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Summary of Significant Accounting Policies (Tables)
 3 Months Ended
Mar. 31, 2015
Summary of Significant Accounting Policies  
Schedule of promotional allowances

 

 

 

Three Months Ended March 31,

 

 

 

2015

 

2014

 

 

 

(in thousands)

 

Rooms

 

$
8,336 

 

$
8,071 

 

Food and beverage

 
27,448 

 
26,598 

 

Other

 
2,104 

 
2,262 

 

Total promotional allowances

 

$
37,888 

 

$
36,931 

 

 

Schedule of estimated cost of providing complimentary services

 

 

 

Three Months Ended March 31,

 

 

 

2015

 

2014

 

 

 

(in thousands)

 

Rooms

 

$
1,054 

 

$
1,013 

 

Food and beverage

 
11,215 

 
11,264 

 

Other

 
1,052 

 
1,233 

 

Total cost of complimentary services

 

$
13,321 

 

$
13,510 

 

 

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

 

 

 

Three Months Ended March 31,

 

 

 

2015

 

2014

 

 

 

(in thousands)

 

 

 

 

 

 

 

Net income

 

$
10,996 

 

$
4,537 

 

Net income applicable to preferred stock

 
1,077 

 
452 

 

Net income applicable to common stock

 

$
9,919 

 

$
4,085 

 

 

Schedule of 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,

 

 

 

2015

 

2014

 

 

 

(in thousands)

 

 

 

 

 

 

 

Determination of shares:

 

 

 

 

 

Weighted-average common shares outstanding

 
79,400 

 
77,917 

 

Assumed conversion of dilutive employee stock-based awards

 
2,296 

 
2,003 

 

Assumed conversion of restricted stock

 
72 

 
135 

 

Diluted weighted-average common shares outstanding before participating security

 
81,768 

 
80,055 

 

Assumed conversion of preferred stock

 
8,624 

 
8,624 

 

Diluted weighted-average common shares outstanding

 
90,392 

 
88,679 

 

 

Schedule of calculation of basic 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 March 31,

 

 

 

2015

 

2014

 

 

 

 

 

 

 

Calculation of basic EPS:

 

 

 

 

 

Net income applicable to common stock

 

$
9,919 

 

$
4,085 

 

Weighted-average common shares outstanding

 
79,400 

 
77,917 

 

Basic EPS

 

$
0.12 

 

$
0.05 

 

 

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

 

The following table presents the calculation of diluted EPS for the Company’s common stock (in thousands, except per share data):

 

 

 

Three months ended March 31,

 

 

 

2015

 

2014

 

Calculation of diluted EPS using two-class method:

 

 

 

 

 

Net income applicable to common stock

 

$
9,919 

 

$
4,085 

 

Diluted weighted-average common shares outstanding before participating security

 
81,768 

 
80,055 

 

Diluted EPS

 

$
0.12 

 

$
0.05 

 

 

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

 

 

 

2015

 

2014

 

 

 

 

 

 

 

Risk-free interest rate

 
1.54 

%
1.68 

%

Expected volatility

 
36.93 

%
44.80 

%

Dividend yield

 

—

 

—

 

Weighted-average expected life (years)

 
5.45 

 
5.45