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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:    
Net income $ 4,773 $ 1,997
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, depletion and amortization 7,840 8,557
Deferred income taxes (1,100) (57)
Equity in loss of joint ventures 8,582 10,585
Gain on sale of equipment and property (27) (14)
Stock-based compensation 1,613 1,472
Net changes in operating assets and liabilities:    
Accounts receivable (780) (517)
Deferred costs and other assets 552 (538)
Accounts payable and accrued liabilities (806) (1,512)
Income taxes payable and receivable 789 686
Other long-term liabilities (32) 62
Net cash provided by operating activities 21,404 20,721
Cash flows from investing activities:    
Investments in properties (47,089) (4,634)
Investments in joint ventures (14,219) (31,648)
Return of capital from investments in joint ventures 14,428 7,559
Proceeds from the sale of assets 27 16
Cash held in escrow (121) 151
Net cash used in investing activities (46,974) (28,556)
Cash flows from financing activities:    
Distribution to noncontrolling interests (2,406) (2,437)
Contributions from noncontrolling interest 15,102 0
Repurchase of Company stock 0 (2,000)
Exercise of employee stock options 0 803
Net cash provided by (used in) financing activities 12,696 (3,634)
Net decrease in cash and cash equivalents (12,874) (11,469)
Cash and cash equivalents at beginning of year 157,555 177,497
Cash and cash equivalents at end of the period 144,681 166,028
Cash paid during the period for:    
Interest 2,459 3,248
Income taxes $ 2,067 $ 622