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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
 
FORM 10-Q
 
 (Mark One)      
QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period ended
July 1, 2023
OR
TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
  For the transition period from _______ to _______
 
Commission File Number   001-13323

DARLING INGREDIENTS INC.
(Exact name of registrant as specified in its charter) 
Delaware36-2495346
 (State or other jurisdiction     (I.R.S. Employer
of incorporation or organization)   Identification Number)
 5601 N MacArthur Blvd., Irving, Texas     75038
(Address of principal executive offices)     (Zip Code)

Registrant's telephone number, including area code:  (972) 717-0300

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock $0.01 par value per shareDARNew York Stock Exchange(“NYSE”)
 
    Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.       Yes      No
 
    Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit and post such files).        Yes      No 

 Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer    
Non-accelerated filer  Smaller reporting company       
Emerging growth company
If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period
for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of Exchange Act.
 
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes      No 
 
There were 159,491,100 shares of common stock, $0.01 par value, outstanding at August 3, 2023.



DARLING INGREDIENTS INC. AND SUBSIDIARIES
FORM 10-Q FOR THE QUARTERLY PERIOD ENDED JULY 1, 2023
 
 
TABLE OF CONTENTS   

 
 
  Page No.
  
   
 
 
  
   
 
  
   
 
  
   
 
   
   
 60
   
   
   
  
   
 
2





DARLING INGREDIENTS INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS
July 1, 2023 and December 31, 2022
(in thousands, except share data)
July 1,
2023
December 31,
2022
ASSETS(unaudited)
Current assets:
Cash and cash equivalents$111,541 $127,016 
Restricted cash299 315 
Accounts receivable, less allowance for bad debts of $12,912 at
   July 1, 2023 and $11,889 at December 31, 2022
746,638 676,573 
Inventories825,130 673,621 
Prepaid expenses116,540 85,665 
Income taxes refundable22,621 18,583 
Other current assets53,188 56,324 
Total current assets1,875,957 1,638,097 
Property, plant and equipment, less accumulated depreciation of $2,219,926 at
   July 1, 2023 and $2,054,928 at December 31, 2022
2,774,526 2,462,082 
Intangible assets, less accumulated amortization of $685,911 at
   July 1, 2023 and $623,101 at December 31, 2022
1,074,604 865,122 
Goodwill2,566,169 1,970,377 
Investment in unconsolidated subsidiaries2,214,312 1,926,395 
Operating lease right-of-use assets196,554 186,141 
Other assets246,032 136,268 
Deferred income taxes25,085 17,888 
 $10,973,239 $9,202,370 
LIABILITIES AND STOCKHOLDERS’ EQUITY  
Current liabilities:  
Current portion of long-term debt$88,085 $69,846 
Accounts payable, principally trade427,066 472,491 
Income taxes payable29,821 44,851 
Current operating lease liabilities48,381 49,232 
Accrued expenses420,196 432,023 
Total current liabilities1,013,549 1,068,443 
Long-term debt, net of current portion4,458,797 3,314,969 
Long-term operating lease liabilities149,165 141,703 
Other non-current liabilities339,270 298,933 
Deferred income taxes561,895 481,832 
Total liabilities6,522,676 5,305,880 
Commitments and contingencies
Stockholders’ equity:  
     Common stock, $0.01 par value; 250,000,000 shares authorized; 174,317,233 and
        173,593,099 shares issued at July 1, 2023 and December 31, 2022,
        respectively
1,743 1,736 
Additional paid-in capital1,680,188 1,660,084 
     Treasury stock, at cost; 14,827,327 and 13,623,503 shares at
       July 1, 2023 and December 31, 2022, respectively
(624,852)(554,451)
Accumulated other comprehensive loss(212,561)(383,874)
Retained earnings3,523,712 3,085,528 
Total Darling's stockholders’ equity4,368,230 3,809,023 
Noncontrolling interests82,333 87,467 
 Total stockholders' equity4,450,563 3,896,490 
 $10,973,239 $9,202,370 
 The accompanying notes are an integral part of these consolidated financial statements.
3


DARLING INGREDIENTS INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS
Three and six months ended July 1, 2023 and July 2, 2022
(in thousands, except per share data)
(unaudited)


