Financial Statements As Reported

As Reported Financials

Source Document Currency Code (in thousands) 2015 Y 12/31/2017 USD 2016 Y 12/31/2018 USD 2017 Y 12/31/2018 USD 2018 Y 12/31/2018 USD
Source Document Currency Code 2015 Y 12/31/2017 USD 2016 Y 12/31/2018 USD 2017 Y 12/31/2018 USD 2018 Y 12/31/2018 USD

Revenues

Room

Room 436,202 443,270 479,934 523,439
Food and beverage NA 19,777 21,919 24,773
Other NA 10,888 13,524 19,058

Other hotel operations revenue

Other hotel operations revenue 27,253 NA NA NA

Total revenues

Total revenues 463,455 473,935 515,377 567,270

Expenses

Room 109,844 97,358 108,715 119,724
Other direct 64,010 NA NA NA
Other indirect 121,974 NA NA NA
Total hotel operating expenses 295,828 NA NA NA
Food and beverage NA 14,841 17,002 19,447
Other hotel operating expenses NA 134,420 144,258 158,917
Property taxes, insurance and other NA 30,250 37,419 43,339
Management fees NA 18,812 18,210 18,521

Depreciation and amortization

Depreciation and amortization 64,052 72,406 85,927 101,013
Corporate general and administrative 21,204 19,292 19,597 21,509

Hotel property acquisition costs

Hotel property acquisition costs 1,246 3,492 354 0

Loss on impairment of assets

Loss on impairment of assets 1,115 577 0 1,075

Total expenses

Total expenses 383,445 391,448 431,482 483,545

Gain on disposal of assets, net

Gain on disposal of assets, net 65,067 49,855 43,209 41,474

Operating income

Operating income 80,010 132,342 127,104 125,199

Other income (expense)

Interest expense

Interest expense (30,414) (28,091) (29,687) (41,944)

Other income, net

Other income, net 11,146 2,560 3,778 6,949

Total other expense

Total other expense 45,799 (25,531) (25,909) (34,995)

Income from continuing operations before income taxes

Income from continuing operations before income taxes 125,809 106,811 101,195 90,204

Income tax benefit (expense)

Income tax benefit (expense) (553) 1,450 (1,674) 922

Net income

Net income 125,256 108,261 99,521 91,126

Non-controlling interest in Operating Partnership

Non-controlling interest in Operating Partnership (819) (456) (307) (205)

Net income attributable to Summit Hotel Properties, Inc.

Net income attributable to Summit Hotel Properties, Inc. 124,437 107,805 99,214 90,921

Preferred dividends

Preferred dividends (16,588) (18,232) (17,408) (16,671)
Premium on redemption of preferred stock 0 (2,125) (2,572) (3,277)

Net income attributable to common stockholders

Net income attributable to common stockholders 107,849 87,448 79,234 70,973

Earnings per share

Basic 1.25 NA NA NA
Diluted 1.24 NA NA NA
Basic and diluted NA 1.00 0.79 0.68

Weighted average common shares outstanding

Basic 85,920 86,874 99,406 103,623
Diluted 87,144 87,343 99,780 103,842
Dividends per share 0.47 0.55 0.67 0.72

Comprehensive Income

Net income

Net income 125,256 108,261 99,521 91,126

Other comprehensive income, net of tax

Changes in fair value of derivative financial instruments
Changes in fair value of derivative financial instruments 81 693 2,437 (2,900)

Comprehensive income

Comprehensive income 125,337 108,954 101,958 88,226

Comprehensive income attributable to non-controlling interests

Less - Comprehensive income attributable to non-controlling interest in Operating Partnership
Less - Comprehensive income attributable to non-controlling interest in Operating Partnership (820) (460) (316) (197)

Comprehensive income attributable to Summit Hotel Properties, Inc.

Comprehensive income attributable to Summit Hotel Properties, Inc. 124,517 108,494 101,642 88,029

Preferred dividends

Preferred dividends (16,588) (18,232) (17,408) (16,671)
Premium on redemption of preferred stock 0 (2,125) (2,572) (3,277)

Comprehensive income attributable to common stockholders

Comprehensive income attributable to common stockholders 107,929 88,137 81,662 68,081
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