Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2017

Summary of Significant Accounting Policies


	Three Months Ended June 30,				Six Months Ended June 30,
	2017		2016		2017		2016
	(in thousands)
Rooms	$	10,298	$	10,098	$	19,493	$	19,220
Food and beverage		33,386		31,796		63,953		61,318
Other		2,299		2,219		4,395		4,146
Total promotional allowances	$	45,983	$	44,113	$	87,841	$	84,684

Schedule of estimated cost of providing complimentary services


	Three Months Ended June 30,				Six Months Ended June 30,
	2017		2016		2017		2016
	(in thousands)
Rooms	$	1,480	$	1,349	$	2,736	$	2,546
Food and beverage		13,009		12,194		24,629		23,718
Other		972		911		1,811		1,655
Total cost of complimentary services	$	15,461	$	14,454	$	29,176	$	27,919

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


	Three Months Ended June 30,		Three Months Ended June 30,		Six Months Ended June 30,		Six Months Ended June 30,
	2017		2016		2017		2016
	(in thousands)				(in thousands)

Net income	$	17,079	$	34,035	$	22,183	$	57,743
Net income applicable to preferred stock		—		3,151		—		5,452
Net income applicable to common stock	$	17,079	$	30,884	$	22,183	$	52,291

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 June 30,	Three Months Ended June 30,	Six Months Ended June 30,	Six Months Ended June 30,
	2017	2016	2017	2016
	(in thousands)		(in thousands)
Determination of shares:
Weighted-average common shares outstanding	90,928	81,647	90,840	81,308
Assumed conversion of dilutive employee stock-based awards	2,230	1,474	1,629	1,459
Assumed conversion of restricted stock	81	34	74	42
Diluted weighted-average common shares outstanding before participating security	93,239	83,155	92,543	82,809
Assumed conversion of preferred stock	—	8,331	—	8,478
Diluted weighted-average common shares outstanding	93,239	91,486	92,543	91,287

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 six months ended June 30, 2017 and 2016 (in thousands, except per share data):


	Three Months Ended June 30,		Three Months Ended June 30,		Six Months Ended June 30,		Six Months Ended June 30,
	2017		2016		2017		2016
Calculation of basic EPS:
Net income applicable to common stock	$	17,079	$	30,884	$	22,183	$	52,291
Weighted-average common shares outstanding		90,928		81,647		90,840		81,308
Basic EPS	$	0.19	$	0.38	$	0.24	$	0.64

Calculation of diluted EPS using two-class method:
Net income applicable to common stock	$	17,079	$	30,884	$	22,183	$	52,291
Diluted weighted-average common shares outstanding before participating security		93,239		83,155		92,543		82,809
Diluted EPS	$	0.18	$	0.37	$	0.24	$	0.63

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



Six months ended June 30,	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