Dividends and Basic Earnings Per Common Share

12 Months Ended

Dec. 31, 2014

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 2014 were $9,919,000 or $12.70 per share of common stock, an increase of 1.6% per share from $9,723,000 or $12.50 per share in 2013. In 2012, cash dividends totaled $9,418,000 or $12.10 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)	2014		2013		2012
Net Income	$	25,402	$	24,061	$	23,349
Weighted Average Number of Common Shares Outstanding		778,358		777,882		778,648
Basic Earnings Per Common Share	$	32.64	$	30.93	$	29.99