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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Income Statement [Abstract]    
Net sales $ 405,651 $ 422,957
Cost of goods sold 252,608 290,871
Gross profit 153,043 132,086
Operating expenses:    
Selling expenses 41,490 35,844
General and administrative expenses (including $2,749 and $2,775 associated with variable interest entity for the years ended December 31, 2023 and 2022, respectively) 66,952 66,259
Impairment expense and loss (gain), net, on disposal of machinery 2,525 (32)
Total operating expenses 110,967 102,071
Operating income 42,076 30,015
Other income (expenses)    
Rental income (including $981 and $949 associated with variable interest entity for the years ended December 31, 2023 and 2022, respectively) 1,090 949
Other expense, net (45) (228)
Gain on foreign currency transactions 103 1,568
Interest income (including $606 and $2,171 associated with variable interest entity for the years ended December 31, 2023 and 2022, respectively) 1,803 2,226
Interest expense (including $2,019 and $1,821 associated with variable interest entity for the years ended December 31, 2023 and 2022, respectively) (2,043) (2,017)
Total other income, net 908 2,498
Income before provision for income taxes 42,984 32,513
Provision for income taxes 9,804 6,676
Net income 33,180 25,837
Net income attributable to noncontrolling interest 710 2,189
Net income attributable to Karat Packaging Inc. $ 32,470 $ 23,648
Basic and diluted earnings per share:    
Basic (in dollars per share) $ 1.63 $ 1.19
Diluted (in dollars per share) $ 1.63 $ 1.19
Weighted average common shares outstanding, basic (in shares) 19,904,698 19,824,911
Weighted average common shares outstanding, diluted (in shares) 19,977,712 19,925,905