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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2020

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):

​

​	​	​	​	​	​	​	​	​	​
​		2020			2019			2018
​	​	Estimate		​	Actual		​	Actual
Dividends declared	​	$	36,564	​	$	35,663	​	$	34,652
Dividend reinvestment plan (a)	​		47	​		247	​		313
​	​		36,611	​		35,910	​		34,965
Less: Spillover dividends designated to previous year	​		—	​		—	​		(10,263)
Less: Spillover dividends designated to following year (b)	​	​	(9,261)	​	​	(8,976)	​	​	(549)
Less: Return of capital	​	​	(3,273)	​	​	(9,842)	​	​	—
Plus: Dividends designated from prior year	​	​	8,976	​	​	549	​	​	—
Plus: Dividends designated from following year	​		—	​		—	​		—
Dividends paid deduction	​	$	33,053	​	$	17,641	​	$	24,153

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

(b) The entire dividend paid in January 2021 and 2020 and a portion of the dividend paid in January 2019 are considered 2021, 2020 and 2019 dividends, respectively, as such dividends were in excess of the Company’s earnings and profits during 2020, 2019 and 2018, respectively.

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