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Note 6 - Acquisitions
 6 Months Ended
Oct. 31, 2013
Business Combinations [Abstract]  
Business Combination Disclosure [Text Block]

6.   Acquisitions


During the first six months of fiscal 2014, the Company acquired 22 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 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

  $ 1,294

Property and equipment

    18,384

Total assets

    19,678

Liabilities assumed:

       

Accrued expenses

    101

Total liabilities

    101

Net tangible assets acquired, net of cash

    19,577

Goodwill and other intangible assets

    4,965

Total consideration paid, net of cash acquired

  $ 24,542  

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,

 
   

2013

   

2012

 

Total revenues

  $ 4,157,549     3,869,210

Net earnings

    97,510     73,387

Earnings per common share:

               

Basic

  $ 2.54     1.92

Diluted

  $ 2.51     1.90