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, 2018 and 2017.



	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands, except share and per common share data)	2018		2017		2018		2017
Numerator:
Net income	$	24,762	$	22,112	$	84,126	$	61,411
Denominator:
Weighted-average common shares outstanding	15,686,542		15,287,974		15,420,135		15,299,039
Effect of dilutive restricted stock units	146,192		63,616		140,531		95,160
Weighted-average common shares outstanding adjusted for the effect of dilutive restricted stock units	15,832,734		15,351,590		15,560,666		15,394,199
Earnings per common share:
Basic earnings per common share	$	1.58	$	1.45	$	5.46	$	4.01
Diluted earnings per common share	$	1.56	$	1.44	$	5.41	$	3.99

Park awarded 48,053 and 45,788 performance based restricted stock units ("PBRSUs") to certain employees during the nine months ended September 30, 2018 and 2017, respectively. No PBRSUs were awarded during the three months ended either September 30, 2018 or 2017.

On July 1, 2018, Park issued 435,457 common shares to complete its acquisition of NewDominion and granted 13,637 restricted stock units ("RSUs") to NewDominion employees. These common shares are included in average common shares outstanding beginning on that date.

Park repurchased 50,000 common shares during the nine months ended September 30, 2018 to fund the PBRSUs, RSUs and common shares to be awarded to directors of Park and to directors of Park's subsidiary PNB (and its divisions). No common shares were repurchased during the three months ended September 30, 2018. Park repurchased 20,000 common shares during the three months ended September 30, 2017, and repurchased 70,000 common shares during the nine months ended September 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).