SHARE CAPITAL AND CAPITAL IN EXCESS OF PAR VALUE

12 Months Ended

Dec. 31, 2023

SHARE CAPITAL AND CAPITAL IN EXCESS OF PAR VALUE

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 December 31, 2020	39,073	$	27,134	27,012	$	18,758	93	$	(1,992)	$	706,930
Issuance of 3% stock dividend	1,163		807	810		562	3		—		32,495
Conversion of Class B common shares to common shares	29		20	(29)		(20)	—		—		—
Purchase and retirement of common shares	(921)		(639)	—		—	—		—		(29,545)
Balance at December 31, 2021	39,344		27,322	27,793		19,300	96		(1,992)		709,880
Issuance of 3% stock dividend	1,176		817	833		579	3		—		41,068
Conversion of Class B common shares to common shares	19		13	(19)		(13)	—		—		—
Purchase and retirement of common shares	(818)		(568)	—		—	—		—		(31,342)
Balance at December 31, 2022	39,721		27,584	28,607		19,866	99		(1,992)		719,606
Issuance of 3% stock dividend	1,185		823	858		596	3		—		50,649
Conversion of Class B common shares to common shares	20		14	(20)		(14)	—		—		—
Purchase and retirement of common shares	(927)		(644)	—		—	—		—		(32,802)
Balance at December 31, 2023	39,999	$	27,777	29,445	$	20,448	102	$	(1,992)	$	737,453

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
2023	928	$	35.66
2022	818	$	38.98
2021	921	$	32.76