Earnings Per Share

3 Months Ended

Mar. 31, 2021

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, 2021		March 31, 2020
Numerator:
Net income	$	31,218	$	13,259
Denominator:
Weighted-average shares outstanding - basic	18,712		18,669
Effect of dilutive shares	62		22
Weighted-average shares outstanding - diluted	18,774		18,691
Basic earnings per share	$	1.67	$	0.71
Diluted earnings per share	$	1.66	$	0.71

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, 2021 and 2020, 44,792 shares and 127,106 shares were excluded, respectively.