Earnings Per Share

6 Months Ended

Jun. 30, 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				Six Months Ended
	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Numerator:
Net income	$	17,883	$	28,655	$	34,483	$	59,873
Denominator:
Weighted-average shares outstanding - basic	18,813		18,729		18,797		18,721
Effect of dilutive shares	179		117		199		89
Weighted-average shares outstanding - diluted	18,992		18,846		18,996		18,810
Basic earnings per share	$	0.95	$	1.53	$	1.83	$	3.20
Diluted earnings per share	$	0.94	$	1.52	$	1.82	$	3.18

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, 2022 and 2021, 226 shares and 1,769 shares were excluded, respectively.