Earnings Per Common Share

The following table sets forth the computation of basic and diluted earnings per common share for the three and six months ended June 30, 2017 and 2016.



	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands, except share and per common share data)	2017		2016		2017		2016
Numerator:
Net income	$	19,032	$	19,998	$	39,299	$	38,684
Denominator:
Weighted-average common shares outstanding	15,297,085		15,330,802		15,304,572		15,330,808
Effect of dilutive performance-based restricted stock units	101,780		68,481		111,193		72,088
Weighted-average common shares outstanding adjusted for the effect of dilutive performance-based restricted stock units	15,398,865		15,399,283		15,415,765		15,402,896
Earnings per common share:
Basic earnings per common share	$	1.24	$	1.30	$	2.57	$	2.52
Diluted earnings per common share	$	1.24	$	1.30	$	2.55	$	2.51

Park awarded 45,788 and 41,550 performance-based restricted stock units ("PBRSUs") to certain employees during the six months ended June 30, 2017 and 2016, respectively. No PBRSUs were awarded during the three months ended June 30, 2017 and 2016. As of June 30, 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 101,780 and 68,481 common shares for the three months ended June 30, 2017 and 2016, respectively, and 111,193 and 72,088 common shares for the six months ended June 30, 2017 and 2016, respectively.

Park repurchased 50,000 common shares during the six months ended June 30, 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 June 30, 2017 or during the three or six months ended June 30, 2016.