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CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND RETAINED EARNINGS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Revenue $ 160,145 $ 143,440 $ 322,237 $ 284,077
Costs 107,535 95,788 219,332 188,517
Total gross margin 52,610 47,652 102,905 95,560
Selling, marketing and administrative expenses 37,857 20,674 75,356 47,747
Earnings from operations 14,753 26,978 27,549 47,813
Other income (loss), net 4,804 (11,137) 9,584 (16,153)
Earnings before income taxes 19,557 15,841 37,133 31,660
Provision for income taxes 4,837 3,860 9,019 7,660
Net earnings 14,720 11,981 28,114 24,000
Less: net loss attributable to noncontrolling interests (6) (8) (13) (16)
Net earnings attributable to Tootsie Roll Industries, Inc. $ 14,726 $ 11,989 $ 28,127 $ 24,016
Net earnings attributable to Tootsie Roll Industries, Inc. per share (in dollars per share) $ 0.21 $ 0.17 $ 0.40 $ 0.34
Dividends per share (in dollars per share) [1] $ 0.09 $ 0.09 $ 0.18 $ 0.18
Average number of shares outstanding (in shares) 70,089 70,985 70,156 71,029
Product        
Revenue $ 158,837 $ 142,081 $ 319,548 $ 281,372
Costs 107,075 95,402 218,481 187,752
Total gross margin 51,762 46,679 101,067 93,620
Rental and Royalty        
Revenue 1,308 1,359 2,689 2,705
Costs 460 386 851 765
Total gross margin $ 848 $ 973 $ 1,838 $ 1,940
[1] Does not include 3% stock dividend to shareholders of record on 3/6/23 and 3/7/22.