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Acquisitions
 12 Months Ended
Apr. 30, 2015
Business Combinations [Abstract]  
Acquisitions
ACQUISITIONS
During the year ended April 30, 2015, the Company acquired 36 stores through a variety of single store and multi-store transactions with several unrelated third parties. Of the 36 stores acquired, 32 were re-opened as a Casey's store during the 2015 fiscal year, three were closed permanently and one will be opened during the 2016 fiscal year. The acquisitions meet the criteria to be considered business combinations. The stores were valued using a discounted cash flow model on a location by location basis. The acquisitions were recorded in the financial statements 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
$
2,863

Property and equipment
31,740

Total assets
34,603

Liabilities assumed:
 
Accrued expenses
86

Total liabilities
86

Net tangible assets acquired
34,517

Goodwill
6,640

Total consideration paid
$
41,157



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):
 
 
Years Ended April 30,
 
2015
 
2014
Total revenue
$
7,794,626

 
$
7,948,786

Net income
$
181,100

 
$
128,265

Net income per common share
 
 
 
Basic
$
4.67

 
$
3.34

Diluted
$
4.63

 
$
3.30