XML 53 R22.htm IDEA: XBRL DOCUMENT v2.4.0.6
Nature of Business, Acquisitions, Significant Accounting Policies and Recent Accounting Pronouncements (Tables)
 12 Months Ended
Dec. 31, 2011
Acquisitions  
Schedule of computation of basic and diluted earnings per common share

 

 

 
   2011
   2010
   2009
 

Numerator:

            

Net income attributable to World Fuel

   $194,029   $146,865   $117,139
 

Denominator:

            

Weighted average common shares for basic earnings per common share

   70,687   62,168   59,003

Effect of dilutive securities

   823   1,273   898
 

Weighted average common shares for diluted earnings per common share

   71,510   63,441   59,901
 

Weighted average anti-dilutive securities which are not included in the calculation of diluted earnings per common share

   103   305   803
 

Basic earnings per common share

   $2.74   $2.36   $1.99
 

Diluted earnings per common share

   $2.71   $2.31   $1.96
 
2011 Acquisitions
  
Acquisitions  
Reconciliation of the estimated aggregate purchase price for the acquisitions to the cash paid for the acquisitions, net of cash acquired

 

 

Estimated purchase price   $161,036
Less: Promissory notes issued   9,028
Less: Common stock issued   27,491
 
Estimated cash consideration   124,517
Less: Amounts due to sellers, net   2,735
 
Cash consideration paid   121,782
Less: Cash acquired   2,638
 
Cash paid for acquisition of businesses, net of cash acquired   $119,144
 
Schedule of estimated purchase price allocation for the acquisitions

 

 

Assets acquired:    
Cash and cash equivalents   $2,638
Accounts receivable   61,741
Inventories   40,246
Property and equipment   23,838
Identifiable intangible assets   24,471
Goodwill   44,526
Other current and non-current assets   15,716
Liabilities assumed:    
Accounts payable   (38,617)
Accrued expenses and other current liabilities   (8,453)
Other long-term liabilities   (5,070)
 
Estimated purchase price   $161,036
 
Schedule of unaudited pro forma results of acquisitions

 

 

 
   2011
   2010
 
    (pro forma)   (pro forma)
Revenue   $34,743,371   $19,534,970
Net income attributable to World Fuel   $202,417   $152,162
Earnings per common share:        
Basic   $2.86   $2.42
Diluted   $2.83   $2.37
2010 Acquisitions
  
Acquisitions  
Reconciliation of the estimated aggregate purchase price for the acquisitions to the cash paid for the acquisitions, net of cash acquired

 

 

Purchase price

   $240,813

Less: Promissory notes issued, net of a purchase price adjustment made in 2011

   25,137

Less: Common stock issued

   21,070

Less: Extinguishment of certain receivables from Falmouth Oil Services Limited

   6,401
 

Cash consideration paid

   188,205

Less: Cash acquired

   6,840
 

Cash paid for acquisition of businesses, net of cash acquired

   $181,365
 
Schedule of estimated purchase price allocation for the acquisitions

 

 

Assets acquired:    
Cash and cash equivalents   $6,840
Accounts receivable   115,075
Inventories   25,548
Property and equipment   19,565
Identifiable intangible assets   45,171
Goodwill   148,436
Other current and non-current assets   9,976
Liabilities assumed:    
Accounts payable   (86,987)
Assumed pension fund exit fee (post employment benefits)   (11,306)
Accrued expenses and other current liabilities   (24,349)
Other long-term liabilities   (7,156)
 
Purchase price   $240,813