Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 22, 2023 | Jun. 30, 2022 | |
Cover Abstract | |||
Entity Registrant Name | UNITED STATES LIME & MINERALS INC | ||
Entity Central Index Key | 0000082020 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
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 Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 216,195,725 | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 5,684,569 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Auditor Name | GRANT THORNTON LLP | ||
Auditor Firm ID | 248 | ||
Auditor Location | Dallas, Texas |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 133,384 | $ 105,355 |
Trade receivables, net | 33,592 | 26,715 |
Inventories, net | 19,579 | 15,116 |
Prepaid expenses and other current assets | 3,435 | 3,244 |
Total current assets | 189,990 | 150,430 |
Property, plant and equipment: | ||
Mineral reserves and land | 48,586 | 40,534 |
Proved natural gas properties, successful-efforts method | 15,934 | 15,934 |
Buildings and building and leasehold improvements | 9,588 | 7,856 |
Machinery and equipment | 359,123 | 342,120 |
Furniture and fixtures | 1,312 | 1,173 |
Automotive equipment | 7,054 | 5,944 |
Property, plant and equipment | 441,597 | 413,561 |
Less accumulated depreciation and depletion | (269,627) | (251,389) |
Property, plant and equipment, net | 171,970 | 162,172 |
Operating lease right-of-use assets | 5,372 | 3,144 |
Other assets, net | 440 | 450 |
Total assets | 367,772 | 316,196 |
Current liabilities: | ||
Accounts payable | 7,725 | 5,433 |
Current portion of operating lease liabilities | 1,411 | 899 |
Accrued expenses | 6,401 | 4,856 |
Total current liabilities | 15,537 | 11,188 |
Deferred tax liabilities, net | 25,582 | 23,055 |
Operating lease liabilities, excluding current portion | 4,129 | 2,311 |
Other liabilities | 1,436 | 1,436 |
Total liabilities | 46,684 | 37,990 |
Stockholders' equity: | ||
Preferred stock, $5.00 par value; authorized 500,000 shares; none issued or outstanding | ||
Common stock, $0.10 par value; authorized 30,000,000 shares; 6,703,166 and 6,681,469 shares issued at December 31, 2022 and 2021, respectively | 671 | 669 |
Additional paid-in capital | 34,528 | 31,774 |
Retained earnings | 342,504 | 301,611 |
Less treasury stock; 1,021,087 and 1,015,457 shares at December 31, 2022 and 2021, respectively, at cost | (56,615) | (55,848) |
Total stockholders' equity | 321,088 | 278,206 |
Total liabilities and stockholders' equity | $ 367,772 | $ 316,196 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 |
Consolidated Balance Sheets | ||
Preferred stock, par value (in dollars per share) | $ 5 | $ 5 |
Preferred stock, authorized shares | 500,000 | 500,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, authorized shares | 30,000,000 | 30,000,000 |
Common stock, shares issued | 6,703,166 | 6,681,469 |
Treasury stock, shares | 1,021,087 | 1,015,457 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues | |||
Revenues | $ 236,150 | $ 189,255 | $ 160,704 |
Cost of revenues | |||
Labor and other operating expenses | 143,887 | 109,365 | 93,738 |
Depreciation, depletion and amortization | 21,921 | 20,630 | 19,379 |
Total cost of revenues | 165,808 | 129,995 | 113,117 |
Gross profit | 70,342 | 59,260 | 47,587 |
Selling, general and administrative expenses | 15,559 | 12,843 | 12,168 |
Impairment of long-lived assets | 1,550 | ||
Operating profit | 54,783 | 46,417 | 33,869 |
Other expense (income) | |||
Interest expense | 254 | 250 | 248 |
Interest and other income, net | (2,033) | (351) | (451) |
Total other expense (income) | (1,779) | (101) | (203) |
Income before income tax expense | 56,562 | 46,518 | 34,072 |
Income tax expense | 11,133 | 9,473 | 5,849 |
Net income | $ 45,429 | $ 37,045 | $ 28,223 |
Net income per share of common stock | |||
Basic (in dollars per share) | $ 8.01 | $ 6.55 | $ 5.01 |
Diluted (in dollars per share) | $ 8 | $ 6.54 | $ 5 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Consolidated Statements of Comprehensive Income | |||
Net income | $ 45,429 | $ 37,045 | $ 28,223 |
Other comprehensive income | |||
Mark to market of foreign exchange hedges, net of tax benefit of $0 for the 2020 period | 1 | ||
Total other comprehensive income (loss) | 1 | ||
Comprehensive income | $ 45,429 | $ 37,045 | $ 28,224 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) $ in Thousands | 12 Months Ended |
Dec. 31, 2020 USD ($) | |
Consolidated Statements of Comprehensive Income | |
Mark to market on foreign exchange hedges, tax benefit (expense) | $ 0 |
Consolidated Statements of Stoc
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 | $ 1 | 80 | 81 | |||
Stock options exercised (in shares) | 12,271 | |||||
Stock-based compensation | $ 2 | 1,913 | 1,915 | |||
Stock-based compensation (in shares) | 18,609 | |||||
Treasury shares purchased | (557) | (557) | ||||
Treasury shares purchased (in shares) | (5,622) | |||||
Cash dividends paid | (3,603) | (3,603) | ||||
Net income | 28,223 | 28,223 | ||||
Mark to market of foreign exchange hedges, net of $0 tax expense | 1 | 1 | ||||
Comprehensive income | 1 | 28,223 | 28,224 | |||
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 | $ 1 | 83 | 84 | |||
Stock options exercised (in shares) | 5,310 | |||||
Stock-based compensation | $ 2 | 2,234 | 2,236 | |||
Stock-based compensation (in shares) | 18,279 | |||||
Treasury shares purchased | (731) | (731) | ||||
Treasury shares purchased (in shares) | (5,661) | |||||
Cash dividends paid | (3,620) | (3,620) | ||||
Net income | 37,045 | 37,045 | ||||
Mark to market of foreign exchange hedges, net of $0 tax expense | ||||||
Comprehensive income | 37,045 | 37,045 | ||||
Balances at Dec. 31, 2021 | $ 669 | 31,774 | 301,611 | (55,848) | 278,206 | |
Balances (in shares) at Dec. 31, 2021 | 5,666,012 | |||||
Increase (Decrease) in Stockholders' Equity | ||||||
Stock options exercised | 120 | 120 | ||||
Stock options exercised (in shares) | 2,400 | |||||
Stock-based compensation | $ 2 | 2,634 | 2,636 | |||
Stock-based compensation (in shares) | 19,297 | |||||
Treasury shares purchased | (767) | (767) | ||||
Treasury shares purchased (in shares) | (5,630) | |||||
Cash dividends paid | (4,536) | (4,536) | ||||
Net income | 45,429 | 45,429 | ||||
Mark to market of foreign exchange hedges, net of $0 tax expense | ||||||
Comprehensive income | 45,429 | 45,429 | ||||
Balances at Dec. 31, 2022 | $ 671 | $ 34,528 | $ 0 | $ 342,504 | $ (56,615) | $ 321,088 |
Balances (in shares) at Dec. 31, 2022 | 5,682,079 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders Equity (Parenthetical) $ in Thousands | 12 Months Ended |
Dec. 31, 2020 USD ($) | |
Consolidated Statements of Stockholders Equity | |
Mark to market of foreign exchange hedges, tax expense (benefit) | $ 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
OPERATING ACTIVITIES: | |||
Net income | $ 45,429 | $ 37,045 | $ 28,223 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation, depletion and amortization | 22,199 | 20,898 | 19,611 |
Impairment of long-lived assets | 1,550 | ||
Amortization of deferred financing costs | 2 | 6 | 5 |
Deferred income taxes | 2,527 | 1,524 | 4,313 |
(Gain) loss on disposition of property, plant and equipment | (312) | 10 | 462 |
Stock-based compensation | 2,636 | 2,236 | 1,915 |
Changes in operating assets and liabilities: | |||
Trade receivables, net | (6,438) | (3,736) | 1,109 |
Inventories, net | (4,294) | 94 | (1,390) |
Prepaid expenses and other current assets | (191) | (999) | (106) |
Other assets | 8 | (41) | 3 |
Accounts payable and accrued expenses | 2,701 | (1,101) | 2,579 |
Other liabilities | 96 | (247) | 301 |
Net cash provided by operating activities | 64,363 | 55,689 | 58,575 |
INVESTING ACTIVITIES: | |||
Purchase of property, plant and equipment | (26,815) | (29,914) | (17,133) |
Acquisition of a business, net of cash acquired | (5,630) | (8,392) | |
Proceeds from sale of property, plant and equipment | 1,294 | 285 | 331 |
Net cash used in investing activities | (31,151) | (29,629) | (25,194) |
FINANCING ACTIVITIES: | |||
Cash dividends paid | (4,536) | (3,620) | (3,603) |
Proceeds from exercise of stock options | 120 | 84 | 81 |
Purchase of treasury shares | (767) | (731) | (557) |
Net cash used in financing activities | (5,183) | (4,267) | (4,079) |
