Shareholders' Equity

9 Months Ended

Sep. 30, 2021

Equity [Abstract]

Shareholders' Equity

Shareholders’ Equity

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

	Common Stock		Additional Paid-In Capital		Retained Earnings		Treasury Stock		Deferred Compensation Trust		Deferred Compensation Liability		Total
Balance, June 30, 2021	$	206	$	2,314,564	$	9,381,177	$	(8,653,659)	$	(16,710)	$	16,710	$	3,042,288
Net income	—		—		332,081		—		—		—		332,081
Purchase of common stock for treasury	—		—		—		(398,489)		—		—		(398,489)
Equity-based compensation	—		15,009		—		—		—		—		15,009
Proceeds from Options exercised	—		26,162		—		—		—		—		26,162
Treasury stock issued upon option exercise and restricted share vesting	—		(6,735)		—		6,735		—		—		—
Balance, September 30, 2021	$	206	$	2,349,000	$	9,713,258	$	(9,045,413)	$	(16,710)	$	16,710	$	3,017,051

A summary of changes in shareholders’ equity for the nine months ended September 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	—		—		902,138		—		—		—		902,138
Purchase of common stock for treasury	—		—		—		(1,152,855)		—		—		(1,152,855)
Equity-based compensation	—		42,859		—		—		—		—		42,859
Proceeds from Options exercised	—		121,835		—		—		—		—		121,835
Treasury stock issued upon option exercise and restricted share vesting	—		(30,120)		—		30,120		—		—		—
Balance, September 30, 2021	$	206	$	2,349,000	$	9,713,258	$	(9,045,413)	$	(16,710)	$	16,710	$	3,017,051

We repurchased approximately 80 and 245 shares of our common stock during the three and nine months ended September 30, 2021, respectively. We settle Option exercises and vesting of RSUs by issuing shares of treasury stock.  Approximately 13 and 62 shares were issued from the treasury account during the three and nine months ended September 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 September 30, 2020 is presented below:

	Common Stock		Additional Paid-In Capital		Retained Earnings		Treasury Stock		Deferred Compensation Trust		Deferred Compensation Liability		Total
Balance, June 30, 2020	$	206	$	2,151,623	$	8,249,650	$	(7,789,067)	$	(16,710)	$	16,710	$	2,612,412
Net income	—		—		256,466		—		—		—		256,466
Equity-based compensation	—		13,639		—		—		—		—		13,639
Proceeds from Options exercised	—		36,476		—		—		—		—		36,476
Treasury stock issued upon option exercise and restricted share vesting	—		(13,531)		—		13,531		—		—		—
Balance, September 30, 2020	$	206	$	2,188,207	$	8,506,116	$	(7,775,536)	$	(16,710)	$	16,710	$	2,918,993

A summary of changes in shareholders’ equity for the nine months ended September 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	—		—		596,244		—		—		—		596,244
Deferred compensation activity, net	—		—		—		—		202		(202)		—
Purchase of common stock for treasury	—		—		—		(216,582)		—		—		(216,582)
Equity-based compensation	—		35,565		—		—		—		—		35,565
Proceeds from Options exercised	—		162,522		—		—		—		—		162,522
Treasury stock issued upon option exercise and restricted share vesting	—		(65,287)		—		65,287		—		—		—
Balance, September 30, 2020	$	206	$	2,188,207	$	8,506,116	$	(7,775,536)	$	(16,710)	$	16,710	$	2,918,993

We repurchased approximately 58 shares of our common stock during the nine months ended September 30, 2020, all of which were repurchased in the first quarter. Approximately 29 and 143 shares were issued from the treasury account during the three and nine months ended September 30, 2020, respectively, in settlement of Option exercises and vesting of RSUs.