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Consolidated Statements of Operations and Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Operating revenue        
Room revenue $ 253,163 $ 261,895 $ 747,962 $ 727,367
Food and beverage revenue 27,027 27,076 85,607 77,924
Other operating department revenue 9,230 8,695 27,508 23,795
Total revenue 289,420 297,666 861,077 829,086
Operating expense        
Room expense 56,310 57,012 165,603 158,669
Food and beverage expense 19,494 19,397 60,750 55,016
Management and franchise fee expense 28,985 30,709 88,704 86,574
Other operating expense 61,676 64,133 181,485 180,346
Total property operating expense 166,465 171,251 496,542 480,605
Depreciation and amortization 39,847 37,243 114,828 105,541
Impairment loss 0 9,200 0 9,200
Property tax, insurance and other 19,458 17,874 57,782 53,064
General and administrative 8,249 11,029 29,041 31,293
Transaction and pursuit costs 2,017 480 3,005 4,375
Total operating expense 236,036 247,077 701,198 684,078
Operating income 53,384 50,589 159,879 145,008
Other income 557 48 1,103 563
Interest income 373 337 1,181 1,622
Interest expense (14,042) (13,858) (39,885) (42,646)
Income from continuing operations before income tax expense 40,272 37,116 122,278 104,547
Income tax expense (151) (374) (615) (1,162)
Income from continuing operations 40,121 36,742 121,663 103,385
Gain (loss) on disposal of hotel properties 812 322 23,782 (975)
Net income 40,933 37,064 145,445 102,410
Net income attributable to noncontrolling interests        
Noncontrolling interest in consolidated joint venture (49) (57) (26) (102)
Noncontrolling interest in common units of Operating Partnership (290) (247) (984) (712)
Net income attributable to common shareholders $ 40,594 $ 36,760 $ 144,435 $ 101,596
Basic per common share data        
Net income per share attributable to common shareholders (in dollars per share) $ 0.32 $ 0.28 $ 1.10 $ 0.80
Weighted-average number of common shares (in shares) 127,663,480 131,106,440 129,855,686 126,070,309
Diluted per common share data        
Net income per share attributable to common shareholders (in dollars per share) $ 0.31 $ 0.28 $ 1.10 $ 0.79
Weighted-average number of common shares (in shares) 128,143,154 132,386,843 130,410,613 127,297,901
Amounts attributable to the Company’s common shareholders        
Income from continuing operations $ 39,788 $ 36,440 $ 120,819 $ 102,564
Gain (loss) on disposal of hotel properties 806 320 23,616 (968)
Comprehensive income        
Unrealized gain (loss) on interest rate derivatives (15,166) 5,567 (18,650) (1,346)
Comprehensive income 25,767 42,631 126,795 101,064
Comprehensive income attributable to the noncontrolling interest in consolidated joint venture (49) (57) (26) (102)
Comprehensive income attributable to the noncontrolling interest in the Operating Partnership (290) (247) (984) (712)
Comprehensive income attributable to the Company $ 25,428 $ 42,327 $ 125,785 $ 100,250