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Earnings Per Share | 9 Months Ended
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Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Earnings Per Share | EARNINGS PER SHARE: Basic earnings per share is computed by dividing net income attributable to CNX shareholders by the weighted average shares outstanding during the reporting period. Diluted earnings per share are computed similarly to basic earnings per share, except that the weighted average shares outstanding are increased to include additional shares from stock options, performance stock options, restricted stock units and performance share units, if dilutive. The number of additional shares is calculated by assuming that outstanding stock options and performance share options were exercised, that outstanding restricted stock units and performance share units were released, and that the proceeds from such activities were used to acquire shares of common stock at the average market price during the reporting period. CNX Midstream Partners LP's ("CNXM") dilutive units did not have a material impact on the Company's earnings per share calculations for the three or nine months ended September 30, 2019, the three months ended September 30, 2018, or the period from January 3, 2018 through September 30, 2018. The table below sets forth the share-based awards that have been excluded from the computation of diluted earnings per share because their effect would be antidilutive:
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2019 |  | 2018 |  | 2019 |  | 2018
Anti-dilutive Options | 2,035,273 |  |  | 2,288,274 |  |  | 2,035,273 |  |  | 2,288,274 |
Anti-dilutive Restricted Stock Units | 814,183 |  |  | — |  |  | 813,266 |  |  | 55,936 |
Anti-dilutive Performance Share Units | — |  |  | 157,120 |  |  | — |  |  | 157,120 |
Anti-dilutive Performance Stock Options | 927,268 |  |  | 927,268 |  |  | 927,268 |  |  | 927,268 |
| 3,776,724 |  |  | 3,372,662 |  |  | 3,775,807 |  |  | 3,428,598 |
The table below sets forth the share-based awards that have been exercised or released:
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2019 |  | 2018 |  | 2019 |  | 2018
Options | 6,953 |  |  | 18,546 |  |  | 27,794 |  |  | 245,847 |
Restricted Stock Units | 28,769 |  |  | 184,176 |  |  | 1,002,003 |  |  | 362,573 |
Performance Share Units | — |  |  | 192,926 |  |  | 342,882 |  |  | 550,523 |
| 35,722 |  |  | 395,648 |  |  | 1,372,679 |  |  | 1,158,943 |
Pursuant to the terms of the change in control severance agreements of certain employees and CNX officers, outstanding equity awards held by such employees vest upon a stockholder (or stockholder group) becoming the beneficial owner of more than 25% of the Company's outstanding common stock. During the nine months ended September 30, 2019, Southeastern Asset Management, Inc. and its affiliates ("SEAM") acquired shares of CNX's common stock in the open market which resulted in SEAM's aggregate share ownership exceeding more than 25% of CNX's common stock outstanding. This transaction, as such, constituted a change in control event under the severance agreements, resulting in the accelerated vesting of 473,126 restricted stock units and 903,100 performance share units held by the aforementioned employees that were issued prior to 2019. Those affected employees and officers each consented to waive the change in control vesting provision included in the change in control severance agreements with respect to their 2019 restricted stock unit and performance share unit awards. The accelerated vesting resulted in $19,654 of additional long-term equity-based compensation expense for the nine months ended September 30, 2019, and is included in Selling, General, and Administrative Costs in the Consolidated Statements of Income. The performance share unit awards that vested continue to be subject to the attainment of performance goals as determined by the Compensation Committee of CNX's Board of Directors after the end of the applicable performance period. The computations for basic and diluted earnings per share are as follows:
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2019 |  | 2018 |  | 2019 |  | 2018
Net Income | $ | 143,960 |  |  | $ | 146,756 |  |  | $ | 272,004 |  |  | $ | 753,696 |
Less: Net Income Attributable to Non-Controlling Interest | 28,422 |  |  | 21,727 |  |  | 81,325 |  |  | 59,090 |
Net Income Attributable to CNX Resources Shareholders | $ | 115,538 |  |  | $ | 125,029 |  |  | $ | 190,679 |  |  | $ | 694,606 |
Weighted-average Shares of Common Stock Outstanding | 187,448,749 |  |  | 210,238,509 |  |  | 188,012,044 |  |  | 216,010,561 |
Effect of Diluted Shares | 982,210 |  |  | 2,469,573 |  |  | 1,548,899 |  |  | 2,288,301 |
Weighted-average Diluted Shares of Common Stock Outstanding | 188,430,959 |  |  | 212,708,082 |  |  | 189,560,943 |  |  | 218,298,862 |
Earnings per Share: |  |  |  |  |  |  |
Basic | $ | 0.62 |  |  | $ | 0.59 |  |  | $ | 1.01 |  |  | $ | 3.22 |
Diluted | $ | 0.61 |  |  | $ | 0.59 |  |  | $ | 1.01 |  |  | $ | 3.18 |

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