Shareholders' Equity

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Shareholders' Equity

Shareholders’ EquityA summary of changes in shareholders’ equity for the three months ended March 31, 2022 is presented below:

	Common Stock		Additional Paid-In Capital		Retained Earnings		Treasury Stock		Deferred Compensation Trust		Deferred Compensation Liability		Total
Balance, December 31, 2021	$	206	$	2,378,191	$	10,047,839	$	(9,423,858)	$	(16,710)	$	16,710	$	3,002,378
Net income	—		—		426,100		—		—		—		426,100
Purchase of common stock for treasury	—		—		—		(748,788)		—		—		(748,788)
Equity-based compensation	—		11,668		—		—		—		—		11,668
Proceeds from Options exercised	—		34,241		—		—		—		—		34,241
Treasury stock issued upon Option exercise and restricted share vesting	—		(7,440)		—		7,440		—		—		—
Balance, March 31, 2022	$	206	$	2,416,660	$	10,473,939	$	(10,165,206)	$	(16,710)	$	16,710	$	2,725,599

A summary of changes in shareholders’ equity for the three months ended March 31, 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	—		—		248,762		—		—		—		248,762
Purchase of common stock for treasury	—		—		—		(377,425)		—		—		(377,425)
Equity-based compensation	—		14,471		—		—		—		—		14,471
Proceeds from Options exercised	—		57,625		—		—		—		—		57,625
Treasury stock issued upon Option exercise and restricted share vesting	—		(14,516)		—		14,516		—		—		—
Balance, March 31, 2021	$	206	$	2,272,006	$	9,059,882	$	(8,285,587)	$	(16,710)	$	16,710	$	3,046,507

We repurchased 146,054 and 86,523 shares of our outstanding common stock during the three months ended March 31, 2022 and 2021, respectively. We settle Option exercises and vesting of restricted stock units ("RSUs") by issuing shares of treasury stock.  Approximately 13,323 and 30,555 shares were issued from the treasury account during the three months ended March 31, 2022 and 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.