v2.4.0.6

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2012

Summary of Significant Accounting Policies

Schedule of promotional allowances

		Three Months Ended March 31,
		2012			2011
		(in thousands)
Rooms		$	6,294		$	5,211
Food and beverage		27,479			23,228
Other		2,596			2,255
Total promotional allowances		$	36,369		$	30,694

Schedule of estimated cost of providing complimentary services

		Three Months Ended March 31,
		2012			2011
		(in thousands)
Rooms		$	2,356		$	2,014
Food and beverage		18,480			17,619
Other		1,522			1,354
Total cost of complimentary services		$	22,358		$	20,987

Allocation of net income attributable to shareholders under the two-class method

		Three Months Ended March 31,
		2012			2011
		(in thousands)
Net income		$	78,619		$	51,528
Net income applicable to preferred stock		15,272			9,785
Net income applicable to common stock		$	63,347		$	41,743

Reconciliation of the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS

		Three Months Ended March 31,
		2012		2011
		(in thousands)
Determination of shares:
Weighted-average common shares outstanding		75,994		78,162
Assumed conversion of dilutive employee stock-based awards		2,360		1,479
Assumed conversion of preferred stock		27,278		27,278
Diluted weighted-average common shares outstanding		105,632		106,919

Calculation of basic and diluted EPS for the entity's common stock

		Three Months Ended March 31,
		2012			2011
		(in thousands, except per share data)
Calculation of basic EPS:
Net income applicable to common stock		$	63,347		$	41,743
Weighted-average common shares outstanding		75,994			78,162
Basic EPS		$	0.83		$	0.53
Calculation of diluted EPS:
Net income		$	78,619		$	51,528
Diluted weighted-average common shares outstanding		105,632			106,919
Diluted EPS		$	0.74		$	0.48

Weighted-average assumptions used in Black-Scholes option pricing model

Three Months Ended March 31,		2012		2011
Risk-free interest rate		1.04	%	2.27	%
Expected volatility		47.60	%	48.02	%
Dividend yield		—		—
Weighted-average expected life (years)		5.82		5.73
Forfeiture rate		5.00	%	5.00	%

X

- Definition

Tabular disclosure of the allocation of net income attributable to the shareholders under the two-class method.

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Tabular disclosure of the estimated cost of providing complimentary services.

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The retail value of accommodations, food and beverage and other services furnished to guests without charge.

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Tabular disclosure of an entity's basic and diluted earnings per share calculations.

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- Definition

Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Topic 718

-SubTopic 10

-Publisher FASB

-Number

-Article

-Subparagraph (f)(2)

-Name Accounting Standards Codification

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Tabular disclosure of the weighted average number of shares used in calculating basic net earnings per share (or unit) and diluted earnings per share (or unit).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Topic 260

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