Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements Of Operations And Comprehensive Income

v3.22.2.2
Consolidated Statements Of Operations And Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Revenue:        
Total revenues $ 224,737 $ 193,587 $ 609,183 $ 494,165
Interest income [1] 25,803 20,931 71,506 59,787
Other income, net 296   774 157
Total revenues 250,836 214,518 681,463 554,109
Costs and expenses:        
Interest expense 10,822 8,660 28,935 27,271
Selling, general and administrative expenses 152,881 132,496 421,339 338,246
Other expense, net   121    
Total costs and expenses 214,604 179,226 591,825 480,551
Income before income taxes 36,232 35,292 89,638 73,558
Provision for income taxes (8,586) (7,975) (20,948) (16,858)
Net income 27,646 27,317 68,690 56,700
Less: Income attributable to noncontrolling interests 4,682 4,190 11,954 11,098
Net income attributable to shareholders 22,964 23,127 56,736 45,602
Other comprehensive income (loss), net of tax:        
Comprehensive income attributable to shareholders $ 22,964 $ 23,127 $ 56,736 $ 45,602
Basic earnings per shares [2] $ 1.20 $ 1.07 $ 2.83 $ 2.21
Diluted earnings per share [2] $ 1.19 $ 1.06 $ 2.81 $ 2.21
Weighted average number of common shares outstanding:        
Basic weighted average number of common shares outstanding 19,101 21,709 20,029 20,660
Diluted weighted average number of common and common equivalent shares outstanding 19,232 21,727 20,191 20,660
Sales of VOIs [Member]        
Revenue:        
Gross sales $ 185,902 $ 128,090 $ 472,295 $ 306,640
Provision for loan losses (30,684) (20,707) (73,789) (51,514)
Total revenues [3] 155,218 107,383 398,506 255,126
Cost Of VOIs [Member]        
Costs and expenses:        
Total costs and expenses 14,805 7,482 44,868 19,675
Fee-Based Sales Commission Revenue [Member]        
Revenue:        
Total revenues [3] 14,241 35,585 57,174 96,921
Other Fee-Based Services Revenue [Member]        
Revenue:        
Total revenues 34,559 31,920 98,553 91,259
Costs and expenses:        
Total costs and expenses 15,377 11,768 41,732 44,500
Cost Reimbursements [Member]        
Revenue:        
Total revenues [4] 20,719 18,699 54,950 50,859
Costs and expenses:        
Total costs and expenses $ 20,719 $ 18,699 $ 54,951 $ 50,859
Class A and B Common Shares [Member]        
Other comprehensive income (loss), net of tax:        
Cash dividends declared per Class A and B common shares $ 0.15   $ 0.30  
[1] Interest income of $25.5 million and $20.9 million for the three months ended September 30, 2022 and 2021, respectively, and $71.0 million and $59.5 million for the nine months ended September 30, 2022 and 2021, respectively, are included in the Company’s sales of VOIs and financing segment described in Note 14.
[2] Basic and Diluted EPS are calculated the same for both Class A and B common shares.
[3] Included in the Company’s sales of VOIs and financing segment described in Note 14.
[4] Included in the Company’s resort operations and club management segment described in Note 14.