United States Lime & Minerals (USLM) 10-Q 31 Oct 24 2024 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2024	Oct. 29, 2024
Cover Abstract
Entity Registrant Name	UNITED STATES LIME & MINERALS INC
Entity Central Index Key	0000082020
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Securities Act 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	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		28,594,270
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 255,022	$ 187,964
Trade receivables, net	52,905	38,052
Inventories	27,783	24,313
Prepaid expenses and other current assets	2,749	4,640
Total current assets	338,459	254,969
Property, plant and equipment	483,108	469,598
Less accumulated depreciation and depletion	(305,318)	(289,803)
Property, plant and equipment, net	177,790	179,795
Operating lease right-of-use assets	4,964	5,273
Other assets, net	546	565
Total assets	521,759	440,602
Current liabilities:
Accounts payable	8,496	7,404
Current portion of operating lease liabilities	1,531	1,582
Accrued expenses	8,671	8,505
Total current liabilities	18,698	17,491
Deferred tax liabilities, net	23,834	24,659
Operating lease liabilities, excluding current portion	3,633	3,919
Other liabilities	1,380	1,429
Total liabilities	47,545	47,498
Stockholders' equity:
Common stock, $0.10 par value; 45,000,000 and 30,000,000 shares authorized at September 30, 2024 and December 31, 2023, respectively; 28,594,207 and 28,522,780 shares outstanding at September 30, 2024 and December 31, 2023, respectively	2,963	2,955
Additional paid-in capital	39,251	35,539
Retained earnings	490,061	412,499
Less treasury stock, at cost	(58,061)	(57,889)
Total stockholders' equity	474,214	393,104
Total liabilities and stockholders' equity	$ 521,759	$ 440,602

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2024	Jul. 12, 2024	May 02, 2024	Dec. 31, 2023
CONDENSED CONSOLIDATED BALANCE SHEETS
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10		$ 0.10
Common stock, authorized shares	45,000,000		45,000,000	30,000,000
Common stock, shares outstanding	28,594,270			28,522,780

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues
Revenues	$ 89,427	$ 74,878	$ 237,659	$ 215,638
Cost of revenues
Labor and other operating expenses	40,282	40,827	111,222	118,796
Depreciation, depletion and amortization	6,032	5,896	17,895	17,564
Total cost of revenues	46,314	46,723	129,117	136,360
Gross profit	43,113	28,155	108,542	79,278
Selling, general and administrative expenses	4,976	4,355	14,706	12,826
Operating profit	38,137	23,800	93,836	66,452
Other (income) expense, net
Other (income) expense, net	(3,061)	(2,197)	(8,387)	(5,529)
Income before income tax expense	41,198	25,997	102,223	71,981
Income tax expense	7,845	5,264	20,374	14,432
Net income	$ 33,353	$ 20,733	$ 81,849	$ 57,549
Net income per share of common stock
Basic (in dollars per share)	$ 1.17	$ 0.73	$ 2.86	$ 2.02
Diluted (in dollars per share)	$ 1.16	$ 0.73	$ 2.85	$ 2.02

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Percentage	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues
Revenues (as a percent)	100%	100%	100%	100%
Cost of revenues
Labor and other operating expenses (as a percent)	45%	54.50%	46.80%	55.10%
Depreciation, depletion and amortization (as a percent)	6.80%	7.90%	7.50%	8.10%
Total cost of revenues (as a percent)	51.80%	62.40%	54.30%	63.20%
Gross profit (as a percent)	48.20%	37.60%	45.70%	36.80%
Selling, general and administrative expenses (as a percent)	5.60%	5.80%	6.20%	6%
Operating profit (as a percent)	42.60%	31.80%	39.50%	30.80%
Other (income) expense, net
Other (income) expense, net (as a percent)	(3.50%)	(2.90%)	(3.50%)	(2.60%)
Income before income tax expense (as a percent)	46.10%	34.70%	43%	33.40%
Income tax expense (as a percent)	8.80%	7%	8.60%	6.70%
Net income (as a percent)	37.30%	27.70%	34.40%	26.70%

