Earnings Per Common Share

9 Months Ended

Sep. 30, 2020

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


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands, except share and per common share data)	2020		2019		2020		2019
Numerator:
Net income	$	30,846	$	31,146	$	82,723	$	78,764
Denominator:
Weighted-average common shares outstanding	16,300,720		16,382,798		16,300,250		16,198,294
Effect of dilutive PBRSUs and TBRSUs	93,072		92,943		98,100		89,401
Weighted-average common shares outstanding adjusted for the effect of dilutive PBRSUs and TBRSUs	16,393,792		16,475,741		16,398,350		16,287,695
Earnings per common share:
Basic earnings per common share	$	1.89	$	1.90	$	5.07	$	4.86
Diluted earnings per common share	$	1.88	$	1.89	$	5.04	$	4.84

Park awarded 62,265 and 58,740 PBRSUs to certain employees during the nine months ended September 30, 2020 and 2019, respectively. No PBRSUs were awarded during either of the three months ended September 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 84,603 common shares during the three months ended September 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 421,253 common shares during the nine months ended September 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 September 30, 2020.