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Shareholders' Equity | 12 Months Ended
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Dec. 31, 2023
Equity [Abstract] |
Shareholders' Equity | SHAREHOLDERS’ EQUITY Stock Purchase and Dividend Reinvestment Plan Old National has a stock purchase and dividend reinvestment plan under which common shares issued may be either repurchased shares or authorized and previously unissued shares. A new plan became effective on August 12, 2021, with total authorized and unissued common shares reserved for issuance of 3.3 million. At December 31, 2023, 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 discount to the market price. Currently, the discount under the plan is set at 5% of the fair value of the common shares on the purchase date (i.e., at a purchase price of 95%). No participant may purchase common shares with a fair value in excess of $25,000 in any calendar year. In 2023, 75,000 shares were issued related to this plan with proceeds of approximately $1.1 million. In 2022, 52,000 shares were issued related to this plan with proceeds of approximately $0.8 million. Share Repurchase Program In the first quarter of 2023, the Board of Directors approved a stock repurchase program that authorized the Company to repurchase up to $200 million of the Company’s outstanding shares of Common Stock, as conditions warrant, through February 29, 2024. During 2023, 1.8 million common shares were repurchased under the plan, which reduced equity by $29.5 million. On February 21, 2024, the Board of Directors approved a new stock repurchase program, under which the Company is authorized to repurchase up to $200 million of its outstanding common stock through February 28, 2025. This new stock repurchase program replaces the prior $200 million program, which was scheduled to expire February 29, 2024. 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:
(dollars and shares in thousands, except per share data) | Years Ended December 31,
2023 |  | 2022 |  | 2021
Net income | $ | 581,992 |  |  | $ | 428,287 |  |  | $ | 277,538 |
Preferred dividends | (16,135) |  |  | (14,118) |  |  | — |
Net income applicable to common shares | $ | 565,857 |  |  | $ | 414,169 |  |  | $ | 277,538 |
Weighted average common shares outstanding: |  |  |  |  |
Weighted average common shares outstanding (basic) | 290,748 |  |  | 275,179 |  |  | 165,178 |
Effect of dilutive securities: |  |  |  |  |
Restricted stock | 1,107 |  |  | 1,502 |  |  | 729 |
Stock appreciation rights | — |  |  | 7 |  |  | 22 |
Weighted average diluted shares outstanding | 291,855 |  |  | 276,688 |  |  | 165,929 |
Basic Net Income Per Common Share | $ | 1.95 |  |  | $ | 1.51 |  |  | $ | 1.68 |
Diluted Net Income Per Common Share | $ | 1.94 |  |  | $ | 1.50 |  |  | $ | 1.67 |

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