United States Lime & Minerals (USLM) 10-Q 3 Aug 23 2023 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Aug. 01, 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	Jun. 30, 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		5,693,501
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 156,198	$ 133,384
Trade receivables, net	40,735	33,592
Inventories, net	22,350	19,579
Prepaid expenses and other current assets	2,824	3,435
Total current assets	222,107	189,990
Property, plant and equipment	454,550	441,597
Less accumulated depreciation and depletion	(280,019)	(269,627)
Property, plant and equipment, net	174,531	171,970
Operating lease right-of-use assets	5,254	5,372
Other assets, net	480	440
Total assets	402,372	367,772
Current liabilities:
Accounts payable	7,511	7,725
Current portion of operating lease liabilities	1,457	1,411
Accrued expenses	5,596	6,401
Total current liabilities	14,564	15,537
Deferred tax liabilities, net	25,129	25,582
Operating lease liabilities, excluding current portion	4,015	4,129
Other liabilities	1,413	1,436
Total liabilities	45,121	46,684
Stockholders' equity:
Common stock	672	671
Additional paid-in capital	36,248	34,528
Retained earnings	377,044	342,504
Less treasury stock, at cost	(56,713)	(56,615)
Total stockholders' equity	357,251	321,088
Total liabilities and stockholders' equity	$ 402,372	$ 367,772

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues
Revenues	$ 73,983	$ 60,492	$ 140,760	$ 111,401
Cost of revenues
Labor and other operating expenses	40,940	38,538	77,969	69,797
Depreciation, depletion and amortization	5,912	5,473	11,668	10,656
Total cost of revenues	46,852	44,011	89,637	80,453
Gross profit	27,131	16,481	51,123	30,948
Selling, general and administrative expenses	4,319	3,848	8,471	7,483
Operating profit	22,812	12,633	42,652	23,465
Other expense (income)
Interest expense	64	63	128	126
Interest and other income, net	(1,889)	(177)	(3,460)	(237)
Total other expense (income)	(1,825)	(114)	(3,332)	(111)
Income before income tax expense	24,637	12,747	45,984	23,576
Income tax expense	4,925	2,509	9,168	4,670
Net income	$ 19,712	$ 10,238	$ 36,816	$ 18,906
Net income per share of common stock
Basic (in dollars per share)	$ 3.46	$ 1.80	$ 6.47	$ 3.33
Diluted (in dollars per share)	$ 3.45	$ 1.80	$ 6.46	$ 3.33

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Percentage	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues
Revenues (as a percent)	100%	100%	100%	100%
Cost of revenues
Labor and other operating expenses (as a percent)	55.30%	63.70%	55.40%	62.60%
Depreciation, depletion and amortization (as a percent)	8%	9.10%	8.30%	9.60%
Total cost of revenues (as a percent)	63.30%	72.80%	63.70%	72.20%
Gross profit (as a percent)	36.70%	27.20%	36.30%	27.80%
Selling, general and administrative expenses (as a percent)	5.90%	6.40%	6%	6.70%
Operating profit (as a percent)	30.80%	20.80%	30.30%	21.10%
Other expense (income)
Interest expense (as a percent)	0.10%	0.10%	0.10%	0.10%
Interest and other income, net (as a percent)	(2.60%)	(0.30%)	(2.50%)	(0.20%)
Total other expense (income) (as a percent)	(2.50%)	(0.20%)	(2.40%)	(0.10%)
Income before income tax expense (as a percent)	33.30%	21%	32.70%	21.20%
Income tax expense (as a percent)	6.70%	4.10%	6.50%	4.20%
Net income (as a percent)	26.60%	16.90%	26.20%	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, 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
Net income					18,906
Balances at Jun. 30, 2022	$ 669	33,185	318,250	(55,934)	296,170
Balances (in shares) at Jun. 30, 2022	5,673,610
Balances at Mar. 31, 2022	$ 669	32,425	309,146	(55,934)	286,306
Balances (in shares) at Mar. 31, 2022	5,668,123
Increase (Decrease) in Stockholders' Equity
Stock options exercised		120			120
Stock options exercised (in shares)	2,400
Stock-based compensation		640			640
Stock-based compensation (in shares)	3,087
Cash dividends paid			(1,134)		(1,134)
Net income			10,238		10,238
Balances at Jun. 30, 2022	$ 669	33,185	318,250	(55,934)	296,170
Balances (in shares) at Jun. 30, 2022	5,673,610
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
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
Net income					36,816
Balances at Jun. 30, 2023	$ 672	36,248	377,044	(56,713)	357,251
Balances (in shares) at Jun. 30, 2023	5,693,501
Balances at Mar. 31, 2023	$ 672	35,452	358,471	(56,713)	337,882
Balances (in shares) at Mar. 31, 2023	5,690,319
Increase (Decrease) in Stockholders' Equity
Stock-based compensation		796			796
Stock-based compensation (in shares)	3,182
Cash dividends paid			(1,139)		(1,139)
Net income			19,712		19,712
Balances at Jun. 30, 2023	$ 672	$ 36,248	$ 377,044	$ (56,713)	$ 357,251
Balances (in shares) at Jun. 30, 2023	5,693,501

