XML 25 R10.htm IDEA: XBRL DOCUMENT v3.20.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities:      
Net income: $ 45,480 $ 26,661 $ 31,602
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation, depletion and amortization 12,788 10,287 8,998
Stock based compensation 45 77 263
Loss (gain) on sale of investments 48 (87) 973
Unrealized loss on investments, net 4,688 5,342 3,035
Other-than-temporary impairment loss     2,330
Equity in loss from unconsolidated affiliates 666 77  
Deferred income tax expense (benefit) 8,088 8,378 (4,804)
Impairment loss on investment in real estate 0 0 99
Cost of real estate sold 33,366 22,814 12,235
Expenditures for and acquisition of real estate to be sold (40,469) (40,081) (19,819)
Accretion income and other (919) (1,221) (1,919)
Loss (gain) on disposal of property and equipment 146 (67) 5,223
Gain on land contribution to equity method investment (19,983) (2,317)  
Gain on insurance for damage to property and equipment, net (690) (5,347)  
Changes in operating assets and liabilities:      
Other assets (12,991) 1,078 (17)
Other liabilities 4,225 3,728 (1,236)
Income taxes receivable 2,843 1,071 4,457
Net cash provided by operating activities 37,331 30,393 41,420
Cash flows from investing activities:      
Expenditures for operating property (116,085) (64,851) (22,762)
Expenditures for property and equipment (5,689) (9,354) (2,615)
Proceeds from the disposition of assets 8 72 5,000
Proceeds from insurance claims 690 12,071  
Purchases of investments - debt securities (58,912)   (6,917)
Purchases of investments - equity securities   (5,797) (15,105)
Purchases of restricted investments (24) (74) (78)
Maturities of investments - debt securities 11,000 7,000 10,000
Sales of investments - debt securities   2,830 63,597
Sales of investments - equity securities 2,502 26,859 11,051
Sales of restricted investments 1,225 1,159 1,109
Maturities of assets held by special purpose entities 787 787 785
Net cash (used in) provided by investing activities (164,498) (29,298) 44,065
Cash flows from financing activities:      
Capital contribution from non-controlling interests 7,748 2,546 887
Capital distribution to non-controlling interests (621) (600) (400)
Capital contribution to unconsolidated affiliates (10,815) (1,116) (1,105)
Additional ownership interest in Windmark   (11,619)  
Repurchase of common shares (8,803) (20,845) (93,369)
Dividends paid (4,122)    
Borrowings on debt 69,008 23,935 16,644
Principal payments for debt (1,940) (1,607) (1,362)
Principal payments under finance lease obligation (55) (36)  
Debt issuance costs (1,791) (1,149) (1,158)
Net cash provided by (used in) financing activities 48,609 (10,491) (79,863)
Net (decrease) increase in cash, cash equivalents and restricted cash (78,558) (9,396) 5,622
Cash, cash equivalents and restricted cash at beginning of the year 188,677 198,073 192,451
Cash, cash equivalents and restricted cash at end of the year $ 110,119 $ 188,677 $ 198,073