Acquisitions (Tables)

12 Months Ended

Dec. 31, 2011

Acquisitions [Abstract]

Preliminary purchase price consideration components

The Pentagon acquisition was recorded using the acquisition method of accounting, and accordingly, the acquired operations have been included in the results of operations since the date of acquisition.  The preliminary purchase price consideration consists of the following (in thousands of dollars):

Cash paid at closing, net	$	18,982
Royalty consideration		2,381
Total consideration paid	$	21,363

Preliminary purchase price allocation to net assets acquired

The following table indicates (in thousands of dollars) the preliminary purchase price allocation to net assets acquired, which was based on estimated fair values as of the acquisition date. The excess of the purchase price over the net assets acquired, which totaled $11.5 million, was recorded as goodwill in the Company's consolidated balance sheet in the Oilfield segment.  Based on the structure of the transaction, the majority of the goodwill related to the transaction is not expected to be deductible for tax purposes.

K 40

Purchase price	$	21,363
Receivables		1,763
Inventories		1,183
Other current assets		-
Property, plant and equipment		680
Intangible assets		4,195
Accounts payable		(258	)
Other accrued liabiltiies		2,316
Goodwill recorded	$	11,484

Supplemental pro forma data

Years ended December 31, 2011 and 2010
(Thousands of dollars, except per share data)
	2011		2010
Sales	$	1,070,623	$	761,327
Net earnings	$	75,601	$	39,467
Diluted earnings per share from continuing operations	$	2.45	$	1.36