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, 2022	$ 2,944	$ 32,255	$ 342,504	$ (56,615)	$ 321,088
Balances (in shares) at Dec. 31, 2022	28,410,395
Increase (Decrease) in Stockholders' Equity
Stock options exercised	$ 3	110			113
Stock options exercised (in shares)	28,810
Stock-based compensation	$ 2	810			812
Stock-based compensation (in shares)	15,620
Treasury shares purchased				(98)	(98)
Treasury shares purchased (in shares)	(3,230)
Cash dividends paid			(1,137)		(1,137)
Net income			17,104		17,104
Balances at Mar. 31, 2023	$ 2,949	33,175	358,471	(56,713)	337,882
Balances (in shares) at Mar. 31, 2023	28,451,595
Balances at Dec. 31, 2022	$ 2,944	32,255	342,504	(56,615)	321,088
Balances (in shares) at Dec. 31, 2022	28,410,395
Increase (Decrease) in Stockholders' Equity
Net income					57,549
Balances at Sep. 30, 2023	$ 2,952	34,755	396,638	(56,713)	377,632
Balances (in shares) at Sep. 30, 2023	28,485,000
Balances at Mar. 31, 2023	$ 2,949	33,175	358,471	(56,713)	337,882
Balances (in shares) at Mar. 31, 2023	28,451,595
Increase (Decrease) in Stockholders' Equity
Stock-based compensation	$ 1	795			796
Stock-based compensation (in shares)	15,910
Cash dividends paid			(1,139)		(1,139)
Net income			19,712		19,712
Balances at Jun. 30, 2023	$ 2,950	33,970	377,044	(56,713)	357,251
Balances (in shares) at Jun. 30, 2023	28,467,505
Increase (Decrease) in Stockholders' Equity
Stock options exercised	$ 2	(2)
Stock options exercised (in shares)	17,630
Stock-based compensation		787			787
Stock-based compensation (in shares)	(135)
Cash dividends paid			(1,139)		(1,139)
Net income			20,733		20,733
Balances at Sep. 30, 2023	$ 2,952	34,755	396,638	(56,713)	377,632
Balances (in shares) at Sep. 30, 2023	28,485,000
Balances at Dec. 31, 2023	$ 2,955	35,539	412,499	(57,889)	393,104
Balances (in shares) at Dec. 31, 2023	28,522,780
Increase (Decrease) in Stockholders' Equity
Stock options exercised	$ 1	129			130
Stock options exercised (in shares)	12,000
Stock-based compensation	$ 1	1,240			1,241
Stock-based compensation (in shares)	14,785
Treasury shares purchased				(172)	(172)
Treasury shares purchased (in shares)	(3,435)
Cash dividends paid			(1,426)		(1,426)
Net income			22,439		22,439
Balances at Mar. 31, 2024	$ 2,957	36,908	433,512	(58,061)	415,316
Balances (in shares) at Mar. 31, 2024	28,546,130
Balances at Dec. 31, 2023	$ 2,955	35,539	412,499	(57,889)	393,104
Balances (in shares) at Dec. 31, 2023	28,522,780
Increase (Decrease) in Stockholders' Equity
Net income					81,849
Balances at Sep. 30, 2024	$ 2,963	39,251	490,061	(58,061)	474,214
Balances (in shares) at Sep. 30, 2024	28,594,270
Balances at Mar. 31, 2024	$ 2,957	36,908	433,512	(58,061)	415,316
Balances (in shares) at Mar. 31, 2024	28,546,130
Increase (Decrease) in Stockholders' Equity
Stock options exercised	$ 4	(4)
Stock options exercised (in shares)	40,025
Stock-based compensation	$ 2	1,145			1,147
Stock-based compensation (in shares)	8,115
Cash dividends paid			(1,431)		(1,431)
Net income			26,057		26,057
Balances at Jun. 30, 2024	$ 2,963	38,049	458,138	(58,061)	441,089
Balances (in shares) at Jun. 30, 2024	28,594,270
Increase (Decrease) in Stockholders' Equity
Stock-based compensation		1,202			1,202
Cash dividends paid			(1,430)		(1,430)
Net income			33,353		33,353
Balances at Sep. 30, 2024	$ 2,963	$ 39,251	$ 490,061	$ (58,061)	$ 474,214
Balances (in shares) at Sep. 30, 2024	28,594,270

