United States Lime & Minerals (USLM) 10-Q 28 Oct 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2021	Oct. 27, 2021
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, 2021
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		5,658,467
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 101,402	$ 83,562
Trade receivables, net	29,242	22,979
Inventories, net	14,760	15,210
Prepaid expenses and other current assets	1,401	2,245
Total current assets	146,805	123,996
Property, plant and equipment	407,274	388,200
Less accumulated depreciation and depletion	(246,648)	(235,739)
Property, plant and equipment, net	160,626	152,461
Operating lease right-of-use assets	2,982	2,226
Other assets, net	495	415
Total assets	310,908	279,098
Current liabilities:
Accounts payable	5,712	4,592
Current portion of operating lease liabilities	903	1,187
Accrued expenses	5,243	5,809
Total current liabilities	11,858	11,588
Deferred tax liabilities, net	23,570	21,531
Operating lease liabilities, excluding current portion	2,116	1,030
Other liabilities	1,789	1,757
Total liabilities	39,333	35,906
Stockholders' equity:
Common stock	667	666
Additional paid-in capital	31,217	29,457
Retained earnings	294,903	268,186
Less treasury stock, at cost	(55,212)	(55,117)
Total stockholders' equity	271,575	243,192
Total liabilities and stockholders' equity	$ 310,908	$ 279,098

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues
Revenues	$ 52,311	$ 43,727	$ 143,147	$ 119,714
Cost of revenues
Labor and other operating expenses	29,981	24,665	81,774	71,074
Depreciation, depletion and amortization	4,989	4,880	15,432	14,224
Total cost of revenues	34,970	29,545	97,206	85,298
Gross profit	17,341	14,182	45,941	34,416
Selling, general and administrative expenses	3,145	2,909	9,169	9,009
Operating profit	14,196	11,273	36,772	25,407
Other expense (income)
Interest expense	63	62	187	186
Interest and other income, net	(147)	(49)	(272)	(400)
Total other expense (income)	(84)	13	(85)	(214)
Income before income tax expense	14,280	11,260	36,857	25,621
Income tax expense	2,972	1,936	7,425	4,652
Net income	$ 11,308	$ 9,324	$ 29,432	$ 20,969
Net income per share of common stock
Basic (in dollars per share)	$ 2	$ 1.66	$ 5.20	$ 3.73
Diluted (in dollars per share)	$ 1.99	$ 1.65	$ 5.19	$ 3.72

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Percentage	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues
Revenues (as a percent)	100.00%	100.00%	100.00%	100.00%
Cost of revenues
Labor and other operating expenses (as a percent)	57.30%	56.40%	57.10%	59.40%
Depreciation, depletion and amortization (as a percent)	9.60%	11.20%	10.80%	11.90%
Total cost of revenues (as a percent)	66.90%	67.60%	67.90%	71.30%
Gross profit (as a percent)	33.10%	32.40%	32.10%	28.70%
Selling, general and administrative expenses (as a percent)	6.00%	6.70%	6.40%	7.50%
Operating profit (as a percent)	27.10%	25.70%	25.70%	21.20%
Other expense (income)
Interest expense (as a percent)	0.10%	0.10%	0.10%	0.20%
Interest and other income, net (as a percent)	(0.30%)	(0.10%)	(0.20%)	(0.40%)
Total other expense (income) (as a percent)	(0.20%)	0.00%	(0.10%)	(0.20%)
Income before income tax expense (as a percent)	27.30%	25.70%	25.80%	21.40%
Income tax expense (as a percent)	5.70%	4.40%	5.20%	3.90%
Net income (as a percent)	21.60%	21.30%	20.60%	17.50%

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 11,308	$ 9,324	$ 29,432	$ 20,969
Other comprehensive income
Mark to market of foreign exchange hedges	0	0	0	1
Total other comprehensive income	0	0	0	1
Comprehensive income	$ 11,308	$ 9,324	$ 29,432	$ 20,970

