Earnings Per Common Share

The following table sets forth the computation of basic and diluted earnings per common share for the three months ended March 31, 2018 and 2017.



	Three Months Ended March 31,
(In thousands, except share and per common share data)	2018		2017
Numerator:
Net income	$	31,123	$	20,267
Denominator:
Weighted-average common shares outstanding	15,288,332		15,312,059
Effect of dilutive performance-based restricted stock units	142,996		120,710
Weighted-average common shares outstanding adjusted for the effect of dilutive performance-based restricted stock units	15,431,328		15,432,769
Earnings per common share:
Basic earnings per common share	$	2.04	$	1.32
Diluted earnings per common share	$	2.02	$	1.31

Park awarded 47,715 and 45,788 PBRSUs to certain employees during the three months ended March 31, 2018 and 2017, respectively. As of March 31, 2018, 139,144 PBRSUs were outstanding. The PBRSUs vest based on service and performance conditions. The dilutive effect of the outstanding PBRSUs was the addition of 142,996 and 120,710 common shares for the three months ended March 31, 2018 and 2017, 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, 2018.