Acquisitions Acquisitions

6 Months Ended

Oct. 31, 2017

During the first six months of fiscal 2018, the Company acquired 14 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 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:



Assets Acquired:
Inventories & other assets	$	1,028
Land, property and equipment	17,240
Total Assets	18,268
Liabilities Assumed:
Accrued expenses	—
Net tangible assets acquired, net of cash	18,268

Goodwill and other intangible assets	4,513
Total consideration paid, net of cash acquired	$	22,781

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,
	2017		2016
Total revenues	$	4,266,959	$	3,916,012
Net earnings	$	106,209	$	125,401
Earnings per common share:
Basic	$	2.79	$	3.20
Diluted	$	2.76	$	3.16