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Earnings Per Common Share | 9 Months Ended
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Sep. 30, 2012
Earnings Per Share [Abstract] |
Earnings Per Common Share | Earnings Per Common Share The following table sets forth the computation of basic and diluted earnings per common share for the three and nine months ended September 30, 2012 and 2011.
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(In thousands, except share and per share data) |  | 2012 |  | 2011 |  | 2012 |  | 2011
Numerator: |  |  |  |  |  |  |  |  |  |  |  |
Income available to common shareholders |  | $ | 11,982 |  |  | $ | 18,917 |  |  | $ | 58,918 |  |  | $ | 67,138 |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |
Denominator for basic earnings per share (weighted average common shares outstanding) |  | 15,405,894 |  |  | 15,398,909 |  |  | 15,405,902 |  |  | 15,398,919 |
Effect of dilutive options and warrants |  | — |  |  | — |  |  | 3,284 |  |  | 1,722 |
Denominator for diluted earnings per share (weighted average common shares outstanding adjusted for the effect of dilutive options and warrants) |  | 15,405,894 |  |  | 15,398,909 |  |  | 15,409,186 |  |  | 15,400,641 |
Earnings per common share: |  |  |  |  |  |  |  |  |  |  |  |
Basic earnings per common share |  | $ | 0.78 |  |  | $ | 1.23 |  |  | $ | 3.82 |  |  | $ | 4.36 |
Diluted earnings per common share |  | $ | 0.78 |  |  | $ | 1.23 |  |  | $ | 3.82 |  |  | $ | 4.36 |
As of September 30, 2012 and 2011, options to purchase 65,175 and 74,570 common shares, respectively, were outstanding under Park’s 2005 Incentive Stock Option Plan. A warrant to purchase 227,376 common shares was outstanding at September 30, 2011 as a result of Park’s participation in the U.S. Treasury Capital Purchase Program (“CPP.”) Park repurchased the CPP warrant on May 2, 2012. In addition, warrants to purchase an aggregate of 35,992 common shares were outstanding at September 30, 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 68,628 and 133,343 were not included in the computation of diluted earnings per common share for the nine months ended September 30, 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 included in the computation of diluted earnings per common share for the nine months ended September 30, 2012 and 2011, as the dilutive effect of this warrant was 3,284 and 1,722 common shares for the nine month periods ended September 30, 2012 and September 30, 2011, respectively. The exercise price of the CPP warrant to purchase 227,376 common shares was $65.97.

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1252-109256 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 55 -Paragraph 52 -URI http://asc.fasb.org/extlink&oid=16381557&loc=d3e4984-109258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1278-109256 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 128 -Paragraph 40 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.21) -URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688 + Details
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