XML 16 R5.htm IDEA: XBRL DOCUMENT v3.21.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash flows from operating activities:    
Net income $ 7,726,000 $ 8,898,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 3,093,000 2,763,000
Deferred income taxes 186,000 (500,000)
Stock-based compensation 497,000 378,000
Net change in unrealized gains and losses on investments (61,000) 1,287,000
Net change in accrued interest, premiums, and discounts on investments 61,000 77,000
Other 25,000 0
Other operating activities 11,527,000 12,903,000
Changes in operating assets and liabilities:    
Accounts receivable (3,790,000) (3,931,000)
Inventories 779,000 841,000
Prepaid expenses 1,483,000 1,178,000
Other non-current assets 78,000 58,000
Accounts payable and accrued liabilities (3,406,000) (530,000)
Accrued income and other taxes 416,000 2,217,000
Other non-current liabilities 317,000 95,000
Net cash provided operating activities 7,404,000 12,831,000
Cash flows from investing activities:    
Property, plant and equipment additions (3,044,000) (3,574,000)
Purchase of investments (7,392,000) (12,392,000)
Proceeds from sale of investments 65,000 329,000
Proceeds from maturities of investments 13,728,000 13,951,000
Net cash provided investing activities 3,357,000 (1,686,000)
Cash flows from financing activities:    
Purchase of treasury stock 0 (9,245,000)
Shares tendered for employees' withholding taxes on stock-based compensation (585,000) 0
Dividends paid (3,199,000) (2,868,000)
Net cash provided financing activities (3,784,000) (12,113,000)
Net change in cash and cash equivalents 6,977,000 (968,000)
Cash and cash equivalents at beginning of period 22,450,000 45,048,000
Cash and cash equivalents at end of period 29,427,000 44,080,000
Cash paid for:    
Income taxes 79,000 54,000
Non-cash financing activities:    
Non-cash effect of stock option exercises $ 6,012,000 $ 0