Earnings Per Share

12 Months Ended

Dec. 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:


	Years Ended December 31,
(Dollars and shares in thousands, except per share amounts)	2021		2020		2019
Numerator:
Net income	$	108,133	$	49,990	$	47,319
Denominator:
Weighted average shares outstanding - basic	18,731		18,681		18,573
Effect of dilutive shares	132		25		140
Weighted average shares outstanding - diluted	18,863		18,706		18,713
Basic earnings per share	$	5.77	$	2.68	$	2.55
Diluted earnings per share	$	5.73	$	2.67	$	2.53

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 2021, 2020, and 2019, 721, 8,454 and 20,520 shares were excluded, respectively.