Business Combination

9 Months Ended

Sep. 30, 2012

Business Combination [Abstract]

Business Combination

Note 3: Business Combination

On May 8, 2012, the Company acquired all of the outstanding equity interests of the Propel Entities (the “Propel Acquisition”) for $186.8 million in cash. The Propel Acquisition is being accounted for using the acquisition method of accounting and, accordingly, the tangible and intangible assets acquired and liabilities assumed were recorded at their estimated fair values as of the date of the acquisition.

The Company has completed an independent valuation study and determined the fair value of the assets acquired and the liabilities assumed from the Propel Entities. Fair value measurements have been applied based on assumptions that market participants would use in the pricing of the respective assets and liabilities.

The components of the purchase price allocation for the Propel Entities are as follows (in thousands):

Purchase price:
Cash paid at acquisition	$	186,814
Purchase price adjustment		741
Total purchase price	$	187,555
Allocation of purchase price:
Cash	$	824
Accounts receivable		1,049
Interest receivable		3,679
Property tax payment agreements receivable		132,978
Fixed assets		461
Other assets		860
Liabilities assumed		(2,265	)
Identifiable intangible assets		570
Goodwill		49,399
Total net assets acquired	$	187,555

The following summary presents unaudited pro forma consolidated results of operations for the three and nine months ended September 30, 2012 and 2011 as if the Propel Acquisition had occurred on January 1, 2012 and 2011, respectively. The following unaudited pro forma financial information does not necessarily reflect the actual results that would have occurred had the Company and the Propel Entities been combined during the periods presented, nor is it necessarily indicative of the future results of operations of the combined companies (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2012		2011		2012		2011
Consolidated pro forma revenue	$	144,792	$	120,189	$	418,767	$	344,466
Consolidated pro forma income from continuing operations		21,308		16,336		62,016		45,462