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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, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Revenue $ 80,641 $ 106,952 $ 184,402 $ 208,929
Costs 50,589 66,221 117,334 131,332
Gross Margin 30,052 40,731 67,068 77,597
Selling, marketing and administrative expenses 29,559 28,216 45,831 59,324
Earnings from operations 493 12,515 21,237 18,273
Other income (loss), net 9,727 3,053 4,233 9,070
Earnings before income taxes 10,220 15,568 25,470 27,343
Provision for income taxes 2,838 4,024 6,112 6,888
Net earnings 7,382 11,544 19,358 20,455
Less: net earnings (loss) attributable to noncontrolling interests (6) (12) (12) (56)
Net earnings attributable to Tootsie Roll Industries, Inc. $ 7,388 $ 11,556 $ 19,370 $ 20,511
Net earnings attributable to Tootsie Roll Industries, Inc. per share (in dollars per share) $ 0.11 $ 0.17 $ 0.29 $ 0.30
Dividends per share (in dollars per share) [1] $ 0.09 $ 0.09 $ 0.18 $ 0.18
Average number of shares outstanding (in shares) 66,671 67,501 66,781 67,664
Retained earnings at beginning of period $ 3,197 $ 2,459 $ 40,809 $ 33,767
Net earnings attributable to Tootsie Roll Industries, Inc. 7,388 11,556 19,370 20,511
Cash dividends (5,997) (5,894) (11,838) (11,651)
Stock dividends     (43,753) (34,506)
Retained earnings at end of period 4,588 8,121 4,588 8,121
Product        
Revenue 79,796 106,021 182,599 207,040
Costs 50,379 65,945 116,822 130,801
Gross Margin 29,417 40,076 65,777 76,239
Rental and Royalty        
Revenue 845 931 1,803 1,889
Costs 210 276 512 531
Gross Margin $ 635 $ 655 $ 1,291 $ 1,358
[1] Does not include 3% stock dividend to shareholders of record on 3/3/20 and 3/5/19.