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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Income Statement [Abstract]        
Net sales $ 102,711,000 $ 76,317,000 $ 272,910,000 $ 225,137,000
Cost of goods sold 72,918,000 53,286,000 193,393,000 155,308,000
Gross profit 29,793,000 23,031,000 79,517,000 69,829,000
Operating expenses:        
Selling expense 9,855,000 6,112,000 24,026,000 16,241,000
General and administrative expense (including $0.7 million and $0.8 million associated with variable interest entity for the three months ended September 30, 2021 and 2020, respectively; and $2.0 million and $1.4 million for the nine months ended September 30, 2021 and 2020, respectively, associated with variable interest entity) 14,573,000 9,877,000 39,485,000 27,948,000
Total operating expenses 24,428,000 15,989,000 63,511,000 44,189,000
Operating income 5,365,000 7,042,000 16,006,000 25,640,000
Other income (expense)        
Rental income (including $0.2 million and $0.0 associated with variable interest entity for the three months ended September 30, 2021 and 2020, respectively; and $0.7 million and $0.0 for the nine months ended September 30, 2021 and 2020, respectively, associated with variable interest entity) 246,000 66,000 738,000 66,000
Other income 101,000 24,000 223,000 86,000
Loss on foreign currency transactions (63,000) (268,000) (347,000) (377,000)
Interest expense (including $0.3 million and $0.3 million associated with variable interest entity for the three months ended September 30, 2021 and 2020, respectively; and $0.3 million and $2.9 million for the nine months ended September 30, 2021 and 2020, respectively, associated with variable interest entity) (308,000) (847,000) (1,158,000) (4,858,000)
Gain on forgiveness of debt 0 0 5,000,000 0
Total other income (expense) (24,000) (1,025,000) 4,456,000 (5,083,000)
Income before provision for income tax 5,341,000 6,017,000 20,462,000 20,557,000
Provision for income tax 1,268,000 1,451,000 4,001,000 5,483,000
Net income 4,073,000 4,566,000 16,461,000 15,074,000
Net income (loss) attributable to noncontrolling interest 287,000 494,000 1,312,000 (1,521,000)
Net income attributable to Karat Packaging Inc. $ 3,786,000 $ 4,072,000 $ 15,149,000 $ 16,595,000
Basic and diluted earnings per share:        
Basic (in dollars per share) $ 0.19 $ 0.27 $ 0.84 $ 1.09
Diluted (in dollars per share) $ 0.19 $ 0.26 $ 0.84 $ 1.07
Weighted average common shares outstanding, basic (in shares) 19,710,043 15,180,879 17,945,205 15,185,440
Weighted average common shares outstanding, diluted (in shares) 19,881,295 15,451,879 18,110,127 15,456,440