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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
OPERATING ACTIVITIES:    
Net income $ 11,645 $ 11,161
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, depletion and amortization 9,453 8,404
Amortization of deferred financing costs 2 6
Deferred income taxes 2,484 2,619
Loss on disposition of property, plant and equipment 239 97
Stock-based compensation 842 691
Changes in operating assets and liabilities:    
Trade receivables, net 1,756 (3,344)
Inventories, net (1,034) 517
Prepaid expenses and other current assets 896 341
Other assets 40 50
Accounts payable and accrued expenses 779 (452)
Other liabilities 27 (54)
Net cash provided by operating activities 27,129 20,036
INVESTING ACTIVITIES:    
Purchase of property, plant and equipment (10,599) (12,360)
Proceeds from sale of property, plant and equipment 46 461
Net cash used in investing activities (10,553) (11,899)
FINANCING ACTIVITIES:    
Cash dividends paid (1,800) (1,517)
Proceeds from exercise of stock options 81 75
Purchase of treasury shares (282) (241)
Net cash used in financing activities (2,001) (1,683)
Net increase in cash and cash equivalents 14,575 6,454
Cash and cash equivalents at beginning of period 54,260 67,218
Cash and cash equivalents at end of period $ 68,835 $ 73,672