CONDENSED CONSOLIDATED STATEM_4

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, 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 $2 tax expense for the three months ended March 31, 2020 and June 30, 2020, 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 $2 tax expense for the three months ended March 31, 2020 and June 30, 2020, 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 $2 tax expense for the three months ended March 31, 2020 and June 30, 2020, 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
Mark to market of foreign exchange hedges, net of $2 tax benefit and $2 tax expense for the three months ended March 31, 2020 and June 30, 2020, respectively						0
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
Balances at Dec. 31, 2020	$ 666	29,457		268,186	(55,117)	243,192
Balances (in shares) at Dec. 31, 2020	5,648,084
Increase (Decrease) in Stockholders' Equity
Stock options exercised (in shares)	3,310
Stock-based compensation	$ 1	546				547
Stock-based compensation (in shares)	2,685
Treasury shares purchased					(95)	(95)
Treasury shares purchased (in shares)	(743)
Cash dividends paid				(905)		(905)
Net income				7,031		7,031
Comprehensive income				7,031		7,031
Balances at Mar. 31, 2021	$ 667	30,003		274,312	(55,212)	249,770
Balances (in shares) at Mar. 31, 2021	5,653,336
Balances at Dec. 31, 2020	$ 666	29,457		268,186	(55,117)	243,192
Balances (in shares) at Dec. 31, 2020	5,648,084
Increase (Decrease) in Stockholders' Equity
Net income						29,432
Mark to market of foreign exchange hedges, net of $2 tax benefit and $2 tax expense for the three months ended March 31, 2020 and June 30, 2020, respectively						0
Comprehensive income						29,432
Balances at Sep. 30, 2021	$ 667	31,217		294,903	(55,212)	271,575
Balances (in shares) at Sep. 30, 2021	5,658,467
Balances at Mar. 31, 2021	$ 667	30,003		274,312	(55,212)	249,770
Balances (in shares) at Mar. 31, 2021	5,653,336
Increase (Decrease) in Stockholders' Equity
Stock options exercised		83				83
Stock options exercised (in shares)	2,000
Stock-based compensation		571				571
Stock-based compensation (in shares)	3,145
Cash dividends paid				(904)		(904)
Net income				11,093		11,093
Comprehensive income				11,093		11,093
Balances at Jun. 30, 2021	$ 667	30,657		284,501	(55,212)	260,613
Balances (in shares) at Jun. 30, 2021	5,658,481
Increase (Decrease) in Stockholders' Equity
Stock-based compensation		560				560
Stock-based compensation (in shares)	(14)
Cash dividends paid				(906)		(906)
Net income				11,308		11,308
Mark to market of foreign exchange hedges, net of $2 tax benefit and $2 tax expense for the three months ended March 31, 2020 and June 30, 2020, respectively						0
Comprehensive income				11,308		11,308
Balances at Sep. 30, 2021	$ 667	$ 31,217		$ 294,903	$ (55,212)	$ 271,575
Balances (in shares) at Sep. 30, 2021	5,658,467

CONDENSED CONSOLIDATED STATEM_5

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

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
OPERATING ACTIVITIES:
Net income	$ 29,432	$ 20,969
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	15,632	14,391
Amortization of deferred financing costs	6	5
Deferred income taxes	2,049	4,369
Loss on sale of property, plant and equipment	41	144
Stock-based compensation	1,678	1,344
Changes in operating assets and liabilities:
Trade receivables, net	(6,263)	(758)
Inventories, net	450	(1,242)
Prepaid expenses and other current assets	844	289
Other assets	(86)	165
Accounts payable and accrued expenses	266	2,296
Other liabilities	78	(65)
Net cash provided by operating activities	44,127	41,907
INVESTING ACTIVITIES:
Purchase of property, plant and equipment	(23,731)	(13,621)
Acquisition of a business		(8,392)
Proceeds from sale of property, plant and equipment	171	58
Net cash used in investing activities	(23,560)	(21,955)
FINANCING ACTIVITIES:
Cash dividends paid	(2,715)	(2,701)
Proceeds from exercise of stock options	83	81
Purchase of treasury shares	(95)	(282)
Net cash used in financing activities	(2,727)	(2,902)
Net increase in cash and cash equivalents	17,840	17,050
Cash and cash equivalents at beginning of period	83,562	54,260
Cash and cash equivalents at end of period	$ 101,402	$ 71,310

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2021
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, 2020. The results of operations for the three- and nine -month periods ended September 30, 2021 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. Carthage produces aggregate and pulverized limestone products that are used primarily in the agricultural, construction, roofing, and industrial industries. Carthage contributed

Organization

Organization	9 Months Ended
	Sep. 30, 2021
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), metals (including steel producers), environmental (including municipal sanitation and water treatment facilities and flue gas treatment processes), roof shingle manufacturers, agriculture (including poultry and cattle feed producers), and oil and gas services 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. ​

Accounting Policies

Accounting Policies	9 Months Ended
	Sep. 30, 2021
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 2021 and 2020 revenues was million for the respective nine-month periods ended September 30, 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. 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. 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. ​ 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 8 to the condensed consolidated financial statements. ​ ​

