UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Operating Activities
Net (loss) income		$ (914)	$ 1,780
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization		1,006	988
Amortization of discount of marketable securities		(196)	(74)
Equity in earnings of unconsolidated joint ventures, net		(1,513)	(1,517)
Non-cash retirement plan expense		89	67
Profit from water sales	[1]	0	(490)
(Gain) loss on sale of property plant and equipment		(1)	59
Deferred income taxes		1	0
Stock compensation expense		513	621
Excess tax benefit from stock-based compensation		(1)	(105)
Distribution of earnings from unconsolidated joint ventures		320	2,051
Changes in operating assets and liabilities:
Receivables, inventories, prepaids and other assets, net		934	(777)
Current liabilities		539	810
Net cash provided by operating activities		777	3,413
Investing Activities
Maturities and sales of marketable securities		46,239	27,193
Funds invested in marketable securities		(38,614)	(28,892)
Real estate and equipment expenditures		(8,112)	(5,037)
Reimbursement proceeds from Community Facilities District		3,309	0
Distribution of equity from unconsolidated joint ventures		5,500	10,644
Proceeds from water sales	[1]	0	1,324
Investments in water assets		(5,248)	(4,355)
Net cash provided by investing activities		3,074	877
Financing Activities
Repayments of long-term debt		0	(436)
Taxes on vested stock grants		(206)	(2,594)
Net cash used in financing activities		(206)	(3,030)
Increase in cash and cash equivalents		3,645	1,260
Cash, cash equivalents, and restricted cash at beginning of period		32,407	39,619
Cash, cash equivalents, and restricted cash at end of period		36,052	40,879
Reconciliation to amounts on consolidated balance sheets:
Cash and cash equivalents		35,552	40,379
Restricted cash (Shown in prepaid expenses and other current assets)		500	500
Total cash, cash equivalents, and restricted cash		36,052	40,879
Non-cash investing activities
Accrued capital expenditures included in current liabilities		2,299	753
Accrued long-term water assets included in current liabilities		$ 986	$ 962

[1] In determining the classification of cash inflows and outflows related to water asset activity, the Company’s practices are supported by ASC Topic 230-10-45-22, which provides that “Certain cash receipts and payments have aspects of more than one class of cash flows…. If so, the appropriate classification shall depend on the activity that is likely to be the predominant source of cash flows for the item.” Also, at the 2006 American Institute of Certified Public Accountants Conference on Current SEC and PCAOB Developments, the SEC staff discussed that an entity should be consistent in how it classifies cash outflows and inflows related to an asset’s purchase and sale and noted that when cash flow classification is unclear, registrants must use judgment and analysis that considers the nature of the activity and the predominant source of cash flow for these items.
Given the nature of our water assets and the aforementioned authoritative guidance, the Company estimates the appropriate classification of water assets purchased based on the timing of the sale of the water. Water purchased in prior periods that was classified as investing was sold for $1.3 million in 2023, this cash inflow is appropriately classified in the Company’s investing activities. The profit of $0.5 million related to the water purchased in prior periods is appropriately being deducted from operating activities for the current period. The Company has and will continue to apply this methodology to water asset transactions that meet this fact pattern.