Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2014

Summary of Significant Accounting Policies

Schedule of promotional allowances

	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
	(in thousands)
Rooms	$	8,426	$	8,993	$	16,497	$	18,312
Food and beverage	26,794		31,232		53,392		63,722
Other	2,471		2,944		4,733		5,721
Total promotional allowances	$	37,691	$	43,169	$	74,622	$	87,755

Schedule of estimated cost of providing complimentary services

	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
	(in thousands)
Rooms	$	2,530	$	3,121	$	5,240	$	6,360
Food and beverage	18,482		21,119		37,354		43,098
Other	1,471		1,383		2,801		3,027
Total cost of complimentary services	$	22,483	$	25,623	$	45,395	$	52,485

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

	Three Months Ended June 30,		Six Months Ended June 30,
	2014		2014		2013
	(in thousands)
Net income	$	4,176	$	8,713	$	53,091
Net income applicable to preferred stock	414		866		9,983
Net income applicable to common stock	$	3,762	$	7,847	$	43,108

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 June 30,	Six Months Ended June 30,
	2014	2014	2013
	(in thousands)
Determination of shares:
Weighted-average common shares outstanding	78,458	78,189	77,932
Assumed conversion of dilutive employee stock-based awards	1,800	1,903	3,058
Assumed conversion of restricted stock	54	97	92
Diluted weighted-average common shares outstanding before participating security	80,312	80,189	81,082
Assumed conversion of preferred stock	8,624	8,624	22,850
Diluted weighted-average common shares outstanding	88,936	88,813	103,932

Schedule of calculation of basic EPS for the Company's common stock

The following table presents the calculation of basic EPS for the Company’s common stock (in thousands, except per share data):

	Three Months Ended June 30,		Six Months Ended June 30,
	2014		2014		2013
Calculation of basic EPS:
Net income applicable to common stock	$	3,762	$	7,847	$	43,108
Weighted-average common shares outstanding	78,458		78,189		77,932
Basic EPS	$	0.05	$	0.10	$	0.55

Schedule of calculation of diluted EPS for the Company's common stock

The following tables present the calculation of diluted EPS for the Company’s common stock (in thousands, except per share data):

	Three months ended June 30,		Six months ended June 30,
	2014		2014
Calculation of diluted EPS using two-class method:
Net income applicable to common stock	$	3,762	$	7,847
Diluted weighted-average common shares outstanding before participating security	80,312		80,189
Diluted EPS	$	0.05	$	0.10

	Six months ended June 30,
	2013
Calculation of diluted EPS using if-converted method:
Net income	$	53,091
Diluted weighted-average common shares outstanding	103,932
Diluted EPS	$	0.51

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

The following are the weighted-average assumptions used in the Black-Scholes option-pricing model at June 30, 2014 and 2013:

	2014		2013
Risk-free interest rate	1.68	%	1.08	%
Expected volatility	44.80	%	46.27	%
Dividend yield	—		—
Weighted-average expected life (years)	5.45		6.57

Schedule of net of tax changes in accumulated other comprehensive income by component

The net of tax changes in accumulated other comprehensive income by component were as follows (in thousands):

	Foreign Currency			Available for sale securities			Total
Other comprehensive income (loss):
Balance at December 31, 2012	$	1,628		$	1,394		$	3,022
Foreign currency translation adjustment	(999		)	—			(999		)
Unrealized holding losses on corporate debt securities	—			(98		)	(98		)
Realized gain on redemption of corporate debt securities	—			(1,296		)	(1,296		)
Ending balance at June 30, 2013	$	629		$	—		$	629
Balance at December 31, 2013	$	383		$	—		$	383
Foreign currency translation adjustment	(81		)	—			(81		)
Ending balance at June 30, 2014	$	302		$	—		$	302

Schedule of estimated fair values of financial instruments

The estimated fair values of the Company’s financial instruments are as follows (in thousands):

	June 30, 2014				December 31, 2013
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Cash and cash equivalents	$	251,299	$	251,299	$	292,995	$	292,995
Financial liabilities:
Long-term debt
Senior secured credit facility	735,110		735,628		748,777		748,150
Senior unsecured notes	300,000		284,250		300,000		297,000