Net increase in cash and cash equivalents | 28,029 | 21,793 | 29,302 |
Cash and cash equivalents at beginning of period | 105,355 | 83,562 | 54,260 |
Cash and cash equivalents at end of period | $ 133,384 | $ 105,355 | $ 83,562 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Summary of Significant Accounting Policies | |
Summary of Significant Accounting Policies | (1) Summary of Significant Accounting Policies (a) Organization and Presentation United States Lime & Minerals, Inc. (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, ART Quarry TRS LLC (DBA Carthage Crushed Limestone), Colorado Lime Company, Mill Creek Dolomite, LLC, Texas Lime Company, U.S. Lime Company, U.S. Lime Company – Shreveport, U.S. Lime Company – St. Clair, and U.S. Lime Company – Transportation. In addition, the Company, through its wholly owned subsidiary, U.S. Lime Company – O & G, LLC, has royalty and non-operated working interests in natural gas wells located in Johnson County, Texas, in the Barnett Shale Formation. (b) Principles of Consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany balances and transactions have been eliminated. (c) Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“US GAAP”) requires management to make estimates and judgments that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates and judgments. (d) Statements of Cash Flows For purposes of reporting cash flows, the Company considers all bank deposits and highly liquid debt instruments, such as United States Treasury bills and notes, with maturities, at the time of purchase, of three months or less to be cash equivalents. Cash equivalents are carried at cost plus accrued interest, which approximates fair market value. Supplemental cash flow information is presented below: Years Ended December 31, 2022 2021 2020 Cash paid during the year for: Interest $ 113 $ 151 $ 152 Income taxes $ 7,827 $ 9,483 $ 975 (e) 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 at a point in time, generally upon shipment. Revenues include external freight billed to customers with related costs accounted for as fulfillment costs and included in cost of revenues. The Company’s returns and allowances are minimal. External freight billed to customers included in revenues was for 2022, 2021 and 2020, respectively, 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 9 for disaggregation of revenues by the Lime and Limestone Operations segment and Other, which the Company believes best depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. (f) Concentration of Credit Risk and Trade Receivables Financial instruments that potentially subject the Company to a concentration of credit risk consist principally of cash and cash equivalents, trade receivables and derivative financial instruments. The Company places its cash and cash equivalents with high-credit quality financial institutions and in highly rated commercial paper or United States Treasury bills and notes with maturities, at the time of purchase, of three months or less. The Company places its derivative financial instruments with financial institutions and other firms that management believes have high credit ratings. The Company’s cash and cash equivalents at commercial banking institutions normally exceed federally insured limits. 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, and are generally fixed, short-term, and do not contain a significant financing component. 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. Trade receivables are presented net of the related estimated credit losses, which totaled 2022 2021 Beginning balance $ 450 $ 398 Additions 108 66 Adjustments for expected credit loss factors — (14) Write-offs (8) — Ending balance $ 550 $ 450 (g) 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. A summary of inventories is as follows: December 31, 2022 2021 Lime and limestone inventories: Raw materials $ 5,506 $ 3,232 Finished goods 2,951 2,677 8,457 5,909 Service parts inventories 11,122 9,207 $ 19,579 $ 15,116 (h) Property, Plant and Equipment For major constructed assets, the capitalized cost includes the price paid by the Company for labor and materials plus interest and internal and external project management costs that are directly related to the constructed assets. Machinery and equipment at December 31, 2022 and 2021 included $6,534 and $12,556, respectively, of construction in progress for various capital projects. No interest costs were capitalized for the years ended December 31, 2022 and 2021. At December 31, 2022 and 2021, accounts payable and accrued expenses included $1,079 and $1,369, respectively, of capitalized costs. Depreciation of property, plant and equipment is being provided for by the straight-line method over estimated useful lives as follows: Buildings and building and leasehold improvements 3 - 25 years Machinery and equipment 2 - 30 years Furniture and fixtures 3 - 10 years Automotive equipment 3 - 10 years Maintenance and repairs are charged to expense as incurred; renewals and betterments are capitalized. When units of property are retired or otherwise disposed of, their cost and related accumulated depreciation are removed from the accounts, and any resulting gain or loss is credited or charged to income. The Company expenses all exploration costs as incurred as well as costs incurred at an operating quarry or mine, other than capital expenditures and inventory. Costs to acquire mineral reserves are capitalized upon acquisition. Development costs incurred to develop new mineral reserves, to expand the capacity of a quarry or mine, or to develop quarry or mine areas substantially in advance of current production are capitalized once proven and probable reserves exist and can be economically produced. For each quarry or mine, capitalized costs to acquire and develop mineral reserves are depleted using the units-of-production method based on the proven and probable reserves for such quarry or mine. The Company reviews its long-lived assets for impairment and, when events or circumstances indicate the carrying amount of an asset may not be recoverable, the Company determines if impairment of value exists. If the estimated undiscounted future net cash flows are less than the carrying amount of the asset, an impairment exists, and an impairment loss must be calculated and recorded. If an impairment exists, the impairment loss is calculated based on the excess of the carrying amount of the asset over the asset’s fair value. Any impairment loss is treated as a permanent reduction in the carrying value of the asset. During 2020, the Company recognized an impairment charge of $1,550 to adjust the carrying value of certain long-lived assets related to its natural gas interests. Continuing low prices for natural gas and natural gas liquids have reduced the estimates for future economically feasible production from the Company’s drilled wells, resulting in the Company’s determination that the estimated fair value of its natural gas assets was less than their carrying value in 2020. Fair value was determined as the present value of the estimated future cash flows of the natural gas interests. (i) Asset Retirement Obligations The Company recognizes legal obligations for reclamation and remediation associated with the retirement of long- lived assets at their fair value at the time the obligations are incurred (“AROs”). Over time, the liability for AROs is recorded at its present value each period through accretion expense, and the capitalized cost is depreciated over the useful life of the related asset. Upon settlement of the liability, the Company either settles the AROs for the recorded amount or recognizes a gain or loss. The Company’s AROs of as of December 31, 2022 and 2021, respectively, are included in Other liabilities and Accrued expenses on the Company’s Consolidated Balance Sheets. As of December 31, 2022, assets, net of accumulated depreciation, associated with the Company’s AROs totaled . During 2022 and 2021, the Company spent The AROs were estimated based on studies and the Company’s process knowledge and estimates and are discounted using a credit adjusted risk-free interest rate. The AROs are adjusted when further information warrants an adjustment. The Company estimates annual expenditures of approximately $100 to $200 per year in years 2023 through 2027 