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
OPERATING ACTIVITIES:
Net income	$ 81,849	$ 57,549
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	18,125	17,783
Amortization of deferred financing costs	2	9
Deferred income taxes	(825)	(319)
Gain on disposition of property, plant and equipment	(46)	(85)
Stock-based compensation	3,590	2,396
Changes in operating assets and liabilities:
Trade receivables, net	(14,853)	(10,469)
Inventories	(3,470)	(4,199)
Prepaid expenses and other current assets	1,891	1,185
Other assets	17	(159)
Accounts payable and accrued expenses	1,214	949
Other liabilities	(80)	42
Net cash provided by operating activities	87,414	64,682
INVESTING ACTIVITIES:
Purchase of property, plant and equipment	(16,371)	(20,541)
Proceeds from sale of property, plant and equipment	344	2,180
Net cash used in investing activities	(16,027)	(18,361)
FINANCING ACTIVITIES:
Cash dividends paid	(4,287)	(3,415)
Proceeds from exercise of stock options	130	113
Purchase of treasury shares	(172)	(98)
Net cash used in financing activities	(4,329)	(3,400)
Net increase in cash and cash equivalents	67,058	42,921
Cash and cash equivalents at beginning of period	187,964	133,384
Cash and cash equivalents at end of period	$ 255,022	$ 176,305

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2024
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, 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, 2023. The results of operations for the three- and nine-month periods ended September 30, 2024 are not necessarily indicative of operating results for the full year. Recent Events. On May 2, 2024, the shareholders of the Company approved an increase in the Company’s number of authorized shares of common stock from . On July 12, 2024, the Company effected a additional shares of common stock for each share outstanding to shareholders of record at the close of business on June 21, 2024 (the “Stock Split”). All share and per share information, including stock-based compensation, throughout this Quarterly Report on Form 10-Q has been retroactively adjusted to reflect the Stock Split. The shares of common stock retain a par value of T he number and terms of stock-based compensation awards have been adjusted, in order to prevent dilution or enlargement of the rights of participants under the Company’s Amended and Restated 2001 Long-Term Incentive Plan, as Amended and Restated. The fair value of all outstanding awards immediately after the Stock Split did not change when compared to the fair value of such awards immediately prior to the Stock Split. In addition, there was no change to the vesting conditions or classification of any of the awards. No incremental compensation expense was recognized as a result of such adjustments. ​

Organization

Organization	9 Months Ended
	Sep. 30, 2024
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, oil and gas services, and agriculture (including poultry 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.

Accounting Policies

Accounting Policies	9 Months Ended
	Sep. 30, 2024
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 2024 and 2023 revenues was million, for the respective nine-month periods ended September 30, which approximates the amount of external freight included in cost of revenues. Sales taxes billed to customers are not included in revenues. For its natural gas interests, the Company recognizes revenue in the month of production and delivery. ​ Trade Receivables, Net. 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 are 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	9 Months Ended
	Sep. 30, 2024
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 income and expense and other expense 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 nine-month periods ended September 30, 2024 and 2023 for the Company’s lime and limestone operations segment and other are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ Revenues ​ 2024 ​ 2023 ​ 2024 ​ 2023 ​ Lime and limestone operations ​ $ 89,212 ​ $ 74,582 ​ $ 236,936 ​ $ 214,808 ​ Other ​ 215 ​ 296 ​ 723 ​ 830 ​ Total revenues ​ $ 89,427 ​ $ 74,878 ​ $ 237,659 ​ $ 215,638 ​ Depreciation, depletion and amortization ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lime and limestone operations ​ $ 5,905 ​ $ 5,763 ​ $ 17,518 ​ $ 17,179 ​ Other ​ 127 ​ 133 ​ 377 ​ 385 ​ Total depreciation, depletion and amortization ​ $ 6,032 ​ $ 5,896 ​ $ 17,895 ​ $ 17,564 ​ Gross profit (loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lime and limestone operations ​ $ 43,179 ​ $ 28,160 ​ $ 108,690 ​ $ 79,339 ​ Other ​ (66) ​ (5) ​ (148) ​ (61) ​ Total gross profit ​ $ 43,113 ​ $ 28,155 ​ $ 108,542 ​ $ 79,278 ​ Operating profit (loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lime and limestone operations ​ $ 38,204 ​ $ 23,807 ​ $ 93,993 ​ $ 66,523 ​ Other ​ ​ (67) ​ (7) ​ (157) ​ (71) ​ Total operating profit ​ $ 38,137 ​ $ 23,800 ​ $ 93,836 ​ $ 66,452 ​ Identifiable assets, at period end ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lime and limestone operations ​ $ 263,214 ​ $ 244,039 ​ $ 263,214 ​ $ 244,039 ​ Other ​ 258,545 ​ 180,016 ​ ​ 258,545 ​ ​ 180,016 ​ Total identifiable assets ​ $ 521,759 ​ $ 424,055 ​ $ 521,759 ​ $ 424,055 ​ Capital expenditures ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lime and limestone operations ​ $ 9,547 ​ $ 15,090 ​ $ 16,371 ​ $ 20,541 ​ Other ​ — ​ — ​ — ​ — ​ Total capital expenditures ​ $ 9,547 ​ $ 15,090 ​ $ 16,371 ​ $ 20,541 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Income and Dividends Per Share

