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Shareholders' Equity | 12 Months Ended
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Dec. 31, 2020
Equity [Abstract] |
Shareholders' Equity | SHAREHOLDERS' EQUITY Dividend Reinvestment and Stock Purchase Plan Old National has a dividend reinvestment and stock purchase plan under which common shares issued may be either repurchased shares or authorized and previously unissued shares. A new plan became effective on August 13, 2018, with total authorized and unissued common shares reserved for issuance of 3.3 million. At December 31, 2020, 3.3 million authorized and unissued common shares were available for issuance under the plan. Employee Stock Purchase Plan Old National has an employee stock purchase plan under which eligible employees can purchase common shares at a price not less than 95% of the fair market value of the common shares on the purchase date. The amount of common shares purchased cannot exceed 10% of the employee’s compensation. The maximum number of shares that may be purchased under this plan is 500,000 shares. In 2020, 43,000 shares were issued related to this plan with proceeds of approximately $577,000. In 2019, 36,000 shares were issued related to this plan with proceeds of approximately $567,000. Share Repurchase Plan In the first quarter of 2020, the Board of Directors approved the repurchase of up to 7.0 million of the Company’s common shares to be repurchased, as conditions warrant, through January 31, 2021. During 2020, Old National repurchased 4.9 million common shares under the plan, which reduced equity by $78.7 million. The program was suspended in March 2020 given the uncertain economic conditions. On January 28, 2021, the Board of Directors approved the adoption of a stock repurchase plan that authorizes the repurchase of up to $100 million of shares of Common Stock, as conditions warrant, through January 31, 2022. Net Income per Share Basic and diluted net income per share are calculated using the two-class method. Net income 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 is then divided by the weighted-average number of common shares and common share equivalents during the period. The following table reconciles basic and diluted net income per share.
(dollars and shares in thousands, except per share data) | Years Ended December 31,
2020 |  | 2019 |  | 2018
Basic Net Income Per Share |  |  |  |  |
Net income | $ | 226,409 |  |  | $ | 238,206 |  |  | $ | 190,830 |
Weighted average common shares outstanding | 165,509 |  |  | 171,907 |  |  | 155,675 |
Basic Net Income Per Share | $ | 1.37 |  |  | $ | 1.39 |  |  | $ | 1.23 |
Diluted Net Income Per Share |  |  |  |  |
Net income | $ | 226,409 |  |  | $ | 238,206 |  |  | $ | 190,830 |
Weighted average common shares outstanding | 165,509 |  |  | 171,907 |  |  | 155,675 |
Effect of dilutive securities: |  |  |  |  |
Restricted stock | 632 |  |  | 733 |  |  | 796 |
Stock options and appreciation rights | 36 |  |  | 47 |  |  | 68 |
Weighted average shares outstanding | 166,177 |  |  | 172,687 |  |  | 156,539 |
Diluted Net Income Per Share | $ | 1.36 |  |  | $ | 1.38 |  |  | $ | 1.22 |

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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