Choice Hotels International (CHH) 10-Q5 May 162016 Q1 Quarterly reportFinancial data

Company Profile

Document And Entity Information

Document And Entity Information	3 Months Ended
Document And Entity Information	Mar. 31, 2016shares
Document and Entity Information [Abstract]
Entity Registrant Name	CHOICE HOTELS INTERNATIONAL INC /DE
Trading Symbol	chh
Entity Central Index Key	1,046,311
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding	56,487,684

Consolidated Statements Of Inco

Consolidated Statements Of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
REVENUES:
Royalty fees	$ 64,859	$ 62,431
Initial franchise and relicensing fees	5,156	5,717
Procurement services	5,796	4,807
Marketing and reservation	126,361	98,713
Other	4,946	3,577
Total revenues	207,118	175,245
OPERATING EXPENSES:
Selling, general and administrative	35,119	32,438
Depreciation and amortization	2,765	2,690
Marketing and reservation	126,361	98,713
Total operating expenses	164,245	133,841
Operating income	42,873	41,404
OTHER INCOME AND EXPENSES, NET:
Interest expense	11,092	10,179
Interest income	(839)	(346)
Other (gains) and losses	62	(468)
Equity in net losses of affiliates	2,180	1,005
Total other income and expenses, net	12,495	10,370
Income before income taxes	30,378	31,034
Income taxes	10,780	9,440
Net income	$ 19,598	$ 21,594
Basic earnings per share
Basic earnings per share (in dollars per share)	$ 0.35	$ 0.38
Diluted earnings per share
Diluted earnings per share (in dollars per share)	0.35	0.37
Cash dividends declared per share (in dollars per share)	$ 0.205	$ 0.195

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement of Comprehensive Income [Abstract]
Net income	$ 19,598	$ 21,594
Other comprehensive income (loss), net of tax:
Amortization of loss on cash flow hedge	215	215
Foreign currency translation adjustment	1,528	(1,447)
Other comprehensive income (loss), net of tax	1,743	(1,232)
Comprehensive income	$ 21,341	$ 20,362

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Current assets
Cash and cash equivalents	$ 194,072	$ 193,441
Receivables (net of allowance for doubtful accounts of $7,679 and $8,719, respectively)	102,786	89,352
Income taxes receivable	7,134	5,486
Notes receivable, net of allowance	8,186	5,107
Other current assets	25,938	17,567
Total current assets	338,116	310,953
Property and equipment, at cost, net	88,345	88,158
Goodwill	79,982	79,327
Franchise rights and other identifiable intangibles, net	12,025	11,948
Notes receivable, net of allowances	92,477	82,572
Investments, employee benefit plans, at fair value	17,802	17,674
Investments in unconsolidated entities	66,685	67,037
Deferred income taxes	36,536	42,434
Other assets	55,295	16,907
Total assets	787,263	717,010
Current liabilities
Accounts payable	60,619	64,431
Accrued expenses and other current liabilities	46,616	70,648
Deferred revenue	112,076	71,587
Current portion of long-term debt	1,016	1,191
Income taxes payable	0	159
Total current liabilities	220,327	208,016
Long-term debt	892,447	812,945
Deferred compensation and retirement plan obligations	22,415	22,859
Deferred income taxes	779	506
Other liabilities	37,160	68,583
Total liabilities	$ 1,173,128	$ 1,112,909
Commitments and Contingencies
SHAREHOLDERS' DEFICIT
Common stock, $0.01 par value, 160,000,000 shares authorized; 95,065,638 shares issued at March 31, 2016 and December 31, 2015 and 56,487,684 and 56,336,566 shares outstanding at March 31, 2016 and December 31, 2015, respectively	$ 951	$ 951
Additional paid-in-capital	150,127	149,895
Accumulated other comprehensive loss	(7,035)	(8,778)
Treasury stock (38,577,954 and 38,729,072 shares at March 31, 2016 and December 31, 2015, respectively), at cost	(1,052,762)	(1,052,864)
Retained earnings	522,854	514,897
Total shareholders’ deficit	(385,865)	(395,899)
Total liabilities and shareholders’ deficit	$ 787,263	$ 717,010

Consolidated Balance Sheets (U5

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Receivables, allowance for doubtful accounts	$ 7,679	$ 8,719
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	160,000,000	160,000,000
Common stock, shares issued (in shares)	95,065,638	95,065,638
Common stock, shares outstanding (in shares)	56,487,684	56,336,566
Treasury stock, shares (in shares)	38,577,954	38,729,072

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows (Unaudited) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)	Mar. 31, 2015USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 19,598	$ 21,594
Adjustments to reconcile net income to net cash used by operating activities:
Depreciation and amortization	2,765	2,690
(Gain) loss on sale of assets	9	(292)
Provision for bad debts, net	655	823
Non-cash stock compensation and other charges	3,354	2,509
Non-cash interest and other (income) loss	667	506
Deferred income taxes	6,198	(233)
Equity (earnings) losses from unconsolidated joint ventures, net of distributions received	2,471	1,205
Changes in assets and liabilities:
Receivables	(14,473)	(11,624)
Advances to/from marketing and reservation activities, net	(39,804)	4,626
Forgivable notes receivable, net	(6,464)	(13,371)
Accounts payable	(3,980)	(1,152)
Accrued expenses and other current liabilities	(24,521)	(24,052)
Income taxes payable/receivable	(1,798)	2,773
Deferred revenue	40,458	7,552
Other assets	(7,238)	(9,826)
Other liabilities	(842)	437
Net cash used by operating activities	(22,945)	(15,835)
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in property and equipment	(5,306)	(6,804)
Proceeds from sales of assets	1,700	1,592
Acquisitions of real estate	(25,389)	0
Contributions to equity method investments	(4,293)	(1,921)
Distributions from equity method investments	67	0
Purchases of investments, employee benefit plans	(896)	(1,089)
Proceeds from sales of investments, employee benefit plans	363	925
Issuance of mezzanine and other notes receivable	(7,487)	0
Collections of mezzanine and other notes receivable	109	105
Other items, net	(136)	(77)
Net cash used by investing activities	(41,268)	(7,269)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net borrowings pursuant to revolving credit facilities	79,267	20,700
Principal payments on long-term debt	(318)	(3,082)
Purchases of treasury stock	(8,857)	(6,227)
Dividends paid	(11,612)	(11,710)
Excess tax benefits from stock-based compensation	1,575	4,473
Proceeds from exercise of stock options	4,137	5,619
Net cash provided by financing activities	64,192	9,773
Net change in cash and cash equivalents	(21)	(13,331)
Effect of foreign exchange rate changes on cash and cash equivalents	652	(1,004)
Cash and cash equivalents at beginning of period	193,441	214,879
Cash and cash equivalents at end of period	194,072	200,544
Cash payments during the period for:
Income taxes, net of refunds	4,208	2,357
Interest, net of capitalized interest	19,712	18,729
Non-cash investing and financing activities:
Dividends declared but not paid	11,580	11,230
Investment in property and equipment acquired in accounts payable	944	1,380
Equity method investments	0	6,952
Non-cash sale of investment in unconsolidated joint venture	$ 2,350	$ 0

Company Information and Signifi

Company Information and Significant Accounting Policies	3 Months Ended
Company Information and Significant Accounting Policies	Mar. 31, 2016
Accounting Policies [Abstract]
Company Information and Significant Accounting Policies	Company Information and Significant Accounting Policies The accompanying unaudited consolidated financial statements of Choice Hotels International, Inc. and subsidiaries (together the "Company") have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). These unaudited consolidated financial statements include all adjustments that are necessary, in the opinion of management, to fairly present our financial position and results of operations. Except as otherwise disclosed, all adjustments are of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements presented in accordance with accounting principles generally accepted in the United States of America ("GAAP") have been omitted. The Company believes the disclosures made are adequate to make the information presented not misleading. The consolidated financial statements should be read in conjunction with the consolidated financial statements for the year ended December 31, 2015 and notes thereto included in the Company’s Form 10-K, filed with the SEC on February 29, 2016 (the "10-K"). Interim results are not necessarily indicative of the entire year results. All inter-company transactions and balances between Choice Hotels International, Inc. and its subsidiaries have been eliminated in consolidation. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents The Company considers all highly liquid investments purchased with a maturity of three months or less at the date of purchase to be cash equivalents. As of March 31, 2016 and December 31, 2015 , the Company had book overdrafts totaling $8.1 million and $10.8 million , respectively, which are included in accounts payable in the accompanying consolidated balance sheets. These overdrafts represent outstanding checks in excess of funds on deposit. The Company maintains cash balances in domestic banks, which at times, may exceed the limits of amounts insured by the Federal Deposit Insurance Corporation. In addition, the Company also maintains cash balances in international banks and money market funds which do not provide deposit insurance. Recently Adopted Accounting Guidance In January 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2015-01, Income Statement - Extraordinary and Unusual Items (Subtopic 225-20) ("ASU No. 2015-01"). ASU No. 2015-01 changes the requirements for reporting extraordinary and unusual items in the income statement by eliminating the concept of extraordinary items. The presentation and disclosure guidance for items that are unusual in nature or occur infrequently is retained and expanded to include items that are both unusual in nature and infrequently occurring. ASU No. 2015-01 is effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period. The Company adopted this ASU on January 1, 2016 and it did not have an impact on our consolidated financial statements. In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810) ("ASU No. 2015-02"). ASU No. 2015-02 changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. This guidance must be applied using one of two retrospective application methods and is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. The Company adopted this ASU on January 1, 2016 and it did not have an impact on our consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-05, Intangibles-Goodwill - Internal Use Software (Subtopic 350-40) ("ASU No. 2015-05"). ASU No. 2015-05 provides guidance to customers about whether a cloud computing arrangement includes a software license or should be accounted for as a service contract. The standard is effective for annual reporting periods, including interim periods within those annual periods beginning after December 15, 2015. The Company adopted this ASU on January 1, 2016, and elected to apply the revised standard prospectively to all new or materially altered agreements signed by the Company. The adoption did not have a material impact on our consolidated financial statements. Future Adoption of Recently Announced Accounting Guidance In May 2014, the FASB issued ASU No. 2014-09, Revenue From Contracts with Customers ("ASU 2014-09"), which impacts virtually all aspects of an entity's revenue recognition. ASU No. 2014-09 supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, as well as most industry-specific guidance, and significantly enhances comparability of revenue recognition practices across entities and industries by providing a principles-based, comprehensive framework for addressing revenue recognition issues. In order for a provider of promised goods or services to recognize as revenue the consideration that it expects to receive in exchange for the promised goods or services, the provider should apply the following five steps: (1) identify the contract with a customer(s); (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) the entity satisfies a performance obligation. ASU No. 2014-09 also specifies the accounting for some costs to obtain or fulfill a contract with a customer and provides enhanced disclosure requirements. ASU No. 2014-09 is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. The guidance permits the retrospective or modified retrospective method when adopting ASU No. 2014-09 but early application is not permitted. The Company has not yet selected a transition method and is still assessing the impact that ASU 2014-09 will have on its financial statements and disclosures, but believes it could impact the timing of revenue recognition for the Company's initial franchise fees. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) ("ASU No. 2016-02"). ASU No. 2016-02 requires lessees to recognize most leases on their balance sheet by recording a liability for its lease obligation and an asset for its right to use the underlying asset as of the lease commencement date. The standard requires entities to determine whether an arrangement contains a lease or a service agreement as the accounting treatment is significantly different between the two arrangements. The standard also requires the lessee to evaluate whether a lease is a financing lease or an operating lease as the accounting and presentation guidance between the two are different. ASU No. 2016-02 also modifies the classification criteria and accounting for sales-type and direct financing leases for lessors. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently assessing the potential impact that ASU No. 2016-02 will have on the financial statements and disclosures. In March 2016, the FASB issued ASU No. 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting ("ASU No. 2016-09"). ASU No. 2016-09 requires that excess tax benefits and tax deficiencies should be recognized as income tax expense or benefit to the income statement. The Company must also make an accounting policy election of whether to account for forfeitures based on estimate number of awards that are expensed to vest or to account for forfeitures when they occur. In addition, excess tax benefits are required to be classified along with other income tax cash flow as an operating activity on the statement of cash flows and cash paid by an employer when directly withholding shares for tax-withholding purposes should be classified as a financing activity. ASU No. 2016-09 is effective for fiscal years, and interim periods for those years, beginning after December 15, 2016. Early adoption is permitted, but if elected, a Company must adopt all of the amendments in the same period. The Company is currently evaluating the impact, if any, the adoption of this newly issued guidance will have on its consolidated financial statements.

Other Current Assets

Other Current Assets	3 Months Ended
Other Current Assets	Mar. 31, 2016
Assets, Current [Abstract]
Other Current Assets	Other Current Assets Other current assets consist of the following: March 31, 2016 December 31, 2015 (in thousands) Prepaid expenses $ 19,880 $ 14,144 Other current assets 3,168 1,725 Assets held for sale 2,890 1,698 Total $ 25,938 $ 17,567

