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EARNINGS PER SHARE
9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
EARNINGS PER SHARE EARNINGS PER SHARE:
Basic earnings per share is computed by dividing net income or net loss 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 2.25% convertible senior notes due May 2026 (the "Convertible Notes") (See Note 10 – 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 conversion of the Convertible Notes are issued (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 anti-dilutive effect.

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 anti-dilutive:
 For the Three Months Ended September 30,For the Nine Months Ended September 30,
 2025202420252024
Anti-Dilutive Options— 11,058 — 6,134 
Anti-Dilutive Restricted Stock Units244,338 — 273,398 36,018 
244,338 11,058 273,398 42,152 

The Convertible Notes, if converted by the holder, may be settled in cash, shares of the Company's common stock or a combination thereof, at the Company's election. The Company is currently evaluating the methods in which the convertible obligation will be settled upon conversion. Accounting Standards Update (“ASU”) 2020-06 - Accounting for Convertible Instruments and Contracts in an Entity's Own Equity ("ASU 2020-06") amended the diluted earnings per share calculation for convertible instruments by requiring the use of the if-converted method (See Note 10 – Long-Term Debt for more information). The if-converted method assumes the conversion of convertible instruments occurs at the beginning of the reporting period and diluted weighted average shares outstanding includes the common shares issuable upon conversion of the convertible instruments. In periods where CNX recognizes net income, 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 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,
 2025202420252024
Options8,225 24,675 106,231 934,111 
Restricted Stock Units25,155 47,188 756,238 893,400 
Performance Share Units12,052 — 495,622 753,673 
45,432 71,863 1,358,091 2,581,184 

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,
 2025202420252024
Net Income $202,103 $65,540 $436,910 $54,130 
Basic Earnings Available to Shareholders$202,103 $65,540 $436,910 $54,130 
Effect of Dilutive Securities:
Add Back Interest on Convertible Notes (Net of Tax)$1,405 $1,377 $4,214 $4,132 
Diluted Earnings Available to Shareholders$203,508 $66,917 $441,124 $58,262 
Weighted-Average Shares of Common Stock Outstanding
139,251,482 150,342,177 143,455,291 152,098,676 
Effect of Diluted Shares:
Options549,148 748,078 568,262 888,717 
Restricted Stock Units1,176,208 1,422,715 1,138,590 1,248,254 
Performance Share Units856,491 848,622 850,788 782,130 
Convertible Notes25,751,869 25,751,869 25,751,869 25,751,869 
Weighted-Average Diluted Shares of Common Stock Outstanding167,585,198 179,113,461 171,764,800 180,769,646 
Earnings per Share:
Basic$1.45 $0.44 $3.05 $0.36 
Diluted$1.21 $0.37 $2.57 $0.32