XML 18 R7.htm IDEA: XBRL DOCUMENT v3.20.1
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Income $ 89,505,801 $ 104,280,411
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 26,295,146 28,098,804
(Gain) on disposal of assets (151,910) (43,338)
Loss on disposal of assets 54,279 122,296
(Gain) on sale of investments (42,461) (88,576)
Loss on sale of investments 5,487 0
Change in deferred income taxes (1,589,855) (1,233,853)
Stock-based compensation expense related to employee stock options, employee stock purchases and restricted stock 6,356,070 4,862,947
Change in operating assets and liabilities:    
Accounts receivable, net 1,832,201 (30,728,497)
Inventories (2,064,558) (21,443)
Prepaid expenses and other 12,779,046 10,847,705
Accounts payable 2,545,274 (2,692,820)
Accrued liabilities, excluding dividends declared and short-term debt 15,755,950 20,436,582
Net cash provided by operating activities 151,280,470 133,840,218
Activity in available-for-sale securities:    
Sales proceeds 3,124,008 17,139,689
Maturities and calls 19,720,000 3,000,000
Purchases (48,606,718) (18,475,158)
Plant and equipment additions (15,574,443) (16,844,301)
Proceeds from sale of plant and equipment 165,533 117,455
Decrease in other assets (2,544,554) 164,215
Net cash (used for) investing activities (43,716,174) (14,898,100)
CASH FLOWS (USED FOR) FINANCING ACTIVITIES:    
Proceeds from borrowings on Credit Agreement 75,000,000 0
Issuance of common stock from stock plan transactions 7,355,488 10,514,554
Cash dividends paid (28,896,894) (28,526,146)
Repurchases of common stock (178,819,584) (96,267,229)
Net cash (used for) financing activities (125,360,990) (114,278,821)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (17,796,694) 4,663,297
CASH AND CASH EQUIVALENTS, beginning of period 296,321,622 217,025,278
CASH AND CASH EQUIVALENTS, end of period $ 278,524,928 $ 221,688,575