BUSINESS ACQUISITIONS (Tables)

3 Months Ended

Mar. 31, 2014

BUSINESS ACQUISITIONS [Abstract]

Estimated fair values of assets acquired and liabilities assumed

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed during 2013 and 2014 in connection with the acquisitions described above (in thousands):

	NatPro		Tucker Tool		APS		Tool-Tech			B27	Total
Cash	$	-	$	-	$	-	$	430	$	2,538	$	2,968
Accounts Receivable, net		14,549		505		1,424		1,505		51,448		69,431
Inventory		6,883		209		1,332		409		6,472		15,305
Property and equipment		3,317		-		172		19		14,573		18,081
Goodwill and intangibles		39,345		4,678		12,148		7,254		267,109		330,534
Other assets		698		-		389		2		1,163		2,252
Assets acquired		64,792		5,392		15,465		9,619		343,303		438,571
Current liabilities assumed		19,175		391		1,079		1,987		27,069		49,701
Non-current liabilities assumed		5,649		-		1,419		-		22,682		29,750
Net assets acquired	$	39,968	$	5,001	$	12,967	$	7,632	$	293,552	$	359,120

Pro forma unaudited results of operations

The pro forma unaudited results of operations for the Company on a consolidated basis for the three months ended March 31, 2014 and 2013, assuming the acquisition of businesses completed in 2014 and 2013 were consummated as of January 1, 2013 are as follows (in thousands, except per share data):

	Three Months Ended March 31,
	2014		2013
Net sales	$	348,504	$	351,537
Net income	$	11,595	$	13,796
Per share data
Basic earnings	$	0.79	$	0.95
Diluted earnings	$	0.75	$	0.90