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Consolidated Statements of Operations and Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Operating revenue        
Room revenue $ 253,739 $ 277,039 $ 478,704 $ 516,552
Food and beverage revenue 29,121 30,047 55,812 56,601
Other operating department revenue 9,424 10,026 18,000 19,130
Total revenue 292,284 317,112 552,516 592,283
Operating expense        
Room expense 55,221 59,085 107,143 114,113
Food and beverage expense 20,101 20,525 39,398 40,342
Management and franchise fee expense 29,626 32,762 56,539 61,263
Other operating expense 59,058 61,950 116,880 121,971
Total property operating expense 164,006 174,322 319,960 337,689
Depreciation and amortization 38,240 40,849 76,905 81,579
Property tax, insurance and other 18,152 19,302 37,310 39,457
General and administrative 10,129 6,658 19,252 16,307
Transaction and pursuit costs 3,691 80 4,316 159
Total operating expense 234,218 241,211 457,743 475,191
Operating income 58,066 75,901 94,773 117,092
Other Nonoperating Income (Expense) 73 (326) 214 (24)
Interest income 664 414 1,149 810
Interest expense (14,548) (14,789) (28,877) (29,681)
Income before income tax expense 44,255 61,200 67,259 88,197
Income tax expense (1,821) (2,482) (2,987) (3,958)
Income from operations 42,434 58,718 64,272 84,239
Gain (loss) on sale of hotel properties 30 22 (30) (150)
Net income 42,464 58,740 64,242 84,089
Net (income) loss attributable to noncontrolling interests        
Noncontrolling interest in consolidated joint venture (29) (37) 37 25
Noncontrolling interest in the Operating Partnership (189) (256) (275) (370)
Net income attributable to common shareholders $ 42,246 $ 58,447 $ 64,004 $ 83,744
Basic per common share data:        
Net income per share attributable to common shareholders (in dollars per share) $ 0.34 $ 0.47 $ 0.51 $ 0.67
Weighted-average number of common shares (in shares) 123,785,735 123,544,034 123,760,096 123,641,928
Diluted per common share data:        
Net income per share attributable to common shareholders (in dollars per share) $ 0.34 $ 0.47 $ 0.51 $ 0.67
Weighted-average number of common shares (in shares) 123,871,762 123,942,846 123,856,388 124,051,956
Dividends declared per common share $ 0.33 $ 0.33 $ 0.66 $ 0.66
Amounts attributable to the Company’s common shareholders:        
Income from operations $ 42,216 $ 58,425 $ 64,034 $ 83,894
Gain (loss) on sale of hotel properties 30 22 (30) (150)
Comprehensive income:        
Unrealized (loss) gain on interest rate derivatives (1,715) (5,366) 3,833 (25,614)
Comprehensive income 40,749 53,374 68,075 58,475
Comprehensive (income) loss attributable to the noncontrolling interest in consolidated joint venture (29) (37) 37 25
Comprehensive income attributable to the noncontrolling interest in the Operating Partnership (189) (256) (275) (370)
Comprehensive income attributable to the Company $ 40,531 $ 53,081 $ 67,837 $ 58,130