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Acquisitions (Tables) | 9 Months Ended
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Sep. 30, 2019
Acquisitions |
Schedule of acquisitions | The following table summarizes the preliminary allocation of the opening balance sheet from the date of the CSI acquisition through September 30, 2019:
|  | (as of acquisition
|  | date) July 15,
(in thousands) |  | 2019
Consideration paid |  | $ | 79,720
Preliminary estimated net asset adjustments |  |  | 633
Total consideration, net of net asset adjustments |  | $ | 80,353
Accounts receivable, net |  | $ | 59,579
Contract assets |  |  | 38,970
Other current assets |  |  | 83
Property and equipment |  |  | 7,964
Operating lease right-of-use assets |  |  | 9,933
Intangible assets |  |  | 26,000
Other long term assets |  |  | 149
Accounts payable |  |  | (29,533)
Accrued salaries and benefits |  |  | (8,091)
Contract liabilities |  |  | (18,934)
Current portion of operating lease obligations |  |  | (2,526)
Other current liabilities |  |  | (4,776)
Operating lease obligations, net of current maturities |  |  | (7,407)
Long-term debt |  |  | (20)
Net identifiable assets and liabilities |  |  | 71,391
Goodwill |  | $ | 8,962
The following table summarizes the allocation of the opening balance sheet from the date of the Huen Companies acquisition through September 30, 2019:
|  | (as of |  | Measurement |  |  |
|  | acquisition date) |  | Period |  | Final Acquisition
(in thousands) |  | July 2, 2018 |  | Adjustments |  | Allocation
Consideration paid |  | $ | 47,082 |  | $ | — |  | $ | 47,082
Preliminary estimated net asset adjustments |  |  | 10,749 |  |  | 85 |  |  | 10,834
Total consideration, net of net asset adjustments |  | $ | 57,831 |  | $ | 85 |  | $ | 57,916
Accounts receivable, net |  | $ | 33,903 |  | $ | (207) |  | $ | 33,696
Contract assets |  |  | 10,570 |  |  | 1,010 |  |  | 11,580
Other current and long term assets |  |  | 88 |  |  | (11) |  |  | 77
Property and equipment |  |  | 3,188 |  |  | — |  |  | 3,188
Intangible assets |  |  | — |  |  | 24,300 |  |  | 24,300
Accounts payable |  |  | (9,592) |  |  | (1,274) |  |  | (10,866)
Contract liabilities |  |  | (6,394) |  |  | 525 |  |  | (5,869)
Other current liabilities |  |  | (6,570) |  |  | 49 |  |  | (6,521)
Net identifiable assets and liabilities |  |  | 25,193 |  |  | 24,392 |  |  | 49,585
Unallocated intangible assets |  |  | 9,800 |  |  | (9,800) |  |  | —
Total acquired assets and liabilities |  |  | 34,993 |  |  | 14,592 |  |  | 49,585
Fair value of acquired noncontrolling interest |  |  | (1,273) |  |  | (7) |  |  | (1,280)
Goodwill |  | $ | 24,111 |  | $ | (14,500) |  | $ | 9,611
Schedule of supplemental pro forma financial information | Future results may vary significantly from the results reflected in the following pro forma financial information because of future events and transactions, as well as other factors:
|  | Three months ended |  | Nine months ended
|  | September 30, |  | September 30,
|  | 2019 |  | 2018 |  | 2019 |  | 2018
(in thousands, except per share data) |  | (unaudited) |  | (unaudited) |  | (unaudited) |  | (unaudited)
Contract revenues |  | $ | 596,600 |  | $ | 474,783 |  | $ | 1,672,149 |  | $ | 1,277,341
Net income |  | $ | 10,743 |  | $ | 5,602 |  | $ | 26,515 |  | $ | 18,940
Net income attributable to MYR Group, Inc. |  | $ | 10,637 |  | $ | 5,600 |  | $ | 27,991 |  | $ | 18,938
Income per common share attributable to MYR Group Inc.: |  |  |  |  |  |  |  |  |  |  |  |
—Basic |  | $ | 0.64 |  | $ | 0.34 |  | $ | 1.69 |  | $ | 1.15
—Diluted |  | $ | 0.64 |  | $ | 0.34 |  | $ | 1.68 |  | $ | 1.14
Weighted average number of common shares and potential common shares outstanding: |  |  |  |  |  |  |  |  |  |  |  |
—Basic |  |  | 16,614 |  |  | 16,492 |  |  | 16,576 |  |  | 16,423
—Diluted |  |  | 16,714 |  |  | 16,630 |  |  | 16,692 |  |  | 16,580

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