Dividends and Basic Earnings Per Common Share

12 Months Ended

Dec. 31, 2013

Dividends and Basic Earnings Per Common Share [Abstract]

Dividends and Basic Earnings Per Common Share

15. Dividends and Basic Earnings Per Common Share

Total cash dividends during 2013 were $9,723,000 or $12.50 per share of common stock, an increase of 3.3% per share from $9,418,000 or $12.10 per share in 2012. In 2011, cash dividends totaled $9,158,000 or $11.75 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)	2013		2012		2011
Net Income	$	24,061	$	23,349	$	22,209
Average Number of Common Shares Outstanding		777,882		778,648		779,424
Basic Earnings Per Common Share	$	30.93	$	29.99	$	28.49