Acquisitions (Tables)

12 Months Ended

Dec. 31, 2019

2019 Acquisitions [Member]

Summary of Allocation of Purchase Price/Acquisition Costs

The following is a summary of the allocation of the purchase price in the above transactions, which includes the final fair value allocation of the asset acquired and liabilities assumed in a business combination completed on July 15, 2019, for an aggregate purchase price of $127,000.

	Total
Property, plant and equipment	$	37,988
Site locations		131,208
Non-competition agreements		240
Customer lists and contracts		23,032
Asset acquisition costs		756
Other intangibles		3,115
Goodwill		29,360
Current assets		1,860
Current liabilities		(832	)
Operating right of use assets		23,934
Operating lease liabilities		(21,573	)
Other liabilities		(1,500	)
	$	227,588

Summary of Unaudited Pro Forma Financial Information

The following unaudited pro forma financial information for the Company gives effect to the 2019 and 2018 acquisitions as if they had occurred on January 1, 2018. These pro forma results do not purport to be indicative of

the results of operations which actually would have resulted had the acquisitions occurred on such date or to project the Company’s results of operations for any future period.

	2019		2018
	(unaudited)
Net revenues	$	1,764,493	$	1,724,821
Net income applicable to common stock	$	369,300	$	292,012
Net income per common share — basic	$	3.69	$	2.96
Net income per common share — diluted	$	3.68	$	2.95

2018 Acquisitions Excluding Fairway Assets [Member]

Summary of Allocation of Purchase Price/Acquisition Costs

The following is a summary of the allocation of the acquisition costs in the above transactions, excluding the preliminary allocation of Fairway.

	Total
Property, plant and equipment	$	8,648
Site locations		57,105
Non-competition agreements		342
Customer lists and contracts		6,521
Asset acquisition costs		336
Current assets		1,041
Current liabilities		(355	)
	$	73,638

Summary of Unaudited Pro Forma Financial Information

The following unaudited pro forma financial information for the Company gives effect to the 2018 and 2017 acquisitions as if they had occurred on January 1, 2017. These pro forma results do not purport to be indicative of the results of operations which actually would have resulted had the acquisitions occurred on such date or to project the Company’s results of operations for any future period.

	2018		2017
	(unaudited)
Net revenues	$	1,699,052	$	1,647,445
Net income applicable to common stock	$	299,493	$	306,900
Net income per common share — basic	$	3.03	$	3.13
Net income per common share — diluted	$	3.02	$	3.12