ACQUISITIONS

During the year ended April 30, 2019, the Company acquired 24 stores through a variety of multi-store and single store transactions with several unrelated third parties. Of the 24 stores acquired, 22 were re-opened as a Casey's store during the 2019 fiscal year, and two will be opened during the 2020 fiscal year. The majority of 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 if the acquisition is considered to be a business combination. 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, 2019 is as follows (in thousands):



Assets acquired:
Inventories	$	1,724
Property and equipment	49,698
Total assets	51,422
Liabilities assumed:
Accrued expenses	187
Total liabilities	187
Net tangible assets acquired	51,235
Goodwill	16,965
Total consideration paid	$	68,200

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,
	2019		2018
Total revenue	$	9,474,560	$	8,573,783
Net income	$	209,468	$	325,107
Net income per common share
Basic	$	5.71	$	8.61
Diluted	$	5.67	$	8.53