Earnings Per Share

12 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

Earnings Per Share

Note 7 – Earnings Per Share

Basic earnings per share is based on the weighted average number of common shares outstanding. Diluted earnings per share is based on the weighted average number of common shares outstanding and all dilutive potential common shares outstanding.

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

	Years Ended December 31,
(Dollars and shares in thousands, except per share amounts)	2019		2018		2017
Numerator:
Net income	$	47,319	$	87,651	$	80,459
Denominator:
Weighted average shares outstanding - basic	18,573		18,374		18,154
Effect of dilutive shares	140		285		393
Weighted average shares outstanding - diluted	18,713		18,659		18,547
Basic earnings per share	$	2.55	$	4.77	$	4.43
Diluted earnings per share	$	2.53	$	4.70	$	4.34

Dilutive shares are calculated using the treasury stock method and primarily include unvested restricted stock units. Anti-dilutive shares are excluded from the calculation of diluted shares and diluted earnings per share. For 2019 and 2018, 20,520 and 36,642 shares were excluded, respectively. No shares were excluded in 2017.