United States Lime & Minerals (USLM) 10-Q 4 May 23 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2023	May 02, 2023
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	Mar. 31, 2023
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		5,690,319
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 147,575	$ 133,384
Trade receivables, net	38,356	33,592
Inventories, net	22,046	19,579
Prepaid expenses and other current assets	2,826	3,435
Total current assets	210,803	189,990
Property, plant and equipment	445,660	441,597
Less accumulated depreciation and depletion	(274,469)	(269,627)
Property, plant and equipment, net	171,191	171,970
Operating lease right-of-use assets	5,307	5,372
Other assets, net	444	440
Total assets	387,745	367,772
Current liabilities:
Accounts payable	8,830	7,725
Current portion of operating lease liabilities	1,199	1,411
Accrued expenses	8,683	6,401
Total current liabilities	18,712	15,537
Deferred tax liabilities, net	25,421	25,582
Operating lease liabilities, excluding current portion	4,303	4,129
Other liabilities	1,427	1,436
Total liabilities	49,863	46,684
Stockholders' equity:
Common stock	672	671
Additional paid-in capital	35,452	34,528
Retained earnings	358,471	342,504
Less treasury stock, at cost	(56,713)	(56,615)
Total stockholders' equity	337,882	321,088
Total liabilities and stockholders' equity	$ 387,745	$ 367,772

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues
Revenues	$ 66,777	$ 50,909
Cost of revenues
Labor and other operating expenses	37,029	31,259
Depreciation, depletion and amortization	5,756	5,183
Total cost of revenues	42,785	36,442
Gross profit	23,992	14,467
Selling, general and administrative expenses	4,152	3,635
Operating profit	19,840	10,832
Other expense (income)
Interest expense	64	63
Interest and other income, net	(1,571)	(60)
Total other expense (income)	(1,507)	3
Income before income tax expense	21,347	10,829
Income tax expense	4,243	2,161
Net income	$ 17,104	$ 8,668
Net income per share of common stock
Basic (in dollars per share)	$ 3.01	$ 1.53
Diluted (in dollars per share)	$ 3	$ 1.53

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Percentage	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues
Revenues (as a percent)	100%	100%
Cost of revenues
Labor and other operating expenses (as a percent)	55.50%	61.40%
Depreciation, depletion and amortization (as a percent)	8.60%	10.20%
Total cost of revenues (as a percent)	64.10%	71.60%
Gross profit (as a percent)	35.90%	28.40%
Selling, general and administrative expenses (as a percent)	6.20%	7.10%
Operating profit (as a percent)	29.70%	21.30%
Other expense (income)
Interest expense (as a percent)	0.10%	0.10%
Interest and other income, net (as a percent)	(2.40%)	(0.10%)
Total other expense (income) (as a percent)	(2.30%)	0%
Income before income tax expense (as a percent)	32%	21.30%
Income tax expense (as a percent)	6.40%	4.30%
Net income (as a percent)	25.60%	17%

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Additional Paid-In Capital	Retained Earnings	Treasury Stock	Total
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-based compensation		651			651
Stock-based compensation (in shares)	2,823
Treasury shares purchased				(86)	(86)
Treasury shares purchased (in shares)	(712)
Cash dividends paid			(1,133)		(1,133)
Net income			8,668		8,668
Balances at Mar. 31, 2022	$ 669	32,425	309,146	(55,934)	286,306
Balances (in shares) at Mar. 31, 2022	5,668,123
Balances at Dec. 31, 2022	$ 671	34,528	342,504	(56,615)	321,088
Balances (in shares) at Dec. 31, 2022	5,682,079
Increase (Decrease) in Stockholders' Equity
Stock options exercised	$ 1	112			113
Stock options exercised (in shares)	5,762
Stock-based compensation		812			812
Stock-based compensation (in shares)	3,124
Treasury shares purchased				(98)	(98)
Treasury shares purchased (in shares)	(646)
Cash dividends paid			(1,137)		(1,137)
Net income			17,104		17,104
Balances at Mar. 31, 2023	$ 672	$ 35,452	$ 358,471	$ (56,713)	$ 337,882
Balances (in shares) at Mar. 31, 2023	5,690,319

