Business Acquisition (Tables) - Savvy

6 Months Ended

Jun. 30, 2017

Business Acquisitions

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the calculation of the fair value of the total consideration transferred to Savvy and its preliminary allocation to the assets acquired and liabilities assumed as of the acquisition date (in thousands):

Fair value of consideration transferred:
Cash paid for Savvy net assets	$	41,053
Contingent consideration (earn-out)		1,818
Total consideration transferred	$	42,871
Assets acquired and liabilities assumed:
Assets
Receivables and other assets	$	159
Land and other inventories		39,381
Property and equipment		455
Trade name		407
Goodwill		10,532
Total assets acquired		50,934
Liabilities
Accounts payable		7,673
Accrued and other liabilities		390
Total liabilities assumed		8,063
Total net assets acquired	$	42,871

Pro Forma Operating Results

The following represents pro forma operating results as if Savvy had been included in our consolidated statements of operations and comprehensive income as of the beginning of the fiscal year presented (in thousands, except per share data):

	Three Months Ended		Six Months Ended June 30,
	June 30, 2016		2017		2016
Revenue	$	208,780	$	374,212	$	352,299
Net income		118,459		3,300		120,075
Basic earnings per share		5.29		0.15		5.36
Diluted earnings per share		4.45		0.14		4.51