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Acquisitions (Tables) | 9 Months Ended
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Sep. 30, 2013
Business Combinations [Abstract] |
Fair Values of Assets Acquired and Liabilities Assumed at Date of Closing | The following table summarizes the approximate fair values of the assets acquired and liabilities assumed at the date of closing.
$ in thousands |  |  |
Current assets |  | $ | 15,062 |
Property and equipment |  |  | 959 |
Goodwill |  |  | 8,242 |
Intangible – finite life, net |  |  | 13,477 |
Intangible – indefinite life |  |  | 2,865 |
Total assets acquired |  |  | 40,605 |
Current liabilities assumed |  |  | (8,277 | )
Deferred income tax liability |  |  | (4,086 | )
Net assets acquired |  | $ | 28,242 |
Schedule of Restricted Stock Unit Activity Table | In addition, holders of outstanding Met-Pro options and restricted stock units received an aggregate amount of cash equal to approximately $4.9 million as consideration for the cancellation of the options and restricted stock units held by them as of immediately prior to the merger. The following table summarizes the approximate fair values of the assets acquired and liabilities assumed at the date of closing.
$ in thousands |  |  |
Current assets |  | $ | 69,344 |
Property and equipment |  |  | 17,038 |
Other assets |  |  | 4,862 |
Assets held for sale (a) |  |  | 8,723 |
Goodwill |  |  | 105,429 |
Intangible – finite life, net |  |  | 35,810 |
Intangible – indefinite life |  |  | 11,910 |
Total assets acquired |  |  | 253,116 |
Current liabilities assumed |  |  | (13,588 | )
Deferred income tax liability |  |  | (27,598 | )
Long term liabilities assumed |  |  | (5,969 | )
Net assets acquired |  | $ | 205,961 |
(a) | The assets held for sale consists of real property, and are valued at the estimated proceeds less cost to sell.
Information of Company's Results of Operations | The following unaudited pro forma information represents the Company’s results of operations as if the acquisitions had occurred as of January 1, 2012:
|  | Three Months Ended September 30 |  |  | Nine Months Ended September 30, |
$ in thousands, except per share amounts |  | 2013 |  |  | 2012 |  |  | 2013 |  |  | 2012 |
Net sales |  | $ | 65,062 |  |  | $ | 75,430 |  |  | $ | 195,419 |  |  | $ | 212,338 |
Net income |  | $ | 860 |  |  | $ | 4,121 |  |  | $ | 7,333 |  |  | $ | 8,847 |
Earnings per share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.03 |  |  | $ | 0.16 |  |  | $ | 0.29 |  |  | $ | 0.35 |
Diluted |  | $ | 0.03 |  |  | $ | 0.16 |  |  | $ | 0.27 |  |  | $ | 0.34 |

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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 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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4845-128472 + Details
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