Earnings Per Common Share

6 Months Ended

Jun. 30, 2024

The following table sets forth the computation of basic and diluted earnings per common share for the three months and six months ended June 30, 2024 and 2023.


	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands, except common share and per common share data)	2024		2023		2024		2023
Numerator:
Net income	$	39,369	$	31,584	$	74,573	$	65,317
Denominator:
Weighted-average common shares outstanding	16,149,523		16,165,119		16,133,183		16,203,736
Effect of dilutive PBRSUs and TBRSUs	90,094		75,481		82,159		78,957
Weighted-average common shares outstanding adjusted for the effect of dilutive PBRSUs and TBRSUs	16,239,617		16,240,600		16,215,342		16,282,693
Earnings per common share:
Basic earnings per common share	$	2.44	$	1.95	$	4.62	$	4.03
Diluted earnings per common share	$	2.42	$	1.94	$	4.60	$	4.01

Park awarded 59,165 PBRSUs and 54,698 PBRSUs to certain employees during the six months ended June 30, 2024 and 2023, respectively. No PBRSUs were awarded during either of the three months ended June 30, 2024 and 2023

Park repurchased an aggregate of 25,000 and 149,000 common shares during the three months and 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, 2024.