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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Income Statement [Abstract]        
Net sales $ 109,996,000 $ 102,711,000 $ 330,290,000 $ 272,910,000
Cost of goods sold 75,828,000 72,918,000 227,869,000 193,393,000
Gross profit 34,168,000 29,793,000 102,421,000 79,517,000
Operating expenses        
Selling expense 9,413,000 9,855,000 28,218,000 24,026,000
General and administrative expense (including $665 and $683 associated with variable interest entity for the three months ended September 30, 2022 and 2021, respectively; $1,899 and $1,983 associated with variable interest entity for the nine months ended September 30, 2022 and 2021, respectively) 16,845,000 14,573,000 49,000,000 39,485,000
Total operating expenses 26,258,000 24,428,000 77,218,000 63,511,000
Operating income 7,910,000 5,365,000 25,203,000 16,006,000
Other income (expense)        
Rental income (including $239 and $246 associated with variable interest entity for the three months ended September 30, 2022 and 2021, respectively; and $715 and $738 associated with variable interest entity for the nine months ended September 30, 2022 and 2021, respectively) 239,000 246,000 715,000 738,000
Other income (expense) 28,000 101,000 (235,000) 223,000
Gain (Loss) on foreign currency transactions 369,000 (63,000) 1,352,000 (347,000)
Interest (expense) income (including $470 interest expense and $273 interest expense associated with variable interest entity for the three months ended September 30, 2022 and 2021, respectively; and $781 interest income and $283 interest expense associated with variable interest entity for the nine months ended September 30, 2022 and 2021, respectively) 493,000 308,000 (584,000) 1,158,000
Gain on forgiveness of debt 0 0 0 5,000,000
Total other income (expense) 143,000 (24,000) 2,416,000 4,456,000
Income before provision for income taxes 8,053,000 5,341,000 27,619,000 20,462,000
Provision for income taxes 1,900,000 1,268,000 6,323,000 4,001,000
Net income 6,153,000 4,073,000 21,296,000 16,461,000
Net income attributable to noncontrolling interest 57,000 287,000 2,189,000 1,312,000
Net income attributable to Karat Packaging Inc. $ 6,096,000 $ 3,786,000 $ 19,107,000 $ 15,149,000
Basic and diluted earnings per share:        
Basic (in dollars per share) $ 0.31 $ 0.19 $ 0.96 $ 0.84
Diluted (in dollars per share) $ 0.31 $ 0.19 $ 0.96 $ 0.84
Weighted average common shares outstanding, basic (in shares) 19,809,417 19,710,043 19,808,813 17,945,205
Weighted average common shares outstanding, diluted (in shares) 19,938,042 19,881,295 19,922,047 18,110,127