Earnings Per Common Share

6 Months Ended

Jun. 30, 2020

The following table sets forth the computation of basic and diluted earnings per common share for the three and six months ended June 30, 2020 and 2019.


	Three Months Ended June 30,						Six Months Ended June 30,
(In thousands, except share and per common share data)	2020		2019		2020		2019
Numerator:
Net income	$	29,505	$	22,163	$	51,877	$	47,618
Denominator:
Weighted-average common shares outstanding	16,296,427		16,560,545		16,300,015		16,106,043
Effect of dilutive PBRSUs and TBRSUs	79,007		82,026		100,642		87,600
Weighted-average common shares outstanding adjusted for the effect of dilutive PBRSUs and TBRSUs	16,375,434		16,642,571		16,400,657		16,193,643
Earnings per common share:
Basic earnings per common share	$	1.81	$	1.34	$	3.18	$	2.96
Diluted earnings per common share	$	1.80	$	1.33	$	3.16	$	2.94

Park awarded 62,265 and 58,740 PBRSUs to certain employees during the six months ended June 30, 2020 and 2019, respectively. No PBRSUs were awarded during either of the three months ended June 30, 2020 or 2019.

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

Park repurchased 250,000 common shares during the three months ended June 30, 2019, 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 76,000 and 336,650 common shares during the six months ended June 30, 2020 and 2019, respectively, to fund the PBRSUs, TBRSUs and common shares to be awarded to directors of Park's subsidiary PNB (and its divisions) and pursuant to Park's previously announced stock repurchase authorizations. No common shares were repurchased during the three months ended June 30, 2020.