SHARE CAPITAL AND CAPITAL IN EXCESS OF PAR VALUE

12 Months Ended

Dec. 31, 2021

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, 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
Issuance of 3% stock dividend	1,157		804	787		547	3		—		42,244
Conversion of Class B common shares to common shares	62		43	(62)		(43)	—		—		—
Purchase and retirement of common shares	(982)		(682)	—		—	—		—		(31,373)
Balance at December 31, 2020	39,073		27,134	27,012		18,758	93		(1,992)		706,930
Issuance of 3% stock dividend	1,163		807	810		562	3		—		32,495
Conversion of Class B common shares to common shares	29		20	(29)		(20)	—		—		—
Purchase and retirement of common shares	(921)		(639)	—		—	—		—		(29,545)
Balance at December 31, 2021	39,344	$	27,322	27,793	$	19,300	96	$	(1,992)	$	709,880

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
2021	921	$	32.76
2020	982	$	32.59
2019	923	$	36.93