Income and Dividends Per Share of Common Stock	9 Months Ended
	Sep. 30, 2024
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 ​ At September 30, 2024, the Company had 45,000,000 shares of common stock authorized and 28,594,270 shares outstanding, after adjusting for the Stock Split. ​ The following table sets forth the computation of basic and diluted income per common share (in thousands, except per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ 2024 2023 2024 2023 Net income for basic and diluted income per common share ​ $ 33,353 ​ $ 20,733 ​ $ 81,849 ​ $ 57,549 ​ Weighted-average shares for basic income per common share ​ 28,594 ​ 28,480 ​ 28,574 ​ 28,455 ​ Effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee and director stock options (1) ​ 133 ​ 80 ​ 109 ​ 70 ​ Adjusted weighted-average shares and assumed exercises for diluted income per common share ​ 28,727 ​ 28,560 ​ 28,683 ​ 28,525 ​ Basic net income per common share ​ $ 1.17 ​ $ 0.73 ​ $ 2.86 ​ $ 2.02 ​ Diluted net income per common share ​ $ 1.16 ​ $ 0.73 ​ $ 2.85 ​ $ 2.02 ​ (1) No stock options were excluded due to being antidilutive. ​ The Company paid $0.05 and $0.15 of cash dividends per share of common stock in the three- and nine-month periods ended September 30, 2024, respectively. The Company paid

Inventories

Inventories	9 Months Ended
	Sep. 30, 2024
Inventories
Inventories	6. Inventories ​ 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 consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ ​ 2024 ​ 2023 Lime and limestone inventories: ​ ​ ​ Raw materials ​ $ 8,808 ​ $ 7,834 ​ Finished goods ​ 3,052 ​ 3,107 ​ ​ ​ ​ 11,860 ​ ​ 10,941 ​ Parts inventories ​ 15,923 ​ 13,372 ​ ​ ​ $ 27,783 ​ $ 24,313 ​ ​

Banking Facilities and Debt

Banking Facilities and Debt	9 Months Ended
	Sep. 30, 2024
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 August 3, 2023, 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 August 3, 2028. Interest rates on the Revolving Facility are, at the Company’s option, SOFR, plus a SOFR adjustment rate of 0.10%, 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 0.225% to 0.350% on the undrawn portion of the Revolving Facility. The Revolving Facility interest rate margins and commitment fee are determined quarterly in accordance with a pricing grid based upon the Company’s Cash Flow Leverage Ratio, defined as the ratio of the Company’s total funded senior indebtedness to earnings before interest, taxes, depreciation, depletion, amortization, and stock-based compensation expense (“EBITDA”) for the 12 months ended on the last day of the most recent calendar quarter, plus pro forma EBITDA from any businesses acquired during the period. Pursuant to a security agreement, dated August 25, 2004, the Revolving Facility is secured by the Company’s existing and hereafter acquired tangible assets, intangible assets, and real property. The maturity of the Revolving Facility and any incremental loans can be accelerated if any event of default, as defined under the credit agreement, occurs. The Company’s maximum Cash Flow Leverage Ratio is The Company may pay dividends so long as it remains in compliance with the provisions of the Company’s credit agreement, and it may purchase, redeem, or otherwise acquire shares of its common stock so long as its pro forma Cash Flow Leverage Ratio is less than 3.00 to 1.00 and no default or event of default exists or would exist after giving effect to such stock repurchase. As of September 30, 2024, the Company had no debt outstanding and no draws on the Revolving Facility other than $0.5 million of letters of credit, which count as draws against the available commitment under the Revolving Facility. ​

