ACQUISITIONS

During the year ended April 30, 2017, the Company acquired 22 stores through a variety of single store transactions with several unrelated third parties. Of the 22 stores acquired, 18 were re-opened as a Casey's store during the 2017 fiscal year, and four will be opened during the 2018 fiscal year. The acquisitions meet the criteria to be considered business combinations. The stores were valued using a discounted cash flow model on a location by location basis. The acquisitions were recorded in the financial statements by allocating the purchase price to the assets acquired, including intangible assets and liabilities assumed, based on their estimated fair values at the acquisition date. The excess of the cost of the acquisition over the net amounts assigned to the fair value of the assets acquired and the liabilities assumed is recorded as goodwill. All of the goodwill associated with these transactions will be deductible for income tax purposes over 15 years.

Allocation of the purchase price for the transactions in aggregate for the year ended April 30, 2017 is as follows (in thousands):




Assets acquired:
Inventories	$	1,056
Property and equipment	20,283
Total assets	21,339
Liabilities assumed:
Accrued expenses	106
Total liabilities	106
Net tangible assets acquired	21,233
Goodwill	4,240
Total consideration paid	$	25,473

The following unaudited pro forma information presents a summary of our consolidated results of operations as if the transactions referenced above occurred at the beginning of the first fiscal year of the periods presented (amounts in thousands, except per share data):



	Years Ended April 30,
	2017		2016
Total revenue	$	7,540,386	$	7,156,075
Net income	$	178,645	$	227,124
Net income per common share
Basic	$	4.57	$	5.82
Diluted	$	4.51	$	5.76