Earnings Per Common Share

6 Months Ended

Jun. 30, 2016

The following table sets forth the computation of basic and diluted earnings per common share for the three and six months ended June 30, 2016 and 2015.



	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands, except share and per common share data)	2016		2015		2016		2015
Numerator:
Net income available to common shareholders	$	19,998	$	21,039	$	38,684	$	40,083
Denominator:
Weighted-average common shares outstanding	15,330,802		15,370,882		15,330,808		15,375,026
Effect of dilutive performance-based restricted stock units	68,481		36,999		72,088		36,894
Weighted-average common shares outstanding adjusted for the effect of dilutive performance-based restricted stock units	15,399,283		15,407,881		15,402,896		15,411,920
Earnings per common share:
Basic earnings per common share	$	1.30	$	1.37	$	2.52	$	2.61
Diluted earnings per common share	$	1.30	$	1.37	$	2.51	$	2.60

Park awarded 41,550 and 23,025 performance-based restricted stock units ("PBRSUs") to certain employees during the six months ended June 30, 2016 and 2015, respectively. No PBRSUs were awarded during the three months ended June 30, 2016 and 2015. As of June 30, 2016, 85,425 PBRSUs were outstanding. The PBRSUs vest based on service and performance conditions. The dilutive effect of the outstanding PBRSUs was the addition of 68,481 and 36,999 common shares for the three months ended June 30, 2016 and 2015, respectively, and 72,088 and 36,894 common shares for the six months ended June 30, 2016 and 2015, respectively.

Park repurchased no common shares during the three and six months ended June 30, 2016. Park repurchased 21,500 common shares during the six months ended June 30, 2015, and no common shares during the three months ended June 30, 2015 to fund the PBRSUs and common shares awarded to directors of Park and to directors of Park's subsidiary PNB (and its divisions).