Comfort Inn 2013 Annual Report Download - page 37

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Table of Contents

We derived the selected consolidated statements of income data for the years ended December 31, 2013, 2012 and 2011 and the selected consolidated
balance sheet data as of December 31, 2013 and 2012 from our audited consolidated financial statements included in this annual report. We derived the
selected consolidated statements of income data for the years ended December 31, 2010 and 2009 and the selected consolidated balance sheet data as of
December 31, 2011, 2010 and 2009 from our previously audited consolidated financial statements which are not included in this annual report. Our historical
results are not necessarily indicative of the results expected for any future period.
You should read the selected historical financial data together with the consolidated financial statements and related notes appearing in this annual report,
as well as Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the other financial information
included elsewhere in this annual report.
Company results (in millions, except per share data)






Total Revenues $564.2
$596.1
$ 638.8
$691.5
$724.3
Operating Income $148.1
$ 160.8
$171.9
$ 193.1
$194.5
Net Income $ 98.3
$107.4
$110.4
$120.7
$112.6
Basic Earnings per Share $ 1.64
$1.80
$1.86
$2.08
$1.92
Diluted Earnings per Share $ 1.63
$1.80
$1.85
$2.07
$1.91
Total Assets $340.0
$411.7
$447.7
$ 510.8
$539.9
Long-Term Debt $ 277.7
$251.6
$ 252.0
$847.2
$ 783.5
Cash Dividends Declared Per Common Share $0.74
$0.74
$0.74
$11.15
$0.74
Matters that affect the comparability of our annual results are as follows:
•Operating and net income in 2009 included termination benefits expense totaling $4.6 million, $1.2 million of additional expenses due to the
curtailment of the Company’s Supplemental Executive Retirement Plan ("SERP") resulting from the freezing of benefits payable under the plan
and a $1.5 million loss related to a sublease of office space and related impairment charges to the space’s leasehold improvements. These items
represented a decline in diluted EPS of $0.08 per share.
•Operating and net income in 2010 included termination benefits expense totaling $1.7 million resulting from the termination of certain employees.
In addition, the Company’s income tax expense included an adjustment of $3.3 million to our deferred tax assets and the identification of $1.6
million of additional federal income tax benefits, partially offset by an increase of $1.6 million related to the identification of unrecognized tax
positions. These items represented an increase in diluted EPS of $0.04 per share.
•Operating and net income in 2011 was reduced by termination benefits totaling $4.4 million resulting from the termination of certain employees.
Net income was further impacted by a $1.8 million loss on assets held for sale resulting from the Company reducing the carrying amount of a
parcel of land held for sale to its estimated fair value. In addition, the Company's income tax expense was reduced due to the identification of
$1.4 million of changes in unrecognized tax positions and the identification of $2.8 million of additional federal tax benefits. Additionally, an
adjustment to our current federal taxes payable of $1.4 million reduced our effective tax rate. These items represented a net increase in diluted
EPS of $0.16 per share.
•Operating and net income in 2012 was reduced by termination benefits of $0.5 million resulting from the termination of certain employees and a
$1.8 million loss on the settlement of the SERP. The Company's 2012 net income was further reduced by the issuance of unsecured senior notes
in the principal amount of $400 million as well as a $350 million senior secured credit facility to pay a special cash dividend totaling
approximately $600.7 million. The issuance of this debt resulted in interest expense increasing by approximately $14.2 million and a loss on
extinguishment of debt totaling $0.5 million. Net income was favorably impacted by a $4.5 million tax
37