Net earnings allocated to common shareholders	$	24,127	$	21,142

Distributed earnings allocated to common stock	$	9,833	$	8,943
Undistributed earnings allocated to common stock	14,294		12,199
Net earnings allocated to common shareholders	$	24,127	$	21,142

Average shares outstanding	14,818		14,974
Effect of dilutive securities:
Employee stock awards	26		28
Shares for diluted earnings per share	14,844		15,002

Basic earnings per share	$	1.63	$	1.41
Diluted earnings per share	$	1.63	$	1.41

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.