United States Lime & Minerals (USLM) 10-Q 2 Aug 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Jul. 31, 2019
Document and Entity Information
Entity Registrant Name	UNITED STATES LIME & MINERALS INC
Entity Central Index Key	0000082020
Document Type	10-Q
Document Period End Date	Jun. 30, 2019
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		5,612,772
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 73,672	$ 67,218
Trade receivables, net	22,946	19,602
Inventories, net	12,329	12,846
Prepaid expenses and other current assets	1,351	1,692
Total current assets	110,298	101,358
Property, plant and equipment	358,707	348,472
Less accumulated depreciation and depletion	(212,079)	(205,708)
Property, plant and equipment, net	146,628	142,764
Operating lease right-of-use assets	4,054
Other assets, net	493	549
Total assets	261,473	244,671
Current liabilities:
Accounts payable	4,952	4,570
Current portion of operating lease liabilities	1,465
Accrued expenses	3,025	3,393
Total current liabilities	9,442	7,963
Deferred tax liabilities, net	14,974	12,365
Operating lease liabilities, excluding current portion	2,547
Other liabilities	1,369	1,376
Total liabilities	28,332	21,704
Stockholders' equity:
Common stock	662	661
Additional paid-in capital	26,632	25,867
Accumulated other comprehensive loss	(8)	(13)
Retained earnings	260,212	250,568
Less treasury stock, at cost	(54,357)	(54,116)
Total stockholders' equity	233,141	222,967
Total liabilities and stockholders' equity	$ 261,473	$ 244,671

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues
Total revenues	$ 38,954	$ 39,242	$ 76,753	$ 74,529
Cost of revenues
Labor and other operating expenses	25,002	25,317	50,040	49,390
Depreciation, depletion and amortization	4,225	4,288	8,293	8,465
Total cost of revenues	29,227	29,605	58,333	57,855
Gross profit	9,727	9,637	18,420	16,674
Selling, general and administrative expenses	2,639	2,565	5,312	5,066
Operating profit	7,088	7,072	13,108	11,608
Other (income) expense
Interest expense	60	63	122	125
Interest and other income, net	(490)	(459)	(982)	(812)
Total other (income) expense	(430)	(396)	(860)	(687)
Income before income tax expense	7,518	7,468	13,968	12,295
Income tax expense	1,485	830	2,807	1,395
Net income	$ 6,033	$ 6,638	$ 11,161	$ 10,900
Net income per share of common stock
Basic (in dollars per share)	$ 1.07	$ 1.19	$ 1.99	$ 1.95
Diluted (in dollars per share)	$ 1.07	$ 1.18	$ 1.99	$ 1.95
Lime and limestone operations
Revenues
Total revenues	$ 38,581	$ 38,557	$ 76,046	$ 73,271
Natural gas interests
Revenues
Total revenues	$ 373	$ 685	$ 707	$ 1,258

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Percentage	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues
Total revenues (as a percent)	100.00%	100.00%	100.00%	100.00%
Cost of revenues
Labor and other operating expenses (as a percent)	64.20%	64.50%	65.20%	66.30%
Depreciation, depletion and amortization (as a percent)	10.80%	11.00%	10.70%	11.40%
Total cost of revenues (as a percent)	75.00%	75.50%	75.90%	77.60%
Gross profit (as a percent)	25.00%	24.50%	24.10%	22.40%
Selling, general and administrative expenses (as a percent)	6.80%	6.50%	6.90%	6.80%
Operating profit (as a percent)	18.20%	18.00%	17.20%	15.60%
Other (income) expense
Interest expense (as a percent)	0.20%	0.20%	0.20%	0.20%
Interest and other income, net (as a percent)	(1.30%)	(1.20%)	(1.20%)	(1.10%)
Total other (income) expense (as a percent)	(1.10%)	(1.00%)	(1.00%)	(0.90%)
Income before income tax expense (as a percent)	19.30%	19.00%	18.20%	16.50%
Income tax expense (as a percent)	3.80%	2.10%	3.70%	1.90%
Net income (as a percent)	15.50%	16.90%	14.50%	14.60%
Lime and limestone operations
Revenues
Total revenues (as a percent)	99.00%	98.30%	99.10%	98.30%
Natural gas interests
Revenues
Total revenues (as a percent)	1.00%	1.70%	0.90%	1.70%

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 6,033	$ 6,638	$ 11,161	$ 10,900
Other comprehensive income (loss)
Mark to market of foreign exchange hedges, net of tax (expense) benefit of $(1) and $10 for the 2019 and 2018 periods, respectively	25	(55)	5	(89)
Total other comprehensive income (loss)	25	(55)	5	(89)
Comprehensive (loss) income	$ 6,058	$ 6,583	$ 11,166	$ 10,811

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Mark to market on foreign exchange hedges, tax (expense) benefit of $(7) and $(1) for the three months and six months ended June 30, 2019, respectively and $17 and $27 for the three months and six months ended June 30, 2018, respectively	$ (7)	$ 6	$ 17	$ 10	$ (1)	$ 27