Notes Receivable and Allowance

Notes Receivable and Allowance for Losses	3 Months Ended
Notes Receivable and Allowance for Losses	Mar. 31, 2016
Accounts and Notes Receivable, Net [Abstract]
Notes Receivable and Allowance for Losses	Notes Receivable and Allowance for Losses The Company segregates its notes receivable for the purposes of evaluating allowances for credit losses between two categories: Mezzanine and Other Notes Receivable and Forgivable Notes Receivable . The Company utilizes the level of security it has in the various notes receivable as its primary credit quality indicator (i.e. senior, subordinated or unsecured) when determining the appropriate allowances for uncollectible loans within these categories. The Company considers loans to be past due and in default when payments are not made when due. Although the Company considers loans to be in default if payments are not received on the due date, the Company does not suspend the accrual of interest until those payments are more than 30 days past due. The Company applies payments received for loans on non-accrual status first to interest and then principal. The Company does not resume interest accrual until all delinquent payments are received. For impaired loans, the Company recognizes interest income on a cash basis. The following table shows the composition of our notes receivable balances: March 31, 2016 December 31, 2015 (in thousands) (in thousands) Credit Quality Indicator Forgivable Mezzanine Total Forgivable Mezzanine Total Senior $ — $ 50,154 $ 50,154 $ — $ 40,388 $ 40,388 Subordinated — 6,204 6,204 — 6,197 6,197 Unsecured 47,599 4,416 52,015 44,333 3,526 47,859 Total notes receivable 47,599 60,774 108,373 44,333 50,111 94,444 Allowance for losses on non-impaired loans 4,849 1,214 6,063 4,615 1,364 5,979 Allowance for losses on receivables specifically evaluated for impairment — 1,647 1,647 — 786 786 Total loan reserves 4,849 2,861 7,710 4,615 2,150 6,765 Net carrying value $ 42,750 $ 57,913 $ 100,663 $ 39,718 $ 47,961 $ 87,679 Current portion, net $ 160 $ 8,026 $ 8,186 $ 143 $ 4,964 $ 5,107 Long-term portion, net 42,590 49,887 92,477 39,575 42,997 82,572 Total $ 42,750 $ 57,913 $ 100,663 $ 39,718 $ 47,961 $ 87,679 The Company classifies notes receivable due within one year as other current assets in the Company’s consolidated balance sheets. The following table summarizes the activity related to the Company’s Forgivable Notes Receivable and Mezzanine and Other Notes Receivable allowance for losses for the three months ended March 31, 2016 : Forgivable Notes Receivable Mezzanine & Other Notes Receivable (in thousands) Beginning balance $ 4,615 $ 2,150 Provisions 470 861 Recoveries (29 ) — Write-offs (273 ) (150 ) Other (1) 66 — Ending balance $ 4,849 $ 2,861 (1) Consists of changes in foreign currency exchange rates and default rate assumption changes Forgivable Notes Receivable As of March 31, 2016 and December 31, 2015 , the unamortized balance of the Company's forgivable notes receivable totaled $47.6 million and $44.3 million , respectively. The Company recorded an allowance for credit losses on these forgivable notes receivable of $4.8 million and $4.6 million at March 31, 2016 and December 31, 2015 , respectively. Amortization expense included in the accompanying consolidated statements of income related to the notes for the three months ended March 31, 2016 and 2015 was $2.2 million and $1.8 million , respectively. Past due balances of forgivable notes receivable are as follows: 30-89 days Past Due > 90 days Past Due Total Past Due Current Total Notes Receivable (in thousands) As of March 31, 2016 Forgivable Notes $ — $ 1,131 $ 1,131 $ 46,468 $ 47,599 $ — $ 1,131 $ 1,131 $ 46,468 $ 47,599 As of December 31, 2015 Forgivable Notes $ — $ 1,161 $ 1,161 $ 43,172 $ 44,333 $ — $ 1,161 $ 1,161 $ 43,172 $ 44,333 Mezzanine and Other Notes Receivable The Company determined that approximately $1.9 million and $0.8 million of its mezzanine and other notes receivable were impaired at March 31, 2016 and December 31, 2015 , respectively. The Company recorded allowance for credit losses on these impaired loans totaling $1.6 million and $0.8 million at March 31, 2016 and December 31, 2015 , respectively. For the three months ended March 31, 2016 and 2015 , the average mezzanine and other notes receivable on non-accrual status was approximately $0.8 million . The Company recognized approximately $43 thousand and $33 thousand of interest income on impaired loans during the three months ended March 31, 2016 and March 31, 2015, respectively, on the cash basis. The Company provided loan reserves on non-impaired loans totaling $1.2 million and $1.4 million at March 31, 2016 and December 31, 2015 , respectively. Past due balances of mezzanine and other notes receivable by credit quality indicators are as follows: 30-89 days Past Due > 90 days Past Due Total Past Due Current Total Notes Receivable (in thousands) As of March 31, 2016 Senior $ — $ — $ — $ 50,154 $ 50,154 Subordinated — — — 6,204 6,204 Unsecured — — — 4,416 4,416 $ — $ — $ — $ 60,774 $ 60,774 As of December 31, 2015 Senior $ — $ — $ — $ 40,388 $ 40,388 Subordinated — — — 6,197 6,197 Unsecured — — — 3,526 3,526 $ — $ — $ — $ 50,111 $ 50,111

Marketing and Reservation Activ

Marketing and Reservation Activities	3 Months Ended
Marketing and Reservation Activities	Mar. 31, 2016
Advances, Marketing and Reservation Activities [Abstract]
Marketing and Reservation Activities	Marketing and Reservation Activities The Company’s franchise agreements require the payment of franchise fees, which include marketing and reservation system fees. The Company is obligated to use the marketing and reservation system revenues it collects from the current franchisees comprising its various hotel brands to provide marketing and reservation services appropriate to support the operation of the overall system. In discharging its obligation to provide sufficient and appropriate marketing and reservation services, the Company has the right to expend funds in an amount reasonably necessary to ensure the provision of such services, whether or not such amount is currently available to the Company for reimbursement. The franchise agreements provide the Company the right to advance monies to the franchise system when the needs of the system surpass the balances currently available. As a result, expenditures by the Company in support of marketing and reservation services in excess of available revenues are deferred and recorded as an asset in the Company’s financial statements. Conversely, cumulative marketing and reservation system revenues not expended in the current period are deferred and recorded as a liability in the financial statements and are carried over to the next fiscal year and expended in accordance with the franchise agreements or utilized to reimburse the Company for prior year advances. Under the terms of these agreements, the Company has the contractually enforceable right to assess and collect from its current franchisees, fees sufficient to pay for the marketing and reservation services the Company has procured for the benefit of the franchise system, including fees to reimburse the Company for past services rendered. The Company has the contractual authority to require that the franchisees in the system at any given point repay any deficits related to marketing and reservation activities. The Company’s current franchisees are contractually obligated to pay any assessment the Company imposes on its franchisees to obtain reimbursement of such deficit regardless of whether those constituents continue to generate gross room revenue and whether or not they joined the system following the deficit's occurrence. At March 31, 2016 , cumulative marketing and reservation system costs exceeded cumulative marketing and reservation system revenues earned by $15.6 million with the excess reflected as a long-term asset in the accompanying consolidated balance sheet. At December 31, 2015 fees earned exceeded expenses by $30.7 million , with the excess reflected as an other long-term liability in the accompanying consolidated balance sheets. Depreciation and amortization expense attributable to marketing and reservation activities for the three months ended March 31, 2016 and March 31, 2015 were $5.9 million and $5.4 million , respectively. Interest expense attributable to marketing and reservation activities for the three months ended March 31, 2016 and March 31, 2015 were $3 thousand and $9 thousand , respectively.

Other Assets

Other Assets	3 Months Ended
Other Assets	Mar. 31, 2016
Other Assets, Noncurrent [Abstract]
Other Assets	Other Assets Other assets consist of the following: March 31, 2016 December 31, 2015 (in thousands) Land and buildings $ 32,301 $ 10,206 Advances, marketing and reservation (see Note 4) 15,646 — Other assets 7,348 6,701 Total $ 55,295 $ 16,907 Land and buildings Land and buildings represents the Company's purchase of real estate as part of its program to incent franchise development in strategic markets for certain brands. The Company has acquired this real estate with the intent to develop the properties for the eventual construction of a hotel operated under the Company's brands or contribute the land into joint ventures for the same purpose.

Investments in Unconsolidated E

Investments in Unconsolidated Entities	3 Months Ended
Investments in Unconsolidated Entities	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Investments in Unconsolidated Entities	Investments in Unconsolidated Entities The Company maintains a portfolio of investments owned through noncontrolling interest in equity method investments with one or more partners. Investments in unconsolidated entities include investments in joint ventures totaling $64.0 million and $64.3 million at March 31, 2016 and December 31, 2015 , respectively, that the Company determined to be variable interest entities ("VIEs"). These investments relate to the Company's program to offer equity support to qualified franchisees to develop and operate Cambria hotel & suites hotels in strategic markets. Based on an analysis of who has the power to direct the activities that most significantly impact these entities performance and who has an obligation to absorb losses of these entities or a right to receive benefits from these entities that could potentially be significant to the entity, the Company determined that it is not the primary beneficiary of any of its VIEs. The Company based its qualitative analysis on its review of the design of the entity, its organizational structure including decision-making ability and the relevant development, operating management and financial agreements. Although the Company is not the primary beneficiary of these VIEs, it does exercise significant influence through its equity ownership and as a result the Company's investment in these entities is accounted for under the equity method. For the three months ended March 31, 2016 and March 31, 2015 , the Company recognized losses totaling $2.4 million and $1.2 million , respectively, from these investments. The Company's maximum exposure to losses related to its investments in VIEs is limited to its equity investments as well as certain guarantees described in Note 17 "Commitments and Contingencies" of these financial statements.

Deferred Revenue

Deferred Revenue	3 Months Ended
Deferred Revenue	Mar. 31, 2016
Deferred Revenue and Credits [Abstract]
Deferred Revenue	Deferred Revenue Deferred revenue consists of the following: March 31, December 31, (in thousands) Loyalty programs $ 97,458 $ 62,258 Initial, relicensing and franchise fees 5,052 6,530 Procurement service fees 3,517 2,353 Other 6,049 446 Total $ 112,076 $ 71,587

Debt

Debt	3 Months Ended
Debt	Mar. 31, 2016
Debt Disclosure [Abstract]
Debt	Debt Debt consists of the following at: March 31, 2016 December 31, 2015 (in thousands) $400 million senior unsecured notes with an effective interest rate of 6.0% less deferred issuance costs of $5.2 million and $5.4 million at March 31, 2016 and December 31, 2015, respectively $ 394,789 $ 394,618 $250 million senior unsecured notes with an effective interest rate of 6.19%, less a discount and deferred issuance costs of $1.4 million at March 31, 2016 and December 31, 2015 248,645 248,568 $450 million senior unsecured credit facility with an effective interest rate of 1.94% and 1.87%, less deferred issuance costs of $2.8 million and $3.0 million at March 31, 2016 and December 31, 2015, respectively 235,488 156,025 Fixed rate collateralized mortgage with an effective interest rate of 4.57%, plus a fair value adjustment of $0.9 million at March 31, 2016 and December 31, 2015 9,896 10,048 Economic development loans with an effective rate interest rate of 3.0% at March 31, 2016 and December 31, 2015 3,712 3,712 Capital lease obligations due 2016 with an effective interest rate of 3.18% at March 31, 2016 and December 31, 2015 247 430 Other notes payable 686 735 Total debt $ 893,463 $ 814,136 Less current portion 1,016 1,191 Total long-term debt $ 892,447 $ 812,945 Senior Unsecured Notes Due 2022 On June 27, 2012 , the Company issued unsecured senior notes in the principal amount of $400 million (the "2012 Senior Notes") at par, bearing a coupon of 5.75% with an effective rate of 6.0% . The 2012 Senior Notes will mature on July 1, 2022 , with interest to be paid semi-annually on January 1 st and July 1 st . The Company used the net proceeds of this offering, after deducting underwriting discounts and commissions and other offering expenses, together borrowings under the Company's senior credit facility, to pay a special cash dividend in 2012 totaling approximately $600.7 million paid to stockholders on August 23, 2012. The Company's 2012 Senior Notes are guaranteed jointly, severally, fully and unconditionally, subject to certain customary limitations by certain of the Company’s domestic subsidiaries. Senior Unsecured Notes Due 2020 On August 25, 2010, the Company issued unsecured senior notes in the principal amount of $250 million (the "2010 Senior Notes") at a discount of $0.6 million , bearing a coupon of 5.70% with an effective rate of 6.19% . The 2010 Senior Notes will mature on August 28, 2020, with interest to be paid semi-annually on February 28 th and August 28 th . The Company used the net proceeds from the offering, after deducting underwriting discounts and other offering expenses, to repay outstanding borrowings and for other general corporate purposes. The Company's 2010 Senior Notes are guaranteed jointly, severally, fully and unconditionally, subject to certain customary limitations by certain of the Company’s domestic subsidiaries. Revolving Credit Facilities On July 21, 2015, the Company entered into a a senior unsecured revolving credit agreement (“Credit Agreement”), with Deutsche Bank AG New York Branch, as administrative agent. The Credit Agreement provides for a $450 million unsecured revolving credit facility (the “Revolver”) with a final maturity date of July 21, 2020, subject to optional one -year extensions that can be requested by the Company prior to each of the first, second and third anniversaries of the closing date of the Revolver. The effectiveness of any such extensions is subject to the consent of the lenders under the Credit Agreement and certain customary conditions. Up to $35 million of borrowings under the Revolver may be used for alternative currency loans and up to $15 million of borrowings under the Revolver may be used for swing line loans. The Revolver is unconditionally guaranteed, jointly and severally, by certain of the Company’s domestic subsidiaries, which are considered restricted subsidiaries under the Credit Agreement. The subsidiary guarantors currently include all subsidiaries that guarantee the obligations under the Company's Indenture governing the terms of its 5.75% senior notes due 2020 and its 5.70% senior notes due 2020. If the Company achieves and maintains an Investment Grade Rating, as defined in the Credit Agreement, then the subsidiary guarantees will at the election of the Company be released and the Revolver will not be guaranteed. The Company may at any time prior to the final maturity date increase the amount of the Revolver by up to an additional $150 million to the extent that any one or more lenders commit to being a lender for the additional amount and certain other customary conditions are met. The Company currently may elect to have borrowings under the Revolver bear interest at a rate equal to (i) LIBOR plus a margin ranging from 135 to 175 basis points based on the Company’s total leverage ratio or (ii) a base rate plus a margin ranging from 35 to 75 basis points based on the Company’s total leverage ratio. If the Company achieves an Investment Grade Rating, then the Company may elect to use a different, ratings-based, pricing grid set forth in the Credit Agreement. The Credit Agreement requires the Company to pay a fee on the undrawn portion of the Revolver, calculated on the basis of the average daily unused amount of the Revolver multiplied by 0.20% per annum. If the Company achieves an Investment Grade Rating and it elects to use the ratings-based pricing grid set forth in the Credit Agreement, then the Company will be required to pay a fee on the total commitments under the Revolver, calculated on the basis of the actual daily amount of the commitments under the Revolver (regardless of usage) times a percentage per annum ranging from 0.10% to 0.25% (depending on the Company’s senior unsecured long-term debt rating). The Credit Agreement requires that the Company and its restricted subsidiaries comply with various covenants, including with respect to restrictions on liens, incurring indebtedness, making investments and effecting mergers and/or asset sales. With respect to dividends, the Company may not declare or make any payment if there is an existing event of default or if the payment would create an event of default. In addition, if the Company’s total leverage ratio exceeds 4.0 to 1.0, the Company is generally restricted from paying aggregate dividends in excess of $50 million in any calendar year. The Credit Agreement imposes financial maintenance covenants requiring the Company to maintain a total leverage ratio of not more than 4.5 to 1.0 and a consolidated fixed charge coverage ratio of at least 2.5 to 1.0. If the Company achieves and maintains an Investment Grade Rating, then the Company will not need to comply with the consolidated fixed charge coverage ratio covenant. The Credit Agreement includes customary events of default, the occurrence of which, following any applicable cure period, would permit the lenders to, among other things, declare the principal, accrued interest and other obligations of the Company under the Credit Agreement to be immediately due and payable. At March 31, 2016 , the Company was in compliance with all financial covenants under the Credit Agreement. The proceeds of the Revolver are expected to be used for general corporate purposes, including working capital, debt repayment, stock repurchases, dividends, investments and other permitted uses set forth in the Credit Agreement. Fixed Rate Collateralized Mortgage On December 30, 2014, a court awarded the Company title to an office building as settlement for a portion of an outstanding loan receivable for which the building was pledged as collateral. In conjunction with the court award, the Company also assumed the $9.5 million mortgage on the property with a fixed interest rate of 7.26% . The mortgage which is collateralized by the office building requires monthly payments of principal and interest and matures in December 2020 with a balloon payment due of $6.9 million . At the time of acquisition, the Company determined that the fixed interest rate of 7.26% exceeded market interest rates and therefore the Company increased the carrying value of the debt by $1.2 million to record the debt at fair value. The fair value adjustment is being amortized over the remaining term of the mortgage utilizing the effective interest method. Economic Development Loans The Company entered into economic development agreements with various governmental entities in conjunction with the relocation of its corporate headquarters in April 2013. In accordance with these agreements, the governmental entities agreed to advance approximately $4.4 million to the Company to offset a portion of the corporate headquarters relocation and tenant improvement costs in consideration of the employment of permanent, full-time employees within the jurisdictions. At March 31, 2016 , the Company had been advanced approximately $3.7 million pursuant to these agreements and expects to receive the remaining $0.7 million over the next several years, subject to annual appropriations by the governmental entities. These advances bear interest at a rate of 3% per annum. Repayment of the advances is contingent upon the Company achieving certain performance conditions. Performance conditions are measured annually on December 31 st and primarily relate to maintaining certain levels of employment within the various jurisdictions. If the Company fails to meet an annual performance condition, the Company may be required to repay a portion or all of the advances including accrued interest by April 30 th following the measurement date. Any outstanding advances at the expiration of the Company's ten -year corporate headquarters lease in 2023 will be forgiven in full. The advances will be included in long-term debt in the Company's consolidated balance sheets until the Company determines that the future performance conditions will be met over the entire term of the agreement and the Company will not be required to repay the advances. The Company accrues interest on the portion of the advances that it expects to repay. The Company was in compliance with all current performance conditions as of March 31, 2016 .

