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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:    
Net income $ 18,275 $ 17,670
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 12,487 11,337
Amortization of deferred loan costs   307
Stock-based compensation - stock options 1,778 1,474
Provision for bad debts 44 13
Loss (gain) on disposition of assets (37)  
Non-cash operating lease expense 8 5
Changes in operating assets and liabilities:    
Receivables 1,681 1,549
Income taxes receivable 5,542 28,640
Inventories 248 625
Prepaid expenses 1,648 887
Accounts payable (1,644) 829
Accrued expenses (1,743) (1,802)
Net cash provided by operating activities 38,287 61,534
Cash flows from investing activities:    
Proceeds from sale of assets 49  
Change in construction accounts payable (310) (414)
Acquisition of property and equipment (17,622) (14,777)
Net cash used in investing activities (17,883) (15,191)
Cash flows from financing activities:    
Payroll taxes from net exercise of stock options (38) (99)
Proceeds from exercise of stock options 1,007 1,015
Line-of-credit borrowings 9,500 61,000
Line-of-credit payments (9,500) (10,000)
Principal payments on long-term debt   (7,000)
Loan issuance cost (19,574)  
Payment of dividends (5,676) (95,608)
Net cash used in financing activities (24,281) (50,692)
Change in cash and cash equivalents (3,877) (4,349)
Cash and cash equivalents at beginning of period 43,361 38,779
Cash and cash equivalents at end of period 39,484 34,430
Supplemental disclosure of cash flow information:    
Cash paid for interest $ 78 $ 522