SHARE CAPITAL AND CAPITAL IN EXCESS OF PAR VALUE |
NOTE 5—SHARE CAPITAL AND CAPITAL IN EXCESS OF PAR VALUE: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Capital in | | | | | | | | | Class B | | | | | | | Excess | | | | Common Stock | | Common Stock | | Treasury Stock | | of Par | | | | Shares | | Amount | | Shares | | Amount | | Shares | | Amount | | Value | | | | (000’s) | | | | | (000’s) | | | | | (000’s) | | | | | | | | Balance at January 1, 2018 | | 37,960 | | $ | 26,361 | | 24,891 | | $ | 17,285 | | 85 | | $ | (1,992) | | $ | 656,752 | | Issuance of 3% stock dividend | | 1,125 | | | 781 | | 746 | | | 519 | | 3 | | | — | | | 58,688 | | Conversion of Class B common shares to common shares | | 53 | | | 37 | | (53) | | | (37) | | — | | | — | | | — | | Purchase and retirement of common shares | | (594) | | | (412) | | — | | | — | | — | | | — | | | (18,905) | | Balance at December 31, 2018 | | 38,544 | | | 26,767 | | 25,584 | | | 17,767 | | 88 | | | (1,992) | | | 696,535 | | Issuance of 3% stock dividend | | 1,150 | | | 798 | | 768 | | | 532 | | 2 | | | — | | | 32,999 | | Conversion of Class B common shares to common shares | | 65 | | | 45 | | (65) | | | (45) | | — | | | — | | | — | | Purchase and retirement of common shares | | (923) | | | (641) | | — | | | — | | — | | | — | | | (33,475) | | Balance at December 31, 2019 | | 38,836 | | | 26,969 | | 26,287 | | | 18,254 | | 90 | | | (1,992) | | | 696,059 | | Issuance of 3% stock dividend | | 1,157 | | | 804 | | 787 | | | 547 | | 3 | | | — | | | 42,244 | | Conversion of Class B common shares to common shares | | 62 | | | 43 | | (62) | | | (43) | | — | | | — | | | — | | Purchase and retirement of common shares | | (982) | | | (682) | | — | | | — | | — | | | — | | | (31,373) | | Balance at December 31, 2020 | | 39,073 | | $ | 27,134 | | 27,012 | | $ | 18,758 | | 93 | | $ | (1,992) | | $ | 706,930 | |
Average shares outstanding and all per share amounts included in the financial statements and notes thereto have been adjusted retroactively to reflect annual three percent stock dividends. While the Company does not have a formal or publicly announced Company common stock purchase program, the Company’s board of directors periodically authorizes a dollar amount for such share purchases. Based upon this policy, shares were purchased and retired as follows: | | | | | | | | | Total Number of Shares | | | | | Year | | Purchased (000’s) | | Average Price Paid Per Share | | 2020 | | 982 | | $ | 32.59 | | 2019 | | 923 | | $ | 36.93 | | 2018 | | 594 | | $ | 32.48 | |
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