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Earnings Per Common Share | 9 Months Ended
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Sep. 30, 2024
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 months and nine months ended September 30, 2024 and 2023.
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(In thousands, except common share and per common share data) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Numerator: |  |  |  |  |  |  |  |
Net income |  | $ | 38,217 |  |  | $ | 36,917 |  |  | $ | 112,790 |  |  | $ | 102,234 |
Denominator: |  |  |  |  |  |  |  |
Weighted-average common shares outstanding |  | 16,151,640 |  |  | 16,133,310 |  |  | 16,139,335 |  |  | 16,180,261 |
Effect of dilutive PBRSUs and TBRSUs |  | 112,753 |  |  | 84,570 |  |  | 92,431 |  |  | 80,848 |
Weighted-average common shares outstanding adjusted for the effect of dilutive PBRSUs and TBRSUs |  | 16,264,393 |  |  | 16,217,880 |  |  | 16,231,766 |  |  | 16,261,109 |
Earnings per common share: |  |  |  |  |  |  |  |
Basic earnings per common share |  | $ | 2.37 |  |  | $ | 2.29 |  |  | $ | 6.99 |  |  | $ | 6.32 |
Diluted earnings per common share |  | $ | 2.35 |  |  | $ | 2.28 |  |  | $ | 6.95 |  |  | $ | 6.29 |
Park awarded 59,165 PBRSUs and 54,698 PBRSUs to certain employees during the nine months ended September 30, 2024 and 2023, respectively. No PBRSUs were awarded during either of the three months ended September 30, 2024 and 2023. Park repurchased an aggregate of 50,000 and 199,000 common shares during the three months and nine months ended September 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 nine months ended September 30, 2024.

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