Dividends and Basic and Diluted Earnings Per Common Share

12 Months Ended

Dec. 31, 2020

Dividends and Basic and Diluted Earnings Per Common Share [Abstract]

Dividends and Basic and Diluted Earnings Per Common Share

15. Dividends and Basic and Diluted Earnings Per Common Share

Total cash dividends during 2020 were $11,700,000 or $14.75 per share of common stock, an increase of 3.9% per share from $11,221,000 or $14.20 per share in 2019. In 2018, cash dividends totaled $11,151,000 or $13.90 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, that could require the issuance of additional common stock.  Accordingly, diluted earnings per share are equal to basic earnings per share. The following table calculates the basic and diluted earnings per common share for the periods indicated.

(net income in thousands)	2020		2019		2018
Net Income	$	58,734	$	56,036	$	45,527
Weighted Average Number of Common Shares Outstanding		793,337		787,227		801,229
Basic and Diluted Earnings Per Common Share	$	74.03	$	71.18	$	56.82