United States Lime & Minerals (USLM) 10-Q30 Oct 202020 Q3 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2020	Oct. 29, 2020
Cover Abstract
Entity Registrant Name	UNITED STATES LIME & MINERALS INC
Entity Central Index Key	0000082020
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	000-04197
Entity Incorporation, State or Country Code	TX
Entity Tax Identification Number	75-0789226
Entity Address, Address Line One	5429 LBJ Freeway, Suite 230
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75240
City Area Code	972
Local Phone Number	991-8400
Title of 12(b) Security	Common stock, $0.10 par value
Trading Symbol	USLM
Security Exchange Name	NASDAQ
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		5,630,761
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 71,310	$ 54,260
Trade receivables, net	24,846	22,948
Inventories, net	15,062	13,388
Prepaid expenses and other current assets	1,850	2,139
Total current assets	113,068	92,735
Property, plant and equipment	387,577	370,355
Less accumulated depreciation and depletion	(231,534)	(219,668)
Property, plant and equipment, net	156,043	150,687
Operating lease right-of-use assets	2,252	3,192
Other assets, net	344	423
Total assets	271,707	247,037
Current liabilities:
Accounts payable	5,267	4,430
Current portion of operating lease liabilities	1,130	1,294
Accrued expenses	4,675	3,735
Total current liabilities	11,072	9,459
Deferred tax liabilities, net	21,587	17,218
Operating lease liabilities, excluding current portion	1,109	1,866
Other liabilities	1,395	1,362
Total liabilities	35,163	29,905
Stockholders' equity:
Common stock	664	663
Additional paid-in capital	28,888	27,464
Accumulated other comprehensive loss		(1)
Retained earnings	261,834	243,566
Less treasury stock, at cost	(54,842)	(54,560)
Total stockholders' equity	236,544	217,132
Total liabilities and stockholders' equity	$ 271,707	$ 247,037

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues
Revenues	$ 43,727	$ 43,559	$ 119,714	$ 120,312
Cost of revenues
Labor and other operating expenses	24,665	25,887	71,074	75,927
Depreciation, depletion and amortization	4,880	4,189	14,224	12,482
Total cost of revenues	29,545	30,076	85,298	88,409
Gross profit	14,182	13,483	34,416	31,903
Selling, general and administrative expenses	2,909	2,928	9,009	8,240
Operating profit	11,273	10,555	25,407	23,663
Other expense (income)
Interest expense	62	61	186	183
Interest and other income, net	(49)	(477)	(400)	(1,459)
Total other expense (income)	13	(416)	(214)	(1,276)
Income before income tax expense	11,260	10,971	25,621	24,939
Income tax expense	1,936	1,069	4,652	3,876
Net income	$ 9,324	$ 9,902	$ 20,969	$ 21,063
Net income per share of common stock
Basic (in dollars per share)	$ 1.66	$ 1.76	$ 3.73	$ 3.75
Diluted (in dollars per share)	$ 1.65	$ 1.76	$ 3.72	$ 3.75

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Percentage	3 Months Ended		9 Months Ended
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Percentage	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues
Revenues (as a percent)	100.00%	100.00%	100.00%	100.00%
Cost of revenues
Labor and other operating expenses (as a percent)	56.40%	59.40%	59.40%	63.10%
Depreciation, depletion and amortization (as a percent)	11.20%	9.60%	11.90%	10.40%
Total cost of revenues (as a percent)	67.60%	69.00%	71.30%	73.50%
Gross profit (as a percent)	32.40%	31.00%	28.70%	26.50%
Selling, general and administrative expenses (as a percent)	6.70%	6.80%	7.50%	6.80%
Operating profit (as a percent)	25.70%	24.20%	21.20%	19.70%
Other expense (income)
Interest expense (as a percent)	0.10%	0.10%	0.20%	0.20%
Interest and other income, net (as a percent)	(0.10%)	(1.10%)	(0.40%)	(1.20%)
Total other expense (income) (as a percent)	0.00%	(1.00%)	(0.20%)	(1.00%)
Income before income tax expense (as a percent)	25.70%	25.20%	21.40%	20.70%
Income tax expense (as a percent)	4.40%	2.50%	3.90%	3.20%
Net income (as a percent)	21.30%	22.70%	17.50%	17.50%

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 9,902	$ 20,969	$ 21,063
Other comprehensive income
Mark to market of foreign exchange hedges, net of tax expense of $0 for the nine months ended September 30, 2020, and tax benefit of $8 and $7 for the three months and nine months ended September 30, 2019, respectively	(31)	1	(26)
Total other comprehensive (loss) income	(31)	1	(26)
Comprehensive income	$ 9,871	$ 20,970	$ 21,037

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended					9 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Mark to market on foreign exchange hedges, net of tax benefit of $0 for each of the three and nine months ended September 30, 2020, and $8 and $7 for the three months and nine months ended September 30, 2019, respectively	$ (2)	$ 2	$ 8	$ (7)	$ 6	$ 0	$ 7

