SHARE CAPITAL AND CAPITAL IN EXCESS OF PAR VALUE

12 Months Ended

Dec. 31, 2025

SHARE CAPITAL AND CAPITAL IN EXCESS OF PAR VALUE

SHARE CAPITAL AND CAPITAL IN EXCESS OF PAR VALUE

NOTE 5—SHARE CAPITAL AND CAPITAL IN EXCESS OF PAR VALUE:

										Capital in
				Class B						Excess
	Common Stock			Common Stock			Treasury Stock			of Par
	Shares	Amount		Shares	Amount		Shares	Amount		Value
	(000’s)			(000’s)			(000’s)
Balance at December 31, 2022	39,721		27,584	28,607		19,866	99		(1,992)		719,606
Issuance of 3% stock dividend	1,185		823	858		596	3		—		50,649
Conversion of Class B common shares to common shares	20		14	(20)		(14)	—		—		—
Purchase and retirement of common shares	(927)		(644)	—		—	—		—		(32,802)
Balance at December 31, 2023	39,999		27,777	29,445		20,448	102		(1,992)		737,453
Issuance of 3% stock dividend	1,196		830	883		613	3		—		64,800
Conversion of Class B common shares to common shares	42		29	(42)		(29)	—		—		—
Purchase and retirement of common shares	(448)		(311)	—		—	—		—		(13,359)
Balance at December 31, 2024	40,789		28,325	30,286		21,032	105		(1,992)		788,894
Issuance of 3% stock dividend	1,213		842	908		631	3		—		64,817
Conversion of Class B common shares to common shares	28		20	(28)		(20)	—		—		—
Purchase and retirement of common shares	(209)		(145)	—		—	—		—		(6,403)
Balance at December 31, 2025	41,821	$	29,042	31,166	$	21,643	108	$	(1,992)	$	847,308

Average shares outstanding and all per share amounts included in the financial statements and notes thereto have been adjusted retroactively to reflect annual three percent stock dividends.

While the Company does not have a formal or publicly announced Company common stock purchase program, the Company’s board of directors periodically authorizes a dollar amount for such share purchases.

Based upon this policy, shares were purchased and retired as follows:

	Total Number of Shares
Year	Purchased (000’s)	Average Price Paid Per Share
2025	209	$	31.05
2024	448	$	30.16
2023	928	$	35.66