ACQUISITION (Tables)

12 Months Ended

Dec. 31, 2016

ACQUISITIONS [Abstract]

Estimated fair values of the assets acquired and liabilities assumed

The following table summarizes the fair values of the assets acquired and liabilities assumed.

Cash and cash equivalents	$	$ 4,949
Accounts receivable		7,671
Inventories		15,989
Property, plant and equipment		7,217
Customer relationships		18,443
Developed technology		9,060
Trade name		7,224
Licensing agreements		6,658
Other assets		1,200
Trade accounts payable		(1,104	)
Accrued expenses		(2,788	)
Bank debt		(884	)
Deferred income taxes		(13,990	)
Goodwill		55,905
Amount paid to shareholders		115,550
Albion bank debt paid on purchase date		884
Total amount paid on acquisition date	$	$ 116,434

Acquisition of unaudited pro forma information

The following unaudited pro forma information has been prepared as if the Acquisition had occurred on January 1, 2015.

	Year Ended December 31, 2016				Year Ended December 31, 2015
	Net Sales		Net Earnings		Net Sales		Net Earnings
Albion’s actual results included in the Company’s consolidated income statement	$	$49,608	$	$ 2,938	$	-	$	-
Supplemental pro forma combined financial information	$	$557,784	$	$ 60,840	$	$ 605,273	$	$ 56,109
Basic earnings per share			$	$ 1.93			$	$ 1.80
Diluted earnings per share			$	$ 1.91			$	$ 1.77