Earnings Per Share

12 Months Ended

Dec. 31, 2023

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)	2023		2022		2021
Numerator:
Net income	$	126,734	$	148,351	$	153,945
Denominator:
Weighted-average common shares outstanding	16,163,500		16,246,009		16,291,016
Effect of dilutive PBRSUs and TBRSUs	86,519		119,300		134,190
Weighted-average common shares outstanding adjusted for the effect of dilutive PBRSUs and TBRSUs	16,250,019		16,365,309		16,425,206
Earnings per common share:
Basic earnings per common share	$	7.84	$	9.13	$	9.45
Diluted earnings per common share	$	7.80	$	9.06	$	9.37

Park awarded 54,698, 52,335 and 61,890 PBRSUs to certain employees during the years ended December 31, 2023, 2022 and 2021, respectively.

During the years ended December 31, 2023 and 2021, Park repurchased 199,000 and 137,659 common shares, respectively, to fund the PBRSUs, TBRSUs and common shares awarded to directors of Park and to directors of PNB (and its divisions) as well as pursuant to Park's previously announced stock repurchase authorizations. There were no common shares repurchased during the year ended December 31, 2022.