Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2016

Summary of Significant Accounting Policies

	Three Months Ended March 31,
	2016		2015
	(in thousands)
Rooms	$	9,122	$	8,336
Food and beverage	29,521		27,448
Other	1,928		2,104

Total promotional allowances	$	40,571	$	37,888

Schedule of estimated cost of providing complimentary services

	Three Months Ended March 31,
	2016		2015
	(in thousands)
Rooms	$	1,197	$	936
Food and beverage	11,523		10,833
Other	745		832

Total cost of complimentary services	$	13,465	$	12,601

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

	Three Months Ended March 31,
	2016		2015
	(in thousands)

Net income	$	23,708	$	1,869
Net income applicable to preferred stock	2,282		183

Net income applicable to common stock	$	21,426	$	1,686

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,
	2016	2015
	(in thousands)
Determination of shares:
Weighted-average common shares outstanding	80,968	79,400
Assumed conversion of dilutive employee stock-based awards	1,448	2,296
Assumed conversion of restricted stock	51	72

Diluted weighted-average common shares outstanding before participating security	82,467	81,768
Assumed conversion of preferred stock	8,624	8,624

Diluted weighted-average common shares outstanding	91,091	90,392

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 months ended March 31, 2016 and 2015 (in thousands, except per share data):

	Three Months Ended March 31,
	2016		2015

Calculation of basic EPS:
Net income applicable to common stock	$	21,426	$	1,686
Weighted-average common shares outstanding	80,968		79,400
Basic EPS	$	0.26	$	0.02

Calculation of diluted EPS using two-class method:
Net income applicable to common stock	$	21,426	$	1,686
Diluted weighted-average common shares outstanding before participating security	82,467		81,768
Diluted EPS	$	0.26	$	0.02

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

	2016		2015

Risk-free interest rate	1.20	%	1.54	%
Expected volatility	31.22	%	36.93	%
Dividend yield	—		—
Weighted-average expected life (years)	5.40		5.45