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive (Loss) Income	Retained Earnings	Treasury Stock	Total
Balances at Dec. 31, 2017	$ 659	$ 24,307	$ 86	$ 233,905	$ (53,705)	$ 205,252
Balances (in shares) at Dec. 31, 2017	5,588,821
Increase (Decrease) in Stockholders' Equity
Stock options exercised		73				73
Stock options exercised (in shares)	2,000
Stock-based compensation		316				316
Stock-based compensation (in shares)	2,733
Treasury shares purchased					(61)	(61)
Treasury shares purchased (in shares)	(861)
Cash dividends paid				(755)		(755)
Net income				4,262		4,262
Mark to market of foreign exchange hedges, net of $6 tax benefit and $10 tax benefit and $7 tax expense and $17 tax benefit for the three months ended March 31, 2019 and 2018 and six months ended June 30, 2019 and 2018, respectively			(34)			(34)
Comprehensive (loss) income			(34)	4,262		4,228
Balances at Mar. 31, 2018	$ 659	24,696	52	237,412	(53,766)	209,053
Balances (in shares) at Mar. 31, 2018	5,592,693
Balances at Dec. 31, 2017	$ 659	24,307	86	233,905	(53,705)	205,252
Balances (in shares) at Dec. 31, 2017	5,588,821
Increase (Decrease) in Stockholders' Equity
Net income						10,900
Mark to market of foreign exchange hedges, net of $6 tax benefit and $10 tax benefit and $7 tax expense and $17 tax benefit for the three months ended March 31, 2019 and 2018 and six months ended June 30, 2019 and 2018, respectively						(89)
Comprehensive (loss) income						10,811
Balances at Jun. 30, 2018	$ 660	25,092	(3)	243,294	(53,956)	215,087
Balances (in shares) at Jun. 30, 2018	5,597,950
Balances at Mar. 31, 2018	$ 659	24,696	52	237,412	(53,766)	209,053
Balances (in shares) at Mar. 31, 2018	5,592,693
Increase (Decrease) in Stockholders' Equity
Stock options exercised (in shares)	3,200
Stock-based compensation	$ 1	396				397
Stock-based compensation (in shares)	4,319
Treasury shares purchased					(190)	(190)
Treasury shares purchased (in shares)	(2,262)
Cash dividends paid				(756)		(756)
Net income				6,638		6,638
Mark to market of foreign exchange hedges, net of $6 tax benefit and $10 tax benefit and $7 tax expense and $17 tax benefit for the three months ended March 31, 2019 and 2018 and six months ended June 30, 2019 and 2018, respectively			(55)			(55)
Comprehensive (loss) income			(55)	6,638		6,583
Balances at Jun. 30, 2018	$ 660	25,092	(3)	243,294	(53,956)	215,087
Balances (in shares) at Jun. 30, 2018	5,597,950
Balances at Dec. 31, 2018	$ 661	25,867	(13)	250,568	(54,116)	222,967
Balances (in shares) at Dec. 31, 2018	5,607,401
Increase (Decrease) in Stockholders' Equity
Stock-based compensation		309				309
Stock-based compensation (in shares)	3,333
Treasury shares purchased					(52)	(52)
Treasury shares purchased (in shares)	(753)
Cash dividends paid				(757)		(757)
Net income				5,128		5,128
Mark to market of foreign exchange hedges, net of $6 tax benefit and $10 tax benefit and $7 tax expense and $17 tax benefit for the three months ended March 31, 2019 and 2018 and six months ended June 30, 2019 and 2018, respectively			(20)			(20)
Comprehensive (loss) income			(20)	5,128		5,108
Balances at Mar. 31, 2019	$ 661	26,176	(33)	254,939	(54,168)	227,575
Balances (in shares) at Mar. 31, 2019	5,609,981
Balances at Dec. 31, 2018	$ 661	25,867	(13)	250,568	(54,116)	222,967
Balances (in shares) at Dec. 31, 2018	5,607,401
Increase (Decrease) in Stockholders' Equity
Net income						11,161
Mark to market of foreign exchange hedges, net of $6 tax benefit and $10 tax benefit and $7 tax expense and $17 tax benefit for the three months ended March 31, 2019 and 2018 and six months ended June 30, 2019 and 2018, respectively						5
Comprehensive (loss) income						11,166
Balances at Jun. 30, 2019	$ 662	26,632	(8)	260,212	(54,357)	233,141
Balances (in shares) at Jun. 30, 2019	5,612,793
Balances at Mar. 31, 2019	$ 661	26,176	(33)	254,939	(54,168)	227,575
Balances (in shares) at Mar. 31, 2019	5,609,981
Increase (Decrease) in Stockholders' Equity
Stock options exercised		75				75
Stock options exercised (in shares)	2,000
Stock-based compensation	$ 1	381				382
Stock-based compensation (in shares)	3,173
Treasury shares purchased					(189)	(189)
Treasury shares purchased (in shares)	(2,361)
Cash dividends paid				(760)		(760)
Net income				6,033		6,033
Mark to market of foreign exchange hedges, net of $6 tax benefit and $10 tax benefit and $7 tax expense and $17 tax benefit for the three months ended March 31, 2019 and 2018 and six months ended June 30, 2019 and 2018, respectively			25			25
Comprehensive (loss) income			25	6,033		6,058
Balances at Jun. 30, 2019	$ 662	$ 26,632	$ (8)	$ 260,212	$ (54,357)	$ 233,141
Balances (in shares) at Jun. 30, 2019	5,612,793

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
Mark to market of foreign exchange hedges, tax expense (benefit)	$ 7	$ (6)	$ (17)	$ (10)	$ 1	$ (27)

CONDENSED CONSOLIDATED STATEM_7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
OPERATING ACTIVITIES:
Net income	$ 11,161	$ 10,900
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	8,404	8,572
Amortization of deferred financing costs	6	15
Deferred income taxes	2,619	1,157
Loss on disposition of property, plant and equipment	97	345
Stock-based compensation	691	713
Changes in operating assets and liabilities:
Trade receivables, net	(3,344)	(4,450)
Inventories, net	517	1,289
Prepaid expenses and other current assets	341	438
Other assets	50	93
Accounts payable and accrued expenses	(452)	(697)
Other liabilities	(54)	(145)
Net cash provided by operating activities	20,036	18,230
INVESTING ACTIVITIES:
Purchase of property, plant and equipment	(12,360)	(19,378)
Proceeds from sale of property, plant and equipment	461	183
Net cash used in investing activities	(11,899)	(19,195)
FINANCING ACTIVITIES:
Cash dividends paid	(1,517)	(1,511)
Proceeds from exercise of stock options	75	73
Purchase of treasury shares	(241)	(251)
Net cash used in financing activities	(1,683)	(1,689)
Net increase (decrease) in cash and cash equivalents	6,454	(2,654)
Cash and cash equivalents at beginning of period	67,218	85,000
Cash and cash equivalents at end of period	$ 73,672	$ 82,346

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2019
Basis of Presentation
Basis of Presentation	1. Basis of Presentation The condensed consolidated financial statements included herein have been prepared by United States Lime & Minerals, Inc. (the “Company”) without independent audit. In the opinion of the Company’s management, all adjustments of a normal and recurring nature necessary to present fairly the financial position, results of operations, comprehensive income and cash flows for the periods presented have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the period ended December 31, 2018. The results of operations for the three- and six-month periods ended June 30, 2019 are not necessarily indicative of operating results for the full year.

