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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, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Revenue $ 213,173 $ 184,165 $ 497,250 $ 402,852
Costs 141,631 118,778 330,148 260,964
Gross Margin 71,542 65,387 167,102 141,888
Selling, marketing and administrative expenses 35,957 35,743 83,704 94,930
Earnings from operations 35,585 29,644 83,398 46,958
Other income (loss), net (1,246) 1,750 (17,399) 11,810
Earnings before income taxes 34,339 31,394 65,999 58,768
Provision for income taxes 7,778 6,675 15,438 13,494
Net earnings 26,561 24,719 50,561 45,274
Less: net loss attributable to noncontrolling interests (16) (14) (32) (20)
Net earnings attributable to Tootsie Roll Industries, Inc. $ 26,577 $ 24,733 $ 50,593 $ 45,294
Net earnings attributable to Tootsie Roll Industries, Inc. per share (in dollars per share) $ 0.39 $ 0.36 $ 0.73 $ 0.65
Dividends per share (in dollars per share) [1] $ 0.09 $ 0.09 $ 0.27 $ 0.27
Average number of shares outstanding (in shares) 68,876 69,250 68,952 69,555
Product        
Revenue $ 211,888 $ 183,090 $ 493,260 $ 399,445
Costs 141,243 118,446 328,995 259,959
Gross Margin 70,645 64,644 164,265 139,486
Rental and Royalty        
Revenue 1,285 1,075 3,990 3,407
Costs 388 332 1,153 1,005
Gross Margin $ 897 $ 743 $ 2,837 $ 2,402
[1] Does not include 3% stock dividend to shareholders of record on 3/7/22 and 3/5/21.