Earnings Per Share

3 Months Ended

Mar. 31, 2022

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, 2022		March 31, 2021
Numerator:
Net income	$	16,600	$	31,218
Denominator:
Weighted-average shares outstanding - basic	18,780		18,712
Effect of dilutive shares	219		62
Weighted-average shares outstanding - diluted	18,999		18,774
Basic earnings per share	$	0.88	$	1.67
Diluted earnings per share	$	0.87	$	1.66

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, 2022 and 2021, 32,500 shares and 44,792 shares were excluded, respectively.