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, 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 $2 tax benefit and $6 tax benefit for the three months ended March 31, 2020 and 2019, respectively, and $2 tax expense and $7 tax expense for the three months ended June 30, 2020 and 2019, respectively			(20)			(20)
Comprehensive 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						21,063
Mark to market of foreign exchange hedges, net of $2 tax benefit and $6 tax benefit for the three months ended March 31, 2020 and 2019, respectively, and $2 tax expense and $7 tax expense for the three months ended June 30, 2020 and 2019, respectively						(26)
Comprehensive income						21,037
Balances at Sep. 30, 2019	$ 662	27,045	(39)	269,358	(54,357)	242,669
Balances (in shares) at Sep. 30, 2019	5,612,772
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 $2 tax benefit and $6 tax benefit for the three months ended March 31, 2020 and 2019, respectively, and $2 tax expense and $7 tax expense for the three months ended June 30, 2020 and 2019, respectively			25			25
Comprehensive 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
Increase (Decrease) in Stockholders' Equity
Stock-based compensation		413				413
Stock-based compensation (in shares)	(21)
Cash dividends paid				(756)		(756)
Net income				9,902		9,902
Mark to market of foreign exchange hedges, net of $2 tax benefit and $6 tax benefit for the three months ended March 31, 2020 and 2019, respectively, and $2 tax expense and $7 tax expense for the three months ended June 30, 2020 and 2019, respectively			(31)			(31)
Comprehensive income			(31)	9,902		9,871
Balances at Sep. 30, 2019	$ 662	27,045	(39)	269,358	(54,357)	242,669
Balances (in shares) at Sep. 30, 2019	5,612,772
Balances at Dec. 31, 2019	$ 663	27,464	(1)	243,566	(54,560)	217,132
Balances (in shares) at Dec. 31, 2019	5,622,826
Increase (Decrease) in Stockholders' Equity
Stock options exercised		81				81
Stock options exercised (in shares)	2,000
Stock-based compensation	$ 1	378				379
Stock-based compensation (in shares)	3,063
Treasury shares purchased					(64)	(64)
Treasury shares purchased (in shares)	(704)
Cash dividends paid				(899)		(899)
Net income				5,544		5,544
Mark to market of foreign exchange hedges, net of $2 tax benefit and $6 tax benefit for the three months ended March 31, 2020 and 2019, respectively, and $2 tax expense and $7 tax expense for the three months ended June 30, 2020 and 2019, respectively			(6)			(6)
Comprehensive income			(6)	5,544		5,538
Balances at Mar. 31, 2020	$ 664	27,923	(7)	248,211	(54,624)	222,167
Balances (in shares) at Mar. 31, 2020	5,627,185
Balances at Dec. 31, 2019	$ 663	27,464	(1)	243,566	(54,560)	217,132
Balances (in shares) at Dec. 31, 2019	5,622,826
Increase (Decrease) in Stockholders' Equity
Net income						20,969
Mark to market of foreign exchange hedges, net of $2 tax benefit and $6 tax benefit for the three months ended March 31, 2020 and 2019, respectively, and $2 tax expense and $7 tax expense for the three months ended June 30, 2020 and 2019, respectively						1
Comprehensive income						20,970
Balances at Sep. 30, 2020	$ 664	28,888		261,834	(54,842)	236,544
Balances (in shares) at Sep. 30, 2020	5,630,761
Balances at Mar. 31, 2020	$ 664	27,923	(7)	248,211	(54,624)	222,167
Balances (in shares) at Mar. 31, 2020	5,627,185
Increase (Decrease) in Stockholders' Equity
Stock-based compensation		463				463
Stock-based compensation (in shares)	3,143
Treasury shares purchased					(218)	(218)
Treasury shares purchased (in shares)	(2,459)
Cash dividends paid				(901)		(901)
Net income				6,101		6,101
Mark to market of foreign exchange hedges, net of $2 tax benefit and $6 tax benefit for the three months ended March 31, 2020 and 2019, respectively, and $2 tax expense and $7 tax expense for the three months ended June 30, 2020 and 2019, respectively			7			7
Comprehensive income			$ 7	6,101		6,108
Balances at Jun. 30, 2020	$ 664	28,386		253,411	(54,842)	227,619
Balances (in shares) at Jun. 30, 2020	5,627,869
Increase (Decrease) in Stockholders' Equity
Stock options exercised (in shares)	2,945
Stock-based compensation		502				502
Stock-based compensation (in shares)	(53)
Cash dividends paid				(901)		(901)
Net income				9,324		9,324
Comprehensive income				9,324		9,324
Balances at Sep. 30, 2020	$ 664	$ 28,888		$ 261,834	$ (54,842)	$ 236,544
Balances (in shares) at Sep. 30, 2020	5,630,761

