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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2019

INCOME TAXES

Schedule of reconciliation of cash dividends paid with the dividends paid deduction

The following table reconciles dividends declared with the dividends paid deduction for the years indicated (amounts in thousands):

​

​	​	​	​	​	​	​	​	​	​
​		2019			2018			2017
​	​	Estimate		​	Actual		​	Actual
Dividends declared	​	$	35,663	​	$	34,652	​	$	32,393
Dividend reinvestment plan (a)	​		247	​		313	​		252
​	​		35,910	​		34,965	​		32,645
Less: Spillover dividends designated to previous year	​		—	​		(10,263)	​		(11,916)
Less: Spillover dividends designated to following year (b)	​	​	(8,976)	​	​	(549)	​	​	—
Less: Return of capital	​	​	(9,828)	​	​	—	​	​	—
Plus: Dividends designated from prior year	​	​	549	​	​	—	​	​	—
Plus: Dividends designated from following year	​		—	​		—	​		10,263
Dividends paid deduction	​	$	17,655	​	$	24,153	​	$	30,992

(a) Reflects the up to 5% discount on common stock purchased through the dividend reinvestment plan.

(b) The entire dividend paid in January 2020 and a portion of the dividend paid in January 2019 will be considered 2020 and 2019 dividends, respectively, as it was in excess of the Company’s earnings and profits through 2019 and 2018, respectively.

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