relating to its AROs. (j) Accrued Expenses Accrued expenses consist of the following: December 31, 2022 2021 Personnel related expenses $ 2,970 $ 2,344 Income taxes 237 — Other taxes 1,208 1,374 Utilities 1,207 615 Other 779 523 $ 6,401 $ 4,856 (k) Environmental Expenditures Environmental expenditures that relate to current operations are expensed or capitalized as appropriate. Expenditures that relate to an existing condition caused by past operations, and which do not contribute to current or future revenue generation, are expensed. Liabilities are recorded at their present value when environmental assessments and/or remedial efforts are probable, and the costs can be reasonably estimated. Generally, the timing of these accruals will coincide with completion of a feasibility study or the Company’s commitment to a formal plan of action. The Company incurred capital expenditures related to environmental matters of $779 in 2022, $665 in 2021 and $730 in 2020. (l) Income and Dividends Per Share of Common Stock The following table sets forth the computation of basic and diluted income per common share: Years Ended December 31, 2022 2021 2020 Net income for basic and diluted income per common share $ 45,429 $ 37,045 $ 28,223 Weighted-average shares for basic income per common share 5,671,960 5,656,367 5,629,425 Effect of dilutive securities: Employee and director stock options (1) 8,449 11,992 10,438 Adjusted weighted-average shares and assumed exercises for diluted income per common share 5,680,409 5,668,359 5,639,863 Basic net income per common share $ 8.01 $ 6.55 $ 5.01 Diluted net income per common share $ 8.00 $ 6.54 $ 5.00 (1) Excludes 16,125 , 600 and 5,550 stock options in 2022, 2021 and 2020, respectively, as antidilutive because the exercise price exceeded the average per share market price for the periods presented. The Company paid $0.80, $0.64 and $0.64 of cash dividends per share of common stock in 2022, 2021 and 2020, respectively. 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. (m) Stock-Based Compensation The Company expenses all stock-based payments to employees and directors, including grants of stock options and restricted stock, in the Company’s Consolidated Statements of Income based on their fair values. Compensation cost is recognized on a straight-line basis over the vesting period. (n) Income Taxes The Company utilizes the asset and liability approach in its reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amount more likely than not to be realized. Income tax related interest and penalties are included in income tax expense. The Company also assesses individual tax positions to determine if they meet the criteria for some or all of the benefits of that position to be recognized in the Company’s financial statements. The Company only recognizes tax positions that meet the more-likely-than-not recognition threshold. (o) 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 of foreign exchange hedges, are reported as a separate component of the stockholders’ equity section of the balance sheet. Such items, along with net income, are components of comprehensive income. |
Banking Facilities and Debt
Banking Facilities and Debt | 12 Months Ended |
Dec. 31, 2022 | |
Banking Facilities and Debt | |
Banking Facilities and Debt | (2) 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 $75,000 revolving credit facility (the “Revolving Facility”) and an incremental four-year accordion feature to borrow up to an additional $50,000 on the same terms, subject to approval by the Lender or another lender selected by the Company. The credit agreement also provides for a 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 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. The Company had no debt outstanding at December 31, 2022 or 2021. The Company had |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases | |
Leases | (3) Leases The Company has operating leases for the use of equipment, corporate office space, and some of its terminal and distribution facilities. The leases have remaining lease terms of 0 . Some operating leases include options to extend the leases for up to . The Company’s lease calculations include the impact of options to extend when it is reasonably certain the Company will exercise the option. The Company used a weighted-average discount rate of for leases entered into during 2022 and 2021, respectively. The components of net operating lease costs for 2022, 2021 and 2020 were as follows (in thousands): Year Ended December 31, Classification 2022 2021 2020 Operating lease costs (1) Cost of revenues $ 2,374 $ 1,706 $ 1,552 Operating lease costs (1) Selling, general and administrative expenses 275 259 243 Rental revenues Interest and other income, net (70) (98) (89) Net operating lease costs $ 2,579 $ 1,867 $ 1,706 (1) Includes the costs of leases with a term of one year or less. As of December 31, 2022, 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): 2023 $ 1,408 2024 1,354 2025 1,082 2026 1,054 2027 694 Thereafter 250 Total future minimum lease payments 5,842 Less imputed interest (302) Present value of lease liabilities $ 5,540 Supplemental cash flow information pertaining to the Company’s leasing activity for the years ended December 31, 2022, 2021 and 2020 was as follows (in thousands): Year Ended December 31, 2022 2021 2020 Cash payments for operating lease liabilities $ 1,660 $ 1,420 $ 1,486 Right-of-use assets obtained in exchange for operating lease obligations $ 3,456 $ 2,377 $ 314 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Taxes | |
Income Taxes | (4) Income Taxes Income tax expense (benefit) for the years ended December 31 is as follows: 2022 2021 2020 Current income tax expense $ 8,606 $ 7,949 $ 1,537 Deferred income tax expense 2,527 1,524 4,312 Income tax expense $ 11,133 $ 9,473 $ 5,849 A reconciliation of income taxes computed at the federal statutory rate to income tax expense for the years ended December 31 is as follows: 2022 2021 2020 Percent of Percent of Percent of Pretax Pretax Pretax Amount Income Amount Income Amount Income Income taxes computed at the federal statutory rate $ 11,878 21.0 % $ 9,769 21.0 % $ 7,155 21.0 % (Reduction) increase in taxes resulting from: Statutory depletion in excess of cost depletion (1,869) (3.3) (1,389) (3.0) (1,266) (3.7) State income taxes, net of federal income tax benefit 557 1.0 462 1.0 (262) (0.8) Disallowed executive compensation 493 0.9 456 1.0 — — Other 74 0.1 175 0.4 222 0.7 Income tax expense $ 11,133 19.7 % $ 9,473 20.4 % $ 5,849 17.2 % Components of the Company’s deferred tax liabilities and assets are as follows: December 31, December 31, 2022 2021 Deferred tax liabilities Lime and limestone property, plant and equipment $ 25,703 $ 22,992 Operating lease right-of-use assets 1,238 724 Natural gas interests drilling costs and equipment 259 387 27,200 24,103 Deferred tax assets Operating lease liabilities 1,276 740 Other 342 308 1,618 1,048 Deferred tax liabilities, net $ 25,582 $ 23,055 Current income taxes are classified on the Company’s Consolidated Balance Sheets as follows: December 31, December 31, 2022 2021 Prepaid expenses and other current assets $ — $ 543 Accrued expenses $ 237 $ — The Company had no federal net operating loss carry forwards at December 31, 2022. The Company reduces deferred tax assets by a valuation allowance if, based on the weight of available evidence, it is “more likely than not” that some portion or all of the deferred tax assets will not be realized. Deferred tax assets are considered fully recognizable because of the Company’s recent income history and expectations of income in the future. The Company’s federal income tax returns for the year ended December 31, 2019 and subsequent years remain subject to examination. The Company’s income tax returns in certain state income tax jurisdictions remain subject to examination for various periods for the year ended December 31, 2018 and subsequent years. The Company treats interest and penalties on income tax liabilities as income tax expense. |
Employee Retirement Plans
Employee Retirement Plans | 12 Months Ended |
Dec. 31, 2022 | |
Employee Retirement Plans | |
