BUSINESS COMBINATIONS

We acquired one solid waste collection, transfer and processing business in our Eastern region, Complete Disposal Company, Inc. and its subsidiary United Material Management of Holyoke, Inc. (collectively, "Complete"), which provides residential and roll-off collection services, operates a construction and demolition processing facility, and operates a solid waste transfer station with both truck and rail transfer capabilities during the six months ended June 30, 2018. We also acquired one solid waste collection business in our Western region during the six months ended June 30, 2018. In the six months ended June 30, 2017, we acquired one solid waste collection business in each of our Eastern and Western regions. The operating results of these businesses are included in the accompanying unaudited consolidated statements of operations from each date of acquisition, and the purchase price has been allocated to the net assets acquired based on fair values at each date of acquisition, with the residual amounts recorded as goodwill. Acquired intangible assets other than goodwill that are subject to amortization include client lists and non-compete covenants. Such assets are amortized over a five to ten year period from the date of acquisition. All amounts recorded to goodwill, except amounts related to the Complete acquisition, are expected to be deductible for tax purposes.

A summary of the purchase price paid for these acquisitions and the allocation of the purchase price for these acquisitions follows:



	Six Months Ended June 30,
	2018			2017
Purchase Price:
Cash paid for acquisitions	$	19,189		$	2,664
Notes payable	—			2,400
Other non-cash consideration	—			100
Holdbacks	172			196
Total	19,361			5,360
Allocated as follows:
Current assets	1,640			—
Building	5,578			—
Equipment	4,642			2,291
Intangible assets	2,700			1,317
Other liabilities, net	(1,276		)	(49		)
Deferred tax liability	(1,635		)	—
Fair value of assets acquired and liabilities assumed	11,649			3,559
Excess purchase price allocated to goodwill	$	7,712		$	1,801

The purchase price allocations are preliminary and are based on information existing at the acquisition dates or upon closing the transaction. Accordingly, the purchase price allocations are subject to change. 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, 2017 follows:



	Three Months Ended June 30,					Six Months Ended June 30,
	2018		2017			2018			2017
Revenue	$	165,649	$	159,892		$	313,503		$	300,041
Operating income (loss)	$	15,149	$	(46,986	)	$	16,005		$	(40,112	)
Net income (loss)	$	1,704	$	(53,505	)	$	(2,196	)	$	(53,553	)

Basic weighted average common shares outstanding	42,661		41,811			42,516			41,698
Basic earnings per share attributable to common stockholders	$	0.04	$	(1.28	)	$	(0.05	)	$	(1.28	)
Diluted weighted average shares outstanding	43,916		41,811			42,516			41,698
Diluted earnings per share attributable to common stockholders	$	0.04	$	(1.28	)	$	(0.05	)	$	(1.28	)

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, 2017 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.