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
OPERATING ACTIVITIES:
Net income	$ 36,816	$ 18,906
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	11,811	10,796
Amortization of deferred financing costs	4	2
Deferred income taxes	(453)	1,220
Gain on disposition of property, plant and equipment	(47)	(26)
Stock-based compensation	1,608	1,291
Changes in operating assets and liabilities:
Trade receivables, net	(7,143)	(9,969)
Inventories, net	(2,771)	(1,434)
Prepaid expenses and other current assets	611	1,047
Other assets	(44)	7
Accounts payable and accrued expenses	(150)	443
Other liabilities	31	70
Net cash provided by operating activities	40,273	22,353
INVESTING ACTIVITIES:
Purchase of property, plant and equipment	(15,432)	(11,485)
Acquisition of a business, net of cash acquired		(5,630)
Proceeds from sale of property, plant and equipment	234	221
Net cash used in investing activities	(15,198)	(16,894)
FINANCING ACTIVITIES:
Cash dividends paid	(2,276)	(2,267)
Proceeds from exercise of stock options	113	120
Purchase of treasury shares	(98)	(86)
Net cash used in financing activities	(2,261)	(2,233)
Net increase in cash and cash equivalents	22,814	3,226
Cash and cash equivalents at beginning of period	133,384	105,355
Cash and cash equivalents at end of period	$ 156,198	$ 108,581

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 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-and six-month periods ended June 30, 2023 are not necessarily indicative of operating results for the full year. ​

Organization

Organization	6 Months Ended
	Jun. 30, 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.

Accounting Policies

Accounting Policies	6 Months Ended
	Jun. 30, 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 ​ 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	6 Months Ended
	Jun. 30, 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- and six-month periods ended June 30, 2023 and 2022 for the Company’s lime and limestone operations segment and other are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ Revenues ​ 2023 ​ 2022 ​ 2023 ​ 2022 ​ Lime and limestone operations ​ $ 73,688 ​ $ 59,613 ​ $ 140,226 ​ $ 109,909 ​ Other ​ 295 ​ 879 ​ 534 ​ 1,492 ​ Total revenues ​ $ 73,983 ​ $ 60,492 ​ $ 140,760 ​ $ 111,401 ​ Depreciation, depletion and amortization ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lime and limestone operations ​ $ 5,786 ​ $ 5,330 ​ $ 11,416 ​ $ 10,369 ​ Other ​ 126 ​ 143 ​ 252 ​ 287 ​ Total depreciation, depletion and amortization ​ $ 5,912 ​ $ 5,473 ​ $ 11,668 ​ $ 10,656 ​ Gross profit (loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lime and limestone operations ​ $ 27,121 ​ $ 15,975 ​ $ 51,179 ​ $ 30,172 ​ Other ​ 10 ​ 506 ​ (56) ​ 776 ​ Total gross profit ​ $ 27,131 ​ $ 16,481 ​ $ 51,123 ​ $ 30,948 ​ Operating profit (loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lime and limestone operations ​ $ 22,802 ​ $ 12,127 ​ $ 42,708 ​ $ 22,689 ​ Other ​ ​ 10 ​ 506 ​ (56) ​ 776 ​ Total operating profit ​ $ 22,812 ​ $ 12,633 ​ $ 42,652 ​ $ 23,465 ​ Identifiable assets, at period end ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lime and limestone operations ​ $ 241,953 ​ $ 223,101 ​ $ 241,953 ​ $ 223,101 ​ Other ​ 160,419 ​ 113,632 ​ ​ 160,419 ​ ​ 113,632 ​ Total identifiable assets ​ $ 402,372 ​ $ 336,733 ​ $ 402,372 ​ $ 336,733 ​ Capital expenditures ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lime and limestone operations ​ $ 9,981 ​ $ 5,968 ​ $ 15,432 ​ $ 11,485 ​ Other ​ — ​ — ​ — ​ — ​ Total capital expenditures ​ $ 9,981 ​ $ 5,968 ​ $ 15,432 ​ $ 11,485 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Income and Dividends Per Share

