AMERISTAR CASINOS INC

CIK:0000912145|SEC Filings

Earnings per share

6 Months Ended

Jun. 30, 2013

Earnings per share

The Company calculates earnings per share in accordance with Accounting Standards Codification (“ASC”) Topic 260. Basic earnings per share are computed by dividing reported earnings by the weighted-average number of common shares outstanding during the period. Diluted earnings per share reflect the additional dilution from all potentially dilutive securities, such as stock options and restricted stock units. For the three and six months ended June 30, 2013 and 2012, all outstanding options with an exercise price lower than the average market price for the period have been included in the calculation of diluted earnings per share.

The weighted-average number of shares of common stock and common stock equivalents used in the computation of basic and diluted earnings per share consisted of the following:



	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2013	2012	2013	2012
	(Amounts in Thousands)
Weighted-average number of shares outstanding - basic earnings per share	33,046	33,020	33,012	32,939
Dilutive effect of stock options and restricted stock units	2,079	1,235	1,992	1,199
Weighted-average number of shares outstanding - diluted earnings per share	35,125	34,255	35,004	34,138

For the three months ended June 30, 2013 and 2012, the potentially dilutive stock options excluded from the earnings per share computation, as their effect would be anti-dilutive, totaled 1.1 million and 3.1 million, respectively. Anti-dilutive stock options for the six months ended June 30, 2013 and 2012 totaled 1.1 million and 2.7 million, respectively.

Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012
Cash Flows from Operating Activities:
Net income	$ 37,953	$ 58,988
Depreciation and amortization	50,430	53,520
Amortization of debt issuance costs, discounts and premiums	2,684	2,823
Stock-based compensation expense	7,531	9,010
Impairment of fixed assets	23	0
Net (gain) loss on disposition of assets	(30)	228
Net change in deferred income taxes	17,985	7,899
Net change in deferred compensation liability	0	2,493
Changes in operating assets and liabilities:
Accounts receivable, net	(358)	(26)
Income tax refunds receivable	6,213	(5,667)
Inventories	46	416
Prepaid expenses	(3,558)	(6,266)
Accounts payable	(5,278)	(15,900)
Income taxes payable	3,933	0
Accrued liabilities	2,893	8,299
Net cash provided by operating activities	120,467	115,817
Cash Flows from Investing Activities:
Capital expenditures	(135,521)	(51,375)
Increase (decrease) in construction contracts payable	24,349	(1,674)
Proceeds from sale of assets	64	401
Decrease in restricted cash	328	0
Increase in deposits and other non-current assets	(32)	(463)
Net cash used in investing activities	(110,812)	(53,111)
Cash Flows from Financing Activities:
Proceeds from issuance of long-term debt and other borrowings	43,000	290,200
Principal payments of debt	(44,765)	(292,947)
Debt issuance and amendment costs	(20)	(4,723)
Cash dividends paid	(8,263)	(8,241)
Proceeds from stock option exercises	2,654	3,605
Purchases of treasury stock	(93)	(792)
Net cash used in financing activities	(7,487)	(12,898)
Net Increase in Cash and Cash Equivalents	2,168	49,808
Cash and Cash Equivalents - Beginning of Period	89,392	85,719
Cash and Cash Equivalents - End of Period	91,560	135,527
Supplemental Cash Flow Disclosures:
Cash paid for interest, net of amounts capitalized	59,442	49,982
Cash (received) paid for federal and state income taxes	$ (3,689)	$ 12,151

Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012
Current Assets:
Cash and cash equivalents	$ 91,560	$ 89,392
Restricted cash	6,581	6,581
Accounts receivable, net	5,179	4,821
Income tax refunds receivable	0	6,213
Inventories	5,848	5,894
Prepaid expenses and other current assets	16,485	12,927
Deferred income taxes	12,246	10,348
Total current assets	137,899	136,176
Property and Equipment, at cost:
Buildings and improvements	1,952,050	1,946,051
Furniture, fixtures and equipment	616,416	603,571
Buildings, improvements and equipment, gross	2,568,466	2,549,622
Less: accumulated depreciation and amortization	(1,023,264)	(976,629)
Property, plant and equipment excluding land and construction in progress, net	1,545,202	1,572,993
Land	91,715	91,715
Construction in progress	189,640	76,815
Total property and equipment, net	1,826,557	1,741,523
Goodwill	69,167	69,769
Other intangible assets	42,400	42,400
Deposits and other assets	81,397	84,406
TOTAL ASSETS	2,157,420	2,074,274
Current Liabilities:
Accounts payable	18,071	23,349
Construction contracts payable	40,479	16,130
Income taxes payable	3,933	0
Accrued liabilities	119,966	117,073
Current maturities of long-term debt	32,505	37,047
Total current liabilities	214,954	193,599
Long-term debt, net of current maturities	1,883,660	1,880,932
Deferred income taxes	38,952	18,786
Other long-term liabilities	2,331	3,216
Commitments and contingencies (Note 11)
Stockholders’ Equity (Deficit):
Preferred stock, $.01 par value: Authorized - 30,000,000 shares; Issued - none	0	0
Common stock, $.01 par value: Authorized - 120,000,000 shares; Issued - 61,547,863 and 61,366,859 shares; Outstanding - 33,075,092 and 32,897,642 shares	615	614
Additional paid-in capital	343,522	333,338
Treasury stock, at cost (28,472,771 and 28,469,217 shares)	(501,908)	(501,815)
Retained earnings	175,294	145,604
Total stockholders’ equity (deficit)	17,523	(22,259)
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)	$ 2,157,420	$ 2,074,274