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Acquisitions (Tables) - Specialty Pipe And Tube, Inc. [Member] | 12 Months Ended
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Dec. 31, 2016
Business Acquisition [Line Items] |
Schedule of Sources and Uses of Funds from Acquisition | A summary of sources and uses of proceeds for the acquisition of Specialty was as follows:
Sources of funds: |
Cash on hand | $ | 21,490,433 |
Proceeds of term loan | 10,000,000 |
Total sources of funds | $ | 31,490,433 |
Uses of funds: |  |
Acquisition of Specialty's common stock | $ | 27,496,000 |
Cash paid to escrow agent for potential future claims, to be settled within 18 months | 3,248,500 |
Cash paid for a portion of the seller's investment banker fee | 745,933 |
Total uses of funds | $ | 31,490,433 |
Schedule of fair value of the assets acquired and liabilities assumed | The initial allocation of the total consideration paid to the fair value of the assets acquired and liabilities assumed is as follows:
| As recorded by Specialty |  | Purchase accounting and fair value adjustments |  | As recorded by Synalloy
Cash | $ | 12,960 |  |  | $ | — |  |  | $ | 12,960 |
Accounts receivable, net | 2,827,251 |  |  | — |  |  | 2,827,251 |
Inventories, net | 17,041,660 |  |  | (1,516,888 | ) |  | 15,524,772 |
Fixed assets | 3,018,416 |  |  | (67,924 | ) |  | 2,950,492 |
Goodwill | — |  |  | 5,993,705 |  |  | 5,993,705 |
Intangible asset - customer base | — |  |  | 11,457,000 |  |  | 11,457,000 |
Earn-out liability | — |  |  | (4,773,620 | ) |  | (4,773,620 | )
Other liabilities assumed | (2,502,127 | ) |  | — |  |  | (2,502,127 | )
| $ | 20,398,160 |  |  | $ | 11,092,273 |  |  | $ | 31,490,433 |
Unaudited pro forma financial information | The unaudited pro-forma financial information is for information purposes only and is not necessarily indicative of what the results would have been had the acquisition been completed on the date indicated above.
| 2014
Pro-forma revenues from continuing operations | $ | 228,647,000 |
Pro-forma net income from continuing operations | 8,928,000 |
Earnings per share from continuing operations: |
Basic | $ | 1.85 |
Diluted | $ | 1.85 |

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