Earnings Per Share

6 Months Ended

Jun. 30, 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				Six Months Ended
	June 30, 2021		June 30, 2020		June 30, 2021		June 30, 2020
Numerator:
Net income	$	28,655	$	14,520	$	59,873	$	27,779
Denominator:
Weighted-average shares outstanding - basic	18,729		18,676		18,721		18,673
Effect of dilutive shares	117		5		89		13
Weighted-average shares outstanding - diluted	18,846		18,681		18,810		18,686
Basic earnings per share	$	1.53	$	0.78	$	3.20	$	1.49
Diluted earnings per share	$	1.52	$	0.78	$	3.18	$	1.49

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, 2021 and 2020, 1,769 shares and 55,961 shares were excluded, respectively.