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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Operating Activities    
Net income $ 80,894 $ 88,026
Adjustments to reconcile net income to cash provided by operating activities    
Depreciation and amortization 5,176 2,453
Non-cash lease expense 3,211 2,187
Share-based compensation 5,140 4,344
Amortization of premium on investment securities 14 49
Change in operating assets and liabilities:    
Inventories 23,069 (42,398)
Income taxes, prepaid (7,602) 0
Prepaid expenses and other current assets (376) (4,657)
Other assets (8,169) (762)
Accounts payable and accrued expenses (13,922) 36,962
Net cash flow provided by operating activities 87,435 86,204
Investing Activities    
Sale and maturities of investment securities 5,267 5,145
Purchase of property and equipment (5,849) (12,196)
Net cash flow used in investing activities (582) (7,051)
Financing Activities    
Borrowing under revolving credit facility 27,000 0
Options exercised by executives and directors 0 702
Net shares repurchased for taxes (1,479) (1,833)
Cash dividends paid to stockholders (35,617) (30,095)
Stock repurchases, settled (100,038) (19,730)
Stock repurchases, not yet settled (20,010) 0
Net cash flow used in financing activities (130,144) (50,956)
Foreign currency impact 177 67
(Decrease) Increase in cash and cash equivalents (43,114) 28,264
Cash and cash equivalents - beginning of the period 104,183 163,723
Cash and cash equivalents - end of period 61,069 191,987
Supplemental disclosure of cash flow information:    
Income taxes paid 30,283 26,751
Dividends declared included in accounts payable $ 19,305 $ 17,531