Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2017

Summary of Significant Accounting Policies


	Three Months Ended September 30,				Nine Months Ended September 30,
	2017		2016		2017		2016
	(in thousands)
Rooms	$	11,076	$	10,257	$	30,570	$	29,477
Food and beverage		35,293		32,977		99,245		94,295
Other		2,474		2,409		6,869		6,555
Total promotional allowances	$	48,843	$	45,643	$	136,684	$	130,327

Schedule of estimated cost of providing complimentary services


	Three Months Ended September 30,				Nine Months Ended September 30,
	2017		2016		2017		2016
	(in thousands)
Rooms	$	1,528	$	1,419	$	4,264	$	3,954
Food and beverage		13,691		12,488		38,312		36,212
Other		805		909		2,605		2,563
Total cost of complimentary services	$	16,024	$	14,816	$	45,181	$	42,729

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,
	2017		2016		2017		2016
	(in thousands)				(in thousands)

Net income	$	789,340	$	46,535	$	811,523	$	104,278
Net income applicable to preferred stock		—		3,658		—		9,268
Net income applicable to common stock	$	789,340	$	42,877	$	811,523	$	95,010

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,
	2017	2016	2017	2016
	(in thousands)		(in thousands)
Determination of shares:
Weighted-average common shares outstanding	90,913	83,065	90,865	81,917
Assumed conversion of dilutive employee stock-based awards	2,582	1,233	1,957	1,381
Assumed conversion of restricted stock	94	38	81	41
Diluted weighted-average common shares outstanding before participating security	93,589	84,336	92,903	83,339
Assumed conversion of preferred stock	—	7,086	—	7,991
Diluted weighted-average common shares outstanding	93,589	91,422	92,903	91,330

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, 2017 and 2016 (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,
	2017		2016		2017		2016
Calculation of basic EPS:
Net income applicable to common stock	$	789,340	$	42,877	$	811,523	$	95,010
Weighted-average common shares outstanding		90,913		83,065		90,865		81,917
Basic EPS	$	8.68	$	0.52	$	8.93	$	1.16

Calculation of diluted EPS using two-class method:
Net income applicable to common stock	$	789,340	$	42,877	$	811,523	$	95,010
Diluted weighted-average common shares outstanding before participating security		93,589		84,336		92,903		83,339
Diluted EPS	$	8.43	$	0.51	$	8.74	$	1.14

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



Nine months ended September 30,	2017		2016
Risk-free interest rate	1.97	%	1.20	%
Expected volatility	30.67	%	31.23	%
Dividend yield	—		—
Weighted-average expected life (years)	5.30		5.40