Business Combinations (Tables)

12 Months Ended

Dec. 31, 2017

Summary of the cash paid for acquisitions

The following table summarizes the cash paid for acquisitions under ASC 805 for the years ended December 31, 2017, 2016, and 2015 (in thousands):


	Year ended December 31,
	2017			2016		2015
Coastal — purchased June 16, 2017	$	27,519		$	—	$	—
Engineering — purchased May 30, 2017		2,315			—		—
Florida Gas — purchased May 26, 2017		36,492			—		—
Northern — purchased November 18, 2016		(121)	*		6,889		—
Mueller — purchased January 29, 2016					4,108		—
Aevenia — purchased February 28, 2015		—			—		22,302
Cash paid	$	66,205		$	10,997	$	22,302

Summary of the fair value of assets acquired and the liabilities assumed

The following table summarizes the fair value of the assets acquired and the liabilities assumed at the acquisition date (in thousands):


	Year ended December 31,
	2017		2016		2015
	Acquisitions		Acquisitions		Acquisitions
Accounts receivable	$	10,721	$	1,606	$	2,734
Costs and estimated earnings in excess of billings		580		—		—
Inventory and other assets		2,352		64		1,476
Property, plant and equipment		12,402		2,133		11,173
Intangible assets		21,125		3,000		3,850
Goodwill		26,269		5,781		5,152
Accounts payable		(3,380)		(726)		(743)
Billings in excess of costs and estimated earnings		(447)		—		—
Accrued expenses		(2,096)		(861)		(1,340)
Total	$	67,526	$	10,997	$	22,302

Schedule of the acquired intangible assets categories, fair value and average amortization periods

Based on our assessment, the acquired intangible asset categories, average amortization periods, generally on a straight-line basis, and fair values are as follows (in thousands):


	Amortization	2017		2016		2015
	Period	Fair Value		Fair Value		Fair Value
Tradename	1 to 3 years	$	2,150	$	—	$	—
Non-compete agreements	2 to 5 years		550		—		1,350
Customer relationships	5 to 10 years		18,150		3,000		2,500
Other	3 years		275		—		—
Total		$	21,125	$	3,000	$	3,850

Schedule of pro forma results

For example, the pro forma results do not reflect any operating efficiencies and associated cost savings that we might have achieved with respect to the acquisitions (in thousands):


	Year Ended December 31,
	2017		2016
	(unaudited)		(unaudited)
Revenues	$	2,406,062	$	2,092,872
Income before provision for income taxes	$	107,055	$	57,280
Net income attributable to Primoris	$	73,626	$	31,415

Weighted average common shares outstanding:
Basic		51,481		51,762
Diluted		51,741		51,989

Earnings per share:
Basic	$	1.43	$	0.61
Diluted	$	1.42	$	0.60