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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, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Revenue $ 157,797 $ 182,724 $ 342,199 $ 391,653
Costs 99,400 113,108 216,734 244,440
Gross Margin 58,397 69,616 125,465 147,213
Selling, marketing and administrative expenses 32,868 33,578 78,699 92,902
Earnings from operations 25,529 36,038 46,766 54,311
Other income (loss), net 5,863 1,846 10,096 10,916
Earnings before income taxes 31,392 37,884 56,862 65,227
Provision for income taxes 6,729 8,038 12,841 14,926
Net earnings 24,663 29,846 44,021 50,301
Less: net earnings (loss) attributable to noncontrolling interests (10) (8) (22) (64)
Net earnings attributable to Tootsie Roll Industries, Inc. $ 24,673 $ 29,854 $ 44,043 $ 50,365
Net earnings attributable to Tootsie Roll Industries, Inc. per share (in dollars per share) $ 0.37 $ 0.44 $ 0.66 $ 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) 66,423 67,286 66,657 67,541
Product        
Revenue $ 156,962 $ 181,913 $ 339,561 $ 388,953
Costs 99,187 112,867 216,009 243,668
Gross Margin 57,775 69,046 123,552 145,285
Rental and Royalty        
Revenue 835 811 2,638 2,700
Costs 213 241 725 772
Gross Margin $ 622 $ 570 $ 1,913 $ 1,928
[1] Does not include 3% stock dividend to shareholders of record on 3/3/20 and 3/5/19.