Earnings Per Share

9 Months Ended

Sep. 30, 2022

Basic earnings per share is computed by dividing net income by the weighted-average number of shares of common stock outstanding during the period presented. Diluted earnings per share is computed by including the net increase in shares as if dilutive outstanding restricted stock units were vested and stock options were exercised, using the treasury stock method.

Basic and diluted earnings per share has been computed based on the following:


	Three Months ended			Nine Months ended
(Dollars in thousands, except per share data)	September 30, 2022		September 30, 2021	September 30, 2022	September 30, 2021
Net income available to common stockholders, basic and diluted	$	79,338	75,619	223,525	234,048
Average outstanding shares - basic	110,766,502		95,510,772	110,752,231	95,494,211
Add: dilutive restricted stock units and stock options	67,092		75,430	59,036	79,308
Average outstanding shares - diluted	110,833,594		95,586,202	110,811,267	95,573,519
Basic earnings per share	$	0.72	0.79	2.02	2.45
Diluted earnings per share	$	0.72	0.79	2.02	2.45
Restricted stock units and stock options excluded from the diluted average outstanding share calculation 1	3,008		—	6,323	—

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1 Anti-dilution occurs when the unrecognized compensation cost per share of a restricted stock unit or the exercise price of a stock option exceeds the market price of the Company’s stock.