Earnings Per Common Share

6 Months Ended

Jun. 30, 2015

The following table sets forth the computation of basic and diluted earnings per common share for the three and six months ended June 30, 2015 and 2014.



	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands, except share and per share data)	2015		2014		2015		2014
Numerator:
Net income available to common shareholders	$	21,039	$	21,810	$	40,083	$	41,387
Denominator:
Denominator for basic earnings per share (weighted average common shares outstanding)	15,370,882		15,392,435		15,375,026		15,396,770
Effect of dilutive performance-based restricted stock units	36,999		19,732		36,894		16,798
Denominator for diluted earnings per share (weighted average common shares outstanding adjusted for the effect of dilutive performance-based restricted stock units)	15,407,881		15,412,167		15,411,920		15,413,568
Earnings per common share:
Basic earnings per common share	$	1.37	$	1.42	$	2.61	$	2.69
Diluted earnings per common share	$	1.37	$	1.42	$	2.60	$	2.69

Park awarded 23,025 and 21,975 performance-based restricted stock units ("PBRSUs") to certain employees during the six months ended June 30, 2015 and 2014, respectively. No PBRSUs were awarded during the three months ended June 30, 2015 and 2014. The PBRSUs vest based on service and performance conditions. The dilutive effect of the PBRSUs was the addition of 36,999 and 19,732 common shares for the three months ended June 30, 2015 and 2014, respectively, and 36,894 and 16,798 common shares for the six months ended June 30, 2015 and 2014, respectively.

During the six months ended June 30, 2015 and 2014, Park repurchased 21,500 and 19,500 common shares, respectively, to fund the PBRSUs. No shares were repurchased during the three months ended June 30, 2015 and 2014.