Employee Retirement Plans | (5) Employee Retirement Plans The Company has a contributory retirement (401(k)) savings plans for non-union employees and for union employees of Arkansas Lime Company, Carthage, and Texas Lime Company. Company contributions to these plans were $311, $322 and $282 in 2022, 2021 and 2020, respectively. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2022 | |
Stock-Based Compensation | |
Stock-Based Compensation | (6) Stock-Based Compensation The Company has a long-term incentive plan, the Amended and Restated 2001 Long-Term Incentive Plan (the “2001 Plan”). The 2001 Plan provides for stock options, restricted stock and dollar-denominated cash awards, including performance-based awards. In addition to stock options, restricted stock and cash awards, the 2001 Plan provides for the grant of stock appreciation rights, deferred stock and other stock-based awards to directors, officers, employees and consultants. The number of shares of common stock that may be subject to outstanding awards granted under the 2001 Plan (determined immediately after the grant of any award) may not exceed 874,589 from the inception of the 2001 Plan. In addition, no individual may receive awards in any one calendar year of more than 100,000 shares of common stock. Stock options granted under the 2001 Plan expire ten years from the date of grant and generally become exercisable, or vest, immediately. Restricted stock generally vests over periods of one-half The Company recorded $2,636, $2,236 and $1,915 for stock-based compensation expense related to stock options and shares of restricted stock for 2022, 2021 and 2020, respectively. The amounts included in cost of revenues were $211, $197 and $312 and in selling, general and administrative expense were $2,425, $2,039 and $1,603, for 2022, 2021 and 2020, respectively. A summary of the Company’s stock option and restricted stock activity and related information for the year ended December 31, 2022 and certain other information for the years ended December 31, 2022, 2021 and 2020 are as follows: Weighted- Weighted- Average Aggregate Average Stock Exercise Intrinsic Restricted Grant-Date Options Price Value Stock Fair Value Outstanding (stock options); non-vested (restricted stock) at December 31, 2021 46,500 $ 91.04 $ 1,788 18,146 $ 121.26 Granted 9,900 133.18 75 19,601 141.11 Exercised (stock options); vested (restricted stock) (2,400) 50.11 157 (18,589) 120.25 Forfeited — — — (289) 117.84 Outstanding (stock options); non-vested (restricted stock) at December 31, 2022 54,000 $ 100.58 $ 2,170 18,869 $ 132.73 Exercisable at December 31, 2022 44,000 $ 92.12 $ 2,170 n/a n/a 2022 2021 2020 Weighted-average fair value of stock options granted during the year $ 49.76 $ 42.10 $ 31.30 Weighted-average remaining contractual life for stock options in years 6.87 6.85 6.74 Total fair value of stock options vested during the year $ 287 $ 321 $ 310 Total intrinsic value of stock options exercised during the year $ 157 $ 647 $ 1,128 Total fair value of restricted stock vested during the year $ 2,235 $ 2,096 $ 1,612 There were 10,000 non-vested stock options at December 31, 2022, and the weighted-average remaining contractual life of the outstanding and exercisable stock options at such date was 6.87 years. The total compensation cost not yet recognized for restricted stock at December 31, 2022 was $2,168, which will be recognized over the weighted average of 1.07 years. The fair value for the stock options was estimated at the date of grant using a lattice-based option valuation model, with the following weighted-average assumptions for the 2022, 2021 and 2020 grants: risk-free interest rates of 2.92% to 3.94% (weighted average 3.74%) in 2022, 0.86% to 1.26% (weighted average 1.19%) in 2021 and 0.37% to 0.53% (weighted average 0.42%) in 2020; a dividend yield of 0.57% to 0.73% (weighted average 0.62%) in 2022, 0.46% to 0.50% (weighted average 0.49%) in 2021, 0.56% to 0.80% (weighted average 0.64%) in 2020; and a volatility factor of .374 to .385 (weighted average .382) in 2022, .366 to .373 (weighted average .371) in 2021 and .346 to .356 (weighted average .354) in 2020, based on the daily per-share closing prices for five years preceding the date of issuance. In addition, the fair value of these options was estimated based on an expected life of five years. The fair value of restricted stock is based on the closing per-share price of the Company’s common stock on the date of grant. |
Share Repurchases
Share Repurchases | 12 Months Ended |
Dec. 31, 2022 | |
Share Repurchases | |
Share Repurchases | (7) Share Repurchases |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies | |
Commitments and Contingencies | (8) Commitments and Contingencies The Company is party to lawsuits and claims arising in the normal course of business, none of which, in the opinion of management, is expected to have a material adverse effect on the Company’s financial condition, results of operations, cash flows or competitive position. The Company is not contractually committed to any planned capital expenditures until actual orders are placed for equipment or services. At December 31, 2022, the Company had $1,521 for open equipment and construction contracts. |
Reportable Segment
Reportable Segment | 12 Months Ended |
Dec. 31, 2022 | |
Reportable Segment | |
Reportable Segment | (9) Reportable 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 income and expense and other expense to its lime and limestone operations. Other identifiable assets includes assets related to the Company’s natural gas interests, unallocated corporate assets, and cash items. Operating results and certain other financial data for the years ended December 31, 2022, 2021 and 2020 for the Company’s Lime and Limestone Operations segment and Other are as follows: Revenues 2022 2021 2020 Lime and limestone operations $ 233,421 $ 187,365 $ 159,707 Other 2,729 1,890 997 Total revenues $ 236,150 $ 189,255 $ 160,704 Depreciation, depletion and amortization Lime and limestone operations $ 21,368 $ 20,052 $ 18,664 Other 553 578 715 Total depreciation, depletion and amortization $ 21,921 $ 20,630 $ 19,379 Gross profit (loss) Lime and limestone operations $ 68,951 $ 58,651 $ 47,983 Other 1,391 609 (396) Total gross profit $ 70,342 $ 59,260 $ 47,587 Operating profit (loss) Lime and limestone operations $ 53,404 $ 45,835 $ 35,815 Other (1) 1,379 582 (1,946) Total operating profit $ 54,783 $ 46,417 $ 33,869 Identifiable assets, at period end Lime and limestone operations $ 228,984 $ 204,815 $ 190,946 Other 138,788 111,381 88,152 Total identifiable assets $ 367,772 $ 316,196 $ 279,098 Capital expenditures Lime and limestone operations $ 26,815 $ 29,914 $ 17,133 Other — — — Total capital expenditures $ 26,815 $ 29,914 $ 17,133 (1) Other Operating profit for the year ended December 31, 2020 was adversely impacted by an impairment charge of $1,550 to adjust the carrying value of long-lived assets related to the Company’s natural gas interests . |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events. | |
Subsequent Events | (10) Subsequent Events On February 3, 2023, the Company declared a regular quarterly cash dividend of $0.20 per share on the Company’s common stock. This dividend is payable on March 17, 2023 to shareholders of record at the close of business on February 24, 2023. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Summary of Significant Accounting Policies | |
Principles of Consolidation | (b) Principles of Consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany balances and transactions have been eliminated. |
Use of Estimates | (c) Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“US GAAP”) requires management to make estimates and judgments that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates and judgments. |
Statements of Cash Flows | (d) Statements of Cash Flows For purposes of reporting cash flows, the Company considers all bank deposits and highly liquid debt instruments, such as United States Treasury bills and notes, with maturities, at the time of purchase, of three months or less to be cash equivalents. Cash equivalents are carried at cost plus accrued interest, which approximates fair market value. Supplemental cash flow information is presented below: Years Ended December 31, 2022 2021 2020 Cash paid during the year for: Interest $ 113 $ 151 $ 152 Income taxes $ 7,827 $ 9,483 $ 975 |
