XML 15 R4.htm IDEA: XBRL DOCUMENT v3.10.0.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Revenues:        
Room $ 140,650 $ 120,514 $ 270,222 $ 230,864
Food and beverage 6,517 5,294 12,846 10,253
Other 5,055 3,248 9,353 5,928
Total revenues 152,222 129,056 292,421 247,045
Expenses:        
Room 31,113 26,455 60,118 51,459
Food and beverage 5,107 3,909 10,106 7,833
Other hotel operating expenses 41,578 35,259 81,036 68,437
Property taxes, insurance and other 11,032 8,813 22,030 17,182
Management fees 5,388 5,063 10,740 9,792
Depreciation and amortization 24,954 19,732 50,200 38,458
Corporate general and administrative 5,620 5,310 12,227 10,448
Hotel property acquisition costs 0 0 0 354
Total expenses 124,792 104,541 246,457 203,963
Operating income 27,430 24,515 45,964 43,082
Other income (expense):        
Interest expense (10,402) (6,927) (19,731) (13,718)
Gain on disposal of assets, net 17,331 16,350 17,288 35,806
Other income, net 3,470 568 4,259 2,963
Total other income 10,399 9,991 1,816 25,051
Income from continuing operations before income taxes 37,829 34,506 47,780 68,133
Income tax expense (Note 10) (152) (423) (412) (844)
Net income 37,677 34,083 47,368 67,289
Non-controlling interest in Operating Partnership (101) (114) (104) (234)
Net income attributable to Summit Hotel Properties, Inc. 37,576 33,969 47,264 67,055
Preferred dividends (3,709) (4,200) (9,252) (8,400)
Premium on redemption of preferred stock 0 0 (3,277) 0
Net income attributable to common stockholders $ 33,867 $ 29,769 $ 34,735 $ 58,655
Earnings per share:        
Basic (in dollars per share) $ 0.33 $ 0.30 $ 0.33 $ 0.61
Diluted (in dollars per share) $ 0.32 $ 0.30 $ 0.33 $ 0.61
Weighted average common shares outstanding:        
Basic (in Shares) 103,643 98,184 103,572 95,488
Diluted (in Shares) 103,883 98,706 103,892 95,983