Earnings Per Share

3 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

Earnings Per Share

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:

(Dollars and shares in thousands, except per share amounts)	Three Months Ended
	March 31, 2020		March 31, 2019
Numerator:
Net income	$	13,259	$	28,399
Denominator:
Weighted-average shares outstanding - basic	18,669		18,557
Effect of dilutive shares	22		135
Weighted-average shares outstanding - diluted	18,691		18,692
Basic earnings per share	$	0.71	$	1.53
Diluted earnings per share	$	0.71	$	1.52

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 the three months ended March 31, 2020 and 2019, 127,106 shares and 23,081 shares were excluded, respectively.