Earnings per Share

6 Months Ended

Jun. 30, 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 June 30,				Six months ended June 30,
	2023		2022		2023		2022
Net income available to common shareholders	$	32,733	$	22,683	$	57,074	$	44,025
Less: earnings allocated to participating securities	(291)		(203)		(505)		(403)
Net earnings allocated to common shareholders	$	32,442	$	22,480	$	56,569	$	43,622

Distributed earnings allocated to common stock	$	9,668	$	8,837	$	19,336	$	17,671
Undistributed earnings allocated to common stock	22,774		13,643		37,233		25,951
Net earnings allocated to common shareholders	$	32,442	$	22,480	$	56,569	$	43,622

Average shares outstanding	14,994		14,888		14,897		14,930
Effect of dilutive securities:
Employee stock awards	18		21		22		24
Shares for diluted earnings per share	15,012		14,909		14,919		14,954

Basic earnings per share	$	2.16	$	1.51	$	3.80	$	2.92
Diluted earnings per share	$	2.16	$	1.51	$	3.79	$	2.92

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.