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ACQUISITION OF WALKER GROUP HOLDINGS LLC (Tables)
 12 Months Ended
Dec. 31, 2012
Acquisition Of Walker Group Holdings Llc [Abstract]  
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  93,409 
Property, plant and equipment  32,541 
Intangibles  162,800 
Deferred income taxes  4,640 
Goodwill  146,444 
Total assets $450,816 
     
Current liabilities $(74,722)
Deferred income taxes  (1,100)
Total liabilities $(75,822)
     
  $374,994 
     
Acquisition, net of cash acquired $364,012 
Intangible Assets

Intangible assets of $162.8 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  119,000  10 years
  $162,800   
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):

   
  Year Ended December 31,
     2012   2011
Sales   $   1,597,920     $   1,530,922  
Operating income   $ 98,019     $ 52,213  
Net income   $ 123,030     $ 17,428  
Basic net income per share   $ 1.79     $ 0.25  
Diluted net income per share   $ 1.78     $ 0.25