(2) Acquisitions

Year Ended December 31, 2017

During the twelve months ended December 31, 2017, the Company completed several acquisitions of outdoor advertising assets for a total purchase price of $300,185, of which $297,305 was in cash and $2,880 in non-cash consideration consisting principally of exchanges of outdoor advertising assets. As a result of the acquisitions, a gain of $2,389 was recorded for transactions which involved the exchanges of outdoor advertising assets during the year ended December 31, 2017.

Each of these acquisitions was accounted for under the acquisition method of accounting, and, accordingly, the accompanying consolidated financial statements include the results of operations of each acquired entity from the date of acquisition. The acquisition costs have been allocated to assets acquired and liabilities assumed based on fair market value estimates at the dates of acquisition. The following is a summary of the allocation of the acquisition costs in the above transactions.

	Total
Property, plant and equipment	$	43,483
Goodwill		13,925
Site locations		216,510
Non-competition agreements		826
Customer lists and contracts		26,397
Asset acquisition costs		529
Current assets		3,583
Current liabilities		(1,733	)
Long–term liabilities		(3,335	)
	$	300,185

Total acquired intangible assets for the year ended December 31, 2017 were $258,187, of which $13,925 was assigned to goodwill. Goodwill is not amortized for financial statement purposes, and no goodwill related to 2017 acquisitions is expected to be deductible for tax purposes. The remaining $244,262 of acquired intangible assets have a weighted average useful life of approximately 14 years. The intangible assets include customer lists and contracts of $26,397 (7 year weighted average useful life) and site locations of $216,510 (15 year weighted average useful life). The aggregate amortization expense related to the 2017 acquisitions for the year ended December 31, 2017 was approximately $6,106.

The following unaudited pro forma financial information for the Company gives effect to the 2017 and 2016 acquisitions as if they had occurred on January 1, 2016. These pro forma results do not purport to be indicative of the results of operations which actually would have resulted had the acquisitions occurred on such date or to project the Company’s results of operations for any future period.

	2017		2016
	(unaudited)
Net revenues	$	1,572,989	$	1,554,758
Net income applicable to common stock	$	318,200	$	297,518
Net income per common share — basic	$	3.25	$	3.06
Net income per common share — diluted	$	3.23	$	3.05

Year Ended December 31, 2016

During the twelve months ended December 31, 2016, the Company completed several acquisitions of outdoor advertising assets for a total purchase price of $594,054, of which $585,054 was in cash and $9,000 in non-cash consideration consisting principally of exchanges of outdoor advertising assets. The purchases included the acquisition of assets in five U.S. markets from Clear Channel Outdoor Holdings, Inc. for an aggregate cash purchase price of approximately $458,500. As a result of the acquisitions, a gain of $8,599 was recorded for transactions which involved the exchanges of outdoor advertising assets during the year ended December 31, 2016.

Each of these acquisitions was accounted for under the acquisition method of accounting, and, accordingly, the accompanying consolidated financial statements include the results of operations of each acquired entity from the date of acquisition. The acquisition costs have been allocated to assets acquired and liabilities assumed based on fair market value at the dates of acquisition. The following is a summary of the allocation of the acquisition costs in the above transactions.

	Total
Property, plant and equipment	$	100,257
Goodwill		180,001
Site locations		268,763
Non-competition agreements		130
Customer lists and contracts		45,619
Asset acquisition costs		166
Current assets		6,694
Other assets		4,185
Current liabilities		(9,714	)
Long-term liabilities		(2,047	)
	$	594,054

Total acquired intangible assets for the year ended December 31, 2016 were $494,679, of which $180,001 was assigned to goodwill. Although goodwill is not amortized for financial statement purposes, $180,001 is expected to be fully deductible for tax purposes. The remaining $314,678 of acquired intangible assets have a weighted average useful life of approximately 14 years. The intangible assets include customer lists and contracts of $45,619 (7 year weighted average useful life) and site locations of $268,763 (15 year weighted average useful life). The aggregate amortization expense related to the 2016 acquisitions for the year ended December 31, 2016 was approximately $20,430.

The following unaudited pro forma financial information for the Company gives effect to the 2016 and 2015 acquisitions as if they had occurred on January 1, 2015. These pro forma results do not purport to be indicative of the results of operations which actually would have resulted had the acquisitions occurred on such date or to project the Company’s results of operations for any future period.

	2016		2015
	(unaudited)
Net revenues	$	1,509,704	$	1,469,699
Net income applicable to common stock	$	297,164	$	251,299
Net income per common share — basic	$	3.06	$	2.61
Net income per common share — diluted	$	3.04	$	2.61