 
Three Months EndedSix Months Ended
 July 1,
2023
July 2,
2022
July 1,
2023
July 2,
2022
Net sales$1,757,621 $1,650,188 $3,548,793 $3,016,522 
Costs and expenses:  
Cost of sales and operating expenses1,359,702 1,231,507 2,726,675 2,252,084 
Loss/(gain) on sale of assets259 (1,055)(68)(1,444)
Selling, general and administrative expenses136,751 107,776 272,217 209,808 
Restructuring and asset impairment charges896 8,557 5,420 8,557 
Acquisition and integration costs1,706 5,358 8,728 9,131 
Change in fair value of contingent consideration(7,499) (7,499) 
Depreciation and amortization122,086 93,113 238,092 172,359 
Total costs and expenses1,613,901 1,445,256 3,243,565 2,650,495 
 Equity in net income of Diamond Green Diesel
212,964 73,680 307,301 145,484 
Operating income356,684 278,612 612,529 511,511 
Other expense:  
Interest expense(70,193)(24,008)(120,492)(39,611)
Foreign currency gain/(loss)2,490 (4,412)7,494 (5,512)
Other income/(expense), net5,079 (302)11,238 (1,044)
Total other expense(62,624)(28,722)(101,760)(46,167)
Equity in net income of other unconsolidated subsidiaries1,849 2,272 1,969 3,632 
Income before income taxes295,909 252,162 512,738 468,976 
Income tax expense40,712 47,333 67,686 73,416 
Net income255,197 204,829 445,052 395,560 
Net income attributable to noncontrolling interests(2,814)(2,833)(6,868)(5,511)
Net income attributable to Darling$252,383 $201,996 $438,184 $390,049 
Basic income per share$1.58 $1.25 $2.74 $2.41 
Diluted income per share$1.55 $1.23 $2.69 $2.37 

 



The accompanying notes are an integral part of these consolidated financial statements.
4


DARLING INGREDIENTS INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)
Three and six months ended July 1, 2023 and July 2, 2022
(in thousands)
(unaudited)

Three Months EndedSix Months Ended
 July 1, 2023July 2, 2022July 1, 2023July 2, 2022
Net income$255,197 $204,829 $445,052 $395,560 
Other comprehensive income/(loss), net of tax:  
Foreign currency translation adjustments82,592 (93,855)138,809 (90,473)
Pension adjustments327 428 654 857 
Commodities derivative adjustments(17,662)24,462 3,462 2,404 
Interest rate swap adjustments9,606  10,326  
Foreign exchange derivative adjustments9,271 (20,719)14,891 8,716 
Total other comprehensive income/(loss), net of tax84,134 (89,684)168,142 (78,496)
Total comprehensive income$339,331 $115,145 $613,194 $317,064 
Comprehensive income attributable to noncontrolling interests
301 2,687 3,697 6,232 
Comprehensive income attributable to Darling$339,030 $112,458 $609,497 $310,832 





The accompanying notes are an integral part of these consolidated financial statements.

5



DARLING INGREDIENTS INC. AND SUBSIDIARIES
  
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
Six months ended July 1, 2023 and July 2, 2022
(in thousands, except share data)
(unaudited)
Common Stock
Number of Outstanding Shares
$0.01 par Value
Additional Paid-In CapitalTreasury StockAccumulated Other Comprehensive LossRetained EarningsStockholders' equity attributable to DarlingNon-controlling InterestsTotal Stockholders' Equity
Balances at December 31, 2022159,969,596 $1,736 $1,660,084 $(554,451)$(383,874)$3,085,528 $3,809,023 $87,467 $3,896,490 
Net income— — — — — 185,801 185,801 4,054 189,855 
Deductions to noncontrolling interests
— — — — — — — (3,441)(3,441)
Addition to noncontrolling interests— — — — — — — 1,643 1,643 
Pension adjustments, net of tax— — — — 327 — 327 — 327 
Commodities derivative adjustments, net of tax— — — — 21,124 — 21,124 — 21,124 
Interest rate swap adjustments, net of tax— — — — 720 — 720 — 720 
Foreign exchange derivative adjustments, net of tax— — — — 5,620 — 5,620 — 5,620 
Foreign currency translation adjustments
— — — — 56,875 — 56,875 (658)56,217 
Issuance of non-vested stock— — 47 — — — 47 — 47 
Stock-based compensation— — 11,806 — — — 11,806 — 11,806 
Treasury stock(1,039,462)— — (60,510)— — (60,510)— (60,510)
Issuance of common stock633,972 6 1,695 — — — 1,701 — 1,701 
Balances at April 1, 2023159,564,106 $1,742 $1,673,632 $(614,961)$(299,208)$3,271,329 $4,032,534 $89,065 $4,121,599 
Net income— — — — — 252,383 252,383 2,814 255,197 
Distribution of noncontrolling interest earnings
— — — — — — — (9,036)(9,036)
Addition to noncontrolling interests— — — — — — — 2,003 2,003 
Pension adjustments, net of tax— — — — 327 — 327 — 327 
Commodities derivative adjustments, net of tax— — — — (17,662)— (17,662)— (17,662)
Interest rate swap adjustments, net of tax— — — — 9,606 — 9,606 — 9,606 
Foreign exchange derivative adjustments, net of tax— — — — 9,271 — 9,271 — 9,271 
Foreign currency translation adjustments
— — — — 85,105 — 85,105 (2,513)82,592 
Issuance of non-vested stock— — 46 — — — 46 — 46 
Stock-based compensation— — 6,186 — — — 6,186 — 6,186 
Treasury stock(164,362)— — (9,891)— — (9,891)— (9,891)
Issuance of common stock90,162 1 324 — — — 325 — 325 
Balances at July 1, 2023159,489,906 $1,743 $1,680,188 $(624,852)$(212,561)$3,523,712 $4,368,230 $82,333 $4,450,563 
The accompanying notes are an integral part of these consolidated financial statements.
6


