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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Income Statement [Abstract]    
Net sales $ 95,801 $ 105,413
Cost of goods sold 57,657 71,124
Gross profit 38,144 34,289
Operating expenses:    
Selling expenses 8,701 9,337
General and administrative expenses (including $671 and $629 associated with variable interest entity for the three months ended March 31, 2023 and 2022, respectively) 16,711 15,461
Total operating expenses 25,412 24,798
Operating income 12,732 9,491
Other income (expenses)    
Rental income (including $247 and $238 associated with variable interest entity for the three months ended March 31, 2023 and 2022, respectively) 247 238
Other expense, net (208) (82)
(Loss) gain on foreign currency transactions (427) 133
Interest income (including $16 and $1,313 associated with variable interest entity for the three months ended March 31, 2023 and 2022, respectively) 67 1,313
Interest expense (including $406 and $448 associated with variable interest entity for the three months ended March 31, 2023 and 2022, respectively) (407) (473)
Total other (expense) income, net (728) 1,129
Income before provision for income taxes 12,004 10,620
Provision for income taxes 2,818 2,677
Net income 9,186 7,943
Net income attributable to noncontrolling interest 181 1,276
Net income attributable to Karat Packaging Inc. $ 9,005 $ 6,667
Basic and diluted earnings per share:    
Basic (in dollars per share) $ 0.45 $ 0.34
Diluted (in dollars per share) $ 0.45 $ 0.34
Weighted average common shares outstanding, basic (in shares) 19,886,585 19,807,584
Weighted average common shares outstanding, diluted (in shares) 19,939,923 19,901,384