Organization

Organization	6 Months Ended
	Jun. 30, 2019
Organization
Organization	2. Organization The Company is headquartered in Dallas, Texas, and operates through two business segments. Through its Lime and Limestone Operations, the Company is a manufacturer of lime and limestone products, supplying primarily the construction (including highway, road and building contractors), industrial (including paper and glass manufacturers), environmental (including municipal sanitation and water treatment facilities and flue gas treatment processes), metals (including steel producers), oil and gas services, roof shingle manufacturers and agriculture (including poultry and cattle feed producers) industries. The Company operates lime and limestone plants and distribution facilities in Arkansas, Colorado, Louisiana, Oklahoma and Texas through its wholly owned subsidiaries, Arkansas Lime Company, Colorado Lime Company, Texas Lime Company, U.S. Lime Company, U.S. Lime Company – Shreveport, U.S. Lime Company – St. Clair and U.S. Lime Company – Transportation. In addition, the Company, through its wholly owned subsidiary, U.S. Lime Company – O & G, LLC, has royalty and non-operating working interests in natural gas wells located in Johnson County, Texas, in the Barnett Shale Formation.

Accounting Policies

Accounting Policies	6 Months Ended
	Jun. 30, 2019
Accounting Policies
Accounting Policies	3. Accounting Policies Revenue Recognition. The Company recognizes revenue for its Lime and Limestone Operations in accordance with the terms of its purchase orders, contracts or purchase agreements, which is generally upon shipment, and when payment is considered probable. Revenues include external freight billed to customers with related costs accounted for as fulfillment costs and included in cost of revenues. The Company’s returns and allowances are minimal. External freight billed to customers included in 2019 and 2018 revenues was $7.1 million and $6.8 million, for the respective three-month periods, and $13.9 and $12.7 million, for the respective six-month periods, which approximates the amount of external freight included in cost of revenues. Sales taxes billed to customers are not included in revenues. For its Natural Gas Interests, the Company recognizes revenue in the month of production and delivery. The Company operates its Lime and Limestone Operations within a single geographic region and derives all revenues from that segment from the sale of lime and limestone products. Revenues from the Company’s Natural Gas Interests are from the Company’s royalty and non-operating working interest in Johnson County, Texas. See Note 4 to the condensed consolidated financial statements for disaggregation of revenues by segment, which the Company believes best depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. The majority of the Company’s trade receivables are unsecured. Payment terms for all trade receivables are based on the underlying purchase orders, contracts or purchase agreements. Credit losses relating to trade receivables have generally been within management expectations and historical trends. Uncollected trade receivables are charged-off when identified by management to be unrecoverable. The Company maintains an allowance for doubtful accounts to reflect estimated losses resulting from the failure of customers to make required payments. Successful-Efforts Method Used for Natural Gas Interests. The Company uses the successful-efforts method to account for oil and gas exploration and development expenditures. Under this method, drilling, completion and workover costs for successful exploratory wells and all development well costs are capitalized and depleted using the units-of-production method. Costs to drill exploratory wells that do not find proved reserves are expensed. Comprehensive Income. Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Certain changes in assets and liabilities, such as mark-to-market gains or losses on foreign exchange derivative instruments designated as hedges, are reported as a separate component of the equity section of the balance sheet. Such items, along with net income, are components of comprehensive income. Leases. The Company determines if an arrangement is a lease at inception. When recording operating leases, the Company records a lease liability based on the net present value of the lease payments over the lease term and a corresponding right-of-use asset. Operating leases are included in operating lease right-of-use assets, current portion of operating lease liabilities and operating lease liabilities, excluding current portion, on the balance sheet. Lease expense is recognized over the lease term on a straight-line basis. Lease terms include options to extend the lease when it is reasonably certain the Company will exercise the option. For leases with a term of twelve months or less, the Company does not record a right-of-use asset and a lease liability and records lease expense on a straight-line basis. See Note 9 to the condensed consolidated financial statements. Fair Values of Financial Instruments. Fair value is defined as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” The Company uses a three-tier fair value hierarchy, which classifies the inputs used in measuring fair values, in determining the fair value of its financial assets and liabilities. These tiers include: Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets; Level 2, defined as observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. Specific inputs used to value the Company’s foreign exchange hedges were Euro to U.S. Dollar exchange rates for the expected future payment dates for the Company’s commitments denominated in Euros. See Note 6 to the condensed consolidated financial statements. There were no changes in the methods and assumptions used in measuring fair value. The Company’s financial liabilities measured at fair value on a recurring basis at June 30, 2019 and December 31, 2018, respectively, are summarized below (in thousands): Significant Other Observable Inputs (Level 2) June 30, December 31, June 30, December 31, 2019 2018 2019 2018 Valuation Technique Foreign exchange hedges $ (11) $ (16) $ (11) $ (16) Cash flows approach New Accounting Pronouncements. In February 2016, the FASB issued Accounting Standards Update No. 2016-02 (“ASU 2016-02”), “Leases,” which requires the recognition of lease assets and lease liabilities by lessees for all leases greater than one year in duration and classified as operating leases under previous guidance. For operating leases, a lessee is required to recognize at inception a right-of-use asset and a lease liability equal to the net present value of the lease payments, with lease expense recognized over the lease term on a straight-line basis. For leases with a term of twelve months or less, ASU 2016-02 allows a reporting entity to make an accounting policy election to not recognize a right-of-use asset and a lease liability, and to recognize lease expense on a straight-line basis. The Company adopted ASU 2016-02 at January 1, 2019, using the current-period adjustment method. Under the current-period adjustment method, a reporting entity continues to apply legacy guidance, including disclosure requirements, in the comparative periods presented in the year of adoption, recognizing a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption, if any. Adoption of ASU 2016-02 resulted in an increase in assets of $3.9 million with corresponding liabilities of $3.9 million and no impact on retained earnings at January 1, 2019. In August 2017, the FASB issued Accounting Standards Update No. 2017-12 (“ASU 2017-12”), “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities.” This standard better aligns an entity’s risk management activities and financial reporting for hedging relationships and enhances the transparency and understandability of hedge results through improved disclosures. The Company adopted ASU 2017-12 at January 1, 2019. Adoption of ASU 2017-12 had no impact on the Company’s condensed consolidated financial statements.