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	3 Months Ended
Accumulated Other Comprehensive Loss	Mar. 31, 2016
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss The following represents the changes in accumulated other comprehensive loss, net of tax, by component for the three months ended March 31, 2016 : Loss on Cash Flow Hedge Foreign Currency Items Total (in thousands) Beginning balance, December 31, 2015 $ (4,022 ) $ (4,756 ) $ (8,778 ) Other comprehensive income (loss) before reclassification — 1,528 1,528 Amounts reclassified from accumulated other comprehensive income (loss) 215 — 215 Net current period other comprehensive income (loss) 215 1,528 1,743 Ending balance, March 31, 2016 $ (3,807 ) $ (3,228 ) $ (7,035 ) The amounts reclassified from accumulated other comprehensive loss during the three months ended March 31, 2016 were reclassified to the following line items in the Company's Consolidated Statements of Income. Component Amount Reclassified from Accumulated Other Comprehensive Loss Affected Line Item in the Consolidated Statement of Net Income Three Months Ended March 31, 2016 (in thousands) Loss on cash flow hedge Interest rate contract $ 215 Interest expense — Tax (expense) benefit $ 215 Net of tax

Non-Qualified Retirement, Savin

Non-Qualified Retirement, Savings and Investment Plans	3 Months Ended
Non-Qualified Retirement, Savings and Investment Plans	Mar. 31, 2016
Compensation Related Costs [Abstract]
Non-Qualified Retirement, Savings and Investment Plans	Non-Qualified Retirement, Savings and Investment Plans The Company sponsors two non-qualified retirement savings and investment plans for certain employees and senior executives. Employee and Company contributions are maintained in separate irrevocable trusts. Legally, the assets of the trusts remain those of the Company; however, access to the trusts’ assets is severely restricted. The trusts cannot be revoked by the Company or an acquirer, but the assets are subject to the claims of the Company’s general creditors. The participants do not have the right to assign or transfer contractual rights in the trusts. In 2002, the Company adopted the Choice Hotels International, Inc. Executive Deferred Compensation Plan ("EDCP") which became effective January 1, 2003. Under the EDCP, certain executive officers may defer a portion of their salary into an irrevocable trust and invest these amounts in a selection of available diversified investment options. In 1997, the Company adopted the Choice Hotels International, Inc. Non-Qualified Retirement Savings and Investment Plan ("Non-Qualified Plan"). The Non-Qualified Plan allows certain employees who do not participate in the EDCP to defer a portion of their salary and invest these amounts in a selection of available diversified investment options. Under the EDCP and Non-Qualified Plan, (together, the "Deferred Compensation Plan"), the Company recorded current and long-term deferred compensation liabilities of $22.9 million and $23.0 million at March 31, 2016 and December 31, 2015 , respectively, related to these deferrals and credited investment return under these two deferred compensation plans. Compensation expense is recorded in SG&A expense on the Company’s consolidated statements of income based on the change in the deferred compensation obligation related to earnings credited to participants as well as changes in the fair value of diversified investments. The net increase in compensation expense recorded in SG&A for the three months ended March 31, 2016 and 2015 was $0.1 million and $0.5 million , respectively. Under the Deferred Compensation Plan, the Company has invested the employee salary deferrals in diversified long-term investments which are intended to provide investment returns that offset the earnings credited to the participants. The diversified investments held in the trusts totaled $18.3 million and $17.8 million as of March 31, 2016 and December 31, 2015 , respectively, and are recorded at their fair value, based on quoted market prices. At March 31, 2016 , the Company expects $0.5 million of the assets held in the trust to be distributed during the next twelve months to participants. These investments are considered trading securities and therefore the changes in the fair value of the diversified assets is included in other gains and losses in the accompanying consolidated statements of income. The Company recorded investment gains (losses) during the three months ended March 31, 2016 and 2015 of approximately $(0.1) million and $0.2 million , respectively.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
Fair Value Measurements	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company estimates the fair value of its financial instruments utilizing a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The following summarizes the three levels of inputs, as well as the assets that the Company values using those levels of inputs. Level 1 : Quoted prices in active markets for identical assets and liabilities. The Company’s Level 1 assets consist of marketable securities (primarily mutual funds) held in the Company's Deferred Compensation Plan. Level 2 : Observable inputs, other than quoted prices in active markets for identical assets and liabilities, such as quoted prices for similar assets and liabilities; quoted prices in markets that are not active; or other inputs that are observable. The Company’s Level 2 assets consist of money market funds held in the Company's Deferred Compensation Plan and those recorded in cash and cash equivalents. Level 3 : Unobservable inputs, supported by little or no market data available, where the reporting entity is required to develop its own assumptions to determine the fair value of the instrument. The Company does not currently have any assets whose fair value was determined using Level 3 inputs. The Company's policy is to recognize transfers in and transfers out of the three levels of the fair value hierarchy as of the end of each quarterly reporting period. There were no transfers between Level 1, 2 and 3 assets during the three months ended March 31, 2016 . As of March 31, 2016 and December 31, 2015 , the Company had the following assets measured at fair value on a recurring basis: Fair Value Measurements at Reporting Date Using Total Level 1 Level 2 Level 3 Assets (in thousands) As of March 31, 2016 Money market funds, included in cash and cash equivalents $ 50,003 $ — $ 50,003 $ — Mutual funds (1) 16,737 16,737 — — Money market funds (1) 1,592 — 1,592 — $ 68,332 $ 16,737 $ 51,595 $ — As of December 31, 2015 Money market funds, included in cash and cash equivalents $ 50,001 $ — $ 50,001 $ — Mutual funds (1) 16,542 16,542 — — Money market funds (1) 1,307 — 1,307 — $ 67,850 $ 16,542 $ 51,308 $ — ________________________ (1) Included in Investments, employee benefit plans at fair value and other current assets on the consolidated balance sheets. Other Financial Instruments The Company believes that the fair value of its current assets and current liabilities approximate their reported carrying amounts due to the short-term nature of these items. In addition, the interest rates of the Company's Credit Facility adjust frequently based on current market rates; accordingly its carrying amount approximates fair value. The Company estimates the fair value of notes receivable which approximate their carrying value, utilizing an analysis of future cash flows and credit worthiness for similar types of arrangements. Based upon the availability of market data, the notes receivable have been classified as Level 3 inputs. The primary sensitivity in these calculations is based on the selection of appropriate interest and discount rates. For further information on the notes receivables, see Note 3. The fair value of the Company's $250 million and $400 million senior notes are classified as Level 2 as the significant inputs are observable in an active market. At March 31, 2016 and December 31, 2015 , the $250 million senior notes had an approximate fair value of $271.3 million and $267.7 million , respectively. At March 31, 2016 and December 31, 2015 , the $400 million senior notes had an approximate fair value of $430.0 million and $432.0 million , respectively. Fair values estimated are made at a specific point in time, are subjective in nature and involve uncertainties and matters of significant judgment. Settlement of such fair value amounts may not be possible and may not be a prudent management decision.

Income Taxes

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The effective income tax rates from continuing operations were 35.5% and 30.4% for the three months ended March 31, 2016 and 2015 , respectively. The effective income tax rates for the three months ended March 31, 2016 was higher than the U.S. federal income tax rate of 35% due to the impact of state income taxes, partially offset by the impact of foreign operations. The rate was also impacted by an unfavorable adjustment of $1.2 million to our tax rate benefit from foreign operations. The effective income tax rate for the three months ended March 31, 2015 was lower than the U.S. federal income tax rate of 35.0% due to the impact of foreign operations, partially offset by state income taxes and the settlement of unrecognized tax positions.

Share-Based Compensation and Ca

Share-Based Compensation and Capital Stock	3 Months Ended
Share-Based Compensation and Capital Stock	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Compensation and Capital Stock	Share-Based Compensation and Capital Stock Stock Options The Company granted 0.7 million and 0.5 million options to certain employees of the Company at a fair value of $6.9 million and $6.2 million for the three months ended March 31, 2016 and 2015 , respectively. The stock options granted by the Company had an exercise price equal to the market price of the Company's common stock on the date of grant. The fair value of the options granted was estimated on the grant date using the Black-Scholes option-pricing model with the following weighted average assumptions: 2016 Grants 2015 Grants Risk-free interest rate 1.22 % 1.45 % Expected volatility 23.76 % 23.94 % Expected life of stock option 4.6 years 4.6 years Dividend yield 1.59 % 1.23 % Requisite service period 4 years 4 years Contractual life 7 years 7 years Weighted average fair value of options granted (per option) $ 9.30 $ 12.39 The expected life of the options and volatility are based on historical data which is believed to be indicative of future exercise patterns or actual volatility. Historical volatility is calculated based on a period that corresponds to the expected term of the stock option. The dividend yield and the risk-free rate of return are calculated on the grant date based on the then current dividend rate and the risk-free rate of return for the period corresponding to the expected life of the stock option. Compensation expense related to the fair value of these awards is recognized straight-line over the requisite service period based on those awards that ultimately vest. The aggregate intrinsic value of the stock options outstanding and exercisable at March 31, 2016 was $26.7 million and $21.4 million , respectively. The total intrinsic value of options exercised during the three months ended March 31, 2016 and 2015 was approximately $4.4 million and $8.5 million , respectively. The Company received approximately $4.1 million and $5.6 million in proceeds from the exercise of 190,830 and 228,963 employee stock options during the three months ended March 31, 2016 and 2015 , respectively. Restricted Stock The following table is a summary of activity related to restricted stock grants: Three Months Ended March 31, 2016 2015 Restricted share grants 125,110 85,792 Weighted average grant date fair value per share $ 51.49 $ 63.46 Aggregate grant date fair value ($000) $ 6,442 $ 5,445 Restricted shares forfeited 4,272 4,778 Vesting service period of shares granted 3-4 years 3-4 years Fair value of shares vested ($000) $ 6,303 $ 10,684 Compensation expense related to the fair value of these awards is recognized straight-line over the requisite service period based on those restricted stock grants that ultimately vest. The fair value of grants is measured by the market price of the Company’s stock on the date of grant. Restricted stock awards generally vest ratably over the service period beginning with the first anniversary of the grant date. Awards granted to retirement eligible non-employee directors are recognized over the shorter of the requisite service period or the length of time until retirement since the terms of the grant provide that the awards will vest upon retirement. Performance Vested Restricted Stock Units The Company has granted performance vested restricted stock units ("PVRSU") to certain employees. The fair value is measured by the market price of the Company's common stock on the date of the grant. The vesting of these stock awards is contingent upon the Company achieving performance targets at the end of specified performance periods and the employees' continued employment. The performance conditions affect the number of shares that will ultimately vest. The range of possible stock-based award vesting is generally between 0% and 200% of the initial target. If minimum performance targets are not attained, then no awards will vest under the terms of the various PVRSU agreements. Compensation expense related to these awards is recognized over the requisite service period based on the Company's estimate of the achievement of the various performance targets. The Company has currently estimated that between 0% and 175% of the various award targets will be achieved. Compensation expense is recognized ratably over the requisite service period only on those PVRSUs that ultimately vest. The following table is a summary of activity related to PVRSU grants: Three Months Ended March 31, 2016 2015 Performance vested restricted stock units granted at target 35,033 30,353 Weighted average grant date fair value per share $ 51.49 $ 63.47 Aggregate grant date fair value ($000) $ 1,804 $ 1,927 Stock units forfeited 28,193 — Requisite service period 3 years 3 years During the three months ended March 31, 2016 , PVRSU grants totaling 22,062 vested at a grant date fair value of $0.8 million . These PVRSU grants were initially granted at a target of 44,118 units. However, since the Company achieved only 50% of the targeted performance conditions contained in the stock awards granted in prior periods, 22,056 shares were forfeited. In addition, during the three months ended March 31, 2016 , PVRSU grants totaling 6,126 vested at a grant date fair value of $0.2 million . These PVRSU grants were initially granted at a target of 4,083 units. However, since the Company achieved 150% of the targeted performance conditions contained in the stock awards granted in prior periods, an additional 2,043 shares were earned and issued. During the three months ended March 31, 2015 , a total of 42,326 PVRSU grants vested at a grant date fair value of $1.5 million . These PVRSU grants were initially granted at a target of 38,476 units. However, since the Company achieved 110% of the targeted performance conditions contained in the stock awards granted in prior periods, an additional 3,850 shares were earned and issued. A summary of stock-based award activity as of March 31, 2016 and changes during the three months ended are presented below: Stock Options Restricted Stock Performance Vested Restricted Stock Units Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Outstanding at January 1, 2016 2,084,201 $ 41.36 384,490 $ 47.40 226,737 $ 45.09 Granted 745,769 $ 51.49 125,110 $ 51.49 35,033 $ 51.49 Performance based leveraging (1) — $ — — $ — 2,043 $ 36.76 Exercised/Vested (190,830 ) $ 21.68 (128,061 ) $ 42.48 (28,188 ) $ 36.76 Expired — $ — — $ — — $ — Forfeited (10,104 ) $ 54.92 (4,272 ) $ 52.69 (28,193 ) $ 35.85 Outstanding at March 31, 2016 2,629,036 $ 45.61 4.9 years 377,267 $ 50.37 207,432 $ 48.48 Options exercisable at March 31, 2016 1,168,969 $ 36.69 3.2 years _________________________________ (1) PVRSU units outstanding have been increased by 2,043 units due to the Company exceeding the targeted performance conditions contained in PVRSUs granted in prior periods during the three months ended March 31, 2016 . The components of the Company’s pretax share-based compensation expense and associated income tax benefits are as follows for the three months ended March 31, 2016 and 2015 : Three Months Ended March 31, (in millions) 2016 2015 Stock options $ 1.1 $ 0.7 Restricted stock 1.8 1.8 Performance vested restricted stock units 0.6 0.3 Total $ 3.5 $ 2.8 Income tax benefits $ 1.3 $ 1.0 Dividends The Company currently pays a quarterly dividend on its common stock of $0.205 per share, however the declaration of future dividends is subject to the discretion of the board of directors. During the three months ended March 31, 2016 , the Company's board of directors declared dividends totaling $0.205 per share or approximately $11.6 million in the aggregate. In addition, during the three months ended March 31, 2016 and 2015 , the Company recorded dividends totaling $0.1 million and $0.5 million , respectively, related to previously declared dividends that were contingent upon the vesting of performance vested restricted stock units. Share Repurchases and Redemptions The Company purchased 0.1 million shares of common stock under the share repurchase program at a total cost of $3.6 million during the three months ended March 31, 2016 . During the three months ended March 31, 2016 , the Company redeemed 116,223 shares of common stock at a total cost of approximately $5.3 million from employees to satisfy the option exercise price and statutory minimum tax-withholding requirements related to the exercising of stock options and vesting of performance vested restricted stock units and restricted stock grants. These redemptions were outside the share repurchase program.

