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Acquisitions
 12 Months Ended
Apr. 30, 2016
Business Combinations [Abstract]  
Acquisitions
ACQUISITIONS
During the year ended April 30, 2016, the Company acquired 5 stores through a variety of single store transactions with several unrelated third parties. Of the 5 stores acquired, 4 were re-opened as a Casey's store during the 2016 fiscal year, and one will be opened during the 2017 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 for the year ended April 30, 2016 is as follows (in thousands):
 
 
 
Assets acquired:
 
Inventories
$
267

Property and equipment
5,465

Other assets
25

Total assets
5,757

Liabilities assumed:
 
Accrued expenses
14

Total liabilities
14

Net tangible assets acquired
5,743

Goodwill
1,520

Total consideration paid
$
7,263



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,
 
2016
 
2015
Total revenue
$
7,132,349

 
$
7,785,111

Net income
$
226,271

 
$
181,051

Net income per common share
 
 
 
Basic
$
5.80

 
$
4.67

Diluted
$
5.74

 
$
4.63