Quarterly report pursuant to Section 13 or 15(d)

Acquisition (Tables)

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Acquisition (Tables)
 6 Months Ended
Jun. 30, 2015
Acquisition [Abstract]  
Summary of Fair Value Adjustments for Assets and Liabilities Assumed
The total estimated purchase price has been allocated to assets acquired (including identifiable intangible assets and goodwill) and liabilities assumed (including deferred taxes on identifiable intangible assets that are not deductible for income tax purposes), as follows (in thousands):

Description
  
Fair Value
  
Cash
  
$
686
  
Accounts receivable
    
11,104
  
Inventory
    
55,544
  
Prepaid expenses and other current assets
    
2,641
  
Property and equipment
    
11,461
  
Customer relationships
    
85,700
  
Trade name
    
7,500
  
Goodwill
    
92,332
  
Accounts payable
    
(8,688
)
Accrued expenses and other current liabilities
    
(4,446
)
Long-term deferred tax liability
    
(35,861
)
   
$
217,973
  
         
Cash consideration
  
$
191,867
  
Acquisition date fair value of earn-out obligation
    
26,106
  
Total
  
$
217,973
  
Business Acquisition, Pro Forma Information
The following unaudited pro forma results of operations assume the Aviation Acquisition had occurred on January 1, 2014 (in thousands except per share amounts):
   
Six Months ended June 30,
  
   
2015
    
2014
  
 
Revenue
  
$
259,322
    
$
283,231
  
Income from continuing operations
  
$
10,942
    
$
14,147
  
Basic earnings per share
  
$
2.04
    
$
2.65
  
Diluted earnings per share
  
$
2.03
    
$
2.64