v2.4.0.6

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2013

Summary of Significant Accounting Policies

Schedule of promotional allowances

		Three Months Ended March 31,
		2013			2012
		(in thousands)
Rooms		$	9,319		$	6,294
Food and beverage		32,490			27,479
Other		2,777			2,596
Total promotional allowances		$	44,586		$	36,369

Schedule of estimated cost of providing complimentary services

		Three Months Ended March 31,
		2013			2012
		(in thousands)
Rooms		$	3,239		$	2,356
Food and beverage		21,979			18,480
Other		1,644			1,522
Total cost of complimentary services		$	26,862		$	22,358

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

		Three Months Ended March 31,
		2013			2012
		(in thousands)
Net income		$	65,271		$	78,619
Net income applicable to preferred stock		12,358			15,272
Net income applicable to common stock		$	52,913		$	63,347

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,
		2013		2012
		(in thousands)
Determination of shares:
Weighted-average common shares outstanding		77,553		75,994
Assumed conversion of dilutive employee stock-based awards		2,940		2,222
Assumed conversion of restricted stock		99		138
Assumed conversion of preferred stock		22,295		27,278
Diluted weighted-average common shares outstanding		102,887		105,632

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

		Three Months Ended March 31,
		2013			2012
		(in thousands, except per share data)
Calculation of basic EPS:
Net income applicable to common stock		$	52,913		$	63,347
Weighted-average common shares outstanding		77,553			75,994
Basic EPS		$	0.68		$	0.83
Calculation of diluted EPS:
Net income		$	65,271		$	78,619
Diluted weighted-average common shares outstanding		102,887			105,632
Diluted EPS		$	0.63		$	0.74

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

		2013		2012
Risk-free interest rate		1.08	%	1.04	%
Expected volatility		46.27	%	47.60	%
Dividend yield		—		—
Weighted-average expected life (years)		6.57		5.82
Forfeiture rate		5.00	%	5.00	%

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- Definition

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

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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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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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (f)(2)

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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).

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

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