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Business Combinations (Tables) | 12 Months Ended
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Dec. 31, 2012
Asset purchase agreement |
Summary of the fair value of assets acquired and the liabilities assumed |
|  | 2012 |  | 2010 |
|  | Sprint |  | Silva |  | Saxon |  | Q3C |  | Rockford |
|  | Acquisition |  | Acquisition |  | Acquisition |  | Acquisition |  | Acquisition |
Cash |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 19,623 |
Accounts receivable |  | 7,614 |  | 903 |  | 2161 |  | 17,947 |  | 57,505 |
Cost and earnings in excess of billings |  | 601 |  | 23 |  | 279 |  | 4,358 |  | 2,132 |
Inventory and other assets |  | 252 |  | 353 |  | 564 |  | 131 |  | — |
Investment in non-consolidated entities |  | — |  | — |  | — |  | 1,298 |  | — |
Deferred tax assets |  | — |  | — |  | — |  | — |  | 3,383 |
Prepaid expenses |  | — |  | — |  | — |  | 174 |  | 813 |
Property, plant and equipment |  | 12,078 |  | 14,675 |  | 2,948 |  | 20,526 |  | 24,107 |
Other assets |  | — |  | — |  | — |  | — |  | 2,400 |
Intangible assets |  | 3,600 |  | — |  | 1350 |  | 21,550 |  | 15,510 |
Goodwill |  | 9,389 |  | — |  | 810 |  | 12,562 |  | 32,079 |
Accounts payable |  | (1,458 | ) | (1,450 | ) | (2,952 | ) | (4,448 | ) | (14,525 | )
Billing in excess of costs and earnings |  | — |  | (414 | ) | (110 | ) | — |  | (35,408 | )
Accrued expenses |  | (716 | ) | — |  | (121 | ) | (7,851 | ) | (13,324 | )
Notes payable |  | — |  | — |  | — |  | (10,253 | ) | (4,684 | )
Capital lease liabilities |  | (2,983 | ) | — |  | — |  | — |  | — |
Deferred tax liability |  | — |  | — |  | — |  | — |  | (9,988 | )
Total |  | $ | 28,377 |  | $ | 14,090 |  | $ | 4,929 |  | $ | 55,994 |  | $ | 79,623 |
Schedule of the acquired intangible assets categories, fair value and average amortization periods |
|  |  |  | 2012 Fair Value |  | 2010 Fair Value |
|  | Amortization |  | Sprint |  | Saxon |  | Q3C |  | Rockford |
|  | Period |  | Acquisition |  | Acquisition |  | Acquisition |  | Acquisition |
Tradename |  | 3 & 10 years |  | $ | 700 |  | $ | — |  | $ | 6,650 |  | $ | 7,450 |
Non-compete agreements |  | 2 to 5 years |  | 450 |  | 100 |  | 450 |  | 2,100 |
Customer relationships |  | 5 to 15 years |  | 2,450 |  | 1,150 |  | 14,450 |  | 2,750 |
Backlog |  | 0.75 years |  | — |  | 100 |  | — |  | 3,210 |
Total |  |  |  | $ | 3,600 |  | $ | 1,350 |  | $ | 21,550 |  | $ | 15,510 |
Schedule of pro forma results |
|  | 2012 |  | 2011 |
|  | (unaudited) |  | (unaudited) |
Revenues |  | $ | 1,673,001 |  | $ | 1,674,406 |
Income before provision for income taxes |  | $ | 95,254 |  | $ | 90,799 |
Net income attributable to Primoris |  | $ | 58,678 |  | $ | 54,940 |
Weighted average common shares outstanding: |  |  |  |  |
Basic — (1) |  | 51,403 |  | 50,769 |
Diluted — (1) |  | 51,418 |  | 51,215 |
Earnings per share attributable to Primoris: |  |  |  |  |
Basic |  | $ | 1.14 |  | $ | 1.08 |
Diluted |  | $ | 1.14 |  | $ | 1.07 |
Sprint |
Asset purchase agreement |
Schedule of fair value of the consideration transferred to selling shareholders |
Cash consideration |  | $ | 21,197 |
Company common stock |  | 980 |
Earnout consideration |  | 6,200 |
Total consideration |  | $ | 28,377 |
Rockford |
Asset purchase agreement |
Schedule of fair value of the consideration transferred to selling shareholders |
Cash |  | $ | 35,039 |
Company common stock |  | 13,600 |
Subordinated promissory note |  | 16,712 |
Earnout consideration |  | 14,272 |
Total fair value of consideration |  | $ | 79,623 |
Q3 Contracting |
Asset purchase agreement |
Schedule of fair value of the consideration transferred to selling shareholders |
Cash consideration |  | $ | 48,116 |
Commitment to issue Company common stock |  | 430 |
Earnout consideration |  | 7,448 |
Total consideration |  | $ | 55,994 |

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