BUSINESS ACQUISITIONS (Tables)

3 Months Ended

Mar. 31, 2015

BUSINESS ACQUISITIONS [Abstract]

Estimated Fair Values of Assets Acquired and Liabilities Assumed

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed during 2014 in connection with the acquisitions described above (in thousands):

	B27	MT&S	Total
Cash	$     2,538	$     806	$    3,344
Accounts Receivable, net	51,448	5,656	57,104
Inventory	6,472	2,522	8,994
Property and equipment	14,573	557	15,130
Goodwill and intangibles(1)	259,412	8,405	267,817
Other assets	1,791	59	1,850
Assets acquired	336,234	18,005	354,239
Current liabilities assumed	26,690	3,336	30,026
Non-current liabilities assumed	15,992	-	15,992
Net assets acquired	$ 293,552	$14,669	$ 308,221

(1) The amounts in the table above do not reflect the $105.3 million of goodwill impairment charges for B27 recorded in the fourth quarter of 2014.

Pro Forma Unaudited Results of Operations

The pro forma unaudited results of operations for the Company on a consolidated basis for the three months ended March 31, 2015 and 2014, assuming the acquisition of businesses completed in 2014 were consummated as of January 1, 2014 are as follows (in thousands, except per share data):

	Three Months Ended March 31,
	2015	2014
Net sales	$  341,594	$  358,304
Net income	$      9,651	$    11,876
Per share data
Basic earnings	$        0.67	$        0.81
Diluted earnings	$        0.63	$        0.76