Earnings Per Share

12 Months Ended

Dec. 31, 2021

Note 2 - Earnings Per Share

Basic and diluted earnings per common share are calculated using the treasury method. Under the treasury method, basic earnings per share is calculated as net income divided by the weighted average number of common shares outstanding during the period. Diluted earnings per share includes the dilutive effect of additional potential common shares issuable under stock options and restricted stock awards. Information regarding the Company's basic and diluted earnings per common share is presented in the following table:


(Dollars in thousands, except per share amounts)	Years Ended December 31,
Numerator:		2021		2020		2019
Net income		$	108,546	$	36,357	$	53,882



Denominator:





Weighted average common shares outstanding		23,431,504		23,367,221		23,470,746
Dilutive effect of stock-based awards		177,082		144,731		203,319
Weighted average diluted common shares outstanding		23,608,586		23,511,952		23,674,065

Basic earnings per common share		$	4.63	$	1.56	$	2.30
Diluted earnings per common share		4.60		1.55		2.28