SHARE CAPITAL AND CAPITAL IN EXCESS OF PAR VALUE

12 Months Ended

Dec. 31, 2019

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 January 1, 2017	37,701	$	26,181	24,221	$	16,820	83	$	(1,992)	$	646,768
Issuance of 3% stock dividend	1,124		781	726		504	2		—		43,477
Conversion of Class B common shares to common shares	56		39	(56)		(39)	—		—		—
Purchase and retirement of common shares	(921)		(640)	—		—	—		—		(33,493)
Balance at December 31, 2017	37,960		26,361	24,891		17,285	85		(1,992)		656,752
Issuance of 3% stock dividend	1,125		781	746		519	3		—		58,688
Conversion of Class B common shares to common shares	53		37	(53)		(37)	—		—		—
Purchase and retirement of common shares	(594)		(412)	—		—	—		—		(18,905)
Balance at December 31, 2018	38,544		26,767	25,584		17,767	88		(1,992)		696,535
Issuance of 3% stock dividend	1,150		798	768		532	2		—		32,999
Conversion of Class B common shares to common shares	65		45	(65)		(45)	—		—		—
Purchase and retirement of common shares	(923)		(641)	—		—	—		—		(33,475)
Balance at December 31, 2019	38,836	$	26,969	26,287	$	18,254	90	$	(1,992)	$	696,059

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
2019	923	$	36.93
2018	594	$	32.48
2017	921	$	37.01