Earnings Per Common Share

3 Months Ended

Mar. 31, 2023

The following table sets forth the computation of basic and diluted earnings per common share for the three months ended March 31, 2023 and 2022.


	Three Months Ended March 31,
(In thousands, except share and per common share data)	2023		2022
Numerator:
Net income	$	33,733	$	38,875
Denominator:
Weighted-average common shares outstanding	16,242,353		16,219,889
Effect of dilutive PBRSUs and TBRSUs	82,470		111,142
Weighted-average common shares outstanding adjusted for the effect of dilutive PBRSUs and TBRSUs	16,324,823		16,331,031
Earnings per common share:
Basic earnings per common share	$	2.08	$	2.40
Diluted earnings per common share	$	2.07	$	2.38

Park awarded 54,698 PBRSUs and 52,335 PBRSUs to certain employees during the three months ended March 31, 2023 and 2022, respectively.

Park repurchased an aggregate of 124,000 common shares during the three months ended March 31, 2023, 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). These repurchases were made pursuant to Park's previously announced stock repurchase authorizations. No common shares were repurchased during the three months ended March 31, 2022.