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands	3 Months Ended					9 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
Mark to market of foreign exchange hedges, tax expense (benefit)	$ 2	$ (2)	$ (8)	$ 7	$ (6)	$ 0	$ (7)

CONDENSED CONSOLIDATED STATEM_7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
OPERATING ACTIVITIES:
Net income	$ 20,969	$ 21,063
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	14,391	12,646
Amortization of deferred financing costs	5	7
Deferred income taxes	4,369	3,999
Loss on disposition of property, plant and equipment	144	628
Stock-based compensation	1,344	1,104
Changes in operating assets and liabilities:
Trade receivables, net	(758)	(3,578)
Inventories, net	(1,242)	(391)
Prepaid expenses and other current assets	289	32
Other assets	165	85
Accounts payable and accrued expenses	2,296	681
Other liabilities	(65)	(96)
Net cash provided by operating activities	41,907	36,180
INVESTING ACTIVITIES:
Purchase of property, plant and equipment	(13,621)	(20,423)
Acquisition of a business	(8,392)
Proceeds from sale of property, plant and equipment	58	195
Net cash used in investing activities	(21,955)	(20,228)
FINANCING ACTIVITIES:
Cash dividends paid	(2,701)	(2,273)
Proceeds from exercise of stock options	81	75
Purchase of treasury shares	(282)	(241)
Net cash used in financing activities	(2,902)	(2,439)
Net increase in cash and cash equivalents	17,050	13,513
Cash and cash equivalents at beginning of period	54,260	67,218
Cash and cash equivalents at end of period	$ 71,310	$ 80,731

Basis of Presentation

Basis of Presentation	9 Months Ended
Basis of Presentation	Sep. 30, 2020
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, 2019. The results of operations for the three-and nine-month periods ended September 30, 2020 are not necessarily indicative of operating results for the full year. On July 1, 2020, the Company acquired 100% of the equity interest of Carthage Crushed Limestone (“Carthage”), a limestone mining and production company located in Carthage, Missouri, for $8.4 million. cash, subject to adjustment for working capital balances acquired. Carthage produces aggregate and pulverized limestone products that are used primarily in the agricultural, construction, roofing, and industrial industries. Upon acquisition, Carthage’s assets and liabilities are included in the September 30, 2020 condensed consolidated balance sheet at fair value, with million of the purchase price preliminarily allocated to property, plant and equipment. Carthage contributed million of revenues in the three- and nine-month periods ended September 30, 2020, which are included in the condensed consolidated statements of operations. The Company believes this acquisition will complement its existing geographic footprint.

Organization

Organization	9 Months Ended
Organization	Sep. 30, 2020
Organization
Organization	2. Organization 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 is headquartered in Dallas, Texas and operates lime and limestone plants and distribution facilities in Arkansas, Colorado, Louisiana, Missouri, 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, ART Quarry TRS LLC (DBA Carthage Crushed Limestone) 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-operated working interests in natural gas wells located in Johnson County, Texas, in the Barnett Shale Formation. During 2019, the Company’s natural gas interests did not reach any of the quantitative thresholds for a reportable segment, and the results from its natural gas interests are not expected to be of significance in future periods. The revenues, gross profit and operating profit of the natural gas interests are included in Other for reportable segment disclosures. Segment disclosures for the three- and nine-month periods ended September 30, 2019 have been recast to be consistent with the presentation for the respective periods ended September 30, 2020.

Accounting Policies

Accounting Policies	9 Months Ended
Accounting Policies	Sep. 30, 2020
Accounting Policies
Accounting Policies	3. Accounting Policies Revenue Recognition. The Company recognizes revenue for its lime and limestone operations when (i) a contract with the customer exists and the performance obligations are identified; (ii) the price has been established; and (iii) the performance obligations have been satisfied, which is generally upon shipment. The Company’s returns and allowances are minimal. Revenues include external freight billed to customers with related costs accounted for as fulfillment costs and included in cost of revenues. External freight billed to customers included in 2020 and 2019 revenues was million and $7.7 million, for the respective three-month periods ended September 30, and $21.3 million and $21.7 million for the respective nine-month periods ended September 30, which approximate 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. 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. Accounts Receivable. On January 1, 2020, the Company adopted ASU 2016-13 Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 replaces the incurred impairment methodology in previous GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The Company applied the amendments of ASU 2016-13 using a modified-retrospective approach, and as a result, amounts recorded prior to January 1, 2020 have not been retrospectively restated. The implementation of ASU 2016-13 did not have a material impact on the Company’s results of operation, financial position, or cash flows. 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. The Company estimates credit losses relating to trade receivables based on an assessment of the current and forecasted probability of collection, historical trends, economic conditions and other significant events that may impact the collectability of accounts receivables. Due to the relatively homogenous nature of its trade receivables, the Company does not believe there is any meaningful asset-specific differences within its accounts receivable portfolio that would require the portfolio to be grouped below the consolidated level for review of credit losses. 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 credit losses to reflect currently expected estimated losses resulting from the failure of customers to make required payments. See Note 7 to the condensed consolidated financial statements. 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. See Note 6 to the condensed consolidated financial statements. 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, using the interest rate implicit in the lease, if known, or an incremental rate on a collateralized basis over a similar term and amount to the lease, 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 condensed consolidated balance sheets. 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 10 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. The last of these foreign exchange hedges expired in April 2020. See Note 6 to the condensed consolidated financial statements. There were no changes in the methods and assumptions used in measuring fair value during the period. The Company’s financial liabilities measured at fair value on a recurring basis at September 30, 2020 and December 31, 2019, respectively, are summarized below (in thousands): Significant Other Observable Inputs (Level 2) September 30, December 31, September 30, December 31, 2020 2019 2020 2019 Valuation Technique Foreign exchange hedges $ — $ (1) $ — $ (1) Cash flows approach

