BUSINESS COMBINATIONS

6 Months Ended

Jun. 30, 2019

In the six months ended June 30, 2019, we acquired three tuck-in solid waste collection businesses in our Eastern region and a business comprised of solid waste collection, transfer and recycling operations in our Western region. In the six months ended June 30, 2018, we acquired one solid waste collection, transfer and processing business in our Eastern region and one solid waste collection business in our Western region. The operating results of these businesses are included in the accompanying unaudited 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. Such assets are amortized over a five to ten year period from the date of acquisition. All amounts recorded to goodwill, except amounts related to certain acquisitions, are expected to be deductible for tax purposes.

A summary of the purchase price paid for these acquisitions and the allocation of the purchase price for these acquisitions follows:



	Six Months Ended June 30,
	2019			2018
Purchase Price:
Cash used in acquisitions, net of cash acquired	$	25,546		$	19,189
Notes payable	2,250			—
Contingent consideration and holdbacks	1,120			172
Total	28,916			19,361
Allocated as follows:
Current assets	1,865			1,640
Land	726			—
Buildings	2,602			5,578
Equipment	8,655			4,642
Intangible assets	11,619			2,700
Other liabilities, net	(1,546		)	(1,276		)
Deferred tax liability	(2,137		)	(1,635		)
Fair value of assets acquired and liabilities assumed	21,784			11,649
Excess purchase price allocated to goodwill	$	7,132		$	7,712

Certain purchase price allocations are preliminary and are based on information existing at the acquisition dates or upon closing the transaction. Accordingly, these purchase price allocations are subject to change. Unaudited pro forma combined information that shows our operational results as though each acquisition completed since the beginning of the prior fiscal year had occurred as of January 1, 2018 is as follows:



	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Revenues	$	189,970	$	183,084	$	358,243	$	348,373
Operating income	$	15,638	$	16,606	$	20,326	$	18,919
Net income (loss)	$	11,954	$	2,504	$	10,357	$	(597	)

Basic earnings per share attributable to common stockholders:
Weighted average common shares outstanding	47,464		42,661		46,693		42,516
Basic earnings per common share	$	0.25	$	0.06	$	0.22	$	(0.01	)
Diluted earnings per share attributable to common stockholders:
Weighted average shares outstanding	48,221		43,916		47,424		42,516
Diluted earnings per common share	$	0.25	$	0.06	$	0.22	$	(0.01	)

The unaudited pro forma results set forth in the table above have been prepared for comparative purposes only and are not necessarily indicative of the actual results of operations had the acquisitions occurred as of January 1, 2018 or of the results of our future operations. Furthermore, the unaudited 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.