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Summary of Significant Accounting Policies | 6 Months Ended
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Jun. 29, 2013
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 consolidated 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 June 29, 2013, and include the 13 and 26 weeks ended June 29, 2013, and the 13 and 26 weeks ended June 30, 2012.
(c) | Revenue Recognition
The Company recognizes revenue on sales when products are shipped and the customer takes ownership and assumes risk of loss. Certain customers may be required to prepay prior to shipment in order to maintain payment protection related to certain foreign and domestic sales. These amounts are recorded as unearned revenue and recognized when the products have shipped and the customer takes ownership and assumes risk of loss. The Company has formula arrangements with certain suppliers whereby the charge or credit for raw materials is tied to published finished product commodity prices after deducting a fixed processing fee incorporated into the formula and is recorded as a cost of sale by line of business. The Company recognizes revenue related to grease trap servicing in the month the trap service occurs.
(d) | Reclassifications
Certain prior year amounts have been reclassified to conform to the current year presentation.
(e) | 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 outstanding during the period increased by dilutive common equivalent shares determined using the treasury stock method.
| Net Income per Common Share (in thousands, except per share data)
| Three Months Ended
|  |  | June 29, 2013 |  |  |  |  |  | June 30, 2012 |  |
| Income |  | Shares |  | Per Share |  | Income |  | Shares |  | Per Share
Basic: |  |  |  |  |  |  |  |  |  |  |
Net Income | $ | 26,418 |  |  | 118,196 |  |  | $ | 0.22 |  |  | $ | 36,225 |  |  | 117,613 |  |  | $ | 0.31 |
Diluted: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Effect of dilutive securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Add: Option shares in the money and dilutive effect of non-vested stock |  |  |  | 690 |  |  |  |  |  |  |  |  | 867 |  |  |  |
Less: Pro forma treasury shares |  |  |  | (298 | ) |  |  |  |  |  |  |  | (339 | ) |  |  |
Diluted: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income | $ | 26,418 |  |  | 118,588 |  |  | $ | 0.22 |  |  | $ | 36,225 |  |  | 118,141 |  |  | $ | 0.31 |
| Net Income per Common Share (in thousands, except per share data)
| Six Months Ended
|  |  | June 29, 2013 |  |  |  |  |  | June 30, 2012 |  |
| Income |  | Shares |  | Per Share |  | Income |  | Shares |  | Per Share
Basic: |  |  |  |  |  |  |  |  |  |  |
Net Income | $ | 58,823 |  |  | 118,056 |  |  | $ | 0.50 |  |  | $ | 64,796 |  |  | 117,458 |  |  | $ | 0.55 |
Diluted: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Effect of dilutive securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Add: Option shares in the money and dilutive effect of non-vested stock |  |  |  | 688 |  |  |  |  |  |  |  |  | 870 |  |  |  |
Less: Pro forma treasury shares |  |  |  | (304 | ) |  |  |  |  |  |  |  | (343 | ) |  |  |
Diluted: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income | $ | 58,823 |  |  | 118,440 |  |  | $ | 0.50 |  |  | $ | 64,796 |  |  | 117,985 |  |  | $ | 0.55 |
For the three months ended June 29, 2013 and June 30, 2012, respectively, 331,367 and 211,890 outstanding stock options were excluded from diluted income per common share as the effect was antidilutive. For the three months ended June 29, 2013 and June 30, 2012, respectively, 58,942 and 112,296 shares of non-vested stock were excluded from diluted income per common share as the effect was antidilutive. For the six months ended June 29, 2013 and June 30, 2012, respectively, 261,498 and 211,890 outstanding stock options were excluded from diluted income per common share as the effect was antidilutive. For the six months ended June 29, 2013 and June 30, 2012, respectively, 61,735 and 117,746 shares of non-vested stock were excluded from diluted income per common share as the effect was antidilutive.

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