Acquisitions (Tables)

12 Months Ended

Dec. 31, 2012

Acquisitions [Abstract]

Schedule of purchase price consideration and components of purchase price allocation

The following table represents the final purchase price consideration and purchase price allocation (in thousands of dollars):

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

The following table represents the final purchase price consideration and purchase price allocation (in thousands of dollars):

Cash paid at closing, net	$	311,003
Cash paid as a working capital true-up		250
Total consideration paid	$	311,253
Purchase price	$	311,253

The Datac and Realflex 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 consisted of the following (in thousands of dollars):

Cash paid at closing, net	$	18,586
Common stock paid at closing		8,414
Total consideration paid	$	27,000

Preliminary purchase price allocation to net assets acquired

Receivables		27,680
Inventories		23,006
Other current assets		715
Property, plant and equipment		62,734
Intangible assets		57,400
Accounts payable		(24,924	)
Other accrued liabilities		(9,046	)
Deferred tax liabilities		(41	)
Goodwill recorded	$	173,729

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 $20.7 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.

Purchase price	$	27,000
Receivables		323
Inventories		449
Other current assets		57
Property, plant and equipment		51
Non-compete agreements and trademarks		350
Customer relationships and contracts		5,983
Indemnification asset		5,500
Accounts payable		(178	)
Other accrued liabiltiies		(484	)
Deferred tax liabilities		(229	)
Uncertain tax liability		(5,500	)
Goodwill recorded	$	20,678

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 $86.6 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.

Purchase price	$	133,972
Receivables		13,236
Inventories		4,226
Other current assets		7,711
Property, plant and equipment		518
Non-compete agreements and trademarks		3,614
Customer relationships and contracts		32,665
Other long term assets		355
Accounts payable		(3,698	)
Other accrued liabilities		(2,144	)
Deferred tax liabilities		(9,380	)
Goodwill recorded	$	86,869

Supplemental pro forma data

Revenues and earnings to date for the Pentagon, Datac, Realflex, and Zenith acquisitions are not material and pro forma information is not provided. Results of operations for all acquisitions have been included in the Company's financial statements for periods subsequent to the effective date of the acquisition. The following unaudited supplemental pro forma data ("pro forma data") presents consolidated information as if the Quinn's acquisition had been completed on January 1, 2010:

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