Lemon's payout ratio has increased compared to the last two years. Which of the following could be a likely reason for this?

Lemon's profit has decreased, and it has not paid any dividends.

Lemon's profit has increased, and it is retaining more cash for expansion.

Lemon's profit has increased, however it is still paying the same amount of cash dividends.

Lemon's profit has decreased, while still paying the same amount of cash dividends.