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Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2013
Summary of Significant Accounting Policies |
Schedule of estimated fair values of financial instruments | The estimated fair values of the Company's financial instruments are as follows (in thousands):
|  | 2013 |  | 2012 |
--- | --- | --- | --- | --- | ---
December 31, |  | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 292,995 |  | $ | 292,995 |  | $ | 260,467 |  | $ | 260,467 |
Investment in corporate debt securities |  |  | — |  |  | — |  |  | 6,790 |  |  | 6,790 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term debt |  |  |  |  |  |  |  |  |  |  |  |  |
Senior secured credit facility |  |  | 748,777 |  |  | 748,150 |  |  | 2,393,459 |  |  | 2,401,225 |
Senior unsecured notes |  |  | 300,000 |  |  | 297,000 |  |  | — |  |  | — |
Senior subordinated notes |  |  | — |  |  | — |  |  | 325,000 |  |  | 368,875 |
Other long-term obligations |  |  | — |  |  | — |  |  | 10,000 |  |  | 10,000 |
Schedule of the estimated useful lives of property and equipment |
Land improvements |  | 5 to 15 years
Building and improvements |  | 5 to 40 years
Furniture, fixtures, and equipment |  | 3 to 31 years
Schedule of promotional allowances |
Year ended December 31, |  | 2013 |  | 2012 |  | 2011 |
--- | --- | --- | --- | --- | --- | --- | ---
|  | (in thousands) |
Rooms |  | $ | 36,132 |  | $ | 26,612 |  | $ | 24,646 |
Food and beverage |  |  | 123,263 |  |  | 108,250 |  |  | 106,687 |
Other |  |  | 11,244 |  |  | 9,878 |  |  | 10,483 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total promotional allowances |  | $ | 170,639 |  | $ | 144,740 |  | $ | 141,816 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Schedule of estimated cost of providing complimentary services |
Year ended December 31, |  | 2013 |  | 2012 |  | 2011 |
--- | --- | --- | --- | --- | --- | --- | ---
|  | (in thousands) |
Rooms |  | $ | 12,565 |  | $ | 9,814 |  | $ | 9,149 |
Food and beverage |  |  | 85,257 |  |  | 74,263 |  |  | 76,357 |
Other |  |  | 6,480 |  |  | 6,056 |  |  | 6,430 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total cost of complimentary services |  | $ | 104,302 |  | $ | 90,133 |  | $ | 91,936 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Allocation of net income attributable to shareholders under the two-class method |
Year ended December, 31 |  | 2012 |  | 2011 |
--- | --- | --- | --- | --- | ---
|  | (in thousands) |
Net income |  | $ | 211,971 |  | $ | 242,351 |
Net income applicable to preferred stock |  |  | 41,023 |  |  | 46,101 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income applicable to common stock |  | $ | 170,948 |  | $ | 196,250 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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 |
Year ended December 31, |  | 2012 |  | 2011 |
--- | --- | --- | --- | --- | ---
|  | (in thousands) |
Determination of shares: |  |  |  |  |  |  |
Weighted-average common shares outstanding |  |  | 76,345 |  |  | 77,991 |
Assumed conversion of dilutive employee stock-based awards |  |  | 2,305 |  |  | 1,616 |
Assumed conversion of restricted stock |  |  | 159 |  |  | 166 |
Assumed conversion of preferred stock |  |  | 24,995 |  |  | 27,278 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Diluted weighted-average common shares outstanding |  |  | 103,804 |  |  | 107,051 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Calculation of basic and diluted EPS for the entity's common stock |
Year ended December 31, |  | 2013 |  | 2012 |  | 2011 |
--- | --- | --- | --- | --- | --- | --- | ---
|  | (in thousands, except per share data) |
Calculation of basic EPS: |  |  |  |  |  |  |  |  |  |
Net (loss) income applicable to common stock |  | $ | (794,339 | ) | $ | 170,948 |  | $ | 196,250 |
Weighted-average common shares outstanding |  |  | 78,111 |  |  | 76,345 |  |  | 77,991 |
Basic EPS |  | $ | (10.17 | ) | $ | 2.24 |  | $ | 2.52 |
Calculation of diluted EPS: |  |  |  |  |  |  |  |  |  |
Net (loss) income |  | $ | (794,339 | ) | $ | 211,971 |  | $ | 242,351 |
Diluted weighted-average common shares outstanding |  |  | 78,111 |  |  | 103,804 |  |  | 107,051 |
Diluted EPS |  | $ | (10.17 | ) | $ | 2.04 |  | $ | 2.26 |
Weighted-average assumptions used in Black-Scholes option pricing model |
Year ended December 31, |  | 2013 |  | 2012 |  | 2011 |
--- | --- | --- | --- | --- | --- | --- | ---
Risk-free interest rate |  |  | 1.08 | % |  | 0.84 | % |  | 1.04 | %
Expected volatility |  |  | 46.27 | % |  | 45.78 | % |  | 47.60 | %
Dividend yield |  |  | — |  |  | — |  |  | — |
Weighted-average expected life (years) |  |  | 6.57 |  |  | 6.64 |  |  | 5.82 |

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