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CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND RETAINED EARNINGS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Revenue $ 162,092 $ 140,637
Costs 111,797 92,729
Gross Margin 50,295 47,908
Selling, marketing and administrative expenses 37,499 27,073
Earnings from operations 12,796 20,835
Other income (loss), net 4,780 (5,016)
Earnings before income taxes 17,576 15,819
Provision for income taxes 4,182 3,800
Net earnings 13,394 12,019
Less: net loss attributable to noncontrolling interests (7) (8)
Net earnings attributable to Tootsie Roll Industries, Inc. $ 13,401 $ 12,027
Net earnings attributable to Tootsie Roll Industries, Inc. per share (in dollars per share) $ 0.19 $ 0.17
Dividends per share (in dollars per share) [1] $ 0.09 $ 0.09
Average number of shares outstanding (in shares) 70,242 71,079
Product    
Revenue $ 160,711 $ 139,291
Costs 111,406 92,350
Gross Margin 49,305 46,941
Rental and Royalty    
Revenue 1,381 1,346
Costs 391 379
Gross Margin $ 990 $ 967
[1] Does not include 3% stock dividend to shareholders of record on 3/6/23 and 3/7/22.