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CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND RETAINED EARNINGS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Revenue $ 106,952 $ 106,809 $ 208,929 $ 208,609
Costs 66,221 67,689 131,332 133,790
Gross Margin 40,731 39,120 77,597 74,819
Selling, marketing and administrative expenses 28,216 28,752 59,324 54,609
Earnings from operations 12,515 10,368 18,273 20,210
Other income (loss), net 3,053 3,363 9,070 3,884
Earnings before income taxes 15,568 13,731 27,343 24,094
Provision for income taxes 4,024 3,261 6,888 5,523
Net earnings 11,544 10,470 20,455 18,571
Less: Net earnings (loss) attributable to noncontrolling interests (12) (19) (56) (43)
Net earnings attributable to Tootsie Roll Industries, Inc. $ 11,556 $ 10,489 $ 20,511 $ 18,614
Net earnings attributable to Tootsie Roll Industries, Inc. per share (in dollars per share) $ 0.18 $ 0.16 $ 0.31 $ 0.28
Dividends per share (in dollars per share) [1] $ 0.09 $ 0.09 $ 0.18 $ 0.18
Average number of shares outstanding (in shares) 65,559 66,104 65,722 66,232
Retained earnings at beginning of period $ 2,459 $ 2,306 $ 33,767 $ 57,225
Net earnings attributable to Tootsie Roll Industries, Inc. 11,556 10,489 20,511 18,614
Adopted ASU's (See Note 1)   2,726   2,726
Cash dividends (5,894) (5,775) (11,651) (11,396)
Stock dividends     (34,506) (60,149)
Retained earnings at end of period 8,121 7,020 8,121 7,020
Product        
Revenue 106,021 105,623 207,040 206,482
Costs 65,945 67,481 130,801 133,315
Gross Margin 40,076 38,142 76,239 73,167
Rental and Royalty        
Revenue 931 1,186 1,889 2,127
Costs 276 208 531 475
Gross Margin $ 655 $ 978 $ 1,358 $ 1,652
[1] Does not include 3% stock dividend to shareholders of record on 3/5/19 and 3/6/18.