DARLING INGREDIENTS INC. AND SUBSIDIARIES
  
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
Six months ended July 1, 2023 and July 2, 2022
(in thousands, except share data)
(unaudited)

Common Stock
Number of Outstanding Shares
$0.01 par Value
Additional Paid-In CapitalTreasury StockAccumulated Other Comprehensive LossRetained EarningsStockholders' equity attributable to DarlingNon-controlling InterestsTotal Stockholders' Equity
Balances at January 1, 2022160,792,004 $1,717 $1,627,816 $(374,721)$(321,690)$2,347,838 $3,280,960 $66,825 $3,347,785 
Net income— — — — — 188,053 188,053 2,678 190,731 
Pension adjustments, net of tax— — — — 429 — 429 — 429 
Commodities derivative adjustments, net of tax— — — — (22,058)— (22,058)— (22,058)
Foreign exchange derivative adjustments, net of tax— — — — 29,435 — 29,435 — 29,435 
Foreign currency translation adjustments
— — — — 2,515 — 2,515 867 3,382 
Issuance of non-vested stock5,000 — 18 — — — 18 — 18 
Stock-based compensation— — 6,305 — — — 6,305 — 6,305 
Treasury stock(938,113)— — (64,185)— — (64,185)— (64,185)
Issuance of common stock1,644,866 17 3,791 — — — 3,808 — 3,808 
Balances at April 2, 2022161,503,757 $1,734 $1,637,930 $(438,906)$(311,369)$2,535,891 $3,425,280 $70,370 $3,495,650 
Net income— — — — — 201,996 201,996 2,833 204,829 
Pension adjustments, net of tax— — — — 428 — 428 — 428 
Commodities derivative adjustments, net of tax— — — — 24,462 — 24,462 — 24,462 
Foreign exchange derivative adjustments, net of tax— — — — (20,719)— (20,719)— (20,719)
Foreign currency translation adjustments
— — — — (93,709)— (93,709)(146)(93,855)
Issuance of non-vested stock— — 30 — — — 30 — 30 
Stock-based compensation— — 7,016 — — — 7,016 — 7,016 
Treasury stock(751,432)— — (52,811)— — (52,811)— (52,811)
Issuance of common stock108,586 1 1,492 — — — 1,493 — 1,493 
Balances at July 2, 2022160,860,911 $1,735 $1,646,468 $(491,717)$(400,907)$2,737,887 $3,493,466 $73,057 $3,566,523 

The accompanying notes are an integral part of these consolidated financial statements.
7


