Dividends and Basic Earnings Per Common Share

12 Months Ended

Dec. 31, 2019

Dividends and Basic Earnings Per Common Share [Abstract]

Dividends and Basic Earnings Per Common Share

14. Dividends and Basic Earnings Per Common Share

Total cash dividends during 2019 were $11,221,000 or $14.20 per share of common stock, an increase of 2.2% per share from $11,151,000 or $13.90 per share in 2018. In 2017, cash dividends totaled $10,982,000 or $13.55 per share.

Basic earnings per common share amounts are computed by dividing net income by the weighted average number of common shares outstanding for the period. The Company has no securities or other contracts, such as stock options, that could require the issuance of common stock.  Accordingly, diluted earnings per share are not presented. The following table calculates the basic earnings per common share for the periods indicated.

(net income in thousands)	2019		2018		2017
Net Income	$	56,036	$	45,527	$	28,370
Weighted Average Number of Common Shares Outstanding		787,227		801,229		809,834
Basic Earnings Per Common Share	$	71.18	$	56.82	$	35.03