Acquisitions

9 Months Ended

Jan. 31, 2013

Business Combinations [Abstract]

Acquisitions

6.Acquisitions

During the first nine months of fiscal 2013, the Company acquired 27 stores through a variety of single store and multi-store transactions with several unrelated third parties. The stores were valued using a discounted cash flow model on a location by location basis. The acquisitions were recorded 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 is as follows (in thousands):

Assets acquired:
Inventories	$	2,245
Property and equipment		12,974
Total assets		15,219
Liabilities assumed:
Accrued expenses		297
Total liabilities		297
Net tangible assets acquired, net of cash		14,922
Goodwill and other intangible assets		10,276
Total consideration paid, net of cash acquired	$	25,198

The allocation of the purchase price to assets acquired and liabilities assumed is preliminary pending finalization of management’s analysis.

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):

		Nine months ended January 31,
		2013	2012
Total revenues	$	5,471,267	5,344,441
Net income	$	88,206	95,960
Net income per common share
Basic	$	2.30	2.52
Diluted	$	2.28	2.50