EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2026

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 March 31,
		2026	2025
Anti-Dilutive Options		—	865,250
Anti-Dilutive Restricted Stock Units		414	1,820,979
Anti-Dilutive Performance Share Units		112,988	1,048,095

		113,402	3,734,324

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. On January 28, 2026, in accordance with the indenture governing the Convertible Notes, CNX issued a notice of settlement method election for all of the outstanding Convertible Notes providing that CNX would settle any of the Convertible Notes outstanding by issuing shares of the Company's common stock, together, if applicable, with cash in lieu of fractional shares, as provided for in the indenture.

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 Convertible Notes have been excluded from the computation of diluted earnings per share for the three months ended March 31, 2025 as the effect of including these shares in the calculation would have been anti-dilutive. When the convertible

notes are dilutive, interest on Convertible Notes, net of tax, is added back to net income in order to calculate diluted earnings available to shareholders.

The table below sets forth the potential common shares issuable upon conversion of the Convertible Notes that were excluded from the calculation of diluted earnings per share because their effect would be anti-dilutive:


	For the Three Months Ended March 31,
	2026	2025
Convertible Notes	—	25,751,869

The table below sets forth the share-based awards that have been exercised or released:


	For the Three Months Ended March 31,
		2026	2025
Options		149,275	82,007
Restricted Stock Units		596,299	632,388
Performance Share Units		455,069	483,570
		1,200,643	1,197,965

The computations for basic and diluted earnings (loss) per share are as follows:


	For the Three Months Ended March 31,
		2026		2025
Net Income (Loss)		$	348,147	$	(197,715)




Basic Earnings (Loss) Available to Shareholders		$	348,147	$	(197,715)

Effect of Dilutive Securities:
Add Back Interest on Convertible Notes (Net of Tax)		$	953	$	—
Diluted Earnings (Loss) Available to Shareholders		$	349,100	$	(197,715)

Weighted-Average Shares of Common Stock Outstanding		142,202,197		147,778,141
Effect of Diluted Shares:*
Options		386,700		—
Restricted Stock Units		871,156		—
Performance Share Units		586,108		—
Convertible Notes		16,242,445		—
Weighted-Average Diluted Shares of Common Stock Outstanding		160,288,606		147,778,141

Earnings (Loss) per Share:


Basic		$	2.45	$	(1.34)



Diluted		$	2.18	$	(1.34)

*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 and the potential share settlement impact related to CNX’s Convertible Notes are antidilutive.