Business Segments

Business Segments	6 Months Ended
	Jun. 30, 2019
Business Segments
Business Segments	4. Business Segments The Company has identified two business segments based on the distinctness of their activities and products: Lime and Limestone Operations and Natural Gas Interests. All operations are in the United States. In evaluating the operating results of the Company’s segments, management primarily reviews revenues and gross profit. The Company does not allocate corporate overhead, interest expense or interest income to its business segments. The following table sets forth operating results and certain other financial data for the Company’s two business segments (in thousands): Three Months Ended June 30, Six Months Ended June 30, Revenues 2019 2018 2019 2018 Lime and limestone operations $ 38,581 $ $ 76,046 $ Natural gas interests 373 707 Total revenues $ 38,954 $ 39,242 $ 76,753 $ 74,529 Depreciation, depletion and amortization Lime and limestone operations $ 4,089 $ 4,129 $ 8,018 $ 8,141 Natural gas interests 136 159 275 324 Total depreciation, depletion and amortization $ 4,225 $ 4,288 $ 8,293 $ 8,465 Gross profit Lime and limestone operations $ 9,690 $ $ 18,376 $ 16,120 Natural gas interests 37 310 44 554 Total gross profit $ 9,727 $ 9,637 $ 18,420 $ 16,674 Capital expenditures Lime and limestone operations $ 6,676 $ $ 12,360 $ 19,378 Natural gas interests — — — — Total capital expenditures $ 6,676 $ 5,333 $ 12,360 $ 19,378

Income Per Share of Common Stoc

Income Per Share of Common Stock	6 Months Ended
	Jun. 30, 2019
Income Per Share of Common Stock
Income Per Share of Common Stock	5. Income Per Share of Common Stock The following table sets forth the computation of basic and diluted income per common share (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Net income for basic and diluted income per common share $ 6,033 $ 6,638 $ 11,161 $ 10,900 Weighted-average shares for basic income per common share 5,614 5,612 5,593 Effect of dilutive securities: Employee and director stock options (1) 10 8 7 8 Adjusted weighted-average shares and assumed exercises for diluted income per common share 5,624 5,603 5,619 5,601 Basic net income per common share $ 1.07 $ 1.19 $ 1.99 $ 1.95 Diluted net income per common share $ 1.07 $ 1.18 $ 1.99 $ 1.95 (1) Excludes 0 and 14 stock options for the three- and six-month 2019 periods and 2 and 10 stock options for the three- and six-month 2018 periods, respectively, as anti-dilutive because the exercise price exceeded the average per share market price for the period.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	6 Months Ended
	Jun. 30, 2019
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income	6. Accumulated Other Comprehensive Income The following table presents the components of comprehensive income (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Net income $ 6,033 $ 6,638 $ 11,161 $ 10,900 Mark to market of foreign exchange hedges 32 (72) 6 (116) Deferred income tax (expense) benefit (7) 17 (1) 27 Comprehensive income $ 6,058 $ 6,583 $ 11,166 $ 10,811 In November 2016, to hedge against potential losses due to changes in the Euro to U.S. Dollar exchange rates, the Company entered into foreign exchange (“FX”) hedges with Wells Fargo Bank, N.A. (“Wells Fargo”) as the counterparty to the FX hedges to fix the exchange rates for 5.5 million Euros in connection with a contractual obligation related to the St. Clair kiln project, of which FX hedges with respect to 0.4 million Euros remained outstanding at June 30, 2019. In May 2018, the Company entered into additional FX hedges with Wells Fargo to fix the exchange rate for 2.2 million Euros in connection with a contractual obligation related to the purchase and installation of equipment at Arkansas Lime Company, of which FX hedges with respect to 0.3 million Euros remained outstanding at June 30, 2019. At June 30, 2019 and December 31, 2018, the Company had total FX hedges fixing the exchange rates for 0.7 million Euros and 1.4 million Euros, respectively. The Company will be exposed to credit losses in the event of non-performance by the counterparty to the FX hedges. The FX hedges have been effective as defined under applicable accounting rules. Therefore, changes in the fair value of the FX hedges are reflected in comprehensive income. Due to changes in the U.S. Dollar, compared to the Euro, the fair value of the hedges resulted in net liabilities of $11 and $16 at June 30, 2019 and December 31, 2018, respectively, which is included in accrued expenses.