Leases

Leases	9 Months Ended
	Sep. 30, 2024
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 7 years , with a weighted-average remaining lease term of 4 years at both September 30, 2024 and December 31, 2023. Some operating leases include options to extend the leases for up to 5 years and are only considered in the lease terms if the Company is reasonably certain it will exercise the option to extend. ​ The components of lease costs for the three- and nine-month periods ended September 30, 2024 and 2023 were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ Classification 2024 2023 2024 2023 ​ Operating lease costs (1) ​ Cost of revenues ​ $ 700 ​ $ 823 ​ $ 1,948 ​ $ 2,400 ​ Operating lease costs (1) ​ Selling, general and administrative expenses ​ ​ 76 ​ ​ 51 ​ 229 ​ 131 ​ Rental revenues ​ Revenues ​ ​ (47) ​ ​ (129) ​ ​ (269) ​ ​ (357) ​ Rental revenues ​ Other (income) expense, net ​ ​ (13) ​ ​ (23) ​ (74) ​ (59) ​ Net operating lease costs ​ ​ ​ $ 716 ​ $ 722 ​ $ 1,834 ​ $ 2,115 ​ (1) Includes the costs of leases with a term of one year or less. ​ As of September 30, 2024, 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): ​ ​ ​ ​ ​ 2024 (excluding the nine months ended September 30, 2024) ​ $ 468 2025 ​ ​ 1,542 2026 ​ ​ 1,456 2027 ​ ​ 1,093 2028 ​ ​ 508 Thereafter ​ ​ 599 Total future minimum lease payments ​ ​ 5,666 Less imputed interest ​ ​ (502) Present value of lease liabilities ​ $ 5,164 ​ Supplemental cash flow information pertaining to the Company’s leasing activity for the nine months ended September 30, 2024 and 2023 is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ ​ 2024 ​ 2023 ​ Cash payments for lease liabilities included in operating cash flows ​ $ 1,450 ​ $ 1,227 ​ Right-of-use assets obtained in exchange for operating lease obligations ​ $ 827 ​ $ 511 ​ ​

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2024
Income Taxes
Income Taxes	​ 9. Income Taxes ​ The Company has estimated that its effective income tax rate for 2024 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	9 Months Ended
	Sep. 30, 2024
Dividends
Dividends	​ 10. Dividends ​ On September 13, 2024 , the Company paid $1.4 million in cash dividends, based on a dividend of $0.05 per share of its common stock, to shareholders of record at the close of business on August 23, 2024 . On June 14, 2024 , the Company paid $1.4 million in cash dividends, based on a dividend of $0.05 per share of its common stock, to shareholders of record at the close of business on May 24, 2024 . On March 15, 2024 , the Company paid $1.4 million in cash dividends, based on a dividend of $0.05 per share of its common stock, to shareholders of record at the close of business on February 23, 2024 . ​

Subsequent Event

Subsequent Event	9 Months Ended
	Sep. 30, 2024
Subsequent Event.
Subsequent Event	11. Subsequent Event ​ On October 30, 2024 , the Company’s Board of Directors declared a regular quarterly cash dividend of $0.05 per share on the Company’s common stock. This dividend is payable on December 13, 2024 , to shareholders of record at the close of business on November 22, 2024 .

