Loss per Common Share/Unit

Successor Period

For the Successor period, RLJ LP, through direct and indirect wholly-owned subsidiaries, owns 100% of the ownership interests and is the sole member and partner of Rangers and FelCor LP, respectively.

Predecessor Period

Basic earnings (loss) per common share/unit is calculated by dividing net income (loss) attributable to common shareholders (unitholders) by the weighted-average number of common shares (units) outstanding during the period excluding the weighted-average number of unvested restricted shares (units) outstanding during the period. Diluted earnings per common share/unit is calculated by dividing net income attributable to common shareholders (unitholders) by the weighted-average number of common shares (units) outstanding during the period, plus any shares (units) that could potentially be outstanding during the period. The potential shares (units) consist of the unvested restricted share (unit) grants and unvested performance units, calculated using the treasury stock method. Any anti-dilutive shares (units) have been excluded from the diluted earnings (loss) per share (unit) calculation.

Unvested share-based payment awards that contain non-forfeitable rights to dividends (distributions) or dividend (distribution) equivalents (whether paid or unpaid) are participating shares (units) and are considered in the computation of earnings (loss) per share (unit) pursuant to the two-class method. If there were any undistributed earnings allocable to the participating shares (units), they would be deducted from net income (loss) attributable to common shareholders (unitholders) used in the basic and diluted earnings (loss) per share (unit) calculations.

The limited partners’ outstanding limited partnership units in FelCor LP (which may be redeemed for common shares of beneficial interest under certain circumstances) have been excluded from the diluted earnings (loss) per share (unit) calculation as there was no effect on the per share (unit) amounts, since the limited partners’ share of income would also be added back to net income (loss) attributable to common shareholders.

The income (loss) from continuing operations attributable to Rangers/FelCor LP share/unit calculations below includes the net gain (loss) on the sale of hotel properties attributable to Rangers/FelCor LP.

The computation of basic and diluted earnings (loss) per common share (unit) is as follows (in thousands, except share/unit and per share/unit data):

Rangers Loss Per Common Share



	Predecessor
	January 1 through August 31,			For the year ended December 31,			For the year ended December 31,
	2017			2016			2015
Numerator:
Net income (loss) attributable to Rangers	$	(96,845	)	$	3,498		$	(8,865	)
Discontinued operations attributable to Rangers	3,400			3,118			(674		)
Income (loss) from continuing operations attributable to Rangers	(93,445		)	6,616			(9,539		)
Less: Preferred dividends	(16,744		)	(25,115		)	(30,138		)
Less: Redemption of preferred stock	—			—			(6,096		)
Less: Dividends paid on unvested restricted stock	(73		)	(129		)	(56		)
Numerator for the loss from continuing operations attributable to Rangers common stockholders	(110,262		)	(18,628		)	(45,829		)
Numerator for the discontinued operations attributable to Rangers common stockholders	(3,400		)	(3,118		)	674
Numerator for the loss attributable to Rangers common stockholders excluding amounts attributable to unvested restricted stock	$	(113,662	)	$	(21,746	)	$	(45,155	)

Denominator:
Weighted-average number of common shares - basic	137,331,743			138,128,165			137,730,438
Unvested restricted stock units	—			—			—
Weighted-average number of common shares - diluted	137,331,743			138,128,165			137,730,438

Basic and diluted loss per share:
Loss from continuing operations	$	(0.80	)	$	(0.13	)	$	(0.33	)
Discontinued operations	$	(0.02	)	$	(0.02	)	$	—
Net loss	$	(0.83	)	$	(0.16	)	$	(0.33	)

FelCor LP Loss Per Common Unit



	Predecessor
	January 1 through August 31,			For the year ended December 31,			For the year ended December 31,
	2017			2016			2015
Numerator:
Net income (loss) attributable to FelCor LP	$	(97,340	)	$	3,405		$	(9,059	)
Discontinued operations attributable to FelCor LP	3,415			3,131			(677		)
Income (loss) from continuing operations attributable to FelCor LP	(93,925		)	6,536			(9,736		)
Less: Preferred distributions	(16,744		)	(25,115		)	(30,138		)
Less: Redemption of preferred units	—			—			(6,096		)
Less: Distributions paid on FelCor unvested restricted stock	(73		)	(129		)	(56		)
Numerator for the loss from continuing operations attributable to FelCor LP common unitholders	(110,742		)	(18,708		)	(46,026		)
Numerator for the discontinued operations attributable to FelCor LP common unitholders	(3,415		)	(3,131		)	677
Numerator for the net loss attributable to FelCor LP common unitholders excluding amounts attributable to FelCor unvested restricted stock	$	(114,157	)	$	(21,839	)	$	(45,349	)

Denominator:
Weighted-average number of common units - basic	137,941,926			138,739,214			138,341,900
Unvested restricted stock units	—			—			—
Weighted-average number of common units - diluted	137,941,926			138,739,214			138,341,900

Basic and diluted loss per unit:
Loss from continuing operations	$	(0.80	)	$	(0.13	)	$	(0.33	)
Discontinued operations	$	(0.02	)	$	(0.02	)	$	—
Net loss	$	(0.83	)	$	(0.16	)	$	(0.33	)