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
OPERATING ACTIVITIES:
Net income	$ 17,104	$ 8,668
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	5,828	5,250
Amortization of deferred financing costs	2	2
Deferred income taxes	(161)	438
Gain on disposition of property, plant and equipment	(70)	(52)
Stock-based compensation	812	651
Changes in operating assets and liabilities:
Trade receivables, net	(4,764)	(5,678)
Inventories, net	(2,467)	(1,255)
Prepaid expenses and other current assets	609	992
Other assets	(6)	6
Accounts payable and accrued expenses	3,738	(988)
Other liabilities	19	25
Net cash provided by operating activities	20,644	8,059
INVESTING ACTIVITIES:
Purchase of property, plant and equipment	(5,451)	(5,517)
Acquisition of a business, net of cash acquired		(5,889)
Proceeds from sale of property, plant and equipment	120	75
Net cash used in investing activities	(5,331)	(11,331)
FINANCING ACTIVITIES:
Cash dividends paid	(1,137)	(1,133)
Proceeds from exercise of stock options	113
Purchase of treasury shares	(98)	(86)
Net cash used in financing activities	(1,122)	(1,219)
Net increase (decrease) in cash and cash equivalents	14,191	(4,491)
Cash and cash equivalents at beginning of period	133,384	105,355
Cash and cash equivalents at end of period	$ 147,575	$ 100,864

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2023
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, 2022. The results of operations for the three-month period ended March 31, 2023 are not necessarily indicative of operating results for the full year. ​

Organization

Organization	3 Months Ended
	Mar. 31, 2023
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 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, ART Quarry TRS LLC (DBA Carthage Crushed Limestone), Colorado Lime Company, Mill Creek Dolomite, LLC (“Mill Creek”), 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. On February 9, 2022, the Company acquired 100% of the equity interest of Mill Creek, a dolomite mining and production company located in Mill Creek, Oklahoma, for $5.6 million cash. Mill Creek contributed

Accounting Policies

Accounting Policies	3 Months Ended
	Mar. 31, 2023
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 2023 and 2022 revenues was million, for the respective three-month periods ended March 31, 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. ​ Trade Receivables. 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 trade receivables 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. ​

Reportable Segment

Reportable Segment	3 Months Ended
	Mar. 31, 2023
Reportable Segment
Reportable Segment	4. 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 the Company’s 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, net to its lime and limestone operations. Other identifiable assets include assets related to the Company’s natural gas interests, unallocated corporate assets and cash items. ​ Operating results and certain other financial data for the three months ended March 31, 2023 and 2022 for the Company’s lime and limestone operations segment and other are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ Revenues ​ 2023 ​ 2022 ​ Lime and limestone operations ​ $ 66,538 ​ $ 50,296 ​ Other ​ 239 ​ 613 ​ Total revenues ​ $ 66,777 ​ $ 50,909 ​ Depreciation, depletion and amortization ​ ​ ​ ​ ​ ​ ​ Lime and limestone operations ​ $ 5,630 ​ $ 5,039 ​ Other ​ 126 ​ 144 ​ Total depreciation, depletion and amortization ​ $ 5,756 ​ $ 5,183 ​ Gross profit (loss) ​ ​ ​ ​ ​ ​ ​ Lime and limestone operations ​ $ 24,058 ​ $ 14,197 ​ Other ​ (66) ​ 270 ​ Total gross profit ​ $ 23,992 ​ $ 14,467 ​ Operating profit (loss) ​ ​ ​ ​ ​ ​ ​ Lime and limestone operations ​ $ 19,909 ​ $ 10,562 ​ Other ​ (69) ​ 270 ​ Total operating profit ​ $ 19,840 ​ $ 10,832 ​ Identifiable assets, at period end ​ ​ ​ ​ ​ ​ ​ Lime and limestone operations ​ $ 235,693 ​ $ 218,522 ​ Other ​ ​ 152,052 ​ ​ 106,225 ​ Total identifiable assets ​ $ 387,745 ​ $ 324,747 ​ Capital expenditures ​ ​ ​ ​ ​ ​ ​ Lime and limestone operations ​ $ 5,451 ​ $ 5,517 ​ Other ​ — ​ — ​ Total capital expenditures ​ $ 5,451 ​ $ 5,517 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Income and Dividends Per Share

Income and Dividends Per Share of Common Stock	3 Months Ended
	Mar. 31, 2023
Income and Dividends Per Share of Common Stock
Income and Dividends Per Share of Common Stock	5. Income and Dividends Per Share of Common Stock ​ The following table sets forth the computation of basic and diluted income per common share (in thousands, except per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2023 2022 Net income for basic and diluted income per common share ​ $ 17,104 ​ $ 8,668 ​ Weighted-average shares for basic income per common share ​ 5,685 ​ 5,667 ​ Effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ Employee and director stock options (1) ​ 13 ​ 10 ​ Adjusted weighted-average shares and assumed exercises for diluted income per common share ​ 5,698 ​ 5,677 ​ Basic net income per common share ​ $ 3.01 ​ $ 1.53 ​ Diluted net income per common share ​ $ 3.00 ​ $ 1.53 ​ (1) Excludes 7 stock options for the three months ended March 31, 2022 as anti-dilutive because the exercise price exceeded the average per share market price for the period. No stock options were excluded for the three months ended March 31, 2023 as anti-dilutive. ​ The Company paid $0.20 of cash dividends per share of common stock in each of the three months ended March 31, 2023 and 2022.

