EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2021

EARNINGS PER SHARE

EARNINGS PER SHARE

NOTE 14 – EARNINGS PER SHARE

The Company has granted certain restricted stock units that contain non-forfeitable rights to dividend equivalents. Such restricted stock units are considered participating securities. As such, we have included these restricted stock units in the calculation of basic earnings per share and calculate basic earnings per share using the two-class method. The two-class method of computing earnings per share is an earnings allocation formula that determines earnings per share for each class of common stock and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings.

Diluted earnings per share is computed using the treasury stock method and reflects the potential dilution that could occur if the Company’s outstanding restricted stock units were vested.

The following table sets forth the computation of basic and diluted earnings per share:

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
	(dollars in thousands)
Numerator:
Net income	$	13,717	$	7,419	$	28,962	$	13,640
Earnings allocated to participating securities		(25)		(19)		(56)		(34)
Numerator for earnings per share - basic and diluted	$	13,692	$	7,400	$	28,906	$	13,606
Denominator:
Weighted average common shares outstanding		27,362,579		27,457,306		27,396,557		27,457,306
Dilutive effect of outstanding restricted stock units		17,701		—		10,137		—
Weighted average common shares outstanding, including all dilutive potential shares		27,380,280		27,457,306		27,406,694		27,457,306
Earnings per share - Basic	$	0.50	$	0.27	$	1.06	$	0.50
Earnings per share - Diluted	$	0.50	$	0.27	$	1.05	$	0.50