Earnings Per Share

6 Months Ended

Jun. 30, 2020

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									Six Months Ended
			June 30, 2020			June 30, 2019			June 30, 2020			June 30, 2019
Numerator:
Net income	$	14,520		$	24,293		$	27,779		$	52,692
Denominator:
Weighted-average shares outstanding - basic	18,676			18,568			18,673			18,562
Effect of dilutive shares	5			162			13			149
Weighted-average shares outstanding - diluted	18,681			18,730			18,686			18,711
Basic earnings per share	$	0.78		$	1.31		$	1.49		$	2.84
Diluted earnings per share	$	0.78		$	1.30		$	1.49		$	2.82

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 June 30, 2020 and 2019, 55,961 shares and 6,256 shares were excluded, respectively.