Inventories, Net

Inventories, Net	6 Months Ended
	Jun. 30, 2019
Inventories, Net
Inventories, Net	7. Inventories, Net Inventories are valued principally at the lower of cost, determined using the average cost method, or market. Costs for raw materials and finished goods include materials, labor, and production overhead. Inventories, net consisted of the following (in thousands): June 30, December 31, 2019 2018 Lime and limestone inventories: Raw materials $ 4,096 $ 4,693 Finished goods 1,994 2,153 6,090 6,846 Service parts inventories 6,239 6,000 $ 12,329 $ 12,846

Banking Facilities and Debt

Banking Facilities and Debt	6 Months Ended
	Jun. 30, 2019
Banking Facilities and Debt
Banking Facilities and Debt	8. Banking Facilities and Debt The Company’s credit agreement with Wells Fargo Bank, N.A. (the “Lender”), as amended as of May 2, 2019, provides for a $75 million revolving credit facility (the “Revolving Facility”) and an incremental four-year accordion feature to borrow up to an additional $50 million on the same terms, subject to approval by the Lender or another lender selected by the Company. The credit agreement also provides for a $10 million letter of credit sublimit under the Revolving Facility. The Revolving Facility and any incremental loans mature on May 2, 2024. Interest rates on the Revolving Facility are, at the Company’s option, LIBOR plus a margin of 1.000% to 2.000%, or the Lender’s Prime Rate plus a margin of 0.000% to 1.000%; and a commitment fee range of 0.200% to 0.350% on the undrawn portion of the Revolving Facility. The Revolving Facility interest rate margins and commitment fee are determined quarterly in accordance with a pricing grid based upon the Company’s Cash Flow Leverage Ratio, defined as the ratio of the Company’s total funded senior indebtedness to earnings before interest, taxes, depreciation, depletion, amortization and stock-based compensation expense (“EBITDA”) for the 12 months ended on the last day of the most recent calendar quarter, plus pro forma EBITDA from any businesses acquired during the period. Pursuant to a security agreement, dated August 25, 2004, the Revolving Facility is secured by the Company’s existing and hereafter acquired tangible assets, intangible assets and real property. The maturity of the Revolving Facility and any incremental loans can be accelerated if any event of default, as defined under the credit agreement, occurs. The Company’s maximum Cash Flow Leverage Ratio is 3.50 to 1. The Company may pay dividends so long as it remains in compliance with the provisions of the Company’s credit agreement, and may purchase, redeem or otherwise acquire shares of its common stock so long as its pro forma Cash Flow Leverage Ratio is less than 3.00 to 1.00 and no default or event of default exists or would exist after giving effect to such stock repurchase. As of June 30, 2019, the Company had no debt outstanding and no draws on the Revolving Facility other than $1.2 million of letters of credit, including $0.8 million related to the St. Clair kiln project, which count as draws against the available commitment under the Revolving Facility.

Leases

Leases	6 Months Ended
	Jun. 30, 2019
Leases
Leases	9. Leases The Company has operating leases for the use of equipment, corporate office space, and some of its terminal and distribution facilities. The leases have remaining lease terms of 0 to 8 years, with a weighted-average remaining lease term of 3 years at June 30, 2019. Some operating leases include options to extend the leases for up to 5 years. At January 1, 2019, upon implementation of ASU 2016-02, the liability for the Company’s operating leases was discounted to present value using a weighted-average discount rate of 3.5%. The components of lease costs for the three- and six-months ended June 30, 2019 were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, Classification 2019 2019 Operating lease costs (1) Cost of revenues $ $ 1,040 Operating lease costs Selling, general and administrative expenses 107 Rental revenues Other (income) expense (13) (25) Net lease cost $ 596 $ 1,122 (1) Includes the costs of leases with a term of 12 months or less. As of June 30, 2019, future minimum payments under operating leases that were either non-cancelable or subject to significant penalty upon cancellation, including future minimum payments under renewal options that the Company is reasonably certain to exercise, were as follows (in thousands): 2019 (excluding the six months ended June 30, 2019) $ 813 2020 1,388 2021 1,124 2022 480 2023 187 Thereafter 264 Total future minimum lease payments 4,256 Less imputed interest (244) Present value of lease liabilities $ 4,012 Supplemental cash flow information pertaining to the Company’s leasing activity for the six months ended June 30, 2019 was as follows (in thousands): Six Months Ended June 30, 2019 Cash payments for operating lease liabilities $ 950 Right-of-use assets obtained in exchange for operating lease obligations $ 857

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2019
Income Taxes
Income Taxes	10. Income Taxes The Company has estimated that its effective income tax rate for 2019 will be 20.1%. The primary reason for the effective income tax rate being below the federal statutory rate is due to statutory depletion, which is allowed for income tax purposes and is a permanent difference between net income for financial reporting purposes and taxable income. In 2018, the effective income tax rate was further reduced from the federal statutory rate due to research and development tax credits associated with the construction of the St. Clair kiln project.

Dividends

Dividends	6 Months Ended
	Jun. 30, 2019
Dividends
Dividends	11. Dividends On June 14, 2019, the Company paid $0.8 million in cash dividends, based on a dividend of $0.135 (13.5 cents) per share of its common stock, to shareholders of record at the close of business on May 24, 2019. On March 15, 2019, the Company paid $0.8 million in cash dividends, based on a dividend of $0.135 (13.5 cents) per share on its common stock, to shareholders of record at the close of business on February 22, 2019.

Subsequent Event

Subsequent Event	6 Months Ended
	Jun. 30, 2019
Subsequent Event.
Subsequent Event	12. Subsequent Event On July 31, 2019, the Company’s Board of Directors declared a regular quarterly cash dividend of $0.135 (13.5 cents) per share on the Company’s common stock. This dividend is payable on September 13, 2019 to shareholders of record at the close of business on August 23, 2019.

