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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, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Revenue $ 182,303 $ 183,015 $ 390,912 $ 393,266
Costs 115,457 115,210 249,247 246,646
Gross Margin 66,846 67,805 141,665 146,620
Selling, marketing and administrative expenses 36,620 33,222 91,229 86,502
Earnings from operations 30,226 34,583 50,436 60,118
Other income (loss), net 2,987 4,370 6,871 9,311
Earnings before income taxes 33,213 38,953 57,307 69,429
Provision for income taxes 7,134 12,066 12,657 20,681
Net earnings 26,079 26,887 44,650 48,748
Less: Net earnings (loss) attributable to noncontrolling interests (25) (46) (68) (131)
Net earnings attributable to Tootsie Roll Industries, Inc. $ 26,104 $ 26,933 $ 44,718 $ 48,879
Net earnings attributable to Tootsie Roll Industries, Inc. per share (in dollars per share) $ 0.41 $ 0.42 $ 0.70 $ 0.75
Dividends per share (in dollars per share) [1] $ 0.09 $ 0.09 $ 0.27 $ 0.27
Average number of shares outstanding (in shares) 64,155 64,855 64,268 65,155
Retained earnings at beginning of period $ 7,020 $ 9,615 $ 57,225 $ 43,833
Net earnings attributable to Tootsie Roll Industries, Inc. 26,104 26,933 44,718 48,879
Adopted ASU's (See Note 1) 2,726   2,726  
Cash dividends (5,768) (5,658) (17,164) (16,898)
Stock dividends     (60,149) (44,924)
Retained earnings at end of period 27,356 30,890 27,356 30,890
Product        
Revenue 181,505 182,173 387,987 390,495
Costs 115,246 114,970 248,561 245,889
Gross Margin 66,259 67,203 139,426 144,606
Rental and Royalty        
Revenue 798 842 2,925 2,771
Costs 211 240 686 757
Gross Margin $ 587 $ 602 $ 2,239 $ 2,014
[1] Does not include 3% stock dividend to shareholders of record on 3/6/18 and 3/7/17.