XML 22 R10.htm IDEA: XBRL DOCUMENT v3.8.0.1
BUSINESS COMBINATIONS
9 Months Ended
Sep. 30, 2017
Business Combinations [Abstract]  
BUSINESS COMBINATIONS
BUSINESS COMBINATIONS
We acquired one solid waste collection business in our Eastern region and two solid waste collection businesses in our Western region during the nine months ended September 30, 2017. We acquired three transfer stations in our Western region during the nine months ended September 30, 2016. The operating results of each acquired business is included in the accompanying unaudited consolidated statements of operations from the date of acquisition, and the purchase price has been allocated to the net assets acquired based on fair values at the date of acquisition, with the residual amount recorded as goodwill.
A summary of the purchase price for these acquisitions and the allocation of the purchase price for these acquisitions follows:
 
Nine Months Ended
September 30,
 
2017
 
2016
Purchase Price:
 
 
 
Cash paid for acquisitions
$
3,383

 
$
2,439

Notes payable
2,400

 

Other non-cash considerations
101

 

Holdbacks
376

 
400

Total
6,260

 
2,839

Allocated as follows:
 
 
 
Current assets

 
40

Land

 
353

Building

 
1,360

Equipment
2,452

 
269

Intangible assets
1,670

 

Other liabilities, net
(49
)
 
(106
)
Fair value of assets acquired and liabilities assumed
4,073

 
1,916

Excess purchase price allocated to goodwill
$
2,187

 
$
923


Unaudited pro forma combined information that shows our operational results as though each acquisition completed since the beginning of the prior fiscal year had occurred as of January 1, 2016 follows:
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2017
 
2016
 
2017
 
2016
Revenue
$
160,401

 
$
152,572

 
$
450,512

 
$
426,376

Operating income (loss)
$
18,296

 
$
17,434

 
$
(22,334
)
 
$
35,037

Net income (loss) attributable to common stockholders
$
12,090

 
$
7,565

 
$
(41,767
)
 
$
5,162

Basic weighted average common shares outstanding
41,951

 
41,377

 
41,783

 
41,169

Basic earnings per share attributable to common stockholders
$
0.29

 
$
0.18

 
$
(1.00
)
 
$
0.13

Diluted weighted average shares outstanding
43,295

 
42,287

 
41,783

 
41,896

Diluted earnings per share attributable to common stockholders
$
0.28

 
$
0.18

 
$
(1.00
)
 
$
0.12


The pro forma results set forth in the table above have been prepared for comparative purposes only and are not necessarily indicative of the actual results of operations had the acquisitions occurred as of January 1, 2016 or of the results of our future operations. Furthermore, the pro forma results do not give effect to all cost savings or incremental costs that may occur as a result of the integration and consolidation of the completed acquisitions.