Earnings Per Share

12 Months Ended

Dec. 31, 2020

U.S. GAAP requires the reporting of basic and diluted earnings per common share. Basic earnings per common share excludes any dilutive effects of PBRSUs and TBRSUs.

The following table sets forth the computation of basic and diluted earnings per common share:


Year ended December 31 (In thousands, except share data)	2020		2019		2018
Numerator:
Net income	$	127,923	$	102,700	$	110,387
Denominator:
Weighted-average common shares outstanding	16,302,825		16,234,342		15,488,982
Effect of dilutive PBRSUs and TBRSUs	104,677		95,114		122,507
Weighted-average common shares outstanding adjusted for the effect of dilutive PBRSUs and TBRSUs	16,407,502		16,329,456		15,611,489
Earnings per common share:
Basic earnings per common share	$	7.85	$	6.33	$	7.13
Diluted earnings per common share	$	7.80	$	6.29	$	7.07

Park awarded 62,265, 58,740 and 48,053 PBRSUs to certain employees during the years ended December 31, 2020, 2019 and 2018, respectively. Park awarded 15,700 TBRSUs to Carolina Alliance Division employees during the year ended December 31, 2019 and awarded 13,637 TBRSUs to NewDominion Division employees during the year ended December 31, 2018.

On April 1, 2019, Park issued 1,037,205 common shares to complete its acquisition of Carolina Alliance. On July 1, 2018, Park issued 435,457 common shares to complete its acquisition of NewDominion. These common shares are included in average common shares outstanding beginning on those dates.

During the years ended December 31, 2020, 2019 and 2018, Park repurchased 76,000, 86,650 and 50,000 common shares, respectively, to fund the PBRSUs, TBRSUs and common shares awarded to directors of Park and to directors of PNB (and its divisions) and repurchased 334,603 common shares during the year ended December 31, 2019 pursuant to Park's previously announced stock repurchase authorizations.