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EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2021

EARNINGS PER SHARE

EARNINGS PER SHARE

NOTE 18 – EARNINGS PER SHARE

The Company has granted certain restricted stock units that contain non-forfeitable rights to dividend equivalents. Such restricted stock units are considered participating securities. As such, we have included these restricted stock units in the calculation of basic earnings per share and calculate basic earnings per share using the two-class method. The two-class method of computing earnings per share is an earnings allocation formula that determines earnings per share for each class of common stock and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings.

Diluted earnings per share is computed using the treasury stock method and reflects the potential dilution from the Company’s outstanding restricted stock units.

​

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

​

​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
​		2021			2020			2019
​	​	(dollars in thousands)
Numerator:	​	​	​	​	​	​	​	​	​
Net income	​	$	56,271	​	$	36,845	​	$	66,865
Earnings allocated to participating securities	​	​	(104)	​	​	(93)	​	​	—
Numerator for earnings per share - basic and diluted	​	$	56,167	​	$	36,752	​	$	66,865
​	​	​	​	​	​	​	​	​	​
Denominator:	​	​	​	​	​	​	​	​	​
Weighted average common shares outstanding	​	​	27,795,806	​	​	27,457,306	​	​	20,090,270
Dilutive effect of outstanding restricted stock units	​	​	15,487	​	​	—	​	​	—
Weighted average common shares outstanding, including all dilutive potential shares	​	​	27,811,293	​	​	27,457,306	​	​	20,090,270
​	​	​	​	​	​	​	​	​	​
Earnings per share - Basic	​	$	2.02	​	$	1.34	​	$	3.33
Earnings per share - Diluted	​	$	2.02	​	$	1.34	​	$	3.33

​

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The entire disclosure for earnings per share.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109243012&loc=SL65017193-207537

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-URI http://asc.fasb.org/topic&trid=2144383

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=124432515&loc=d3e3630-109257

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