Dividends and Basic Earnings Per Common Share

12 Months Ended

Dec. 31, 2015

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 2015 were $10,157,000 or $12.90 per share of common stock, an increase of 1.6% per share from $9,919,000 or $12.70 per share in 2014. In 2013, cash dividends totaled $9,723,000 or $12.50 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)	2015		2014		2013
Net Income	$	27,392	$	25,402	$	24,061
Weighted Average Number of Common Shares Outstanding		786,582		778,358		777,882
Basic Earnings Per Common Share	$	34.82	$	32.64	$	30.93