Earnings Per Share

Earnings Per Share	3 Months Ended
Earnings Per Share	Mar. 31, 2016
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The computation of basic and diluted earnings per common share is as follows: Three Months Ended March 31, (In thousands, except per share amounts) 2016 2015 Computation of Basic Earnings Per Share: Numerator: Net income $ 19,598 $ 21,594 Income allocated to participating securities (131 ) (164 ) Net income available to common shareholders $ 19,467 $ 21,430 Denominator: Weighted average common shares outstanding – basic 56,025 57,003 Basic earnings per share $ 0.35 $ 0.38 Computation of Diluted Earnings Per Share: Numerator: Net income $ 19,598 $ 21,594 Income allocated to participating securities (131 ) (164 ) Net income available to common shareholders $ 19,467 $ 21,430 Denominator: Weighted average common shares outstanding – basic 56,025 57,003 Diluted effect of stock options and PVRSUs 282 583 Weighted average common shares outstanding – diluted 56,307 57,586 Diluted earnings per share $ 0.35 $ 0.37 The Company's unvested restricted shares contain rights to receive non-forfeitable dividends, and thus are participating securities requiring the two-class method of computing earnings per share ("EPS"). The calculation of EPS for common stock shown above excludes the income attributable to the unvested restricted share awards from the numerator and excludes the dilutive impact of those awards from the denominator. At March 31, 2016 and 2015 , the Company had 2.6 million and 2.2 million outstanding stock options, respectively. Stock options are included in the diluted earnings per share calculation using the treasury stock method and average market prices during the period, unless the stock options would be anti-dilutive. For the three months ended March 31, 2016 , the Company excluded 1.2 million of anti-dilutive stock options from the diluted earnings per share calculation. For the three months ended March 31, 2015 , the Company excluded 0.5 million of anti-dilutive stock options from the diluted earnings per share calculation. PVRSUs are also included in the diluted earnings per share calculation when the performance conditions have been met at the reporting date. However, at March 31, 2016 and 2015 , PVRSUs totaling 207,432 and 192,163 , respectively, were excluded from the computation since the performance conditions had not been met.

Condensed Consolidating Financi

Condensed Consolidating Financial Statements	3 Months Ended
Condensed Consolidating Financial Statements	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Condensed Consolidating Financial Statements	Condensed Consolidating Financial Statements The Company’s 2010 and 2012 Senior Notes are guaranteed jointly, severally, fully and unconditionally, subject to certain customary limitations, by certain of the Company’s domestic subsidiaries. There are no legal or regulatory restrictions on the payment of dividends to Choice Hotels International, Inc. from subsidiaries that do not guarantee the Senior Notes. As a result of the guarantee arrangements, the following condensed consolidating financial statements are presented. Investments in subsidiaries are accounted for under the equity method of accounting. Choice Hotels International, Inc. Condensed Consolidating Statement of Income For the Three Months Ended March 31, 2016 (Unaudited, in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated REVENUES: Royalty fees $ 60,274 $ 32,418 $ 10,915 $ (38,748 ) $ 64,859 Initial franchise and relicensing fees 5,056 — 100 — 5,156 Procurement services 5,622 — 174 — 5,796 Marketing and reservation 116,143 135,224 3,426 (128,432 ) 126,361 Other 2,999 74 2,057 (184 ) 4,946 Total revenues 190,094 167,716 16,672 (167,364 ) 207,118 OPERATING EXPENSES: Selling, general and administrative 39,227 28,762 6,062 (38,932 ) 35,119 Marketing and reservation 121,978 129,443 3,372 (128,432 ) 126,361 Depreciation and amortization 302 1,902 561 — 2,765 Total operating expenses 161,507 160,107 9,995 (167,364 ) 164,245 Operating income 28,587 7,609 6,677 — 42,873 OTHER INCOME AND EXPENSES, NET: Interest expense 10,948 1 143 — 11,092 Equity in earnings of consolidated subsidiaries (9,729 ) 807 — 8,922 — Other items, net (446 ) 1,282 567 — 1,403 Total other income and expenses, net 773 2,090 710 8,922 12,495 Income before income taxes 27,814 5,519 5,967 (8,922 ) 30,378 Income taxes 8,216 3,001 (437 ) — 10,780 Net income $ 19,598 $ 2,518 $ 6,404 $ (8,922 ) $ 19,598 Choice Hotels International, Inc. Condensed Consolidating Statement of Income For the Three Months Ended March 31, 2015 (Unaudited, in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated REVENUES: Royalty fees $ 57,587 $ 31,240 $ 11,155 $ (37,551 ) $ 62,431 Initial franchise and relicensing fees 5,496 — 221 — 5,717 Procurement services 4,666 — 141 — 4,807 Marketing and reservation 88,236 90,385 3,621 (83,529 ) 98,713 Other 3,102 — 475 — 3,577 Total revenues 159,087 121,625 15,613 (121,080 ) 175,245 OPERATING EXPENSES: Selling, general and administrative 38,699 28,052 3,238 (37,551 ) 32,438 Marketing and reservation 92,024 86,811 3,407 (83,529 ) 98,713 Depreciation and amortization 774 1,705 211 — 2,690 Total operating expenses 131,497 116,568 6,856 (121,080 ) 133,841 Operating income 27,590 5,057 8,757 — 41,404 OTHER INCOME AND EXPENSES, NET: Interest expense 10,032 — 147 — 10,179 Equity in earnings of consolidated subsidiaries (11,332 ) 138 — 11,194 — Other items, net (292 ) 297 186 — 191 Total other income and expenses, net (1,592 ) 435 333 11,194 10,370 Income before income taxes 29,182 4,622 8,424 (11,194 ) 31,034 Income taxes 7,588 2,284 (432 ) — 9,440 Net income $ 21,594 $ 2,338 $ 8,856 $ (11,194 ) $ 21,594 Choice Hotels International, Inc. Condensed Consolidating Statement of Comprehensive Income For the Three Months Ended March 31, 2016 (Unaudited, in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Net income $ 19,598 $ 2,518 $ 6,404 $ (8,922 ) $ 19,598 Other comprehensive income, net of tax: Amortization of loss on cash flow hedge 215 — — — 215 Foreign currency translation adjustment 1,528 — 1,528 (1,528 ) 1,528 Other comprehensive income, net of tax 1,743 — 1,528 (1,528 ) 1,743 Comprehensive income $ 21,341 $ 2,518 $ 7,932 $ (10,450 ) $ 21,341 Choice Hotels International, Inc. Condensed Consolidating Statement of Comprehensive Income For the Three Months Ended March 31, 2015 (Unaudited, in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Net income $ 21,594 $ 2,338 $ 8,856 $ (11,194 ) $ 21,594 Other comprehensive income (loss), net of tax: Amortization of loss on cash flow hedge 215 — — — 215 Foreign currency translation adjustment (1,447 ) — (1,447 ) 1,447 (1,447 ) Other comprehensive income (loss), net of tax (1,232 ) — (1,447 ) 1,447 (1,232 ) Comprehensive income $ 20,362 $ 2,338 $ 7,409 $ (9,747 ) $ 20,362 Choice Hotels International, Inc. Condensed Consolidating Balance Sheet As of March 31, 2016 (Unaudited, in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated ASSETS Cash and cash equivalents $ 4,006 $ 97 $ 189,969 $ — $ 194,072 Receivables, net 92,653 1,383 8,900 (150 ) 102,786 Other current assets 36,443 21,060 7,739 (23,984 ) 41,258 Total current assets 133,102 22,540 206,608 (24,134 ) 338,116 Property and equipment, at cost, net 43,000 28,611 16,734 — 88,345 Goodwill 60,620 5,193 14,169 — 79,982 Franchise rights and other identifiable intangibles, net 2,983 1,013 8,029 — 12,025 Notes receivable, net of allowances 23,110 41,767 27,600 — 92,477 Investments, employee benefit plans, at fair value — 17,802 — — 17,802 Investment in affiliates 486,286 60,316 — (546,602 ) — Advances to affiliates 17,579 215,709 3,032 (236,320 ) — Deferred income taxes — 47,252 — (10,716 ) 36,536 Other assets 15,646 46,928 59,485 (79 ) 121,980 Total assets $ 782,326 $ 487,131 $ 335,657 $ (817,851 ) $ 787,263 LIABILITIES AND SHAREHOLDERS’ DEFICIT Accounts payable $ 7,995 $ 48,376 $ 4,398 $ (150 ) $ 60,619 Accrued expenses and other current liabilities 19,876 43,009 7,610 (23,879 ) 46,616 Deferred revenue 13,887 97,013 1,281 (105 ) 112,076 Current portion of long-term debt — 247 769 — 1,016 Total current liabilities 41,758 188,645 14,058 (24,134 ) 220,327 Long-term debt 878,921 3,712 9,814 — 892,447 Deferred compensation and retirement plan obligations — 22,404 11 — 22,415 Advances from affiliates 224,436 10,054 1,830 (236,320 ) — Deferred income taxes 8,632 — 2,863 (10,716 ) 779 Other liabilities 14,444 15,979 6,816 (79 ) 37,160 Total liabilities 1,168,191 240,794 35,392 (271,249 ) 1,173,128 Total shareholders’ (deficit) equity (385,865 ) 246,337 300,265 (546,602 ) (385,865 ) Total liabilities and shareholders’ deficit $ 782,326 $ 487,131 $ 335,657 $ (817,851 ) $ 787,263 Choice Hotels International, Inc. Condensed Consolidating Balance Sheet As of December 31, 2015 (in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated ASSETS Cash and cash equivalents $ 13,529 $ 19 $ 179,893 $ — $ 193,441 Receivables, net 79,381 1,132 8,992 (153 ) 89,352 Other current assets 19,029 14,176 5,331 (10,376 ) 28,160 Total current assets 111,939 15,327 194,216 (10,529 ) 310,953 Property and equipment, at cost, net 37,857 33,575 16,726 — 88,158 Goodwill 60,620 5,193 13,514 — 79,327 Franchise rights and other identifiable intangibles, net 2,965 1,013 7,970 — 11,948 Notes receivable, net of allowances 18,866 38,957 24,749 — 82,572 Investments, employee benefit plans, at fair value — 17,674 — — 17,674 Investment in affiliates 473,448 37,182 — (510,630 ) — Advances to affiliates 17,144 212,773 7,789 (237,706 ) — Deferred income taxes 10,664 33,936 — (2,166 ) 42,434 Other assets 319 45,383 38,348 (106 ) 83,944 Total assets $ 733,822 $ 441,013 $ 303,312 $ (761,137 ) $ 717,010 LIABILITIES AND SHAREHOLDERS’ DEFICIT Accounts payable $ 12,359 $ 48,238 $ 3,987 $ (153 ) $ 64,431 Accrued expenses and other current liabilities 29,099 45,601 6,378 (10,271 ) 70,807 Deferred revenue 8,749 61,890 1,053 (105 ) 71,587 Current portion of long-term debt — 430 761 — 1,191 Total current liabilities 50,207 156,159 12,179 (10,529 ) 208,016 Long-term debt 799,212 3,712 10,021 — 812,945 Deferred compensation and retirement plan obligations — 22,849 10 — 22,859 Advances from affiliates 235,629 257 1,820 (237,706 ) — Other liabilities 44,673 15,755 10,933 (2,272 ) 69,089 Total liabilities 1,129,721 198,732 34,963 (250,507 ) 1,112,909 Total shareholders’ (deficit) equity (395,899 ) 242,281 268,349 (510,630 ) (395,899 ) Total liabilities and shareholders' deficit $ 733,822 $ 441,013 $ 303,312 $ (761,137 ) $ 717,010 Choice Hotels International, Inc. Condensed Consolidating Statement of Cash Flows For the Three Months Ended March 31, 2016 (Unaudited, in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Net cash provided (used) by operating activities $ (63,763 ) $ 28,508 $ 12,310 $ — $ (22,945 ) Cash Flows From Investing Activities: Investment in property and equipment (3,991 ) (1,076 ) (239 ) — (5,306 ) Proceeds from sales of assets — — 1,700 — 1,700 Acquisitions of real estate — — (25,389 ) — (25,389 ) Contributions to equity method investments — (4,273 ) (20 ) — (4,293 ) Distributions from equity method investments — — 67 — 67 Purchases of investments, employee benefit plans — (896 ) — — (896 ) Proceeds from sales of investments, employee benefit plans — 363 — — 363 Issuance of mezzanine and other notes receivable (4,684 ) — (2,803 ) — (7,487 ) Collections of mezzanine and other notes receivable 109 — — — 109 Advances to and investment in affiliates — (25,685 ) — 25,685 — Divestment in affiliates — 1,745 — (1,745 ) — Other items, net (162 ) — 26 — (136 ) Net cash used by investing activities (8,728 ) (29,822 ) (26,658 ) 23,940 (41,268 ) Cash Flows from Financing Activities: Net borrowings pursuant to revolving credit facilities 79,300 — (33 ) — 79,267 Principal payments on long-term debt — (183 ) (135 ) — (318 ) Purchases of treasury stock (8,857 ) — — — (8,857 ) Dividends paid (11,612 ) — — — (11,612 ) Excess tax benefits from stock-based compensation — 1,575 — — 1,575 Proceeds from contributions from affiliates — — 25,685 (25,685 ) — Distributions to affiliates — — (1,745 ) 1,745 — Proceeds from exercise of stock options 4,137 — — — 4,137 Net cash provided by financing activities 62,968 1,392 23,772 (23,940 ) 64,192 Net change in cash and cash equivalents (9,523 ) 78 9,424 — (21 ) Effect of foreign exchange rate changes on cash and cash equivalents — — 652 — 652 Cash and cash equivalents at beginning of period 13,529 19 179,893 — 193,441 Cash and cash equivalents at end of period $ 4,006 $ 97 $ 189,969 $ — $ 194,072 Choice Hotels International, Inc. Condensed Consolidating Statement of Cash Flows For the Three Months Ended March 31, 2015 (Unaudited, in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Net cash provided (used) by operating activities $ (20,715 ) $ (2,457 ) $ 7,337 $ — $ (15,835 ) Cash Flows From Investing Activities: Investment in property and equipment (4,712 ) (2,060 ) (32 ) — (6,804 ) Proceeds from sales of assets — — 1,592 — 1,592 Equity method investments — (1,177 ) (744 ) — (1,921 ) Purchases of investments, employee benefit plans — (1,089 ) — — (1,089 ) Proceeds from sales of investments, employee benefit plans — 925 — — 925 Collections of mezzanine and other notes receivable 105 — — — 105 Advances to and investments in affiliates — (35 ) — 35 — Divestment in affiliates — 1,592 — (1,592 ) — Other items, net (77 ) — — — (77 ) Net cash provided (used) by investing activities (4,684 ) (1,844 ) 816 (1,557 ) (7,269 ) Cash Flows from Financing Activities: Net borrowings pursuant to revolving credit facility 20,700 — — — 20,700 Principal payments on long-term debt (2,813 ) (177 ) (92 ) — (3,082 ) Proceeds from contributions from affiliates — — 35 (35 ) — Purchases of treasury stock (6,227 ) — — — (6,227 ) Dividends paid (11,710 ) — — — (11,710 ) Excess tax benefits from stock-based compensation — 4,473 — — 4,473 Distributions to affiliates — — (1,592 ) 1,592 — Proceeds from exercise of stock options 5,619 — — — 5,619 Net cash provided (used) by financing activities 5,569 4,296 (1,649 ) 1,557 9,773 Net change in cash and cash equivalents (19,830 ) (5 ) 6,504 — (13,331 ) Effect of foreign exchange rate changes on cash and cash equivalents — — (1,004 ) — (1,004 ) Cash and cash equivalents at beginning of period 25,290 25 189,564 — 214,879 Cash and cash equivalents at end of period $ 5,460 $ 20 $ 195,064 $ — $ 200,544

