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ACQUISITION OF WALKER GROUP HOLDINGS LLC (Tables)
 6 Months Ended
Jun. 30, 2012
Purchase Price Allocation

The aggregate purchase price of $375.0 million was allocated to the opening balance sheet of Walker at May 8, 2012, the date of acquisition, which is still preliminary and subject to adjustment as, follows (in thousands):

 

  

Cash   $ 10,982  
Current assets     90,459  
Property, plant and equipment     32,591  
Intangibles     162,100  
Deferred income taxes     42  
Goodwill     151,492  
Total assets   $ 447,666  
         
Current liabilities   $ (72,672 )
Total liabilities   $ (72,672 )
         
    $ 374,994  
         
Acquisition, net of cash acquired   $ 364,012  
Intangible Assets

Intangible assets of $162.1 million were recorded as a result of the acquisition. The intangible assets preliminarily consist of the following (in thousands):

 

    Amount     Useful Life
Backlog   $ 900     Less than 1 year
Tradenames and Trademarks     27,600     20 years
Technology     15,300     12 years
Customer relationships     118,300     10 years
    $ 162,100      
Unaudited Pro Forma Information

The following unaudited pro forma information is shown below as if the acquisition of Walker had been completed as of the beginning of the earliest period presented (in thousands, except per share amounts).

 

    Three Months Ended
June 30,		     Six Months Ended
June 30,		  
    2012     2011     2012     2011  
Sales   $ 401,142     $ 371,936     $ 776,155     $ 676,863  
Operating income   $ 26,372     $ 11,262     $ 47,058     $ 20,956  
Net income   $ 17,442     $ 2,323     $ 29,957     $ 3,794  
Basic net income per share   $ 0.26     $ 0.03     $ 0.44     $ 0.06  
Diluted net income per share   $ 0.25     $ 0.03     $ 0.44     $ 0.06