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Acquisitions (Tables)
 9 Months Ended
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