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Summary of Significant Accounting Policies (Tables)
9 Months Ended
Sep. 30, 2015
Summary of Significant Accounting Policies  
Schedule of promotional allowances

 

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

 

2015

 

2014

 

2015

 

2014

 

 

 

(in thousands)

 

Rooms

 

$

8,649 

 

$

8,644 

 

$

25,888 

 

$

25,140 

 

Food and beverage

 

28,245 

 

26,518 

 

82,896 

 

79,907 

 

Other

 

2,685 

 

2,620 

 

6,883 

 

7,357 

 

 

 

 

 

 

 

 

 

 

 

Total promotional allowances

 

$

39,579 

 

$

37,782 

 

$

115,667 

 

$

112,404 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Schedule of estimated cost of providing complimentary services

 

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

 

2015

 

2014

 

2015

 

2014

 

 

 

(in thousands)

 

Rooms

 

$

1,085 

 

$

930 

 

$

2,999 

 

$

2,690 

 

Food and beverage

 

11,280 

 

10,945 

 

32,761 

 

33,161 

 

Other

 

881 

 

900 

 

2,605 

 

2,661 

 

 

 

 

 

 

 

 

 

 

 

Total cost of complimentary services

 

$

13,246 

 

$

12,775 

 

$

38,365 

 

$

38,512 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

 

 

 

2015

 

2015

 

 

 

(in thousands)

 

 

 

 

 

 

 

Net income

 

$

4,900 

 

$

9,752 

 

Net income applicable to preferred stock

 

476 

 

951 

 

 

 

 

 

 

 

Net income applicable to common stock

 

$

4,424 

 

$

8,801 

 

 

 

 

 

 

 

 

 

 

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
September 30,

 

Nine Months Ended
September 30,

 

 

 

2015

 

2015

 

 

 

(in thousands)

 

 

 

 

 

 

 

Determination of shares:

 

 

 

 

 

Weighted-average common shares outstanding

 

80,243 

 

79,803 

 

Assumed conversion of dilutive employee stock-based awards

 

2,355 

 

2,307 

 

Assumed conversion of restricted stock

 

58 

 

60 

 

 

 

 

 

 

 

Diluted weighted-average common shares outstanding before participating security

 

82,656 

 

82,170 

 

Assumed conversion of preferred stock

 

8,624 

 

8,624 

 

 

 

 

 

 

 

Diluted weighted-average common shares outstanding

 

91,280 

 

90,794 

 

 

 

 

 

 

 

 

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

 

The following tables present the calculation of basic and diluted EPS for the Company’s common stock for the three and nine months ended September 30, 2015 and 2014 (in thousands, except per share data):

 

 

 

 

Three Months
Ended September

 

Nine Months
Ended September

 

 

 

2015

 

2015

 

 

 

 

 

 

 

Calculation of basic EPS:

 

 

 

 

 

Net income applicable to common stock

 

$

4,424 

 

$

8,801 

 

Weighted-average common shares outstanding

 

80,243 

 

79,803 

 

Basic EPS

 

$

0.06 

 

$

0.11 

 

 

 

 

 

 

 

Calculation of diluted EPS using two-class method:

 

 

 

 

 

Net income applicable to common stock

 

$

4,424 

 

$

8,801 

 

Diluted weighted-average common shares outstanding before participating security

 

82,656 

 

82,170 

 

Diluted EPS

 

$

0.05 

 

$

0.11 

 

 

 

 

Three months ended
September 30,

 

Nine months ended
September 30,

 

 

 

2014

 

2014

 

 

 

(As Restated)

 

(As Restated)

 

 

 

 

 

 

 

Calculation of basic and diluted EPS:

 

 

 

 

 

Net loss

 

$

(15,348

)

$

(34,041

)

Weighted-average common shares outstanding

 

78,510

 

78,297

 

Basic and Diluted EPS

 

$

(0.20

)

$

(0.43

)

 

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

 

 

 

2015

 

2014

 

 

 

 

 

 

 

Risk-free interest rate

 

1.55 

%

1.68 

%

Expected volatility

 

31.86 

%

44.80 

%

Dividend yield

 

 

 

Weighted-average expected life (years)

 

5.45 

 

5.45