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

12 Months Ended

Dec. 31, 2013

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):

	2013		2012		2011


Numerator:
Net income attributable to World Fuel	$	203,075	$	189,345	$	194,029

Denominator:
Weighted average common shares for basic earnings per common share		71,224		71,154		70,687
Effect of dilutive securities		576		663		823

Weighted average common shares for diluted earnings per common share		71,800		71,817		71,510

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		594		603		103

Basic earnings per common share	$	2.85	$	2.66	$	2.74

Diluted earnings per common share	$	2.83	$	2.64	$	2.71

2013 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 2013 acquisitions to the cash paid for the acquisitions, net of cash acquired (in thousands):


Estimated purchase price	$	43,792
Less: Cash acquired		3,335

Estimated purchase price, net of cash acquired		40,457
Less: Promissory notes issued		3,000
Less: Amounts due to sellers		124

Cash paid for acquisition of businesses	$	37,333

Schedule of the purchase price allocation for the acquisition

On an aggregate basis, the estimated purchase price allocation for the 2013 acquisitions is as follows (in thousands):


Assets acquired:
Cash and cash equivalents	$	3,335
Accounts receivable		31,287
Inventories		8,839
Property and equipment		3,917
Identifiable intangible assets		14,068
Goodwill		16,077
Other current and long-term assets		2,717
Liabilities assumed:
Accounts payable		(29,631)
Accrued expenses and other current liabilities		(3,582)
Other long-term liabilities		(3,235)

Estimated purchase price	$	43,792

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


Purchase price	$	226,449
Less: Cash acquired		12,793

Purchase price, net of cash acquired		213,656
Less: Promissory notes issued		7,214
Less: Amounts due to sellers		75

Cash paid for acquisition of businesses	$	206,367

Schedule of the purchase price allocation for the acquisition

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


Assets acquired:
Cash and cash equivalents	$	12,793
Accounts receivable		134,966
Inventories		7,311
Property and equipment		10,323
Identifiable intangible assets		87,150
Goodwill		121,188
Other current and long-term assets		4,851
Liabilities assumed:
Accounts payable		(130,297)
Accrued expenses and other current liabilities		(18,321)
Other long-term liabilities		(3,515)

Purchase price	$	226,449

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 the purchase price allocation for the acquisition

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