Shareholders' Equity

3 Months Ended

Mar. 31, 2020

Equity [Abstract]

Shareholders' Equity

Shareholders’ Equity

A summary of changes in shareholders’ equity for the three months ended March 31, 2020 is presented below:

	Common Stock		Additional Paid-In Capital		Retained Earnings		Treasury Stock		Deferred Compensation Trust		Deferred Compensation Liability		Total
Balance, December 31, 2019	$	206	$	2,055,407	$	7,909,872	$	(7,624,241)	$	(16,912)	$	16,912	$	2,341,244
Net income	—		—		175,703		—		—		—		175,703
Purchase of common stock for treasury	—		—		—		(216,582)		—		—		(216,582)
Equity-based compensation	—		7,492		—		—		—		—		7,492
Proceeds from Options exercised	—		109,062		—		—		—		—		109,062
Treasury stock issued upon option exercise and restricted share vesting	—		(44,646)		—		44,646		—		—		—
Balance, March 31, 2020	$	206	$	2,127,315	$	8,085,575	$	(7,796,177)	$	(16,912)	$	16,912	$	2,416,919

A summary of changes in shareholders’ equity for the three months ended March 31, 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	—		—		188,406		—		—		—		188,406
Deferred compensation activity, net	—		—		—		—		25		(25)		—
Purchase of common stock for treasury	—		—		—		(216,499)		—		—		(216,499)
Equity-based compensation	—		19,333		—		—		—		—		19,333
Proceeds from Options exercised	—		98,974		—		—		—		—		98,974
Treasury stock issued upon option exercise and restricted share vesting	—		(39,430)		—		39,430		—		—		—
Balance, March 31, 2019	$	206	$	1,899,100	$	7,219,739	$	(7,220,269)	$	(16,912)	$	16,912	$	1,898,776

We repurchased approximately 58 and 82 shares of our common stock during the three months ended March 31, 2020 and 2019, respectively. We settle Option exercises and vesting of RSUs by issuing shares of treasury stock.  Approximately 99 and 95 shares were issued from the treasury account during the three months ended March 31, 2020 and 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.