Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:      
Net income $ 269,980 $ 176,049 $ 318,728
Adjustments to reconcile net income to net cash provided by operating activities:      
Deferred taxes 220 (2,099) 25,924
Depreciation, depletion and amortization 16,257 14,395 8,906
Share-based compensation 28 0 0
Land sales revenue recognized on land exchange 0 (1,415) (22,000)
Changes in operating assets and liabilities:      
Receivables and other assets (47,603) 18,828 (13,802)
Income taxes payable 25,029 (1,217) 3,664
Prepaid income taxes 0 0 9,398
Unearned revenue (1,910) 8,787 4,012
Operating liabilities, excluding income taxes 3,162 (6,291) 7,960
Cash provided by operating activities 265,163 207,037 342,790
Cash flows from investing activities:      
Proceeds from sales of fixed assets 1,086 0 117
Acquisition of real estate (535) (3,966) (74,583)
Acquisition of royalty interests 0 (16,946) (5,017)
Purchase of fixed assets (15,548) (5,086) (32,209)
Cash used in investing activities (14,997) (25,998) (111,692)
Cash flows from financing activities:      
Dividends paid (85,264) (201,660) (46,546)
Cash used in financing activities (104,948) (201,660) (50,899)
Net increase (decrease) in cash, cash equivalents and restricted cash 145,218 (20,621) 180,199
Cash, cash equivalents and restricted cash, beginning of period 283,024 303,645 123,446
Cash, cash equivalents and restricted cash, end of period 428,242 283,024 303,645
Supplemental disclosure of cash flow information:      
Income taxes paid 68,223 46,619 44,439
Supplemental non-cash investing and financing information:      
Fixed asset additions in accounts payable 867 0 0
Share repurchases not yet settled 219 0 0
Issuance of common stock 78 0 0
Land exchange 0 1,415 22,000
Operating lease right-of-use assets 0 0 3,712
Common Stock      
Cash flows from financing activities:      
Repurchases of common stock and Sub-share Certificates in Certificates of Proprietary Interest (19,684) 0 0
Sub-share Certificates      
Cash flows from financing activities:      
Repurchases of common stock and Sub-share Certificates in Certificates of Proprietary Interest $ 0 $ 0 $ (4,353)