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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
OPERATING ACTIVITIES:    
Net income $ 36,816 $ 18,906
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, depletion and amortization 11,811 10,796
Amortization of deferred financing costs 4 2
Deferred income taxes (453) 1,220
Gain on disposition of property, plant and equipment (47) (26)
Stock-based compensation 1,608 1,291
Changes in operating assets and liabilities:    
Trade receivables, net (7,143) (9,969)
Inventories, net (2,771) (1,434)
Prepaid expenses and other current assets 611 1,047
Other assets (44) 7
Accounts payable and accrued expenses (150) 443
Other liabilities 31 70
Net cash provided by operating activities 40,273 22,353
INVESTING ACTIVITIES:    
Purchase of property, plant and equipment (15,432) (11,485)
Acquisition of a business, net of cash acquired   (5,630)
Proceeds from sale of property, plant and equipment 234 221
Net cash used in investing activities (15,198) (16,894)
FINANCING ACTIVITIES:    
Cash dividends paid (2,276) (2,267)
Proceeds from exercise of stock options 113 120
Purchase of treasury shares (98) (86)
Net cash used in financing activities (2,261) (2,233)
Net increase in cash and cash equivalents 22,814 3,226
Cash and cash equivalents at beginning of period 133,384 105,355
Cash and cash equivalents at end of period $ 156,198 $ 108,581