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Earnings Per Common Share
 3 Months Ended
Mar. 31, 2013
Earnings Per Share [Abstract]  
Earnings Per Common Share
Earnings Per Common Share
 
The following table sets forth the computation of basic and diluted earnings per common share for the three months ended March 31, 2013 and 2012.
 
 
 
Three Months Ended
March 31,
(In thousands, except share and per share data)
 
2013
 
2012
Numerator:
 
 

 
 

Income available to common shareholders
 
$
20,710

 
$
29,998

Denominator:
 
 

 
 

Denominator for basic earnings per share (weighted average common shares outstanding)
 
15,411,990

 
15,405,910

Effect of dilutive options and warrants
 
—

 
11,835

Denominator for diluted earnings per share (weighted average common shares outstanding adjusted for the effect of dilutive options and warrants)
 
15,411,990

 
15,417,745

Earnings per common share:
 
 

 
 

Basic earnings per common share
 
$
1.34

 
$
1.95

Diluted earnings per common share
 
$
1.34

 
$
1.95


 
As of March 31, 2012, options to purchase 66,625 common shares were outstanding under Park’s 2005 Incentive Stock Option Plan. All options had expired as of March 31, 2013. A warrant to purchase 227,376 common shares was outstanding at March 31, 2012 as a result of Park’s participation in the U.S. Treasury Capital Purchase Program (“CPP”). Park repurchased the CPP warrant on May 2, 2012.
 
The common shares represented by the options totaling a weighted average of 73,683 were not included in the computation of diluted earnings per common share for the three months ended March 31, 2012, because the exercise price exceeded the market value of the underlying common shares such that their inclusion would have had an anti-dilutive effect. The warrant to purchase 227,376 common shares issued under the CPP was included in the computation of diluted earnings per common share for the three months ended March 31, 2012, as the dilutive effect of this warrant was 11,835 common shares for this period. The exercise price of the CPP warrant to purchase 227,376 common shares was $65.97. There were no dilutive options or warrants included in the calculation of diluted earnings per share for the three months ended March 31, 2013.