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Business Combinations (Tables)
 6 Months Ended
Jun. 30, 2019
Business Combinations [Abstract]  
Purchase price allocation for current year acquisitions and adjustments made for prior year acquisitions
(in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
Name
Business
segment
 
Effective
date of
acquisition
 
Cash
paid
 
Other
payable
 
Recorded
earn-out
payable
 
Net assets
acquired
 
Maximum
potential earn-
out payable
Smith Insurance Associates, Inc. (Smith)
Retail
 
February 1, 2019
 
$
20,129

 
$
—

 
$
2,704

 
$
22,833

 
$
4,550

Donald P. Pipino Company, LTD (Pipino)
Retail
 
February 1, 2019
 
16,420

 
135

 
9,821

 
26,376

 
12,996

Cossio Insurance Agency (Cossio)
Retail
 
March 1, 2019
 
13,990

 
10

 
1,710

 
15,710

 
2,000

Medval LLC (Medval)
Services
 
March 1, 2019
 
29,106

 
100

 
1,684

 
30,890

 
2,500

United Development Systems, Inc. (United)
Retail
 
May 1, 2019
 
18,987

 
388

 
3,268

 
22,643

 
8,625

Twinbrook Insurance Brokerage, Inc. (Twinbrook)
Retail
 
June 1, 2019
 
26,251

 
400

 
1,565

 
28,216

 
5,073

Other
Various
 
Various
 
24,980

 
1,126

 
3,214

 
29,320

 
7,709

Total
 
 
 
 
$
149,863

 
$
2,159

 
$
23,966

 
$
175,988

 
$
43,453
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 and adjustments made during the measurement period of the prior year acquisitions.
(in thousands)
 
Smith
 
Pipino
 
Cossio
 
Medval
 
United
 
Twinbrook
 
Other
 
Total
Cash
 
$
—

 
$
—

 
$
—

 
$
3,218

 
$
—

 
$
—

 
$
—

 
$
3,218

Other current assets
 
473

 
819

 
17

 
1,708

 
477

 
—

 
(6,658
)
 
(3,164
)
Fixed assets
 
39

 
112

 
29

 
50

 
$
20

 
$
85

 
$
(97
)
 
$
238

Goodwill
 
16,249

 
16,765

 
11,319

 
19,108

 
15,111

 
19,839

 
22,111

 
120,502

Purchased customer accounts
 
6,500

 
11,360

 
4,324

 
7,300

 
7,065

 
8,557

 
9,013

 
54,119

Non-compete agreements
 
41

 
11

 
21

 
1

 
11

 
12

 
106

 
203

Other assets
 
—

 
772

 
—

 
14

 
—

 
—

 
(732
)
 
54

Total assets acquired
 
23,302

 
29,839

 
15,710

 
31,399

 
22,684

 
28,493

 
23,743

 
175,170

Other current liabilities
 
(469
)
 
(3,463
)
 
—

 
(480
)
 
(41
)
 
(277
)
 
5,577

 
847

Other liabilities
 
—

 
—

 
—

 
(29
)
 
—

 
—

 
—

 
(29
)
Total liabilities assumed
 
(469
)
 
(3,463
)
 
—

 
(509
)
 
(41
)
 
(277
)
 
5,577

 
818

Net assets acquired
 
$
22,833

 
$
26,376

 
$
15,710

 
$
30,890

 
$
22,643

 
$
28,216

 
$
29,320

 
$
175,988
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)
Three months ended 
 June 30,
 
Six months ended 
 June 30,
(in thousands, except per share data)
2019
 
2018
 
2019
 
2018
Total revenues
$
576,706

 
$
486,052

 
$
1,204,844

 
$
1,002,442

Income before income taxes
$
124,019

 
$
104,549

 
$
275,188

 
$
227,202

Net income
$
92,965

 
$
76,588

 
$
208,876

 
$
170,647

Net income per share:
 
 
 
 
 
 
 
Basic
$
0.33

 
$
0.28

 
$
0.74

 
$
0.62

Diluted
$
0.33

 
$
0.27

 
$
0.74

 
$
0.61

Weighted average number of shares outstanding:
 
 
 
 
 
 
 
Basic
272,563

 
270,081

 
272,621

 
270,126

Diluted
274,402

 
275,908

 
274,704

 
275,809
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 and six months ended June 30, 2019 and 2018, were as follows:
 
Three months ended 
 June 30,
 
Six months ended 
 June 30,
(in thousands)
2019
 
2018
 
2019
 
2018
Balance as of the beginning of the period
$
108,710

 
$
40,600

 
$
89,924

 
$
36,175

Additions to estimated acquisition earn-out payables
5,811

 
17,549

 
23,966

 
22,071

Payments for estimated acquisition earn-out payables
(6,685
)
 
(6,028
)
 
(7,264
)
 
(8,591
)
Subtotal
107,836

 
52,121

 
106,626

 
49,655

Net change in earnings from estimated acquisition earn-out payables:
 
 
 
 
 
 
 
Change in fair value on estimated acquisition earn-out payables
(4,350
)
 
(189
)
 
(4,301
)
 
1,873

Interest expense accretion
1,490

 
608

 
2,651

 
1,012

Net change in earnings from estimated acquisition earn-out payables
(2,860
)
 
419

 
(1,650
)
 
2,885

Balance as of June 30,
$
104,976

 
$
52,540

 
$
104,976

 
$
52,540