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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Income Statement [Abstract]        
Net sales $ 94,526,000 $ 84,737,000 $ 170,199,000 $ 148,820,000
Cost of goods sold 66,428,000 55,830,000 120,475,000 102,022,000
Gross profit 28,098,000 28,907,000 49,724,000 46,798,000
Operating expenses:        
Selling expense 7,771,000 5,428,000 14,171,000 10,129,000
General and administrative expense (including $0.7 million and $0.5 million associated with variable interest entity for the three months ended June 30, 2021 and 2020, respectively; and $1.3 million and $0.6 million for the six months ended June 30, 2021 and 2020, respectively, associated with variable interest entity) 13,457,000 8,969,000 24,912,000 18,071,000
Total operating expenses 21,228,000 14,397,000 39,083,000 28,200,000
Operating income 6,870,000 14,510,000 10,641,000 18,598,000
Other income (expense)        
Rental income (including $0.2 million and $0.0 associated with variable interest entity for the three months ended June 30, 2021 and 2020, respectively; and $0.5 million and $0.0 for the six months ended June 30, 2021 and 2020, respectively, associated with variable interest entity) 246,000 0 492,000 0
Other income 16,000 28,000 122,000 54,000
Loss on foreign currency transactions (119,000) (68,000) (284,000) (109,000)
Gain on sale of asset 0 8,000 0 8,000
Interest income (expense) (including $0.8 million interest expense and $0.1 million interest expense associated with variable interest entity for the three months ended June 30, 2021 and 2020, respectively; and $0.0 million interest expense and $2.6 million interest expense for the six months ended June 30, 2021 and 2020, respectively, associated with variable interest entity) (1,128,000) (705,000) (850,000) (4,011,000)
Forgiveness of PPP loan 5,000,000 0 5,000,000 0
Total other income (expense) 4,015,000 (737,000) 4,480,000 (4,058,000)
Income before provision for income tax 10,885,000 13,773,000 15,121,000 14,540,000
Provision for income tax 1,547,000 3,832,000 2,733,000 4,032,000
Net income 9,338,000 9,941,000 12,388,000 10,508,000
Net income (loss) attributable to noncontrolling interest (245,000) (131,000) 1,025,000 (2,015,000)
Net income attributable to Karat Packaging Inc. $ 9,583,000 $ 10,072,000 $ 11,363,000 $ 12,523,000
Basic and diluted earnings per share:        
Basic (in dollars per share) $ 0.51 $ 0.66 $ 0.67 $ 0.82
Diluted (in dollars per share) $ 0.50 $ 0.65 $ 0.66 $ 0.81
Weighted average common shares outstanding, basic (in shares) 18,908,648 15,180,879 17,048,160 15,185,440
Weighted average common shares outstanding, diluted (in shares) 19,025,871 15,451,879 17,165,383 15,456,440