Business Segment

Business Segment	9 Months Ended
	Sep. 30, 2021
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. Other revenues, gross profit and operating profit in the Company’s segment disclosures include the Company’s natural gas interests. Other identifiable assets include assets related to its natural gas interests, unallocated corporate assets and cash items. ​ ​ 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 ​ 2021 ​ 2020 ​ 2021 ​ 2020 Lime and limestone operations ​ $ 51,749 ​ $ 43,473 ​ $ 141,847 ​ $ 119,049 Other ​ 562 ​ 254 ​ 1,300 ​ 665 Total revenues ​ $ 52,311 ​ $ 43,727 ​ $ 143,147 ​ $ 119,714 Depreciation, depletion and amortization ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lime and limestone operations ​ $ 4,844 ​ $ 4,706 ​ $ 15,002 ​ $ 13,681 Other ​ 145 ​ 174 ​ 430 ​ 543 Total depreciation, depletion and amortization ​ $ 4,989 ​ $ 4,880 ​ $ 15,432 ​ $ 14,224 Gross profit (loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lime and limestone operations ​ $ 17,128 ​ $ 14,256 ​ $ 45,634 ​ $ 34,802 Other ​ 213 ​ (74) ​ 307 ​ (386) Total gross profit ​ $ 17,341 ​ $ 14,182 ​ $ 45,941 ​ $ 34,416 Operating profit (loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lime and limestone operations ​ $ 13,983 ​ $ 11,347 ​ $ 36,465 ​ $ 25,793 Other ​ ​ 213 ​ (74) ​ 307 ​ (386) Total operating profit ​ $ 14,196 ​ $ 11,273 ​ $ 36,772 ​ $ 25,407 Identifiable assets, at period end ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lime and limestone operations ​ $ 204,841 ​ $ 194,819 ​ $ 204,841 ​ $ 194,819 Other ​ 106,067 ​ 76,888 ​ ​ 106,067 ​ ​ 76,888 Total identifiable assets ​ $ 310,908 ​ $ 271,707 ​ $ 310,908 ​ $ 271,707 Capital expenditures ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lime and limestone operations ​ $ 5,955 ​ $ 3,022 ​ $ 23,731 ​ $ 13,621 Other ​ — ​ — ​ — ​ — Total capital expenditures ​ $ 5,955 ​ $ 3,022 ​ $ 23,731 ​ $ 13,621 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Income Per Share of Common Stoc

Income Per Share of Common Stock	9 Months Ended
	Sep. 30, 2021
Income Per Share of Common Stock
Income Per Share of Common Stock	​ 5. Income Per Share of Common Stock ​ On April 30, 2021, the shareholders approved an increase in the Company’s number of authorized shares of common stock from 15,000,000 to 30,000,000 . At September 30, 2021, the Company had shares outstanding. ​ 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, ​ ​ 2021 2020 2021 2020 Net income for basic and diluted income per common share ​ $ 11,308 ​ $ 9,324 ​ $ 29,432 ​ $ 20,969 ​ Weighted-average shares for basic income per common share ​ 5,658 ​ 5,630 ​ 5,656 ​ 5,628 ​ Effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee and director stock options (1) ​ 13 ​ 11 ​ 12 ​ 10 ​ Adjusted weighted-average shares and assumed exercises for diluted income per common share ​ 5,671 ​ 5,641 ​ 5,668 ​ 5,638 ​ Basic net income per common share ​ $ 2.00 ​ $ 1.66 ​ $ 5.20 ​ $ 3.73 ​ Diluted net income per common share ​ $ 1.99 ​ $ 1.65 ​ $ 5.19 ​ $ 3.72 ​ (1) Excludes 0 and 7 stock options for the three- and nine month 2020 periods, respectively, as anti-dilutive because the exercise price exceeded the average per share market price for the period.

