Acquisitions

12 Months Ended

Dec. 31, 2015

Business Combinations [Abstract]

Acquisitions

2. Acquisitions

During 2014, the Company completed two pressure pumping acquisitions.  In June 2014, a subsidiary of the Company acquired the East Texas-based pressure pumping assets of a privately held company.  This acquisition included 31,500 horsepower of hydraulic fracturing equipment.  In October 2014, a subsidiary of the Company completed the acquisition of the Texas-based pressure pumping assets of a privately held company.  This acquisition included 148,250 horsepower of hydraulic fracturing equipment.  

In total, the Company paid $176 million in cash for these two acquisitions plus the assumption of property leases and other contractual obligations.  The purchase price was allocated to the assets acquired based on fair value. A summary of the purchase price allocation follows (in thousands):

Inventory	$	1,357
Equipment		117,958
Goodwill		56,986
Total purchase price	$	176,301

Results of operations of the acquired businesses are included in the Company’s consolidated results of operations from their respective dates of acquisition.  Revenues of $80.8 million and income from operations of $13.7 million from the acquired businesses are included in the consolidated statement of operations for the year ended December 31, 2014.

The following represents pro-forma unaudited financial information for the years ended December 31, 2014 and 2013 as if the acquisitions had been completed on January 1, 2013 (in thousands, except per share amounts):

	2014		2013
	(Unaudited)
Revenue	$	3,302,492	$	2,854,867
Net income	$	169,831	$	196,600
Basic net income per common share	$	1.17	$	1.35
Diluted net income per common share	$	1.16	$	1.34