| 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
|
|
2
|
|
(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
|
|