Earnings Per Common Share

3 Months Ended

Mar. 31, 2017

The following table sets forth the computation of basic and diluted earnings per common share for the three months ended March 31, 2017 and 2016.



	Three Months Ended March 31,
(In thousands, except share and per common share data)	2017		2016
Numerator:
Net income	$	20,267	$	18,686
Denominator:
Weighted-average common shares outstanding	15,312,059		15,330,813
Effect of dilutive performance-based restricted stock units	120,710		75,695
Weighted-average common shares outstanding adjusted for the effect of dilutive performance-based restricted stock units	15,432,769		15,406,508
Earnings per common share:
Basic earnings per common share	$	1.32	$	1.22
Diluted earnings per common share	$	1.31	$	1.21

Park awarded 45,788 and 41,550 performance-based restricted stock units ("PBRSUs") to certain employees during the three months ended March 31, 2017 and 2016, respectively. As of March 31, 2017, 119,587 PBRSUs were outstanding. The PBRSUs vest based on service and performance conditions. The dilutive effect of the outstanding PBRSUs was the addition of 120,710 and 75,695 common shares for the three months ended March 31, 2017 and 2016, respectively.

Park repurchased 50,000 common shares during the three months ended March 31, 2017 to fund the PBRSUs and common shares awarded to directors of Park and to directors of Park's subsidiary PNB (and its divisions). Park did not repurchase any common shares during the three months ended March 31, 2016.