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CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Income Statement [Abstract]    
Sales $ 170,563 $ 201,010
Cost of sales 107,768 131,186
Gross profit 62,795 69,824
Advertising and promotion expenses 8,683 7,733
Selling, general, and administrative expenses 20,979 20,532
Impairment of long-lived assets and other 116 0
Change in fair value of contingent consideration 4,100 0
Operating income 28,917 41,559
Interest expense, net (2,019) (995)
Other income (expense), net (52) 123
Income before income taxes 26,846 40,687
Income tax expense 6,262 9,655
Net income 20,584 31,032
Net loss attributable to noncontrolling interest 51 39
Net income attributable to MGP Ingredients, Inc. 20,635 31,071
Income attributable to participating securities, basic (239) (311)
Income attributable to participating securities, diluted (239) (311)
Net income used in earnings per common share calculation, basic 20,396 30,760
Net income used in earnings per common share calculation, diluted $ 20,396 $ 30,760
Weighted average common shares    
Basic (in shares) 22,142,277 22,040,224
Diluted (in shares) 22,142,277 22,072,271
Earnings per common share    
Basic (in dollars per share) $ 0.92 $ 1.40
Diluted (in dollars per share) $ 0.92 $ 1.39

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