Acquisition (Tables)

9 Months Ended

Sep. 30, 2017

Summary of Estimated Consideration Allocated on a Preliminary Basis to Assets Acquired and Liabilities Assumed

Based on the Company’s preliminary valuation, a total estimated consideration of $71.8 million has been allocated on a preliminary basis to the assets acquired and liabilities assumed, as follows (in thousands).


Accounts receivable, net	$	8,357
Contract retainage		1,948
Inventories, net		2,344
Prepaid expenses and other assets		1,223
Revenues in excess of billings		3,463
Fixed assets, net		1,264
Intangible assets		4,900
Goodwill		57,938
Accounts payable		(3,990	)
Accrued liabilities and other expenses		(2,329	)
Billings in excess of revenues		(1,752	)
Customer Deposits		(1,562	)

Total estimated consideration	$	71,804

Summary of Unaudited Pro Forma Results of Operations

The following unaudited pro forma results of operations assume the acquisition occurred on January 1, 2016 (in thousands, except per share amounts):


	Nine Months Ended September 30
	2017		2016		2017		2016
	Actual				Pro Forma
Net sales	$	442,941	$	384,294	$	475,076	$	427,043
Net income	$	76,829	$	55,217	$	77,570	$	54,978
Basic earnings per common share	$	2.61	$	1.88	$	2.64	$	1.87
Diluted earnings per common share	$	2.60	$	1.86	$	2.62	$	1.86