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Summary of Significant Accounting Policies
 9 Months Ended
Sep. 29, 2012
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies

(a)
Basis of Presentation

The consolidated financial statements include the accounts of Darling and its subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.

(b)
Fiscal Periods

The Company has a 52/53 week fiscal year ending on the Saturday nearest December 31.  Fiscal periods for the consolidated financial statements included herein are as of September 29, 2012, and include the 13 and 39 weeks ended September 29, 2012, and the 13 and 39 weeks ended October 1, 2011.

(c)
Reclassifications

Certain prior year immaterial amounts have been reclassified to conform to the current year presentation.

(d)
Earnings Per Share

Basic income per common share is computed by dividing net income by the weighted average number of common shares including non-vested and restricted shares outstanding during the period.  Diluted income per common share is computed by dividing net income by the weighted average number of common shares including non-vested and restricted shares outstanding during the period increased by dilutive common equivalent shares determined using the treasury stock method. As a result of the use of weighted average number of shares the full effect of the issuance of 24,193,548 shares as discussed in Note 9 are not in the earnings per share calculation set forth below for fiscal 2011.

 
Net Income per Common Share (in thousands, except per share data)
 
Three Months Ended
 
 
 
September 29, 2012
 
 
 
 
 
October 1, 2011
 
 
 
Income
 
Shares
 
Per Share
 
Income
 
Shares
 
Per Share
Basic:
 
 
 
 
 
 
 
 
 
 
 
Net Income
$
37,172

 
117,678

 
$
0.32

 
$
41,132

 
117,050

 
$
0.35

Diluted:
 

 
 

 
 

 
 

 
 

 
 

Effect of dilutive securities:
 

 
 

 
 

 
 

 
 

 
 

Add: Option shares in the money and dilutive effect of non-vested stock
 

 
792

 
 

 
 

 
956

 
 

Less: Pro forma treasury shares
 

 
(296
)
 
 

 
 

 
(351
)
 
 

Diluted:
 

 
 

 
 

 
 

 
 

 
 

Net income
$
37,172

 
118,174

 
$
0.31

 
$
41,132

 
117,655

 
$
0.35



 
Net Income per Common Share (in thousands, except per share data)
 
Nine Months Ended
 
 
 
September 29, 2012
 
 
 
 
 
October 1, 2011
 
 
 
Income
 
Shares
 
Per Share
 
Income
 
Shares
 
Per Share
Basic:
 
 
 
 
 
 
 
 
 
 
 
Net Income
$
101,968

 
117,531

 
$
0.87

 
$
139,921

 
114,214

 
$
1.23

Diluted:
 

 
 

 
 

 
 

 
 

 
 

Effect of dilutive securities:
 

 
 

 
 

 
 

 
 

 
 

Add: Option shares in the money and dilutive effect of non-vested stock
 

 
844

 
 

 
 

 
975

 
 

Less: Pro forma treasury shares
 

 
(326
)
 
 

 
 

 
(371
)
 
 

Diluted:
 

 
 

 
 

 
 

 
 

 
 

Net income
$
101,968

 
118,049

 
$
0.86

 
$
139,921

 
114,818

 
$
1.22



For the three months ended September 29, 2012 and October 1, 2011, respectively, 207,890 and 76,157 outstanding stock options were excluded from diluted income per common share as the effect was antidilutive. For the three months ended September 29, 2012 and October 1, 2011, respectively, 100,615 and 312,092 shares of non-vested stock were excluded from diluted income per common share as the effect was antidilutive.

For the nine months ended September 29, 2012 and October 1, 2011, respectively, 211,890 and 58,977 outstanding stock options were excluded from diluted income per common share as the effect was antidilutive. For the nine months ended September 29, 2012 and October 1, 2011, respectively, 111,675 and 337,176 shares of non-vested stock were excluded from diluted income per common share as the effect was antidilutive.