Inventories, Net

Inventories, Net	9 Months Ended
	Sep. 30, 2021
Inventories, Net
Inventories, Net	6. Inventories, Net ​ Inventories are valued principally at the lower of cost, determined using the average cost method, or net realizable value. 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, ​ ​ ​ 2021 ​ 2020 Lime and limestone inventories: ​ ​ ​ Raw materials ​ $ 2,905 ​ $ 4,279 ​ Finished goods ​ 2,787 ​ 2,866 ​ ​ ​ ​ 5,692 ​ ​ 7,145 ​ Service parts inventories ​ 9,068 ​ 8,065 ​ ​ ​ $ 14,760 ​ $ 15,210 ​ ​

Banking Facilities and Debt

Banking Facilities and Debt	9 Months Ended
	Sep. 30, 2021
Banking Facilities and Debt
Banking Facilities and Debt	7. 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 (or a replacement rate as determined by the Lender and the Company) 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, 2021, 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
	Sep. 30, 2021
Leases
Leases	8. 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, 2021 and December 31, 2020 . 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 2.9% and 3.4% at September 30, 2021 and December 31, 2020, respectively. ​ The components of lease costs for the three and nine months ended September 30, 2021 and 2020 were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ Classification 2021 2020 2021 2020 Operating lease costs (1) ​ Cost of revenues ​ $ 444 ​ $ 374 ​ $ 1,279 ​ $ 1,214 Operating lease costs (1) ​ Selling, general and administrative expenses ​ ​ 64 ​ ​ 68 ​ 196 ​ 182 Rental revenues ​ Interest and other income, net ​ ​ (28) ​ ​ (27) ​ (69) ​ (62) Net operating lease costs ​ ​ ​ $ 480 ​ $ 415 ​ $ 1,406 ​ $ 1,334 (1) Includes the costs of leases with a term of 12 months or less. ​ As of September 30, 2021, 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 (excluding the nine months ended September 30, 2021) ​ $ 329 ​ 2022 ​ ​ 793 ​ 2023 ​ ​ 443 ​ 2024 ​ ​ 436 ​ 2025 ​ ​ 291 ​ Thereafter ​ ​ 830 ​ Total future minimum lease payments ​ ​ 3,122 ​ Less imputed interest ​ ​ (103) ​ Present value of lease liabilities ​ $ 3,019 ​ ​ Supplemental cash flow information pertaining to the Company’s leasing activity for the nine months ended September 30, 2021 and 2020 is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ ​ 2021 ​ 2020 Cash payments for operating lease liabilities ​ $ 1,059 ​ $ 1,256 Right-of-use assets obtained in exchange for operating lease obligations ​ $ 1,545 ​ $ 17 ​

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2021
Income Taxes
Income Taxes	9. Income Taxes ​ The Company has estimated that its effective income tax rate for 2021 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.

Dividends

Dividends	9 Months Ended
	Sep. 30, 2021
Dividends
Dividends	​ 10. Dividends ​ On September 10, 2021, 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 20, 2021. On June 11, 2021, 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 May 21, 2021. On March 12, 2021, the Company paid ​

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2021
Subsequent Events.
Subsequent Events	11. Subsequent Event ​ On October 27, 2021 , 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 10, 2021 to shareholders of record at the close of business on November 19, 2021 . ​

Accounting Policies (Policies)

Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2021
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 2021 and 2020 revenues was million for the respective nine-month periods ended September 30, 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. 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. 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.
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 8 to the condensed consolidated financial statements.

Business Segment (Tables)

Business Segment (Tables)	9 Months Ended
	Sep. 30, 2021
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 ​ 2021 ​ 2020 ​ 2021 ​ 2020 Lime and limestone operations ​ $ 51,749 ​ $ 43,473 ​ $ 141,847 ​ $ 119,049 Other ​ 562 ​ 254 ​ 1,300 ​ 665 Total revenues ​ $ 52,311 ​ $ 43,727 ​ $ 143,147 ​ $ 119,714 Depreciation, depletion and amortization ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lime and limestone operations ​ $ 4,844 ​ $ 4,706 ​ $ 15,002 ​ $ 13,681 Other ​ 145 ​ 174 ​ 430 ​ 543 Total depreciation, depletion and amortization ​ $ 4,989 ​ $ 4,880 ​ $ 15,432 ​ $ 14,224 Gross profit (loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lime and limestone operations ​ $ 17,128 ​ $ 14,256 ​ $ 45,634 ​ $ 34,802 Other ​ 213 ​ (74) ​ 307 ​ (386) Total gross profit ​ $ 17,341 ​ $ 14,182 ​ $ 45,941 ​ $ 34,416 Operating profit (loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lime and limestone operations ​ $ 13,983 ​ $ 11,347 ​ $ 36,465 ​ $ 25,793 Other ​ ​ 213 ​ (74) ​ 307 ​ (386) Total operating profit ​ $ 14,196 ​ $ 11,273 ​ $ 36,772 ​ $ 25,407 Identifiable assets, at period end ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lime and limestone operations ​ $ 204,841 ​ $ 194,819 ​ $ 204,841 ​ $ 194,819 Other ​ 106,067 ​ 76,888 ​ ​ 106,067 ​ ​ 76,888 Total identifiable assets ​ $ 310,908 ​ $ 271,707 ​ $ 310,908 ​ $ 271,707 Capital expenditures ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lime and limestone operations ​ $ 5,955 ​ $ 3,022 ​ $ 23,731 ​ $ 13,621 Other ​ — ​ — ​ — ​ — Total capital expenditures ​ $ 5,955 ​ $ 3,022 ​ $ 23,731 ​ $ 13,621 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Income Per Share of Common St_2

