XML 15 R7.htm IDEA: XBRL DOCUMENT v3.5.0.2
Acquisitions
 3 Months Ended
Mar. 31, 2016
Business Combinations [Abstract]  
Acquisitions

2. Acquisitions

During the three months ended March 31, 2016, the Company completed several acquisitions of outdoor advertising assets for a total purchase price of $511,138, of which $502,138 was in cash and $9,000 in non-cash consideration consisting principally of exchanges of outdoor advertising assets. The purchases included the acquisition of assets in five U.S. markets from Clear Channel Outdoor Holdings, Inc. for an aggregate cash purchase price of approximately $458,500. As a result of the acquisitions, a gain of $8,599 was recorded for transactions which involved the exchanges of outdoor advertising assets during the three months ended March 31, 2016.

Each of these acquisitions was accounted for under the acquisition method of accounting, and, accordingly, the accompanying consolidated financial statements include the results of operations of each acquired entity from the date of acquisition. The acquisition costs have been allocated to assets acquired and liabilities assumed based on preliminary fair market value estimates at the dates of acquisition. The following is a summary of the allocation of the acquisition costs in the above transactions.

 

     Total  

Property, plant and equipment

    $ 78,571   

Goodwill

      158,545   

Site locations

      234,584   

Non-competition agreements

      20   

Customer lists and contracts

      39,294   

Current assets

      4,646   

Current liabilities

      (4,522 ) 
  

 

 

  
   $ 511,138   
  

 

 

  

The following unaudited pro forma financial information for the Company gives effect to the 2016 and 2015 acquisitions as if they had occurred on January 1, 2015. These pro forma results do not purport to be indicative of the results of operations which actually would have resulted had the acquisitions occurred on such date or to project the Company’s results of operations for any future period.

 

     Three months ended
March 31,		  
     2016      2015  
     (unaudited)  

Net revenues

    $ 340,216       $ 331,302   

Net income applicable to common stock

    $ 51,849       $ 40,956   

Net income per common share — basic

    $ 0.54       $ 0.43   

Net income per common share — diluted

    $ 0.54       $ 0.43