Shareholders' Equity

6 Months Ended

Jun. 30, 2021

Shareholders’ Equity

A summary of changes in shareholders’ equity for the three months ended June 30, 2021 is presented below:


	Common Stock		Additional Paid-In Capital		Retained Earnings		Treasury Stock		Deferred Compensation Trust		Deferred Compensation Liability		Total
Balance, March 31, 2021	$	206	$	2,272,006	$	9,059,882	$	(8,285,587)	$	(16,710)	$	16,710	$	3,046,507

Net income	—		—		321,295		—		—		—		321,295

Purchase of common stock for treasury	—		—		—		(376,941)		—		—		(376,941)
Equity-based compensation	—		13,379		—		—		—		—		13,379
Proceeds from Options exercised	—		38,048		—		—		—		—		38,048
Treasury stock issued upon option exercise and restricted share vesting	—		(8,869)		—		8,869		—		—		—
Balance, June 30, 2021	$	206	$	2,314,564	$	9,381,177	$	(8,653,659)	$	(16,710)	$	16,710	$	3,042,288

A summary of changes in shareholders’ equity for the six months ended June 30, 2021 is presented below:


	Common Stock		Additional Paid-In Capital		Retained Earnings		Treasury Stock		Deferred Compensation Trust		Deferred Compensation Liability		Total
Balance, December 31, 2020	$	206	$	2,214,426	$	8,811,120	$	(7,922,678)	$	(16,710)	$	16,710	$	3,103,074

Net income	—		—		570,057		—		—		—		570,057

Purchase of common stock for treasury	—		—		—		(754,366)		—		—		(754,366)
Equity-based compensation	—		27,850		—		—		—		—		27,850
Proceeds from Options exercised	—		95,673		—		—		—		—		95,673
Treasury stock issued upon option exercise and restricted share vesting	—		(23,385)		—		23,385		—		—		—
Balance, June 30, 2021	$	206	$	2,314,564	$	9,381,177	$	(8,653,659)	$	(16,710)	$	16,710	$	3,042,288

We repurchased approximately 78 and 165 shares of our common stock during the three and six months ended June 30, 2021, respectively. We settle Option exercises and vesting of RSUs by issuing shares of treasury stock. Approximately 18 and 49 shares were issued from the treasury account during the three and six months ended June 30, 2021, 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, 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. 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.