Earnings Per Share

9 Months Ended

Sep. 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				Nine Months Ended
	September 30, 2020		September 30, 2019		September 30, 2020		September 30, 2019
Numerator:
Net income	$	7,006	$	23,387	$	34,785	$	76,079
Denominator:
Weighted-average shares outstanding - basic	18,688		18,581		18,678		18,569
Effect of dilutive shares	25		143		17		146
Weighted-average shares outstanding - diluted	18,713		18,724		18,695		18,715
Basic earnings per share	$	0.37	$	1.26	$	1.86	$	4.10
Diluted earnings per share	$	0.37	$	1.25	$	1.86	$	4.07

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 September 30, 2020 and 2019, 32,501 shares and 3,173 shares were excluded, respectively.