Acquisitions (Tables)

12 Months Ended

Dec. 31, 2013

Additions to Goodwill, Client Lists and Other Intangible Assets Resulting from Acquisitions and Contingent Consideration Earned on Prior Period Acquisitions

Additions to goodwill, client lists and other intangible assets resulting from acquisitions and contingent consideration earned during the years ended December 31, 2013 and 2012 were as follows (in thousands):


	2013		2012
Goodwill	$	9,575	$	57,688

Client lists	$	3,819	$	40,165

Other intangible assets	$	182	$	1,450

Acquisition Acquired Activities

As a result of CBIZ’s acquisition activities in 2012, the following table provides unaudited pro forma financial information for CBIZ as if all the current year acquisitions were acquired on January 1, 2012. The unaudited pro forma financial information includes the effect of financing resulting in interest expense of approximately $2.0 million, amortization expense of $2.6 million resulting from acquired intangible assets, and other adjustments to normalize certain expenses such as benefits, commissions and incentive compensation. The unaudited pro forma results of operations are presented for illustrative purposes only and are not necessarily indicative of the results of operation that would have been obtained had these businesses actually been acquired at January 1, 2012, nor are they intended to be a projection of future results of operations. No pro forma information is presented for the year ended December 31, 2011 due to lack of available data.


	Twelve Months Ended December 31, 2012
	Consolidated As Reported		Pro Forma Adjustments		Pro Forma Consolidated
Revenue	$	626,538	$	44,879	$	671,417
Net income	$	31,146	$	4,585	$	35,731
Earnings per share:
Basic	$	0.63	$	0.09	$	0.72
Diluted	$	0.63	$	0.09	$	0.72
Weighted average common shares outstanding:
Basic		49,002		435		49,437
Diluted		49,252		419		49,671

Associated Insurance Agents (AIA), Minnesota and Knight Field Fabry LLP (Knight) [Member]

Allocated Aggregate Purchase Price of Acquisitions

The aggregate purchase price for these acquisitions was allocated as follows (in thousands):


Recognized amounts of identifiable assets acquired and liabilities assumed:
Cash	$	202
Accounts receivable, net		578
Other assets		137
Identifiable intangible assets		3,002
Accounts payable		(835	)
Accrued liabilities		(416	)
Deferred Taxes		(1,165	)

Total identifiable net assets	$	1,503
Goodwill		9,278

Aggregate purchase price	$	10,781

Meridian Insurance Group, LLC (Meridian), Primarily Care, Inc. (PCI) Stoltz and Company, LTD., L.L.P (Stoltz), Trinity Risk Advisors, Inc.(Trinity), Strategic Employee Benefit Services-The Pruett Group, Inc. (SEBS-Pruett), ProMedical, Inc. (ProMedical), the employee benefit division of Leavitt Pacific Insurance Brokers, Inc. (Leavitt), Diversified Industries, Inc. d/b/a Payroll Control Systems (PCS) and PHBV Partners, L.L.P. (PHBV) [Member]

Allocated Aggregate Purchase Price of Acquisitions

The aggregate purchase price for these acquisitions, was allocated as follows (in thousands):


Recognized amounts of identifiable assets acquired and liabilities assumed:
Cash	$	422
Funds held for clients		39,193
Accounts receivable, net (as adjusted)		7,618
Fixed assets and other		1,300
Identifiable intangible assets		39,300
Accrued liabilities		(5,113	)
Client fund obligations		(39,193	)
Deferred tax liability		(1,236	)

Total identifiable net assets	$	42,291
Goodwill (as adjusted)		57,190

Aggregate purchase price	$	99,481

Thompson Dunavant PLC, Multiple Benefit Services, Inc. (MBS), Gresham Smith LLC and Atlantic MDR, LLC (d/b/a Advantage Benefit Planning) (ABP) [Member]

Allocated Aggregate Purchase Price of Acquisitions

The aggregate purchase price for these acquisitions was allocated as follows (in thousands):


Recognized amounts of identifiable assets acquired and liabilities assumed:
Cash	$	273
Accounts receivable, net		3,606
Fixed assets and other		437
Identifiable intangible assets		11,072
Deferred income taxes – non-current		(1,775	)
Accrued liabilities		(924	)

Total identifiable net assets	$	12,689
Goodwill		16,869

Aggregate purchase price	$	29,558