Income Per Share of Common Stock (Tables)	9 Months Ended
	Sep. 30, 2021
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, ​ ​ 2021 2020 2021 2020 Net income for basic and diluted income per common share ​ $ 11,308 ​ $ 9,324 ​ $ 29,432 ​ $ 20,969 ​ Weighted-average shares for basic income per common share ​ 5,658 ​ 5,630 ​ 5,656 ​ 5,628 ​ Effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee and director stock options (1) ​ 13 ​ 11 ​ 12 ​ 10 ​ Adjusted weighted-average shares and assumed exercises for diluted income per common share ​ 5,671 ​ 5,641 ​ 5,668 ​ 5,638 ​ Basic net income per common share ​ $ 2.00 ​ $ 1.66 ​ $ 5.20 ​ $ 3.73 ​ Diluted net income per common share ​ $ 1.99 ​ $ 1.65 ​ $ 5.19 ​ $ 3.72 ​ (1) Excludes 0 and 7 stock options for the three- and nine month 2020 periods, respectively, as anti-dilutive because the exercise price exceeded the average per share market price for the period.

Inventories, Net (Tables)

Inventories, Net (Tables)	9 Months Ended
	Sep. 30, 2021
Inventories, Net
Schedule of inventories, net	Inventories are valued principally at the lower of cost, determined using the average cost method, or net realizable value. 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, ​ ​ ​ 2021 ​ 2020 Lime and limestone inventories: ​ ​ ​ Raw materials ​ $ 2,905 ​ $ 4,279 ​ Finished goods ​ 2,787 ​ 2,866 ​ ​ ​ ​ 5,692 ​ ​ 7,145 ​ Service parts inventories ​ 9,068 ​ 8,065 ​ ​ ​ $ 14,760 ​ $ 15,210 ​

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2021
Leases
Schedule of lease costs	​ The components of lease costs for the three and nine months ended September 30, 2021 and 2020 were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ Classification 2021 2020 2021 2020 Operating lease costs (1) ​ Cost of revenues ​ $ 444 ​ $ 374 ​ $ 1,279 ​ $ 1,214 Operating lease costs (1) ​ Selling, general and administrative expenses ​ ​ 64 ​ ​ 68 ​ 196 ​ 182 Rental revenues ​ Interest and other income, net ​ ​ (28) ​ ​ (27) ​ (69) ​ (62) Net operating lease costs ​ ​ ​ $ 480 ​ $ 415 ​ $ 1,406 ​ $ 1,334 (1) Includes the costs of leases with a term of 12 months or less. ​
Schedule of maturity of lease liability	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 (excluding the nine months ended September 30, 2021) ​ $ 329 ​ 2022 ​ ​ 793 ​ 2023 ​ ​ 443 ​ 2024 ​ ​ 436 ​ 2025 ​ ​ 291 ​ Thereafter ​ ​ 830 ​ Total future minimum lease payments ​ ​ 3,122 ​ Less imputed interest ​ ​ (103) ​ Present value of lease liabilities ​ $ 3,019 ​
Schedule of supplemental cash flow information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ ​ 2021 ​ 2020 Cash payments for operating lease liabilities ​ $ 1,059 ​ $ 1,256 Right-of-use assets obtained in exchange for operating lease obligations ​ $ 1,545 ​ $ 17

Basis of Presentation (Details)

Basis of Presentation (Details) - USD ($) $ in Thousands	Jul. 01, 2020	Sep. 30, 2021	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
Revenue of business acquisition		$ 7,400	$ 2,300

Accounting Policies - Revenue R

Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenue Recognition
External freight billed to customers included in revenue	$ 9.5	$ 8	$ 26	$ 21.3

Business Segment (Details)

