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Acquisitions (Tables) | 3 Months Ended
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Mar. 31, 2015
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 acquisition (in thousands):
|  | Shorebreak Hotel
Land |  | $ | 19,908 |
Building and improvements |  | 37,525 |
Furnitures, fixtures and equipment |  | 1,338 |
Total fixed assets |  | 58,771 |
Unfavorable lease liability |  | (349 | )
Other assets and liabilities, net |  | 401 |
Total |  | $ | 58,823 |
Pro Forma Operating Information | The following unaudited pro forma results of operations (in thousands, except per share data) reflect the acquisition of the Shorebreak Hotel as if it had occurred on January 1, 2014, as well as the Inn at Key West and Westin Fort Lauderdale Beach Resort (both acquired in 2014) as if both 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 Ended March 31,
| 2015 |  | 2014
Revenues | $ | 210,085 |  |  | $ | 210,350 |
Net income | $ | 10,541 |  |  | $ | 11,420 |
Earnings per share: |  |  |
Basic earnings per share | $ | 0.05 |  |  | $ | 0.06 |
Diluted earnings per share | $ | 0.05 |  |  | $ | 0.06 |

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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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