Reportable Segment Information

Reportable Segment Information	3 Months Ended
Reportable Segment Information	Mar. 31, 2016
Segment Reporting [Abstract]
Reportable Segment Information	Reportable Segment Information Franchising: Franchising includes the Company's hotel franchising operations consisting of its eleven brands. The eleven brands are aggregated within this segment considering their similar economic characteristics, types of customers, distribution channels and regulatory business environments. Revenues from the franchising business include royalty fees, initial franchise and relicensing fees, marketing and reservation system fees, procurement services revenue and other franchising related revenue. The Company is obligated under its franchise agreements to provide marketing and reservation services appropriate for the operation of its systems. These services do not represent separate reportable segments as their operations are directly related to the Company's franchising business. The revenues received from franchisees that are used to pay for part of the Company's ongoing operations are included in franchising revenues and are offset by the related expenses paid for marketing and reservation activities to calculate franchising operating income. SkyTouch Technology: SkyTouch Technology ("SkyTouch") is a division of the Company that develops and markets cloud-based technology products to hoteliers not under franchise agreements with the Company. The Company evaluates its segments based primarily on the results of the segment without allocating corporate expenses, income taxes or indirect general and administrative expenses which are included in the Corporate and Other column. Corporate and Other Revenues include rental income related to an office building owned by the Company, as well as revenues from a recently acquired company which provides technological services for vacation rental management companies. Equity in earnings or losses from franchising related joint ventures is allocated to the Company's franchising segment. As described in Note 4, certain interest expenses related to the Company's marketing and reservation activities are allocated to the franchising segment. The Company does not allocate the remaining interest expense, interest income, other gains and losses or income taxes to its segments. The following table presents the financial information for the Company's segments: Three Months Ended March 31, 2016 Three Months Ended March 31, 2015 (In thousands) Franchising SkyTouch Technology Corporate & Consolidated Franchising SkyTouch Technology Corporate & Consolidated Revenues $ 205,089 $ 406 $ 1,623 $ 207,118 $ 174,642 $ 270 $ 333 $ 175,245 Operating income (loss) $ 58,592 $ (4,325 ) $ (11,394 ) $ 42,873 $ 57,457 $ (5,430 ) $ (10,623 ) $ 41,404 Income (loss) from continuing operations before income taxes $ 56,412 $ (4,325 ) $ (21,709 ) $ 30,378 $ 56,452 $ (5,430 ) $ (19,988 ) $ 31,034

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company is not a party to any litigation other than litigation in the ordinary course of business. The Company's management and legal counsel do not expect that the ultimate outcome of any of its currently ongoing legal proceedings, individually or collectively, will have a material adverse effect on the Company's financial position, results of operations or cash flows. Contingencies The Company entered into a limited payment guaranty with regards to a VIE's $18.0 million bank loan for the construction of a hotel franchised under one of the Company's brands in the United States. Under the terms of the limited guaranty, the Company has agreed to guarantee 25% of the outstanding principal balance for a maximum exposure of $4.5 million and accrued and unpaid interest, as well as any unpaid expenses incurred by the lender. The limited guaranty shall remain in effect until the maximum amount guaranteed by the Company is paid in full. In addition to the limited guaranty, the Company entered into an environmental indemnity agreement which indemnifies the lending institution from and against any damages relating to or arising out of possible environmental contamination issues with regards to the property. The Company entered into a limited payment guaranty with regards to a VIE's $46.2 million bank loan for the construction of a hotel franchised under one of the Company's brands in the United States. Under the terms of the limited guaranty, the Company has agreed to unconditionally guarantee and become surety for the full and timely payment of the guaranteed outstanding principal balance, as well as any unpaid expenses incurred by the lender. The guarantee is limited to 25% of the outstanding principal balance of the $46.2 million loan due at any time for a maximum exposure of $11.6 million . The limited guaranty shall remain in effect until the maximum amount guaranteed by the Company is repaid in full. The maturity date of the VIE's loan is May 2017. In conjunction with this guaranty, the Company has entered into a reimbursement and guaranty agreement with certain individuals that requires them to reimburse the Company in an amount equal to 75% of any payments made by the Company under this limited payment guaranty. The Company entered into a limited payment guaranty with regards to a VIE's $13.3 million bank loan for the design, development, and construction of a new hotel franchised under one of the Company's brands in the United States. Under the terms of the limited guaranty, the Company has agreed to guarantee a maximum of $1.8 million of the VIE’s obligations under the loan. The limited guaranty shall remain in effect until (i) the VIE’s bank loan is paid in full to the lender; (ii) the maximum amount guaranteed by the Company is paid in full; or (iii) the Company, through its affiliate, ceases to be a member of the VIE. The Company believes the likelihood of having to perform under the aforementioned limited payment guarantees was remote at March 31, 2016 and December 31, 2015 . Commitments The Company has the following commitments outstanding at March 31, 2016 : • The Company provides financing in the form of forgivable promissory notes or cash incentives to franchisees for property improvements, hotel development efforts and other purposes. At March 31, 2016 , the Company had commitments to extend an additional $116.2 million for these purposes provided certain conditions are met by its franchisees, of which $53.4 million is expected to be advanced in the next twelve months. • The Company committed to make additional capital contributions totaling $26.1 million to existing joint ventures related to the construction of various hotels to be operated under the Company's Cambria hotel & suites brand. These commitments are expected to be funded in the next twelve months. • In August 2015, the Company provided financing to a development company to acquire and manage an existing Cambria hotel & suites from a third party. The Company has committed to provide up to an aggregate of $24.4 million for acquisition and property improvements. As of March 31, 2016 , the Company has provided $23.8 million of the total commitment. The Company may provide up to an additional $0.6 million , if necessary, for additional property improvements. The promissory note matures on September 6, 2023; bears interest at variable rates and is payable monthly. • In November 2015, the Company provided financing to a development company to acquire and redevelop a historic office building into a Cambria hotel & suites. The Company has committed to provide up to an aggregate of $49.1 million , if necessary, for acquisition of the property and property improvements. As of March 31, 2016 , the Company advanced $8.9 million . The promissory notes mature on November 30, 2019; bear interest at variable and fixed rates and are payable monthly. In the ordinary course of business, the Company enters into numerous agreements that contain standard indemnities whereby the Company indemnifies another party for breaches of representations and warranties. Such indemnifications are granted under various agreements, including those governing (i) purchases or sales of assets or businesses, (ii) leases of real estate, (iii) licensing of trademarks, (iv) access to credit facilities, (v) issuances of debt or equity securities, and (vi) certain operating agreements. The indemnifications issued are for the benefit of the (i) buyers in sale agreements and sellers in purchase agreements, (ii) landlords in lease contracts, (iii) franchisees in licensing agreements, (iv) financial institutions in credit facility arrangements, (v) underwriters in debt or equity security issuances and (vi) parties under certain operating agreements. In addition, these parties are also generally indemnified against any third party claim resulting from the transaction that is contemplated in the underlying agreement. While some of these indemnities extend only for the duration of the underlying agreement, many survive the expiration of the term of the agreement or extend into perpetuity (unless subject to a legal statute of limitations). There are no specific limitations on the maximum potential amount of future payments that the Company could be required to make under these indemnities, nor is the Company able to develop an estimate of the maximum potential amount of future payments to be made under these indemnifications as the triggering events are not subject to predictability. With respect to certain of the aforementioned indemnities, such as indemnifications of landlords against third party claims for the use of real estate property leased by the Company, the Company maintains insurance coverage that mitigates potential liability.

Transactions with Unconsolidate

Transactions with Unconsolidated Joint Ventures	3 Months Ended
Transactions with Unconsolidated Joint Ventures	Mar. 31, 2016
Equity Method Investments and Joint Ventures [Abstract]
Transactions with Unconsolidated Joint Ventures	Transactions with Unconsolidated Joint Ventures In March 2016, the Company entered into a promissory note with an individual who is a member of one of the Company's unconsolidated joint ventures. The Company advanced $4.0 million for the member to purchase the Company's interest in the unconsolidated joint venture for $2.4 million and fund the development of the property into a Cambria hotel & suites. A deferred gain of $0.2 million will be recognized when the promissory note matures on March 1, 2019. The promissory notes bears interest at a fixed rate and is payable monthly. In February 2016, the Company entered into a management fee arrangement for certain marketing services with a joint venture partner. No fees have been earned or costs reimbursed under this arrangement as of March 31, 2016.

Acquisitions

Acquisitions	3 Months Ended
Acquisitions	Mar. 31, 2016
Business Combinations [Abstract]
Acquisitions	Acquisitions On August 11, 2015 , the Company acquired 100% of the voting equity interest of Maxxton Holding B.V. (“MHB”) and its wholly owned subsidiaries, a Software as a Service ("SaaS") solution for vacation rental management companies. MHB provides central reservations systems, property management systems and integrated software applications including point-of-sale and is included in our Corporate and Other in our segment presentation found in Note 16. The total consideration was $23.6 million , which consisted of cash paid, net of cash acquired, of $13.3 million , deferred purchase price payable of $6.8 million , and liabilities assumed totaling $3.5 million . The deferred purchase price is payable over 5 years . In addition, the Company has a 5 years variable compensation arrangement with MHB's former owner which is contingent on future minimum performance targets. Total expected compensation under this arrangement is estimated to be approximately $13.6 million over the 5-year term. As these amounts are contingent on achievement of certain targets and continued employment, no amounts were recorded for these future payments at the acquisition date. The transaction has been accounted for using the acquisition method of accounting and accordingly, assets acquired and liabilities assumed were recorded at their fair values as of the acquisition date. The results of MHB have been consolidated with the Company since August 11, 2015 . The Company allocated the purchase price based upon a preliminary assessment of the fair value of the assets and liabilities assumed as of August 11, 2015 . The Company is continuing to evaluate the MHB acquisition. Further adjustments to the fair value determination may be necessary as a result of the Company's assessment of additional information related to the fair value of assets acquired and liabilities assumed. Therefore, as a result, the allocation is not final. Real Estate Acquisitions In the three months ended March 31, 2016 , the Company completed three acquisitions of real estate as part of its program to incent franchise development in strategic markets for certain brands. The aggregate purchase price for these acquisitions was $25.8 million consisting of $25.6 million cash with an additional $0.2 million of current liabilities assumed. In addition the Company incurred $0.5 million in acquisition related costs, which have been expensed in the period. These acquisitions included: • On January 8, 2016 the Company acquired a parcel of land in Milwaukee, WI. The land is currently being utilized as a parking lot and will be developed into a Cambria hotel & suites by the Company or through a future joint venture. • On January 11, 2016 , the Company acquired a parcel of land and an office building in Indianapolis, IN. The land and building are currently being utilized as a parking lot and actively managed office building. The parking lot will be developed into a Cambria hotel & suites by the Company or through a future joint venture. The office building acquired is being marketed for sale with closing expected to occur within one year of acquisition. As of the date of the acquisition the building met the criteria to be classified as held for sale and is recorded as an asset held for sale at March 31, 2016 . No depreciation expense is being recorded for the asset while classified as held for sale. • On February 1, 2016 , the Company acquired an actively managed office building and surrounding parking area in Houston, Texas. The Company's plan for the building is to convert the property into a Cambria hotel & suites either through development or as a part of a joint venture agreement. The Company has completed its assessment of the fair value of the assets acquired and as a result the allocation is final. The results of operations, assets and liabilities have been reflected within the Company's franchising segment. The fair value of the assets and liabilities and associated useful lives are as follows: Estimated Fair Value (in thousands) Useful Lives Land $ 14,548 Not depreciated (1) Land Improvements 100 5 years Building 10,499 30 years (1) Leasehold Value (24 ) Not depreciated (2) Lease in Place 327 Not depreciated (2) Leasing Commission 51 Not depreciated (2) Other Assets 303 Total Assets Acquired 25,804 Other Liabilities (240 ) (3) Cash paid, net of cash acquired $ 25,564 (1) Amount includes $0.4 million and $2.2 million classified on the balance sheet as held for sale (2) Amount classified on the balance sheet as held for sale (3) Includes $0.1 million recorded in held for sale

