Earnings Per Common Share

3 Months Ended

Mar. 31, 2016

The following table sets forth the computation of basic and diluted earnings per common share for the three months ended March 31, 2016 and 2015.



	Three Months Ended March 31,
(In thousands, except share and per common share data)	2016		2015
Numerator:
Net income available to common shareholders	$	18,686	$	19,044
Denominator:
Weighted-average common shares outstanding	15,330,813		15,379,170
Effect of dilutive performance-based restricted stock units	75,695		42,758
Weighted-average common shares outstanding adjusted for the effect of dilutive performance-based restricted stock units	15,406,508		15,421,928
Earnings per common share:
Basic earnings per common share	$	1.22	$	1.24
Diluted earnings per common share	$	1.21	$	1.23

Park awarded 41,550 and 23,025 performance-based restricted stock units ("PBRSUs") to certain employees during the three months ended March 31, 2016 and 2015, respectively. As of March 31, 2016, 86,100 PBRSUs were outstanding. The PBRSUs vest based on service and performance conditions. The dilutive effect of the PBRSUs was the addition of 75,695 and 42,758 common shares for the three months ended March 31, 2016 and 2015, respectively.

Park repurchased no common shares during the three months ended March 31, 2016. Park repurchased 21,500 common shares during the three months ended March 31, 2015 to fund the PBRSUs and common shares awarded to directors of Park and to directors of Park's subsidiary PNB (and its divisions).