Accounting Policies (Policies)

Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
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 2024 and 2023 revenues was million, for the respective nine-month periods ended September 30, which approximates the amount of external freight included in cost of revenues. Sales taxes billed to customers are not included in revenues. For its natural gas interests, the Company recognizes revenue in the month of production and delivery. ​
Trade Receivables, Net	Trade Receivables, Net. 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 are 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)	9 Months Ended
	Sep. 30, 2024
Reportable Segment
Schedule of operating results and certain other financial data for the business segment)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ Revenues ​ 2024 ​ 2023 ​ 2024 ​ 2023 ​ Lime and limestone operations ​ $ 89,212 ​ $ 74,582 ​ $ 236,936 ​ $ 214,808 ​ Other ​ 215 ​ 296 ​ 723 ​ 830 ​ Total revenues ​ $ 89,427 ​ $ 74,878 ​ $ 237,659 ​ $ 215,638 ​ Depreciation, depletion and amortization ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lime and limestone operations ​ $ 5,905 ​ $ 5,763 ​ $ 17,518 ​ $ 17,179 ​ Other ​ 127 ​ 133 ​ 377 ​ 385 ​ Total depreciation, depletion and amortization ​ $ 6,032 ​ $ 5,896 ​ $ 17,895 ​ $ 17,564 ​ Gross profit (loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lime and limestone operations ​ $ 43,179 ​ $ 28,160 ​ $ 108,690 ​ $ 79,339 ​ Other ​ (66) ​ (5) ​ (148) ​ (61) ​ Total gross profit ​ $ 43,113 ​ $ 28,155 ​ $ 108,542 ​ $ 79,278 ​ Operating profit (loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lime and limestone operations ​ $ 38,204 ​ $ 23,807 ​ $ 93,993 ​ $ 66,523 ​ Other ​ ​ (67) ​ (7) ​ (157) ​ (71) ​ Total operating profit ​ $ 38,137 ​ $ 23,800 ​ $ 93,836 ​ $ 66,452 ​ Identifiable assets, at period end ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lime and limestone operations ​ $ 263,214 ​ $ 244,039 ​ $ 263,214 ​ $ 244,039 ​ Other ​ 258,545 ​ 180,016 ​ ​ 258,545 ​ ​ 180,016 ​ Total identifiable assets ​ $ 521,759 ​ $ 424,055 ​ $ 521,759 ​ $ 424,055 ​ Capital expenditures ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lime and limestone operations ​ $ 9,547 ​ $ 15,090 ​ $ 16,371 ​ $ 20,541 ​ Other ​ — ​ — ​ — ​ — ​ Total capital expenditures ​ $ 9,547 ​ $ 15,090 ​ $ 16,371 ​ $ 20,541 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Income and Dividends Per Shar_2

Income and Dividends Per Share of Common Stock (Tables)	9 Months Ended
	Sep. 30, 2024
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 September 30, ​ Nine Months Ended September 30, ​ 2024 2023 2024 2023 Net income for basic and diluted income per common share ​ $ 33,353 ​ $ 20,733 ​ $ 81,849 ​ $ 57,549 ​ Weighted-average shares for basic income per common share ​ 28,594 ​ 28,480 ​ 28,574 ​ 28,455 ​ Effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee and director stock options (1) ​ 133 ​ 80 ​ 109 ​ 70 ​ Adjusted weighted-average shares and assumed exercises for diluted income per common share ​ 28,727 ​ 28,560 ​ 28,683 ​ 28,525 ​ Basic net income per common share ​ $ 1.17 ​ $ 0.73 ​ $ 2.86 ​ $ 2.02 ​ Diluted net income per common share ​ $ 1.16 ​ $ 0.73 ​ $ 2.85 ​ $ 2.02 ​ (1) No stock options were excluded due to being antidilutive.

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2024
Inventories
Schedule of inventories	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 consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ ​ 2024 ​ 2023 Lime and limestone inventories: ​ ​ ​ Raw materials ​ $ 8,808 ​ $ 7,834 ​ Finished goods ​ 3,052 ​ 3,107 ​ ​ ​ ​ 11,860 ​ ​ 10,941 ​ Parts inventories ​ 15,923 ​ 13,372 ​ ​ ​ $ 27,783 ​ $ 24,313 ​ ​

