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Business Combination (Tables) | 6 Months Ended
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Jun. 30, 2018
Business Combinations [Abstract] |
Purchase Price Allocation | Management's purchase price allocation was the following:
(in thousands) | Estimated Lives |  | Fair Value
Accounts receivable |  |  | $ | 429 |
Inventories |  |  | 1,508 |
Prepaid expenses and other current assets |  |  | 7 |
Property, plant and equipment | 1-4 years |  | 14 |
Current liabilities |  |  | (408 | )
Net tangible assets acquired |  |  | 1,550 |
Trade name | 8 years |  | 400 |
Customer relationships | 10 years |  | 5,000 |
Order backlog | 1 year |  | 150 |
Goodwill |  |  | 5,494 |
Total purchase price |  |  | 12,594 |
Less: Contingent consideration |  |  | (3,700 | )
Cash paid |  |  | $ | 8,894 |
Pro Forma Financial Information | The following unaudited pro forma financial information presents the combined results of our operations and the operations of RCS as if this transaction had occurred on January 1, 2016. This unaudited pro forma financial information is not intended to represent or be indicative of the consolidated results of operations that would have been achieved had the acquisition actually been completed as of January 1, 2016, and should not be taken as a projection of the future consolidated results of our operations.
| Three Months Ended June 30, |  | Six Months Ended June 30,
(In thousands, except per-share amounts) | 2018 |  | 2017 |  | 2018 |  | 2017
Net sales | $ | 162,523 |  |  | $ | 177,580 |  |  | $ | 327,221 |  |  | $ | 339,548 |
Net income | 22,659 |  |  | 4,767 |  |  | 22,072 |  |  | 4,541 |
Basic earnings per share | $ | 1.61 |  |  | $ | 0.33 |  |  | $ | 1.57 |  |  | $ | 0.31 |
Diluted earnings per share | $ | 1.60 |  |  | $ | 0.32 |  |  | $ | 1.55 |  |  | $ | 0.31 |

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