Note 6 - Acquisitions

9 Months Ended

Jan. 31, 2014

Business Combinations [Abstract]

Business Combination Disclosure [Text Block]

6. Acquisitions

During the first nine months of fiscal 2014, the Company acquired 24 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 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 is as follows (in thousands):     

Assets acquired:
Inventories	$	1,409
Property and equipment		19,994
Total assets		21,403
Liabilities assumed:
Accrued expenses		110
Total liabilities		110
Net tangible assets acquired, net of cash		21,293
Goodwill and other intangible assets		5,290
Total consideration paid, net of cash acquired	$	26,583

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,
	2014		2013
Total revenues	$	5,950,914		5,535,896
Net earnings		112,267		89,006
Earnings per common share:
Basic	$	2.92		2.32
Diluted	$	2.89		2.31