Earnings Per Common Share

6 Months Ended

Jun. 30, 2019

The following table sets forth the computation of basic and diluted earnings per common share for the three and six months ended June 30, 2019 and 2018.



	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands, except share and per common share data)	2019		2018		2019		2018
Numerator:
Net income	$	22,163	$	28,241	$	47,618	$	59,364
Denominator:
Weighted-average common shares outstanding	16,560,545		15,285,532		16,106,043		15,286,932
Effect of dilutive PBRSUs and TBRSUs	82,026		132,075		87,600		137,653
Weighted-average common shares outstanding adjusted for the effect of dilutive PBRSUs and TBRSUs	16,642,571		15,417,607		16,193,643		15,424,585
Earnings per common share:
Basic earnings per common share	$	1.34	$	1.85	$	2.96	$	3.88
Diluted earnings per common share	$	1.33	$	1.83	$	2.94	$	3.85

Park awarded 58,740 and 48,053 PBRSUs to certain employees during the six months ended June 30, 2019 and 2018, respectively. No PBRSUs were awarded during either of the three months ended June 30, 2019 and 2018.

On April 1, 2019, Park issued 1,037,205 common shares to complete its acquisition of Carolina Alliance and granted 15,700 TBRSUs to Carolina Alliance Division employees. These common shares are included in average common shares outstanding beginning on that date.

Park repurchased 250,000 and 336,650 common shares during the three and six months ended June 30, 2019, respectively, to fund the PBRSUs, TBRSUs and common shares to be awarded to directors of Park and to directors of Park's subsidiary PNB (and its divisions) and pursuant to Park's previously announced stock repurchase authorizations. Park repurchased 50,000 common shares to fund the PBRSUs, TBRSUs and common shares to be awarded to directors of Park and to directors of Park's subsidiary PNB (and its divisions) during both the three and six months ended June 30, 2018.