Business Segment

Business Segment	9 Months Ended
Business Segment	Sep. 30, 2020
Business Segment
Business Segment	4. Business Segment The Company has identified one reportable segment based on the distinctness of the Company’s activities and products: lime and limestone operations. All operations are in the United States. In evaluating the operating results of the Company, management primarily reviews revenues, gross profit and operating profit from the lime and limestone operations. Operating profit from its lime and limestone operations includes all of the Company’s selling, general and administrative costs. The Company does not allocate interest expense and interest and other income (expense), net to its lime and limestone operations. During 2019, the Company’s natural gas interests did not reach any of the quantitative thresholds for a reportable segment, and the Company does not expect the results from its natural gas interests to be of significance in future periods. The revenues, gross profit and operating profit from the Company’s natural gas interests are included in Other for the Company’s reportable segment disclosures. Other identifiable assets include assets related to its natural gas interests, unallocated corporate assets and cash items. Segment disclosures for the three and nine months ended September 30, 2019 have been recast to be consistent with the presentation for the three and nine months ended September 30, 2020. The following table sets forth operating results and certain other financial data for the Company’s lime and limestone operations segment and other (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Revenues 2020 2019 2020 2019 Lime and limestone operations $ 43,473 $ 43,265 $ 119,049 $ 119,311 Other 254 294 665 1,001 Total revenues $ 43,727 $ 43,559 $ 119,714 $ 120,312 Depreciation, depletion and amortization Lime and limestone operations $ 4,706 $ 4,056 $ 13,681 $ 12,074 Other 174 133 543 408 Total depreciation, depletion and amortization $ 4,880 $ 4,189 $ 14,224 $ 12,482 Gross profit (loss) Lime and limestone operations $ 14,256 $ 13,477 $ 34,802 $ 31,853 Other (74) 6 (386) 50 Total gross profit $ 14,182 $ 13,483 $ 34,416 $ 31,903 Operating profit (loss) Lime and limestone operations $ 11,347 $ 10,549 $ 25,793 $ 23,613 Other (74) 6 (386) 50 Total operating profit $ 11,273 $ 10,555 $ 25,407 $ 23,663 Identifiable assets, at period end Lime and limestone operations $ 194,819 $ 185,043 $ 194,819 $ 185,043 Other 76,888 88,790 76,888 88,790 Total identifiable assets $ 271,707 $ 273,833 $ 271,707 $ 273,833 Capital expenditures Lime and limestone operations $ 3,022 $ 8,063 $ 13,621 $ 20,423 Other — — — — Total capital expenditures $ 3,022 $ 8,063 $ 13,621 $ 20,423

Income Per Share of Common Stoc

Income Per Share of Common Stock	9 Months Ended
Income Per Share of Common Stock	Sep. 30, 2020
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 September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Net income for basic and diluted income per common share $ 9,324 $ 9,902 $ 20,969 $ 21,063 Weighted-average shares for basic income per common share 5,630 5,613 5,628 5,612 Effect of dilutive securities: Employee and director stock options (1) 11 9 10 8 Adjusted weighted-average shares and assumed exercises for diluted income per common share 5,641 5,622 5,637 5,620 Basic net income per common share $ 1.66 $ 1.76 $ 3.73 $ 3.75 Diluted net income per common share $ 1.65 $ 1.76 $ 3.72 $ 3.75 (1) Excludes 0 and 7 stock options for the three- and nine-month 2020 periods, and 0 and 9 stock options for the three- and nine-month 2019 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	9 Months Ended
Accumulated Other Comprehensive Income	Sep. 30, 2020
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 September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Net income $ 9,324 $ 9,902 $ 20,969 $ 21,063 Mark to market of foreign exchange hedges — (39) 1 (33) Deferred income tax benefit — 8 — 7 Comprehensive income $ 9,324 $ 9,871 $ 20,970 $ 21,037 In May 2018, 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. The last of the FX hedges expired in April 2020. The FX hedges were effective as defined under applicable accounting rules. Therefore, changes in the fair value of the FX hedges were reflected in comprehensive income.

