We study the head-on collision of two equal mass, nonrotating black ho
les. Various initial configurations are investigated, including holes
which are initially surrounded by a common apparent horizon to holes t
hat are separated by about 20M, where M is the mass of a single black
hole. We have extracted both l = 2 and l = 4 gravitational waveforms r
esulting from the collision. The normal modes of the final black hole
dominate the spectrum in all cases studied. The total energy radiated
is computed using several independent methods, and is typically less t
han 0.002M. We also discuss an analytic approach to estimate the total
gravitational radiation emitted in the collision by generalizing poin
t particle dynamics to account for the finite size and internal dynami
cs of the two black holes. The effects of the tidal deformations of th
e horizons are analyzed using the membrane paradigm of black holes. We
find excellent agreement between the numerical results and the analyt
ic estimates.