Earnings Per Share

12 Months Ended

Dec. 31, 2022

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)	2022		2021		2020
Numerator:
Net income	$	148,351	$	153,945	$	127,923
Denominator:
Weighted-average common shares outstanding	16,246,009		16,291,016		16,302,825
Effect of dilutive PBRSUs and TBRSUs	119,300		134,190		104,677
Weighted-average common shares outstanding adjusted for the effect of dilutive PBRSUs and TBRSUs	16,365,309		16,425,206		16,407,502
Earnings per common share:
Basic earnings per common share	$	9.13	$	9.45	$	7.85
Diluted earnings per common share	$	9.06	$	9.37	$	7.80

Park awarded 52,335, 61,890 and 62,265 PBRSUs to certain employees during the years ended December 31, 2022, 2021 and 2020, respectively.

During the years ended December 31, 2021 and 2020, Park repurchased 75,000 and 76,000 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 62,659 common shares during the year ended December 31, 2021 pursuant to Park's previously announced stock repurchase authorizations. There were no common shares repurchased during the year ended December 31, 2022.