Earnings Per Share

9 Months Ended

Sep. 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				Nine Months Ended
	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
Numerator:
Net income	$	14,838	$	25,129	$	49,321	$	85,002
Denominator:
Weighted-average shares outstanding - basic	18,818		18,740		18,804		18,727
Effect of dilutive shares	181		134		193		104
Weighted-average shares outstanding - diluted	18,999		18,874		18,997		18,831
Basic earnings per share	$	0.79	$	1.34	$	2.62	$	4.54
Diluted earnings per share	$	0.78	$	1.33	$	2.60	$	4.51

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, 2022 and 2021, no shares and 1,994 shares were excluded, respectively.