Earnings per Share

9 Months Ended

Sep. 30, 2022

Basic earnings per common share is computed by dividing net income available to common shareholders by the weighted average number of shares of common stock outstanding during the period.

For the three and nine months ended September 30, 2022, 1,505 options to purchase shares of the Company’s common stock were anti-dilutive. For the three and nine months ended September 30, 2021, no options to purchase shares of the Company's common stock were anti-dilutive.


	Three Months Ended September 30,				Nine Months Ended September 30,
(Dollars in thousands, except per share data)	2022		2021		2022		2021
Basic earnings per share
Net income	$	29,237	$	22,944	$	82,580	$	88,073
Average common shares outstanding	61,442		57,148		61,327		55,954
Net income per share	$	0.48	$	0.40	$	1.35	$	1.57

Diluted earnings per share
Net income	$	29,237	$	22,944	$	82,580	$	88,073
Average common shares outstanding	61,442		57,148		61,327		55,954
Add: Dilutive effect of employee restricted stock and stock options	519		497		540		487
Average diluted shares outstanding	61,961		57,645		61,867		56,441
Net income per share	$	0.47	$	0.40	$	1.33	$	1.56
Net income has not been allocated to unvested restricted stock awards that are participating securities because the amounts that would be allocated are not material to net income per share of common stock. Unvested restricted stock awards that are participating securities represent less than one percent of all of the outstanding shares of common stock for each of the periods presented.