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Acquisitions (Tables) | 6 Months Ended
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Jun. 30, 2017
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):
|  | L'Auberge de Sedona |  | Orchards Inn Sedona
Land |  | $ | 39,384 |  |  | $ | 9,726 |
Building and improvements |  | 22,204 |  |  | 10,180 |
Furnitures, fixtures and equipment |  | 4,376 |  |  | 1,982 |
Total fixed assets |  | 65,964 |  |  | 21,888 |
Favorable lease asset |  | — |  |  | 9,065 |
Other assets and liabilities, net |  | (2,710 | ) |  | (412 | )
Total |  | $ | 63,254 |  |  | $ | 30,541 |
Pro Forma Operating Information | The following unaudited pro forma financial information presents our results of operations (in thousands, except per share data) as if the hotels were acquired on January 1, 2016. The comparable information is not necessarily indicative of the results that actually would have occurred nor does it indicate future operating results.
| Three Months Ended June 30 |  | Six Months Ended June 30
| 2017 |  | 2016 |  | 2017 |  | 2016
Revenues | $ | 243,272 |  |  | $ | 264,530 |  |  | $ | 442,904 |  |  | $ | 482,929 |
Net income | $ | 36,595 |  |  | $ | 45,536 |  |  | $ | 45,207 |  |  | $ | 62,345 |
Earnings per share: |  |  |  |  |  |  |
Basic earnings per share | $ | 0.18 |  |  | $ | 0.23 |  |  | $ | 0.23 |  |  | $ | 0.31 |
Diluted earnings per share | $ | 0.18 |  |  | $ | 0.23 |  |  | $ | 0.22 |  |  | $ | 0.31 |

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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 3 -URI http://asc.fasb.org/extlink&oid=65885119&loc=d3e1486-128463 Reference 2: 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=65885119&loc=d3e1392-128463 + Details
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