Restatement of Previously Issued Consolidated Financial Statements (Tables)

9 Months Ended

Sep. 30, 2014

Restatement of Previously Issued Consolidated Financial Statements

Schedule of effect of adjustments to previously reported unaudited consolidated financial statements

The following tables present the effect of the adjustments to our previously reported unaudited consolidated financial statements for the three and nine months ended September 30, 2014 (in thousands, except per share amounts).

	Condensed Balance Sheets as of September 30, 2014
	(As Reported)			Adjustments			(As Restated)
Land held for development	$	13,748		$	(4,573	)	$	9,175
Total assets	1,472,626			(4,573		)	1,468,053

Accumulated deficit and distributions	(93,736		)	(4,517		)	(98,253		)
Total stockholders’ equity	791,768			(4,517		)	787,251
Noncontrolling interests in operating partnership	7,595			(56		)	7,539
Total equity	799,363			(4,573		)	794,790
Total liabilities and equity	1,472,626			(4,573		)	1,468,053

	Condensed Consolidated Statements of Operations
	Three Months Ended September 30, 2014								Nine Months Ended September 30, 2014
	(As Reported)		Adjustments			(As Restated)			(As Reported)		Adjustments			(As Restated)
Loss on impairment of assets	$	3,614	$	4,573		$	8,187		$	4,274	$	4,573		$	8,847
Net income	8,280		(4,573		)	3,707			20,765		(4,573		)	16,192
Income (loss) attributable to non-controlling interests:
Operating partnership	50		(56		)	(6		)	101		(56		)	45
Net income attributable to Summit Hotel Properties, Inc.	8,230		(4,517		)	3,713			20,663		(4,517		)	16,146
Net income (loss) attributable to common stockholders	4,083		(4,517		)	(434		)	8,222		(4,517		)	3,705
Basic and diluted net income (loss) per share	0.05		(0.06		)	(0.01		)	0.10		(0.06		)	0.04

	Condensed Statements of Cash Flows for the Nine Months Ended September 30, 2014
	(As Reported)		Adjustments			(As Restated)
Net income	$	20,765	$	(4,573	)	$	16,192
Adjustments to reconcile net income to net cash provided by operating activities:
Loss on impairment of assets	4,674		4,573			9,247
Net cash provided by operating activities	79,013		—			79,013

- Definition

Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made.

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