OLD NATIONAL BANCORP IN
For the period ended Jun 30, 2024. Filed Jul 31, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Jul 31, 2024
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Net Income Per Common Share
NOTE 4 –NET INCOME PER COMMON SHARE
Basic and diluted net income per common share are calculated using the two-class method. Net income applicable to common shares is divided by the weighted-average number of common shares outstanding during the period. Adjustments to the weighted-average number of common shares outstanding are made only when such adjustments will dilute net income per common share. Net income applicable to common shares is then divided by the weighted-average number of common shares and common share equivalents during the period.
The following table presents the calculation of basic and diluted net income per common share:
| Three Months EndedJune 30, | Six Months EndedJune 30, | |||
|---|---|---|---|---|
| (dollars and shares in thousands, except per share data) | 2024 | 2023 | 2024 | 2023 |
| Net income | $121,229 | $155,036 | $241,513 | $301,636 |
| Preferred dividends | (4,033) | (4,033) | (8,067) | (8,067) |
| Net income applicable to common shares | $117,196 | $151,003 | $233,446 | $293,569 |
| Weighted average common shares outstanding: | ||||
| Weighted average common shares outstanding (basic) | 315,585 | 290,559 | 303,283 | 290,822 |
| Effect of dilutive securities: | ||||
| Restricted stock | 876 | 707 | 924 | 1,047 |
| Stock appreciation rights | — | — | — | 1 |
| Weighted average diluted shares outstanding | 316,461 | 291,266 | 304,207 | 291,870 |
| Basic Net Income Per Common Share | $0.37 | $0.52 | $0.77 | $1.01 |
| Diluted Net Income Per Common Share | $0.37 | $0.52 | $0.77 | $1.01 |
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