Revenue Recognition | (e) 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 at a point in time, generally upon shipment. Revenues include external freight billed to customers with related costs accounted for as fulfillment costs and included in cost of revenues. The Company’s returns and allowances are minimal. External freight billed to customers included in revenues was for 2022, 2021 and 2020, respectively, 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 9 for disaggregation of revenues by the Lime and Limestone Operations segment and Other, which the Company believes best depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. |
Concentration of Credit Risk and Trade Receivables | (f) Concentration of Credit Risk and Trade Receivables Financial instruments that potentially subject the Company to a concentration of credit risk consist principally of cash and cash equivalents, trade receivables and derivative financial instruments. The Company places its cash and cash equivalents with high-credit quality financial institutions and in highly rated commercial paper or United States Treasury bills and notes with maturities, at the time of purchase, of three months or less. The Company places its derivative financial instruments with financial institutions and other firms that management believes have high credit ratings. The Company’s cash and cash equivalents at commercial banking institutions normally exceed federally insured limits. 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, and are generally fixed, short-term, and do not contain a significant financing component. 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. Trade receivables are presented net of the related estimated credit losses, which totaled 2022 2021 Beginning balance $ 450 $ 398 Additions 108 66 Adjustments for expected credit loss factors — (14) Write-offs (8) — Ending balance $ 550 $ 450 |
Inventories, Net | (g) 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. A summary of inventories is as follows: December 31, 2022 2021 Lime and limestone inventories: Raw materials $ 5,506 $ 3,232 Finished goods 2,951 2,677 8,457 5,909 Service parts inventories 11,122 9,207 $ 19,579 $ 15,116 |
Property, Plant and Equipment | (h) Property, Plant and Equipment For major constructed assets, the capitalized cost includes the price paid by the Company for labor and materials plus interest and internal and external project management costs that are directly related to the constructed assets. Machinery and equipment at December 31, 2022 and 2021 included $6,534 and $12,556, respectively, of construction in progress for various capital projects. No interest costs were capitalized for the years ended December 31, 2022 and 2021. At December 31, 2022 and 2021, accounts payable and accrued expenses included $1,079 and $1,369, respectively, of capitalized costs. Depreciation of property, plant and equipment is being provided for by the straight-line method over estimated useful lives as follows: Buildings and building and leasehold improvements 3 - 25 years Machinery and equipment 2 - 30 years Furniture and fixtures 3 - 10 years Automotive equipment 3 - 10 years Maintenance and repairs are charged to expense as incurred; renewals and betterments are capitalized. When units of property are retired or otherwise disposed of, their cost and related accumulated depreciation are removed from the accounts, and any resulting gain or loss is credited or charged to income. The Company expenses all exploration costs as incurred as well as costs incurred at an operating quarry or mine, other than capital expenditures and inventory. Costs to acquire mineral reserves are capitalized upon acquisition. Development costs incurred to develop new mineral reserves, to expand the capacity of a quarry or mine, or to develop quarry or mine areas substantially in advance of current production are capitalized once proven and probable reserves exist and can be economically produced. For each quarry or mine, capitalized costs to acquire and develop mineral reserves are depleted using the units-of-production method based on the proven and probable reserves for such quarry or mine. The Company reviews its long-lived assets for impairment and, when events or circumstances indicate the carrying amount of an asset may not be recoverable, the Company determines if impairment of value exists. If the estimated undiscounted future net cash flows are less than the carrying amount of the asset, an impairment exists, and an impairment loss must be calculated and recorded. If an impairment exists, the impairment loss is calculated based on the excess of the carrying amount of the asset over the asset’s fair value. Any impairment loss is treated as a permanent reduction in the carrying value of the asset. During 2020, the Company recognized an impairment charge of $1,550 to adjust the carrying value of certain long-lived assets related to its natural gas interests. Continuing low prices for natural gas and natural gas liquids have reduced the estimates for future economically feasible production from the Company’s drilled wells, resulting in the Company’s determination that the estimated fair value of its natural gas assets was less than their carrying value in 2020. Fair value was determined as the present value of the estimated future cash flows of the natural gas interests. |
Asset Retirement Obligations | (i) Asset Retirement Obligations The Company recognizes legal obligations for reclamation and remediation associated with the retirement of long- lived assets at their fair value at the time the obligations are incurred (“AROs”). Over time, the liability for AROs is recorded at its present value each period through accretion expense, and the capitalized cost is depreciated over the useful life of the related asset. Upon settlement of the liability, the Company either settles the AROs for the recorded amount or recognizes a gain or loss. The Company’s AROs of as of December 31, 2022 and 2021, respectively, are included in Other liabilities and Accrued expenses on the Company’s Consolidated Balance Sheets. As of December 31, 2022, assets, net of accumulated depreciation, associated with the Company’s AROs totaled . During 2022 and 2021, the Company spent The AROs were estimated based on studies and the Company’s process knowledge and estimates and are discounted using a credit adjusted risk-free interest rate. The AROs are adjusted when further information warrants an adjustment. The Company estimates annual expenditures of approximately $100 to $200 per year in years 2023 through 2027 relating to its AROs. |
Accrued Expenses | (j) Accrued Expenses Accrued expenses consist of the following: December 31, 2022 2021 Personnel related expenses $ 2,970 $ 2,344 Income taxes 237 — Other taxes 1,208 1,374 Utilities 1,207 615 Other 779 523 $ 6,401 $ 4,856 |
Environmental Expenditures | (k) Environmental Expenditures Environmental expenditures that relate to current operations are expensed or capitalized as appropriate. Expenditures that relate to an existing condition caused by past operations, and which do not contribute to current or future revenue generation, are expensed. Liabilities are recorded at their present value when environmental assessments and/or remedial efforts are probable, and the costs can be reasonably estimated. Generally, the timing of these accruals will coincide with completion of a feasibility study or the Company’s commitment to a formal plan of action. The Company incurred capital expenditures related to environmental matters of $779 in 2022, $665 in 2021 and $730 in 2020. |
Income and Dividends Per Share of Common Stock | (l) Income and Dividends Per Share of Common Stock The following table sets forth the computation of basic and diluted income per common share: Years Ended December 31, 2022 2021 2020 Net income for basic and diluted income per common share $ 45,429 $ 37,045 $ 28,223 Weighted-average shares for basic income per common share 5,671,960 5,656,367 5,629,425 Effect of dilutive securities: Employee and director stock options (1) 8,449 11,992 10,438 Adjusted weighted-average shares and assumed exercises for diluted income per common share 5,680,409 5,668,359 5,639,863 Basic net income per common share $ 8.01 $ 6.55 $ 5.01 Diluted net income per common share $ 8.00 $ 6.54 $ 5.00 (1) Excludes 16,125 , 600 and 5,550 stock options in 2022, 2021 and 2020, respectively, as antidilutive because the exercise price exceeded the average per share market price for the periods presented. The Company paid $0.80, $0.64 and $0.64 of cash dividends per share of common stock in 2022, 2021 and 2020, respectively. 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. |
