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BUSINESS ACQUISITIONS (Tables) | 3 Months Ended
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Mar. 31, 2015
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 in connection with the acquisitions described above (in thousands):
| B27 | MT&S | Total
Cash | $ 2,538 | $ 806 | $ 3,344
Accounts Receivable, net | 51,448 | 5,656 | 57,104
Inventory | 6,472 | 2,522 | 8,994
Property and equipment | 14,573 | 557 | 15,130
Goodwill and intangibles(1) | 259,412 | 8,405 | 267,817
Other assets | 1,791 | 59 | 1,850
Assets acquired | 336,234 | 18,005 | 354,239
Current liabilities assumed | 26,690 | 3,336 | 30,026
Non-current liabilities assumed | 15,992 | - | 15,992
Net assets acquired | $ 293,552 | $14,669 | $ 308,221
(1) The amounts in the table above do not reflect the $105.3 million of goodwill impairment charges for B27 recorded in the fourth quarter of 2014.
Pro Forma Unaudited Results of Operations | The pro forma unaudited results of operations for the Company on a consolidated basis for the three months ended March 31, 2015 and 2014, assuming the acquisition of businesses completed in 2014 were consummated as of January 1, 2014 are as follows (in thousands, except per share data):
| Three Months Ended March 31,
| 2015 |  | 2014
Net sales | $ 341,594 |  | $ 358,304
Net income | $ 9,651 |  | $ 11,876
Per share data |  |  |
Basic earnings | $ 0.67 |  | $ 0.81
Diluted earnings | $ 0.63 |  | $ 0.76

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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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