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Acquisitions (Tables) | 9 Months Ended
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Sep. 30, 2014
Business Combinations [Abstract] |
Schedule of Acquired Assets and Liabilities | The following table summarizes the preliminary estimated fair value of the assets acquired and liabilities assumed in our acquisitions (in thousands):
|  | Inn at Key West |  | Hilton Garden Inn Times Square Central
Land |  | $ | 33,618 |  |  | $ | 60,300 |
Building |  | 11,586 |  |  | 88,896 |
Building improvements |  | 1,027 |  |  | — |
Furnitures, fixtures and equipment |  | 1,269 |  |  | 6,204 |
Total fixed assets |  | 47,500 |  |  | 155,400 |
Other assets and liabilities, net |  | 326 |  |  | 370 |
Total |  | $ | 47,826 |  |  | $ | 155,770 |
Pro Forma Operating Information | The following unaudited pro forma results of operations (in thousands, except per share data) reflect the acquisition of the Inn at Key West as if it had occurred on January 1, 2013. The following pro forma results of operations do not include adjustments reflecting the acquisition of the Hilton Garden Inn Times Square Central, since the hotel opened on September 1, 2014. The pro forma information is not necessarily indicative of the results that actually would have occurred nor does it indicate future operating results.
| Three Months Ending September 30, |  | Nine Months Ending September 30,
| 2014 |  | 2013 |  | 2014 |  | 2013
Revenues | $ | 230,122 |  |  | $ | 205,705 |  |  | $ | 654,608 |  |  | $ | 603,501 |
Income from continuing operations | 44,089 |  |  | 8,042 |  |  | 102,335 |  |  | 19,198 |
Net income | 44,089 |  |  | 8,927 |  |  | 102,335 |  |  | 21,708 |
Basic earnings per share: |  |  |  |  |  |  |
Continuing operations | $ | 0.23 |  |  | $ | 0.04 |  |  | $ | 0.52 |  |  | $ | 0.10 |
Net income | $ | 0.23 |  |  | $ | 0.05 |  |  | $ | 0.52 |  |  | $ | 0.11 |
Diluted earnings per share: |  |  |  |  |  |  |
Continuing operations | $ | 0.22 |  |  | $ | 0.04 |  |  | $ | 0.52 |  |  | $ | 0.10 |
Net income | $ | 0.22 |  |  | $ | 0.05 |  |  | $ | 0.52 |  |  | $ | 0.11 |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2)-(3) -URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1486-128463 + Details
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