Note 6 - Acquisitions

6 Months Ended

Oct. 31, 2014

Notes to Financial Statements

Business Combination Disclosure [Text Block]

6 . Acquisitions

During the first six months of fiscal 2015, the Company acquired 29 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	$	2,471
Property and equipment		25,250
Total assets		27,721
Liabilities assumed:
Accrued expenses		58
Total liabilities		27,663
Net tangible assets acquired, net of cash
Goodwill and other intangible assets		6,625
Total consideration paid, net of cash acquired	$	34,288

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):

	Six months ended October 31,
	2014		2013
Total revenues	$	4,447,737		4,187,458
Net earnings (1)		100,060		94,364
Earnings per common share:
Basic	$	2.59		2.46
Diluted	$	2.56		2.43

(1) Due to the revision of the financial statements described in the Form 10-K/A (Amendment No. 1) filed on December 10, 2014, Net Earnings for the six months ended October 31, 2013 have been revised.