Note 19 - Earnings Per Share

12 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Earnings Per Share [Text Block]

NOTE 19 - EARNINGS PER SHARE

LCNB has granted restricted stock awards with non-forfeitable dividend rights, which are considered participating securities. Accordingly, earnings per share is computed using the two-class method as required by FASB ASC 260-10-45. Basic earnings per common share is calculated by dividing net income allocated to common shareholders by the weighted average number of common shares outstanding during the period, which excludes the participating securities.  Diluted earnings per common share is adjusted for the dilutive effects of stock options, warrants, and restricted stock.  

Earnings per share for the years ended December 31 were calculated as follows (in thousands, except share and per share data):

	2024		2023		2022
Net income	$	13,492		12,628		22,128
Less allocation of earnings and dividends to participating securities		82		86		114
Net income allocated to common shareholders	$	13,410		12,542		22,014
Weighted average common shares outstanding, gross		13,849,578		11,497,330		11,469,676
Less average participating securities		84,593		79,473		58,695
Weighted average number of shares outstanding used in the calculation of basic earnings per common share		13,764,985		11,417,857		11,410,981
Add dilutive effect of:
Stock options		—		—		—
Adjusted weighted average number of shares outstanding used in the calculation of diluted earnings per common share		13,764,985		11,417,857		11,410,981
Earnings per common share:
Basic	$	0.97		1.10		1.93
Diluted		0.97		1.10		1.93