Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2016

Summary of Significant Accounting Policies


	Three Months Ended September 30,				Nine Months Ended September 30,
	2016		2015		2016		2015
	(in thousands)
Rooms	$	10,257	$	8,649	$	29,477	$	25,888
Food and beverage		32,977		28,245		94,295		82,896
Other		2,409		2,685		6,555		6,883
Total promotional allowances	$	45,643	$	39,579	$	130,327	$	115,667

Schedule of estimated cost of providing complimentary services


	Three Months Ended September 30,				Nine Months Ended September 30,
	2016		2015		2016		2015
	(in thousands)
Rooms	$	1,419	$	1,085	$	3,954	$	2,999
Food and beverage		12,488		11,280		36,212		32,761
Other		909		881		2,563		2,605
Total cost of complimentary services	$	14,816	$	13,246	$	42,729	$	38,365

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


	Three Months Ended September 30,		Three Months Ended September 30,		Nine Months Ended September 30,		Nine Months Ended September 30,
	2016		2015		2016		2015
	(in thousands)				(in thousands)

Net income	$	46,535	$	4,900	$	104,278	$	9,752
Net income applicable to preferred stock		3,658		476		9,268		951
Net income applicable to common stock	$	42,877	$	4,424	$	95,010	$	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,	Three Months Ended September 30,	Nine Months Ended September 30,	Nine Months Ended September 30,
	2016	2015	2016	2015
	(in thousands)		(in thousands)
Determination of shares:
Weighted-average common shares outstanding	83,065	80,243	81,917	79,803
Assumed conversion of dilutive employee stock-based awards	1,233	2,355	1,381	2,307
Assumed conversion of restricted stock	38	58	41	60
Diluted weighted-average common shares outstanding before participating security	84,336	82,656	83,339	82,170
Assumed conversion of preferred stock	7,086	8,624	7,991	8,624
Diluted weighted-average common shares outstanding	91,422	91,280	91,330	90,794

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

The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the three and nine months ended September 30, 2016 and 2015 (in thousands, except per share data):


	Three Months Ended September 30,		Three Months Ended September 30,		Nine Months Ended September 30,		Nine Months Ended September 30,
	2016		2015		2016		2015
Calculation of basic EPS:
Net income applicable to common stock	$	42,877	$	4,424	$	95,010	$	8,801
Weighted-average common shares outstanding		83,065		80,243		81,917		79,803
Basic EPS	$	0.52	$	0.06	$	1.16	$	0.11

Calculation of diluted EPS using two-class method:
Net income applicable to common stock	$	42,877	$	4,424	$	95,010	$	8,801
Diluted weighted-average common shares outstanding before participating security		84,336		82,656		83,339		82,170
Diluted EPS	$	0.51	$	0.05	$	1.14	$	0.11

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


	2016		2015

Risk-free interest rate	1.20	%	1.53	%
Expected volatility	31.23	%	36.84	%
Dividend yield	—		—
Weighted-average expected life (years)	5.40		5.45