Trade Receivables, Net

Trade Receivables, Net	9 Months Ended
Trade Receivables, Net	Sep. 30, 2020
Trade Receivables, Net
Trade Receivables, Net	7. Trade Receivables, Net Additions and write-offs to the Company’s allowance for credit losses for the nine months ended September 30, 2020 and 2019 were as follows (in thousands): September 30, 2020 2019 Beginning balance $ 361 $ 430 Additions 65 112 Write-offs (23) (171) Ending balance $ 403 $ 371

Inventories, Net

Inventories, Net	9 Months Ended
Inventories, Net	Sep. 30, 2020
Inventories, Net
Inventories, Net	8. 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): September 30, December 31, 2020 2019 Lime and limestone inventories: Raw materials $ 4,800 $ 4,546 Finished goods 2,392 1,954 7,192 6,500 Service parts inventories 7,870 6,888 $ 15,062 $ 13,388

Banking Facilities and Debt

Banking Facilities and Debt	9 Months Ended
Banking Facilities and Debt	Sep. 30, 2020
Banking Facilities and Debt
Banking Facilities and Debt	9. Banking Facilities and Debt The Company’s credit agreement with Wells Fargo Bank, N.A. (the “Lender”), as amended as of May 2, 2019 and November 21, 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 The Company may pay dividends so long as it remains in compliance with the provisions of the Company’s credit agreement, and it 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 September 30, 2020, the Company had no debt outstanding and no draws on the Revolving Facility other than $0.4 million of letters of credit, which count as draws against the available commitment under the Revolving Facility.

Leases

Leases	9 Months Ended
Leases	Sep. 30, 2020
Leases
Leases	10. 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 1 to 7 years , with a weighted-average remaining lease term of 3 years at each of September 30, 2020 and December 31, 2019 . Some operating leases include options to extend the leases for up to 5 years . The liability for the Company’s operating leases was discounted to present value using a weighted-average discount rate of 3.5% at both September 30, 2020 and December 31, 2019. The components of lease costs for the three and nine months ended September 30, 2020 and 2019 were as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Classification 2020 2019 2020 2019 Operating lease costs (1) Cost of revenues $ 374 $ 480 $ 1,214 $ 1,520 Operating lease costs (1) Selling, general and administrative expenses 68 67 182 184 Rental revenues Interest and other income, net (27) (20) (62) (45) Net operating lease costs $ 415 $ 527 $ 1,334 $ 1,659 (1) Includes the costs of leases with a term of 12 months or less. As of September 30, 2020, 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): 2020 (excluding the nine months ended September 30, 2020) $ 332 2021 1,085 2022 467 2023 189 2024 174 Thereafter 90 Total future minimum lease payments 2,337 Less imputed interest (98) Present value of lease liabilities $ 2,239 Supplemental cash flow information pertaining to the Company’s leasing activity for the nine months ended September 30, 2020 and 2019 is as follows (in thousands): Nine Months Ended September 30, 2020 2019 Cash payments for operating lease liabilities $ 1,256 $ 1,297 Right-of-use assets obtained in exchange for operating lease obligations $ 17 $ 858

Income Taxes

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2020
Income Taxes
Income Taxes	11. Income Taxes The Company has estimated that its effective income tax rate for 2020 will be 18.2% . 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.

Dividends

Dividends	9 Months Ended
Dividends	Sep. 30, 2020
Dividends
Dividends	12. Dividends On September 18, 2020, the Company paid $0.9 million in cash dividends, based on a dividend of $0.16 per share of its common stock, to shareholders of record at the close of business on August 28, 2020. On June 12, 2020, the Company paid per share of its common stock, to shareholders of record at the close of business on May 22, 2020. On March 13, 2020, the Company paid per share of its common stock, to shareholders of record at the close of business on February 21, 2020.

Subsequent Events

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2020
Subsequent Events.
Subsequent Events	13. Subsequent Events On October 28, 2020 , the Company’s Board of Directors declared a regular quarterly cash dividend of $0.16 per share on the Company’s common stock. This dividend is payable on December 11, 2020 to shareholders of record at the close of business on November 20, 2020 .

Accounting Policies (Policies)

