Earnings Per Share

9 Months Ended

Sep. 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				Nine Months Ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Numerator:
Net income	$	19,035	$	14,838	$	33,394	$	49,321
Denominator:
Weighted-average shares outstanding - basic	18,627		18,818		18,619		18,804
Effect of dilutive shares	58		181		49		193
Weighted-average shares outstanding - diluted	18,685		18,999		18,668		18,997
Basic earnings per share	$	1.02	$	0.79	$	1.79	$	2.62
Diluted earnings per share	$	1.02	$	0.78	$	1.79	$	2.60

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, 2023 and 2022, 8,000 shares and no shares were excluded, respectively.