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2024
Leases
Schedule of lease costs	​ The components of lease costs for the three- and nine-month periods ended September 30, 2024 and 2023 were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ Classification 2024 2023 2024 2023 ​ Operating lease costs (1) ​ Cost of revenues ​ $ 700 ​ $ 823 ​ $ 1,948 ​ $ 2,400 ​ Operating lease costs (1) ​ Selling, general and administrative expenses ​ ​ 76 ​ ​ 51 ​ 229 ​ 131 ​ Rental revenues ​ Revenues ​ ​ (47) ​ ​ (129) ​ ​ (269) ​ ​ (357) ​ Rental revenues ​ Other (income) expense, net ​ ​ (13) ​ ​ (23) ​ (74) ​ (59) ​ Net operating lease costs ​ ​ ​ $ 716 ​ $ 722 ​ $ 1,834 ​ $ 2,115 ​ (1) Includes the costs of leases with a term of one year or less. ​
Schedule of maturity of lease liability	​ ​ ​ ​ ​ 2024 (excluding the nine months ended September 30, 2024) ​ $ 468 2025 ​ ​ 1,542 2026 ​ ​ 1,456 2027 ​ ​ 1,093 2028 ​ ​ 508 Thereafter ​ ​ 599 Total future minimum lease payments ​ ​ 5,666 Less imputed interest ​ ​ (502) Present value of lease liabilities ​ $ 5,164
Schedule of supplemental cash flow information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ ​ 2024 ​ 2023 ​ Cash payments for lease liabilities included in operating cash flows ​ $ 1,450 ​ $ 1,227 ​ Right-of-use assets obtained in exchange for operating lease obligations ​ $ 827 ​ $ 511 ​ ​

Basis of Presentation (Details)

Basis of Presentation (Details)	Jul. 12, 2024 $ / shares shares	Sep. 30, 2024 $ / shares shares	May 02, 2024 shares	Dec. 31, 2023 $ / shares shares
Basis of Presentation
Common stock, authorized shares		45,000,000	45,000,000	30,000,000
Stock split ratio	5
Number of additional share issued in stock split conversion	4
Common stock, par value (in dollars per share) | $ / shares	$ 0.10	$ 0.10		$ 0.10

Accounting Policies - Revenue R

Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue Recognition
External freight billed to customers included in revenue	$ 12.3	$ 12.2	$ 34.5	$ 35.4

Reportable Segment (Details)

Reportable Segment (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) segment	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Business segments
Number of business segments | segment			1
Revenues	$ 89,427	$ 74,878	$ 237,659	$ 215,638
Depreciation, depletion and amortization	6,032	5,896	17,895	17,564
Gross profit	43,113	28,155	108,542	79,278
Operating profit (loss)	38,137	23,800	93,836	66,452
Identifiable assets, at period end	521,759	424,055	521,759	424,055	$ 440,602
Capital expenditures	9,547	15,090	16,371	20,541
Operating Segment | Lime and limestone operations
Business segments
Depreciation, depletion and amortization	5,905	5,763	17,518	17,179
Gross profit	43,179	28,160	108,690	79,339
Operating profit (loss)	38,204	23,807	93,993	66,523
Identifiable assets, at period end	263,214	244,039	263,214	244,039
Capital expenditures	9,547	15,090	16,371	20,541
Unallocated corporate assets and cash items
Business segments
Depreciation, depletion and amortization	127	133	377	385
Gross profit	(66)	(5)	(148)	(61)
Operating profit (loss)	(67)	(7)	(157)	(71)
Identifiable assets, at period end	258,545	180,016	258,545	180,016
Lime and limestone operations | Operating Segment | Lime and limestone operations
Business segments
Revenues	89,212	74,582	236,936	214,808
Others | Unallocated corporate assets and cash items
Business segments
Revenues	$ 215	$ 296	$ 723	$ 830

