Earnings Per Share

12 Months Ended

Dec. 31, 2022

Earnings per share is calculated using both the two-class and the treasury stock methods with the more dilutive method used to determine reported basic and diluted earnings per share. The two-class method was more dilutive in 2022, 2021 and 2020 and therefore was used to determine earnings per share. The following table reconciles the numerators and denominators of basic and diluted earnings per share calculations for the periods presented:


	Years ended December 31,
(dollars in thousands, except share and per share data)	2022		2021		2020
Numerator for Earnings per Share—Basic and Diluted:
Net income	$	135,520	$	110,343	$	21,040

Less: Income allocated to participating shares	381		492		68
Net Income Allocated to Shareholders	$	135,139	$	109,851	$	20,972

Denominator for Earnings per Share—Basic and Diluted:



Weighted Average Shares Outstanding—Basic	38,988,174		39,050,241		39,070,439
Add: Average participating shares outstanding	42,760		2,720		2,780
Denominator for Two-Class Method—Diluted:	39,030,934		39,052,961		39,073,219

Earnings per share—basic	$	3.47	$	2.81	$	0.54
Earnings per share—diluted	$	3.46	$	2.81	$	0.53


Restricted stock considered anti-dilutive excluded from potentially dilutive shares	12,654		793		1,242