Business Segment (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)segment	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Business segments
Number of business segments | segment			1
Revenues	$ 52,311	$ 43,727	$ 143,147	$ 119,714
Depreciation, depletion and amortization	4,989	4,880	15,432	14,224
Gross profit (loss)	17,341	14,182	45,941	34,416
Operating profit (loss)	14,196	11,273	36,772	25,407
Identifiable assets, at period end	310,908	271,707	310,908	271,707	$ 279,098
Capital expenditures	5,955	3,022	23,731	13,621
Lime and Limestone Operations Segment Member
Business segments
Depreciation, depletion and amortization	4,844	4,706	15,002	13,681
Gross profit (loss)	17,128	14,256	45,634	34,802
Operating profit (loss)	13,983	11,347	36,465	25,793
Identifiable assets, at period end	204,841	194,819	204,841	194,819
Capital expenditures	5,955	3,022	23,731	13,621
Other
Business segments
Depreciation, depletion and amortization	145	174	430	543
Gross profit (loss)	213	(74)	307	(386)
Operating profit (loss)	213	(74)	307	(386)
Identifiable assets, at period end	106,067	76,888	106,067	76,888
Lime and limestone operations | Lime and Limestone Operations Segment Member
Business segments
Revenues	51,749	43,473	141,847	119,049
Natural gas interests | Other
Business segments
Revenues	$ 562	$ 254	$ 1,300	$ 665

Income Per Share of Common St_3

Income Per Share of Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020	Apr. 30, 2021	Apr. 29, 2021
Anti-dilutive securities
Common stock, authorized shares	30,000,000						30,000,000		30,000,000	15,000,000
Common stock, shares issued	5,658,467						5,658,467
Income per share of common stock:
Net income for basic and diluted income per common share	$ 11,308	$ 11,093	$ 7,031	$ 9,324	$ 6,101	$ 5,544	$ 29,432	$ 20,969
Weighted-average shares for basic income per common share (in shares)	5,658,000			5,630,000			5,656,000	5,628,000
Effect of dilutive securities:
Employee and director stock options (in shares)	13,000			11,000			12,000	10,000
Adjusted weighted-average shares and assumed exercises for diluted income per common share (in shares)	5,671,000			5,641,000			5,668,000	5,638,000
Basic net income per common share (in dollars per share)	$ 2			$ 1.66			$ 5.20	$ 3.73
Diluted net income per common share (in dollars per share)	$ 1.99			$ 1.65			$ 5.19	$ 3.72
Options
Anti-dilutive securities
Anti-dilutive shares of common stock excluded from the calculation of dilutive securities				0				7,000

Inventories, Net (Details)

Inventories, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Lime and limestone inventories:
Raw materials	$ 2,905	$ 4,279
Finished goods	2,787	2,866
Total	5,692	7,145
Service parts inventories	9,068	8,065
Total inventories	$ 14,760	$ 15,210

Banking Facilities and Debt (De

Banking Facilities and Debt (Details) $ in Millions	May 07, 2015USD ($)	Sep. 30, 2021USD ($)	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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
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)	2.90%		2.90%		3.40%
Lease cost
Net operating lease costs	$ 480	$ 415	$ 1,406	$ 1,334
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	$ 444	374	$ 1,279	1,214
Selling, general and administrative expense.
Lease cost
Operating lease cost	64	68	196	182
Interest and other income, net
Lease cost
Rental revenues	$ (28)	$ (27)	$ (69)	$ (62)

Leases - Maturity (Details)

Leases - Maturity (Details) $ in Thousands	Sep. 30, 2021USD ($)
Maturity
2021 (excluding the nine months ended September 30, 2021)	$ 329
2022	793
2023	443
2024	436
2025	291
Thereafter	830
Total future minimum lease payments	3,122
Less imputed interest	(103)
Present value of lease liabilities	$ 3,019

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Leases
Cash payments for operating lease liabilities	$ 1,059	$ 1,256
Right-of-use assets obtained in exchange for operating lease obligations	$ 1,545	$ 17

Income Taxes (Details)

Income Taxes (Details)	9 Months Ended
	Sep. 30, 2021
Income Taxes
Effective income tax rate (as a percent)	20.10%

Dividends (Details)

Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 11, 2021	Mar. 12, 2021	Oct. 10, 2020	Sep. 30, 2021	Sep. 30, 2020
Dividends
Cash dividends paid	$ 900	$ 900	$ 900	$ 2,715	$ 2,701
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. 27, 2021	Jun. 11, 2021	Mar. 12, 2021	Oct. 10, 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. 27, 2021
Quarterly cash dividend declared (in dollars per share)	$ 0.16
Dividends payable date to be paid	Dec. 10, 2021
Dividends payable date of record	Nov. 19, 2021