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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
OPERATING ACTIVITIES:    
Net income $ 57,549 $ 34,632
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, depletion and amortization 17,783 16,511
Amortization of deferred financing costs 9 2
Deferred income taxes (319) 2,184
Gain on disposition of property, plant and equipment (85) (210)
Stock-based compensation 2,396 1,932
Changes in operating assets and liabilities:    
Trade receivables, net (10,469) (12,405)
Inventories, net (4,199) (2,367)
Prepaid expenses and other current assets 1,185 1,082
Other assets (159) 10
Accounts payable and accrued expenses 949 2,451
Other liabilities 42 96
Net cash provided by operating activities 64,682 43,918
INVESTING ACTIVITIES:    
Purchase of property, plant and equipment (20,541) (18,120)
Acquisition of a business, net of cash acquired   (5,630)
Proceeds from sale of property, plant and equipment 2,180 504
Net cash used in investing activities (18,361) (23,246)
FINANCING ACTIVITIES:    
Cash dividends paid (3,415) (3,402)
Proceeds from exercise of stock options 113 120
Purchase of treasury shares (98) (86)
Net cash used in financing activities (3,400) (3,368)
Net increase in cash and cash equivalents 42,921 17,304
Cash and cash equivalents at beginning of period 133,384 105,355
Cash and cash equivalents at end of period $ 176,305 $ 122,659