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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash Flows provided by Operating Activities:    
Net income $ 14,896 $ 12,727
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 3,147 3,709
Provision for doubtful accounts 2,833 256
Stock-based compensation expense 624 269
Changes in assets and liabilities:    
Accounts receivable 61,477 13,494
Inventories (12,319) (18,470)
Prepaid expenses, income tax receivables and other current assets (3,300) 3,322
Other non-current assets (98) 119
Accounts payable (15,499) 2,121
Accrued expenses and other liabilities (7,205) 551
Net cash provided by operating activities 44,556 18,098
Cash Flows used in Investing Activities:    
Purchases of equipment (4,595) (6,572)
Net cash used in investing activities (4,595) (6,572)
Cash Flows used in Financing Activities:    
Purchase of treasury shares (10,222) (1,294)
Dividend payment (8,427) (8,452)
Issuance of stock under Employee Stock Purchase Plan   (13)
Payment of payroll taxes on stock-based compensation through shares withheld (49)  
Net cash used in financing activities (18,698) (9,759)
Increase in cash and cash equivalents 21,263 1,767
Cash and cash equivalents, beginning of period 90,060 91,703
Cash and cash equivalents, end of period 111,323 93,470
Non-cash Investing and Financing Activities:    
Accrued capital expenditures 1,237 1,987
Supplemental Cash Flow Information:    
Income taxes paid $ 369 $ 291