Dividends and Basic Earnings Per Common Share

12 Months Ended

Dec. 31, 2016

Dividends and Basic Earnings Per Common Share [Abstract]

Dividends and Basic Earnings Per Common Share

16. Dividends and Basic Earnings Per Common Share

Total cash dividends during 2016 were $10,478,000 or $13.10 per share of common stock, an increase of 1.6% per share from $10,157,000 or $12.90 per share in 2015. In 2014, cash dividends totaled $9,919,000 or $12.70 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)	2016		2015		2014
Net Income	$	29,723	$	27,392	$	25,402
Weighted Average Number of Common Shares Outstanding		793,970		786,582		778,358
Basic Earnings Per Common Share	$	37.44	$	34.82	$	32.64