Earnings Per Share

6 Months Ended

Jun. 30, 2021


4. Earnings Per Share

We compute basic earnings per share by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income available to common stockholders by the weighted average number of common shares and dilutive potential common shares outstanding during the period. Diluted earnings per share reflect the assumed exercise, settlement and vesting of all dilutive securities using the “treasury stock method” except when the effect is anti-dilutive. Potentially dilutive securities consist of shares issuable upon the exercise of stock options, settlement of stock appreciation rights and vesting of restricted stock awards and units.

The following table sets forth the computation of basic and diluted earnings per share:


	Three months ended June 30,				Six months ended June 30,
(dollars in thousands, except per share amounts)	2021		2020		2021		2020
Numerator:
Net income	$	6,731	$	11,823	$	6,567	$	16,462
Denominator:
Weighted average common shares	47,756,326		48,239,928		47,560,847		48,138,125
Add effect of dilutive securities:
Stock-based awards	688,548		178,450		883,811		326,952
Weighted average common shares assuming dilution	48,444,874		48,418,378		48,444,658		48,465,077
Earnings per share:
Basic	$	0.14	$	0.25	$	0.14	$	0.34
Diluted	$	0.14	$	0.24	$	0.14	$	0.34

Anti-dilutive shares excluded from calculations of diluted earnings per share	907,210		1,484,976		1,032,655		1,329,519