6. Acquisitions

During the first three months of fiscal 2012, the Company acquired 27 stores through a variety of single store and multi-store transactions with several unrelated third parties. The stores were valued using a discounted cash flow model on a location by location basis. The acquisitions were recorded 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 is as follows (in thousands):

Assets acquired:
Inventories	$	2,499
Property and equipment		12,665
Total assets		15,164
Liabilities assumed:
Accrued expenses		213
Total liabilities		213
Net tangible assets acquired, net of cash		14,951
Goodwill and other intangible assets		16,164
Total consideration paid, net of cash acquired	$	31,115

The allocation of the purchase price to assets acquired and liabilities assumed is preliminary pending finalization of management's analysis.

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):


		Three months ended July 31,
		2011	2010
Total revenues	$	1,897,203	1,391,626
Net earnings		39,918	38,204
Earnings per share:
Basic	$	1.05	.75
Diluted	$	1.04	.75