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Acquisitions (Tables) | 12 Months Ended
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Dec. 31, 2017
Business Combinations [Abstract] |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the purchase price allocation of the fair value of assets acquired and liabilities assumed in the Bi-Phase acquisition:
(in thousands) |  | Purchase Price Allocation
Purchase consideration: |  |
Initial cash paid at date of acquisition |  | $ | 3,619 |
Fair value of contingent consideration |  | 540 |
Working capital adjustment |  | 266 |
Purchase price, net of cash acquired |  | $ | 4,425 |
Allocation of consideration to assets acquired and liabilities assumed: |  |
Accounts receivable |  | $ | 212 |
Inventories |  | 2,103 |
Prepaid expenses and other current assets |  | 166 |
Property, plant and equipment |  | 113 |
Intangible assets |  | 860 |
Goodwill |  | 1,217 |
Current liabilities |  | (246 | )
Net assets acquired |  | $ | 4,425 |
The following table summarizes the purchase price allocation of the fair value of assets acquired and liabilities assumed in the Buck's acquisition:
(in thousands) |  | Purchase Price Allocation
Purchase Consideration: |  |
Cash Consideration at date of acquisition |  | $ | 9,735 |
Allocation of consideration to assets acquired: |  |
Inventories |  | $ | 6,598 |
Property, plant and equipment |  | 231 |
Intangible assets |  | 1,380 |
Goodwill |  | 1,526 |
Net assets acquired |  | $ | 9,735 |
The following table summarizes the purchase price allocation of the fair value of assets acquired and liabilities assumed in the Powertrain acquisition:
(in thousands) |  | Purchase Price Allocation
Purchase consideration: |  |
Initial cash paid at date of acquisition |  | $ | 20,873 |
Fair value of contingent consideration |  | 8,200 |
Working capital adjustment |  | (97 | )
Total purchase consideration |  | $ | 28,976 |
Allocation of consideration to assets acquired and liabilities assumed: |  |
Accounts receivable |  | $ | 4,931 |
Inventories |  | 1,890 |
Prepaid expenses and other current assets |  | 23 |
Property, plant and equipment |  | 314 |
Intangible assets |  | 13,600 |
Goodwill |  | 15,311 |
Other non-current assets |  | 24 |
Current liabilities |  | (7,117 | )
Net assets acquired |  | $ | 28,976 |
(in thousands) |  | Purchase Price Allocation
|  | (Restated)
Purchase consideration: |  |
Initial cash paid at date of acquisition, net of acquired cash |  | $ | 44,122 |
Fair value of contingent consideration |  | 3,840 |
Fair value of the fixed number of shares of Common Stock |  | 5,060 |
Purchase considerations: |  | $ | 53,022 |
Allocation of consideration to assets acquired and liabilities assumed: |  |
Accounts receivable |  | $ | 3,989 |
Inventories |  | 4,953 |
Prepaid expenses and other current assets |  | 243 |
Property, plant and equipment |  | 2,346 |
Intangible assets |  | 23,300 |
Goodwill |  | 23,414 |
Current liabilities |  | (5,223 | )
Net assets acquired |  | $ | 53,022 |
Summary of Identifiable Intangible Assets | The intangible assets are amortized over their respective estimated useful lives as follows:
(in thousands) |  | Asset Amount |  | Estimated Life
Backlog |  | $ | 600 |  |  | 3 months
Customer relationships |  | 13,000 |  |  | 12 years
Total intangible assets |  | $ | 13,600 |  |  |
The intangible asset is amortized over its estimated useful life as follows:
(in thousands) |  | Asset Amount |  | Estimated Life
Customer relationships |  | $ | 1,380 |  |  | 10 years
The intangible assets are amortized over their respective estimated useful lives, which approximate the period over which the Company expects to gain the estimated economic benefits as follows:
(in thousands) |  | Asset Amount |  | Estimated Life
Backlog |  | $ | 1,200 |  |  | 15 months
Customer relationships |  | 20,400 |  |  | 13 years
Trade names and trademarks |  | 1,700 |  |  | 13 years
Total intangible assets |  | $ | 23,300 |  |  |
The intangible assets are amortized over their respective estimated useful lives as follows:
(in thousands) |  | Asset Amount |  | Estimated Life
Developed technology |  | $ | 700 |  |  | 7 years
Customer relationships |  | 160 |  |  | 15 years
Total intangible assets |  | $ | 860 |  |  |
Business Acquisition, Pro Forma Information | The following supplemental unaudited pro-forma information presents the combined results of operations of the Company and 3PI as though the acquisition of 3PI occurred on January 1, 2014. The Company also presents the combined results of operations of the Company and Powertrain as though the acquisition of Powertrain occurred on January 1, 2015. The Company did not include pro-forma results of operations for Bi-Phase and Buck’s, as the results are immaterial to the Company's Consolidated Statements of Operations. The pro-forma information is not necessarily indicative of the actual consolidated results had the 3PI acquisition occurred as of January 1, 2014, or had the Powertrain acquisition occurred as of January 1, 2015, or of future consolidated operating results.
(in thousands, except per share amounts) | For the Year Ended December 31,
| 2015 |  | 2014
Net sales | $ | 383,455 |  |  | $ | 352,760 |
Net income | (580 | ) |  | 21,696 |
Earnings per common share, basic | $ | (0.05 | ) |  | $ | 2.03 |
Earnings per common share, diluted | $ | (0.05 | ) |  | $ | 1.95 |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(3) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of finite-lived intangible assets acquired as part of a business combination or through an asset purchase, by major class and in total, including the value of the asset acquired, any significant residual value (the expected value of the asset at the end of its useful life) and the weighted-average amortization period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=66006027&loc=d3e16265-109275 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=84161108&loc=d3e4845-128472 + Details
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