Earnings Per Common Share

9 Months Ended

Sep. 30, 2019

The following table sets forth the computation of basic and diluted earnings per common share for the three and nine months ended September 30, 2019 and 2018.



	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands, except share and per common share data)	2019		2018		2019		2018
Numerator:
Net income	$	31,146	$	24,762	$	78,764	$	84,126
Denominator:
Weighted-average common shares outstanding	16,382,798		15,686,542		16,198,294		15,420,135
Effect of dilutive PBRSUs and TBRSUs	92,943		146,192		89,401		140,531
Weighted-average common shares outstanding adjusted for the effect of dilutive PBRSUs and TBRSUs	16,475,741		15,832,734		16,287,695		15,560,666
Earnings per common share:
Basic earnings per common share	$	1.90	$	1.58	$	4.86	$	5.46
Diluted earnings per common share	$	1.89	$	1.56	$	4.84	$	5.41

Park awarded 58,740 and 48,053 PBRSUs to certain employees during the nine months ended September 30, 2019 and 2018, respectively. No PBRSUs were awarded during either of the three months ended September 30, 2019 and 2018.

On April 1, 2019, Park issued 1,037,205 common shares to complete its acquisition of Carolina Alliance and granted 15,700 TBRSUs to Carolina Alliance Division employees. These common shares are included in average common shares outstanding beginning on that date.

Park repurchased 84,603 and 421,253 common shares during the three and nine months ended September 30, 2019, respectively, to fund the PBRSUs, TBRSUs and common shares to be awarded to directors of Park and to directors of Park's subsidiary PNB (and its divisions) and pursuant to Park's previously announced stock repurchase authorizations. Park repurchased 50,000 common shares to fund the PBRSUs, TBRSUs and common shares to be awarded to directors of Park and to directors of Park's subsidiary PNB (and its divisions) during the nine months ended September 30, 2018. No common shares were repurchased during the three months ended September 30, 2018.