Earnings Per Share

6 Months Ended

Jun. 30, 2023

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, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Numerator:
Net income	$	17,864	$	17,883	$	14,359	$	34,483
Denominator:
Weighted-average shares outstanding - basic	18,627		18,813		18,615		18,797
Effect of dilutive shares	56		179		44		199
Weighted-average shares outstanding - diluted	18,683		18,992		18,659		18,996
Basic earnings per share	$	0.96	$	0.95	$	0.77	$	1.83
Diluted earnings per share	$	0.96	$	0.94	$	0.77	$	1.82

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, 2023 and 2022, 17,000 shares and an immaterial number of shares were excluded, respectively.