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BUSINESS COMBINATIONS | 12 Months Ended
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Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract] |
BUSINESS COMBINATIONS | BUSINESS COMBINATIONS In fiscal year 2021, we acquired the following businesses: a residential, commercial and roll-off collection business in eastern Connecticut that 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 whose assets and liabilities are allocated between our Eastern region and Resource Solutions operating segments; a solid-waste collection business that operates a waste transfer station, a septic and portable toilet business, and two tuck-in solid-waste collection businesses in our Eastern region; and a solid-waste transfer station business, a waste composting and food-scrap hauling business, a solid-waste collection business that operates a waste transfer station, and two tuck-in solid-waste collection businesses in our Western region. In fiscal year 2020, we acquired the following businesses: seven tuck-in solid waste collection businesses and a solid waste collection business in our Western region, a transportation business in our Eastern region, and one recycling operation in our Resource Solutions operating segment. In fiscal year 2019, we acquired the following businesses: three tuck-in solid waste collection businesses in our Eastern region, four tuck-in solid waste collection businesses, a business comprised of solid waste collection, transfer and recycling operations, and a business comprised of solid waste hauling and transfer assets in our Western region. 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. Purchase price allocations are based on information existing at the acquisition dates or upon closing the transactions, including contingent consideration. See Note 14, Fair Value of Financial Instruments for further disclosure about contingent consideration. Acquired intangible assets other than goodwill that are subject to amortization include customer relationships, trade names and covenants not-to-compete. These are amortized over a four to ten-year period from the date of acquisition. All amounts recorded to goodwill in fiscal years 2021 and 2020 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,
| 2021 |  | 2020 |  | 2019
Purchase Price: |  |  |  |  |
Cash used in acquisitions, net of cash acquired | $ | 166,489 |  |  | $ | 28,990 |  |  | $ | 72,118 |
Notes payable | — |  |  | — |  |  | 2,714 |
Other non-cash consideration | — |  |  | — |  |  | 5,470 |
Holdbacks to sellers and contingent consideration | 5,194 |  |  | 4,490 |  |  | 1,875 |
Total | 171,683 |  |  | 33,480 |  |  | 82,177 |
Allocated as follows: |  |  |  |  |
Current assets | 7,218 |  |  | 181 |  |  | 2,051 |
Property, plant and equipment: |  |  |  |  |
Land | 1,321 |  |  | 895 |  |  | 2,487 |
Finance lease right-of-use-assets | 31,467 |  |  | — |  |  | — |
Buildings | 11,046 |  |  | 1,908 |  |  | 5,422 |
Equipment | 46,396 |  |  | 13,493 |  |  | 20,482 |
Operating lease right-of-use assets | 6,500 |  |  | — |  |  | — |
Other non-current assets | — |  |  | — |  |  | 367 |
Intangible assets: |  |  |  |  |
Trade names | 8,350 |  |  | — |  |  | — |
Covenants not-to-compete | 1,807 |  |  | 742 |  |  | 4,412 |
Customer relationships | 36,195 |  |  | 7,663 |  |  | 26,759 |
Other liabilities, net | (5,182) |  |  | (484) |  |  | (3,122) |
Finance leases | (11,367) |  |  | — |  |  | — |
Deferred tax liability | — |  |  | — |  |  | (2,385) |
Fair value of assets acquired and liabilities assumed | 133,751 |  |  | 24,398 |  |  | 56,473 |
Excess purchase price to be allocated to goodwill | $ | 37,932 |  |  | $ | 9,082 |  |  | $ | 25,704 |
The following unaudited pro forma combined information shows our operational results as though each of the acquisitions completed had occurred as of January 1, 2019.
| Fiscal Year Ended December 31,
| 2021 |  | 2020 |  | 2019
Revenues | $ | 940,561 |  |  | $ | 872,046 |  |  | $ | 883,708 |
Operating income | $ | 76,576 |  |  | $ | 58,121 |  |  | $ | 55,328 |
Net income | $ | 36,486 |  |  | $ | 83,585 |  |  | $ | 25,946 |
Basic earnings per share attributable to common stockholders: |  |  |  |  |
Basic weighted average shares outstanding | 51,312 |  |  | 48,793 |  |  | 47,226 |
Basic earnings per common share | $ | 0.71 |  |  | $ | 1.71 |  |  | $ | 0.55 |
Diluted earnings per share attributable to common stockholders: |  |  |  |  |
Diluted weighted average shares outstanding | 51,515 |  |  | 49,045 |  |  | 47,966 |
Diluted earnings per common share | $ | 0.71 |  |  | $ | 1.70 |  |  | $ | 0.54 |
Certain purchase price allocations are preliminary and are based on information existing at the acquisition dates or upon closing the transaction. This includes purchase price allocation associated with the accounting for an acquisition in fiscal year 2021 that has not yet been completed because we have not finalized the valuations of certain tangible and intangible assets. Accordingly, the purchase price allocation is subject to change. 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, 2019 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.

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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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