Quarterly report pursuant to Section 13 or 15(d)

Basis Of Financial Statement Presentation (Tables)

v3.8.0.1
Basis Of Financial Statement Presentation (Tables)
3 Months Ended
Mar. 31, 2018
Basis Of Financial Statement Presentation [Abstract]  
Retrospective Adjustments Due To Adoption Of New Accounting Standards







 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 



 

For the Three Months Ended March 31, 2017



 

As Previously Reported

 

ASU 2014-09 Adjustments

 

ASU 2017-05 Adjustments

 

As Adjusted

Statement of Operations

 

 

 

 

 

 

 

 

Sales of VOIs

$

54,457 

 

(221)

 

 -

 

54,236 

Cost reimbursements

 

 -

 

14,670 

 

 -

 

14,670 

Cost of other fee-based services

 

17,063 

 

(956)

 

 -

 

16,107 

Cost reimbursements

 

 -

 

14,670 

 

 -

 

14,670 

Cost of VOIs sold

 

3,318 

 

(159)

 

 -

 

3,159 

Trade sales

 

23,513 

 

(174)

 

 -

 

23,339 

Net gains (losses) on sales of assets

 

295 

 

 -

 

(493)

 

(198)

Cost of trade sales

 

18,073 

 

1,523 

 

 -

 

19,596 

Selling, general and administrative expenses

 

114,195 

 

(889)

 

 -

 

113,306 

Equity in earnings of unconsolidated real estate joint ventures

 

3,714 

 

 -

 

(478)

 

3,236 

Income before income taxes

 

33,725 

 

87 

 

(971)

 

32,841 

(Provision) benefit for income taxes

 

(13,054)

 

(85)

 

375 

 

(12,764)

Net income

 

20,671 

 

 

(596)

 

20,077 

   Less: Net income attributable to non-controlling interests

 

2,796 

 

(159)

 

 -

 

2,637 

Net income attributable to shareholders

$

17,875 

 

161 

 

(596)

 

17,440 

Basic earnings per share

$

0.18 

 

 

 

 

 

0.18 

Diluted earnings per share

$

0.17 

 

 

 

 

 

0.16 





 







 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 



 

As of and for the Year Ended December 31, 2017



 

As Previously Reported

 

ASU 2014-09 Adjustments

 

ASU 2017-05 Adjustments

 

As Adjusted

Statement of Financial Condition

 

 

 

 

 

 

 

 

Notes receivable, net

$

431,801 

 

(4,943)

 

 -

 

426,858 

Investment in unconsolidated real estate joint ventures

 

47,275 

 

 -

 

3,959 

 

51,234 

Property and equipment, net

 

112,858 

 

(929)

 

 -

 

111,929 

Other assets

 

121,824 

 

929 

 

 -

 

122,753 

Other liabilities

 

103,926 

 

 -

 

(462)

 

103,464 

Deferred income

 

36,311 

 

(19,418)

 

 -

 

16,893 

Deferred income taxes

 

43,093 

 

3,755 

 

1,120 

 

47,968 

Total equity

$

653,501 

 

10,720 

 

3,301 

 

667,522 



 

 

 

 

 

 

 

 

Statement of Operations

 

 

 

 

 

 

 

 

Sales of VOIs

$

239,662 

 

2,355 

 

 -

 

242,017 

Cost reimbursements

 

 -

 

52,639 

 

 -

 

52,639 

Cost reimbursements

 

 -

 

52,639 

 

 -

 

52,639 

Cost of VOIs sold

 

17,439 

 

240 

 

 -

 

17,679 

Trade sales

 

142,798 

 

(713)

 

 -

 

142,085 

Net gains on sales of assets

 

2,442 

 

 -

 

(493)

 

1,949 

Cost of trade sales

 

97,755 

 

8,163 

 

 -

 

105,918 

Selling, general and administrative expenses

 

538,125 

 

(8,423)

 

 -

 

529,702 

Equity in earnings of unconsolidated real estate joint ventures

 

14,483 

 

 -

 

(1,942)

 

12,541 

Income before income taxes

 

93,374 

 

1,662 

 

(2,435)

 

92,601 

Benefit (provision) for income taxes

 

7,223 

 

             954

 

1,525 

 

9,702 

Net income

 

100,597 

 

2,616 

 

(910)

 

102,303 

   Less: Net income attributable to non-controlling interest

 

18,402 

 

(24)

 

 -

 

18,378 

Net income attributable to shareholders

$

82,195 

 

2,640 

 

(910)

 

83,925 

Basic earnings per share

$

0.83 

 

 

 

 

 

0.85 

Diluted earnings per share

$

0.79 

 

 

 

 

 

0.81 









 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 



 

As of and for the Year Ended December 31, 2016



 

As Previously Reported

 

ASU 2014-09 Adjustments

 

ASU 2017-05 Adjustments

 

As Adjusted

Statement of Financial Condition

 

 

 

 

 

 

 

 

Notes receivable, net

$

430,480 

 

(4,680)

 

 -

 

425,800 

Investment in unconsolidated real estate joint ventures

 

43,491 

 

 -

 

5,901 

 

49,392 

Property and equipment, net

 

95,998 

 

(590)

 

 -

 

95,408 

Other assets

 

130,333 

 

590 

 

 -

 

130,923 

Other liabilities

 

95,611 

 

 -

 

(956)

 

94,655 

Deferred income

 

37,015 

 

(17,493)

 

 -

 

19,522 

Deferred income taxes

 

44,318 

 

4,711 

 

2,645 

 

51,674 

Total equity

$

495,454 

 

8,102 

 

4,212 

 

507,768 



 

 

 

 

 

 

 

 

Statement of Operations

 

 

 

 

 

 

 

 

Sales of VOIs

$

266,142 

 

7,732 

 

 -

 

273,874 

Cost reimbursements

 

 -

 

49,557 

 

 -

 

49,557 

Cost reimbursements

 

 -

 

49,557 

 

 -

 

49,557 

Cost of VOIs sold

 

27,346 

 

1,483 

 

 -

 

28,829 

Trade sales

 

95,996 

 

(157)

 

 -

 

95,839 

Net gains on sales of assets

 

6,076 

 

 -

 

(2,274)

 

3,802 

Cost of trade sales

 

74,341 

 

6,022 

 

 -

 

80,363 

Selling, general and administrative expenses

 

516,757 

 

(4,606)

 

 -

 

512,151 

Equity in earnings of unconsolidated real estate joint ventures

 

13,630 

 

 -

 

(1,452)

 

12,178 

Income before income taxes

 

78,036 

 

4,676 

 

(3,726)

 

78,986 

(Provision) benefit for income taxes

 

(36,379)

 

(1,448)

 

1,437 

 

(36,390)

Net income

 

41,657 

 

3,228 

 

(2,289)

 

42,596 

   Less: Net income attributable to non-controlling interest

 

13,295 

 

300 

 

(429)

 

13,166 

Net income attributable to shareholders

$

28,362 

 

2,928 

 

(1,860)

 

29,430 

Basic earnings per share

$

0.33 

 

 

 

 

 

0.34 

Diluted earnings per share

$

0.32 

 

 

 

 

 

0.34