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CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND RETAINED EARNINGS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Revenue $ 101,977 $ 101,800
Costs 65,111 66,101
Gross Margin 36,866 35,699
Selling, marketing and administrative expenses 31,108 25,857
Earnings from operations 5,758 9,842
Other income (loss), net 6,017 521
Earnings before income taxes 11,775 10,363
Provision for income taxes 2,864 2,262
Net earnings 8,911 8,101
Less: Net earnings (loss) attributable to noncontrolling interests (44) (24)
Net earnings attributable to Tootsie Roll Industries, Inc. $ 8,955 $ 8,125
Net earnings attributable to Tootsie Roll Industries, Inc. per share (in dollars per share) $ 0.14 $ 0.12
Dividends per share (in dollars per share) [1] $ 0.09 $ 0.09
Average number of shares outstanding (in shares) 65,872 66,349
Retained earnings at beginning of period $ 33,767 $ 57,225
Net earnings attributable to Tootsie Roll Industries, Inc. 8,955 8,125
Adopted ASU's (See Note 1)   2,726
Cash dividends (5,757) (5,621)
Stock dividends (34,506) (60,149)
Retained earnings at end of period 2,459 2,306
Product    
Revenue 101,019 100,859
Costs 64,856 65,834
Gross Margin 36,163 35,025
Rental and Royalty    
Revenue 958 941
Costs 255 267
Gross Margin $ 703 $ 674
[1] Does not include 3% stock dividend to shareholders of record on 3/5/19 and 3/6/18.