ACQUISITIONS

During the year ended April 30, 2018, the Company acquired 26 stores through a variety of multi-store and single store transactions with several unrelated third parties. Of the 26 stores acquired, 20 were re-opened as a Casey's store during the 2018 fiscal year, and six will be opened during the 2019 fiscal year. The acquisitions meet the criteria to be considered business combinations. The stores were valued using a discounted cash flow model on a location by location basis. The acquisitions were recorded in the financial statements by allocating the purchase price to the assets acquired, including intangible assets and liabilities assumed, based on their estimated fair values at the acquisition date. The excess of the cost of the acquisition over the net amounts assigned to the fair value of the assets acquired and the liabilities assumed is recorded as goodwill. All of the goodwill associated with these transactions will be deductible for income tax purposes over 15 years.

Allocation of the purchase price for the transactions in aggregate for the year ended April 30, 2018 is as follows (in thousands):



Assets acquired:
Inventories	$	1,618
Property and equipment	28,090
Total assets	29,708
Liabilities assumed:
Accrued expenses	—
Total liabilities	—
Net tangible assets acquired	29,708
Goodwill	7,452
Total consideration paid	$	37,160

The following unaudited pro forma information presents a summary of our consolidated results of operations as if the transactions referenced above occurred at the beginning of the first fiscal year of the periods presented (amounts in thousands, except per share data):



	Years Ended April 30,
	2018		2017
Total revenue	$	8,438,371	$	7,594,401
Net income	$	320,711	$	180,070
Net income per common share
Basic	$	8.49	$	4.60
Diluted	$	8.41	$	4.55