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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
OPERATING ACTIVITIES:    
Net income $ 22,439 $ 17,104
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, depletion and amortization 6,054 5,828
Amortization of deferred financing costs 2 2
Deferred income taxes (238) (161)
Gain on disposition of property, plant and equipment (93) (70)
Stock-based compensation 1,241 812
Changes in operating assets and liabilities:    
Trade receivables, net (4,103) (4,764)
Inventories (1,411) (2,467)
Prepaid expenses and other current assets 639 609
Other assets 15 (6)
Accounts payable and accrued expenses 2,643 3,738
Other liabilities (21) 19
Net cash provided by operating activities 27,167 20,644
INVESTING ACTIVITIES:    
Purchase of property, plant and equipment (6,824) (5,451)
Proceeds from sale of property, plant and equipment 156 120
Net cash used in investing activities (6,668) (5,331)
FINANCING ACTIVITIES:    
Cash dividends paid (1,426) (1,137)
Proceeds from exercise of stock options 130 113
Purchase of treasury shares (172) (98)
Net cash used in financing activities (1,468) (1,122)
Net increase in cash and cash equivalents 19,031 14,191
Cash and cash equivalents at beginning of period 187,964 133,384
Cash and cash equivalents at end of period $ 206,995 $ 147,575