Shareholders' Equity

6 Months Ended

Jun. 30, 2020

Equity [Abstract]

Shareholders' Equity

Shareholders’ Equity

A summary of changes in shareholders’ equity for the three months ended June 30, 2020 is presented below:

	Common Stock		Additional Paid-In Capital		Retained Earnings		Treasury Stock		Deferred Compensation Trust		Deferred Compensation Liability		Total
Balance, March 31, 2020	$	206	$	2,127,315	$	8,085,575	$	(7,796,177)	$	(16,912)	$	16,912	$	2,416,919
Net income	—		—		164,075		—		—		—		164,075
Deferred compensation activity, net	—		—		—		—		202		(202)		—
Equity-based compensation	—		14,434		—		—		—		—		14,434
Proceeds from Options exercised	—		16,984		—		—		—		—		16,984
Treasury stock issued upon option exercise and restricted share vesting	—		(7,110)		—		7,110		—		—		—
Balance, June 30, 2020	$	206	$	2,151,623	$	8,249,650	$	(7,789,067)	$	(16,710)	$	16,710	$	2,612,412

A summary of changes in shareholders’ equity for the six months ended June 30, 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	—		—		339,778		—		—		—		339,778
Deferred compensation activity, net	—		—		—		—		202		(202)		—
Purchase of common stock for treasury	—		—		—		(216,582)		—		—		(216,582)
Equity-based compensation	—		21,926		—		—		—		—		21,926
Proceeds from Options exercised	—		126,046		—		—		—		—		126,046
Treasury stock issued upon option exercise and restricted share vesting	—		(51,756)		—		51,756		—		—		—
Balance, June 30, 2020	$	206	$	2,151,623	$	8,249,650	$	(7,789,067)	$	(16,710)	$	16,710	$	2,612,412

We repurchased approximately 58 shares of our common stock during the six months ended June 30, 2020, all of which were repurchased in the first quarter. We settle Option exercises and vesting of RSUs by issuing shares of treasury stock.  Approximately 15 and 114 shares were issued from the treasury account during the three and six months ended June 30, 2020, 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.

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
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. 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.