UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
Operating Activities
Net income (loss)		$ 4,314	$ (1,063)
Adjustments to reconcile net income (loss) to net cash used by operating activities:
Depreciation and amortization		967	965
Amortization of premium/discount of marketable securities		40	11
Equity in earnings of unconsolidated joint ventures, net		(1,213)	59
Non-cash retirement plan (benefit) expense		26	(25)
Profit from water sales	[1]	(734)	0
Profit from land sales	[2]	(3,589)	0
Gain on sale of property plant and equipment		(925)	(36)
Deferred income taxes		0	0
Stock compensation expense		1,219	1,276
Excess tax shortfall from stock-based compensation		3	155
Distribution of earnings from unconsolidated joint ventures		4,931	163
Changes in operating assets and liabilities:
Receivables, inventories, prepaids and other assets, net		553	946
Current liabilities		2,392	1,263
Net cash provided by operating activities		7,984	3,714
Investing Activities
Maturities and sales of marketable securities		7,967	900
Funds invested in marketable securities		(16,629)	(5,715)
Real estate and equipment expenditures		(4,432)	(5,218)
Proceeds from sale of real estate/assets		0	45
Investment in unconsolidated joint ventures		0	(500)
Distribution of equity from unconsolidated joint ventures		2,631	462
Proceeds from water sales		1,723	0
Investments in water assets		(941)	(1,653)
Net proceeds from land sales		4,438	0
Net cash used in investing activities		(5,243)	(11,679)
Financing Activities
Repayments of long-term debt		(1,109)	(1,066)
Taxes on vested stock grants		(1,122)	(966)
Net cash used in financing activities		(2,231)	(2,032)
Increase (decrease) in cash and cash equivalents		510	(9,997)
Cash, cash equivalents, and restricted cash at beginning of period		37,398	55,320
Cash, cash equivalents, and restricted cash at end of period		37,908	45,323
Reconciliation to amounts on consolidated balance sheets:
Cash and cash equivalents		36,705	45,323
Restricted cash (Shown in Other Assets)		1,203	0
Total cash, cash equivalents, and restricted cash		37,908	45,323
Non-cash investing activities
Accrued capital expenditures included in current liabilities		(850)	(1,076)
Accrued long-term water assets included in current liabilities		$ (374)	$ 262

[1] In determining the classification of cash inflows and outflows related to water asset activity, the Company’s practices are supported by Accounting Standards Codification (“ASC”) 230-10-45-22, which provides that “Certain cash receipts and payments have aspects of more than one class of cash flows…. If so, the appropriate classification shall depend on the activity that is likely to be the predominant source of cash flows for the item.” Also, at the 2006 American Institution of Certified Public Accountants Conference on Current SEC and PCAOB Developments, the Securities and Exchange Commission, or SEC staff discussed that an entity should be consistent in how it classifies cash outflows and inflows related to an asset’s purchase and sale and noted that when cash flow classification is unclear, registrants must use judgment and analysis that considers the nature of the activity and the predominant source of cash flow for these items.
Given the nature of our water assets and the aforementioned authoritative guidance, the Company estimates the appropriate classification of water assets purchased based on the timing of the sale of the water. Water purchased in prior periods that was classified as investing was sold for $1.7 million in 2022, this cash inflow is appropriately classified in the Company’s investing activities. The profit of $0.7 million related to the water purchased in prior periods is appropriately being deducted from operating activities for the current period. The Company has and will continue to apply this methodology to water asset transactions that meet this fact pattern.

[2] In determining the classification of cash inflows and outflows related to land development costs, the Company’s practices are supported by Accounting Standards Codification (“ASC”) 230-10-45-22, which provides that “Certain cash receipts and payments have aspects of more than one class of cash flows…. If so, the appropriate classification shall depend on the activity that is likely to be the predominant source of cash flows for the item.” Also, at the 2006 American Institution of Certified Public Accountants Conference on Current SEC and PCAOB Developments, the Securities and Exchange Commission, or SEC staff discussed that an entity should be consistent in how it classifies cash outflows and inflows related to an asset’s purchase and sale and noted that when cash flow classification is unclear, registrants must use judgment and analysis that considers the nature of the activity and the predominant source of cash flow for these items.
Given the nature of our land development costs and the aforementioned authoritative guidance, the Company estimates the appropriate classification of land development costs based on the timing of the sale of land. Land development costs incurred during prior periods that were classified as investing were sold for $4.7 million in 2022, this cash inflow is appropriately classified in the Company’s investing activities. The profit of $3.6 million related to land development costs incurred in prior periods is appropriately being deducted from operating activities for the current period. The Company has and will continue to apply this methodology to land sale transactions that meet this fact pattern.