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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Income Statement [Abstract]        
Net sales $ 112,600 $ 108,740 $ 208,213 $ 204,541
Cost of goods sold 69,193 66,879 127,204 124,536
Gross profit 43,407 41,861 81,009 80,005
Operating expenses:        
Selling expenses 13,868 8,871 24,631 17,572
General and administrative expenses (including $689 and $647 associated with variable interest entity for the three months ended June 30, 2024 and 2023; respectively, $1,245 and $1,318 associated with variable interest entity for the six months ended June 30, 2024 and 2023, respectively) 17,893 17,192 34,662 33,821
Impairment expense and loss, net, on disposal of machinery 531 2,459 2,525 2,541
Total operating expenses 32,292 28,522 61,818 53,934
Operating income 11,115 13,339 19,191 26,071
Other income (expenses)        
Rental income (including $258 and $239 associated with variable interest entity for the three months ended June 30, 2024 and 2023; respectively, $513 and $486 associated with variable interest entity for the six months ended June 30, 2024 and 2023, respectively) 600 275 891 522
Other income (expenses), net 51 118 106 (90)
Gain (loss) on foreign currency transactions 317 322 439 (105)
Interest income (including $133 and $182 associated with variable interest entity for the three months ended June 30, 2024 and 2023; respectively, $346 and $198 associated with variable interest entity for the six months ended June 30, 2024 and 2023, respectively) 533 519 964 586
Interest expense (including $519 and $565 associated with variable interest entity for the three months ended June 30, 2024 and 2023; respectively, $1,036 and $971 associated with variable interest entity for the six months ended June 30, 2024 and 2023, respectively) (548) (573) (1,072) (980)
Total other income (expenses), net 953 661 1,328 (67)
Income before provision for income taxes 12,068 14,000 20,519 26,004
Provision for income taxes 2,841 3,323 4,816 6,141
Net income 9,227 10,677 15,703 19,863
Net income attributable to noncontrolling interest 127 175 437 356
Net income attributable to Karat Packaging Inc. $ 9,100 $ 10,502 $ 15,266 $ 19,507
Basic and diluted earnings per share:        
Basic (in dollars per share) $ 0.46 $ 0.53 $ 0.76 $ 0.98
Diluted (in dollars per share) $ 0.45 $ 0.53 $ 0.76 $ 0.98
Weighted average common shares outstanding, basic (in shares) 19,994,250 19,886,585 19,981,928 19,887,023
Weighted average common shares outstanding, diluted (in shares) 20,113,842 19,953,510 20,094,664 19,947,155