OLD NATIONAL BANCORP /IN/
For the period ended Mar 31, 2025. Filed Apr 30, 2025.
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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.
Mar 31, 2025 · Filed Apr 30, 2025
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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 EndedMarch 31, | ||
|---|---|---|
| (dollars and shares in thousands, except per share data) | 2025 | 2024 |
| Net income | $144,659 | $120,284 |
| Preferred dividends | (4,034) | (4,034) |
| Net income applicable to common shares | $140,625 | $116,250 |
| Weighted average common shares outstanding: | ||
| Weighted average common shares outstanding (basic) | 315,925 | 290,980 |
| Effect of dilutive securities: | ||
| Restricted stock | 2,779 | 1,227 |
| Forward sale (1) | 2,312 | — |
| Weighted average diluted shares outstanding | 321,016 | 292,207 |
| Basic Net Income Per Common Share | $0.45 | $0.40 |
| Diluted Net Income Per Common Share | $0.44 | $0.40 |
(1) Dilutive forward sale shares represent incremental shares related to the forward sale agreements. Dilution occurred since the average market price of the Company’s common shares for the three months ended March 31, 2025 was higher than the average forward sale price (as determined under the terms of the forward sale agreements). See Note 3 to the consolidated financial statements for additional information regarding these forward sale agreements.
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