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Earnings Per Common Share
 6 Months Ended
Jun. 30, 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 and six months ended June 30, 2013 and 2012.
 
 
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
(In thousands, except share and per share data)
 
2013
 
2012
 
2013
 
2012
Numerator:
 
 

 
 

 
 
 
 
Income available to common shareholders
 
$
20,034

 
$
16,938

 
$
40,744

 
$
46,936

Denominator:
 
 

 
 

 
 
 
 
Denominator for basic earnings per share (weighted average common shares outstanding)
 
15,411,981

 
15,405,902

 
15,411,986

 
15,405,906

Effect of dilutive options and warrants
 
—

 
—

 
—

 
3,784

Denominator for diluted earnings per share (weighted average common shares outstanding adjusted for the effect of dilutive options and warrants)
 
15,411,981

 
15,405,902

 
15,411,986

 
15,409,690

Earnings per common share:
 
 

 
 

 
 
 
 
Basic earnings per common share
 
$
1.30

 
$
1.10

 
$
2.64

 
$
3.05

Diluted earnings per common share
 
$
1.30

 
$
1.10

 
$
2.64

 
$
3.05


 
As of June 30, 2012, options to purchase 65,975 common shares were outstanding under Park’s 2005 Incentive Stock Option Plan. All options had expired as of June 30, 2013. There were no common shares outstanding at June 30, 2012 related to Park’s participation in the U.S. Treasury Capital Purchase Program (“CPP”). Park repurchased the CPP warrant on May 2, 2012.
 
Options to purchase a weighted average of 70,047 common shares were not included in the computation of diluted earnings per common share for the six months ended June 30, 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 six months ended June 30, 2012, as the dilutive effect of this warrant was 3,784 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 and six months ended June 30, 2013.