Stock-Based Compensation | (m) Stock-Based Compensation The Company expenses all stock-based payments to employees and directors, including grants of stock options and restricted stock, in the Company’s Consolidated Statements of Income based on their fair values. Compensation cost is recognized on a straight-line basis over the vesting period. |
Income Taxes | (n) Income Taxes The Company utilizes the asset and liability approach in its reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amount more likely than not to be realized. Income tax related interest and penalties are included in income tax expense. The Company also assesses individual tax positions to determine if they meet the criteria for some or all of the benefits of that position to be recognized in the Company’s financial statements. The Company only recognizes tax positions that meet the more-likely-than-not recognition threshold. |
Comprehensive Income | (o) 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 of foreign exchange hedges, are reported as a separate component of the stockholders’ equity section of the balance sheet. Such items, along with net income, are components of comprehensive income. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Summary of Significant Accounting Policies | |
Schedule of supplemental cash flow information (in thousands) | Years Ended December 31, 2022 2021 2020 Cash paid during the year for: Interest $ 113 $ 151 $ 152 Income taxes $ 7,827 $ 9,483 $ 975 |
Schedule of additions and write-offs to the Company's allowance for doubtful accounts (in thousands) | 2022 2021 Beginning balance $ 450 $ 398 Additions 108 66 Adjustments for expected credit loss factors — (14) Write-offs (8) — Ending balance $ 550 $ 450 |
Schedule of inventories, net | December 31, 2022 2021 Lime and limestone inventories: Raw materials $ 5,506 $ 3,232 Finished goods 2,951 2,677 8,457 5,909 Service parts inventories 11,122 9,207 $ 19,579 $ 15,116 |
Schedule of estimated useful lives of property, plant and equipment (in thousands) | Buildings and building and leasehold improvements 3 - 25 years Machinery and equipment 2 - 30 years Furniture and fixtures 3 - 10 years Automotive equipment 3 - 10 years |
Schedule of accrued expenses (in thousands) | December 31, 2022 2021 Personnel related expenses $ 2,970 $ 2,344 Income taxes 237 — Other taxes 1,208 1,374 Utilities 1,207 615 Other 779 523 $ 6,401 $ 4,856 |
Schedule of computation of basic and diluted income per common share | Years Ended December 31, 2022 2021 2020 Net income for basic and diluted income per common share $ 45,429 $ 37,045 $ 28,223 Weighted-average shares for basic income per common share 5,671,960 5,656,367 5,629,425 Effect of dilutive securities: Employee and director stock options (1) 8,449 11,992 10,438 Adjusted weighted-average shares and assumed exercises for diluted income per common share 5,680,409 5,668,359 5,639,863 Basic net income per common share $ 8.01 $ 6.55 $ 5.01 Diluted net income per common share $ 8.00 $ 6.54 $ 5.00 (1) Excludes 16,125 , 600 and 5,550 stock options in 2022, 2021 and 2020, respectively, as antidilutive because the exercise price exceeded the average per share market price for the periods presented. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases | |
Schedule of lease costs | Year Ended December 31, Classification 2022 2021 2020 Operating lease costs (1) Cost of revenues $ 2,374 $ 1,706 $ 1,552 Operating lease costs (1) Selling, general and administrative expenses 275 259 243 Rental revenues Interest and other income, net (70) (98) (89) Net operating lease costs $ 2,579 $ 1,867 $ 1,706 (1) Includes the costs of leases with a term of one year or less. |
Schedule of maturity of lease liability | 2023 $ 1,408 2024 1,354 2025 1,082 2026 1,054 2027 694 Thereafter 250 Total future minimum lease payments 5,842 Less imputed interest (302) Present value of lease liabilities $ 5,540 |
Schedule of supplemental cash flow information | Year Ended December 31, 2022 2021 2020 Cash payments for operating lease liabilities $ 1,660 $ 1,420 $ 1,486 Right-of-use assets obtained in exchange for operating lease obligations $ 3,456 $ 2,377 $ 314 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Taxes | |
Schedule of income tax (benefit) expense (in thousands) | 2022 2021 2020 Current income tax expense $ 8,606 $ 7,949 $ 1,537 Deferred income tax expense 2,527 1,524 4,312 Income tax expense $ 11,133 $ 9,473 $ 5,849 |
Schedule of reconciliation of income taxes computed at the federal statutory rate to income tax expense (in thousands) | 2022 2021 2020 Percent of Percent of Percent of Pretax Pretax Pretax Amount Income Amount Income Amount Income Income taxes computed at the federal statutory rate $ 11,878 21.0 % $ 9,769 21.0 % $ 7,155 21.0 % (Reduction) increase in taxes resulting from: Statutory depletion in excess of cost depletion (1,869) (3.3) (1,389) (3.0) (1,266) (3.7) State income taxes, net of federal income tax benefit 557 1.0 462 1.0 (262) (0.8) Disallowed executive compensation 493 0.9 456 1.0 — — Other 74 0.1 175 0.4 222 0.7 Income tax expense $ 11,133 19.7 % $ 9,473 20.4 % $ 5,849 17.2 % |
Summary of the Company's deferred tax liabilities and assets (in thousands) | December 31, December 31, 2022 2021 Deferred tax liabilities Lime and limestone property, plant and equipment $ 25,703 $ 22,992 Operating lease right-of-use assets 1,238 724 Natural gas interests drilling costs and equipment 259 387 27,200 24,103 Deferred tax assets Operating lease liabilities 1,276 740 Other 342 308 1,618 1,048 Deferred tax liabilities, net $ 25,582 $ 23,055 Current income taxes are classified on the Company’s Consolidated Balance Sheets as follows: December 31, December 31, 2022 2021 Prepaid expenses and other current assets $ — $ 543 Accrued expenses $ 237 $ — |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Stock-Based Compensation | |
Summary of the Company's stock option and restricted stock activity (in thousands) | Weighted- Weighted- Average Aggregate Average Stock Exercise Intrinsic Restricted Grant-Date Options Price Value Stock Fair Value Outstanding (stock options); non-vested (restricted stock) at December 31, 2021 46,500 $ 91.04 $ 1,788 18,146 $ 121.26 Granted 9,900 133.18 75 19,601 141.11 Exercised (stock options); vested (restricted stock) (2,400) 50.11 157 (18,589) 120.25 Forfeited — — — (289) 117.84 Outstanding (stock options); non-vested (restricted stock) at December 31, 2022 54,000 $ 100.58 $ 2,170 18,869 $ 132.73 Exercisable at December 31, 2022 44,000 $ 92.12 $ 2,170 n/a n/a 2022 2021 2020 Weighted-average fair value of stock options granted during the year $ 49.76 $ 42.10 $ 31.30 Weighted-average remaining contractual life for stock options in years 6.87 6.85 6.74 Total fair value of stock options vested during the year $ 287 $ 321 $ 310 Total intrinsic value of stock options exercised during the year $ 157 $ 647 $ 1,128 Total fair value of restricted stock vested during the year $ 2,235 $ 2,096 $ 1,612 |
Reportable Segment (Tables)
Reportable Segment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Reportable Segment | |
Schedule of operating results and certain other financial data for the business segment) | Revenues 2022 2021 2020 Lime and limestone operations $ 233,421 $ 187,365 $ 159,707 Other 2,729 1,890 997 Total revenues $ 236,150 $ 189,255 $ 160,704 Depreciation, depletion and amortization Lime and limestone operations $ 21,368 $ 20,052 $ 18,664 Other 553 578 715 Total depreciation, depletion and amortization $ 21,921 $ 20,630 $ 19,379 Gross profit (loss) Lime and limestone operations $ 68,951 $ 58,651 $ 47,983 Other 1,391 609 (396) Total gross profit $ 70,342 $ 59,260 $ 47,587 Operating profit (loss) Lime and limestone operations $ 53,404 $ 45,835 $ 35,815 Other (1) 1,379 582 (1,946) Total operating profit $ 54,783 $ 46,417 $ 33,869 Identifiable assets, at period end Lime and limestone operations $ 228,984 $ 204,815 $ 190,946 Other 138,788 111,381 88,152 Total identifiable assets $ 367,772 $ 316,196 $ 279,098 Capital expenditures Lime and limestone operations $ 26,815 $ 29,914 $ 17,133 Other — — — Total capital expenditures $ 26,815 $ 29,914 $ 17,133 (1) Other Operating profit for the year ended December 31, 2020 was adversely impacted by an impairment charge of $1,550 to adjust the carrying value of long-lived assets related to the Company’s natural gas interests . |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Disclosures (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Additions and write-offs to the company's allowance for doubtful accounts | |||
