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, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities:      
Net income $ 318,728 $ 209,736 $ 97,231
Adjustments to reconcile net income to net cash provided by operating activities:      
Deferred taxes 25,924 14,789 1,100
Depreciation, depletion and amortization 8,906 2,583 376
Land sale revenue recognized on land exchange 22,000 0 0
Changes in operating assets and liabilities:      
Accrued receivables and other assets (13,802) (34,027) (12,026)
Income taxes payable 3,664 756 (986)
Prepaid income taxes 9,398 (8,196) (1,202)
Unearned revenue 4,012 5,024 4,399
Accounts payable, accrued expenses and other liabilities 7,960 4,783 4,938
Cash provided by operating activities 342,790 195,448 93,830
Cash flows from investing activities:      
Proceeds from sale of fixed assets 117 25 27
Acquisition of real estate (74,583) (9,377) 0
Acquisition of royalty interests (5,017) (24,303) 0
Purchase of fixed assets (32,209) (47,878) (18,747)
Cash used in investing activities (111,692) (81,533) (18,720)
Cash flows from financing activities:      
Purchase of Sub-share Certificates of Proprietary Interest (4,353) (38,397) (34,267)
Dividends paid (46,546) (31,652) (10,681)
Cash used in financing activities (50,899) (70,049) (44,948)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total 180,199 43,866 30,162
Cash, cash equivalents and restricted cash, beginning of period 123,446 79,580 49,418
Cash, cash equivalents and restricted cash, end of period 303,645 123,446 79,580
Supplemental cash flow information:      
Income taxes paid 44,439 45,876 49,002
Supplemental non-cash investing information:      
Land exchange 22,000 0 0
Operating lease right-of-use assets $ 3,712 $ 0 $ 0