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CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND RETAINED EARNINGS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Revenue $ 182,724 $ 182,303 $ 391,653 $ 390,912
Costs 113,108 115,457 244,440 249,247
Gross Margin 69,616 66,846 147,213 141,665
Selling, marketing and administrative expenses 33,578 36,620 92,902 91,229
Earnings from operations 36,038 30,226 54,311 50,436
Other income (loss), net 1,846 2,987 10,916 6,871
Earnings before income taxes 37,884 33,213 65,227 57,307
Provision for income taxes 8,038 7,134 14,926 12,657
Net earnings 29,846 26,079 50,301 44,650
Less: net earnings (loss) attributable to noncontrolling interests (8) (25) (64) (68)
Net earnings attributable to Tootsie Roll Industries, Inc. $ 29,854 $ 26,104 $ 50,365 $ 44,718
Net earnings attributable to Tootsie Roll Industries, Inc. per share (in dollars per share) $ 0.46 $ 0.40 $ 0.77 $ 0.68
Dividends per share (in dollars per share) [1] $ 0.09 $ 0.09 $ 0.27 $ 0.27
Average number of shares outstanding (in shares) 65,344 66,069 65,598 66,182
Retained earnings at beginning of period $ 8,121 $ 7,020 $ 33,767 $ 57,225
Net earnings attributable to Tootsie Roll Industries, Inc. 29,854 26,104 50,365 44,718
Adoption of ASU 2014-09 and 2018-02   2,726   2,726
Cash dividends (5,868) (5,768) (17,519) (17,164)
Stock dividends     (34,506) (60,149)
Retained earnings at end of period 32,107 27,356 32,107 27,356
Product        
Revenue 181,913 181,505 388,953 387,987
Costs 112,867 115,246 243,668 248,561
Gross Margin 69,046 66,259 145,285 139,426
Rental and Royalty        
Revenue 811 798 2,700 2,925
Costs 241 211 772 686
Gross Margin $ 570 $ 587 $ 1,928 $ 2,239
[1] Does not include 3% stock dividend to shareholders of record on 3/5/19 and 3/6/18.