Beginning balance | $ 450 | $ 398 | |
Additions | 108 | 66 | |
Adjustments for expected credit loss factors | (14) | ||
Write-offs | (8) | ||
Ending balance | 550 | 450 | $ 398 |
Lime and limestone inventories: | |||
Raw materials | 5,506 | 3,232 | |
Finished goods | 2,951 | 2,677 | |
Total | 8,457 | 5,909 | |
Service parts inventories | 11,122 | 9,207 | |
Total inventories | 19,579 | 15,116 | |
Supplemental cash flow information | |||
Interest | 113 | 151 | 152 |
Income taxes | 7,827 | 9,483 | 975 |
Revenue Recognition | |||
External freight billed to customers included in revenue | $ 44,233 | $ 34,307 | $ 28,373 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - PP&E, ARO and Other (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment | |||
Construction in progress | $ 6,534 | $ 12,556 | |
Interest costs capitalized | 0 | 0 | |
Capitalized cost in accounts payable and accrued expenses | 1,079 | 1,369 | |
Impairment of long-lived assets | $ 1,550 | ||
Asset Retirement Obligations | |||
ARO included in other liabilities and accrued expenses | 1,556 | 1,553 | |
Amount of assets associated with AROs not fully depreciated | 679 | ||
Amount spent on AROs | 24 | 58 | |
Accretion expense recognized on AROs | 97 | 92 | 90 |
Accrued Expenses | |||
Personnel related expenses | 2,970 | 2,344 | |
Income taxes | 237 | ||
Other taxes | 1,208 | 1,374 | |
Utilities | 1,207 | 615 | |
Other | 779 | 523 | |
Total accrued expenses | 6,401 | 4,856 | |
Environmental Expenditures | |||
Capital expenditures related to environmental matters | 779 | $ 665 | $ 730 |
Minimum | |||
Asset Retirement Obligations | |||
Estimated annual expenditures in years 2023 through 2027 relating to AROs | 100 | ||
Maximum | |||
Asset Retirement Obligations | |||
Estimated annual expenditures in years 2023 through 2027 relating to AROs | $ 200 | ||
Buildings and building improvements | Minimum | |||
Property, Plant and Equipment | |||
Estimated useful lives of property, plant and equipment | 3 years | ||
Buildings and building improvements | Maximum | |||
Property, Plant and Equipment | |||
Estimated useful lives of property, plant and equipment | 25 years | ||
Machinery and equipment | Minimum | |||
Property, Plant and Equipment | |||
Estimated useful lives of property, plant and equipment | 2 years | ||
Machinery and equipment | Maximum | |||
Property, Plant and Equipment | |||
Estimated useful lives of property, plant and equipment | 30 years | ||
Furniture and fixtures | Minimum | |||
Property, Plant and Equipment | |||
Estimated useful lives of property, plant and equipment | 3 years | ||
Furniture and fixtures | Maximum | |||
Property, Plant and Equipment | |||
Estimated useful lives of property, plant and equipment | 10 years | ||
Automotive equipment. | Minimum | |||
Property, Plant and Equipment | |||
Estimated useful lives of property, plant and equipment | 3 years | ||
Automotive equipment. | Maximum | |||
Property, Plant and Equipment | |||
Estimated useful lives of property, plant and equipment | 10 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Apr. 30, 2021 | |
Anti-dilutive securities | ||||
Common stock, authorized shares | 30,000,000 | 30,000,000 | 15,000,000 | 30,000,000 |
Net income for basic and diluted income per common share | $ 45,429 | $ 37,045 | $ 28,223 | |
Weighted-average shares for basic income per common share (in shares) | 5,671,960 | 5,656,367 | 5,629,425 | |
Effect of dilutive securities: | ||||
Employee and director stock options (in shares) | 8,449 | 11,992 | 10,438 | |
Adjusted weighted-average shares and assumed exercises for diluted income per common share (in shares) | 5,680,409 | 5,668,359 | 5,639,863 | |
Basic net income per common share (in dollars per share) | $ 8.01 | $ 6.55 | $ 5.01 | |
Diluted net income per common share (in dollars per share) | 8 | 6.54 | 5 | |
Cash dividends per share of common stock (in dollars per share) | $ 0.80 | $ 0.64 | $ 0.64 | |
Options | ||||
Effect of dilutive securities: | ||||
Anti-dilutive shares of common stock excluded from the calculation of dilutive securities | 16,125 | 600 | 5,550 |
Banking Facilities and Debt (De
Banking Facilities and Debt (Details) $ in Thousands | 12 Months Ended | |||
May 07, 2015 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Oct. 27, 2016 USD ($) | |
Summary of outstanding debt | ||||
Total Debt | $ 0 | $ 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 Facilities | ||||
Banking facilities and other debt | ||||
Maximum borrowing capacity | $ 75,000 | |||
Accordion feature period | 4 years | |||
Maximum borrowing capacity accordion feature | $ 50,000 | |||
Revolving Facilities | Minimum | ||||
Banking facilities and other debt | ||||
Commitment fee (as a percent) | 0.20% | |||
Revolving Facilities | Minimum | LIBOR | ||||
Banking facilities and other debt | ||||
Interest rate margin (as a percent) | 1% | |||
Revolving Facilities | Minimum | Lender's prime rate | ||||
Banking facilities and other debt | ||||
Interest rate margin (as a percent) | 0% | |||
Revolving Facilities | Maximum | ||||
Banking facilities and other debt | ||||
Commitment fee (as a percent) | 0.35% | |||
Revolving Facilities | Maximum | LIBOR | ||||
Banking facilities and other debt | ||||
Interest rate margin (as a percent) | 2% | |||
Revolving Facilities | Maximum | Lender's prime rate | ||||
Banking facilities and other debt | ||||
Interest rate margin (as a percent) | 1% | |||
Letter of Credit | ||||
Banking facilities and other debt | ||||
Maximum borrowing capacity | $ 10,000 | |||
Revolving Facility | ||||
Banking facilities and other debt | ||||
Letters of credit outstanding | $ 347 |
Leases - Costs Disclosure (Deta
Leases - Costs Disclosure (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Leases | |||
Weighted average remaining lease term | 3 years | ||
Lessee, Operating Lease, Existence of Option to Extend [true false] | true | ||
Average discount rate (as a percent) | 3% | 1.10% | |
Lease cost | |||
Net operating lease costs | $ 2,579 | $ 1,867 | $ 1,706 |
Minimum | |||
Leases | |||
Remaining lease term | 0 years | ||
Maximum | |||
Leases | |||
Remaining lease term | 6 years | ||
Lease extension term | 5 years | ||
Cost of revenues | |||
Lease cost | |||
Operating lease cost | $ 2,374 | 1,706 | 1,552 |
Selling, general and administrative expense. | |||
Lease cost | |||
Operating lease cost | 275 | 259 | 243 |
Interest and other income, net | |||
Lease cost | |||
Rental revenues | $ (70) | $ (98) | $ (89) |
Leases - Maturity (Details)
Leases - Maturity (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Maturity | |
2023 | $ 1,408 |
2024 | 1,354 |
2025 | 1,082 |
2026 | 1,054 |
2027 | 694 |
Thereafter | 250 |
Total future minimum lease payments | 5,842 |
Less imputed interest | (302) |
Present value of lease liabilities | $ 5,540 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Leases | |||
Cash payments for operating lease liabilities | $ 1,660 | $ 1,420 | $ 1,486 |
Right-of-use assets obtained in exchange for operating lease obligations | $ 3,456 | $ 2,377 | $ 314 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Amount | |||
Income taxes computed at the federal statutory rate | $ 11,878 | $ 9,769 | $ 7,155 |
(Reduction) increase in taxes resulting from: | |||
Statutory depletion in excess of cost depletion | (1,869) | (1,389) | (1,266) |
State income taxes, net of federal income tax benefit | 557 | 462 | (262) |
Disallowed executive compensation | 493 | 456 | |
Other | 74 | 175 | 222 |
Income tax expense | $ 11,133 | $ 9,473 | $ 5,849 |
Percent of Pretax Income | |||
Income taxes computed at the federal statutory rate (as a percent) | 21% | 21% | 21% |