DARLING INGREDIENTS INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS
Six months ended July 1, 2023 and July 2, 2022
(in thousands)
(unaudited)
 July 1,
2023
July 2,
2022
Cash flows from operating activities:  
Net Income$445,052 $395,560 
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation and amortization238,092 172,359 
Gain on sale of assets(68)(1,444)
Asset impairment 8,557 
Change in fair value of contingent consideration(7,499) 
Gain on insurance proceeds from insurance settlements(13,836) 
Deferred taxes34,202 35,674 
Increase/(decrease) in long-term pension liability480 (547)
Stock-based compensation expense18,085 13,369 
                  Deferred loan cost amortization3,138 2,207 
                  Equity in net income of Diamond Green Diesel and other unconsolidated subsidiaries(309,270)(149,116)
Distributions of earnings from Diamond Green Diesel and other unconsolidated subsidiaries103,794 1,631 
Changes in operating assets and liabilities, net of effects from acquisitions:  
Accounts receivable24,397 (47,046)
Income taxes refundable/payable(24,551)(28,834)
Inventories and prepaid expenses(22,301)(95,199)
Accounts payable and accrued expenses(94,080)72,351 
Other10,065 (18,487)
Net cash provided by operating activities405,700 361,035 
Cash flows from investing activities:  
Capital expenditures(234,307)(151,478)
      Acquisitions, net of cash acquired(1,079,083)(1,235,537)
  Investment in Diamond Green Diesel(75,000)(239,750)
      Investment in other unconsolidated subsidiaries(27) 
      Loan repayment from Diamond Green Diesel25,000  
        Gross proceeds from disposal of property, plant and equipment and other assets2,733 2,161 
Proceeds from insurance settlement13,836  
Payments related to routes and other intangibles(1,517)(179)
Net cash used in investing activities(1,348,365)(1,624,783)
Cash flows from financing activities:  
Proceeds from long-term debt807,956 1,663,612 
Payments on long-term debt(83,616)(23,600)
Borrowings from revolving credit facility1,415,916 777,902 
Payments on revolving credit facility(1,063,516)(937,921)
Net cash overdraft financing16,673 12 
Deferred loan costs(9)(10,707)
Repurchase of common stock(52,941)(65,887)
Minimum withholding taxes paid on stock awards(15,558)(45,836)
Distributions to noncontrolling interests(4,824) 
Net cash provided by financing activities1,020,081 1,357,575 
Effect of exchange rate changes on cash16,535 (16,059)
Net increase in cash, cash equivalents and restricted cash93,951 77,768 
Cash, cash equivalents and restricted cash at beginning of period150,168 69,072 
Cash, cash equivalents and restricted cash at end of period$244,119 $146,840 

The accompanying notes are an integral part of these consolidated financial statements.
8


DARLING INGREDIENTS INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements
July 1, 2023
(unaudited)

(1)General

The accompanying consolidated financial statements for the three and six month periods ended July 1, 2023 and July 2, 2022, have been prepared by Darling Ingredients Inc., a Delaware corporation (“Darling”, and together with its subsidiaries, the “Company” or “we”, “us” or “our”) in accordance with generally accepted accounting principles in the United States (“GAAP”) without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”).  The information furnished herein reflects all adjustments (consisting only of normal recurring accruals) that are, in the opinion of management, necessary to present a fair statement of the financial position and operating results of the Company as of and for the respective periods. However, these operating results are not necessarily indicative of the results expected for a full fiscal year. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been omitted pursuant to such rules and regulations.  However, management of the Company believes, to the best of their knowledge, that the disclosures herein are adequate to make the information presented not misleading.  The accompanying consolidated financial statements should be read in conjunction with the audited consolidated financial statements contained in the Company’s Form 10-K for the fiscal year ended December 31, 2022. 

(2)Summary of Significant Accounting Policies

(a)Basis of Presentation

The consolidated financial statements include the accounts of Darling and its consolidated subsidiaries. Noncontrolling interests represent the outstanding ownership interest in the Company's consolidated subsidiaries that are not owned by the Company. In the accompanying Consolidated Statements of Operations, the noncontrolling interest in net income of the consolidated subsidiaries is shown as an allocation of the Company's net income and is presented separately as “Net income attributable to noncontrolling interests.” In the Company's Consolidated Balance Sheets, noncontrolling interests represent the ownership interests in the Company's consolidated subsidiaries' net assets held by parties other than the Company. These ownership interests are presented separately as “Noncontrolling interests” within “Stockholders' Equity.” All 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 July 1, 2023, and include the 13 and 26 weeks ended July 1, 2023, and the 13 and 26 weeks ended July 2, 2022.

(c)    Cash and Cash Equivalents

The Company considers all short-term highly liquid instruments, with an original maturity of three months or less, to be cash equivalents. Cash balances are recorded net of book overdrafts when a bank right-of-offset exists. All other book overdrafts are recorded in accounts payable and the change in the related balance is reflected in operating activities on the Consolidated Statement of Cash Flows. In addition, the Company has bank overdrafts, which are considered a form of short-term financing with changes in the related balance reflected in financing activities in the Consolidated Statement of Cash Flows. Restricted cash shown on the Consolidated Balance Sheet as of July 1, 2023 and December 31, 2022, primarily represented amounts set aside as collateral for foreign construction projects and U.S. environmental claims and were insignificant to the Company. Restricted cash included in other long term assets on the Consolidated Balance Sheet as of July 1, 2023 and December 31, 2022, primarily represents acquisition consideration hold-back amounts that are part of the purchase price set aside in escrow in the Company's name for possible indemnification claims by the Company, which amounts will be paid to the sellers in the future if no claims arise. A reconciliation of cash, cash equivalents, and restricted cash reported within the Consolidated Balance Sheets that sum to the total of same such amounts shown in the Consolidated Statement of Cash flows is as follows (in thousands):

