Earnings Per Common Share

3 Months Ended

Mar. 31, 2012

Earnings Per Common Share [Abstract]

Earnings Per Common Share

Note 7 – Earnings Per Common Share

The following table sets forth the computation of basic and diluted earnings per common share for the three months ended March 31, 2012 and 2011.

(in thousands, except share and per share data)	Three months ended March 31,
	2012	2011
Numerator:
Income available to common shareholders	$29,998	$20,732
Denominator:
Denominator for basic earnings per share (weighted average common shares outstanding)	15,405,910	15,398,930
Effect of dilutive options and warrants	11,835	4,490
Denominator for diluted earnings per share (weighted average common shares outstanding adjusted for the effect of dilutive options and warrants)	15,417,745	15,403,420
Earnings per common share:
Basic earnings per common share	$1.95	$1.35
Diluted earnings per common share	$1.95	$1.35

As of March 31, 2012 and 2011, options to purchase 66,625 and 75,895 common shares, respectively, were outstanding under Park’s 2005 Incentive Stock Opion Plan.A warrant to purchase 227,376 common shares was outstanding at both March 31, 2012 and 2011 as a result of Park’s participation in the U.S. Treasury Capital Purchase Program (“CPP.”)In addition, warrants to purchase an aggregate of 71,984 common shares were outstanding at March 31, 2011 as a result of the issuance of common shares and warrants to purchase common shares on December 10, 2010 (the “December 2010 Warrants”).The December 2010 Warrants expired in 2011, with no warrants being exercised.

The common shares represented by the options and the December 2010 Warrants totaling a weighted average of 73,683 and 149,591 were not included in the computation of diluted earnings per common share for the three months ended March 31, 2012 and 2011, respectively, because the respective exercise prices exceeded the market value of the underlying common shares such that their inclusion would have had an anti-dilutive effect.The warrant to purchase 227,376 common shares issued under the CPP was not included in the three month weighted average of 73,683 for 2012 or 149,591 for 2011, as the dilutive effect of this warrant was 11,835 and 4,490 common shares for the three month periods ended March 31, 2012 and March 31, 2011, respectively.The exercise price of the CPP warrant to purchase 227,376 common shares is $65.97.