Nature of Business, Acquisitions, Significant Accounting Policies and Recent Accounting Pronouncements (Tables)

12 Months Ended

Dec. 31, 2012

Schedule of computation of basic and diluted earnings per common share

The following table sets forth the computation of basic and diluted earnings per common share for the periods presented (in thousands, except per share amounts):

	2012		2011		2010


Numerator:
Net income attributable to World Fuel	$	189,345	$	194,029	$	146,865

Denominator:
Weighted average common shares for basic earnings per common share		71,154		70,687		62,168
Effect of dilutive securities		663		823		1,273

Weighted average common shares for diluted earnings per common share		71,817		71,510		63,441

Weighted average securities which are not included in the calculation of diluted earnings per common share because their impact is anti-dilutive or their performance conditions have not been met		603		103		305

Basic earnings per common share	$	2.66	$	2.74	$	2.36

Diluted earnings per common share	$	2.64	$	2.71	$	2.31

2012 Acquisitions

Acquisitions

Reconciliation of the estimated aggregate purchase price for the acquisitions to the cash paid for the acquisitions, net of cash acquired

The following reconciles the estimated aggregate purchase price for the 2012 acquisitions to the cash paid for the acquisitions, net of cash acquired (in thousands):


Estimated purchase price	$	226,485
Less: Cash acquired		12,771

Estimated purchase price, net of cash acquired		213,714
Less: Promissory notes issued		7,214
Less: Amounts due to sellers, net		17,669

Cash paid for acquisition of businesses	$	188,831

Schedule of estimated purchase price allocation for the acquisitions

On an aggregate basis, the estimated purchase price allocation for the 2012 acquisitions is as follows (in thousands):


Assets acquired:
Cash and cash equivalents	$	12,771
Accounts receivable		135,304
Inventories		7,311
Property and equipment		11,034
Identifiable intangible assets		83,890
Goodwill		123,193
Other current and long-term assets		4,798
Liabilities assumed:
Accounts payable		(130,107)
Accrued expenses and other current liabilities		(18,544)
Other long-term liabilities		(3,165)

Estimated purchase price	$	226,485

2011 Acquisitions

Acquisitions

Reconciliation of the estimated aggregate purchase price for the acquisitions to the cash paid for the acquisitions, net of cash acquired

The following reconciles the aggregate purchase price for the 2011 acquisitions to the cash paid for the acquisitions, net of cash acquired (in thousands):


Purchase price	$	161,736
Less: Cash acquired		2,638

Purchase price, net of cash acquired		159,098
Less: Promissory notes issued		9,028
Less: Common stock issued		27,491

Cash paid for acquisition of businesses	$	122,579

Schedule of estimated purchase price allocation for the acquisitions

On an aggregate basis, the purchase price allocation for the 2011 acquisitions is as follows (in thousands):


Assets acquired:
Cash and cash equivalents	$	2,638
Accounts receivable		61,741
Inventories		40,246
Property and equipment		23,838
Identifiable intangible assets		23,414
Goodwill		46,282
Other current and long-term assets		15,717
Liabilities assumed:
Accounts payable		(38,617)
Accrued expenses and other current liabilities		(8,453)
Other long-term liabilities		(5,070)

Purchase price	$	161,736

2010 Acquisitions

Acquisitions

Reconciliation of the estimated aggregate purchase price for the acquisitions to the cash paid for the acquisitions, net of cash acquired

The following reconciles the aggregate purchase price for the 2010 acquisitions to the cash paid for the acquisitions, net of cash acquired (in thousands):


Purchase price	$	240,813
Less: Cash acquired		6,840

Purchase price, net of cash acquired		233,973
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 paid for acquisition of businesses	$	181,365

Schedule of estimated purchase price allocation for the acquisitions

On an aggregate basis, the purchase price allocation for the 2010 acquisitions is as follows (in thousands):


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 long-term 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