Note 15 - Earnings Per Common Share

3 Months Ended

Mar. 31, 2025

Notes to Financial Statements

Earnings Per Share [Text Block]

NOTE 15 – EARNINGS PER COMMON 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 ASC No. 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.  The diluted average number of common shares outstanding has been increased for the assumed exercise of stock options and warrants with proceeds used to purchase treasury shares at the average market price for the period.  

Earnings per share for the three months ended March 31, 2025 and 2024 were calculated as follows (dollars in thousands, except share and per share data):

	Three Months Ended
	March 31,
	2025		2024
Net income	$	4,609		1,915
Less allocation of earnings and dividends to participating securities		28		12
Net income allocated to common shareholders	$	4,581		1,903
Weighted average common shares outstanding, gross		14,136,855		13,196,895
Less average participating securities		85,545		84,593
Adjusted weighted average number of shares outstanding used in the calculation of basic and diluted earnings per common share		14,051,310		13,112,302
Earnings per common share:
Basic	$	0.33		0.15
Diluted		0.33		0.15