Dividends and Basic Earnings Per Share

12 Months Ended

Dec. 31, 2012

Dividends and Basic Earnings Per Share [Abstract]

Dividends and Basic Earnings Per Share

15. Dividends and Basic Earnings Per Common Share

Total cash dividends during 2012 were $9,418,000 or $12.10 per share of common stock, an increase of 2.8% per share from $9,158,000 or $11.75 per share in 2011. In 2010, cash dividends totaled $8,855,000 or $11.35 per share.

Basic earnings per common share amounts are computed by dividing net income by the weighted average number of common shares outstanding for the period. The following table calculates the basic earnings per common share for the periods indicated.

(net income in thousands)	2012		2011		2010
Net Income	$	23,349	$	22,209	$	21,118
Average Number of Common Shares Outstanding		778,648		779,424		780,619
Basic Earnings Per Common Share	$	29.99	$	28.49	$	27.05