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Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2016
Summary of Significant Accounting Policies  
Schedule of the estimated useful lives of property and equipment

 

 

 

 

Land improvements

 
15

years

Building and improvements

 

5 to 31

years

Furniture, fixtures, and equipment

 

3 to 31

years

 

Schedule of promotional allowances

The amounts included in promotional allowances for the years ended December 31, 2016,  2015 and 2014 are as follows (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

Year ended December 31,

    

2016

    

2015

    

2014

 

Rooms

 

$
39,352

 

$
34,708

 

$
33,513

 

Food and beverage

 

 
126,438

 

 
111,144

 

 
106,908

 

Other

 

 
8,871

 

 
9,135

 

 
9,898

 

Total promotional allowances

 

$
174,661

 

$
154,987

 

$
150,319

 

 

Schedule of estimated cost of providing complimentary services

The estimated cost of providing such complimentary services for the years ended December 31, 2016,  2015 and 2014 are as follows (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

Year ended December 31,

    

2016

    

2015

    

2014

 

Rooms

 

$
5,291

 

$
4,199

 

$
3,664

 

Food and beverage

 

 
48,497

 

 
44,012

 

 
44,325

 

Other

 

 
3,518

 

 
3,582

 

 
3,635

 

Total cost of complimentary services

 

$
57,306

 

$
51,793

 

$
51,624

 

 

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

 

 

 

 

 

 

 

 

 

Year ended December 31,

    

2016

    

2015

 

 

 

(in thousands)

 

Net income

 

$
109,310

 

$
686

 

Net income applicable to preferred stock

 

 
8,662

 

 
67

 

Net income applicable to common stock

 

$
100,648

 

$
619

 

 

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

 

 

 

 

 

 

Year ended December 31,

    

2016

 

2015

 

 

 

(in thousands)

 

Determination of shares:

 

 

 

 

 

Weighted-average common shares outstanding

 
82,929

 
80,003

 

Assumed conversion of dilutive employee stock-based awards

 
1,299

 
2,217

 

Assumed conversion of restricted stock

 
42

 
60

 

Diluted weighted-average common share outstanding before participating security

 
84,270

 
82,280

 

Assumed conversion of preferred stock

 
7,137

 
8,624

 

Diluted weighted-average common shares outstanding

 
91,407

 
90,904

 

 

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 year ended December 31, 2016 and 2015 (in thousands, except per share data):

 

 

 

 

 

 

 

 

 

Year ended December 31,

    

2016

 

2015

 

Calculation of basic EPS:

 

 

 

 

 

 

 

Net income applicable to common stock

 

$
100,648

 

$
619

 

Weighted-average common shares outstanding

 

 
82,929

 

 
80,003

 

Basic EPS

 

$
1.21

 

$
0.01

 

Calculation of diluted EPS using two class method:

 

 

 

 

 

 

 

Net income applicable to common stock

 

$
100,648

 

$
619

 

Diluted weighted-average common shares outstanding before participating security

 

 
84,270

 

 
82,280

 

Diluted EPS

 

$
1.19

 

$
0.01

 

 

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

 

 

 

 

 

 

 

 

 

 

 

2016

    

2015

 

2014

 

 

 

 

 

 

 

 

 

 

 

Risk-free interest rate

 
1.20

%  
1.54

%
1.68

%

 

Expected volatility

 
31.23

%  
36.68

%
44.80

%

 

Dividend yield

 

 —

 

-

 

-

 

 

Weighted-average expected life (years)

 
5.40

 
5.45

 
5.45