Earnings Per Common Share

9 Months Ended

Sep. 30, 2022

The following table sets forth the computation of basic and diluted earnings per common share for the three month and nine months ended September 30, 2022 and 2021.


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands, except share and per common share data)	2022		2021		2022		2021
Numerator:
Net income	$	42,068	$	35,434	$	115,267	$	117,397
Denominator:
Weighted-average common shares outstanding	16,253,704		16,292,312		16,240,966		16,315,996
Effect of dilutive PBRSUs and TBRSUs	121,278		131,600		114,824		129,572
Weighted-average common shares outstanding adjusted for the effect of dilutive PBRSUs and TBRSUs	16,374,982		16,423,912		16,355,790		16,445,568
Earnings per common share:
Basic earnings per common share	$	2.59	$	2.17	$	7.10	$	7.20
Diluted earnings per common share	$	2.57	$	2.16	$	7.05	$	7.14

Park awarded 52,335 PBRSUs and 61,890 PBRSUs to certain employees during the nine months ended September 30, 2022 and 2021, respectively. No PBRSUs were awarded during either of the three months ended September 30, 2022 or 2021.

Park repurchased an aggregate of 137,659 common shares during each of the three months and nine months ended September 30, 2021, to fund the PBRSUs, the TBRSUs and the 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 or the nine months ended September 30, 2022.