XML 15 R4.htm IDEA: XBRL DOCUMENT v3.20.2
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Revenues:        
Revenues $ 52,412 $ 133,685 $ 186,233 $ 415,567
Expenses:        
Property taxes, insurance and other 11,007 10,696 34,171 32,799
Depreciation and amortization 27,503 23,202 82,147 72,517
Corporate general and administrative 4,652 5,532 14,635 17,442
Provision for credit losses 0 0 2,530 0
Loss on impairment of assets 0 0 782 1,685
Total expenses 78,904 114,410 260,952 353,787
Gain (loss) on disposal of assets, net 211 (31) 176 39,655
Operating (loss) income (26,281) 19,244 (74,543) 101,435
Other income (expense):        
Interest expense (10,904) (9,450) (32,665) (30,068)
Other income, net 1,278 1,808 4,260 3,255
Total other income (expense) (9,626) (7,642) (28,405) (26,813)
(Loss) income from continuing operations before income taxes (35,907) 11,602 (102,948) 74,622
Income tax benefit (expense) (Note 12) 132 24 (1,589) (1,027)
Net (loss) income (35,775) 11,626 (104,537) 73,595
Operating Partnership 70 (15) 203 (150)
Joint venture 1,159 (77) 4,049 (77)
Net (loss) income attributable to Summit Hotel Properties, Inc. (34,546) 11,534 (100,285) 73,368
Preferred dividends (3,710) (3,710) (11,128) (11,128)
Net (loss) income attributable to common stockholders $ (38,256) $ 7,824 $ (111,413) $ 62,240
(Loss) earnings per share:        
Basic and diluted (in dollars per share) $ (0.37) $ 0.07 $ (1.07) $ 0.60
Weighted average common shares outstanding:        
Basic (in Shares) 104,200 103,935 104,117 103,861
Diluted (in Shares) 104,200 103,970 104,117 103,916
Room        
Revenues:        
Revenues $ 48,636 $ 123,112 $ 171,067 $ 382,868
Expenses:        
Cost of goods and services sold 11,352 27,898 42,340 84,151
Food and beverage        
Revenues:        
Revenues 628 5,411 5,760 17,565
Expenses:        
Cost of goods and services sold 520 4,437 4,890 13,596
Other        
Revenues:        
Revenues 3,148 5,162 9,406 15,134
Expenses:        
Cost of goods and services sold 22,535 38,969 74,406 118,317
Management fees        
Expenses:        
Cost of goods and services sold $ 1,335 $ 3,676 $ 5,051 $ 13,280