Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2017

Summary of Significant Accounting Policies

Schedule of the estimated useful lives of property and equipment

Land improvements	15	years
Building and improvements	5 to 31	years
Furniture, fixtures, and equipment	3 to 31	years

Schedule of promotional allowances

The amounts included in promotional allowances for the years ended December 31, 2017,  2016 and 2015 are as follows (in thousands):

Year ended December 31,	2017		2016		2015
Rooms	$	41,213	$	39,352	$	34,708
Food and beverage		133,104		126,438		111,144
Other		9,179		8,871		9,135
Total promotional allowances	$	183,496	$	174,661	$	154,987

Schedule of estimated cost of providing complimentary services

The estimated cost of providing such complimentary services for the years ended December 31, 2017,  2016 and 2015 are as follows (in thousands):

Year ended December 31,	2017		2016		2015
Rooms	$	5,826	$	5,291	$	4,199
Food and beverage		51,460		48,497		44,012
Other		3,437		3,518		3,582
Total cost of complimentary services	$	60,723	$	57,306	$	51,793

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

Year ended December 31,	2017		2016		2015
	(in thousands)
Net income	$	473,463	$	109,310	$	686
Net income applicable to preferred stock		—		8,662		67
Net income applicable to common stock	$	473,463	$	100,648	$	619

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

Year ended December 31,	2017	2016	2015
	(in thousands)
Determination of shares:
Weighted-average common shares outstanding	90,854	82,929	80,003
Assumed conversion of dilutive employee stock-based awards	2,431	1,299	2,217
Assumed conversion of restricted stock	93	42	60
Diluted weighted-average common share outstanding before participating security	93,378	84,270	82,280
Assumed conversion of preferred stock	—	7,137	8,624
Diluted weighted-average common shares outstanding	93,378	91,407	90,904

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 years ended December 31, 2017, 2016 and 2015 (in thousands, except per share data):

Year ended December 31,	2017		2016		2015
Calculation of basic EPS:
Net income applicable to common stock	$	473,463	$	100,648	$	619
Weighted-average common shares outstanding		90,854		82,929		80,003
Basic EPS	$	5.21	$	1.21	$	0.01
Calculation of diluted EPS using two class method:
Net income applicable to common stock	$	473,463	$	100,648	$	619
Diluted weighted-average common shares outstanding before participating security		93,378		84,270		82,280
Diluted EPS	$	5.07	$	1.19	$	0.01

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

Year ended December 31,	2017		2016		2015
Risk-free interest rate	1.97	%	1.20	%	1.54	%
Expected volatility	30.66	%	31.23	%	36.68	%
Dividend yield	—		—		—
Weighted-average expected life (years)	5.30		5.40		5.45