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Consolidated Statements of Operations and Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Revenues:        
Room $ 142,018 $ 142,522 $ 264,489 $ 268,092
Food and beverage 49,210 48,387 93,778 92,019
Other operating 15,273 14,808 29,289 27,784
Total revenues 206,501 205,717 387,556 387,895
Hotel operating expenses:        
Room 33,157 34,640 64,865 67,623
Food and beverage 32,328 32,202 62,924 61,490
Other direct and indirect 54,523 54,281 106,362 106,449
Total hotel operating expenses 120,008 121,123 234,151 235,562
Depreciation and amortization 24,562 25,950 49,464 52,246
Real estate taxes, personal property taxes, property insurance, and ground rent 12,488 12,038 24,603 25,750
General and administrative 8,569 6,427 11,179 12,578
Impairment and other losses 583 0 1,378 1,049
Gain on insurance settlement (8,190) 0 (13,088) 0
Total operating expenses 158,020 165,538 307,687 327,185
Operating income (loss) 48,481 40,179 79,869 60,710
Interest income 59 96 122 96
Interest expense (10,816) (9,705) (20,627) (19,046)
Other 22,909 (64) 25,356 0
Gain on sale of hotel properties 0 14,587 0 14,587
Income (loss) before income taxes 60,633 45,093 84,720 56,347
Income tax (expense) benefit (2,338) (1,423) (1,909) 1,412
Net income (loss) 58,295 43,670 82,811 57,759
Net income (loss) attributable to non-controlling interests 192 158 299 213
Net income (loss) attributable to the Company 58,103 43,512 82,512 57,546
Distributions to preferred shareholders (4,024) (4,024) (8,047) (8,047)
Net income (loss) attributable to common shareholders $ 54,079 $ 39,488 $ 74,465 $ 49,499
Net income (loss) per share available to common shareholders, basic (usd per share) $ 0.78 $ 0.57 $ 1.08 $ 0.70
Net income (loss) per share available to common shareholders, diluted (in usd per share) $ 0.78 $ 0.57 $ 1.07 $ 0.70
Weighted-average number of common shares, basic (in shares) 68,912,185 69,168,788 68,894,413 70,383,149
Weighted-average number of common shares, diluted (in shares) 69,204,571 69,468,354 69,227,098 70,706,802
Comprehensive Income:        
Net income (loss) $ 58,295 $ 43,670 $ 82,811 $ 57,759
Other comprehensive income (loss):        
Unrealized gain (loss) on derivative instruments 2,012 (1,293) 7,290 811
Other Comprehensive Income, Other, Net of Tax 579 0 0 0
Comprehensive income (loss) 60,886 42,377 90,101 58,570
Comprehensive income (loss) attributable to non-controlling interests 201 154 324 216
Comprehensive income (loss) attributable to the Company $ 60,685 $ 42,223 $ 89,777 $ 58,354