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, 2018 and 2017.



	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands, except share and per common share data)	2018		2017		2018		2017
Numerator:
Net income	$	28,241	$	19,032	$	59,364	$	39,299
Denominator:
Weighted-average common shares outstanding	15,285,532		15,297,085		15,286,932		15,304,572
Effect of dilutive performance-based restricted stock units	132,075		101,780		137,653		111,193
Weighted-average common shares outstanding adjusted for the effect of dilutive performance-based restricted stock units	15,417,607		15,398,865		15,424,585		15,415,765
Earnings per common share:
Basic earnings per common share	$	1.85	$	1.24	$	3.88	$	2.57
Diluted earnings per common share	$	1.83	$	1.24	$	3.85	$	2.55

Park awarded 48,053 and 45,788 PBRSUs to certain employees during the six months ended June 30, 2018 and 2017, respectively. No PBRSUs were awarded during either of the three months ended June 30, 2018 and 2017. As of June 30, 2018, 138,994 PBRSUs were outstanding. The PBRSUs vest based on service and performance conditions. The dilutive effect of the outstanding PBRSUs was the addition of 132,075 and 101,780 common shares for the three months ended June 30, 2018 and 2017, respectively, and 137,653 and 111,193 common shares for the six months ended June 30, 2018 and 2017, respectively.

Park repurchased 50,000 common shares during the three and six months ended June 30, 2018 to fund the PBRSUs and common shares to be awarded to directors of Park and to directors of Park's subsidiary PNB (and its divisions). Park repurchased 50,000 common shares during the six months ended June 30, 2017 to fund the PBRSUs and common shares to be awarded to directors of Park and to directors of Park's subsidiary PNB (and its divisions). Park did not repurchase any common shares during three months ended June 30, 2017.