Business Combinations (Tables)

9 Months Ended

Sep. 30, 2016

Summary of Estimated Fair Value of Assets Acquired and Liabilities Assumed

The estimated fair values of the assets acquired and liabilities assumed for the acquisitions, as well as total purchase prices and cash paid, approximated the following as of September 30, and as may be adjusted during the valuation period since acquisition (in thousands):

	2016									2015
	Alpine			Other			Total			BDI			CQ			Layman			Eastern			Other			Total
Estimated fair values:
Cash	$	—		$	—		$	—		$	661		$	100		$	-		$	165		$	—		$	926
Accounts receivable		3,959			2,031			5,990			4,735			1,423			1,245			2,768			1,049			11,220
Inventories		700			888			1,588			980			152			267			335			119			1,853
Other current assets		18			12			30			368			39			-			109			10			526
Property and equipment		656			1,187			1,843			1,006			190			733			1,364			406			3,699
Intangibles		12,800			8,492			21,292			21,280			4,350			5,330			13,871			1,827			46,658
Goodwill		6,624			5,368			11,992			16,213			3,035			3,143			9,904			875			33,170
Other non-current assets		—			70			70			3,736			—			—			322			56			4,114
Accounts payable and other current liabilities		(2,046	)		(1,459	)		(3,505	)		(3,303	)		(1,539	)		(1,030	)		(1,681	)		(783	)		(8,336	)
Deferred income tax liabilities		—			(24	)		(24	)		(5,495	)		—			—			—			—			(5,495	)
Long term debt																				(82	)					(82	)
Other long-term liabilities		—			—			—			(3,736	)		(238	)		-			(1	)		—			(3,975	)
Fair value of assets acquired and purchase price		22,711			16,565			39,276			36,445			7,512			9,688			27,074			3,559			84,278
Less seller obligations		1,560			1,289			2,849			5,765			2,319			600			2,875			544			12,103
Cash paid	$	21,151		$	15,276		$	36,427		$	30,680		$	5,193		$	9,088		$	24,199		$	3,015		$	72,175

Estimates of Acquired Intangible Assets

Estimates of acquired intangible assets related to the acquisitions are as follows (dollars in thousands):

	2016				2015
Acquired intangibles assets	Estimated Fair Value		Weighted Avg Estimated Useful Life (yrs)		Estimated Fair Value		Weighted Avg Estimated Useful Life (yrs)
Customer relationships	$	12,862		9	$	29,958		8
Trademarks and trade names		6,116		15		12,882		15
Non-competition agreements		2,314		5		3,818		5

Pro Forma Results of Operations

The unaudited pro forma information for the combined results of the Company has been prepared as if the 2016 acquisitions had taken place on January 1, 2015 and the 2015 acquisitions had taken place on January 1, 2014. The unaudited pro forma information is not necessarily indicative of the results that we would have achieved had the transactions actually taken place on January 1, 2015 and 2014, and the unaudited pro forma information does not purport to be indicative of future financial operating results. See Note 12, Business Combinations, to our audited financial statements in Item 8 of Part II of our 2015 Form 10-K for additional information on 2015 acquisitions included in the table below (in thousands, except per share data):

	Pro forma for the three months ended September 30,				Pro forma for the nine months ended September 30,
	2016		2015		2016		2015
Net revenue	$	226,329	$	202,830	$	642,343	$	554,882
Net income attributable to common stockholders	$	11,709	$	10,211	$	27,387	$	19,353
Basic net income per share attributable to common stockholders	$	0.37	$	0.33	$	0.88	$	0.62
Diluted net income per share attributable to common stockholders	$	0.37	$	0.33	$	0.87	$	0.62