Shareholders' Equity

3 Months Ended

Mar. 31, 2018

Shareholders’ Equity

A summary of changes in shareholders’ equity is presented below:



	Common Stock		Additional Paid-In Capital			Retained Earnings		Treasury Stock			Deferred Compensation Trust			Deferred Compensation Liability		Total
Balance, December 31, 2017	$	206	$	1,644,197		$	6,231,940	$	(6,270,851	)	$	(17,383	)	$	17,383	$	1,605,492

Cumulative-effect adjustment from adoption of ASU 2014-09, net of tax	—		—			2,196		—			—			—		2,196
Net income	—		—			166,049		—			—			—		166,049
Deferred compensation activity	—		—			—		—			(6		)	6		—
Purchase of common stock for treasury	—		—			—		(357,242		)	—			—		(357,242		)
Equity-based compensation	—		9,509			—		—			—			—		9,509
Proceeds from stock options exercised	—		40,804			—		—			—			—		40,804
Treasury stock issued upon option exercise and restricted share vesting	—		(16,410		)	—		16,410			—			—		—
Balance, March 31, 2018	$	206	$	1,678,100		$	6,400,185	$	(6,611,683	)	$	(17,389	)	$	17,389	$	1,466,808

The Company repurchased approximately 116 shares of its common stock during the three months ended March 31, 2018. The Company settles stock option exercises and vesting of restricted share units by issuing shares of treasury stock. Approximately 44 shares were issued from the treasury account during the three months ended March 31, 2018 in settlement of stock option exercises and vesting of restricted share units. Shares are relieved from the treasury account based on the weighted average cost basis of treasury shares acquired.