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Statements of Consolidated Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
OPERATING ACTIVITIES    
Net income $ 26,022 $ 16,068
Adjustments to net cash provided by (used in) operations:    
Depreciation and amortization 6,874 6,832
Deferred income taxes (2,591) 1,575
Share-based compensation expense 1,913 1,927
Loss on exit of business 1,196 0
Gain on sale of property and equipment (842) (30)
Gain from company-owned life insurance policy (4,364) 0
Other, net 659 318
Changes in operating assets and liabilities (35,044) (12,629)
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES (6,177) 14,061
INVESTING ACTIVITIES    
Capital expenditures [1] (13,809) (7,338)
Proceeds from the sale of property and equipment [1] 3,157 23
Proceeds from company-owned life insurance policy [1] 6,909 0
Acquisition of businesses, net of cash [1] (12,990) 0
NET CASH USED IN INVESTING ACTIVITIES [1] (16,733) (7,315)
FINANCING ACTIVITIES    
Increase (decrease) in notes payable to banks [1] 856 (2,183)
Proceeds from long-term debt [1] 83,352 42,954
Payments of long-term debt [1] (64,940) (53,029)
Dividends paid [1] (2,061) (2,114)
Proceeds from issuance of common shares [1] 117 364
Purchase of common shares for treasury [1] (66) (176)
Purchase of common shares for treasury from related parties [1] (1,729) (4,548)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES [1] 15,529 (18,732)
Effects of exchange rate changes on cash, cash equivalents and restricted cash 1,078 265
Net decrease in cash, cash equivalents and restricted cash (6,303) (11,721)
Cash, cash equivalents and restricted cash at beginning of year 36,406 45,175
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD $ 30,103 $ 33,454
[1] Non-cash investing and financing activities: The Company purchased a new corporate aircraft during the three months ended March 31, 2021 with a term loan in the principal amount of $20.5 million. For further information regarding this transaction, refer to Note M, “Debt Arrangements.”