Tootsie Roll Industries reported the following in its Consolidated Statement of Retained Earnings:

(all amounts in thousands of dollars)	2016	2015	2014	2013	2012	2011	2010
Retained Earnings, at the beginning of year	$52,349	$64,927	$73,109	$80,210	$114,269	$135,866	$147,687
Net Earnings	67,510	66,089	63,298	60,849	52,004	43,938	53,063
Cash Dividends	(22,209)	(21,308)	(19,199)	(18,922)	(47,729)	(18,360)	(18,078)
Stock Dividends	(53,817)	(57,359)	(52,281)	(49,028)	(38,334)	(47,175)	(46,806)
Retained Earnings at the end of the year	$43,833	$52,349	$64,927	$73,109	$80,210	$114,269	$135,866

Although the company reported a steady net income for the years 2010-2016, its retained earnings has steadily decreased ($135,866 thousands on December 31,2010 to $43,833 thousands on December 31,2016). This happened because the company paid in cash and stock dividends more than it generated in net income. What would be a possible explanation of this phenomenon?