XML 37 R11.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Earnings Per Share | 12 Months Ended
--- | ---
Dec. 31, 2021
Earnings Per Share [Abstract] |
Earnings Per Share | EARNINGS PER SHARE: Basic earnings per share is computed by dividing net income or net loss attributable to CNX shareholders by the weighted average shares outstanding during the reporting period. Diluted earnings per share is computed similarly to basic earnings per share, except that the weighted average shares outstanding are increased to include, if dilutive, additional shares from stock options, restricted stock units, performance share units and shares issuable upon conversion of CNX's outstanding Convertible Notes (See Note 12 - Long-Term Debt). The number of additional shares is calculated by assuming that outstanding stock options were exercised, that outstanding restricted stock units and performance share units were released, that the shares that are issuable from the Convertible Notes are converted (subject to the considerations discussed further in the paragraph below), and that the proceeds from such activities were used to acquire shares of common stock at the average market price during the reporting period. In periods when CNX recognizes a net loss, the impact of outstanding stock awards and the potential share settlement impact related to CNX’s Convertible Notes are excluded from the diluted loss per share calculation as their inclusion would have an antidilutive effect. Pursuant to the Merger (See Note 4 - Acquisitions and Dispositions for more information), all outstanding phantom units previously granted under the CNXM long-term incentive plan were converted into the right to receive 0.88 shares of common stock of CNX. As such, all outstanding phantom units were converted, effective as of the closing of the Merger, into CNX restricted stock units. Each CNX restricted stock unit is subject to the same vesting, forfeiture and other terms and conditions applicable to the converted CNXM phantom units. Under Accounting Standards Codification Topic 718, Compensation - Stock Compensation, it was determined that there was no additional compensation cost to record as the conversion of awards did not result in incremental fair value. CNXM's dilutive units did not have a material impact on the Company's earnings per share calculations for the period from January 1, 2020 through September 30, 2020 or the year ended December 31, 2019. 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 Years Ended December 31,
| 2021 |  | 2020 |  | 2019
Anti-Dilutive Options | 2,990,094 |  |  | 4,200,509 |  |  | 4,696,264 |
Anti-Dilutive Restricted Stock Units | 2,436,846 |  |  | 2,160,727 |  |  | 1,282,582 |
Anti-Dilutive Performance Share Units | 996,863 |  |  | 721,244 |  |  | 752,899 |
Anti-Dilutive Performance Share Options | — |  |  | — |  |  | 927,268 |
| 6,423,803 |  |  | 7,082,480 |  |  | 7,659,013 |
The Company expects to settle the principal amount of the Convertible Notes in cash. As a result, only the amount by which the conversion value exceeds the aggregated principal amount of the Convertible Notes is included in the diluted earnings per share computation under the treasury stock method. The conversion spread has a dilutive impact on diluted earnings per share when the average market price of the Company’s common stock for a given period exceeds the initial conversion price of $12.84 per share for the Convertible Notes. In connection with the Convertible Notes’ issuance, the Company entered into privately negotiated capped call transactions with certain counterparties, (the “Capped Calls” and “Capped Call Transactions”), which were not included in calculating the number of diluted shares outstanding, as their effect would have been anti-dilutive. The computations for basic and diluted loss per share are as follows:
| For the Years Ended December 31,
| 2021 |  | 2020 |  | 2019
Net (Loss) Income | $ | (498,643) |  |  | $ | (428,744) |  |  | $ | 31,948 |
Less: Net Income Attributable to Non-Controlling Interest | — |  |  | 55,031 |  |  | 112,678 |
Net Loss Attributable to CNX Resources Shareholders | $ | (498,643) |  |  | $ | (483,775) |  |  | $ | (80,730) |
Weighted-Average Shares of Common Stock Outstanding | 215,971,381 |  |  | 199,225,441 |  |  | 190,727,122 |
Effect of Diluted Shares* | — |  |  | — |  |  | — |
Weighted-Average Diluted Shares of Common Stock Outstanding | 215,971,381 |  |  | 199,225,441 |  |  | 190,727,122 |
Loss Per Share: |  |  |  |  |
Basic | $ | (2.31) |  |  | $ | (2.43) |  |  | $ | (0.42) |
Diluted | $ | (2.31) |  |  | $ | (2.43) |  |  | $ | (0.42) |
*During periods in which the Company incurs a net loss, diluted weighted average shares outstanding are equal to basic weighted average shares outstanding because the effect of all equity awards is antidilutive. Shares of common stock outstanding were as follows:
| For the Years Ended December 31,
| 2021 |  | 2020 |  | 2019
Balance, Beginning of Year | 220,440,993 |  |  | 186,642,962 |  |  | 198,663,342 |
Issuance Related to Stock-Based Compensation (1) | 1,374,925 |  |  | 882,335 |  |  | 909,107 |
Retirement of Common Stock (2) | (18,284,598) |  |  | (4,138,527) |  |  | (12,929,487) |
Issuance Related to CNXM Merger | — |  |  | 37,054,223 |  |  | — |
Balance, End of Year | 203,531,320 |  |  | 220,440,993 |  |  | 186,642,962 |
(1) See Note 15 - Stock-Based Compensation for additional information. (2) See Note 5 - Stock Repurchase for additional information.

X
- References No definition available. + Details
Name: | us-gaap_EarningsPerShareAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109243012&loc=SL65017193-207537 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -URI http://asc.fasb.org/topic&trid=2144383 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=124432515&loc=d3e3630-109257 + Details
Name: | us-gaap_EarningsPerShareTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration