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Earnings per Common Share | 9 Months Ended
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Sep. 30, 2014
Earnings Per Share [Abstract] |
Earnings per Common Share | Earnings per Common Share Basic earnings per common share is calculated by dividing income from continuing operations attributable to common shareholders, including loss on disposal of hotel properties, by the weighted-average number of common shares outstanding during the period excluding the weighted-average number of unvested restricted shares outstanding during the period. Diluted earnings per common share is calculated by dividing income from continuing operations attributable to common shareholders, including loss on disposal of hotel properties, by the weighted-average number of common shares outstanding during the period, plus any shares that could potentially be outstanding during the period. Potential shares consist of unvested restricted share grants and unvested performance units, calculated using the treasury stock method. Any anti-dilutive shares have been excluded from the diluted earnings per share calculation. Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating shares and are considered in the computation of earnings per share pursuant to the two-class method. If there were any undistributed earnings allocable to participating shares, they would be deducted from net income attributable to common shareholders utilized in the basic and diluted earnings per share calculations. For the three and nine months ended September 30, 2014, zero and $39,000, respectively, represented undistributed earnings that were allocated to participating shares. For the three and nine months ended September 30, 2013, $0.1 million and $0.1 million, respectively, represented undistributed earnings that were allocated to participating shares. The limited partners’ outstanding limited partnership units in the Operating Partnership (which may be redeemed for common shares of beneficial interest under certain circumstances) have been excluded from the diluted earnings per share calculation as there was no effect on the amounts for the three and nine months ended September 30, 2014 and 2013, since the limited partners’ share of income would also be added back to net income attributable to common shareholders. The computation of basic and diluted earnings per common share is as follows (in thousands, except share and per share data):
| For the three months ended September 30, |  | For the nine months ended September 30,
| 2014 |  | 2013 |  | 2014 |  | 2013
Numerator: |  |  |  |  |  |  |  |  |  |  |
Income from continuing operations attributable to common shareholders, including loss on disposal of hotel properties | $ | 36,760 |  |  | $ | 33,334 |  |  | $ | 101,596 |  |  | $ | 80,166 |
Add: Income from discontinued operations | — |  |  | 3,135 |  |  | — |  |  | 5,310 |
Net income attributable to common shareholders | 36,760 |  |  | 36,469 |  |  | 101,596 |  |  | 85,476 |
Less: Dividends paid on unvested restricted shares | (262 | ) |  | (216 | ) |  | (731 | ) |  | (712 | )
Less: Undistributed earnings attributable to unvested restricted shares | — |  |  | (97 | ) |  | (39 | ) |  | (86 | )
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares | $ | 36,498 |  |  | $ | 36,156 |  |  | $ | 100,826 |  |  | $ | 84,678 |
Denominator: |  |  |  |  |  |  |  |  |  |  |
Weighted-average number of common shares - basic | 131,106,440 |  |  | 121,594,219 |  |  | 126,070,309 |  |  | 116,697,417 |
Unvested restricted shares | 318,145 |  |  | 249,029 |  |  | 306,630 |  |  | 212,672 |
Unvested performance units | 962,258 |  |  | 906,873 |  |  | 920,962 |  |  | 887,581 |
Weighted-average number of common shares - diluted | 132,386,843 |  |  | 122,750,121 |  |  | 127,297,901 |  |  | 117,797,670 |
Income from continuing operations attributable to common shareholders, including loss on disposal of hotel properties - basic | $ | 0.28 |  |  | $ | 0.27 |  |  | $ | 0.80 |  |  | $ | 0.68 |
Discontinued operations | — |  |  | 0.03 |  |  | — |  |  | 0.05 |
Net income attributable to common shareholders - basic | $ | 0.28 |  |  | $ | 0.30 |  |  | $ | 0.80 |  |  | $ | 0.73 |
Income from continuing operations attributable to common shareholders, including loss on disposal of hotel properties - diluted | $ | 0.28 |  |  | $ | 0.27 |  |  | $ | 0.79 |  |  | $ | 0.67 |
Discontinued operations | — |  |  | 0.03 |  |  | — |  |  | 0.05 |
Net income attributable to common shareholders - diluted | $ | 0.28 |  |  | $ | 0.30 |  |  | $ | 0.79 |  |  | $ | 0.72 |

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1278-109256 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1252-109256 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 55 -Paragraph 52 -URI http://asc.fasb.org/extlink&oid=32703322&loc=d3e4984-109258 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.21) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688 + Details
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