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Earnings Per Share | 9 Months Ended
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Sep. 30, 2024
Earnings Per Share [Abstract] |
Earnings Per Share | Earnings Per Share (a)Basic Basic earnings per share is calculated by dividing the net income attributable to equity holders of the Company for the period by the weighted average number of common shares outstanding during the period.
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
| (in thousands, except per share data)
Net income attributable to Karat Packaging Inc. | $ | 9,094 |  |  | $ | 9,065 |  |  | $ | 24,360 |  |  | $ | 28,572 |
Weighted average number of common shares in issue | 20,018 |  |  | 19,891 |  |  | 19,994 |  |  | 19,888 |
Basic earnings per share | $ | 0.45 |  |  | $ | 0.46 |  |  | $ | 1.22 |  |  | $ | 1.44 |
(b)Diluted Diluted earnings per share is calculated based upon the weighted average number of common shares and common equivalent shares outstanding during the period, calculated using the treasury stock method. Under the treasury stock method, exercise proceeds include the amount the employee must pay for exercising stock options and the amount of compensation cost related to stock awards for future services that the Company has not yet recognized. Common equivalent shares are excluded from the computation in periods in which they have an anti-dilutive effect. The following table summarizes the calculation of diluted earnings per share:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
| (in thousands, except per share data)
Net income attributable to Karat Packaging Inc. | $ | 9,094 |  |  | $ | 9,065 |  |  | $ | 24,360 |  |  | $ | 28,572 |
Weighted average number of common shares in issue | 20,018 |  |  | 19,891 |  |  | 19,994 |  |  | 19,888 |
Dilutive shares |  |  |  |  |  |  |
Stock options and restricted stock units | 116 |  |  | 104 |  |  | 114 |  |  | 75 |
Adjusted weighted average number of common shares | 20,134 |  |  | 19,995 |  |  | 20,108 |  |  | 19,963 |
Diluted earnings per share | $ | 0.45 |  |  | $ | 0.45 |  |  | $ | 1.21 |  |  | $ | 1.43 |
For both the three months ended September 30, 2024 and 2023, no shares of potentially dilutive shares, have been excluded in the diluted earnings per share calculation due to their anti-dilutive impact on earnings per share. For the nine months ended September 30, 2024 and 2023, a total of 6,403 and 285,000 shares of potentially dilutive shares, respectively, have been excluded in the diluted earnings per share calculation due to its anti-dilutive impact on earnings per share.

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/260/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-3 + Details
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