Inventories, Net

Inventories, Net	3 Months Ended
	Mar. 31, 2023
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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ ​ 2023 ​ 2022 Lime and limestone inventories: ​ ​ ​ Raw materials ​ $ 7,344 ​ $ 5,506 ​ Finished goods ​ 3,010 ​ 2,951 ​ ​ ​ ​ 10,354 ​ ​ 8,457 ​ Service parts inventories ​ 11,692 ​ 11,122 ​ ​ ​ $ 22,046 ​ $ 19,579 ​ ​

Banking Facilities and Debt

Banking Facilities and Debt	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023, the Company had no debt outstanding and no draws on the Revolving Facility other than $0.3 million of letters of credit, which count as draws against the available commitment under the Revolving Facility. ​

Leases

Leases	3 Months Ended
	Mar. 31, 2023
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 0 to 6 years , with a weighted-average remaining lease term of 4 and 3 years at March 31, 2023 and December 31, 2022, respectively. Some operating leases include options to extend the leases for up to 5 years . ​ The components of lease costs for the three months ended March 31, 2023 and 2022 were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ Classification 2023 2022 Operating lease costs (1) ​ Cost of revenues ​ $ 770 ​ $ 522 ​ Operating lease costs (1) ​ Selling, general and administrative expenses ​ ​ 41 ​ ​ 66 ​ Rental revenues ​ Interest and other income, net ​ ​ (16) ​ ​ (32) ​ Net operating lease costs ​ ​ ​ $ 795 ​ $ 556 ​ (1) Includes the costs of leases with a term of one year or less. ​ As of March 31, 2023, 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 (excluding the three months ended March 31, 2023) ​ $ 1,105 ​ 2024 ​ ​ 1,445 ​ 2025 ​ ​ 1,187 ​ 2026 ​ ​ 1,106 ​ 2027 ​ ​ 694 ​ Thereafter ​ ​ 250 ​ Total future minimum lease payments ​ ​ 5,787 ​ Less imputed interest ​ ​ (285) ​ Present value of lease liabilities ​ $ 5,502 ​ ​ Supplemental cash flow information pertaining to the Company’s leasing activity for the three months ended March 31, 2023 and 2022 is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2023 ​ 2022 Cash payments for lease liabilities included in operating cash flows ​ $ 417 ​ $ 349 Right-of-use assets obtained in exchange for operating lease obligations ​ $ 81 ​ $ 492 ​

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
Income Taxes
Income Taxes	9. Income Taxes ​ The Company has estimated that its effective income tax rate for 2023 will be 19.9% . 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	3 Months Ended
	Mar. 31, 2023
Dividends
Dividends	​ 10. Dividends ​ On March 17, 2023, the Company paid $1.1 million in cash dividends, based on a dividend of $0.20 per share of its common stock, to shareholders of record at the close of business on February 24, 2023. ​

Subsequent Event

Subsequent Event	3 Months Ended
	Mar. 31, 2023
Subsequent Event.
Subsequent Event	11. Subsequent Event ​ On May 3, 2023 , the Company’s Board of Directors declared a regular quarterly cash dividend of $0.20 per share on the Company’s common stock. This dividend is payable on June 16, 2023 , to shareholders of record at the close of business on May 26, 2023 .

Accounting Policies (Policies)

Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
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 2023 and 2022 revenues was million, for the respective three-month periods ended March 31, 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. ​
Trade Receivables	Trade Receivables. 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 trade receivables 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.

