(3) Acquisitions

On December 28, 2016, we acquired four franchise restaurants in Florida and Georgia. Pursuant to the terms of the acquisition agreements, we paid a total purchase price of $16.5 million, net of cash acquired. Two of the acquired restaurants are wholly-owned and the remaining two restaurants are majority-owned. For the two majority-owned restaurants, we received a noncontrolling interest contribution of $3.5 million. These acquisitions are consistent with our long-term strategy to increase net income and earnings per share.

These transactions were accounted for using the purchase method as defined in ASC 805, Business Combinations. Based on a purchase price of $16.5 million, $4.5 million of goodwill was generated by the acquisition, which is not amortizable for book purposes, but is deductible for tax purposes.

The purchase price has been allocated as follows:

The purchase price has been allocated as follows:


Current assets	$	170
Property and equipment		12,281
Goodwill		4,469
Current liabilities		(392)
	$	16,528

Pro forma results of operations and revenue and earnings for the years ended December 26, 2017 and December 27, 2016 have not been presented because the effect of the acquisitions was not material to our consolidated financial position, results of operations or cash flows.