Accounting Policies (Policies)	9 Months Ended
Accounting Policies (Policies)	Sep. 30, 2020
Accounting Policies
Revenue Recognition	Revenue Recognition. The Company recognizes revenue for its lime and limestone operations when (i) a contract with the customer exists and the performance obligations are identified; (ii) the price has been established; and (iii) the performance obligations have been satisfied, which is generally upon shipment. The Company’s returns and allowances are minimal. Revenues include external freight billed to customers with related costs accounted for as fulfillment costs and included in cost of revenues. External freight billed to customers included in 2020 and 2019 revenues was million and $7.7 million, for the respective three-month periods ended September 30, and $21.3 million and $21.7 million for the respective nine-month periods ended September 30, which approximate 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. 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.
Accounts Receivable	Accounts Receivable. On January 1, 2020, the Company adopted ASU 2016-13 Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 replaces the incurred impairment methodology in previous GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The Company applied the amendments of ASU 2016-13 using a modified-retrospective approach, and as a result, amounts recorded prior to January 1, 2020 have not been retrospectively restated. The implementation of ASU 2016-13 did not have a material impact on the Company’s results of operation, financial position, or cash flows. 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. The Company estimates credit losses relating to trade receivables based on an assessment of the current and forecasted probability of collection, historical trends, economic conditions and other significant events that may impact the collectability of accounts receivables. Due to the relatively homogenous nature of its trade receivables, the Company does not believe there is any meaningful asset-specific differences within its accounts receivable portfolio that would require the portfolio to be grouped below the consolidated level for review of credit losses. 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 credit losses to reflect currently expected estimated losses resulting from the failure of customers to make required payments. See Note 7 to the condensed consolidated financial statements.
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. See Note 6 to the condensed consolidated financial statements.
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, using the interest rate implicit in the lease, if known, or an incremental rate on a collateralized basis over a similar term and amount to the lease, 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 condensed consolidated balance sheets. 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 10 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. The last of these foreign exchange hedges expired in April 2020. See Note 6 to the condensed consolidated financial statements. There were no changes in the methods and assumptions used in measuring fair value during the period. The Company’s financial liabilities measured at fair value on a recurring basis at September 30, 2020 and December 31, 2019, respectively, are summarized below (in thousands): Significant Other Observable Inputs (Level 2) September 30, December 31, September 30, December 31, 2020 2019 2020 2019 Valuation Technique Foreign exchange hedges $ — $ (1) $ — $ (1) Cash flows approach

Accounting Policies (Tables)

Accounting Policies (Tables)	9 Months Ended
Accounting Policies (Tables)	Sep. 30, 2020
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 September 30, 2020 and December 31, 2019, respectively, are summarized below (in thousands): Significant Other Observable Inputs (Level 2) September 30, December 31, September 30, December 31, 2020 2019 2020 2019 Valuation Technique Foreign exchange hedges $ — $ (1) $ — $ (1) Cash flows approach

Business Segment (Tables)

Business Segment (Tables)	9 Months Ended
Business Segment (Tables)	Sep. 30, 2020
Business Segment
Schedule of operating results and certain other financial data for the business segment)	The following table sets forth operating results and certain other financial data for the Company’s lime and limestone operations segment and other (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Revenues 2020 2019 2020 2019 Lime and limestone operations $ 43,473 $ 43,265 $ 119,049 $ 119,311 Other 254 294 665 1,001 Total revenues $ 43,727 $ 43,559 $ 119,714 $ 120,312 Depreciation, depletion and amortization Lime and limestone operations $ 4,706 $ 4,056 $ 13,681 $ 12,074 Other 174 133 543 408 Total depreciation, depletion and amortization $ 4,880 $ 4,189 $ 14,224 $ 12,482 Gross profit (loss) Lime and limestone operations $ 14,256 $ 13,477 $ 34,802 $ 31,853 Other (74) 6 (386) 50 Total gross profit $ 14,182 $ 13,483 $ 34,416 $ 31,903 Operating profit (loss) Lime and limestone operations $ 11,347 $ 10,549 $ 25,793 $ 23,613 Other (74) 6 (386) 50 Total operating profit $ 11,273 $ 10,555 $ 25,407 $ 23,663 Identifiable assets, at period end Lime and limestone operations $ 194,819 $ 185,043 $ 194,819 $ 185,043 Other 76,888 88,790 76,888 88,790 Total identifiable assets $ 271,707 $ 273,833 $ 271,707 $ 273,833 Capital expenditures Lime and limestone operations $ 3,022 $ 8,063 $ 13,621 $ 20,423 Other — — — — Total capital expenditures $ 3,022 $ 8,063 $ 13,621 $ 20,423

Income Per Share of Common St_2

Income Per Share of Common Stock (Tables)	9 Months Ended
Income Per Share of Common Stock (Tables)	Sep. 30, 2020
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 September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Net income for basic and diluted income per common share $ 9,324 $ 9,902 $ 20,969 $ 21,063 Weighted-average shares for basic income per common share 5,630 5,613 5,628 5,612 Effect of dilutive securities: Employee and director stock options (1) 11 9 10 8 Adjusted weighted-average shares and assumed exercises for diluted income per common share 5,641 5,622 5,637 5,620 Basic net income per common share $ 1.66 $ 1.76 $ 3.73 $ 3.75 Diluted net income per common share $ 1.65 $ 1.76 $ 3.72 $ 3.75 (1) Excludes 0 and 7 stock options for the three- and nine-month 2020 periods, and 0 and 9 stock options for the three- and nine-month 2019 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)	9 Months Ended
Accumulated Other Comprehensive Income (Tables)	Sep. 30, 2020
Accumulated Other Comprehensive Income
Schedule of components of comprehensive income	The following table presents the components of comprehensive income (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Net income $ 9,324 $ 9,902 $ 20,969 $ 21,063 Mark to market of foreign exchange hedges — (39) 1 (33) Deferred income tax benefit — 8 — 7 Comprehensive income $ 9,324 $ 9,871 $ 20,970 $ 21,037

