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CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND RETAINED EARNINGS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Revenue $ 103,761 $ 101,977
Costs 66,745 65,111
Gross Margin 37,016 36,866
Selling, marketing and administrative expenses 16,272 31,108
Earnings from operations 20,744 5,758
Other income (loss), net (5,494) 6,017
Earnings before income taxes 15,250 11,775
Provision for income taxes 3,274 2,864
Net earnings 11,976 8,911
Less: net earnings (loss) attributable to noncontrolling interests (6) (44)
Net earnings attributable to Tootsie Roll Industries, Inc. $ 11,982 $ 8,955
Net earnings attributable to Tootsie Roll Industries, Inc. per share (in dollars per share) $ 0.18 $ 0.13
Average number of shares outstanding (in shares) 66,875 67,814
Retained earnings at beginning of period $ 40,809 $ 33,767
Net earnings attributable to Tootsie Roll Industries, Inc. $ 11,982 $ 8,955
Dividends per share (in dollars per share) [1] $ 0.09 $ 0.09
Cash dividends $ (5,841) $ (5,757)
Stock dividends (43,753) (34,506)
Retained earnings at end of period 3,197 2,459
Product    
Revenue 102,803 101,019
Costs 66,443 64,856
Gross Margin 36,360 36,163
Rental and Royalty    
Revenue 958 958
Costs 302 255
Gross Margin $ 656 $ 703
[1] Does not include 3% stock dividend to shareholders of record on 3/3/20 and 3/5/19.