Reportable Segment (Tables)

Reportable Segment (Tables)	3 Months Ended
	Mar. 31, 2023
Reportable Segment
Schedule of operating results and certain other financial data for the business segment)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ Revenues ​ 2023 ​ 2022 ​ Lime and limestone operations ​ $ 66,538 ​ $ 50,296 ​ Other ​ 239 ​ 613 ​ Total revenues ​ $ 66,777 ​ $ 50,909 ​ Depreciation, depletion and amortization ​ ​ ​ ​ ​ ​ ​ Lime and limestone operations ​ $ 5,630 ​ $ 5,039 ​ Other ​ 126 ​ 144 ​ Total depreciation, depletion and amortization ​ $ 5,756 ​ $ 5,183 ​ Gross profit (loss) ​ ​ ​ ​ ​ ​ ​ Lime and limestone operations ​ $ 24,058 ​ $ 14,197 ​ Other ​ (66) ​ 270 ​ Total gross profit ​ $ 23,992 ​ $ 14,467 ​ Operating profit (loss) ​ ​ ​ ​ ​ ​ ​ Lime and limestone operations ​ $ 19,909 ​ $ 10,562 ​ Other ​ (69) ​ 270 ​ Total operating profit ​ $ 19,840 ​ $ 10,832 ​ Identifiable assets, at period end ​ ​ ​ ​ ​ ​ ​ Lime and limestone operations ​ $ 235,693 ​ $ 218,522 ​ Other ​ ​ 152,052 ​ ​ 106,225 ​ Total identifiable assets ​ $ 387,745 ​ $ 324,747 ​ Capital expenditures ​ ​ ​ ​ ​ ​ ​ Lime and limestone operations ​ $ 5,451 ​ $ 5,517 ​ Other ​ — ​ — ​ Total capital expenditures ​ $ 5,451 ​ $ 5,517 ​ ​ ​ ​ ​ ​ ​ ​ ​

Income and Dividends Per Shar_2

Income and Dividends Per Share of Common Stock (Tables)	3 Months Ended
	Mar. 31, 2023
Income and Dividends 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 March 31, ​ ​ 2023 2022 Net income for basic and diluted income per common share ​ $ 17,104 ​ $ 8,668 ​ Weighted-average shares for basic income per common share ​ 5,685 ​ 5,667 ​ Effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ Employee and director stock options (1) ​ 13 ​ 10 ​ Adjusted weighted-average shares and assumed exercises for diluted income per common share ​ 5,698 ​ 5,677 ​ Basic net income per common share ​ $ 3.01 ​ $ 1.53 ​ Diluted net income per common share ​ $ 3.00 ​ $ 1.53 ​ (1) Excludes 7 stock options for the three months ended March 31, 2022 as anti-dilutive because the exercise price exceeded the average per share market price for the period. No stock options were excluded for the three months ended March 31, 2023 as anti-dilutive. ​

Inventories, Net (Tables)

Inventories, Net (Tables)	3 Months Ended
	Mar. 31, 2023
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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ ​ 2023 ​ 2022 Lime and limestone inventories: ​ ​ ​ Raw materials ​ $ 7,344 ​ $ 5,506 ​ Finished goods ​ 3,010 ​ 2,951 ​ ​ ​ ​ 10,354 ​ ​ 8,457 ​ Service parts inventories ​ 11,692 ​ 11,122 ​ ​ ​ $ 22,046 ​ $ 19,579 ​

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2023
Leases
Schedule of lease costs	​ The components of lease costs for the three months ended March 31, 2023 and 2022 were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ Classification 2023 2022 Operating lease costs (1) ​ Cost of revenues ​ $ 770 ​ $ 522 ​ Operating lease costs (1) ​ Selling, general and administrative expenses ​ ​ 41 ​ ​ 66 ​ Rental revenues ​ Interest and other income, net ​ ​ (16) ​ ​ (32) ​ Net operating lease costs ​ ​ ​ $ 795 ​ $ 556 ​ (1) Includes the costs of leases with a term of one year or less. ​
Schedule of maturity of lease liability	​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 (excluding the three months ended March 31, 2023) ​ $ 1,105 ​ 2024 ​ ​ 1,445 ​ 2025 ​ ​ 1,187 ​ 2026 ​ ​ 1,106 ​ 2027 ​ ​ 694 ​ Thereafter ​ ​ 250 ​ Total future minimum lease payments ​ ​ 5,787 ​ Less imputed interest ​ ​ (285) ​ Present value of lease liabilities ​ $ 5,502 ​
Schedule of supplemental cash flow information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2023 ​ 2022 Cash payments for lease liabilities included in operating cash flows ​ $ 417 ​ $ 349 Right-of-use assets obtained in exchange for operating lease obligations ​ $ 81 ​ $ 492

Organization (Details)

Organization (Details) - USD ($) $ in Thousands		3 Months Ended
	Feb. 09, 2022	Mar. 31, 2023	Mar. 31, 2022
Organization
Cash paid for acquisition			$ 5,889
Mill Creek Dolomite, LLC
Organization
Ownership acquired (as a percent)	100%
Cash paid for acquisition	$ 5,600
Revenue of business acquisition		$ 1,200	$ 800

