Dividends and Basic Earnings Per Common Share

12 Months Ended

Dec. 31, 2018

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 2018 were $11,151,000 or $13.90 per share of common stock, an increase of 2.6% per share from $10,982,000 or $13.55 per share in 2017. In 2016, cash dividends totaled $10,478,000 or $13.10 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 Company has no securities or other contracts, such as stock options, the could require the issuance of common stock.  Accordingly, diluted earnings per share are not presented. The following table calculates the basic earnings per common share for the periods indicated.

(net income in thousands)	2018		2017		2016
Net Income	$	45,527	$	28,370	$	29,723
Weighted Average Number of Common Shares Outstanding		801,229		809,834		793,970
Basic Earnings Per Common Share	$	56.82	$	35.03	$	37.44