Acquisitions

6 Months Ended

Jun. 30, 2016

Business Combinations [Abstract]

Acquisitions

2. Acquisitions

During the six months ended June 30, 2016, the Company completed several acquisitions of outdoor advertising assets for a total purchase price of $515,147, of which $506,147 was in cash and $9,000 in non-cash consideration consisting principally of exchanges of outdoor advertising assets.  The purchases included the acquisition of assets in five U.S. markets from Clear Channel Outdoor Holdings, Inc. for an aggregate cash purchase price of approximately $458,500.  As a result of the acquisitions, a gain of $8,599 was recorded for transactions which involved the exchanges of outdoor advertising assets during the six months ended June 30, 2016.

Each of these acquisitions was accounted for under the acquisition method of accounting, and, accordingly, the accompanying consolidated financial statements include the results of operations of each acquired entity from the date of acquisition. The acquisition costs have been allocated to assets acquired and liabilities assumed based on preliminary fair market value estimates at the dates of acquisition. The following is a summary of the allocation of the acquisition costs in the above transactions.

	Total
Property, plant and equipment	$	93,814
Goodwill		158,341
Site locations		222,176
Non-competition agreements		40
Customer lists and contracts		39,294
Current assets		4,674
Other assets		2,046
Current liabilities		(5,238	)
	$	515,147

The following unaudited pro forma financial information for the Company gives effect to the 2016 and 2015 acquisitions as if they had occurred on January 1, 2015. These pro forma results do not purport to be indicative of the results of operations which actually would have resulted had the acquisitions occurred on such date or to project the Company’s results of operations for any future period.

	Three months ended June 30,				Six months ended June 30,
	2016		2015		2016		2015
	(unaudited)
Net revenues	$	387,528	$	374,956	$	727,744	$	706,258
Net income applicable to common stock	$	81,812	$	57,743	$	133,473	$	93,923
Net income per common share — basic	$	0.84	$	0.60	$	1.38	$	0.98
Net income per common share — diluted	$	0.84	$	0.60	$	1.37	$	0.98