Company: CCNE
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0000736772-25-000087
Chunk: 155

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-05-07
Form: 10-Q
Item: Item 8
Chunk 155
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59,739)22.92 Unvested at end of period115,259 $22.09 As of March 31, 2025 and December 31, 2024, there was $2.3 million and $2.7 million, respectively, of total unrecognized compensation cost related to non-vested shares granted under the 2019 Stock Incentive Plan. The fair value of shares vested was $1.5 million during the three months ended March 31, 2025, and $1.4 million during the three months ended March 31, 2024.In addition to the time-based restricted stock disclosed above, the Corporation’s Board of Directors grants performance-based restricted stock awards ("PBRSAs") to key employees. The number of PBRSAs will depend on certain performance conditions earned over a three year period and are also subject to service-based vesting. In 2024, awards with a maximum of 44,988 shares in aggregate were granted to key employees. In 2023, awards with a maximum of 35,129 shares in aggregate were granted to key employees.In 2024, the 2022 PBRSAs were fully earned and in 2025, 8,916 shares were fully distributed. The fair value of the shares distributed in 2025 was $226 thousand.

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11.    EARNINGS PER COMMON SHARE

Basic earnings per common share is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the applicable period, excluding outstanding participating securities. Diluted earnings per common share is computed using the weighted average number of common shares determined for the basic computation plus the dilutive effect of potential common shares issuable under certain stock compensation plans. For the three months ended March 31, 2025 and 2024, there were no outstanding stock options to include in the diluted earnings per common share calculations.Unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and are included in the computation of earnings per common share pursuant to the two-class method. The Corporation has determined that its outstanding non-vested time-based restricted stock awards are participating securities.The computation of basic and diluted earnings per common share is shown below:Three Months Ended March 31, 20252024Basic earnings per common share computation:Net income per condensed consolidated statements of income$10,406 $11,525