Earnings Per Common Share

9 Months Ended

Sep. 30, 2016

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



	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands, except share and per common share data)	2016		2015		2016		2015
Numerator:
Net income available to common shareholders	$	27,449	$	20,040	$	66,133	$	60,123
Denominator:
Weighted-average common shares outstanding	15,330,791		15,361,087		15,330,802		15,370,380
Effect of dilutive performance-based restricted stock units	68,916		40,721		71,023		41,131
Weighted-average common shares outstanding adjusted for the effect of dilutive performance-based restricted stock units	15,399,707		15,401,808		15,401,825		15,411,511
Earnings per common share:
Basic earnings per common share	$	1.79	$	1.30	$	4.31	$	3.91
Diluted earnings per common share	$	1.78	$	1.30	$	4.29	$	3.90

Park awarded 41,550 and 23,025 performance-based restricted stock units ("PBRSUs") to certain employees during the nine months ended September 30, 2016 and 2015, respectively. No PBRSUs were awarded during the three months ended September 30, 2016 or 2015. As of September 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 68,916 and 40,721 common shares for the three months ended September 30, 2016 and 2015, respectively, and 71,023 and 41,131 common shares for the nine months ended September 30, 2016 and 2015, respectively.

Park repurchased no common shares during the three and nine months ended September 30, 2016. Park repurchased 20,000 common shares during the three months ended September 30, 2015, and 41,500 common shares during the nine months ended September 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).