Earnings Per Common Share

3 Months Ended

Mar. 31, 2021

The following table sets forth the computation of basic and diluted earnings per common share for the three months ended March 31, 2021 and 2020.


	Three Months Ended March 31,
(In thousands, except share and per common share data)	2021		2020
Numerator:
Net income	$	42,831	$	22,372
Denominator:
Weighted-average common shares outstanding	16,314,987		16,303,602
Effect of dilutive PBRSUs and TBRSUs	124,933		122,279
Weighted-average common shares outstanding adjusted for the effect of dilutive PBRSUs and TBRSUs	16,439,920		16,425,881
Earnings per common share:
Basic earnings per common share	$	2.63	$	1.37
Diluted earnings per common share	$	2.61	$	1.36

Park awarded 61,890 and 62,265 PBRSUs to certain employees during the three months ended March 31, 2021 and 2020, respectively.

Park repurchased an aggregate of 76,000 common shares during the three months ended March 31, 2020, to fund the PBRSUs, the 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. No common shares were repurchased during the three months ended March 31, 2021.