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BUSINESS ACQUISITIONS (Tables) | 9 Months Ended
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Sep. 30, 2014
BUSINESS ACQUISITIONS [Abstract] |
Estimated fair values of assets acquired and liabilities assumed | The following table summarizes the estimated fair values of the assets acquired and liabilities assumed during 2014 and 2013 in connection with the acquisitions described above (in thousands):
| NatPro | Tucker Tool | APS | Tool-Tech | B27 | MT&S | Total
Cash | $ - | $ - | $ - | $ 430 | $ 2,538 | $ 806 | $ 3,774
Accounts Receivable, net | 14,549 | 505 | 1,424 | 1,505 | 51,448 | 5,656 | 75,087
Inventory | 6,883 | 209 | 1,332 | 409 | 6,472 | 2,522 | 17,827
Property and equipment | 3,317 | - | 172 | 19 | 14,573 | 557 | 18,638
Goodwill and intangibles | 39,345 | 4,678 | 12,241 | 7,254 | 262,250 | 8,405 | 334,173
Other assets | 698 | - | 389 | 2 | 1,163 | 59 | 2,311
Assets acquired | 64,792 | 5,392 | 15,558 | 9,619 | 338,444 | 18,005 | 451,810
Current liabilities assumed | 19,175 | 391 | 1,079 | 1,987 | 26,690 | 3,336 | 52,658
Non-current liabilities assumed | 5,649 | - | 1,419 | - | 18,202 | - | 25,270
Net assets acquired | $ 39,968 | $ 5,001 | $ 13,060 | $ 7,632 | $ 293,552 | $14,669 | $ 373,882
Pro forma unaudited results of operations | The pro forma unaudited results of operations for the Company on a consolidated basis for the three and nine months ended September 30, 2014 and 2013, assuming the acquisition of businesses completed in 2014 and 2013 were consummated as of January 1, 2013 are as follows (in thousands, except per share data):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2014 |  | 2013 |  | 2014 | 2013
Net sales | $ 387,053 |  | $ 391,515 |  | $ 1,130,108 | $ 1,122,403
Net income | $ 17,643 |  | $ 20,988 |  | $ 45,103 | $ 50,947
Per share data |  |  |  |  |  |
Basic earnings | $ 1.20 |  | $ 1.45 |  | $ 3.07 | $ 3.51
Diluted earnings | $ 1.14 |  | $ 1.37 |  | $ 2.90 | $ 3.32

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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/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2)-(3) -URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1486-128463 + Details
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