Earnings Per Common Share

9 Months Ended

Sep. 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 nine months ended September 30, 2013 and 2012.

	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands, except share and per share data)	2013		2012		2013		2012
Numerator:
Net income available to common shareholders (1)	$	19,029	$	11,982	$	59,773	$	58,918
Denominator:
Denominator for basic earnings per share (weighted average common shares outstanding)	15,411,972		15,405,894		15,411,981		15,405,902
Effect of dilutive options and warrants	—		—		—		3,284
Denominator for diluted earnings per share (weighted average common shares outstanding adjusted for the effect of dilutive options and warrants)	15,411,972		15,405,894		15,411,981		15,409,186
Earnings per common share:
Basic earnings per common share	$	1.23	$	0.78	$	3.88	$	3.82
Diluted earnings per common share	$	1.23	$	0.78	$	3.88	$	3.82

 (1) Net income available to common shareholders is net income less preferred share dividends and accretion. The only period impacted by preferred share dividends and accretion in the table above is the nine months ended September 30, 2012

As of September 30, 2012, options to purchase 65,175 common shares were outstanding under Park’s 2005 Incentive Stock Option Plan. All options had expired as of September 30, 2013. There were no common shares subject to outstanding warrants at September 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 68,628 common shares were not included in the computation of diluted earnings per common share for the nine months ended September 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 nine months ended September 30, 2012, as the dilutive effect of this warrant was 3,284 common shares for this period. The exercise price of the CPP warrant to purchase 227,376 common shares was $65.97.

There were no options or warrants outstanding to include in the calculation of diluted earnings per share for the three and nine months ended September 30, 2013.