Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2016

Summary of Significant Accounting Policies


	Three Months Ended June 30,				Six Months Ended June 30,
	2016		2015		2016		2015
	(in thousands)
Rooms	$	10,098	$	8,903	$	19,220	$	17,239
Food and beverage		31,796		27,215		61,318		54,651
Other		2,219		2,082		4,146		4,198
Total promotional allowances	$	44,113	$	38,200	$	84,684	$	76,088

Schedule of estimated cost of providing complimentary services


	Three Months Ended June 30,				Six Months Ended June 30,
	2016		2015		2016		2015
	(in thousands)
Rooms	$	1,349	$	974	$	2,546	$	1,909
Food and beverage		12,194		10,657		23,718		21,486
Other		911		873		1,655		1,711
Total cost of complimentary services	$	14,454	$	12,504	$	27,919	$	25,106

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,
	2016		2015		2016		2015
	(in thousands)				(in thousands)

Net income	$	34,035	$	2,983	$	57,743	$	4,852
Net income applicable to preferred stock		3,151		291		5,452		474
Net income applicable to common stock	$	30,884	$	2,692	$	52,291	$	4,378

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,
	2016	2015	2016	2015
	(in thousands)		(in thousands)
Determination of shares:
Weighted-average common shares outstanding	81,647	79,758	81,308	79,580
Assumed conversion of dilutive employee stock-based awards	1,474	2,298	1,459	2,301
Assumed conversion of restricted stock	34	49	42	60
Diluted weighted-average common shares outstanding before participating security	83,155	82,105	82,809	81,941
Assumed conversion of preferred stock	8,331	8,624	8,478	8,624
Diluted weighted-average common shares outstanding	91,486	90,729	91,287	90,565

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 the three and six months ended June 30, 2016 and 2015 (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,
	2016		2015		2016		2015
Calculation of basic EPS:
Net income applicable to common stock	$	30,884	$	2,692	$	52,291	$	4,378
Weighted-average common shares outstanding		81,647		79,758		81,308		79,580
Basic EPS	$	0.38	$	0.03	$	0.64	$	0.06

Calculation of diluted EPS using two-class method:
Net income applicable to common stock	$	30,884	$	2,692	$	52,291	$	4,378
Diluted weighted-average common shares outstanding before participating security		83,155		82,105		82,809		81,941
Diluted EPS	$	0.37	$	0.03	$	0.63	$	0.05

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


	2016		2015

Risk-free interest rate	1.20	%	1.53	%
Expected volatility	31.22	%	36.86	%
Dividend yield	—		—
Weighted-average expected life (years)	5.40		5.45