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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Income Statement [Abstract]        
Net sales $ 114,881 $ 94,526 $ 220,294 $ 170,199
Cost of goods sold 80,917 66,428 152,041 120,475
Gross profit 33,964 28,098 68,253 49,724
Operating expenses        
Selling expense 9,468 7,771 18,805 14,171
General and administrative expense (including $671 and $681 associated with variable interest entity for the three months ended June 30, 2022 and 2021, respectively; $1,234 and $1,300 associated with variable interest entity for the six months ended June 30, 2022 and 2021, respectively) 16,694 13,457 32,155 24,912
Total operating expenses 26,162 21,228 50,960 39,083
Operating income 7,802 6,870 17,293 10,641
Other income (expense)        
Rental income (including $238 and $246 associated with variable interest entity for the three months ended June 30, 2022 and 2021, respectively; and $476 and $492 associated with variable interest entity for the six months ended June 30, 2022 and 2021, respectively) 238 246 476 492
Other (expense) income (181) 16 (263) 122
Gain (Loss) on foreign currency transactions 850 (119) 983 (284)
Interest income (expense) (including $386 interest income and $821 interest expense associated with variable interest entity for the three months ended June 30, 2022 and 2021, respectively; and $1,251 interest income and $10 interest expense associated with variable interest entity for the six months ended June 30, 2022 and 2021, respectively) (237) 1,128 (1,077) 850
Gain on forgiveness of debt 0 5,000 0 5,000
Total other income 1,144 4,015 2,273 4,480
Income before provision for income taxes 8,946 10,885 19,566 15,121
Provision for income taxes 1,746 1,547 4,423 2,733
Net income 7,200 9,338 15,143 12,388
Net income (loss) attributable to noncontrolling interest 856 (245) 2,132 1,025
Net income attributable to Karat Packaging Inc. $ 6,344 $ 9,583 $ 13,011 $ 11,363
Basic and diluted earnings per share:        
Basic (in dollars per share) $ 0.32 $ 0.51 $ 0.66 $ 0.67
Diluted (in dollars per share) $ 0.32 $ 0.50 $ 0.65 $ 0.66
Weighted average common shares outstanding, basic (in shares) 19,809,417 18,908,648 19,808,505 17,048,160
Weighted average common shares outstanding, diluted (in shares) 19,926,695 19,025,871 19,914,044 17,165,383