Below is a reconciliation of FFO and MFFO to net income as reported in the Company's 10K and 10Q reports:
| (in thousands, except per share amounts) | 2012¹ | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 |
|---|---|---|---|---|---|---|---|---|---|
| Net income | $9,280 | $45,161 | $34,384 | $33,379 | $58,502 | $63,328 | $54,113 | $23,817 | $1,259 |
| Loss on hotels held for sale | - | - | 3,567 | - | - | - | - | - | - |
| Depreciation of real estate owned | 8,007 | 32,432 | 31,199 | 30,938 | 29,313 | 26,782 | 24,681 | 11,366 | 1,881 |
| Funds from operations | $17,287 | $77,593 | $69,150 | $64,317 | $87,815 | $90,110 | $78,794 | $35,183 | $3,140 |
| Costs related to potential merger | 682 | - | - | - | - | - | - | - | - |
| Modified funds from operations (MFFO) | $17,969 | $77,593 | $69,150 | $64,317 | $87,815 | $90,110 | $78,794 | $35,183 | $3,140 |
| Weighted–average common shares outstanding | 91,082 | 91,254 | 91,323 | 91,178 | 90,899 | 89,644 | 88,869 | 56,451 | 12,300 |
| Net income per share | $0.10 | $0.49 | $0.38 | $0.37 | $0.64 | $0.71 | $0.61 | $0.42 | $0.10 |
| FFO per share | $0.19 | $0.85 | $0.72 | $0.71 | $0.97 | $1.01 | $0.89 | $0.62 | $0.26 |
| MFFO per share | $0.20 | $0.85 | $0.72 | $0.71 | $0.97 | $1.01 | $0.89 | $0.62 | $0.26 |
¹Year-to-date through March 31, 2012