Company Information and Signi26

Company Information and Significant Accounting Policies (Policy)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Basis of Accounting	The accompanying unaudited consolidated financial statements of Choice Hotels International, Inc. and subsidiaries (together the "Company") have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). These unaudited consolidated financial statements include all adjustments that are necessary, in the opinion of management, to fairly present our financial position and results of operations. Except as otherwise disclosed, all adjustments are of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements presented in accordance with accounting principles generally accepted in the United States of America ("GAAP") have been omitted. The Company believes the disclosures made are adequate to make the information presented not misleading. The consolidated financial statements should be read in conjunction with the consolidated financial statements for the year ended December 31, 2015 and notes thereto included in the Company’s Form 10-K, filed with the SEC on February 29, 2016 (the "10-K"). Interim results are not necessarily indicative of the entire year results. All inter-company transactions and balances between Choice Hotels International, Inc. and its subsidiaries have been eliminated in consolidation. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments purchased with a maturity of three months or less at the date of purchase to be cash equivalents. As of March 31, 2016 and December 31, 2015 , the Company had book overdrafts totaling $8.1 million and $10.8 million , respectively, which are included in accounts payable in the accompanying consolidated balance sheets. These overdrafts represent outstanding checks in excess of funds on deposit. The Company maintains cash balances in domestic banks, which at times, may exceed the limits of amounts insured by the Federal Deposit Insurance Corporation. In addition, the Company also maintains cash balances in international banks and money market funds which do not provide deposit insurance.
New Accounting Guidance	Recently Adopted Accounting Guidance In January 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2015-01, Income Statement - Extraordinary and Unusual Items (Subtopic 225-20) ("ASU No. 2015-01"). ASU No. 2015-01 changes the requirements for reporting extraordinary and unusual items in the income statement by eliminating the concept of extraordinary items. The presentation and disclosure guidance for items that are unusual in nature or occur infrequently is retained and expanded to include items that are both unusual in nature and infrequently occurring. ASU No. 2015-01 is effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period. The Company adopted this ASU on January 1, 2016 and it did not have an impact on our consolidated financial statements. In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810) ("ASU No. 2015-02"). ASU No. 2015-02 changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. This guidance must be applied using one of two retrospective application methods and is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. The Company adopted this ASU on January 1, 2016 and it did not have an impact on our consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-05, Intangibles-Goodwill - Internal Use Software (Subtopic 350-40) ("ASU No. 2015-05"). ASU No. 2015-05 provides guidance to customers about whether a cloud computing arrangement includes a software license or should be accounted for as a service contract. The standard is effective for annual reporting periods, including interim periods within those annual periods beginning after December 15, 2015. The Company adopted this ASU on January 1, 2016, and elected to apply the revised standard prospectively to all new or materially altered agreements signed by the Company. The adoption did not have a material impact on our consolidated financial statements. Future Adoption of Recently Announced Accounting Guidance In May 2014, the FASB issued ASU No. 2014-09, Revenue From Contracts with Customers ("ASU 2014-09"), which impacts virtually all aspects of an entity's revenue recognition. ASU No. 2014-09 supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, as well as most industry-specific guidance, and significantly enhances comparability of revenue recognition practices across entities and industries by providing a principles-based, comprehensive framework for addressing revenue recognition issues. In order for a provider of promised goods or services to recognize as revenue the consideration that it expects to receive in exchange for the promised goods or services, the provider should apply the following five steps: (1) identify the contract with a customer(s); (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) the entity satisfies a performance obligation. ASU No. 2014-09 also specifies the accounting for some costs to obtain or fulfill a contract with a customer and provides enhanced disclosure requirements. ASU No. 2014-09 is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. The guidance permits the retrospective or modified retrospective method when adopting ASU No. 2014-09 but early application is not permitted. The Company has not yet selected a transition method and is still assessing the impact that ASU 2014-09 will have on its financial statements and disclosures, but believes it could impact the timing of revenue recognition for the Company's initial franchise fees. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) ("ASU No. 2016-02"). ASU No. 2016-02 requires lessees to recognize most leases on their balance sheet by recording a liability for its lease obligation and an asset for its right to use the underlying asset as of the lease commencement date. The standard requires entities to determine whether an arrangement contains a lease or a service agreement as the accounting treatment is significantly different between the two arrangements. The standard also requires the lessee to evaluate whether a lease is a financing lease or an operating lease as the accounting and presentation guidance between the two are different. ASU No. 2016-02 also modifies the classification criteria and accounting for sales-type and direct financing leases for lessors. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently assessing the potential impact that ASU No. 2016-02 will have on the financial statements and disclosures. In March 2016, the FASB issued ASU No. 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting ("ASU No. 2016-09"). ASU No. 2016-09 requires that excess tax benefits and tax deficiencies should be recognized as income tax expense or benefit to the income statement. The Company must also make an accounting policy election of whether to account for forfeitures based on estimate number of awards that are expensed to vest or to account for forfeitures when they occur. In addition, excess tax benefits are required to be classified along with other income tax cash flow as an operating activity on the statement of cash flows and cash paid by an employer when directly withholding shares for tax-withholding purposes should be classified as a financing activity. ASU No. 2016-09 is effective for fiscal years, and interim periods for those years, beginning after December 15, 2016. Early adoption is permitted, but if elected, a Company must adopt all of the amendments in the same period. The Company is currently evaluating the impact, if any, the adoption of this newly issued guidance will have on its consolidated financial statements.

Other Current Assets (Tables)

Other Current Assets (Tables)	3 Months Ended
Other Current Assets (Tables)	Mar. 31, 2016
Assets, Current [Abstract]
Schedule Of Other Current Assets	Other current assets consist of the following: March 31, 2016 December 31, 2015 (in thousands) Prepaid expenses $ 19,880 $ 14,144 Other current assets 3,168 1,725 Assets held for sale 2,890 1,698 Total $ 25,938 $ 17,567

Notes Receivable and Allowanc28

Notes Receivable and Allowance for Losses (Tables)	3 Months Ended
Notes Receivable and Allowance for Losses (Tables)	Mar. 31, 2016
Notes Receivable and Allowance for Losses [Line Items]
Schedule Of Notes Receivable	The following table shows the composition of our notes receivable balances: March 31, 2016 December 31, 2015 (in thousands) (in thousands) Credit Quality Indicator Forgivable Mezzanine Total Forgivable Mezzanine Total Senior $ — $ 50,154 $ 50,154 $ — $ 40,388 $ 40,388 Subordinated — 6,204 6,204 — 6,197 6,197 Unsecured 47,599 4,416 52,015 44,333 3,526 47,859 Total notes receivable 47,599 60,774 108,373 44,333 50,111 94,444 Allowance for losses on non-impaired loans 4,849 1,214 6,063 4,615 1,364 5,979 Allowance for losses on receivables specifically evaluated for impairment — 1,647 1,647 — 786 786 Total loan reserves 4,849 2,861 7,710 4,615 2,150 6,765 Net carrying value $ 42,750 $ 57,913 $ 100,663 $ 39,718 $ 47,961 $ 87,679 Current portion, net $ 160 $ 8,026 $ 8,186 $ 143 $ 4,964 $ 5,107 Long-term portion, net 42,590 49,887 92,477 39,575 42,997 82,572 Total $ 42,750 $ 57,913 $ 100,663 $ 39,718 $ 47,961 $ 87,679
Summary Of Activity Related To Allowance For Losses	The following table summarizes the activity related to the Company’s Forgivable Notes Receivable and Mezzanine and Other Notes Receivable allowance for losses for the three months ended March 31, 2016 : Forgivable Notes Receivable Mezzanine & Other Notes Receivable (in thousands) Beginning balance $ 4,615 $ 2,150 Provisions 470 861 Recoveries (29 ) — Write-offs (273 ) (150 ) Other (1) 66 — Ending balance $ 4,849 $ 2,861 (1) Consists of changes in foreign currency exchange rates and default rate assumption changes
Forgivable Notes Receivable
Notes Receivable and Allowance for Losses [Line Items]
Past Due Balances Of Notes Receivable	Past due balances of forgivable notes receivable are as follows: 30-89 days Past Due > 90 days Past Due Total Past Due Current Total Notes Receivable (in thousands) As of March 31, 2016 Forgivable Notes $ — $ 1,131 $ 1,131 $ 46,468 $ 47,599 $ — $ 1,131 $ 1,131 $ 46,468 $ 47,599 As of December 31, 2015 Forgivable Notes $ — $ 1,161 $ 1,161 $ 43,172 $ 44,333 $ — $ 1,161 $ 1,161 $ 43,172 $ 44,333
Mezzanine & Other Notes Receivable
Notes Receivable and Allowance for Losses [Line Items]
Past Due Balances Of Notes Receivable	Past due balances of mezzanine and other notes receivable by credit quality indicators are as follows: 30-89 days Past Due > 90 days Past Due Total Past Due Current Total Notes Receivable (in thousands) As of March 31, 2016 Senior $ — $ — $ — $ 50,154 $ 50,154 Subordinated — — — 6,204 6,204 Unsecured — — — 4,416 4,416 $ — $ — $ — $ 60,774 $ 60,774 As of December 31, 2015 Senior $ — $ — $ — $ 40,388 $ 40,388 Subordinated — — — 6,197 6,197 Unsecured — — — 3,526 3,526 $ — $ — $ — $ 50,111 $ 50,111

Other Assets (Table)

Other Assets (Table)	3 Months Ended
Other Assets (Table)	Mar. 31, 2016
Other Assets, Noncurrent [Abstract]
Components Of Other Assets	Other assets consist of the following: March 31, 2016 December 31, 2015 (in thousands) Land and buildings $ 32,301 $ 10,206 Advances, marketing and reservation (see Note 4) 15,646 — Other assets 7,348 6,701 Total $ 55,295 $ 16,907

Deferred Revenue (Tables)

Deferred Revenue (Tables)	3 Months Ended
Deferred Revenue (Tables)	Mar. 31, 2016
Deferred Revenue and Credits [Abstract]
Components Of Deferred Revenue	Deferred revenue consists of the following: March 31, December 31, (in thousands) Loyalty programs $ 97,458 $ 62,258 Initial, relicensing and franchise fees 5,052 6,530 Procurement service fees 3,517 2,353 Other 6,049 446 Total $ 112,076 $ 71,587

Debt (Tables)

Debt (Tables)	3 Months Ended
Debt (Tables)	Mar. 31, 2016
Debt Disclosure [Abstract]
Schedule Of Components Of Debt	Debt consists of the following at: March 31, 2016 December 31, 2015 (in thousands) $400 million senior unsecured notes with an effective interest rate of 6.0% less deferred issuance costs of $5.2 million and $5.4 million at March 31, 2016 and December 31, 2015, respectively $ 394,789 $ 394,618 $250 million senior unsecured notes with an effective interest rate of 6.19%, less a discount and deferred issuance costs of $1.4 million at March 31, 2016 and December 31, 2015 248,645 248,568 $450 million senior unsecured credit facility with an effective interest rate of 1.94% and 1.87%, less deferred issuance costs of $2.8 million and $3.0 million at March 31, 2016 and December 31, 2015, respectively 235,488 156,025 Fixed rate collateralized mortgage with an effective interest rate of 4.57%, plus a fair value adjustment of $0.9 million at March 31, 2016 and December 31, 2015 9,896 10,048 Economic development loans with an effective rate interest rate of 3.0% at March 31, 2016 and December 31, 2015 3,712 3,712 Capital lease obligations due 2016 with an effective interest rate of 3.18% at March 31, 2016 and December 31, 2015 247 430 Other notes payable 686 735 Total debt $ 893,463 $ 814,136 Less current portion 1,016 1,191 Total long-term debt $ 892,447 $ 812,945

Accumulated Other Comprehensi32

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
Accumulated Other Comprehensive Loss (Tables)	Mar. 31, 2016
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Changes in Accumulated Other Comprehensive Loss	The following represents the changes in accumulated other comprehensive loss, net of tax, by component for the three months ended March 31, 2016 : Loss on Cash Flow Hedge Foreign Currency Items Total (in thousands) Beginning balance, December 31, 2015 $ (4,022 ) $ (4,756 ) $ (8,778 ) Other comprehensive income (loss) before reclassification — 1,528 1,528 Amounts reclassified from accumulated other comprehensive income (loss) 215 — 215 Net current period other comprehensive income (loss) 215 1,528 1,743 Ending balance, March 31, 2016 $ (3,807 ) $ (3,228 ) $ (7,035 )
Reclassifications From Accumulated Other Comprehensive Income (Loss)	The amounts reclassified from accumulated other comprehensive loss during the three months ended March 31, 2016 were reclassified to the following line items in the Company's Consolidated Statements of Income. Component Amount Reclassified from Accumulated Other Comprehensive Loss Affected Line Item in the Consolidated Statement of Net Income Three Months Ended March 31, 2016 (in thousands) Loss on cash flow hedge Interest rate contract $ 215 Interest expense — Tax (expense) benefit $ 215 Net of tax

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
Fair Value Measurements (Tables)	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Schedule Of Fair Value Of Assets	As of March 31, 2016 and December 31, 2015 , the Company had the following assets measured at fair value on a recurring basis: Fair Value Measurements at Reporting Date Using Total Level 1 Level 2 Level 3 Assets (in thousands) As of March 31, 2016 Money market funds, included in cash and cash equivalents $ 50,003 $ — $ 50,003 $ — Mutual funds (1) 16,737 16,737 — — Money market funds (1) 1,592 — 1,592 — $ 68,332 $ 16,737 $ 51,595 $ — As of December 31, 2015 Money market funds, included in cash and cash equivalents $ 50,001 $ — $ 50,001 $ — Mutual funds (1) 16,542 16,542 — — Money market funds (1) 1,307 — 1,307 — $ 67,850 $ 16,542 $ 51,308 $ — ________________________ (1) Included in Investments, employee benefit plans at fair value and other current assets on the consolidated balance sheets.