Accounting Policies (Policies)

Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2019
Accounting Policies
Revenue Recognition	Revenue Recognition. The Company recognizes revenue for its Lime and Limestone Operations in accordance with the terms of its purchase orders, contracts or purchase agreements, which is generally upon shipment, and when payment is considered probable. Revenues include external freight billed to customers with related costs accounted for as fulfillment costs and included in cost of revenues. The Company’s returns and allowances are minimal. External freight billed to customers included in 2019 and 2018 revenues was $7.1 million and $6.8 million, for the respective three-month periods, and $13.9 and $12.7 million, for the respective six-month periods, which approximates the amount of external freight included in cost of revenues. Sales taxes billed to customers are not included in revenues. For its Natural Gas Interests, the Company recognizes revenue in the month of production and delivery. The Company operates its Lime and Limestone Operations within a single geographic region and derives all revenues from that segment from the sale of lime and limestone products. Revenues from the Company’s Natural Gas Interests are from the Company’s royalty and non-operating working interest in Johnson County, Texas. See Note 4 to the condensed consolidated financial statements for disaggregation of revenues by segment, which the Company believes best depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. The majority of the Company’s trade receivables are unsecured. Payment terms for all trade receivables are based on the underlying purchase orders, contracts or purchase agreements. Credit losses relating to trade receivables have generally been within management expectations and historical trends. Uncollected trade receivables are charged-off when identified by management to be unrecoverable. The Company maintains an allowance for doubtful accounts to reflect estimated losses resulting from the failure of customers to make required payments.
Successful-Efforts Method Used for Natural Gas Interests	Successful-Efforts Method Used for Natural Gas Interests. The Company uses the successful-efforts method to account for oil and gas exploration and development expenditures. Under this method, drilling, completion and workover costs for successful exploratory wells and all development well costs are capitalized and depleted using the units-of-production method. Costs to drill exploratory wells that do not find proved reserves are expensed.
Comprehensive Income	Comprehensive Income. Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Certain changes in assets and liabilities, such as mark-to-market gains or losses on foreign exchange derivative instruments designated as hedges, are reported as a separate component of the equity section of the balance sheet. Such items, along with net income, are components of comprehensive income.
Leases	Leases. The Company determines if an arrangement is a lease at inception. When recording operating leases, the Company records a lease liability based on the net present value of the lease payments over the lease term and a corresponding right-of-use asset. Operating leases are included in operating lease right-of-use assets, current portion of operating lease liabilities and operating lease liabilities, excluding current portion, on the balance sheet. Lease expense is recognized over the lease term on a straight-line basis. Lease terms include options to extend the lease when it is reasonably certain the Company will exercise the option. For leases with a term of twelve months or less, the Company does not record a right-of-use asset and a lease liability and records lease expense on a straight-line basis. See Note 9 to the condensed consolidated financial statements.
Fair Values of Financial Instruments	Fair Values of Financial Instruments. Fair value is defined as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” The Company uses a three-tier fair value hierarchy, which classifies the inputs used in measuring fair values, in determining the fair value of its financial assets and liabilities. These tiers include: Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets; Level 2, defined as observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. Specific inputs used to value the Company’s foreign exchange hedges were Euro to U.S. Dollar exchange rates for the expected future payment dates for the Company’s commitments denominated in Euros. See Note 6 to the condensed consolidated financial statements. There were no changes in the methods and assumptions used in measuring fair value. The Company’s financial liabilities measured at fair value on a recurring basis at June 30, 2019 and December 31, 2018, respectively, are summarized below (in thousands): Significant Other Observable Inputs (Level 2) June 30, December 31, June 30, December 31, 2019 2018 2019 2018 Valuation Technique Foreign exchange hedges $ (11) $ (16) $ (11) $ (16) Cash flows approach
New Accounting Pronouncements	New Accounting Pronouncements. In February 2016, the FASB issued Accounting Standards Update No. 2016-02 (“ASU 2016-02”), “Leases,” which requires the recognition of lease assets and lease liabilities by lessees for all leases greater than one year in duration and classified as operating leases under previous guidance. For operating leases, a lessee is required to recognize at inception a right-of-use asset and a lease liability equal to the net present value of the lease payments, with lease expense recognized over the lease term on a straight-line basis. For leases with a term of twelve months or less, ASU 2016-02 allows a reporting entity to make an accounting policy election to not recognize a right-of-use asset and a lease liability, and to recognize lease expense on a straight-line basis. The Company adopted ASU 2016-02 at January 1, 2019, using the current-period adjustment method. Under the current-period adjustment method, a reporting entity continues to apply legacy guidance, including disclosure requirements, in the comparative periods presented in the year of adoption, recognizing a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption, if any. Adoption of ASU 2016-02 resulted in an increase in assets of $3.9 million with corresponding liabilities of $3.9 million and no impact on retained earnings at January 1, 2019. In August 2017, the FASB issued Accounting Standards Update No. 2017-12 (“ASU 2017-12”), “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities.” This standard better aligns an entity’s risk management activities and financial reporting for hedging relationships and enhances the transparency and understandability of hedge results through improved disclosures. The Company adopted ASU 2017-12 at January 1, 2019. Adoption of ASU 2017-12 had no impact on the Company’s condensed consolidated financial statements.

Accounting Policies (Tables)

Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2019
Accounting Policies
Schedule of the entity's financial liabilities measured at fair value on a recurring basis (in thousands)	The Company’s financial liabilities measured at fair value on a recurring basis at June 30, 2019 and December 31, 2018, respectively, are summarized below (in thousands): Significant Other Observable Inputs (Level 2) June 30, December 31, June 30, December 31, 2019 2018 2019 2018 Valuation Technique Foreign exchange hedges $ (11) $ (16) $ (11) $ (16) Cash flows approach

Business Segments (Tables)

Business Segments (Tables)	6 Months Ended
	Jun. 30, 2019
Business Segments
Schedule of operating results and certain other financial data for the business segments)	The following table sets forth operating results and certain other financial data for the Company’s two business segments (in thousands): Three Months Ended June 30, Six Months Ended June 30, Revenues 2019 2018 2019 2018 Lime and limestone operations $ 38,581 $ $ 76,046 $ Natural gas interests 373 707 Total revenues $ 38,954 $ 39,242 $ 76,753 $ 74,529 Depreciation, depletion and amortization Lime and limestone operations $ 4,089 $ 4,129 $ 8,018 $ 8,141 Natural gas interests 136 159 275 324 Total depreciation, depletion and amortization $ 4,225 $ 4,288 $ 8,293 $ 8,465 Gross profit Lime and limestone operations $ 9,690 $ $ 18,376 $ 16,120 Natural gas interests 37 310 44 554 Total gross profit $ 9,727 $ 9,637 $ 18,420 $ 16,674 Capital expenditures Lime and limestone operations $ 6,676 $ $ 12,360 $ 19,378 Natural gas interests — — — — Total capital expenditures $ 6,676 $ 5,333 $ 12,360 $ 19,378

