Earnings Per Common Share

6 Months Ended

Jun. 30, 2023

The following table sets forth the computation of basic and diluted earnings per common share for the three months and the six months ended June 30, 2023 and 2022.


	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands, except common share and per common share data)	2023		2022		2023		2022
Numerator:
Net income	$	31,584	$	34,324	$	65,317	$	73,199
Denominator:
Weighted-average common shares outstanding	16,165,119		16,249,307		16,203,736		16,234,598
Effect of dilutive PBRSUs and TBRSUs	75,481		111,939		78,957		111,543
Weighted-average common shares outstanding adjusted for the effect of dilutive PBRSUs and TBRSUs	16,240,600		16,361,246		16,282,693		16,346,141
Earnings per common share:
Basic earnings per common share	$	1.95	$	2.11	$	4.03	$	4.51
Diluted earnings per common share	$	1.94	$	2.10	$	4.01	$	4.48

Park awarded 54,698 PBRSUs and 52,335 PBRSUs to certain employees during the six months ended June 30, 2023 and 2022, respectively. No PBRSUs were awarded during either of the three months ended June 30, 2023 or 2022.

Park repurchased an aggregate of 25,000 and 149,000 common shares during the three months and the six months ended June 30, 2023, respectively, 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) as well as pursuant to Park's previously announced stock repurchase authorizations. No common shares were repurchased during the three months or the six months ended June 30, 2022.