Earnings Per Common Share

6 Months Ended

Jun. 30, 2014

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, 2014 and 2013.

	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands, except share and per share data)	2014		2013		2014		2013
Numerator:
Net income available to common shareholders	$	21,827	$	20,034	$	41,446	$	40,744
Denominator:
Denominator for basic earnings per share (weighted average common shares outstanding)	15,392,435		15,411,981		15,396,770		15,411,986
Effect of dilutive performance-based restricted stock units	19,732		—		16,798		—
Denominator for diluted earnings per share (weighted average common shares outstanding adjusted for the effect of dilutive performance-based restricted stock units)	15,412,167		15,411,981		15,413,568		15,411,986
Earnings per common share:
Basic earnings per common share	$	1.42	$	1.30	$	2.69	$	2.64
Diluted earnings per common share	$	1.42	$	1.30	$	2.69	$	2.64

On January 24, 2014, Park awarded 21,975 performance - based restricted stock units ("PBRSUs") to certain employees. The PBRSUs vest based on service and performance conditions. The dilutive effect of the PBRSUs was the addition of 19,732 common shares for the three months ended June 30, 2014 and 16,798 for the six months ended June 30, 2014.

There were no dilutive shares included in the calculation of diluted earnings per share for the three and six months ended June 30, 2013.