Silverdog, silvercat, sschickenhawk and invescum....First of all SHO's EARNINGS were not down 21%...they didn't even give out their earnings. Their Revpar was down 21% in March. They also announced that they are tendering to buy back $180mm of debt at 60% of par and a variety of other things. If you had any "depth" you would spend some time actually reading and learning about the scare headlines you try and post. There are many words for people like you and none of them are positive.
Ashford purchased/retired approximately 20% of the outstanding shares in the 4th quarter. In January of 2009 they announced a $200MM repurchase authorization (enough money to purchase every outstanding share at the time). In the 2008 10K they disclosed that they puchased over 7MM shares between Jan. 1 and Feb. 25 (almost 10% of the float) in addition to a fair number of preferred shares. There is no reason to beleive they didn't continue buying back shares into March and April. However, for simplicity sake, let's conservatively assume they've only reduced the number of shares by 30%.
If their Q1 report shows net earnings (which I don't really care about as FFO and CAD are more important measures) ONLY down by 21%, they will have done great from my prospective as that means that their earnings per share will have gone up.