Acquisitions (Tables)

6 Months Ended

Jun. 30, 2017

Schedule of Purchase Price Allocation for Estimated Fair Values of Assets Acquired and Liabilities Assumed

As of June 30, 2017, the allocation of the purchase price for the Stromag Acquisition is preliminary. The fair value of all the acquired identifiable assets and liabilities is provisional pending finalization of the Company’s acquisition accounting. The Company believes that such preliminary allocations provide a reasonable basis for estimating the fair values of assets acquired and liabilities assumed, but the Company is waiting for additional information necessary to finalize fair value. The Company recorded certain immaterial measurement period adjustments during the quarter ended June 30, 2017. The preliminary purchase price allocations below include such adjustments.

	Preliminary Purchase Price Allocation
Total purchase price, excluding acquisition costs of approximately $2.9 million	$	191,852
Cash and cash equivalents		8,758
Trade receivables		24,087
Inventories		23,048
Property, plant and equipment		40,343
Intangible assets		74,795
Prepaid expenses and other current assets		778
Total assets acquired	$	171,809
Accounts payable		(15,370	)
Accrued payroll		(7,171	)
Accrued expenses and other current liabilities		(4,357	)
Income tax payable		(2,525	)
Deferred tax liability		(27,859	)
Other long-term liabilities		(1,255	)
Pension liability		(15,283	)
Total liabilities assumed	$	(73,820	)
Net assets acquired		97,989
Excess purchase price over fair value of net assets acquired	$	93,863

Schedule of Intangible Assets Acquired

Intangible assets acquired consist of:
Customer relationships	$	56,019
Trade names and trademarks		18,776
Total intangible assets	$	74,795

Schedule of Unaudited Pro Forma Results of Operation

The following table sets forth the unaudited pro forma results of operations of the Company for the quarter and year to date periods ended June 30, 2017, as if the Company had acquired Stromag at the beginning of the period. The pro forma information contains the actual operating results of the Company, including Stromag, adjusted to include the pro forma impact of (i) additional depreciation expense as a result of estimated depreciation based on the fair value of fixed assets and; (ii) additional expense as a result of the estimated amortization of identifiable intangible assets; (iii) additional interest expense for borrowings under the Credit Agreement associated with the Stromag Acquisition. These pro forma amounts do not purport to be indicative of the results that would have actually been obtained if the acquisition occurred at the beginning of the period or that may be obtained in the future.

	Proforma (unaudited)
	Quarter Ended		Year to Date Ended
	June 30, 2016		June 30, 2016
Total revenues	$	221,061	$	437,938
Net income	$	11,305	$	22,193
Basic earnings per share	$	0.44	$	0.86
Diluted earnings per share	$	0.44	$	0.86