Income Per Share of Common St_2

Income Per Share of Common Stock (Tables)	6 Months Ended
	Jun. 30, 2019
Income Per Share of Common Stock
Schedule of computation of basic and diluted income per common share	The following table sets forth the computation of basic and diluted income per common share (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Net income for basic and diluted income per common share $ 6,033 $ 6,638 $ 11,161 $ 10,900 Weighted-average shares for basic income per common share 5,614 5,612 5,593 Effect of dilutive securities: Employee and director stock options (1) 10 8 7 8 Adjusted weighted-average shares and assumed exercises for diluted income per common share 5,624 5,603 5,619 5,601 Basic net income per common share $ 1.07 $ 1.19 $ 1.99 $ 1.95 Diluted net income per common share $ 1.07 $ 1.18 $ 1.99 $ 1.95 Excludes 0 and 14 stock options for the three- and six-month 2019 periods and 2 and 10 stock options for the three- and six-month 2018 periods, respectively, as anti-dilutive because the exercise price exceeded the average per share market price for the period.

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	6 Months Ended
	Jun. 30, 2019
Accumulated Other Comprehensive Income
Schedule of components of comprehensive income	The following table presents the components of comprehensive income (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Net income $ 6,033 $ 6,638 $ 11,161 $ 10,900 Mark to market of foreign exchange hedges 32 (72) 6 (116) Deferred income tax (expense) benefit (7) 17 (1) 27 Comprehensive income $ 6,058 $ 6,583 $ 11,166 $ 10,811

Inventories, Net (Tables)

Inventories, Net (Tables)	6 Months Ended
	Jun. 30, 2019
Inventories, Net
Schedule of inventories, net	Inventories, net consisted of the following (in thousands): June 30, December 31, 2019 2018 Lime and limestone inventories: Raw materials $ 4,096 $ 4,693 Finished goods 1,994 2,153 6,090 6,846 Service parts inventories 6,239 6,000 $ 12,329 $ 12,846

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2019
Leases
Schedule of lease costs	The components of lease costs for the three- and six-months ended June 30, 2019 were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, Classification 2019 2019 Operating lease costs (1) Cost of revenues $ $ 1,040 Operating lease costs Selling, general and administrative expenses 107 Rental revenues Other (income) expense (13) (25) Net lease cost $ 596 $ 1,122 (1) Includes the costs of leases with a term of 12 months or less.
Schedule of maturity of lease liability	Company is reasonably certain to exercise, were as follows (in thousands): 2019 (excluding the six months ended June 30, 2019) $ 813 2020 1,388 2021 1,124 2022 480 2023 187 Thereafter 264 Total future minimum lease payments 4,256 Less imputed interest (244) Present value of lease liabilities $ 4,012
Schedule of supplemental cash flow information	Supplemental cash flow information pertaining to the Company’s leasing activity for the six months ended June 30, 2019 was as follows (in thousands): Six Months Ended June 30, 2019 Cash payments for operating lease liabilities $ 950 Right-of-use assets obtained in exchange for operating lease obligations $ 857

Organization (Details)

Organization (Details)	6 Months Ended
	Jun. 30, 2019segment
Organization
Number of business segments	2

Accounting Policies - Revenue R

Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenue Recognition
External freight billed to customers included in revenue	$ 7.1	$ 6.8	$ 13.9	$ 12.7

Accounting Policies - Fair Valu

Accounting Policies - Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Fair Values of Financial Instruments
Foreign exchange hedges liabilities	$ (11)	$ (16)
Recurring | Fair value | Cash flows approach
Fair Values of Financial Instruments
Foreign exchange hedges liabilities	(11)	(16)
Recurring | Fair value | Significant Other Observable Inputs (Level 2) | Cash flows approach
Fair Values of Financial Instruments
Foreign exchange hedges liabilities	$ (11)	$ (16)

Accounting Policies - New Accou

Accounting Policies - New Accounting Pronouncements (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Jan. 01, 2019
New Accounting Pronouncements
Right-of-use asset	$ 4,054
Right-of-use liability	$ 4,012
Accounting Standards Update 2016-02 "Leases" | Adjustment
New Accounting Pronouncements
Right-of-use asset		$ 3,900
Right-of-use liability		$ 3,900

Business Segments (Details)

Business Segments (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)segment	Jun. 30, 2018USD ($)
Business segments
Number of business segments | segment			2
Revenues	$ 38,954	$ 39,242	$ 76,753	$ 74,529
Depreciation, depletion and amortization	4,225	4,288	8,293	8,465
Gross profit	9,727	9,637	18,420	16,674
Capital expenditures	6,676	5,333	12,360	19,378
Lime and limestone operations
Business segments
Depreciation, depletion and amortization	4,089	4,129	8,018	8,141
Gross profit	9,690	9,327	18,376	16,120
Capital expenditures	6,676	5,333	12,360	19,378
Natural gas interests
Business segments
Depreciation, depletion and amortization	136	159	275	324
Gross profit	37	310	44	554
Lime and limestone operations
Business segments
Revenues	38,581	38,557	76,046	73,271
Lime and limestone operations | Lime and limestone operations
Business segments
Revenues	38,581	38,557	76,046	73,271
Natural gas interests
Business segments
Revenues	373	685	707	1,258
Natural gas interests | Natural gas interests
Business segments
Revenues	$ 373	$ 685	$ 707	$ 1,258

