Shareholders' Equity

6 Months Ended

Jun. 30, 2019

Equity [Abstract]

Shareholders' Equity

Shareholders’ Equity

A summary of changes in shareholders’ equity for the three months ended June 30, 2019 is presented below:

	Common Stock		Additional Paid-In Capital			Retained Earnings		Treasury Stock			Deferred Compensation Trust			Deferred Compensation Liability		Total
Balance, March 31, 2019	$	206	$	1,899,100		$	7,219,739	$	(7,220,269	)	$	(16,912	)	$	16,912	$	1,898,776
Net income	—		—			210,209		—			—			—		210,209
Deferred compensation activity, net	—		—			—		—			—			—		—
Purchase of common stock for treasury	—		—			—		(87,980		)	—			—		(87,980		)
Equity-based compensation	—		18,577			—		—			—			—		18,577
Proceeds from Options exercised	—		79,857			—		—			—			—		79,857
Treasury stock issued upon option exercise and restricted share vesting	—		(35,378		)	—		35,378			—			—		—
Balance, June 30, 2019	$	206	$	1,962,156		$	7,429,948	$	(7,272,871	)	$	(16,912	)	$	16,912	$	2,119,439

A summary of changes in shareholders’ equity for the six months ended June 30, 2019 is presented below:

	Common Stock		Additional Paid-In Capital			Retained Earnings		Treasury Stock			Deferred Compensation Trust			Deferred Compensation Liability			Total
Balance, December 31, 2018	$	206	$	1,820,223		$	7,031,333	$	(7,043,200	)	$	(16,937	)	$	16,937		$	1,808,562
Net income	—		—			398,615		—			—			—			398,615
Deferred compensation activity, net	—		—			—		—			25			(25		)	—
Purchase of common stock for treasury	—		—			—		(304,479		)	—			—			(304,479		)
Equity-based compensation	—		37,910			—		—			—			—			37,910
Proceeds from Options exercised	—		178,831			—		—			—			—			178,831
Treasury stock issued upon option exercise and restricted share vesting	—		(74,808		)	—		74,808			—			—			—
Balance, June 30, 2019	$	206	$	1,962,156		$	7,429,948	$	(7,272,871	)	$	(16,912	)	$	16,912		$	2,119,439

We repurchased approximately 30 and 112 shares of our common stock during the three and six months ended June 30, 2019, respectively. We settle Option exercises and vesting of RSUs by issuing shares of treasury stock.  Approximately 82 and 177 shares were issued from the treasury account during the three and six months ended June 30, 2019, respectively, in settlement of Option exercises and vesting of RSUs.  Shares are relieved from the treasury account based on the weighted average cost basis of treasury shares acquired.

A summary of changes in shareholders’ equity for the three months ended June 30, 2018 is presented below:

	Common Stock		Additional Paid-In Capital			Retained Earnings		Treasury Stock			Deferred Compensation Trust			Deferred Compensation Liability			Total
Balance, March 31, 2018	$	206	$	1,678,100		$	6,400,185	$	(6,611,683	)	$	(17,389	)	$	17,389		$	1,466,808
Net income	—		—			203,174		—			—			—			203,174
Deferred compensation activity, net	—		—			—		—			241			(241		)	—
Purchase of common stock for treasury	—		—			—		(126,296		)	—			—			(126,296		)
Equity-based compensation	—		18,595			—		—			—			—			18,595
Proceeds from Options exercised	—		45,290			—		—			—			—			45,290
Treasury stock issued upon option exercise and restricted share vesting	—		(20,289		)	—		20,289			—			—			—
Balance, June 30, 2018	$	206	$	1,721,696		$	6,603,359	$	(6,717,690	)	$	(17,148	)	$	17,148		$	1,607,571

A summary of changes in shareholders’ equity for the six months ended June 30, 2018 is presented below:

	Common Stock		Additional Paid-In Capital			Retained Earnings		Treasury Stock			Deferred Compensation Trust			Deferred Compensation Liability			Total
Balance, December 31, 2017	$	206	$	1,644,197		$	6,231,940	$	(6,270,851	)	$	(17,383	)	$	17,383		$	1,605,492
Cumulative-effect adjustment from adoption of ASU 2014-09, net of tax	—		—			2,196		—			—			—			2,196
Net income	—		—			369,223		—			—			—			369,223
Deferred compensation activity, net	—		—			—		—			235			(235		)	—
Purchase of common stock for treasury	—		—			—		(483,538		)	—			—			(483,538		)
Equity-based compensation	—		28,104			—		—			—			—			28,104
Proceeds from Options exercised	—		86,094			—		—			—			—			86,094
Treasury stock issued upon option exercise and restricted share vesting	—		(36,699		)	—		36,699			—			—			—
Balance, June 30, 2018	$	206	$	1,721,696		$	6,603,359	$	(6,717,690	)	$	(17,148	)	$	17,148		$	1,607,571

We repurchased approximately 42 and 158 shares of our common stock during the three and six months ended June 30, 2018, respectively. Approximately 52 and 96 shares were issued from the treasury account during the three and six months ended June 30, 2018, respectively, in settlement of Option exercises and vesting of RSUs.