Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2012

Compensation and Retirement Disclosure [Abstract]

Stock-Based Compensation Expense Recognized

The Company has recognized compensation expense associated with its stock-based employee compensation programs as follows:



(In millions)	2012		2011		2010
Amounts included in:
Corporate expense	$	29.1	$	13.8	$	9.4
Property, general, administrative, and other	26.0		8.0		8.6
Total stock-based compensation expense	$	55.1	$	21.8	$	18.0

Summary of Share-Based Option Activity

The following is a summary of share-based option activity, adjusted for the stock split, including options under the Plan and warrants to purchase common stock, for the years ended December 31, 2012 and 2011:



	Shares ⁽¹⁾		Weighted Average Exercise Price ⁽¹⁾		Fair Value ^{(1) (2)}		Weighted Average Remaining Contractual Term (years)
Outstanding at December 31, 2010	7,390,191		$	46.35	$	18.06
Granted	2,252,457		26.23		10.55
Exercised	—		—		—
Cancelled	(897,999	)	42.67		16.67
Outstanding at December 31, 2011	8,744,649		38.15		16.48		7.3
Exercisable at December 31, 2011	1,780,770		43.69		19.53		5.4
Outstanding at December 31, 2011	8,744,649		38.15		16.48
Granted	8,173,944		8.44		3.50
Exercised	—		—		—
Cancelled	(8,440,445	)	31.08		16.36
Outstanding at December 31, 2012	8,478,148		10.51		3.51		9.4
Vested and expected to vest at December 31, 2012	6,283,159		10.54		3.57		9.4
Exercisable at December 31, 2012	1,395,374		10.65		3.80		9.0

____________________


⁽¹⁾	Adjusted for the February 2012 1.742-for-one stock split.


⁽²⁾	Represents the weighted-average grant date fair value per option, using the Monte Carlo simulation option-pricing model for performance-based options, and the Black-Scholes option-pricing model for time-based options.

Share-Based Option Activity - Valuation Assumptions

Valuation assumptions for the indicated periods are presented below:



	2012			2011			2010
Expected volatility	55.8		%	65.8		%	71.4		%
Expected dividend yield	—		%	—		%	—		%
Expected term (in years)	4.9			4.8			6.6
Risk-free interest rate	0.9		%	1.1		%	2.4		%
Weighted average fair value per share of options granted ⁽¹⁾	$	3.50		$	10.55		$	15.41

____________________


⁽¹⁾	Adjusted for the February 2012 1.742-for-one stock split.

Pension Plan Participation and Contribution Summary

The Company's participation in these plans for the annual period ended December 31, 2012, is outlined in the table below. The “EIN/Pension Plan Number” column provides the Employer Identification Number ("EIN") and the three-digit plan number, if applicable. Unless otherwise noted, the most recent Pension Protection Act ("PPA") zone status available in 2012 and 2011 is for the plan years beginning January 1, 2012, and January 1, 2011, respectively. The zone status is based on information that the Company received from the plan and is certified by the plan's actuary. Among other factors, plans in the red zone are generally less than 65% funded, plans in the yellow zone are less than 80% funded, and plans in the green zone are at least 80% funded. All plans detailed in the table below utilized extended amortization provisions to calculate zone status. The “FIP/RP Status Pending/Implemented” column indicates plans for which a financial improvement plan ("FIP") or a rehabilitation plan ("RP") is either pending or has been implemented. The last column lists the expiration date(s) of the collective-bargaining agreement(s) to which the plans are subject.

Pension Protection Act Zone Status

Contributions

(Dollars in millions)

Pension Fund

EIN/Pension Plan Number

2012

2011

FIP/RP Status Pending/Implemented

2012

2011

2010

Surcharge Imposed

Expiration Date of Collective-Bargaining Agreement

Southern Nevada Culinary and Bartenders Pension Plan

88-6016617/001

Green

18.7

16.3

14.6

Various up to July 2013

Pension Plan of the UNITE HERE National Retirement Fund

13-6130178/001

Red

Yes

13.8

12.8

12.3

December 2015

Western Conference of Teamsters Pension Plan

91-6145047/001

Green

4.9

4.7

4.1

Various up to March 2016

Nevada Resort Association IATSE Local 720 Retirement Plan

51-0144767/001

Green

0.7

1.0

0.8

contracts have expired and are currently being negotiated

Central Pension Fund of the IUOE & Participating Employers ⁽¹⁾

36-6052390/001

Green

5.0

5.6

5.7

Various up to May 2015

Local 68 Engineers Union Pension Plan ⁽²⁾

51-0176618/001

Green

1.5

1.6

1.7

December 2015

NJ Carpenters Pension Fund

22-6174423/001

Yellow

Yes

0.4

0.3

December 2015

Southwest Carpenters Pension Trust

95-6042875/001

Green

0.6

contracts have expired and are currently being negotiated

Other Funds

1.3

1.8

1.6

Total Contributions

46.9

44.8

41.7

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⁽¹⁾	Plan years begin 2/1/12 and 2/1/11.


⁽²⁾	Plan years begin 7/1/12 and 7/1/11

Summary of Plans Where Contributions Exceeded Five Percent of Total Plan Contributions

The Company was listed in its plans' Forms 5500 as providing more than 5% of the total contributions for the following plans and plan years:



Pension Fund		Year Contributions to Plan Exceeded More Than 5% of Total Contributions (as of December 31 of the Plan's Year End)
Pension Plan of the UNITE HERE National Retirement Fund		2011 and 2010
Southern Nevada Culinary and Bartenders Pension Plan		2011 and 2010
Local 68 Engineers Union Pension Plan		2011 and 2010
Nevada Resort Association IATSE Local 720 Retirement Plan		2011 and 2010

- Definition

Tabular disclosure of the allocation of equity-based compensation costs to a given line item on the balance sheet and income statement for the period. This may include the reporting line for the costs and the amount capitalized and expensed.

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