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Acquisitions
 12 Months Ended
Apr. 30, 2013
Acquisitions [Abstract]  
Acquisitions

 

2.ACQUISITIONS

 

During the year ended April 30, 2013, the Company acquired 34 stores through a variety of single store and multi-store transactions with several unrelated third parties. Of the 34 stores acquired, 26 were opened during the 2013 fiscal year, six were closed permanently and two will be opened during the 2014 fiscal year. The acquisitions meet the criteria to be considered business combinations. The acquisitions were recorded by allocating the cost of 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

$
2,498 

  Property and equipment

 
16,934 

Total assets

 
19,432 

Liabilities assumed:

 

 

  Accrued expenses

 
310 

Total liabilities

 
310 

Net tangible assets acquired

 
19,122 

Goodwill

 
10,405 

Total consideration paid

$
29,527 

 

 

 

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 fiscal year for each of the periods presented (amounts in thousands, except per share data):

 

 

 

 

 

 

 

 

 

 

Years Ended April 30,

 

 

2013

 

2012

Total revenue

$
7,321,715 

 
7,119,777 

Net income

$
112,161 

 
119,729 

Net income per common share

 

 

 

 

  Basic

$
2.93 

 
3.15 

  Diluted

$
2.90 

 
3.12