Accounting Policies - Revenue R

Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue Recognition
External freight billed to customers included in revenue	$ 11.6	$ 9.6

Reportable Segment (Details)

Reportable Segment (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) segment	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Business segments
Number of business segments | segment	1
Revenues	$ 66,777	$ 50,909
Depreciation, depletion and amortization	5,756	5,183
Gross profit	23,992	14,467
Operating profit	19,840	10,832
Identifiable assets, at period end	387,745	324,747	$ 367,772
Capital expenditures	5,451	5,517
Lime and Limestone Operations Segment Member
Business segments
Depreciation, depletion and amortization	5,630	5,039
Gross profit	24,058	14,197
Operating profit	19,909	10,562
Identifiable assets, at period end	235,693	218,522
Capital expenditures	5,451	5,517
Other
Business segments
Depreciation, depletion and amortization	126	144
Gross profit	(66)	270
Operating profit	(69)	270
Unallocated corporate assets and cash items
Business segments
Identifiable assets, at period end	152,052	106,225
Lime and limestone operations | Lime and Limestone Operations Segment Member
Business segments
Revenues	66,538	50,296
Others | Other
Business segments
Revenues	$ 239	$ 613

Income and Dividends Per Shar_3

Income and Dividends Per Share of Common Stock (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income per share of common stock:
Net income for basic and diluted income per common share	$ 17,104	$ 8,668
Weighted-average shares for basic income per common share (in shares)	5,685	5,667
Effect of dilutive securities:
Employee and director stock options (in shares)	13	10
Adjusted weighted-average shares and assumed exercises for diluted income per common share (in shares)	5,698	5,677
Basic net income per common share (in dollars per share)	$ 3.01	$ 1.53
Diluted net income per common share (in dollars per share)	3	1.53
Cash dividends per share of common stock (in dollars per share)	$ 0.20	$ 0.20
Options
Anti-dilutive securities
Anti-dilutive shares of common stock excluded from the calculation of dilutive securities	0	7

Inventories, Net (Details)

Inventories, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Lime and limestone inventories:
Raw materials	$ 7,344	$ 5,506
Finished goods	3,010	2,951
Total	10,354	8,457
Service parts inventories	11,692	11,122
Total inventories	$ 22,046	$ 19,579

Banking Facilities and Debt (De

Banking Facilities and Debt (Details) $ in Millions		3 Months Ended
	May 07, 2015 USD ($)	Mar. 31, 2023 USD ($)	May 02, 2019 USD ($)
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		$ 0.3
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%
Revolving Facility | Minimum | Lender's prime rate
Banking facilities and other debt
Interest rate margin (as a percent)	0%
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%
Revolving Facility | 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

Leases - Costs Disclosure (Deta

Leases - Costs Disclosure (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Leases
Weighted average remaining lease term	4 years		3 years
Lease cost
Net operating lease costs	$ 795	$ 556
Minimum
Leases
Remaining lease term	0 years
Maximum
Leases
Remaining lease term	6 years
Lease extension term	5 years
Lease Term	1 year
Cost of revenues
Lease cost
Operating lease cost	$ 770	522
Selling, general and administrative expense.
Lease cost
Operating lease cost	41	66
Interest and other income, net
Lease cost
Rental revenues	$ (16)	$ (32)

Leases - Maturity (Details)

Leases - Maturity (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Maturity
2023 (excluding the three months ended March 31, 2023)	$ 1,105
2024	1,445
2025	1,187
2026	1,106
2027	694
Thereafter	250
Total future minimum lease payments	5,787
Less imputed interest	(285)
Present value of lease liabilities	$ 5,502

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Leases
Cash payments for lease liabilities included in operating cash flows	$ 417	$ 349
Right-of-use assets obtained in exchange for operating lease obligations	$ 81	$ 492

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
	Mar. 31, 2023
Income Taxes
Effective income tax rate (as a percent)	19.90%

Dividends (Details)

Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Mar. 17, 2023	Mar. 31, 2023	Mar. 31, 2022
Dividends
Cash dividends paid	$ 1,100	$ 1,137	$ 1,133
Cash dividend (in dollars per share)	$ 0.20

Subsequent Event (Details)

Subsequent Event (Details) - $ / shares	May 03, 2023	Mar. 17, 2023
Subsequent event
Quarterly cash dividend declared (in dollars per share)		$ 0.20
Subsequent event
Subsequent event
Dividends payable date declared	May 03, 2023
Quarterly cash dividend declared (in dollars per share)	$ 0.20
Dividends payable date to be paid	Jun. 16, 2023
Dividends payable date of record	May 26, 2023