CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Activities
Net income		$ 3,265	$ 15,810	$ 5,342
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		4,806	4,628	4,594
Amortization of (discount) premium on marketable securities		(691)	87	111
Equity in earnings of unconsolidated joint ventures, net		(6,868)	(7,752)	(9,202)
Non-cash retirement plan expense		462	110	99
Loss (gain) on sale of real estate/assets		6	(1,140)	(12)
Non-cash profits recognized from land contribution		0	(3,012)	(2,784)
Profit from water sale		(490)	(2,229)	(3,442)
Profit from land sales		0	(18,372)	(3,139)
Deferred income taxes		1,121	2,865	1,134
Stock compensation expense		3,252	2,877	4,271
Excess tax (benefit) loss of stock-based compensation		(723)	(105)	48
Abandonment expense		189	85	0
Inventory write down		423	1,050	0
Distribution of earnings from unconsolidated joint ventures		13,511	11,793	5,892
Changes in operating assets and liabilities:
Receivables, inventories, prepaids and other assets, net		(4,476)	3,244	(814)
Current liabilities, net		(132)	(1,408)	718
Net cash provided by operating activities		13,655	8,531	2,816
Investing Activities
Maturities and sales of marketable securities		134,083	41,135	6,249
Purchase of marketable securities		(132,317)	(63,882)	(14,586)
Real estate and equipment expenditures		(21,328)	(22,602)	(20,879)
Reimbursement proceeds from Communities Facilities District		0	5,950	135
Proceeds from sale of real estate/assets		77	0	63
Proceeds from sale of land		0	24,950	4,413
Investment in unconsolidated joint ventures		(4,500)	(800)	(2,900)
Distribution of equity from unconsolidated joint ventures		10,978	8,166	5,734
Investments in long-term water assets		(6,034)	(988)	(2,415)
Proceeds from water sales	[1]	1,324	6,180	9,534
Interest rate swap settlement	[2]	3,715	0	0
Net cash used in investing activities		(14,002)	(1,891)	(14,652)
Financing Activities
Borrowings on line of credit		47,942	0	0
Borrowings of long-term debt		0	49,080	0
Repayments of long-term debt		(50,357)	(51,708)	(4,295)
Deferred financing costs		(1,097)	(181)	0
Interest rate swap settlement	[3]	0	1,123	0
Taxes on vested stock grants		(3,353)	(2,733)	(1,791)
Net cash used in financing activities		(6,865)	(4,419)	(6,086)
(Decrease) increase in cash, cash equivalents, and restricted cash		(7,212)	2,221	(17,922)
Cash, cash equivalents, and restricted cash at beginning of year		39,619	37,398	55,320
Cash, cash equivalents, and restricted cash at end of year		32,407	39,619	37,398
Reconciliation to amounts on consolidated balance sheets:
Cash and cash equivalents		31,907	39,119	36,195
Restricted cash (recorded in other assets)		500	500	1,203
Total cash, cash equivalents, and restricted cash		32,407	39,619	37,398
Non-cash investing activities
Accrued capital and water expenditures included in current liabilities		2,091	1,847	1,342
Contribution to unconsolidated joint venture		0	8,501	8,464
Long term deferred profit on land contribution		$ 0	$ 3,012	$ 2,785

[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 $1.32 million in 2023, this cash inflow is appropriately classified in the Company’s investing activities. The profit of $0.5 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] The Company had an interest rate swap agreement with Bank of America, N.A. to reduce its exposure to fluctuations in the floating interest rate tied to SOFR under the term note. The hedging relationship qualified as an effective cash flow hedge and was recorded at fair value. On October 23, 2023, the Company terminated the interest rate swap, and received a $3,715,000 cash termination fee from Bank of America, N.A.

[3] The Company had an interest rate swap agreement with Wells Fargo Bank, N.A. to reduce its exposure to fluctuations in the floating interest rate tied to the London Inter-Bank Rate, or LIBOR under a term note with Wells Fargo. The hedging relationship qualified as an effective cash flow hedge and was recorded at fair value. On June 27, 2022, the Company terminated the interest rate swap, and received a $1,123,000 cash termination fee from Wells Fargo.