Trade Receivables, Net (Tables)

Trade Receivables, Net (Tables)	9 Months Ended
Trade Receivables, Net (Tables)	Sep. 30, 2020
Trade Receivables, Net
Schedule of additions and write-offs to allowance for doubtful accounts	Additions and write-offs to the Company’s allowance for credit losses for the nine months ended September 30, 2020 and 2019 were as follows (in thousands): September 30, 2020 2019 Beginning balance $ 361 $ 430 Additions 65 112 Write-offs (23) (171) Ending balance $ 403 $ 371

Inventories, Net (Tables)

Inventories, Net (Tables)	9 Months Ended
Inventories, Net (Tables)	Sep. 30, 2020
Inventories, Net
Schedule of 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): September 30, December 31, 2020 2019 Lime and limestone inventories: Raw materials $ 4,800 $ 4,546 Finished goods 2,392 1,954 7,192 6,500 Service parts inventories 7,870 6,888 $ 15,062 $ 13,388

Leases (Tables)

Leases (Tables)	9 Months Ended
Leases (Tables)	Sep. 30, 2020
Leases
Schedule of lease costs	Three Months Ended September 30, Nine Months Ended September 30, Classification 2020 2019 2020 2019 Operating lease costs (1) Cost of revenues $ 374 $ 480 $ 1,214 $ 1,520 Operating lease costs (1) Selling, general and administrative expenses 68 67 182 184 Rental revenues Interest and other income, net (27) (20) (62) (45) Net operating lease costs $ 415 $ 527 $ 1,334 $ 1,659 (1) Includes the costs of leases with a term of 12 months or less.
Schedule of maturity of lease liability	2020 (excluding the nine months ended September 30, 2020) $ 332 2021 1,085 2022 467 2023 189 2024 174 Thereafter 90 Total future minimum lease payments 2,337 Less imputed interest (98) Present value of lease liabilities $ 2,239
Schedule of supplemental cash flow information	Nine Months Ended September 30, 2020 2019 Cash payments for operating lease liabilities $ 1,256 $ 1,297 Right-of-use assets obtained in exchange for operating lease obligations $ 17 $ 858

Basis of Presentation (Details)

Basis of Presentation (Details) - USD ($) $ in Thousands	Jul. 01, 2020	Sep. 30, 2020	Sep. 30, 2020
Cash paid for acquisition			$ 8,392
Carthage Crushed Limestone
Ownership acquired (as a percent)	100.00%
Cash paid for acquisition	$ 8,400
Property, plant and equipment	$ 7,500
Revenue of business acquisition		$ 2,300	$ 2,300

Accounting Policies - Revenue R

Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenue Recognition
External freight billed to customers included in revenue	$ 8	$ 7.7	$ 21.3	$ 21.7

Accounting Policies - Fair Valu

Accounting Policies - Fair Value (Details) $ in Thousands	Dec. 31, 2019USD ($)
Fair Values of Financial Instruments
Foreign exchange hedges liabilities	$ (1)
Recurring \| Fair value \| Cash flows approach
Fair Values of Financial Instruments
Foreign exchange hedges liabilities	(1)
Recurring \| Fair value \| Significant Other Observable Inputs (Level 2) \| Cash flows approach
Fair Values of Financial Instruments
Foreign exchange hedges liabilities	$ (1)

Business Segment (Details)

Business Segment (Details) $ in Thousands	3 Months Ended		9 Months Ended
Business Segment (Details) $ in Thousands	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)segment	Sep. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Business segments
Number of business segments \| segment			1
Revenues	$ 43,727	$ 43,559	$ 119,714	$ 120,312
Depreciation, depletion and amortization	4,880	4,189	14,224	12,482
Gross profit (loss)	14,182	13,483	34,416	31,903
Operating profit (loss)	11,273	10,555	25,407	23,663
Identifiable assets, at period end	271,707	273,833	271,707	273,833	$ 247,037
Capital expenditures	3,022	8,063	13,621	20,423
Lime and limestone operations
Business segments
Depreciation, depletion and amortization	4,706	4,056	13,681	12,074
Gross profit (loss)	14,256	13,477	34,802	31,853
Operating profit (loss)	11,347	10,549	25,793	23,613
Identifiable assets, at period end	194,819	185,043	194,819	185,043
Capital expenditures	3,022	8,063	13,621	20,423
Other
Business segments
Depreciation, depletion and amortization	174	133	543	408
Gross profit (loss)	(74)	6	(386)	50
Operating profit (loss)	(74)	6	(386)	50
Identifiable assets, at period end	76,888	88,790	76,888	88,790
Lime and limestone operations \| Lime and limestone operations
Business segments
Revenues	43,473	43,265	119,049	119,311
Natural gas interests \| Other
Business segments
Revenues	$ 254	$ 294	$ 665	$ 1,001