Share-Based Compensation and 34

Share-Based Compensation and Capital Stock (Tables)	3 Months Ended
Share-Based Compensation and Capital Stock (Tables)	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Weighted Average Assumptions Of Black-Scholes Option-Pricing Model	The fair value of the options granted was estimated on the grant date using the Black-Scholes option-pricing model with the following weighted average assumptions: 2016 Grants 2015 Grants Risk-free interest rate 1.22 % 1.45 % Expected volatility 23.76 % 23.94 % Expected life of stock option 4.6 years 4.6 years Dividend yield 1.59 % 1.23 % Requisite service period 4 years 4 years Contractual life 7 years 7 years Weighted average fair value of options granted (per option) $ 9.30 $ 12.39
Summary Of Activity Related To Restricted Stock Grants	The following table is a summary of activity related to restricted stock grants: Three Months Ended March 31, 2016 2015 Restricted share grants 125,110 85,792 Weighted average grant date fair value per share $ 51.49 $ 63.46 Aggregate grant date fair value ($000) $ 6,442 $ 5,445 Restricted shares forfeited 4,272 4,778 Vesting service period of shares granted 3-4 years 3-4 years Fair value of shares vested ($000) $ 6,303 $ 10,684
Summary Of Activity Related To PVRSU Grants	The following table is a summary of activity related to PVRSU grants: Three Months Ended March 31, 2016 2015 Performance vested restricted stock units granted at target 35,033 30,353 Weighted average grant date fair value per share $ 51.49 $ 63.47 Aggregate grant date fair value ($000) $ 1,804 $ 1,927 Stock units forfeited 28,193 — Requisite service period 3 years 3 years
Summary Of Change In Stock-Based Award Activity	A summary of stock-based award activity as of March 31, 2016 and changes during the three months ended are presented below: Stock Options Restricted Stock Performance Vested Restricted Stock Units Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Outstanding at January 1, 2016 2,084,201 $ 41.36 384,490 $ 47.40 226,737 $ 45.09 Granted 745,769 $ 51.49 125,110 $ 51.49 35,033 $ 51.49 Performance based leveraging (1) — $ — — $ — 2,043 $ 36.76 Exercised/Vested (190,830 ) $ 21.68 (128,061 ) $ 42.48 (28,188 ) $ 36.76 Expired — $ — — $ — — $ — Forfeited (10,104 ) $ 54.92 (4,272 ) $ 52.69 (28,193 ) $ 35.85 Outstanding at March 31, 2016 2,629,036 $ 45.61 4.9 years 377,267 $ 50.37 207,432 $ 48.48 Options exercisable at March 31, 2016 1,168,969 $ 36.69 3.2 years _________________________________ (1) PVRSU units outstanding have been increased by 2,043 units due to the Company exceeding the targeted performance conditions contained in PVRSUs granted in prior periods during the three months ended March 31, 2016 .
Pre-Tax Stock-Based Compensation Expenses And Associated Income Tax Benefits	The components of the Company’s pretax share-based compensation expense and associated income tax benefits are as follows for the three months ended March 31, 2016 and 2015 : Three Months Ended March 31, (in millions) 2016 2015 Stock options $ 1.1 $ 0.7 Restricted stock 1.8 1.8 Performance vested restricted stock units 0.6 0.3 Total $ 3.5 $ 2.8 Income tax benefits $ 1.3 $ 1.0

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
Earnings Per Share (Tables)	Mar. 31, 2016
Earnings Per Share [Abstract]
Computation Of Basic And Diluted Earnings Per Common Share	The computation of basic and diluted earnings per common share is as follows: Three Months Ended March 31, (In thousands, except per share amounts) 2016 2015 Computation of Basic Earnings Per Share: Numerator: Net income $ 19,598 $ 21,594 Income allocated to participating securities (131 ) (164 ) Net income available to common shareholders $ 19,467 $ 21,430 Denominator: Weighted average common shares outstanding – basic 56,025 57,003 Basic earnings per share $ 0.35 $ 0.38 Computation of Diluted Earnings Per Share: Numerator: Net income $ 19,598 $ 21,594 Income allocated to participating securities (131 ) (164 ) Net income available to common shareholders $ 19,467 $ 21,430 Denominator: Weighted average common shares outstanding – basic 56,025 57,003 Diluted effect of stock options and PVRSUs 282 583 Weighted average common shares outstanding – diluted 56,307 57,586 Diluted earnings per share $ 0.35 $ 0.37

Condensed Consolidating Finan36

Condensed Consolidating Financial Statements (Tables)	3 Months Ended
Condensed Consolidating Financial Statements (Tables)	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Condensed Consolidating Statement Of Income	Choice Hotels International, Inc. Condensed Consolidating Statement of Income For the Three Months Ended March 31, 2016 (Unaudited, in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated REVENUES: Royalty fees $ 60,274 $ 32,418 $ 10,915 $ (38,748 ) $ 64,859 Initial franchise and relicensing fees 5,056 — 100 — 5,156 Procurement services 5,622 — 174 — 5,796 Marketing and reservation 116,143 135,224 3,426 (128,432 ) 126,361 Other 2,999 74 2,057 (184 ) 4,946 Total revenues 190,094 167,716 16,672 (167,364 ) 207,118 OPERATING EXPENSES: Selling, general and administrative 39,227 28,762 6,062 (38,932 ) 35,119 Marketing and reservation 121,978 129,443 3,372 (128,432 ) 126,361 Depreciation and amortization 302 1,902 561 — 2,765 Total operating expenses 161,507 160,107 9,995 (167,364 ) 164,245 Operating income 28,587 7,609 6,677 — 42,873 OTHER INCOME AND EXPENSES, NET: Interest expense 10,948 1 143 — 11,092 Equity in earnings of consolidated subsidiaries (9,729 ) 807 — 8,922 — Other items, net (446 ) 1,282 567 — 1,403 Total other income and expenses, net 773 2,090 710 8,922 12,495 Income before income taxes 27,814 5,519 5,967 (8,922 ) 30,378 Income taxes 8,216 3,001 (437 ) — 10,780 Net income $ 19,598 $ 2,518 $ 6,404 $ (8,922 ) $ 19,598 Choice Hotels International, Inc. Condensed Consolidating Statement of Income For the Three Months Ended March 31, 2015 (Unaudited, in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated REVENUES: Royalty fees $ 57,587 $ 31,240 $ 11,155 $ (37,551 ) $ 62,431 Initial franchise and relicensing fees 5,496 — 221 — 5,717 Procurement services 4,666 — 141 — 4,807 Marketing and reservation 88,236 90,385 3,621 (83,529 ) 98,713 Other 3,102 — 475 — 3,577 Total revenues 159,087 121,625 15,613 (121,080 ) 175,245 OPERATING EXPENSES: Selling, general and administrative 38,699 28,052 3,238 (37,551 ) 32,438 Marketing and reservation 92,024 86,811 3,407 (83,529 ) 98,713 Depreciation and amortization 774 1,705 211 — 2,690 Total operating expenses 131,497 116,568 6,856 (121,080 ) 133,841 Operating income 27,590 5,057 8,757 — 41,404 OTHER INCOME AND EXPENSES, NET: Interest expense 10,032 — 147 — 10,179 Equity in earnings of consolidated subsidiaries (11,332 ) 138 — 11,194 — Other items, net (292 ) 297 186 — 191 Total other income and expenses, net (1,592 ) 435 333 11,194 10,370 Income before income taxes 29,182 4,622 8,424 (11,194 ) 31,034 Income taxes 7,588 2,284 (432 ) — 9,440 Net income $ 21,594 $ 2,338 $ 8,856 $ (11,194 ) $ 21,594
Condensed Consolidating Statement of Comprehensive Income	Choice Hotels International, Inc. Condensed Consolidating Statement of Comprehensive Income For the Three Months Ended March 31, 2016 (Unaudited, in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Net income $ 19,598 $ 2,518 $ 6,404 $ (8,922 ) $ 19,598 Other comprehensive income, net of tax: Amortization of loss on cash flow hedge 215 — — — 215 Foreign currency translation adjustment 1,528 — 1,528 (1,528 ) 1,528 Other comprehensive income, net of tax 1,743 — 1,528 (1,528 ) 1,743 Comprehensive income $ 21,341 $ 2,518 $ 7,932 $ (10,450 ) $ 21,341 Choice Hotels International, Inc. Condensed Consolidating Statement of Comprehensive Income For the Three Months Ended March 31, 2015 (Unaudited, in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Net income $ 21,594 $ 2,338 $ 8,856 $ (11,194 ) $ 21,594 Other comprehensive income (loss), net of tax: Amortization of loss on cash flow hedge 215 — — — 215 Foreign currency translation adjustment (1,447 ) — (1,447 ) 1,447 (1,447 ) Other comprehensive income (loss), net of tax (1,232 ) — (1,447 ) 1,447 (1,232 ) Comprehensive income $ 20,362 $ 2,338 $ 7,409 $ (9,747 ) $ 20,362
Condensed Consolidating Balance Sheet	Choice Hotels International, Inc. Condensed Consolidating Balance Sheet As of March 31, 2016 (Unaudited, in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated ASSETS Cash and cash equivalents $ 4,006 $ 97 $ 189,969 $ — $ 194,072 Receivables, net 92,653 1,383 8,900 (150 ) 102,786 Other current assets 36,443 21,060 7,739 (23,984 ) 41,258 Total current assets 133,102 22,540 206,608 (24,134 ) 338,116 Property and equipment, at cost, net 43,000 28,611 16,734 — 88,345 Goodwill 60,620 5,193 14,169 — 79,982 Franchise rights and other identifiable intangibles, net 2,983 1,013 8,029 — 12,025 Notes receivable, net of allowances 23,110 41,767 27,600 — 92,477 Investments, employee benefit plans, at fair value — 17,802 — — 17,802 Investment in affiliates 486,286 60,316 — (546,602 ) — Advances to affiliates 17,579 215,709 3,032 (236,320 ) — Deferred income taxes — 47,252 — (10,716 ) 36,536 Other assets 15,646 46,928 59,485 (79 ) 121,980 Total assets $ 782,326 $ 487,131 $ 335,657 $ (817,851 ) $ 787,263 LIABILITIES AND SHAREHOLDERS’ DEFICIT Accounts payable $ 7,995 $ 48,376 $ 4,398 $ (150 ) $ 60,619 Accrued expenses and other current liabilities 19,876 43,009 7,610 (23,879 ) 46,616 Deferred revenue 13,887 97,013 1,281 (105 ) 112,076 Current portion of long-term debt — 247 769 — 1,016 Total current liabilities 41,758 188,645 14,058 (24,134 ) 220,327 Long-term debt 878,921 3,712 9,814 — 892,447 Deferred compensation and retirement plan obligations — 22,404 11 — 22,415 Advances from affiliates 224,436 10,054 1,830 (236,320 ) — Deferred income taxes 8,632 — 2,863 (10,716 ) 779 Other liabilities 14,444 15,979 6,816 (79 ) 37,160 Total liabilities 1,168,191 240,794 35,392 (271,249 ) 1,173,128 Total shareholders’ (deficit) equity (385,865 ) 246,337 300,265 (546,602 ) (385,865 ) Total liabilities and shareholders’ deficit $ 782,326 $ 487,131 $ 335,657 $ (817,851 ) $ 787,263 Choice Hotels International, Inc. Condensed Consolidating Balance Sheet As of December 31, 2015 (in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated ASSETS Cash and cash equivalents $ 13,529 $ 19 $ 179,893 $ — $ 193,441 Receivables, net 79,381 1,132 8,992 (153 ) 89,352 Other current assets 19,029 14,176 5,331 (10,376 ) 28,160 Total current assets 111,939 15,327 194,216 (10,529 ) 310,953 Property and equipment, at cost, net 37,857 33,575 16,726 — 88,158 Goodwill 60,620 5,193 13,514 — 79,327 Franchise rights and other identifiable intangibles, net 2,965 1,013 7,970 — 11,948 Notes receivable, net of allowances 18,866 38,957 24,749 — 82,572 Investments, employee benefit plans, at fair value — 17,674 — — 17,674 Investment in affiliates 473,448 37,182 — (510,630 ) — Advances to affiliates 17,144 212,773 7,789 (237,706 ) — Deferred income taxes 10,664 33,936 — (2,166 ) 42,434 Other assets 319 45,383 38,348 (106 ) 83,944 Total assets $ 733,822 $ 441,013 $ 303,312 $ (761,137 ) $ 717,010 LIABILITIES AND SHAREHOLDERS’ DEFICIT Accounts payable $ 12,359 $ 48,238 $ 3,987 $ (153 ) $ 64,431 Accrued expenses and other current liabilities 29,099 45,601 6,378 (10,271 ) 70,807 Deferred revenue 8,749 61,890 1,053 (105 ) 71,587 Current portion of long-term debt — 430 761 — 1,191 Total current liabilities 50,207 156,159 12,179 (10,529 ) 208,016 Long-term debt 799,212 3,712 10,021 — 812,945 Deferred compensation and retirement plan obligations — 22,849 10 — 22,859 Advances from affiliates 235,629 257 1,820 (237,706 ) — Other liabilities 44,673 15,755 10,933 (2,272 ) 69,089 Total liabilities 1,129,721 198,732 34,963 (250,507 ) 1,112,909 Total shareholders’ (deficit) equity (395,899 ) 242,281 268,349 (510,630 ) (395,899 ) Total liabilities and shareholders' deficit $ 733,822 $ 441,013 $ 303,312 $ (761,137 ) $ 717,010
Condensed Consolidating Statement Of Cash Flows	Choice Hotels International, Inc. Condensed Consolidating Statement of Cash Flows For the Three Months Ended March 31, 2016 (Unaudited, in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Net cash provided (used) by operating activities $ (63,763 ) $ 28,508 $ 12,310 $ — $ (22,945 ) Cash Flows From Investing Activities: Investment in property and equipment (3,991 ) (1,076 ) (239 ) — (5,306 ) Proceeds from sales of assets — — 1,700 — 1,700 Acquisitions of real estate — — (25,389 ) — (25,389 ) Contributions to equity method investments — (4,273 ) (20 ) — (4,293 ) Distributions from equity method investments — — 67 — 67 Purchases of investments, employee benefit plans — (896 ) — — (896 ) Proceeds from sales of investments, employee benefit plans — 363 — — 363 Issuance of mezzanine and other notes receivable (4,684 ) — (2,803 ) — (7,487 ) Collections of mezzanine and other notes receivable 109 — — — 109 Advances to and investment in affiliates — (25,685 ) — 25,685 — Divestment in affiliates — 1,745 — (1,745 ) — Other items, net (162 ) — 26 — (136 ) Net cash used by investing activities (8,728 ) (29,822 ) (26,658 ) 23,940 (41,268 ) Cash Flows from Financing Activities: Net borrowings pursuant to revolving credit facilities 79,300 — (33 ) — 79,267 Principal payments on long-term debt — (183 ) (135 ) — (318 ) Purchases of treasury stock (8,857 ) — — — (8,857 ) Dividends paid (11,612 ) — — — (11,612 ) Excess tax benefits from stock-based compensation — 1,575 — — 1,575 Proceeds from contributions from affiliates — — 25,685 (25,685 ) — Distributions to affiliates — — (1,745 ) 1,745 — Proceeds from exercise of stock options 4,137 — — — 4,137 Net cash provided by financing activities 62,968 1,392 23,772 (23,940 ) 64,192 Net change in cash and cash equivalents (9,523 ) 78 9,424 — (21 ) Effect of foreign exchange rate changes on cash and cash equivalents — — 652 — 652 Cash and cash equivalents at beginning of period 13,529 19 179,893 — 193,441 Cash and cash equivalents at end of period $ 4,006 $ 97 $ 189,969 $ — $ 194,072 Choice Hotels International, Inc. Condensed Consolidating Statement of Cash Flows For the Three Months Ended March 31, 2015 (Unaudited, in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Net cash provided (used) by operating activities $ (20,715 ) $ (2,457 ) $ 7,337 $ — $ (15,835 ) Cash Flows From Investing Activities: Investment in property and equipment (4,712 ) (2,060 ) (32 ) — (6,804 ) Proceeds from sales of assets — — 1,592 — 1,592 Equity method investments — (1,177 ) (744 ) — (1,921 ) Purchases of investments, employee benefit plans — (1,089 ) — — (1,089 ) Proceeds from sales of investments, employee benefit plans — 925 — — 925 Collections of mezzanine and other notes receivable 105 — — — 105 Advances to and investments in affiliates — (35 ) — 35 — Divestment in affiliates — 1,592 — (1,592 ) — Other items, net (77 ) — — — (77 ) Net cash provided (used) by investing activities (4,684 ) (1,844 ) 816 (1,557 ) (7,269 ) Cash Flows from Financing Activities: Net borrowings pursuant to revolving credit facility 20,700 — — — 20,700 Principal payments on long-term debt (2,813 ) (177 ) (92 ) — (3,082 ) Proceeds from contributions from affiliates — — 35 (35 ) — Purchases of treasury stock (6,227 ) — — — (6,227 ) Dividends paid (11,710 ) — — — (11,710 ) Excess tax benefits from stock-based compensation — 4,473 — — 4,473 Distributions to affiliates — — (1,592 ) 1,592 — Proceeds from exercise of stock options 5,619 — — — 5,619 Net cash provided (used) by financing activities 5,569 4,296 (1,649 ) 1,557 9,773 Net change in cash and cash equivalents (19,830 ) (5 ) 6,504 — (13,331 ) Effect of foreign exchange rate changes on cash and cash equivalents — — (1,004 ) — (1,004 ) Cash and cash equivalents at beginning of period 25,290 25 189,564 — 214,879 Cash and cash equivalents at end of period $ 5,460 $ 20 $ 195,064 $ — $ 200,544

