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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Income Statement [Abstract]    
Net sales $ 95,613 $ 95,801
Cost of goods sold 58,011 57,657
Gross profit 37,602 38,144
Operating expenses:    
Selling expenses 10,763 8,701
General and administrative expenses (including $556 and $671 associated with variable interest entity for the three months ended March 31, 2024 and 2023, respectively) 16,769 16,629
Impairment expense and loss, net, on disposal of machinery 1,994 82
Total operating expenses 29,526 25,412
Operating income 8,076 12,732
Other income (expenses)    
Rental income (including $255 and $247 associated with variable interest entity for the three months ended March 31, 2024 and 2023, respectively) 291 247
Other income (expense), net 55 (208)
Gain (loss) on foreign currency transactions 122 (427)
Interest income (including $213 and $16 associated with variable interest entity for the three months ended March 31, 2024 and 2023, respectively) 431 67
Interest expense (including $517 and $406 associated with variable interest entity for the three months ended March 31, 2024 and 2023, respectively) (524) (407)
Total other income (expenses), net 375 (728)
Income before provision for income taxes 8,451 12,004
Provision for income taxes 1,975 2,818
Net income 6,476 9,186
Net income attributable to noncontrolling interest 310 181
Net income attributable to Karat Packaging Inc. $ 6,166 $ 9,005
Basic and diluted earnings per share:    
Basic (in dollars per share) $ 0.31 $ 0.45
Diluted (in dollars per share) $ 0.31 $ 0.45
Weighted average common shares outstanding, basic (in shares) 19,969,606 19,886,585
Weighted average common shares outstanding, diluted (in shares) 20,075,485 19,939,923