Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2014

Summary of Significant Accounting Policies

Schedule of promotional allowances

	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
	(in thousands)
Rooms	$	8,955	$	9,639	$	25,452	$	27,951
Food and beverage	26,228		31,327		79,620		95,049
Other	2,599		2,748		7,332		8,469
Total promotional allowances	$	37,782	$	43,714	$	112,404	$	131,469

Schedule of estimated cost of providing complimentary services

	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
	(in thousands)
Rooms	$	2,737	$	2,946	$	7,949	$	8,741
Food and beverage	10,999		13,138		33,561		40,066
Other	1,320		1,396		3,875		4,485
Total cost of complimentary services	$	15,056	$	17,480	$	45,385	$	53,292

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
	(in thousands)
Net income	$	8,499	$	41,317	$	17,212	$	94,408
Net income applicable to preferred stock	841		7,691		1,708		17,692
Net income applicable to common stock	$	7,658	$	33,626	$	15,504	$	76,716

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,		Nine Months Ended September 30,
	2014	2013	2014	2013
	(in thousands)
Determination of shares:
Weighted-average common shares outstanding	78,510	78,635	78,297	78,169
Assumed conversion of dilutive employee stock-based awards	1,832	2,929	1,998	3,020
Assumed conversion of restricted stock	51	111	82	101
Diluted weighted-average common shares outstanding before participating security	80,393	81,675	80,377	81,290
Assumed conversion of preferred stock	8,624	21,767	8,624	21,817
Diluted weighted-average common shares outstanding	89,017	103,442	89,001	103,107

Calculation of basic and diluted EPS for the entity'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 September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
Calculation of basic EPS:
Net income applicable to common stock	$	7,658	$	33,626	$	15,504	$	76,716
Weighted-average common shares outstanding	78,510		78,635		78,297		78,169
Basic EPS	$	0.10	$	0.43	$	0.20	$	0.98

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 September 30,		Nine months ended September 30,
	2014		2014
Calculation of diluted EPS using two-class method:
Net income applicable to common stock	$	7,658	$	15,504
Diluted weighted-average common shares outstanding before participating security	80,393		80,377
Diluted EPS	$	0.10	$	0.19

	Three months ended September 30,		Nine months ended September 30,
	2013		2013
Calculation of diluted EPS using if-converted method:
Net income	$	41,317	$	94,408
Diluted weighted-average common shares outstanding	103,442		103,107
Diluted EPS	$	0.40	$	0.92

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 September 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	(697		)	—			(697		)
Unrealized holding losses on corporate debt securities	—			(98		)	(98		)
Realized gain on redemption of corporate debt securities	—			(1,296		)	(1,296		)
Ending balance at September 30, 2013	$	931		$	—		$	931
Balance at December 31, 2013	$	383		$	—		$	383
Foreign currency translation adjustment	(957		)	—			(957		)
Ending balance at September 30, 2014	$	(574	)	$	—		$	(574	)

Schedule of estimated fair values of financial instruments

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

	September 30, 2014				December 31, 2013
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Cash and cash equivalents	$	230,707	$	230,707	$	292,995	$	292,995
Financial liabilities:
Long-term debt
Senior secured credit facility	773,277		769,190		748,777		748,150
Senior unsecured notes	300,000		279,000		300,000		297,000
Other long-term obligations	153,956		153,956		—		—