Retrospective Adjustments Due To Adoption Of New Accounting Standards |
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For the Three Months Ended March 31, 2017
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As Previously Reported
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ASU 2014-09 Adjustments
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ASU 2017-05 Adjustments
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As Adjusted
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Statement of Operations
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Sales of VOIs
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$
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54,457
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(221)
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-
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54,236
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Cost reimbursements
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-
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14,670
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-
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14,670
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Cost of other fee-based services
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17,063
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(956)
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-
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16,107
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Cost reimbursements
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-
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14,670
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-
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14,670
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Cost of VOIs sold
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3,318
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(159)
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-
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3,159
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Trade sales
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23,513
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(174)
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-
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23,339
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Net gains (losses) on sales of assets
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295
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-
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(493)
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(198)
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Cost of trade sales
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18,073
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1,523
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-
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19,596
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Selling, general and administrative expenses
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114,195
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(889)
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-
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113,306
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Equity in earnings of unconsolidated real estate joint ventures
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3,714
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-
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(478)
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3,236
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Income before income taxes
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33,725
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87
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(971)
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32,841
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(Provision) benefit for income taxes
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(13,054)
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(85)
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375
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(12,764)
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Net income
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20,671
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2
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(596)
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20,077
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Less: Net income attributable to non-controlling interests
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2,796
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(159)
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-
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2,637
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Net income attributable to shareholders
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$
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17,875
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161
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(596)
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17,440
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Basic earnings per share
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$
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0.18
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0.18
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Diluted earnings per share
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$
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0.17
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0.16
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As of and for the Year Ended December 31, 2017
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As Previously Reported
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ASU 2014-09 Adjustments
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ASU 2017-05 Adjustments
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As Adjusted
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Statement of Financial Condition
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Notes receivable, net
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$
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431,801
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(4,943)
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-
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426,858
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Investment in unconsolidated real estate joint ventures
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47,275
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-
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3,959
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51,234
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Property and equipment, net
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112,858
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(929)
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-
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111,929
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Other assets
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121,824
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929
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-
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122,753
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Other liabilities
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103,926
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-
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(462)
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103,464
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Deferred income
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36,311
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(19,418)
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-
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16,893
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Deferred income taxes
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43,093
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3,755
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1,120
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47,968
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Total equity
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$
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653,501
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10,720
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3,301
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667,522
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Statement of Operations
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Sales of VOIs
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$
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239,662
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2,355
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-
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242,017
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Cost reimbursements
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-
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52,639
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-
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52,639
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Cost reimbursements
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-
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52,639
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-
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52,639
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Cost of VOIs sold
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17,439
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240
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-
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17,679
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Trade sales
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142,798
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(713)
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-
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142,085
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Net gains on sales of assets
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2,442
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-
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(493)
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1,949
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Cost of trade sales
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97,755
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8,163
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-
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105,918
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Selling, general and administrative expenses
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538,125
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(8,423)
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-
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529,702
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Equity in earnings of unconsolidated real estate joint ventures
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14,483
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-
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(1,942)
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12,541
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Income before income taxes
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93,374
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1,662
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(2,435)
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92,601
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Benefit (provision) for income taxes
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7,223
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954
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1,525
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9,702
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Net income
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100,597
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2,616
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(910)
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102,303
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Less: Net income attributable to non-controlling interest
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18,402
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(24)
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-
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18,378
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Net income attributable to shareholders
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$
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82,195
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2,640
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(910)
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83,925
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Basic earnings per share
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$
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0.83
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0.85
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Diluted earnings per share
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$
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0.79
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0.81
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As of and for the Year Ended December 31, 2016
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As Previously Reported
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|
ASU 2014-09 Adjustments
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|
ASU 2017-05 Adjustments
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As Adjusted
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Statement of Financial Condition
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Notes receivable, net
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$
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430,480
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(4,680)
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-
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425,800
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Investment in unconsolidated real estate joint ventures
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43,491
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-
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5,901
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49,392
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Property and equipment, net
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95,998
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(590)
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-
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95,408
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Other assets
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130,333
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590
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-
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130,923
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Other liabilities
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95,611
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-
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(956)
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94,655
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Deferred income
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37,015
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(17,493)
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-
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19,522
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Deferred income taxes
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44,318
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4,711
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2,645
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51,674
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Total equity
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$
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495,454
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8,102
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4,212
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507,768
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Statement of Operations
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Sales of VOIs
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$
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266,142
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7,732
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-
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273,874
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Cost reimbursements
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-
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49,557
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-
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49,557
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Cost reimbursements
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-
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49,557
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-
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49,557
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Cost of VOIs sold
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27,346
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1,483
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-
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28,829
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Trade sales
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95,996
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(157)
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-
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95,839
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Net gains on sales of assets
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6,076
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-
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(2,274)
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|
3,802
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Cost of trade sales
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74,341
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6,022
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-
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80,363
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Selling, general and administrative expenses
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516,757
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(4,606)
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-
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512,151
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Equity in earnings of unconsolidated real estate joint ventures
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13,630
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-
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(1,452)
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12,178
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Income before income taxes
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78,036
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4,676
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(3,726)
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78,986
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(Provision) benefit for income taxes
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(36,379)
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(1,448)
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1,437
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(36,390)
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Net income
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41,657
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3,228
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(2,289)
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42,596
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Less: Net income attributable to non-controlling interest
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13,295
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300
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(429)
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13,166
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Net income attributable to shareholders
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$
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28,362
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2,928
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(1,860)
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|
29,430
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Basic earnings per share
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$
|
0.33
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|
0.34
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Diluted earnings per share
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$
|
0.32
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0.34
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