Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements Of Cash Flows

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Condensed Consolidated Statements Of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Dec. 31, 2017
Dec. 31, 2016
Jun. 30, 2018
Dec. 31, 2017
Jun. 30, 2017
Operating activities:                  
Net income $ 12,439 $ 16,167 [1] $ 28,141 $ 36,244 [1] $ 102,303 $ 42,596      
Adjustment to reconcile net income to net cash provided by operating activities:                  
Recoveries from loan losses and asset impairments, net     (6,458) (4,048)          
Provision for notes receivable allowances     21,447 22,546          
Depreciation, amortization and accretion, net     11,869 9,356          
Share-based compensation expense     7,072 6,732          
Net gains on sales of real estate held-for-sale and properties and equipment     (4,895) (1,686)          
Equity in earnings of unconsolidated real estate joint ventures 488 (3,087) [1] (792) (6,323) [1] (12,541) (12,178)      
Return on investment in unconsolidated real estate joint ventures     5,071 6,130          
Increase in deferred income tax     14,753 23,151          
Net gains on cancellation of junior subordinated debentures [1]       (6,929)          
Interest accretion on redeemable 5% cumulative preferred stock     649 598          
Increase in notes receivable     (24,236) (14,741)          
Increase in VOI inventory     (25,770) (26,351)          
Decrease (increase) in trade inventory     2,712 (6,330)          
Decrease (increase) in real estate inventory     5,810 (5,050)          
Increase in other assets     (16,820) (11,619)          
Decrease in other liabilities     (5,924) (4,260)          
Net cash provided by operating activities     12,629 17,420          
Investing activities:                  
Return of investment in unconsolidated real estate joint ventures     5,713 472          
Investments in unconsolidated real estate joint ventures     (533) (385)          
Repayment of loans receivable     17,367 5,830          
Proceeds from sales of loans and real estate held-for-sale     16,882 9,101          
Additions to real estate held-for-sale and held-for-investment     (594) (240)          
Purchases of property and equipment (11,998) (4,479) (20,073) (8,378)          
Proceeds from the sale of property and equipment     569            
Cash paid for acquisition, net of cash received       (58,484)          
Decrease in cash from other investing activities     (163) (24)          
Net cash provided by (used in) investing activities     19,168 (52,108)          
Financing activities:                  
Repayments of notes payable and other borrowings     (95,600) (149,450)          
Proceeds from notes payable and other borrowings     154,771 184,003          
Redemption of junior subordinated debentures       (11,438)          
Payments for debt issuance costs     (770) (2,839)          
Payments of interest on redeemable 5% cumulative preferred stock     (313) (375)          
Repurchase and retirement of Class A common stock     (60,124) (6,213)          
Purchase of noncontrolling interest     (258)            
Proceeds from the exercise of stock options     245 62          
Dividends paid on common stock     (1,835) (1,335)          
Distributions to noncontrolling interest     (2,242)            
Net cash (used in) provided by financing activities     (6,126) 12,415          
Increase (decrease) in cash, cash equivalents and restricted cash     25,671 (22,273)          
Cash, cash equivalents and restricted cash at beginning of period     409,247 346,317 346,317        
Cash, cash equivalents and restricted cash at end of period 434,918 324,044 434,918 324,044 409,247 346,317      
Supplemental cash flow information:                  
Interest paid on borrowings     17,709 16,006          
Income taxes paid     1,755 1,206          
Supplementary disclosure of non-cash investing and financing activities:                  
Construction funds receivable transferred to real estate     6,943            
Acquisition of VOI inventory, property and equipment for notes payable     24,258            
Loans receivable transferred to real estate     1,673 910          
Reduction in redeemable 5% cumulative preferred stock     4,862            
Reduction in note receivable from holder of redeemable cumulative preferred stock     (5,000)            
Decrease in deferred tax liabilities due to cumulative effect of excess tax benefits                 $ 3,054
Reconciliation of cash, cash equivalents and restricted cash                  
Cash and cash equivalents             $ 380,447 $ 362,526 [1] 254,068
Restricted cash             54,471 46,721 [1] 69,976
Total cash, cash equivalents, and restricted cash $ 434,918 $ 324,044 $ 409,247 $ 346,317 $ 346,317 $ 346,317 $ 434,918 $ 409,247 $ 324,044
[1] See Note 1 for a summary of adjustments.