XML 26 R15.htm IDEA: XBRL DOCUMENT
v3.22.2.2

Note 7 - Stockholders' Equity and Stock Incentive Plans | 9 Months Ended
--- | ---
Sep. 30, 2022
Notes to Financial Statements |
Shareholders' Equity and Share-Based Payments [Text Block] | NOTE 7. STOCKHOLDERS' EQUITY AND STOCK INCENTIVE PLANS Share Repurchase Programs On October 21, 2021, our Board of Directors authorized a share repurchase program of $300.0 million (the "Share Repurchase Program"). On June 1, 2022, our Board of Directors authorized a $500.0 million increase to the Share Repurchase Program. As of September 30, 2022, $345.8 million remains available under the Share Repurchase Program. Under the Share Repurchase Program, the Company may repurchase shares of its common stock from time to time on the open market or in privately negotiated transactions. We are not obligated to repurchase any shares under this program. Repurchases of common stock may also be made under Rule 10b5- 1 plans, which would permit common stock to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws. The timing, volume and nature of share repurchases will be at the sole discretion of management, dependent on market conditions, applicable securities laws and other factors, and may be suspended or discontinued at any time. The following table provides information regarding share repurchases during the referenced periods (1).
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
(In thousands, except per share data) |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Shares repurchased (2) |  |  | 2,474 |  |  |  | — |  |  |  | 7,588 |  |  |  | — |
Total cost, including brokerage fees |  | $ | 134,996 |  |  | $ | — |  |  | $ | 434,769 |  |  | $ | — |
Average repurchase price per share (3) |  | $ | 54.57 |  |  | $ | — |  |  | $ | 57.29 |  |  | $ | — |
(1) Shares repurchased reflect repurchases settled during the three and nine months ended September 30, 2022. These amounts exclude repurchases, if any, traded but not yet settled on or before September 30, 2022. (2) All shares repurchased have been retired and constitute authorized but unissued shares. (3) Amounts in the table may not recalculate exactly due to rounding. Average repurchase price per share is calculated based on unrounded numbers. Dividends The dividends declared by the Board of Directors and reflected in the periods presented are:
Declaration date |  | Record date |  | Payment date |  | Amount per share |
February 3, 2022 |  | March 15, 2022 |  | April 15, 2022 |  | $ | 0.15 |
June 1, 2022 |  | June 30, 2022 |  | July 15, 2022 |  |  | 0.15 |
September 15, 2022 |  | September 30, 2022 |  | October 15, 2022 |  |  | 0.15 |
Share-Based Compensation We account for share-based awards exchanged for employee services in accordance with the authoritative accounting guidance for share-based payments. Under the guidance, share-based compensation expense is measured at the grant date, based on the estimated fair value of the award, and is recognized as expense, net of estimated forfeitures, over the employee's requisite service period. The following table provides classification detail of the total costs related to our share-based employee compensation plans reported in our condensed consolidated statements of operations.
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
(In thousands) |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Gaming |  | $ | 191 |  |  | $ | 230 |  |  | $ | 712 |  |  | $ | 656 |
Food & beverage |  |  | 36 |  |  |  | 43 |  |  |  | 136 |  |  |  | 125 |
Room |  |  | 18 |  |  |  | 21 |  |  |  | 65 |  |  |  | 60 |
Selling, general and administrative |  |  | 967 |  |  |  | 1,169 |  |  |  | 3,618 |  |  |  | 3,337 |
Corporate expense |  |  | 4,441 |  |  |  | 8,320 |  |  |  | 23,955 |  |  |  | 24,129 |
Total share-based compensation expense |  | $ | 5,653 |  |  | $ | 9,783 |  |  | $ | 28,486 |  |  | $ | 28,307 |
Performance Shares Our stock incentive plan provides for the issuance of Performance Share Units ("PSU") grants which may be earned, in whole or in part, upon passage of time and the attainment of performance criteria. We periodically review our estimates of performance against the defined criteria to assess the expected payout of each outstanding PSU grant and adjust our stock compensation expense accordingly. The PSU grants awarded in fourth quarter 2018 and 2017 fully vested during first quarter 2022 and 2021, respectively. Common shares under the 2018 grant were issued based on the determination by the Compensation Committee of the Board of Directors of our actual achievement of net revenue growth and Earnings Before Interest, Taxes, Depreciation and Amortization and Rent under master leases ("EBITDAR") growth for the three-year performance period of the grant. Common shares under the 2017 grant were issued based on the determination by the Compensation Committee of the Board of Directors of our actual achievement of net revenue growth, Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") growth and customer service scores for the three-year performance period of the grant. As provided under the provisions of our stock incentive plan, certain of the participants elected to surrender a portion of the shares to be received to pay the withholding and other payroll taxes payable on the compensation resulting from the vesting of the PSUs. The PSU grant awarded in November 2018 resulted in a total of 408,609 shares being issued during first quarter 2022, representing approximately 1.58 shares per PSU. Of the 408,609 shares issued, a total of 114,265 were surrendered by the participants for payroll taxes, resulting in a net issuance of 294,344 shares due to the vesting of the 2018 grant. The actual achievement level under the award metrics equaled the estimated performance as of the year-end 2021; therefore, the vesting of the PSUs did not impact compensation costs in our 2022 condensed consolidated statement of operations. The PSU grant awarded in November 2017 resulted in a total of 90,444 shares being issued during first quarter 2021, representing approximately 0.33 shares per PSU. Of the 90,444 shares issued, a total of 30,129 were surrendered by the participants for payroll taxes, resulting in a net issuance of 60,315 shares due to the vesting of the 2017 grant. The actual achievement level under the award metrics equaled the estimated performance as of the year-end 2020; therefore, the vesting of the PSUs did not impact compensation costs in our 2021 condensed consolidated statement of operations. Unamortized Stock Compensation Expense and Recognition Period As of September 30, 2022, there was approximately $9.2 million, $3.1 million and $1.5 million of total unrecognized share-based compensation costs related to unvested restricted stock units ("RSUs"), PSUs and career shares, respectively. As of September 30, 2022, the unrecognized share-based compensation costs related to our RSUs, PSUs and career shares are expected to be recognized over approximately 1.9 years, 1.9 years and 3.7 years, respectively.

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for shareholders' equity and share-based payment arrangement. Includes, but is not limited to, disclosure of policy and terms of share-based payment arrangement, deferred compensation arrangement, and employee stock purchase plan (ESPP). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI https://asc.fasb.org/topic&trid=2208762 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI https://asc.fasb.org/topic&trid=2228938 + Details
Name: | us-gaap_ShareholdersEquityAndShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration