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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash Flows provided by Operating Activities:    
Net income $ 39,469 $ 60,145
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 10,335 10,184
Provision for doubtful accounts 3,276 181
Stock-based compensation expense 1,866 1,259
Deferred income taxes   10
Loss on disposal of fixed assets 13 114
Changes in assets and liabilities:    
Accounts receivable (42,610) (31,390)
Inventories (10,023) (6,883)
Prepaid expenses, income tax receivables and other current assets 43 3,702
Other non-current assets (719) 319
Accounts payable 48,736 (3,167)
Accrued expenses and other liabilities (3,987) 5,548
Net cash provided by operating activities 46,399 40,022
Cash Flows used in Investing Activities:    
Purchases of equipment (9,611) (20,621)
Net cash used in investing activities (9,611) (20,621)
Cash Flows used in Financing Activities:    
Purchase of treasury shares (10,222) (4,363)
Dividend payments (8,427) (8,452)
Issuance of stock under Employee Stock Purchase Plan 536 609
Payments of payroll taxes on stock-based compensation through shares withheld (684) (409)
Net cash used in financing activities (18,797) (12,615)
Increase in cash and cash equivalents 17,991 6,786
Cash and cash equivalents, beginning of period 90,060 91,703
Cash and cash equivalents, end of period 108,051 98,489
Non-cash Investing and Financing Activities:    
Accrued capital expenditures 248 1,684
Supplemental Cash Flow Information:    
Income taxes paid $ 13,798 $ 18,972