BUSINESS ACQUISITIONS (Tables)

6 Months Ended

Jun. 30, 2015

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 2014 and 2015 in connection with the acquisitions described above (in thousands):

	B27	MT&S	TSI	Total
Cash	$     2,538	$     806	$          -	$    3,344
Accounts receivable, net	51,448	5,656	442	57,546
Inventory	6,472	2,522	475	9,469
Property and equipment	14,573	557	42	15,172
Goodwill and intangibles(1)	259,412	8,405	4,929	272,746
Other assets	1,791	59	100	1,950
Assets acquired	336,234	18,005	5,988	360,227
Current liabilities assumed	26,690	3,336	335	30,361
Non-current liabilities assumed	15,992	-	653	16,645
Net assets acquired	$ 293,552	$14,669	$     5,000	$  313,221

(1) The amounts in the table above have not been reduced by the $105.3 million of goodwill impairment charges for B27 recorded in the fourth quarter of 2014.

Pro Forma Unaudited Results of Operations

The pro forma unaudited results of operations for the Company on a consolidated basis for the three and six months ended June 30, 2015 and 2014, assuming the acquisition of businesses completed in 2014 and 2015 were consummated as of January 1, 2014 are as follows (in thousands, except per share data):

	Three Months Ended June 30,		Six Months Ended June 30,
	2015	2014	2015	2014
Net sales	$   323,688	$     385,898	$  666,500	$   745,325
Net income	$       7,167	$       15,661	$    17,054	$     27,615
Per share data
Basic earnings	$         0.50	$           1.06	$        1.18	$         1.88
Diluted earnings	$         0.47	$           1.01	$        1.12	$         1.78