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						9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Income per share of common stock:
Net income for basic and diluted income per common share	$ 9,324	$ 6,101	$ 5,544	$ 9,902	$ 6,033	$ 5,128	$ 20,969	$ 21,063
Weighted-average shares for basic income per common share (in shares)	5,630			5,613			5,628	5,612
Effect of dilutive securities:
Employee and director stock options (in shares)	11			9			10	8
Adjusted weighted-average shares and assumed exercises for diluted income per common share (in shares)	5,641			5,622			5,637	5,620
Basic net income per common share (in dollars per share)	$ 1.66			$ 1.76			$ 3.73	$ 3.75
Diluted net income per common share (in dollars per share)	$ 1.65			$ 1.76			$ 3.72	$ 3.75
Options
Anti-dilutive securities
Anti-dilutive shares of common stock excluded from the calculation of dilutive securities	0			0			7	9

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Components of comprehensive income
Net income	$ 9,324	$ 6,101	$ 5,544	$ 9,902	$ 6,033	$ 5,128	$ 20,969	$ 21,063
Mark to market of foreign exchange hedges				(39)			1	(33)
Deferred income tax benefit				8				7
Comprehensive income	$ 9,324	$ 6,108	$ 5,538	$ 9,871	$ 6,058	$ 5,108	$ 20,970	$ 21,037
Foreign exchange hedges liabilities									$ (1)

Trade Receivables, Net (Details

Trade Receivables, Net (Details) - USD ($) $ in Thousands	9 Months Ended
Trade Receivables, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2019
Additions and write-offs to the company's allowance for doubtful accounts
Beginning balance	$ 361	$ 430
Additions	65	112
Write-offs	(23)	(171)
Ending balance	$ 403	$ 371

Inventories, Net (Details)

Inventories, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Lime and limestone inventories:
Raw materials	$ 4,800	$ 4,546
Finished goods	2,392	1,954
Total	7,192	6,500
Service parts inventories	7,870	6,888
Total inventories	$ 15,062	$ 13,388

Banking Facilities and Debt (De

Banking Facilities and Debt (Details) $ in Millions	May 07, 2015USD ($)	Sep. 30, 2020USD ($)	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		$ 0.4
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) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Leases
Weighted average remaining lease term	3 years		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%		3.50%
Lease cost
Net operating lease costs	$ 415	$ 527	$ 1,334	$ 1,659
Minimum
Leases
Remaining lease term	1 year		1 year		1 year
Maximum
Leases
Remaining lease term	7 years		7 years		7 years
Lease extension term			5 years
Lease Term	12 months		12 months
Cost of revenues
Lease cost
Operating lease cost	$ 374	480	$ 1,214	1,520
Selling, general and administrative expense.
Lease cost
Operating lease cost	68	67	182	184
Interest and other income, net
Lease cost
Rental revenues	$ (27)	$ (20)	$ (62)	$ (45)

Leases - Maturity (Details)

Leases - Maturity (Details) $ in Thousands	Sep. 30, 2020USD ($)
Maturity
2020 (excluding the nine months ended September 30, 2020)	$ 332
2021	1,085
2022	467
2023	189
2024	174
Thereafter	90
Total future minimum lease payments	2,337
Less imputed interest	(98)
Present value of lease liabilities	$ 2,239

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Leases
Cash payments for operating lease liabilities	$ 1,256	$ 1,297
Right-of-use assets obtained in exchange for operating lease obligations	$ 17	$ 858

Income Taxes (Details)

Income Taxes (Details)	9 Months Ended
Income Taxes (Details)	Sep. 30, 2020
Income Taxes
Effective income tax rate (as a percent)	18.20%

Dividends (Details)

Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands	Sep. 18, 2020	Jun. 12, 2020	Mar. 13, 2020	Sep. 30, 2020	Sep. 30, 2019
Dividends
Cash dividends paid	$ 900	$ 900	$ 900	$ 2,701	$ 2,273
Cash dividend (in dollars per share)	$ 0.16	$ 0.16	$ 0.16

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands	Oct. 28, 2020	Sep. 18, 2020	Jun. 12, 2020	Mar. 13, 2020	Sep. 30, 2020
Subsequent event
Cash paid for acquisition					$ 8,392
Quarterly cash dividend declared (in dollars per share)		$ 0.16	$ 0.16	$ 0.16
Subsequent event
Subsequent event
Dividends payable date declared	Oct. 28, 2020
Quarterly cash dividend declared (in dollars per share)	$ 0.16
Dividends payable date to be paid	Dec. 11, 2020
Dividends payable date of record	Nov. 20, 2020