Earnings Per Share

12 Months Ended

Dec. 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:


	Years Ended December 31,
(Dollars and shares in thousands, except per share amounts)	2022		2021		2020
Numerator:
Net income	$	116,629	$	108,133	$	49,990
Denominator:
Weighted average shares outstanding - basic	18,784		18,731		18,681
Effect of dilutive shares	169		132		25
Weighted average shares outstanding - diluted	18,953		18,863		18,706
Basic earnings per share	$	6.21	$	5.77	$	2.68
Diluted earnings per share	$	6.15	$	5.73	$	2.67

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 2022, 2021 and 2020, 18,444, 721 and 8,454 shares were excluded, respectively.