Quarterly report pursuant to Section 13 or 15(d)

Basis Of Financial Statement Presentation (Tables)

v3.10.0.1
Basis Of Financial Statement Presentation (Tables)
6 Months Ended
Jun. 30, 2018
Basis Of Financial Statement Presentation [Abstract]  
Retrospective Adjustments Due To Adoption Of New Accounting Standards







 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 



 

For the Three Months Ended June 30, 2017



 

As Previously Reported

 

ASU 2014-09 Adjustments

 

ASU 2017-05 Adjustments

 

As Adjusted

Statement of Operations

 

 

 

 

 

 

 

 

Sales of VOIs

$

56,695 

 

2,710 

 

 -

 

59,405 

Cost reimbursements

 

 -

 

11,893 

 

 -

 

11,893 

Cost reimbursements

 

 -

 

11,893 

 

 -

 

11,893 

Cost of VOIs sold

 

1,135 

 

614 

 

 -

 

1,749 

Trade sales

 

28,442 

 

(129)

 

 -

 

28,313 

Net gains on sales of real estate assets

 

1,884 

 

 -

 

 -

 

1,884 

Cost of trade sales

 

20,392 

 

1,907 

 

 -

 

22,299 

Selling, general and administrative expenses

 

136,741 

 

(1,331)

 

 -

 

135,410 

Equity in earnings of unconsolidated real estate joint ventures

 

3,455 

 

 -

 

(368)

 

3,087 

Income before income taxes

 

24,275 

 

1,391 

 

(368)

 

25,298 

(Provision) benefit for income taxes

 

(8,779)

 

(494)

 

142 

 

(9,131)

Net income

 

15,496 

 

897 

 

(226)

 

16,167 

   Less: Net income attributable to non-controlling interests

 

3,415 

 

38 

 

 -

 

3,453 

Net income attributable to shareholders

$

12,081 

 

859 

 

(226)

 

12,714 

Basic earnings per share

$

0.12 

 

 

 

 

 

0.13 

Diluted earnings per share

$

0.11 

 

 

 

 

 

0.12 









 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 



 

For the Six Months Ended June 30, 2017



 

As Previously Reported

 

ASU 2014-09 Adjustments

 

ASU 2017-05 Adjustments

 

As Adjusted

Statement of Operations

 

 

 

 

 

 

 

 

Sales of VOIs

$

111,152 

 

2,489 

 

 -

 

113,641 

Cost reimbursements

 

 -

 

26,563 

 

 -

 

26,563 

Cost reimbursements

 

 -

 

26,563 

 

 -

 

26,563 

Cost of VOIs sold

 

4,453 

 

455 

 

 -

 

4,908 

Trade sales

 

51,955 

 

(303)

 

 -

 

51,652 

Net gains on sales of real estate assets

 

2,179 

 

 -

 

(493)

 

1,686 

Cost of trade sales

 

38,465 

 

3,430 

 

 -

 

41,895 

Selling, general and administrative expenses

 

251,892 

 

(3,176)

 

 -

 

248,716 

Equity in earnings of unconsolidated real estate joint ventures

 

7,169 

 

 -

 

(846)

 

6,323 

Income before income taxes

 

58,000 

 

1,478 

 

(1,339)

 

58,139 

(Provision) benefit for income taxes

 

(21,833)

 

(579)

 

517 

 

(21,895)

Net income

 

36,167 

 

899 

 

(822)

 

36,244 

   Less: Net income attributable to non-controlling interests

 

6,211 

 

(121)

 

 -

 

6,090 

Net income attributable to shareholders

$

29,956 

 

1,020 

 

(822)

 

30,154 

Basic earnings per share

$

0.30 

 

 

 

 

 

0.31 

Diluted earnings per share

$

0.28 

 

 

 

 

 

0.28 













 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 



 

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