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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Income Statement [Abstract]        
Net sales $ 108,740 $ 114,881 $ 204,541 $ 220,294
Cost of goods sold 66,879 80,917 124,536 152,041
Gross profit 41,861 33,964 80,005 68,253
Operating expenses        
Selling expense 8,871 9,468 17,572 18,805
General and administrative expense (including $647 and $671 associated with variable interest entity for the three months ended June 30, 2023 and 2022, respectively; $1,318 and $1,234 associated with variable interest entity for the six months ended June 30, 2023 and 2022, respectively) 17,192 16,715 33,821 32,172
Impairment expense and loss (gain) on disposal of machinery 2,459 (21) 2,541 (17)
Total operating expenses 28,522 26,162 53,934 50,960
Operating income 13,339 7,802 26,071 17,293
Other income (expense)        
Rental income (including $239 and $238 associated with variable interest entity for the three months ended June 30, 2023 and 2022, respectively; and $486 and $476 associated with variable interest entity for the six months ended June 30, 2023 and 2022, respectively) 275 238 522 476
Other income (expense), net 118 (181) (90) (263)
Gain (loss) on foreign currency transactions 322 850 (105) 983
Interest income (including $182 and $847 interest income associated with variable interest entity for the three months ended June 30, 2023 and 2022, respectively; and $198 and $2,187 interest expense associated with variable interest entity for the six months ended June 30, 2023 and 2022, respectively) 519 847 586 2,160
Interest expense (including $565 and $488 interest expense associated with variable interest entity for the three months ended June 30, 2023 and 2022, respectively; and $971 and $936 interest expense associated with variable interest entity for the six months ended June 30, 2023 and 2022, respectively) (573) (610) (980) (1,083)
Total other income (expense), net 661 1,144 (67) 2,273
Income before provision for income taxes 14,000 8,946 26,004 19,566
Provision for income taxes 3,323 1,746 6,141 4,423
Net income 10,677 7,200 19,863 15,143
Net income attributable to noncontrolling interest 175 856 356 2,132
Net income attributable to Karat Packaging Inc. $ 10,502 $ 6,344 $ 19,507 $ 13,011
Basic and diluted earnings per share:        
Basic (in dollars per share) $ 0.53 $ 0.32 $ 0.98 $ 0.66
Diluted (in dollars per share) $ 0.53 $ 0.32 $ 0.98 $ 0.65
Weighted average common shares outstanding, basic (in shares) 19,886,585 19,809,417 19,887,023 19,808,505
Weighted average common shares outstanding, diluted (in shares) 19,953,510 19,926,956 19,947,155 19,914,044