BUSINESS COMBINATIONS

In fiscal year 2018, we acquired six solid waste collection and one transfer business in our Western region and two businesses comprised of solid waste collection and transfer operations in our Eastern region. In fiscal year 2017, we acquired one solid waste collection business in our Eastern region and three solid waste collection businesses in our Western region, and in fiscal year 2016 we acquired three transfer operations. The operating results of these businesses are included in the accompanying audited consolidated statements of operations from each date of acquisition, and the purchase price has been allocated to the net assets acquired based on fair values at each date of acquisition, with the residual amounts recorded as goodwill. Acquired intangible assets other than goodwill that are subject to amortization include client lists and non-compete covenants. These are amortized over a five to ten year period from the date of acquisition. All amounts recorded to goodwill in fiscal years 2018 and 2017, except goodwill related to the acquisition of Complete Disposal Company, Inc. and its subsidiary United Material Management of Holyoke, Inc. (collectively, "Complete"), are expected to be deductible for tax purposes.

The purchase price paid for these acquisitions and the allocation of the purchase price is as follows:



	Fiscal Year Ended December 31,
	2018			2017			2016
Purchase Price:
Cash used in acquisitions, net of cash acquired	$	86,686		$	4,823		$	2,439
Notes payable	—			2,400			—
Class A common stock issued	4,258			—			—
Other non-cash considerations	—			101			—
Contingent consideration and holdbacks	8,521			736			400
Total	99,465			8,060			2,839
Current assets	3,276			93			40
Land	—			—			353
Buildings	7,889			—			1,360
Equipment	23,882			2,994			269
Other liabilities, net	(4,708		)	(49		)	(106		)
Deferred tax liability	(937		)	—			—
Intangible assets	29,934			2,334			—
Fair value of assets acquired and liabilities assumed	59,336			5,372			1,916
Excess purchase price to be allocated to goodwill	$	40,129		$	2,688		$	923

The following unaudited pro forma combined information shows our operational results as though each of the acquisitions completed had occurred as of January 1, 2016.



	Fiscal Year Ended December 31,
	2018		2017			2016
Revenues	$	699,659	$	672,898		$	642,773
Operating income (loss)	$	43,561	$	(6,601	)	$	50,970
Net income (loss) attributable to common stockholders	$	8,579	$	(18,408	)	$	(3,446	)
Basic earnings per common share attributable to common stockholders	$	0.20	$	(0.44	)	$	(0.08	)
Basic weighted average shares outstanding	42,688		41,846			41,233
Diluted earnings per common share attributable to common stockholders	$	0.19	$	(0.44	)	$	(0.08	)
Diluted weighted average shares outstanding	44,168		41,846			41,233

The pro forma results have been prepared for comparative purposes only and are not necessarily indicative of the actual results of operations had the acquisitions taken place as of January 1, 2016 or the results of our future operations. Furthermore, the pro forma results do not give effect to all cost savings or incremental costs that may occur as a result of the integration and consolidation of the completed acquisitions.