Earnings Per Common Share

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



	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands, except share and per common share data)	2017		2016		2017		2016
Numerator:
Net income	$	22,112	$	27,449	$	61,411	$	66,133
Denominator:
Weighted-average common shares outstanding	15,287,974		15,330,791		15,299,039		15,330,802
Effect of dilutive performance-based restricted stock units	63,616		68,916		95,160		71,023
Weighted-average common shares outstanding adjusted for the effect of dilutive performance-based restricted stock units	15,351,590		15,399,707		15,394,199		15,401,825
Earnings per common share:
Basic earnings per common share	$	1.45	$	1.79	$	4.01	$	4.31
Diluted earnings per common share	$	1.44	$	1.78	$	3.99	$	4.29

Park awarded 45,788 and 41,550 performance-based restricted stock units ("PBRSUs") to certain employees during the nine months ended September 30, 2017 and 2016, respectively. No PBRSUs were awarded during the three months ended September 30, 2017 and 2016. As of September 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 63,616 and 68,916 common shares for the three months ended September 30, 2017 and 2016, respectively, and 95,160 and 71,023 common shares for the nine months ended September 30, 2017 and 2016, respectively.

Park repurchased 20,000 and 70,000 common shares during the three months and nine months ended September 30, 2017, respectively, 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 or nine months ended September 30, 2016.