Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2017

Summary of Significant Accounting Policies


	Three Months Ended March 31,
	2017		2016
	(in thousands)
Rooms	$	9,196	$	9,122
Food and beverage		30,566		29,521
Other		2,096		1,928
Total promotional allowances	$	41,858	$	40,571

Schedule of estimated cost of providing complimentary services


	Three Months Ended March 31,
	2017		2016
	(in thousands)
Rooms	$	1,268	$	1,197
Food and beverage		11,631		11,523
Other		854		745
Total cost of complimentary services	$	13,753	$	13,465

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


	Three Months Ended March 31,		Three Months Ended March 31,
	2017		2016
	(in thousands)

Net income	$	5,104	$	23,708
Net income applicable to preferred stock		—		2,282
Net income applicable to common stock	$	5,104	$	21,426

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 March 31,	Three Months Ended March 31,
	2017	2016
	(in thousands)
Determination of shares:
Weighted-average common shares outstanding	90,751	80,968
Assumed conversion of dilutive employee stock-based awards	1,105	1,448
Assumed conversion of restricted stock	61	51
Diluted weighted-average common shares outstanding before participating security	91,917	82,467
Assumed conversion of preferred stock	—	8,624
Diluted weighted-average common shares outstanding	91,917	91,091

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 months ended March 31, 2017 and 2016 (in thousands, except per share data):


	Three Months Ended March 31,		Three Months Ended March 31,
	2017		2016
Calculation of basic EPS:
Net income applicable to common stock	$	5,104	$	21,426
Weighted-average common shares outstanding		90,751		80,968
Basic EPS	$	0.06	$	0.26

Calculation of diluted EPS using two-class method:
Net income applicable to common stock	$	5,104	$	21,426
Diluted weighted-average common shares outstanding before participating security		91,917		82,467
Diluted EPS	$	0.06	$	0.26

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



Three months ended March 31,	2017		2016
Risk-free interest rate	1.97	%	1.20	%
Expected volatility	30.67	%	31.22	%
Dividend yield	—		—
Weighted-average expected life (years)	5.30		5.40