Business Combinations (Tables)

3 Months Ended

Mar. 31, 2016

Purchase price allocation for current year acquisitions and adjustments made for prior year acquisitions

The following table summarizes the purchase price allocation made as of the date of each acquisition for current year acquisitions and adjustments made during the measurement period for prior year acquisitions. The purchase price allocation for Social Security Advocates for the Disabled ("SSAD") is provisional as it is based upon an initial valuation. The primary areas of the preliminary purchase price allocation for SSAD that are not yet finalized relate to the fair value of certain tangible and intangible assets acquired and liabilities assumed, assets and liabilities related to income taxes and residual goodwill. During the measurement periods, the Company will adjust assets or liabilities if new information is obtained about facts and circumstances that existed as of the acquisition date that, if known, would have resulted in the recognition of those assets and liabilities as of that date. With the Company's adoption of ASU No. 2015-16 in the first fiscal quarter of 2016, these adjustments will be made in the period in which the amounts are determined and the current period income effect of such adjustments will be calculated as if the adjustments had been completed as of the acquisition date.



(in thousands)
Name	Business Segment	Effective Date of Acquisition	Cash Paid		Note Payable		Other Payable		Recorded Earn-Out Payable			Net Assets Acquired		Maximum Potential Earn- Out Payable
Social Security Advocates for the Disabled (SSAD)	Services	February 1, 2016	$	32,499	$	492	$	—	$	971		$	33,962	$	3,000
Other	Various	Various	10,198		—		300		(365		)	10,133		2,474
Total			$	42,697	$	492	$	300	$	606		$	44,095	$	5,474

Estimated fair values of aggregate assets and liabilities acquired

The following table summarizes the estimated fair values of the aggregate assets and liabilities acquired as of the date of each acquisition.



(in thousands)	SSAD			Other			Total
Cash	$	2,094		$	—		$	2,094
Other current assets	1,042			337			1,379
Fixed assets	307			42			349
Goodwill	22,294			6,658			28,952
Purchased customer accounts	13,069			3,710			16,779
Non-compete agreements	72			62			134
Total assets acquired	38,878			10,809			49,687
Other current liabilities	(1,686		)	(676		)	(2,362		)
Deferred income tax, net	(3,230		)	—			(3,230		)
Total liabilities assumed	(4,916		)	(676		)	(5,592		)
Net assets acquired	$	33,962		$	10,133		$	44,095

Unaudited pro forma results

These unaudited pro forma results are not necessarily indicative of the actual results of operations that would have occurred had the acquisitions actually been made at the beginning of the respective periods.



(UNAUDITED)	For the three months ended March 31,
(in thousands, except per share data)	2016		2015
Total revenues	$	425,179	$	407,579
Income before income taxes	$	102,873	$	94,780
Net income	$	62,266	$	57,560
Net income per share:
Basic	$	0.45	$	0.40
Diluted	$	0.44	$	0.40
Weighted average number of shares outstanding:
Basic	135,548		139,360
Diluted	136,940		141,487

Additions, payments, and net changes, as well as interest expense accretion on estimated acquisition earn-out payables

The resulting additions, payments, and net changes, as well as the interest expense accretion on the estimated acquisition earn-out payables, for the three months ended March 31, 2016 and 2015, were as follows:



	For the three months ended March 31,
(in thousands)	2016			2015
Balance as of the beginning of the period	$	78,387		$	75,283
Additions to estimated acquisition earn-out payables	606			5,653
Payments for estimated acquisition earn-out payables	(9,077		)	(4,590		)
Subtotal	69,916			76,346
Net change in earnings from estimated acquisition earn-out payables:
Change in fair value on estimated acquisition earn-out payables	(1,563		)	677
Interest expense accretion	742			686
Net change in earnings from estimated acquisition earn-out payables	(821		)	1,363
Balance as of March 31,	$	69,095		$	77,709