Income and Dividends Per Shar_3

Income and Dividends Per Share of Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	May 02, 2024	Dec. 31, 2023
Anti-dilutive securities
Common stock, authorized shares	45,000,000						45,000,000		45,000,000	30,000,000
Common stock, shares outstanding	28,594,270						28,594,270			28,522,780
Income per share of common stock:
Net income for basic and diluted income per common share	$ 33,353	$ 26,057	$ 22,439	$ 20,733	$ 19,712	$ 17,104	$ 81,849	$ 57,549
Weighted-average shares for basic income per common share (in shares)	28,594,000			28,480,000			28,574,000	28,455,000
Effect of dilutive securities:
Employee and director stock options (in shares)	133,000			80,000			109,000	70,000
Adjusted weighted-average shares and assumed exercises for diluted income per common share (in shares)	28,727,000			28,560,000			28,683,000	28,525,000
Basic net income per common share (in dollars per share)	$ 1.17			$ 0.73			$ 2.86	$ 2.02
Diluted net income per common share (in dollars per share)	1.16			0.73			2.85	2.02
Cash dividends per share of common stock (in dollars per share)	$ 0.05			$ 0.04			$ 0.15	$ 0.12
Options
Anti-dilutive securities
Anti-dilutive shares of common stock excluded from the calculation of dilutive securities	0			0			0	0

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Lime and limestone inventories:
Raw materials	$ 8,808	$ 7,834
Finished goods	3,052	3,107
Total	11,860	10,941
Parts inventories	15,923	13,372
Total inventories	$ 27,783	$ 24,313

Banking Facilities and Debt (De

Banking Facilities and Debt (Details) $ in Millions			9 Months Ended
	Aug. 03, 2023 USD ($)	May 07, 2015	Sep. 30, 2024 USD ($)
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			$ 0.5
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%
Revolving Facility | Minimum | Lender's prime rate
Banking facilities and other debt
Interest rate margin (as a percent)	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%
Revolving Facility | Maximum | Lender's prime rate
Banking facilities and other debt
Interest rate margin (as a percent)	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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Leases
Weighted average remaining lease term	4 years		4 years		4 years
Lease cost
Net operating lease costs	$ 716	$ 722	$ 1,834	$ 2,115
Minimum
Leases
Remaining lease term	0 years		0 years
Maximum
Leases
Remaining lease term	7 years		7 years
Lease extension term			5 years
Lease Term	1 year		1 year
Cost of revenues
Lease cost
Operating lease cost	$ 700	823	$ 1,948	2,400
Selling, general and administrative expense.
Lease cost
Operating lease cost	76	51	229	131
Revenues
Lease cost
Rental revenues	(47)	(129)	(269)	(357)
Other (income) expense, net
Lease cost
Rental revenues	$ (13)	$ (23)	$ (74)	$ (59)

Leases - Maturity (Details)

Leases - Maturity (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Maturity
2024 (excluding the nine months ended September 30, 2024)	$ 468
2025	1,542
2026	1,456
2027	1,093
2028	508
Thereafter	599
Total future minimum lease payments	5,666
Less imputed interest	(502)
Present value of lease liabilities	$ 5,164

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Leases
Cash payments for lease liabilities included in operating cash flows	$ 1,450	$ 1,227
Right-of-use assets obtained in exchange for operating lease obligations	$ 827	$ 511

Income Taxes (Details)

Income Taxes (Details)	9 Months Ended
	Sep. 30, 2024
Income Taxes
Effective income tax rate (as a percent)	19.90%

Dividends (Details)

Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2024	Sep. 30, 2023
Cash dividends paid				$ 4,287	$ 3,415
2024 Q1 Dividends
Cash dividends paid			$ 1,400
Cash dividend (in dollars per share)			$ 0.05
Dividends payable date of record			Feb. 23, 2024
Dividends payable date to be paid			Mar. 15, 2024
2024 Q2 Dividends
Cash dividends paid		$ 1,400
Cash dividend (in dollars per share)		$ 0.05
Dividends payable date of record		May 24, 2024
Dividends payable date to be paid		Jun. 14, 2024
2024 Q3 Dividends
Cash dividends paid	$ 1,400
Cash dividend (in dollars per share)	$ 0.05
Dividends payable date of record	Aug. 23, 2024
Dividends payable date to be paid	Sep. 13, 2024

Subsequent Event (Details)

Subsequent Event (Details) - 2024 Q4 Dividends - Subsequent event	1 Months Ended
	Oct. 30, 2024 $ / shares
Subsequent event
Dividends payable date declared	Oct. 30, 2024
Quarterly cash dividend declared (in dollars per share)	$ 0.05
Dividends payable date to be paid	Dec. 13, 2024
Dividends payable date of record	Nov. 22, 2024