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Tealstone Acquisition (Tables) | 9 Months Ended
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Sep. 30, 2017
Business Combinations [Abstract] |
Summary of Fair Value Consideration Transferred | Fair value of consideration transferred (amounts in thousands):
Cash | $ | 55,000 |
Common stock (1,882,058 shares) | 17,061 |
Promissory notes | 4,436 |
Deferred payments | 7,153 |
Total | $ | 83,650 |
Summary of Preliminary Goodwill Additions | The following table summarizes our preliminary goodwill addition (in thousands):
Balance at January 1, 2017 | $ | 54,820 |
Additional goodwill related to acquisition | 30,457 |
Balance at September 30, 2017 | $ | 85,277 |
Summary of Preliminary Purchase Price Allocation | The following table summarizes our preliminary purchase price allocation at the acquisition closing date (in thousands):
Cash | $ | 139 |
Accounts receivable | 19,876 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 2,944 |
Inventory | 1,218 |
Other current assets | 54 |
Property, plant and equipment | 565 |
Other assets, net | 1 |
Identifiable intangible assets and Goodwill | 77,028 |
Accounts payable | (16,781 | )
Billings in excess of costs and estimated earnings on uncompleted contracts | (303 | )
Accrued expenses | (823 | )
State income tax payable | (268 | )
Total Consideration | $ | 83,650 |
Summary of Proforma Information | The pro forma consists of the following (amounts in thousands):
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2017 |  | 2016 |  | 2017 |  | 2016
Pro forma revenue |  | $ | 304,219 |  |  | $ | 255,002 |  |  | $ | 749,176 |  |  | $ | 657,773 |
Pro forma net income attributable to Sterling |  | $ | 7,132 |  |  | $ | 4,659 |  |  | $ | 8,848 |  |  | $ | 7,705 |

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- Definition Tabular disclosure of goodwill in a business combination. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e6927-128479 + Details
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- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1486-128463 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=84161108&loc=d3e4845-128472 + Details
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