Earnings Per Share

12 Months Ended

Dec. 31, 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:


	Years Ended December 31,
(Dollars and shares in thousands, except per share amounts)	2020		2019		2018
Numerator:
Net income	$	49,990	$	47,319	$	87,651
Denominator:
Weighted average shares outstanding - basic	18,681		18,573		18,374
Effect of dilutive shares	25		140		285
Weighted average shares outstanding - diluted	18,706		18,713		18,659
Basic earnings per share	$	2.68	$	2.55	$	4.77
Diluted earnings per share	$	2.67	$	2.53	$	4.70

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 2020, 2019, and 2018, 8,454, 20,520 and 36,642 shares were excluded, respectively.