(Reduction) increase in taxes resulting from (as a percent): | |||
Statutory depletion in excess of cost depletion (as a percent) | (3.30%) | (3.00%) | (3.70%) |
State income taxes, net of federal income tax benefit (as a percent) | 1% | 1% | (0.80%) |
Disallowed executive compensation (as a percent) | 0.90% | 1% | |
Other (as a percent) | 0.10% | 0.40% | 0.70% |
Income tax expense (as a percent) | 19.70% | 20.40% | 17.20% |
Deferred tax liabilities | |||
Lime and limestone property, plant and equipment | $ 25,703 | $ 22,992 | |
Operating lease right-of-use assets | 1,238 | 724 | |
Natural gas interests drilling costs and equipment | 259 | 387 | |
Total | 27,200 | 24,103 | |
Deferred tax assets | |||
Operating lease liabilities | 1,276 | 740 | |
Other | 342 | 308 | |
Total | 1,618 | 1,048 | |
Deferred tax liabilities, net, Total | 25,582 | 23,055 | |
Current income taxes: | |||
Prepaid expenses and other current assets | 543 | ||
Accrued expenses | 237 | ||
Current income tax expense | 8,606 | 7,949 | $ 1,537 |
Deferred income tax expense | 2,527 | 1,524 | 4,312 |
Income tax expense | 11,133 | $ 9,473 | $ 5,849 |
Federal | |||
Operating loss carry forwards | |||
Net operating loss carryforwards | $ 0 |
Employee Retirement Plans (Deta
Employee Retirement Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Contributory retirement (401(k)) savings plans | |||
Company contributions | $ 311 | $ 322 | $ 282 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Stock-based compensation | |||
Maximum number of awards that may be received by an individual in any one calendar year (in shares) | 100,000 | ||
Number of shares of common stock remaining available for future grants of stock options, restricted stock or other forms of stock-based compensation under the 2001 Plan | 62,876 | ||
Stock-based compensation expense | $ 2,636 | $ 2,236 | $ 1,915 |
Cost of revenues | |||
Stock-based compensation | |||
Stock-based compensation expense | 211 | 197 | 312 |
Selling, general and administrative expense. | |||
Stock-based compensation | |||
Stock-based compensation expense | $ 2,425 | $ 2,039 | $ 1,603 |
Maximum | |||
Stock-based compensation | |||
Number of shares of common stock that may be subject to outstanding awards granted under the 2001 Plan | 874,589 | ||
Options | |||
Stock-based compensation | |||
Expiration period | 10 years | ||
Stock Options | |||
Outstanding at the beginning of the period (in shares) | 46,500 | ||
Granted (in shares) | 9,900 | ||
Exercised (in shares) | (2,400) | ||
Outstanding at the end of the period (in shares) | 54,000 | 46,500 | |
Exercisable at the end of the period (in shares) | 44,000 | ||
Weighted-Average Exercise Price | |||
Outstanding at the beginning of the period (in dollars per share) | $ 91.04 | ||
Granted (in dollars per share) | 133.18 | ||
Exercised (in dollars per share) | 50.11 | ||
Outstanding at the end of the period (in dollars per share) | 100.58 | $ 91.04 | |
Exercisable at the end of the period (in dollars per share) | $ 92.12 | ||
Aggregate Intrinsic Value | |||
Outstanding at the beginning of the period | $ 1,788 | ||
Granted | 75 | ||
Exercised | 157 | ||
Outstanding at the end of the period | 2,170 | $ 1,788 | |
Exercisable at the end of the period | $ 2,170 | ||
Additional disclosures | |||
Weighted-average fair value of stock options granted during the year (in dollars per share) | $ 49.76 | $ 42.10 | $ 31.30 |
Weighted-average remaining contractual life for stock options | 6 years 10 months 13 days | 6 years 10 months 6 days | 6 years 8 months 26 days |
Total fair value of stock options vested during the year | $ 287 | $ 321 | $ 310 |
Total intrinsic value of stock options exercised during the year | $ 157 | $ 647 | $ 1,128 |
Weighted-average remaining contractual life of the outstanding and exercisable stock options | 6 years 10 months 13 days | ||
Non-vested stock options | 10,000 | ||
Weighted-average assumptions used to estimate the fair value for the stock options | |||
Time period used to calculate weighted averages for fair value assumptions | 5 years | ||
Options | Minimum | |||
Weighted-average assumptions used to estimate the fair value for the stock options | |||
Risk-free interest rates (as a percent) | 2.92% | 0.86% | 0.37% |
Dividend yield (as a percent) | 0.57% | 0.46% | 0.56% |
Volatility factor (as a percent) | 0.374% | 0.366% | 0.346% |
Options | Maximum | |||
Weighted-average assumptions used to estimate the fair value for the stock options | |||
Risk-free interest rates (as a percent) | 3.94% | 1.26% | 0.53% |
Dividend yield (as a percent) | 0.73% | 0.50% | 0.80% |
Volatility factor (as a percent) | 0.385% | 0.373% | 0.356% |
Expected life | 5 years | ||
Options | Weighted-average | |||
Weighted-average assumptions used to estimate the fair value for the stock options | |||
Risk-free interest rates (as a percent) | 3.74% | 1.19% | 0.42% |
Dividend yield (as a percent) | 0.62% | 0.49% | 0.64% |
Volatility factor (as a percent) | 0.382% | 0.371% | 0.354% |
Restricted stock | |||
Restricted Stock | |||
Non-vested at the beginning of the period (in shares) | 18,146 | ||
Granted (in shares) | 19,601 | ||
Vested (in shares) | (18,589) | ||
Forfeited (in shares) | (289) | ||
Non-vested at the end of the period (in shares) | 18,869 | 18,146 | |
Weighted-Average Grant-Date Fair Value | |||
Non-vested at the beginning of the period (in dollars per share) | $ 121.26 | ||
Granted (in dollars per share) | 141.11 | ||
Vested (in dollars per share) | 120.25 | ||
Forfeited (in dollars per share) | 117.84 | ||
Non-vested at the end of the period (in dollars per share) | $ 132.73 | $ 121.26 | |
Additional disclosures | |||
Total fair value of restricted stock vested during the year | $ 2,235 | $ 2,096 | $ 1,612 |
Total compensation cost not yet recognized | $ 2,168 | ||
Weighted-average period for recognition of total compensation cost not yet recognized | 1 year 25 days | ||
Restricted stock | Minimum | |||
Stock-based compensation | |||
Vesting period | 6 months | ||
Restricted stock | Maximum | |||
Stock-based compensation | |||
Vesting period | 3 years |
Share Repurchases (Details)
Share Repurchases (Details) | 12 Months Ended |
Dec. 31, 2022 $ / shares shares | |
Share Repurchases | |
Shares paid for tax withholding for share-based compensation | shares | 5,630 |
Weighted average per share prices for shares used to pay tax withholding liability (in dollars per share) | $ / shares | $ 136.50 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Equipment and Construction Contracts | |
Commitment and Contingencies | |
Purchase commitment | $ 1,521 |
Reportable Segment (Details)
Reportable Segment (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) segment | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Business segments | |||
Number of business segments | segment | 1 | ||
Revenues | $ 236,150 | $ 189,255 | $ 160,704 |
Depreciation, depletion and amortization | 21,921 | 20,630 | 19,379 |
Gross profit | 70,342 | 59,260 | 47,587 |
Operating profit | 54,783 | 46,417 | 33,869 |
Assets | 367,772 | 316,196 | 279,098 |
Capital expenditures | 26,815 | 29,914 | 17,133 |
Impairment of long-lived assets | 1,550 | ||
Unallocated corporate assets and cash items | |||
Business segments | |||
Assets | 138,788 | 111,381 | 88,152 |
Lime and Limestone Operations Segment Member | |||
Business segments | |||
Depreciation, depletion and amortization | 21,368 | 20,052 | 18,664 |
Gross profit | 68,951 | 58,651 | 47,983 |
Operating profit | 53,404 | 45,835 | 35,815 |
Assets | 228,984 | 204,815 | 190,946 |
Capital expenditures | 26,815 | 29,914 | 17,133 |
Other | |||
Business segments | |||
Depreciation, depletion and amortization | 553 | 578 | 715 |
Gross profit | 1,391 | 609 | (396) |
Operating profit | 1,379 | 582 | (1,946) |
Lime and limestone operations | Lime and Limestone Operations Segment Member | |||
Business segments | |||
Revenues | 233,421 | 187,365 | 159,707 |
Others | Other | |||
Business segments | |||
Revenues | $ 2,729 | $ 1,890 | $ 997 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent event | Feb. 03, 2023 $ / shares |
Subsequent event | |
Quarterly cash dividend declared (in dollars per share) | $ 0.20 |
Dividends payable date declared | Feb. 03, 2023 |
Dividends payable date of record | Feb. 24, 2023 |
Dividends payable date to be paid | Mar. 17, 2023 |