Quarterly report [Sections 13 or 15(d)]

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net income $ 142,902 $ 120,652
Adjustments to reconcile net income to net cash provided by operating activities:    
Land sale with financing arrangement (20,944) 0
Depreciation, depletion and amortization 14,043 11,941
Share-based compensation 5,063 4,397
Deferred taxes 3,584 788
Other 186 0
Changes in operating assets and liabilities:    
Operating assets, excluding income taxes (14,458) (11,339)
Operating liabilities, excluding income taxes (5,348) (2,657)
Income taxes payable 33,264 32,944
Prepaid income taxes 3,716 0
Cash provided by operating activities 162,008 156,726
Cash flows from investing activities:    
Deposit for acquisition (1,039) 0
Purchases of fixed assets (7,348) (8,966)
Acquisition of real estate 0 (5)
Acquisition of royalty interests, net of post-close adjustments 0 (3,546)
Cash used in investing activities (8,387) (12,517)
Cash flows from financing activities:    
Dividends paid (41,796) (37,434)
Shares exchanged for tax withholdings (9,063) (14,260)
Cash settlement of common stock repurchases 0 (100)
Cash used in financing activities (50,859) (51,794)
Net increase in cash, cash equivalents and restricted cash 102,762 92,415
Cash, cash equivalents and restricted cash, beginning of period 145,404 371,381
Cash, cash equivalents and restricted cash, end of period 248,166 463,796
Supplemental disclosure of cash flow information:    
Income taxes paid 3 0
Interest paid 650 0
Supplemental non-cash investing and financing information:    
(Decrease) increase in accounts payable related to purchases of fixed assets (430) 942
Accrued dividends on unvested stock awards (291) (478)
Financing receivable from land sale $ 20,902 $ 0