Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2015

Summary of Significant Accounting Policies

Schedule of estimated effects of a Third-Party manager's fiscal calendar on calendar year total revenue and net income

The Company estimates that the additional three days in Marriott’s fiscal 2013 calendar had the following effects on the Company’s total revenue and net income based on the average daily revenues and income generated by 10 of its Marriott-managed hotels during the year ended December 31, 2013 as follows (in thousands):

	2013
Total revenue	$	2,300
Net income	$	672

Schedule of balance sheet adjustments due to adoption of ASU 2015-03

The following includes the financial statement line items which have been adjusted on the Company’s balance sheet for the year ended December 31, 2014 as a result of this change in accounting principle (in thousands):

	As Originally Reported		Effect of Change in		As Adjusted
	December 31, 2014		Accounting Principle		December 31, 2014
Deferred financing fees, net	$	8,201	$	(7,548)	$	653
Current portion of notes payable	$	121,328	$	(1,721)	$	119,607
Notes payable, less current portion	$	1,307,964	$	(5,827)	$	1,302,137

Schedule of computation of basic and diluted earnings per common share

The following table sets forth the computation of basic and diluted earnings per common share (in thousands, except per share data):

	Year Ended		Year Ended		Year Ended
	December 31, 2015		December 31, 2014		December 31, 2013
Numerator:
Net income	$	355,519	$	87,939	$	70,001
Income from consolidated joint ventures attributable to noncontrolling interests		(8,164)		(6,708)		(4,045)
Preferred stock dividends and redemption charges		(9,200)		(9,200)		(19,013)
Dividends paid on unvested restricted stock compensation		(1,405)		(969)		(201)
Undistributed income allocated to unvested restricted stock compensation		(155)		—		(235)
Numerator for basic and diluted income attributable to common stockholders	$	336,595	$	71,062	$	46,507
Denominator:
Weighted average basic and diluted common shares outstanding		207,350		192,674		161,784
Basic and diluted income attributable to common stockholders per common share	$	1.62	$	0.37	$	0.29