Income and Dividends Per Share of Common Stock	6 Months Ended
	Jun. 30, 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 June 30, ​ Six Months Ended June 30, ​ ​ 2023 2022 2023 2022 Net income for basic and diluted income per common share ​ $ 19,712 ​ $ 10,238 ​ $ 36,816 ​ $ 18,906 ​ Weighted-average shares for basic income per common share ​ 5,692 ​ 5,672 ​ 5,688 ​ 5,670 ​ Effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee and director stock options (1) ​ 14 ​ 8 ​ 14 ​ 9 ​ Adjusted weighted-average shares and assumed exercises for diluted income per common share ​ 5,706 ​ 5,680 ​ 5,702 ​ 5,679 ​ Basic net income per common share ​ $ 3.46 ​ $ 1.80 ​ $ 6.47 ​ $ 3.33 ​ Diluted net income per common share ​ $ 3.45 ​ $ 1.80 ​ $ 6.46 ​ $ 3.33 ​ (1) Excludes 17 and 14 stock options for the three- and six-month periods ended June 30, 2022, respectively, as anti-dilutive because the exercise price exceeded the average per share market price for the period. No stock options were excluded for the 2023 periods as anti-dilutive. ​ The Company paid $0.20 and $0.40 of cash dividends per share of common stock in each of the three- and six- month periods ended June 30, 2023 and 2022, respectively.

Inventories, Net

Inventories, Net	6 Months Ended
	Jun. 30, 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ ​ 2023 ​ 2022 Lime and limestone inventories: ​ ​ ​ Raw materials ​ $ 7,282 ​ $ 5,506 ​ Finished goods ​ 2,686 ​ 2,951 ​ ​ ​ ​ 9,968 ​ ​ 8,457 ​ Service parts inventories ​ 12,382 ​ 11,122 ​ ​ ​ $ 22,350 ​ $ 19,579 ​ ​

Banking Facilities and Debt

Banking Facilities and Debt	6 Months Ended
	Jun. 30, 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 were scheduled to mature on May 2, 2024, prior to an amendment entered into on August 3, 2023, to extend the maturity date to August 3, 2028 and renew the four-year accordion feature. 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. Subsequent to the August 3, 2023 amendment, interest rates on the Revolving Facility are, at the Company’s option, SOFR, plus a SOFR adjustment of 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 June 30, 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	6 Months Ended
	Jun. 30, 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 June 30, 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 and six months ended June 30, 2023 and 2022 were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ Classification 2023 2022 2023 2022 ​ Operating lease costs (1) ​ Cost of revenues ​ $ 808 ​ $ 618 ​ $ 1,577 ​ $ 1,139 ​ Operating lease costs (1) ​ Selling, general and administrative expenses ​ ​ 40 ​ ​ 67 ​ 80 ​ 140 ​ Rental revenues ​ Revenues ​ ​ (111) ​ ​ (92) ​ ​ (228) ​ ​ (177) ​ Rental revenues ​ Interest and other income, net ​ ​ (17) ​ ​ (10) ​ (33) ​ (42) ​ Net operating lease costs ​ ​ ​ $ 720 ​ $ 583 ​ $ 1,396 ​ $ 1,060 ​ (1) Includes the costs of leases with a term of one year or less. ​ As of June 30, 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 six months ended June 30, 2023) ​ $ 774 ​ 2024 ​ ​ 1,529 ​ 2025 ​ ​ 1,258 ​ 2026 ​ ​ 1,174 ​ 2027 ​ ​ 762 ​ Thereafter ​ ​ 268 ​ Total future minimum lease payments ​ ​ 5,765 ​ Less imputed interest ​ ​ (293) ​ Present value of lease liabilities ​ $ 5,472 ​ ​ Supplemental cash flow information pertaining to the Company’s leasing activity for the six months ended June 30, 2023 and 2022 is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ 2023 ​ 2022 Cash payments for lease liabilities included in operating cash flows ​ $ 812 ​ $ 691 Right-of-use assets obtained in exchange for operating lease obligations ​ $ 81 ​ $ 492 ​

