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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Operating activities:    
Net earnings $ 14,678 $ 9,361
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Depreciation 2,514 2,289
Amortization of credit facility fees 47 42
Stock-based compensation 208 256
Deferred income taxes 1,698 (1,822)
Benefit for contingent obligation (541) (112)
Gains on equity securities (86) (4)
Gain on sale of land (8,510) (4,843)
Changes in assets and liabilities:    
Accounts receivable (1,062) (587)
Inventories (6)  
Prepaid expenses and other 428 171
Accounts payable (201) 2,957
Accrued liabilities (145) 658
Income taxes payable/receivable 1,317 (266)
Contract liabilities (684) 449
Liability for pension benefits (266) (109)
Net cash provided by operating activities 9,389 8,440
Investing activities:    
Capital expenditures (10,489) (545)
Proceeds from sale of land, net 13,826 5,960
Purchases of equity securities (76) (316)
Proceeds from sale of equity securities 78 305
Net cash provided by investing activities 3,339 5,404
Financing activities:    
Borrowings from revolving line of credit 0 3,880
Repayments on revolving line of credit 0 (3,880)
Dividends paid (1,458)  
Repurchase of common stock (117) (94)
Credit facility fees (38)  
Net cash used in financing activities (1,613) (94)
Net increase in cash 11,115 13,750
Cash, beginning of period 12,568 7,577
Cash, end of period 23,683 21,327
Supplemental information:    
Interest received (1) (10)
Income tax payments 2,108 302
Change in accounts payable for capital expenditures $ 232 $ 134