Members' Equity

The Company has two classes of membership interests: Voting Units and Non-Voting Units. On June 17, 2011, 100 Voting Units were issued to Station Voteco representing 100% of the Company's outstanding Voting Units and 100 Non-Voting Units were issued to Station Holdco representing 100% of the Company's outstanding Non-Voting Units. Station Voteco is the only member of the Company entitled to vote on any matters to be voted on by the members of the Company. Station Holdco, as the holder of the Company's issued and outstanding Non-Voting Units, is not entitled to vote on any matters to be voted on by the members of the Company, but is the only member of the Company entitled to receive distributions as determined by its Board of Managers out of funds legally available therefor and, in the event of liquidation, dissolution or winding up of the Company, is entitled to all of the Company's assets remaining after payment of liabilities.

Station Voteco is owned by (i) Fertitta Station Voteco Member LLC ("Fertitta Station Voteco"), an entity owned by Frank J. Fertitta III and Lorenzo J. Fertitta, and (ii) Robert A. Cashell Jr., who was designated as a member of Station Voteco by German American Capital Corporation, one of the Mortgage Lenders and an indirect wholly owned subsidiary of Deutsche Bank. Mr. Cashell is also a member of the Company's Board of Managers. Fertitta Station Voteco owns 61.4% of the voting equity interests in Station Voteco, and Mr. Cashell beneficially owns 38.6% of the voting equity interests in Station Voteco.

The equity interests of Station Holdco are owned by (i) FI Station Investor, LLC, an affiliate of Frank J. Fertitta III and Lorenzo J. Fertitta ("FI Station Investor"), (ii) German American Capital Corporation and (iii) indirectly by certain former general unsecured creditors of STN. As of December 31, 2014, FI Station Investor owned approximately 58.4% of the units of Station Holdco, German American Capital Corporation owned approximately 25% of the units of Station Holdco, and former unsecured creditors of STN indirectly owned approximately 16.6% of the units of Station Holdco. In addition, the former lenders of STN and FI Station Investor indirectly own warrants to purchase approximately 4.5% of the units of Station Holdco on a fully diluted basis. As of December 31, 2014, the warrants have exercise prices of approximately $3.31 and $3.97, depending on the series of warrant, expire on June 17, 2018 and may be exercised following the earlier of (i) December 17, 2017 and (ii) the occurrence of a capital raising transaction by Station Holdco that involves a determination of the equity value of Station Holdco (other than the transactions contemplated by the Plans).

During the year ended December 31, 2014, the Company paid distributions totaling $140.4 million, including $130.3 million to the equityholders of Station Holdco and $10.1 million to noncontrolling interest holders. On February 23, 2015, the Company paid distributions relating to the fourth quarter of 2014 totaling $16.8 million to Station Holdco, which amount was distributed by Station Holdco to its equityholders.

Accumulated Other Comprehensive Income (Loss)

The components of accumulated other comprehensive income (loss) were as follows (amounts in thousands):



	Unrealized losses on interest rate swaps			Unrealized gain (loss) on available-for-sale securities			Total

Balances, December 31, 2012	$	(25,778	)	$	106		$	(25,672	)
Unrealized gains on interest rate swaps	772			—			772
Reclassification of unrealized losses on interest rate swaps into income	13,133			—			13,133
Unrealized loss on available-for-sale securities	—			(166		)	(166		)
Balances, December 31, 2013	(11,873		)	(60		)	(11,933		)
Unrealized losses on interest rate swaps	(7,999		)	—			(7,999		)
Reclassification of unrealized losses on interest rate swaps into income	12,896			—			12,896
Unrealized loss on available-for-sale securities	—			(63		)	(63		)
Balances, December 31, 2014	$	(6,976	)	$	(123	)	$	(7,099	)

Income (Loss) Attributable to Station Casinos LLC

Net income (loss) attributable to Station Casinos LLC was as follows (amounts in thousands):



	Year Ended December 31,
	2014			2013			2012

Net income (loss) from continuing operations	$	108,002		$	(90,282	)	$	19,800
Net loss from discontinued operations	(24,721		)	(14,144		)	(6,482		)
Net income (loss)	$	83,281		$	(104,426	)	$	13,318

Noncontrolling Interest

Noncontrolling interest represents ownership interests in consolidated subsidiaries of the Company that are held by owners other than the Company. At December 31, 2014, noncontrolling interest included a 50% ownership interest in MPM, a 42.7% ownership interest in Fertitta Interactive and ownership interests of the former mezzanine lenders and former unsecured creditors of STN who hold warrants to purchase stock in CV Propco and NP Tropicana LLC.