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 2023
Dividends
Dividends	​ 10. Dividends ​ On June 16, 2023, the Company paid $1.1 million in cash dividends, based on a dividend rate of $0.20 per share of its common stock, to shareholders of record at the close of business on May 26, 2023. 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	6 Months Ended
	Jun. 30, 2023
Subsequent Event.
Subsequent Event	11. Subsequent Event ​ On August 2, 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 September 15, 2023 , to shareholders of record at the close of business on August 25, 2023 . On August 3, 2023, the Company amended its credit agreement with the Lender. The terms of the amended credit agreement provide for a final maturity date of the Revolving Facility and any incremental borrowings of August 3, 2028 and changes the benchmark rate to SOFR from LIBOR. Other key terms of the credit agreement, including the amounts provided for under the Revolving Facility and the four-year accordion feature, were unchanged by the amendment. See Note 7 to these condensed consolidated financial statements. ​

Accounting Policies (Policies)

Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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 ​
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)	6 Months Ended
	Jun. 30, 2023
Reportable Segment
Schedule of operating results and certain other financial data for the business segment)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ Revenues ​ 2023 ​ 2022 ​ 2023 ​ 2022 ​ Lime and limestone operations ​ $ 73,688 ​ $ 59,613 ​ $ 140,226 ​ $ 109,909 ​ Other ​ 295 ​ 879 ​ 534 ​ 1,492 ​ Total revenues ​ $ 73,983 ​ $ 60,492 ​ $ 140,760 ​ $ 111,401 ​ Depreciation, depletion and amortization ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lime and limestone operations ​ $ 5,786 ​ $ 5,330 ​ $ 11,416 ​ $ 10,369 ​ Other ​ 126 ​ 143 ​ 252 ​ 287 ​ Total depreciation, depletion and amortization ​ $ 5,912 ​ $ 5,473 ​ $ 11,668 ​ $ 10,656 ​ Gross profit (loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lime and limestone operations ​ $ 27,121 ​ $ 15,975 ​ $ 51,179 ​ $ 30,172 ​ Other ​ 10 ​ 506 ​ (56) ​ 776 ​ Total gross profit ​ $ 27,131 ​ $ 16,481 ​ $ 51,123 ​ $ 30,948 ​ Operating profit (loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lime and limestone operations ​ $ 22,802 ​ $ 12,127 ​ $ 42,708 ​ $ 22,689 ​ Other ​ ​ 10 ​ 506 ​ (56) ​ 776 ​ Total operating profit ​ $ 22,812 ​ $ 12,633 ​ $ 42,652 ​ $ 23,465 ​ Identifiable assets, at period end ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lime and limestone operations ​ $ 241,953 ​ $ 223,101 ​ $ 241,953 ​ $ 223,101 ​ Other ​ 160,419 ​ 113,632 ​ ​ 160,419 ​ ​ 113,632 ​ Total identifiable assets ​ $ 402,372 ​ $ 336,733 ​ $ 402,372 ​ $ 336,733 ​ Capital expenditures ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lime and limestone operations ​ $ 9,981 ​ $ 5,968 ​ $ 15,432 ​ $ 11,485 ​ Other ​ — ​ — ​ — ​ — ​ Total capital expenditures ​ $ 9,981 ​ $ 5,968 ​ $ 15,432 ​ $ 11,485 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Income and Dividends Per Shar_2

Income and Dividends Per Share of Common Stock (Tables)	6 Months Ended
	Jun. 30, 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 June 30, ​ Six Months Ended June 30, ​ ​ 2023 2022 2023 2022 Net income for basic and diluted income per common share ​ $ 19,712 ​ $ 10,238 ​ $ 36,816 ​ $ 18,906 ​ Weighted-average shares for basic income per common share ​ 5,692 ​ 5,672 ​ 5,688 ​ 5,670 ​ Effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee and director stock options (1) ​ 14 ​ 8 ​ 14 ​ 9 ​ Adjusted weighted-average shares and assumed exercises for diluted income per common share ​ 5,706 ​ 5,680 ​ 5,702 ​ 5,679 ​ Basic net income per common share ​ $ 3.46 ​ $ 1.80 ​ $ 6.47 ​ $ 3.33 ​ Diluted net income per common share ​ $ 3.45 ​ $ 1.80 ​ $ 6.46 ​ $ 3.33 ​ (1) Excludes 17 and 14 stock options for the three- and six-month periods ended June 30, 2022, respectively, as anti-dilutive because the exercise price exceeded the average per share market price for the period. No stock options were excluded for the 2023 periods as anti-dilutive.

