CITIZENS & NORTHERN CORP Earnings Per Share Disclosure
4. PER SHARE DATA
Basic earnings per common share are calculated using the two-class method to determine income attributable to common shareholders. Unvested restricted stock awards that contain nonforfeitable rights to dividends are considered participating securities under the two-class method. Distributed dividends and an allocation of undistributed net income to participating securities reduce the amount of income attributable to common shareholders. Income attributable to common shareholders is then divided by weighted-average common shares outstanding for the period to determine basic earnings per common share. The Corporation’s basic and diluted earnings per shares are the same because there are no potential dilutive shares of common stock outstanding.
(In Thousands, Except Share and Per Share Data) | | Years Ended | |||||||
December 31, | December 31, | December 31, | |||||||
| 2025 | 2024 | | 2023 | |||||
| | |
| | |||||
Net income | $ | 23,427 | $ | 25,958 | $ | 24,148 | |||
Less: Dividends and undistributed earnings allocated to participating securities |
| (182) |
| (211) |
| (186) | |||
Net income attributable to common shares | $ | 23,245 | $ | 25,747 | $ | 23,962 | |||
Weighted-average common shares outstanding |
| 15,949,789 |
| 15,262,504 |
| 15,241,859 | |||
Earnings per common share - Basic and Diluted | $ | 1.46 | $ | 1.69 | $ | 1.57 | |||
Weighted-average nonvested restricted shares outstanding |
| 124,661 |
| 125,254 |
| 118,122 | |||
Anti-dilutive stock options are excluded from net income per share calculations. There were no anti-dilutive instruments in 2025 or 2024. Weighted-average common shares available from anti-dilutive instruments totaled 8,963 shares in 2023.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 6, 2026 | Showing above |
| 2024 | Mar 6, 2025 | |
| 2023 | Mar 11, 2024 | |
| 2022 | Mar 16, 2023 | |
| 2021 | Feb 22, 2022 | |
| 2020 | Mar 5, 2021 | |
| 2019 | Feb 20, 2020 | |
| 2018 | Feb 21, 2019 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.