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Summary of Significant Accounting Policies (Tables) | 9 Months Ended
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Sep. 30, 2014
Summary of Significant Accounting Policies |
Schedule of promotional allowances |
|  | Three Months Ended September 30, |  | Nine Months Ended September 30, |
|  | 2014 |  | 2013 |  | 2014 |  | 2013 |
|  | (in thousands) |
Rooms |  | $ | 8,955 |  | $ | 9,639 |  | $ | 25,452 |  | $ | 27,951 |
Food and beverage |  | 26,228 |  | 31,327 |  | 79,620 |  | 95,049 |
Other |  | 2,599 |  | 2,748 |  | 7,332 |  | 8,469 |
Total promotional allowances |  | $ | 37,782 |  | $ | 43,714 |  | $ | 112,404 |  | $ | 131,469 |
Schedule of estimated cost of providing complimentary services |
|  | Three Months Ended September 30, |  | Nine Months Ended September 30, |
|  | 2014 |  | 2013 |  | 2014 |  | 2013 |
|  | (in thousands) |
Rooms |  | $ | 2,737 |  | $ | 2,946 |  | $ | 7,949 |  | $ | 8,741 |
Food and beverage |  | 10,999 |  | 13,138 |  | 33,561 |  | 40,066 |
Other |  | 1,320 |  | 1,396 |  | 3,875 |  | 4,485 |
Total cost of complimentary services |  | $ | 15,056 |  | $ | 17,480 |  | $ | 45,385 |  | $ | 53,292 |
Allocation of net income attributable to shareholders under the two-class method |
|  | Three Months Ended September 30, |  | Nine Months Ended September 30, |
|  | 2014 |  | 2013 |  | 2014 |  | 2013 |
|  | (in thousands) |
Net income |  | $ | 8,499 |  | $ | 41,317 |  | $ | 17,212 |  | $ | 94,408 |
Net income applicable to preferred stock |  | 841 |  | 7,691 |  | 1,708 |  | 17,692 |
Net income applicable to common stock |  | $ | 7,658 |  | $ | 33,626 |  | $ | 15,504 |  | $ | 76,716 |
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 September 30, |  | Nine Months Ended September 30, |
|  | 2014 |  | 2013 |  | 2014 |  | 2013 |
|  | (in thousands) |
Determination of shares: |  |  |  |  |  |  |  |  |
Weighted-average common shares outstanding |  | 78,510 |  | 78,635 |  | 78,297 |  | 78,169 |
Assumed conversion of dilutive employee stock-based awards |  | 1,832 |  | 2,929 |  | 1,998 |  | 3,020 |
Assumed conversion of restricted stock |  | 51 |  | 111 |  | 82 |  | 101 |
Diluted weighted-average common shares outstanding before participating security |  | 80,393 |  | 81,675 |  | 80,377 |  | 81,290 |
Assumed conversion of preferred stock |  | 8,624 |  | 21,767 |  | 8,624 |  | 21,817 |
Diluted weighted-average common shares outstanding |  | 89,017 |  | 103,442 |  | 89,001 |  | 103,107 |
Calculation of basic and diluted EPS for the entity's common stock | The following table presents the calculation of basic EPS for the Company’s common stock (in thousands, except per share data):
|  | Three Months Ended September 30, |  | Nine Months Ended September 30, |
|  | 2014 |  | 2013 |  | 2014 |  | 2013 |
Calculation of basic EPS: |  |  |  |  |  |  |  |  |
Net income applicable to common stock |  | $ | 7,658 |  | $ | 33,626 |  | $ | 15,504 |  | $ | 76,716 |
Weighted-average common shares outstanding |  | 78,510 |  | 78,635 |  | 78,297 |  | 78,169 |
Basic EPS |  | $ | 0.10 |  | $ | 0.43 |  | $ | 0.20 |  | $ | 0.98 |
Schedule of calculation of diluted EPS for the Company's common stock | The following tables present the calculation of diluted EPS for the Company’s common stock (in thousands, except per share data):
|  | Three months ended September 30, |  | Nine months ended September 30, |
|  | 2014 |  | 2014 |
Calculation of diluted EPS using two-class method: |  |  |  |  |
Net income applicable to common stock |  | $ | 7,658 |  | $ | 15,504 |
Diluted weighted-average common shares outstanding before participating security |  | 80,393 |  | 80,377 |
Diluted EPS |  | $ | 0.10 |  | $ | 0.19 |
|  | Three months ended September 30, |  | Nine months ended September 30, |
|  | 2013 |  | 2013 |
Calculation of diluted EPS using if-converted method: |  |  |  |  |
Net income |  | $ | 41,317 |  | $ | 94,408 |
Diluted weighted-average common shares outstanding |  | 103,442 |  | 103,107 |
Diluted EPS |  | $ | 0.40 |  | $ | 0.92 |
Weighted-average assumptions used in Black-Scholes option pricing model | The following are the weighted-average assumptions used in the Black-Scholes option-pricing model at September 30, 2014 and 2013:
|  | 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 | The net of tax changes in accumulated other comprehensive income by component were as follows (in thousands):
|  | 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 |  | (697 | ) | — |  | (697 | )
Unrealized holding losses on corporate debt securities |  | — |  | (98 | ) | (98 | )
Realized gain on redemption of corporate debt securities |  | — |  | (1,296 | ) | (1,296 | )
Ending balance at September 30, 2013 |  | $ | 931 |  | $ | — |  | $ | 931 |
Balance at December 31, 2013 |  | $ | 383 |  | $ | — |  | $ | 383 |
Foreign currency translation adjustment |  | (957 | ) | — |  | (957 | )
Ending balance at September 30, 2014 |  | $ | (574 | ) | $ | — |  | $ | (574 | )
Schedule of estimated fair values of financial instruments | The estimated fair values of the Company’s financial instruments are as follows (in thousands):
|  | September 30, 2014 |  | December 31, 2013 |
|  | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value |
Financial assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 230,707 |  | $ | 230,707 |  | $ | 292,995 |  | $ | 292,995 |
Financial liabilities: |  |  |  |  |  |  |  |  |
Long-term debt |  |  |  |  |  |  |  |  |
Senior secured credit facility |  | 773,277 |  | 769,190 |  | 748,777 |  | 748,150 |
Senior unsecured notes |  | 300,000 |  | 279,000 |  | 300,000 |  | 297,000 |
Other long-term obligations |  | 153,956 |  | 153,956 |  | — |  | — |

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