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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
OPERATING ACTIVITIES:    
Net income $ 20,969 $ 21,063
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, depletion and amortization 14,391 12,646
Amortization of deferred financing costs 5 7
Deferred income taxes 4,369 3,999
Loss on disposition of property, plant and equipment 144 628
Stock-based compensation 1,344 1,104
Changes in operating assets and liabilities:    
Trade receivables, net (758) (3,578)
Inventories, net (1,242) (391)
Prepaid expenses and other current assets 289 32
Other assets 165 85
Accounts payable and accrued expenses 2,296 681
Other liabilities (65) (96)
Net cash provided by operating activities 41,907 36,180
INVESTING ACTIVITIES:    
Purchase of property, plant and equipment (13,621) (20,423)
Acquisition of a business (8,392)  
Proceeds from sale of property, plant and equipment 58 195
Net cash used in investing activities (21,955) (20,228)
FINANCING ACTIVITIES:    
Cash dividends paid (2,701) (2,273)
Proceeds from exercise of stock options 81 75
Purchase of treasury shares (282) (241)
Net cash used in financing activities (2,902) (2,439)
Net increase in cash and cash equivalents 17,050 13,513
Cash and cash equivalents at beginning of period 54,260 67,218
Cash and cash equivalents at end of period $ 71,310 $ 80,731