Earnings Per Share

12 Months Ended

Dec. 31, 2021

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)	2021		2020		2019
Numerator:
Net income	$	153,945	$	127,923	$	102,700
Denominator:
Weighted-average common shares outstanding	16,291,016		16,302,825		16,234,342
Effect of dilutive PBRSUs and TBRSUs	134,190		104,677		95,114
Weighted-average common shares outstanding adjusted for the effect of dilutive PBRSUs and TBRSUs	16,425,206		16,407,502		16,329,456
Earnings per common share:
Basic earnings per common share	$	9.45	$	7.85	$	6.33
Diluted earnings per common share	$	9.37	$	7.80	$	6.29

Park awarded 61,890, 62,265 and 58,740 PBRSUs to certain employees during the years ended December 31, 2021, 2020 and 2019, respectively. Park awarded 15,700 TBRSUs to Carolina Alliance Division employees during the year ended December 31, 2019.

On April 1, 2019, Park issued 1,037,205 common shares to complete its acquisition of Carolina Alliance.

During the years ended December 31, 2021, 2020 and 2019, Park repurchased 75,000, 76,000 and 86,650 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 62,659 and 334,603 common shares during the years ended December 31, 2021 and 2019, respectively, pursuant to Park's previously announced stock repurchase authorizations. There were no common shares repurchased during the year ended December 31, 2020 pursuant to Park's previously announced stock repurchase authorizations.