Earnings Per Common Share

9 Months Ended

Sep. 30, 2023

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


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands, except common share and per common share data)	2023		2022		2023		2022
Numerator:
Net income	$	36,917	$	42,068	$	102,234	$	115,267
Denominator:
Weighted-average common shares outstanding	16,133,310		16,253,704		16,180,261		16,240,966
Effect of dilutive PBRSUs and TBRSUs	84,570		121,278		80,848		114,824
Weighted-average common shares outstanding adjusted for the effect of dilutive PBRSUs and TBRSUs	16,217,880		16,374,982		16,261,109		16,355,790
Earnings per common share:
Basic earnings per common share	$	2.29	$	2.59	$	6.32	$	7.10
Diluted earnings per common share	$	2.28	$	2.57	$	6.29	$	7.05

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

Park repurchased an aggregate of 50,000 and 199,000 common shares during the three months and the nine months ended September 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 nine months ended September 30, 2022.