Inventories, Net (Tables)

Inventories, Net (Tables)	6 Months Ended
	Jun. 30, 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ ​ 2023 ​ 2022 Lime and limestone inventories: ​ ​ ​ Raw materials ​ $ 7,282 ​ $ 5,506 ​ Finished goods ​ 2,686 ​ 2,951 ​ ​ ​ ​ 9,968 ​ ​ 8,457 ​ Service parts inventories ​ 12,382 ​ 11,122 ​ ​ ​ $ 22,350 ​ $ 19,579 ​

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2023
Leases
Schedule of lease costs	​ The components of lease costs for the three and six months ended June 30, 2023 and 2022 were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ Classification 2023 2022 2023 2022 ​ Operating lease costs (1) ​ Cost of revenues ​ $ 808 ​ $ 618 ​ $ 1,577 ​ $ 1,139 ​ Operating lease costs (1) ​ Selling, general and administrative expenses ​ ​ 40 ​ ​ 67 ​ 80 ​ 140 ​ Rental revenues ​ Revenues ​ ​ (111) ​ ​ (92) ​ ​ (228) ​ ​ (177) ​ Rental revenues ​ Interest and other income, net ​ ​ (17) ​ ​ (10) ​ (33) ​ (42) ​ Net operating lease costs ​ ​ ​ $ 720 ​ $ 583 ​ $ 1,396 ​ $ 1,060 ​ (1) Includes the costs of leases with a term of one year or less. ​
Schedule of maturity of lease liability	​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 (excluding the six months ended June 30, 2023) ​ $ 774 ​ 2024 ​ ​ 1,529 ​ 2025 ​ ​ 1,258 ​ 2026 ​ ​ 1,174 ​ 2027 ​ ​ 762 ​ Thereafter ​ ​ 268 ​ Total future minimum lease payments ​ ​ 5,765 ​ Less imputed interest ​ ​ (293) ​ Present value of lease liabilities ​ $ 5,472 ​
Schedule of supplemental cash flow information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ 2023 ​ 2022 Cash payments for lease liabilities included in operating cash flows ​ $ 812 ​ $ 691 Right-of-use assets obtained in exchange for operating lease obligations ​ $ 81 ​ $ 492

Organization (Details)

Organization (Details) - USD ($) $ in Thousands		6 Months Ended
	Feb. 09, 2022	Jun. 30, 2022
Organization
Cash paid for acquisition		$ 5,630
Mill Creek Dolomite, LLC
Organization
Ownership acquired (as a percent)	100%
Cash paid for acquisition	$ 5,600

Accounting Policies - Revenue R

Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue Recognition
External freight billed to customers included in revenue	$ 11.6	$ 12.1	$ 23.3	$ 21.7

Reportable Segment (Details)

Reportable Segment (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) segment	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Business segments
Number of business segments | segment			1
Revenues	$ 73,983	$ 60,492	$ 140,760	$ 111,401
Depreciation, depletion and amortization	5,912	5,473	11,668	10,656
Gross profit	27,131	16,481	51,123	30,948
Operating profit	22,812	12,633	42,652	23,465
Identifiable assets, at period end	402,372	336,733	402,372	336,733	$ 367,772
Capital expenditures	9,981	5,968	15,432	11,485
Operating Segment | Lime and Limestone Operations Segment Member
Business segments
Depreciation, depletion and amortization	5,786	5,330	11,416	10,369
Gross profit	27,121	15,975	51,179	30,172
Operating profit	22,802	12,127	42,708	22,689
Identifiable assets, at period end	241,953	223,101	241,953	223,101
Capital expenditures	9,981	5,968	15,432	11,485
Unallocated corporate assets and cash items
Business segments
Depreciation, depletion and amortization	126	143	252	287
Gross profit	10	506	(56)	776
Operating profit	10	506	(56)	776
Identifiable assets, at period end	160,419	113,632	160,419	113,632
Lime and limestone operations | Operating Segment | Lime and Limestone Operations Segment Member
Business segments
Revenues	73,688	59,613	140,226	109,909
Others | Unallocated corporate assets and cash items
Business segments
Revenues	$ 295	$ 879	$ 534	$ 1,492

