Company: ONBPP
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000707179-25-000005
Chunk: 215

Company: OLD NATIONAL BANCORP /IN/
Filing Date: 2025-02-19
Form: 10-K
Item: Item 8
Chunk 215
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, which was scheduled to expire February 28, 2025. Net Income per Common ShareBasic 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.

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The following table presents the calculation of basic and diluted net income per common share:(dollars and shares in thousands,except per share data)Years Ended December 31,202420232022Net income$539,188 $581,992 $428,287 Preferred dividends(16,135)(16,135)(14,118)Net income applicable to common shares$523,053 $565,857 $414,169 Weighted average common shares outstanding:Weighted average common shares outstanding (basic)309,499 290,748 275,179 Effect of dilutive securities (1):Restricted stock1,502 1,107 1,502 Stock appreciation rights— — 7 Weighted average diluted shares outstanding311,001 291,855 276,688 Basic Net Income Per Common Share$1.69 $1.95 $1.51 Diluted Net Income Per Common Share$1.68 $1.94 $1.50 (1)Old National had potentially dilutive shares from forward sale contracts for the year ended December 31, 2024 that were determined to be antidilutive and have been excluded from the calculation of diluted net income per share.

NOTE 18 – FAIR VALUE

Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values:•Level 1 – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date.•Level 2 – Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that