EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

EARNINGS PER SHARE

Earnings per share consisted of the following components for the years ended December 31:

	2020		2019		2018
	(Dollars in thousands, except per share data)
Net income	$	121,167	$	165,175	$	121,622
Weighted Average Shares
Basic shares	33,259,643		32,810,433		27,592,380
Effect of dilutive securities	25,646		45,801		61,428
Diluted shares	33,285,289		32,856,234		27,653,808
Net income per share
Basic EPS	$	3.64	$	5.03	$	4.41
Effect of dilutive securities	—		—		(0.01)
Diluted EPS	$	3.64	$	5.03	$	4.40

For the year ended December 31, 2020, there were 632 options to purchase common stock and 476 shares of performance-based restricted stock that were excluded from the calculation of diluted earnings per share because they were anti-dilutive. For the years ended December 31, 2019 and 2018, there were no options to purchase common stock and no shares of performance-based restricted stock that were considered anti-dilutive.