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BUSINESS COMBINATIONS | 6 Months Ended
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Jun. 30, 2021
Business Combination and Asset Acquisition [Abstract] |
BUSINESS COMBINATIONS | BUSINESS COMBINATIONS On July 26, 2021, we acquired Willimantic Waste Paper Co., Inc. ("Willimantic"), a residential, commercial and roll-off collection business in eastern Connecticut. Willimantic also operates a rail-served construction and demolition processing and waste transfer facility, a waste transfer station, a single stream recycling facility, and several other recycling operations. In the six months ended June 30, 2021, we acquired two tuck-in solid waste collection businesses in our Western region, along with a septic and portable toilet business and a tuck-in solid waste collection business in our Eastern region. In the six months ended June 30, 2020, we acquired four businesses: three tuck-in solid waste collection businesses in our Western region and one recycling operation in our Resource Solutions operating segment. The operating results of the acquired 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-year to ten-year period from the date of acquisition. All amounts recorded to goodwill, except goodwill related to certain acquisitions, are expected to be deductible for tax purposes. A summary of the purchase price paid and the purchase price allocation for these acquisitions follows:
| Six Months Ended June 30,
| 2021 |  | 2020
Purchase Price: |  |  |
Cash used in acquisitions, net of cash acquired | $ | 4,378 |  |  | $ | 19,212 |
Holdbacks | 505 |  |  | 2,837 |
Total | 4,883 |  |  | 22,049 |
Allocated as follows: |  |  |
Current assets | 13 |  |  | 132 |
Land | — |  |  | 685 |
Buildings | — |  |  | 2,118 |
Equipment | 1,549 |  |  | 8,277 |
Intangible assets | 1,646 |  |  | 5,912 |
Other liabilities, net | (82) |  |  | (222) |
Fair value of assets acquired and liabilities assumed | 3,126 |  |  | 16,902 |
Excess purchase price allocated to goodwill | $ | 1,757 |  |  | $ | 5,147 |
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, 2020 is as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Revenues | $ | 216,082 |  |  | $ | 192,610 |  |  | $ | 406,242 |  |  | $ | 380,791 |
Operating income | $ | 21,955 |  |  | $ | 17,629 |  |  | $ | 34,019 |  |  | $ | 24,880 |
Net income | $ | 11,787 |  |  | $ | 12,181 |  |  | $ | 16,129 |  |  | $ | 13,220 |
Basic earnings per share attributable to common stockholders: |  |  |  |  |  |  |
Weighted average common shares outstanding | 51,366 |  |  | 48,348 |  |  | 51,273 |  |  | 48,176 |
Basic earnings per common share | $ | 0.23 |  |  | $ | 0.25 |  |  | $ | 0.31 |  |  | $ | 0.27 |
Diluted earnings per share attributable to common stockholders: |  |  |  |  |  |  |
Weighted average common shares outstanding | 51,546 |  |  | 48,563 |  |  | 51,466 |  |  | 48,411 |
Diluted earnings per common share | $ | 0.23 |  |  | $ | 0.25 |  |  | $ | 0.31 |  |  | $ | 0.27 |
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, 2020 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.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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