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				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Income per share of common stock:
Net income for basic and diluted income per common share	$ 19,712	$ 17,104	$ 10,238	$ 8,668	$ 36,816	$ 18,906
Weighted-average shares for basic income per common share (in shares)	5,692		5,672		5,688	5,670
Effect of dilutive securities:
Employee and director stock options (in shares)	14		8		14	9
Adjusted weighted-average shares and assumed exercises for diluted income per common share (in shares)	5,706		5,680		5,702	5,679
Basic net income per common share (in dollars per share)	$ 3.46		$ 1.80		$ 6.47	$ 3.33
Diluted net income per common share (in dollars per share)	3.45		1.80		6.46	3.33
Cash dividends per share of common stock (in dollars per share)	$ 0.20		$ 0.20		$ 0.40	$ 0.40
Options
Anti-dilutive securities
Anti-dilutive shares of common stock excluded from the calculation of dilutive securities	0		17		0	14

Inventories, Net (Details)

Inventories, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Lime and limestone inventories:
Raw materials	$ 7,282	$ 5,506
Finished goods	2,686	2,951
Total	9,968	8,457
Service parts inventories	12,382	11,122
Total inventories	$ 22,350	$ 19,579

Banking Facilities and Debt (De

Banking Facilities and Debt (Details) $ in Millions			6 Months Ended
	Aug. 03, 2023	May 07, 2015 USD ($)	Jun. 30, 2023 USD ($)	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	4 years
Maximum borrowing capacity accordion feature		$ 50
Letters of credit outstanding			$ 0.3
Revolving Facility | SOFR
Banking facilities and other debt
Interest rate margin (as a percent)	0.10%
Revolving Facility | Minimum
Banking facilities and other debt
Commitment fee (as a percent)	0.225%	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%	0%
Revolving Facility | Minimum | SOFR
Banking facilities and other debt
Interest rate margin (as a percent)	1%
Revolving Facility | Maximum
Banking facilities and other debt
Commitment fee (as a percent)	0.35%	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%	1%
Revolving Facility | Maximum | SOFR
Banking facilities and other debt
Interest rate margin (as a percent)	2%
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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Leases
Weighted average remaining lease term	4 years		4 years		3 years
Lease cost
Net operating lease costs	$ 720	$ 583	$ 1,396	$ 1,060
Minimum
Leases
Remaining lease term	0 years		0 years
Maximum
Leases
Remaining lease term	6 years		6 years
Lease extension term			5 years
Lease Term	1 year		1 year
Cost of revenues
Lease cost
Operating lease cost	$ 808	618	$ 1,577	1,139
Selling, general and administrative expense.
Lease cost
Operating lease cost	40	67	80	140
Revenues
Lease cost
Rental revenues	(111)	(92)	(228)	(177)
Interest and other income, net
Lease cost
Rental revenues	$ (17)	$ (10)	$ (33)	$ (42)

Leases - Maturity (Details)

Leases - Maturity (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Maturity
2023 (excluding the six months ended June 30, 2023)	$ 774
2024	1,529
2025	1,258
2026	1,174
2027	762
Thereafter	268
Total future minimum lease payments	5,765
Less imputed interest	(293)
Present value of lease liabilities	$ 5,472

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Leases
Cash payments for lease liabilities included in operating cash flows	$ 812	$ 691
Right-of-use assets obtained in exchange for operating lease obligations	$ 81	$ 492

Income Taxes (Details)

Income Taxes (Details)	6 Months Ended
	Jun. 30, 2023
Income Taxes
Effective income tax rate (as a percent)	19.90%

Dividends (Details)

Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands			6 Months Ended
	Jun. 16, 2023	Mar. 17, 2023	Jun. 30, 2023	Jun. 30, 2022
Dividends
Cash dividends paid	$ 1,100	$ 1,100	$ 2,276	$ 2,267
Cash dividend (in dollars per share)	$ 0.20	$ 0.20

Subsequent Event (Details)

Subsequent Event (Details) - $ / shares	Aug. 03, 2023	Aug. 02, 2023	Jun. 16, 2023	Mar. 17, 2023	May 07, 2015
Subsequent event
Quarterly cash dividend declared (in dollars per share)			$ 0.20	$ 0.20
Subsequent event
Subsequent event
Dividends payable date declared		Aug. 02, 2023
Quarterly cash dividend declared (in dollars per share)		$ 0.20
Dividends payable date to be paid		Sep. 15, 2023
Dividends payable date of record		Aug. 25, 2023
Revolving Facility
Subsequent event
Accordion feature period	4 years				4 years
Revolving Facility | Subsequent event
Subsequent event
Accordion feature period	4 years