We compare two area spectra proposed in loop quantum gravity in different approaches to compute the entropy of the Schwarzschild black hole. We describe the black hole in general microcanonical and canonical area ensembles for these spectra. We show that in the canonical ensemble, the results for all statistical quantities for any spectrum can be reproduced by a heuristic picture of Bekenstein up to second order. For one of these spectra - the equally-spaced spectrum - in light of a proposed

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... nection of the black hole area spectrum to the quasinormal mode spectrum and following hep-th/0304135, we present explicit calculations to argue that this spectrum is completely consistent with this connection. This follows without requiring a change in the gauge group of the spin degrees of freedom in this formalism from SU(2) to SO(3). We also show that independent of the area spectrum, the degeneracy of the area observable is bounded by C A(A/4), where A is measured in Planck units and C is a constant of order unity.