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Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2014

Summary of Significant Accounting Policies

Schedule of promotional allowances

		Three Months Ended March 31,
		2014			2013
		(in thousands)
Rooms		$	8,071		$	9,319
Food and beverage		26,598			32,490
Other		2,262			2,777
Total promotional allowances		$	36,931		$	44,586

Schedule of estimated cost of providing complimentary services

		Three Months Ended March 31,
		2014			2013
		(in thousands)
Rooms		$	2,710		$	3,239
Food and beverage		18,872			21,979
Other		1,330			1,644
Total cost of complimentary services		$	22,912		$	26,862

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

		Three Months Ended March 31,
		2014			2013
		(in thousands)
Net income		$	4,537		$	65,271
Net income applicable to preferred stock		452			12,358
Net income applicable to common stock		$	4,085		$	52,913

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,
		2014		2013
		(in thousands)
Determination of shares:
Weighted-average common shares outstanding		77,917		77,553
Assumed conversion of dilutive employee stock-based awards		2,003		2,940
Assumed conversion of restricted stock		135		99
Diluted weighted-average common shares outstanding before participating security		80,055		80,592
Assumed conversion of preferred stock		8,624		22,295
Diluted weighted-average common shares outstanding		88,679		102,887

Schedule of calculation of basic EPS for the Company's common stock

		Three Months Ended March 31,
		2014			2013
Calculation of basic EPS:
Net income applicable to common stock		$	4,085		$	52,913
Weighted-average common shares outstanding		77,917			77,553
Basic EPS		$	0.05		$	0.68

Schedule of calculation of diluted EPS for the Company's common stock

		Three months ended
		March 31, 2014
Calculation of diluted EPS using two-class method:
Net income applicable to common stock		$	4,085
Diluted weighted-average common shares outstanding before participating security		80,055
Diluted EPS		$	0.05

		Three months ended
		March 31, 2013
Calculation of diluted EPS using if-converted method:
Net income		$	65,271
Diluted weighted-average common shares outstanding		102,887
Diluted EPS		$	0.63

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

		2014		2013
Risk-free interest rate		1.68	%	1.08	%
Expected volatility		44.80	%	46.27	%
Dividend yield		—		—
Weighted-average expected life (years)		5.45		6.57

Schedule of net of tax changes in accumulated other comprehensive income by component

		Foreign Currency			Available for sale securities			Total
Other comprehensive income (loss):
Balance at December 31, 2012		$	1,628		$	1,394		$	3,022
Foreign currency translation adjustment		(391		)	—			(391		)
Unrealized holding losses on corporate debt securities		—			(99		)	(99		)
Ending balance at March 31, 2013		$	1,237		$	1,295		$	2,532
Balance at December 31, 2013		$	383		$	—		$	383
Foreign currency translation adjustment		(700		)	—			(700		)
Ending balance at March 31, 2014		$	(317	)	$	—		$	(317	)

Schedule of estimated fair values of financial instruments

		March 31, 2014						December 31, 2013
		Carrying Amount			Fair Value			Carrying Amount			Fair Value
Financial assets:
Cash and cash equivalents		$	287,695		$	287,695		$	292,995		$	292,995
Financial liabilities:
Long-term debt
Senior secured credit facility		741,944			742,502			748,777			748,150
Senior unsecured notes		300,000			294,000			300,000			297,000

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