Earnings Per Common Share

3 Months Ended

Mar. 31, 2015

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, 2015 and 2014.

	Three Months Ended March 31,
(In thousands, except share and per share data)	2015		2014
Numerator:
Net income available to common shareholders	$	19,044	$	19,577
Denominator:
Denominator for basic earnings per share (weighted average common shares outstanding)	15,379,170		15,401,105
Effect of dilutive performance-based restricted stock units	42,758		13,792
Denominator for diluted earnings per share (weighted average common shares outstanding adjusted for the effect of dilutive performance-based restricted stock units)	15,421,928		15,414,897
Earnings per common share:
Basic earnings per common share	$	1.24	$	1.27
Diluted earnings per common share	$	1.23	$	1.27

Park awarded 23,025 and 21,975 performance-based restricted stock units ("PBRSUs") to certain employees during the three months ended March 31, 2015 and 2014, respectively. The PBRSUs vest based on service and performance conditions. The dilutive effect of the PBRSUs was the addition of 42,758 and 13,792 common shares for the three months ended March 31, 2015 and 2014, respectively.

During the three months ended March 31, 2015 and 2014, Park repurchased 21,500 and 19,500 common shares, respectively, to fund the PBRSUs.