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BUSINESS COMBINATION (Tables) | 12 Months Ended
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Dec. 31, 2016
Schedule of pro forma financial information |
|  | Years Ended December 31, |
(in millions, except per-share amount) |  | 2016 |  | 2015 |
Pro Forma Combined: |  |  |  |  |  |  |
Operating revenue |  | $ | 1,974.2 |  | $ | 2,076.4 |
Net income |  | $ | 84.9 |  | $ | 107.7 |
Basic Earnings Per-Share: |  | $ | 1.97 |  | $ | 2.48 |
Diluted Earnings Per-Share: |  | $ | 1.95 |  | $ | 2.45 |
Weighted-Average Number of Shares Outstanding: |  |  |  |  |  |  |
Basic |  |  | 43.1 |  |  | 43.5 |
Diluted |  |  | 43.5 |  |  | 44.0 |
Span Alaska |
Schedule of total consideration paid for the membership interests in Span Alaska | Total consideration paid by the Company on the Effective Date for the membership interests in Span Alaska including the repayment of Span Alaska’s debt and accrued interest, is as follows (in millions):
Span Alaska Consideration |  | Total |
Membership interests |  | $ | 117.0 |
Span Alaska’s debt |  |  | 81.9 |
Total |  | $ | 198.9 |
Summary of estimated fair values assigned to Span Alaska’s assets acquired and liabilities assumed |
Purchase Price Allocation (in millions) |  | Total |
Cash and cash equivalents |  | $ | 4.4 |
Accounts receivable |  |  | 11.1 |
Prepaid and other current assets |  |  | 0.9 |
Property and equipment |  |  | 8.1 |
Intangibles – Customer relationships |  |  | 79.3 |
Intangibles – Trade name |  |  | 27.3 |
Other long-term assets |  |  | 0.1 |
Accounts payable |  |  | (3.3) |
Accruals and other current liabilities |  |  | (6.4) |
Capital lease obligations |  |  | (1.2) |
Span Alaska’s debt |  |  | (81.9) |
Total identifiable assets less liabilities |  |  | 38.4 |
Total consideration for membership interests |  |  | (117.0) |
Goodwill |  | $ | 78.6 |
Horizon |
Summary of estimated fair values assigned to Span Alaska’s assets acquired and liabilities assumed |
Purchase Price Allocation (in millions) |  | Preliminary Estimates |  | Adjustments |  | Final |
Cash and cash equivalents |  | $ | 0.8 |  | $ | — |  | $ | 0.8 |
Accounts receivable |  |  | 31.7 |  |  | — |  |  | 31.7 |
Other current assets |  |  | 7.2 |  |  | — |  |  | 7.2 |
Deferred tax assets, net |  |  | 45.6 |  |  | 0.7 |  |  | 46.3 |
Property and equipment |  |  | 170.4 |  |  | — |  |  | 170.4 |
Intangibles - Customer relationships |  |  | 140.0 |  |  | — |  |  | 140.0 |
Other long-term assets |  |  | 4.1 |  |  | — |  |  | 4.1 |
Accounts payable |  |  | (22.8) |  |  | — |  |  | (22.8) |
Accruals and other current liabilities |  |  | (32.1) |  |  | 0.7 |  |  | (31.4) |
Multi-employer withdrawal liability |  |  | (60.6) |  |  | (4.9) |  |  | (65.5) |
Capital lease obligations |  |  | (1.6) |  |  | — |  |  | (1.6) |
Horizon's debt and warrants |  |  | (467.5) |  |  | — |  |  | (467.5) |
Total identifiable assets less liabilities |  |  | (184.8) |  |  | (3.5) |  |  | (188.3) |
Total cash paid for common shares |  |  | (29.4) |  |  | — |  |  | (29.4) |
Goodwill |  | $ | 214.2 |  | $ | 3.5 |  | $ | 217.7 |

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