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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, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Total revenue $ 249,852 $ 213,173 $ 572,089 $ 497,250
Total costs 164,652 141,631 383,984 330,148
Total gross margin 85,200 71,542 188,105 167,102
Selling, marketing and administrative expenses 39,300 35,957 114,656 83,704
Earnings from operations 45,900 35,585 73,449 83,398
Other income (loss), net (718) (1,246) 8,866 (17,399)
Earnings before income taxes 45,182 34,339 82,315 65,999
Provision for income taxes 10,805 7,778 19,824 15,438
Net earnings 34,377 26,561 62,491 50,561
Less: net loss attributable to noncontrolling interests (5) (16) (18) (32)
Net earnings attributable to Tootsie Roll Industries, Inc. $ 34,382 $ 26,577 $ 62,509 $ 50,593
Net earnings attributable to Tootsie Roll Industries, Inc. per share $ 0.49 $ 0.37 $ 0.89 $ 0.71
Dividends per share [1] $ 0.09 $ 0.09 $ 0.27 $ 0.27
Average number of shares outstanding (in shares) 69,621 70,915 69,973 70,992
Product        
Total revenue $ 248,336 $ 211,888 $ 567,884 $ 493,260
Total costs 164,163 141,243 382,644 328,995
Total gross margin 84,173 70,645 185,240 164,265
Rental and Royalty        
Total revenue 1,516 1,285 4,205 3,990
Total costs 489 388 1,340 1,153
Total gross margin $ 1,027 $ 897 $ 2,865 $ 2,837
[1] Does not include 3% stock dividend to shareholders of record on 3/6/23 and 3/7/22.