Income Per Share of Common St_3

Income Per Share of Common Stock (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Income per share of common stock:
Net income for basic and diluted income per common share	$ 6,033	$ 5,128	$ 6,638	$ 4,262	$ 11,161	$ 10,900
Weighted-average shares for basic income per common share (in shares)	5,614		5,595		5,612	5,593
Effect of dilutive securities:
Employee and director stock options (in shares)	10		8		7	8
Adjusted weighted-average shares and assumed exercises for diluted income per common share (in shares)	5,624		5,603		5,619	5,601
Basic net income per common share (in dollars per share)	$ 1.07		$ 1.19		$ 1.99	$ 1.95
Diluted net income per common share (in dollars per share)	$ 1.07		$ 1.18		$ 1.99	$ 1.95
Options
Anti-dilutive securities
Anti-dilutive shares of common stock excluded from the calculation of dilutive securities	0		2		14	10

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Details) $ in Thousands, € in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Jun. 30, 2018USD ($)	Mar. 31, 2018USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2019EUR (€)	Dec. 31, 2018USD ($)	Dec. 31, 2018EUR (€)	May 31, 2018EUR (€)	Nov. 30, 2016EUR (€)
Components of comprehensive income
Net income	$ 6,033	$ 5,128	$ 6,638	$ 4,262	$ 11,161	$ 10,900
Mark to market of foreign exchange hedges	32		(72)		6	(116)
Deferred income tax benefit	(7)		17		(1)	27
Comprehensive (loss) income	6,058	$ 5,108	$ 6,583	$ 4,228	11,166	$ 10,811
Foreign exchange hedges liabilities	(11)				(11)			$ (16)
Foreign Exchange Contract
Components of comprehensive income
Foreign exchange hedges liabilities	$ (400)				$ (400)		€ (0.3)
Foreign Exchange Contract | Designated as Hedging Instrument
Components of comprehensive income
Notional amount | €							€ 0.7		€ 1.4	€ 2.2	€ 5.5

Inventories, Net (Details)

Inventories, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Lime and limestone inventories:
Raw materials	$ 4,096	$ 4,693
Finished goods	1,994	2,153
Total	6,090	6,846
Service parts inventories	6,239	6,000
Total inventories	$ 12,329	$ 12,846

Banking Facilities and Debt (De

Banking Facilities and Debt (Details) $ in Millions	May 07, 2015USD ($)	Jun. 30, 2019USD ($)	May 02, 2019USD ($)
Banking facilities and other debt
Total Debt		$ 0
Maximum
Banking facilities and other debt
Pro forma Cash Flow Leverage Ratio to be maintained to purchase, redeem or otherwise acquire shares of common stock		3
Cash flow leverage ratio	3.50
Revolving Facility
Banking facilities and other debt
Maximum borrowing capacity			$ 75
Accordion feature period	4 years
Maximum borrowing capacity accordion feature	$ 50
Letters of credit outstanding		$ 1.2
The amount of letters of credit outstanding related to the St Clair kiln project		0.8
Revolving Facility | Minimum
Banking facilities and other debt
Commitment fee (as a percent)	0.20%
Revolving Facility | Minimum | LIBOR
Banking facilities and other debt
Interest rate margin (as a percent)	1.00%
Revolving Facility | Minimum | Lender's prime rate
Banking facilities and other debt
Interest rate margin (as a percent)	0.00%
Revolving Facility | Maximum
Banking facilities and other debt
Commitment fee (as a percent)	0.35%
Revolving Facility | Maximum | LIBOR
Banking facilities and other debt
Interest rate margin (as a percent)	2.00%
Revolving Facility | Maximum | Lender's prime rate
Banking facilities and other debt
Interest rate margin (as a percent)	1.00%
Letter of Credit
Banking facilities and other debt
Maximum borrowing capacity		$ 10

Leases - Costs Disclosure (Deta

Leases - Costs Disclosure (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019USD ($)	Jun. 30, 2019USD ($)
Leases
Weighted average remaining lease term	3 years	3 years
Lessee, Operating Lease, Existence of Option to Extend [true false]		true
Average discount rate (as a percent)	3.50%	3.50%
Lease cost
Total lease cost	$ 596	$ 1,122
Minimum
Leases
Remaining lease term		0 years
Maximum
Leases
Remaining lease term		8 years
Lease extension term		5 years
Lease Term	12 months	12 months
Cost of revenues
Lease cost
Operating lease cost	$ 555	$ 1,040
Selling, general and administrative expense.
Lease cost
Operating lease cost	54	107
Other (income) expense, net
Lease cost
Rental revenues	$ (13)	$ (25)

Leases - Maturity (Details)

Leases - Maturity (Details) $ in Thousands	Jun. 30, 2019USD ($)
Maturity
2019 (excluding the six months ended June 30, 2019)	$ 813
2020	1,388
2021	1,124
2022	480
2023	187
Thereafter	264
Total future minimum lease payments	4,256
Less imputed interest	(244)
Present value of lease liabilities	$ 4,012

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)
Leases
Cash payments for operating lease liabilities	$ 950
Right-of-use assets obtained in exchange for operating lease obligations	$ 857

Income Taxes (Details)

Income Taxes (Details)	6 Months Ended
	Jun. 30, 2019
Income Taxes
Effective income tax rate (as a percent)	20.10%

Dividends (Details)

Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 14, 2019	Mar. 15, 2019	Jun. 30, 2019	Jun. 30, 2018
Dividends
Cash dividends paid	$ 800	$ 800	$ 1,517	$ 1,511
Cash dividend (in dollars per share)	$ 0.135	$ 0.135

Subsequent Event (Details)

Subsequent Event (Details) - $ / shares	Jul. 31, 2019	Jun. 14, 2019	Mar. 15, 2019
Subsequent event
Quarterly cash dividend declared (in dollars per share)		$ 0.135	$ 0.135
Subsequent event
Subsequent event
Dividends payable date declared	Jul. 31, 2019
Quarterly cash dividend declared (in dollars per share)	$ 0.135
Dividends payable date to be paid	Sep. 13, 2019
Dividends payable date of record	Aug. 23, 2019