Note 17 - Earnings Per Share

12 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Earnings Per Share [Text Block]

Note 17. EARNINGS PER SHARE

For FNCB, the numerator of both the basic and diluted earnings per share of common stock is net income available to common shareholders. The weighted average number of common shares outstanding used in the denominator for basic earnings per common share is increased to determine the denominator used for diluted earnings per common share by the effect of potentially dilutive common share equivalents utilizing the treasury stock method. For each of the years ended  December 31, 2022 and 2021 common stock equivalents reflected in the table above were related entirely to the incremental shares of unvested restricted stock.

The following table presents the calculation of both basic and diluted earnings per share of common stock for the years ended  December 31, 2022 and 2021:

	For the Year Ended December 31,
(in thousands, except share data)	2022		2021
Net income	$	20,445	$	21,371
Basic weighted-average number of common stock outstanding		19,744,477		20,111,430
Plus: common share equivalents		18,089		15,423
Diluted weighted-average number of common stock outstanding		19,762,566		20,126,853
Income per share of common stock:
Basic	$	1.04	$	1.06
Diluted	$	1.03	$	1.06