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SHARE-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2012
SHARE-BASED COMPENSATION  
Summary of the stock option activity

A summary of the stock option activity as of and for the year ended December 31, 2012 is presented below:

 

 

 

 

 

Weighted Average

 

 

 

Options

 

Shares

 

Exercise
Price

 

Remaining
Contractual
Term

 

Aggregate
Intrinsic
Value

 

Outstanding at beginning of period

 

2,347,456

 

$

12.13

 

—

 

—

 

Granted

 

942,474

 

8.81

 

—

 

—

 

Exercised

 

(9,166

)

5.78

 

—

 

—

 

Forfeited

 

(142,000

)

8.77

 

—

 

—

 

Expired

 

(4,444

)

19.32

 

—

 

—

 

Outstanding at end of period

 

3,134,320

 

$

11.29

 

6.7 yrs.

 

$

3,523,257

 

Exercisable at end of period

 

1,636,581

 

$

12.94

 

4.8 yrs.

 

$

1,207,171

 

 
Summary of status of the Company's nonvested shares

 

Nonvested Shares

 

Shares

 

Weighted-Average
Grant Date Fair
Value

 

Nonvested at January 1, 2012

 

1,115,127

 

$

12.16

 

Granted

 

942,474

 

8.81

 

Vested

 

(413,418

)

12.94

 

Forfeited

 

(146,444

)

8.77

 

Nonvested at December 31, 2012

 

1,497,739

 

$

9.49

 

 
Schedule of option valuation assumptions for options granted

 

 

 

 

Years ended December 31,

 

 

 

2012

 

2011

 

2010

 

Expected volatility

 

56.1

%

56.1

%

42.9

%

Expected dividends

 

—

 

—

 

—

 

Expected life (in years)

 

 

 

 

 

 

 

Directors’ Plan

 

9.5

 

9.5

 

9.5

 

Executive Plan

 

3.1

 

3.1

 

3.1

 

Employee Plan

 

3.1

 

3.1

 

3.1

 

Weighted average risk free rate

 

0.4

%

0.7

%

1.2

%

 

 

 

 

 

 

 

 

Weighted average grant date fair value per share of options granted

 

$

3.43

 

$

3.89

 

$

2.13

 

 

 

 

 

 

 

 

 

Total intrinsic value of options exercised

 

$

41,240

 

—

 

$

64,253

 

Cash received for all stock option exercises

 

$

52,995

 

—

 

$

95,372

 

Tax benefit realized for tax return deductions

 

$

13,816

 

—

 

$

4,472

 

 
Schedule of stock based compensation expense

 

 

 

 

For the years ended December 31,

 

 

 

2012

 

2011

 

2010

 

Casino

 

$

65,018

 

$

80,530

 

$

46,313

 

Food and beverage

 

80,520

 

70,633

 

75,633

 

Hotel

 

20,273

 

17,028

 

27,866

 

Selling, general and administrative

 

1,202,156

 

1,451,461

 

1,591,272

 

Total stock-based compensation, before taxes

 

1,367,967

 

1,619,652

 

1,741,084

 

Tax benefit

 

(478,788

)

(581,601

)

(609,379

)

Total stock-based compensation, net of tax

 

$

889,179

 

$

1,038,051

 

$

1,131,705