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Inventory

3 Months Ended

Mar. 31, 2012

NOTE 5. INVENTORY

The major classes of inventory as of March 31, 2012 and December 31, 2011 are summarized as follows:


	March 31, 2012		December 31, 2011
	(in thousands)
Fish meal	$	14,670	$	30,738
Fish oil		8,051		14,712
Fish solubles		339		1,101
Nutraceutical products		2,801		2,146
Unallocated inventory cost pool (including off-season costs)		29,191		7,443
Other materials and supplies		8,944		8,753

Total inventory	$	63,996	$	64,893

Inventory at March 31, 2012 and December 31, 2011 is stated at the lower of cost or market. The elements of March 31, 2012 unallocated inventory cost pool include Omega Protein's plant and vessel related labor, utilities, rent, repairs and depreciation, to be allocated to inventories produced through the 2012 fishing season.

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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