Earnings Per Share

9 Months Ended

Sep. 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				Nine Months Ended
	September 30, 2021		September 30, 2020		September 30, 2021		September 30, 2020
Numerator:
Net income	$	25,129	$	7,006	$	85,002	$	34,785
Denominator:
Weighted-average shares outstanding - basic	18,740		18,688		18,727		18,678
Effect of dilutive shares	134		25		104		17
Weighted-average shares outstanding - diluted	18,874		18,713		18,831		18,695
Basic earnings per share	$	1.34	$	0.37	$	4.54	$	1.86
Diluted earnings per share	$	1.33	$	0.37	$	4.51	$	1.86

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, 2021 and 2020, 1,994 shares and 32,501 shares were excluded, respectively.