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CONSOLIDATED STATEMENTS OF Earnings and Retained Earnings - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Revenue $ 106,809 $ 105,796 $ 208,609 $ 210,251
Costs 67,689 65,632 133,790 131,436
Total gross margin 39,120 40,164 74,819 78,815
Selling, marketing and administrative expenses 28,752 26,555 54,609 53,280
Earnings from operations 10,368 13,609 20,210 25,535
Other income (loss), net 3,363 2,713 3,884 4,941
Earnings before income taxes 13,731 16,322 24,094 30,476
Provision for income taxes 3,261 4,472 5,523 8,615
Net earnings 10,470 11,850 18,571 21,861
Less: Net earnings (loss) attributable to noncontrolling interests (19) (45) (43) (85)
Net earnings attributable to Tootsie Roll Industries, Inc. $ 10,489 $ 11,895 $ 18,614 $ 21,946
Net earnings attributable to Tootsie Roll Industries, Inc. per share (in dollars per share) $ 0.16 $ 0.18 $ 0.29 $ 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) 64,190 65,138 64,318 65,308
Retained earnings at beginning of period $ 2,306 $ 3,405 $ 57,225 $ 43,833
Net earnings attributable to Tootsie Roll Industries, Inc. 10,489 11,895 18,614 21,946
Adopted ASU's (See Note 1) 2,726   2,726  
Cash dividends (5,775) (5,685) (11,396) (11,240)
Stock dividends     (60,149) (44,924)
Retained earnings at end of period 7,020 9,615 7,020 9,615
Product        
Revenue 105,623 104,897 206,482 208,322
Costs 67,481 65,381 133,315 130,919
Total gross margin 38,142 39,516 73,167 77,403
Rental and Royalty        
Revenue 1,186 899 2,127 1,929
Costs 208 251 475 517
Total gross margin $ 978 $ 648 $ 1,652 $ 1,412
[1] Does not include 3% stock dividend to shareholders of record on 3/6/18 and 3/7/17.