9


July 1, 2023December 31, 2022
Cash and cash equivalents$111,541 $127,016 
Restricted cash299 315 
Restricted cash included in other long-term assets132,279 22,837 
Total cash, cash equivalents and restricted cash shown in the statement of cash flows$244,119 $150,168 

(d)    Accounts Receivable Factoring

The Company has entered into agreements with third party banks to factor certain of the Company's trade receivables in order to enhance working capital by turning trade receivables into cash faster. Under these agreements, the Company sells certain selected customers’ trade receivables to third party banks without recourse for cash less a nominal fee. For the three months ended July 1, 2023 and July 2, 2022, the Company sold approximately $130.6 million and $145.0 million of its trade receivables and incurred approximately $1.7 million and $0.7 million in fees, respectively, which are recorded as interest expense. For the six months ended July 1, 2023 and July 2, 2022, the Company sold approximately $292.0 million and $271.3 million of its trade receivables and incurred approximately $3.7 million and $1.1 million in fees, which are recorded as interest expense.

(e)    Revenue Recognition

The Company recognizes revenue on sales when control of the promised finished product is transferred to the Company's customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for the finished product. Service revenues are recognized when the service occurs.  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 in accrued expenses and recognized when control of the promised finished product is transferred to the Company's customer.  See Note 20 (Revenue) to the Company's Consolidated Financial Statements included herein.

(f)    Use of Estimates

The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.

If it is at least reasonably possible that the estimate of the effect on the financial statements of a condition, situation, or set of circumstances that exist at the date of the financial statements will change in the near term due to one or more future confirming events, and the effect of the change would be material to the financial statements, the Company will disclose the nature of the uncertainty and include an indication that it is at least reasonably possible that a change in the estimate will occur in the near term.  If the estimate involves certain loss contingencies, the disclosure will also include an estimate of the probable loss or range of loss or state that an estimate cannot be made.

As a result of the Russia-Ukraine war and the current inflationary environment, we have evaluated the potential impact to the Company's operations and for any indicators of potential triggering events that could indicate certain of the Company's assets may be impaired. Through the six months ended July 1, 2023, the Company has not observed any impairments of the Company's assets or a significant change in their fair value due to the Russia-Ukraine war or inflation.

(g)    Out-of-Period Correction

During the quarter ended July 1, 2023, the Company determined the fair value of the contingent consideration liability recorded related to the FASA Group of approximately R$867.5 million (approximately $168.1 million USD at the exchange rate in effect on the closing date of the acquisition) was overstated in the initial
10


purchase price allocation. The error was the result of the use of an incorrect fair value model under the income approach to determine fair value of the contingent consideration liability upon acquisition. Utilizing assistance from external valuation experts and the use of a monte-carlo simulation, the Company determined during the quarter ended July 1, 2023 the acquisition date fair value of the contingent payment was R$428.2 million (approximately $83.0 million USD at the exchange rate in effect on the closing date of the acquisition) representing the probability weighted present value of the expected payment to be made under the agreement using the income approach. This resulted in an overstatement of the fair value of the contingent consideration liability of approximately $85.1 million on the acquisition date.

The Company assessed the impact of this error and concluded that it was not material to the financial statements previously issued for any interim or annual period and the correction of the error during the quarter ended July 1, 2023 is not material to the second quarter 2023 financial statements and is not expected to be material to the annual financial statements for fiscal 2023. The correction of the fair value of the contingent consideration liability at the acquisition date was recorded as an immaterial out-of-period correction during the quarter ended July 1, 2023 with the offset to the balance sheet recorded as a reduction to goodwill of approximately $85.1 million, which is included in the Feed Ingredients segment.

(h)    Reclassifications

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

(i)    Earnings Per Share

Basic income per common share is computed by dividing net income attributable to Darling 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 attributable to Darling 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
July 1, 2023July 2, 2022
 IncomeSharesPer ShareIncomeSharesPer Share
Basic:      
Net Income attributable to Darling$252,383 159,810 $1.58 $201,996 161,632 $1.25 
Diluted:      
Effect of dilutive securities:      
Add: Option shares in the money and dilutive effect of non-vested stock awards 3,308   3,781  
Less: Pro forma treasury shares (748)  (668) 
Diluted:      
Net income attributable to Darling$252,383 162,370 $1.55 $201,996 164,745 $1.23 

Net Income per Common Share (in thousands, except per share data)
 Six Months Ended
July 1, 2023July 2, 2022
 IncomeSharesPer ShareIncomeSharesPer Share
Basic:      
Net Income attributable to Darling$438,184 159,978 $2.74 $390,049 161,514 $2.41 
Diluted: