Acquisition (Tables)

12 Months Ended

Dec. 31, 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 to the assets acquired and liabilities assumed, as follows (in thousands). During the fourth quarter, a final determination of the purchase price and the final valuation report were completed upon the final determination of working capital at closing. No adjustments were made to the fair values of assets acquired and liabilities assumed as a result:


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 consideration	$	71,804

Summary of Unaudited Pro Forma Results of Operations

The following pro forma results are prepared for comparative purposes only and do not necessarily reflect the results that would have occurred had the acquisition occurred at the beginning of the years presented or the results which may occur in the future. The following unaudited pro forma results of operations assume the acquisition occurred on January 1, 2016 (in thousands, except per share amounts):


	Year Ended December 31
	2017		2016		2017		2016
	Actual				Pro Forma
Net sales	$	565,153	$	479,616	$	597,288	$	534,618
Net income	$	95,128	$	67,847	$	96,608	$	68,344
Basic earnings per common share	$	3.24	$	2.31	$	3.29	$	2.33
Diluted earnings per common share	$	3.22	$	2.29	$	3.27	$	2.31