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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Operating activities      
Net income $ 49,166 $ 43,905 $ 55,324
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 19,212 19,085 18,584
Amortization of deferred financing costs and debt discount 1,214 1,214 1,214
Loss on disposal of fixed assets   185  
Stock-based compensation 3,239 4,550 3,500
Provision for losses on accounts receivable 1,361 531 1,475
Deferred income taxes (2,123) 9,551 (15,242)
Earnout liability (417) (900) (1,786)
Changes in operating assets and liabilities, net of acquisitions:      
Accounts receivable (7,747) (511) (1,154)
Inventories 4,054 (12,347) 894
Prepaid assets, refundable income taxes and other assets (2,140) (1,114) 65
Accounts payable (2,562) 3,039 (2,487)
Accrued expenses and other current liabilities 6,491 312 5,481
Benefit obligations and other long-term liabilities 7,548 (9,319) 486
Net cash provided by operating activities 77,296 58,181 66,354
Investing activities      
Capital expenditures (11,533) (9,690) (7,563)
Acquisition of businesses     (7,385)
Net cash used in investing activities (11,533) (9,690) (14,948)
Financing activities      
Shares withheld on restricted stock vesting paid for employees' taxes (50) (23) (923)
Payments of financing costs     (1,608)
Earnout payment     (5,487)
Dividends paid (25,183) (24,383) (21,974)
Repayment of long-term debt (32,685) (33,140) (3,148)
Net cash provided used in financing activities (57,918) (57,546) (33,140)
Change in cash and cash equivalents 7,845 (9,055) 18,266
Cash and cash equivalents at beginning of year 27,820 36,875  
Cash and cash equivalents at end of year 35,665 27,820 36,875
Non-cash operating and financing activities      
Truck chassis inventory acquired through floorplan obligations 44,929 38,129 45,472
Pension settlement 6,609    
Supplemental disclosure of cash flow information      
Income taxes paid 13,283 8,465 6,607
Interest paid $ 15,779 $ 15,878 $ 17,224