Earnings Per Common Share

9 Months Ended

Sep. 30, 2015

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



	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands, except share and per common share data)	2015		2014		2015		2014
Numerator:
Net income available to common shareholders	$	20,040	$	18,269	$	60,123	$	59,656
Denominator:
Denominator for basic earnings per common share (weighted average common shares outstanding)	15,361,087		15,392,421		15,370,380		15,395,320
Effect of dilutive performance-based restricted stock units	40,721		21,243		41,131		18,305
Denominator for diluted earnings per common share (weighted average common shares outstanding adjusted for the effect of dilutive performance-based restricted stock units)	15,401,808		15,413,664		15,411,511		15,413,625
Earnings per common share:
Basic earnings per common share	$	1.30	$	1.19	$	3.91	$	3.87
Diluted earnings per common share	$	1.30	$	1.19	$	3.90	$	3.87

Park awarded 23,025 and 21,975 performance-based restricted stock units ("PBRSUs") to certain employees during the nine months ended September 30, 2015 and 2014, respectively. No PBRSUs were awarded during the three months ended September 30, 2015 and 2014. The PBRSUs vest based on service and performance conditions. The dilutive effect of the PBRSUs was the addition of 40,721 and 21,243 common shares for the three months ended September 30, 2015 and 2014, respectively, and 41,131 and 18,305 common shares for the nine months ended September 30, 2015 and 2014, respectively.

During the nine months ended September 30, 2015 and 2014, Park repurchased 41,500 and 19,500 common shares, respectively, to fund the PBRSUs. Park repurchased 20,000 common shares during the three months ended September 30, 2015 and no common shares were repurchased during the three months ended September 30, 2014.