Reportable Segment Information

Reportable Segment Information (Tables)	3 Months Ended
Reportable Segment Information (Tables)	Mar. 31, 2016
Segment Reporting [Abstract]
Schedule Of Financial Information For Company's Franchising Segment	The following table presents the financial information for the Company's segments: Three Months Ended March 31, 2016 Three Months Ended March 31, 2015 (In thousands) Franchising SkyTouch Technology Corporate & Consolidated Franchising SkyTouch Technology Corporate & Consolidated Revenues $ 205,089 $ 406 $ 1,623 $ 207,118 $ 174,642 $ 270 $ 333 $ 175,245 Operating income (loss) $ 58,592 $ (4,325 ) $ (11,394 ) $ 42,873 $ 57,457 $ (5,430 ) $ (10,623 ) $ 41,404 Income (loss) from continuing operations before income taxes $ 56,412 $ (4,325 ) $ (21,709 ) $ 30,378 $ 56,452 $ (5,430 ) $ (19,988 ) $ 31,034

Acquisitions (Tables)

Acquisitions (Tables)	3 Months Ended
Acquisitions (Tables)	Mar. 31, 2016
Business Combinations [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The Company has completed its assessment of the fair value of the assets acquired and as a result the allocation is final. The results of operations, assets and liabilities have been reflected within the Company's franchising segment. The fair value of the assets and liabilities and associated useful lives are as follows: Estimated Fair Value (in thousands) Useful Lives Land $ 14,548 Not depreciated (1) Land Improvements 100 5 years Building 10,499 30 years (1) Leasehold Value (24 ) Not depreciated (2) Lease in Place 327 Not depreciated (2) Leasing Commission 51 Not depreciated (2) Other Assets 303 Total Assets Acquired 25,804 Other Liabilities (240 ) (3) Cash paid, net of cash acquired $ 25,564 (1) Amount includes $0.4 million and $2.2 million classified on the balance sheet as held for sale (2) Amount classified on the balance sheet as held for sale (3) Includes $0.1 million recorded in held for sale

Company Information and Signi39

Company Information and Significant Accounting Policies Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Accounts Payable
Significant Accounting Policies [Line Items]
Book overdrafts	$ 8.1	$ 10.8

Other Current Assets Schedule o

Other Current Assets Schedule of Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Assets, Current [Abstract]
Prepaid expenses	$ 19,880	$ 14,144
Other current assets	3,168	1,725
Assets held for sale	2,890	1,698
Total	$ 25,938	$ 17,567

Notes Receivable and Allowanc41

Notes Receivable and Allowance for Losses Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)category	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)
Notes Receivable and Allowance for Losses [Line Items]
Number of categories, credit losses for notes receivable \| category	2
Notes receivable	$ 108,373		$ 94,444
Loan reserves	7,710		6,765
Amortization expense	2,765	$ 2,690
Forgivable Notes Receivable
Notes Receivable and Allowance for Losses [Line Items]
Notes receivable	47,599		44,333
Loan reserves	4,849		4,615
Amortization expense	2,200	1,800
Mezzanine & Other Notes Receivable
Notes Receivable and Allowance for Losses [Line Items]
Notes receivable	60,774		50,111
Loan reserves	2,861		2,150
Mezzanine & Other Notes Receivable \| Impaired Loans
Notes Receivable and Allowance for Losses [Line Items]
Impaired receivables, recorded investment	1,900		800
Impaired receivables, related allowance	1,600		800
Average notes receivable, nonaccrual status	800	800
Interest income, impaired loans	43	$ 33
Mezzanine & Other Notes Receivable \| Non-impaired Loans
Notes Receivable and Allowance for Losses [Line Items]
Loan reserves	$ 1,200		$ 1,400

Notes Receivable and Allowanc42

Notes Receivable and Allowance for Losses Schedule Of Notes Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Notes Receivable and Allowance for Losses [Line Items]
Notes receivable	$ 108,373	$ 94,444
Allowance for losses on non-impaired loans	6,063	5,979
Allowance for losses on receivables specifically evaluated for impairment	1,647	786
Total loan reserves	7,710	6,765
Net carrying value	100,663	87,679
Current portion, net	8,186	5,107
Long-term portion, net	92,477	82,572
Forgivable Notes Receivable
Notes Receivable and Allowance for Losses [Line Items]
Notes receivable	47,599	44,333
Allowance for losses on non-impaired loans	4,849	4,615
Allowance for losses on receivables specifically evaluated for impairment	0	0
Total loan reserves	4,849	4,615
Net carrying value	42,750	39,718
Current portion, net	160	143
Long-term portion, net	42,590	39,575
Mezzanine & Other Notes Receivable
Notes Receivable and Allowance for Losses [Line Items]
Notes receivable	60,774	50,111
Allowance for losses on non-impaired loans	1,214	1,364
Allowance for losses on receivables specifically evaluated for impairment	1,647	786
Total loan reserves	2,861	2,150
Net carrying value	57,913	47,961
Current portion, net	8,026	4,964
Long-term portion, net	49,887	42,997
Senior
Notes Receivable and Allowance for Losses [Line Items]
Notes receivable	50,154	40,388
Senior \| Forgivable Notes Receivable
Notes Receivable and Allowance for Losses [Line Items]
Notes receivable	0	0
Senior \| Mezzanine & Other Notes Receivable
Notes Receivable and Allowance for Losses [Line Items]
Notes receivable	50,154	40,388
Subordinated
Notes Receivable and Allowance for Losses [Line Items]
Notes receivable	6,204	6,197
Subordinated \| Forgivable Notes Receivable
Notes Receivable and Allowance for Losses [Line Items]
Notes receivable	0	0
Subordinated \| Mezzanine & Other Notes Receivable
Notes Receivable and Allowance for Losses [Line Items]
Notes receivable	6,204	6,197
Unsecured
Notes Receivable and Allowance for Losses [Line Items]
Notes receivable	52,015	47,859
Unsecured \| Forgivable Notes Receivable
Notes Receivable and Allowance for Losses [Line Items]
Notes receivable	47,599	44,333
Unsecured \| Mezzanine & Other Notes Receivable
Notes Receivable and Allowance for Losses [Line Items]
Notes receivable	$ 4,416	$ 3,526

Notes Receivable and Allowanc43

Notes Receivable and Allowance for Losses Summary Of Activity Related To Allowance For Losses (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)
Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning balance	$ 6,765
Ending balance	7,710
Forgivable Notes Receivable
Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning balance	4,615
Provisions	470
Recoveries	(29)
Write-offs	(273)
Other	66	[1]
Ending balance	4,849
Mezzanine & Other Notes Receivable
Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning balance	2,150
Provisions	861
Recoveries	0
Write-offs	(150)
Other	0	[1]
Ending balance	$ 2,861

[1]	Consists of changes in foreign currency exchange rates and default rate assumption changes

Notes Receivable and Allowanc44

Notes Receivable and Allowance for Losses Past Due Balances Of Mezzanine And Other Notes Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Forgivable Notes Receivable
Notes Receivable and Allowance for Losses [Line Items]
Total Past Due	$ 1,131	$ 1,161
Current	46,468	43,172
Total Notes Receivable	47,599	44,333
Mezzanine & Other Notes Receivable
Notes Receivable and Allowance for Losses [Line Items]
Total Past Due	0	0
Current	60,774	50,111
Total Notes Receivable	60,774	50,111
Mezzanine & Other Notes Receivable \| Senior
Notes Receivable and Allowance for Losses [Line Items]
Total Past Due	0	0
Current	50,154	40,388
Total Notes Receivable	50,154	40,388
Mezzanine & Other Notes Receivable \| Subordinated
Notes Receivable and Allowance for Losses [Line Items]
Total Past Due	0	0
Current	6,204	6,197
Total Notes Receivable	6,204	6,197
Mezzanine & Other Notes Receivable \| Unsecured
Notes Receivable and Allowance for Losses [Line Items]
Total Past Due	0	0
Current	4,416	3,526
Total Notes Receivable	4,416	3,526
Financing Receivables, 30 to 89 Days Past Due \| Forgivable Notes Receivable
Notes Receivable and Allowance for Losses [Line Items]
Total Past Due	0	0
Financing Receivables, 30 to 89 Days Past Due \| Mezzanine & Other Notes Receivable
Notes Receivable and Allowance for Losses [Line Items]
Total Past Due	0	0
Financing Receivables, 30 to 89 Days Past Due \| Mezzanine & Other Notes Receivable \| Senior
Notes Receivable and Allowance for Losses [Line Items]
Total Past Due	0	0
Financing Receivables, 30 to 89 Days Past Due \| Mezzanine & Other Notes Receivable \| Subordinated
Notes Receivable and Allowance for Losses [Line Items]
Total Past Due	0	0
Financing Receivables, 30 to 89 Days Past Due \| Mezzanine & Other Notes Receivable \| Unsecured
Notes Receivable and Allowance for Losses [Line Items]
Total Past Due	0	0
Financing Receivables, Equal to Greater than 90 Days Past Due \| Forgivable Notes Receivable
Notes Receivable and Allowance for Losses [Line Items]
Total Past Due	1,131	1,161
Financing Receivables, Equal to Greater than 90 Days Past Due \| Mezzanine & Other Notes Receivable
Notes Receivable and Allowance for Losses [Line Items]
Total Past Due	0	0
Financing Receivables, Equal to Greater than 90 Days Past Due \| Mezzanine & Other Notes Receivable \| Senior
Notes Receivable and Allowance for Losses [Line Items]
Total Past Due	0	0
Financing Receivables, Equal to Greater than 90 Days Past Due \| Mezzanine & Other Notes Receivable \| Subordinated
Notes Receivable and Allowance for Losses [Line Items]
Total Past Due	0	0
Financing Receivables, Equal to Greater than 90 Days Past Due \| Mezzanine & Other Notes Receivable \| Unsecured
Notes Receivable and Allowance for Losses [Line Items]
Total Past Due	$ 0	$ 0

Marketing and Reservation Act45

Marketing and Reservation Activities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Advances, Marketing and Reservation Activities [Line Items]
Advances, marketing, and reservation	$ (15,646)		$ 0
Depreciation and amortization	2,765	$ 2,690
Interest expense	11,092	10,179
Marketing And Reservation Fees
Advances, Marketing and Reservation Activities [Line Items]
Depreciation and amortization	5,900	5,400
Interest expense	3	$ 9
Other Assets
Advances, Marketing and Reservation Activities [Line Items]
Advances, marketing, and reservation	$ (15,600)
Other Long-term Liabilities
Advances, Marketing and Reservation Activities [Line Items]
Advances, marketing, and reservation			$ 30,700

Other Assets Components Of Othe

Other Assets Components Of Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Other Assets, Noncurrent [Abstract]
Land and buildings	$ 32,301	$ 10,206
Marketing and reservation receivable	15,646	0
Other assets	7,348	6,701
Total	$ 55,295	$ 16,907

Investments in Unconsolidated47

Investments in Unconsolidated Entities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Investments in joint ventures included in unconsolidated entities	$ 64		$ 64.3
Net income (loss) attributable to variable interest entities	$ (2.4)	$ (1.2)

Deferred Revenue Components Of

Deferred Revenue Components Of Deferred Revenue (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Deferred Revenue [Line Items]
Deferred revenue	$ 112,076	$ 71,587
Loyalty programs
Deferred Revenue [Line Items]
Deferred revenue	97,458	62,258
Initial, relicensing and franchise fees
Deferred Revenue [Line Items]
Deferred revenue	5,052	6,530
Procurement service fees
Deferred Revenue [Line Items]
Deferred revenue	3,517	2,353
Other
Deferred Revenue [Line Items]
Deferred revenue	$ 6,049	$ 446

Debt Schedule Of Components Of

Debt Schedule Of Components Of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Jun. 27, 2012	Aug. 25, 2010
Debt [Line Items]
Total debt	$ 893,463	$ 814,136
Less current portion	1,016	1,191
Total long-term debt	892,447	812,945
Senior \| $400 Million Senior Notes
Debt [Line Items]
Total debt	$ 394,789	$ 394,618
Debt instrument effective interest rate (percentage)	6.00%	6.00%	6.00%
Deferred issuance costs	$ 5,200	$ 5,400
Senior \| $250 Million Senior Notes
Debt [Line Items]
Total debt	$ 248,645	$ 248,568
Debt instrument effective interest rate (percentage)	6.19%	6.19%		6.19%
Discount and deferred issuance costs	$ 1,400	$ 1,400
Revolving Credit Facility \| $450 Million Unsecured Revolving Credit Facility
Debt [Line Items]
Total debt	$ 235,488	$ 156,025
Debt instrument effective interest rate (percentage)	1.94%	1.87%
Deferred issuance costs	$ 2,800	$ 3,000
Collateralized mortgage
Debt [Line Items]
Total debt	$ 9,896	$ 10,048
Debt instrument effective interest rate (percentage)	4.57%	4.57%
Fair value adjustment	$ 900	$ 900
Economic Development Loans
Debt [Line Items]
Total debt	$ 3,712	$ 3,712
Debt instrument effective interest rate (percentage)	3.00%	3.00%
Capital Lease Obligations
Debt [Line Items]
Total debt	$ 247	$ 430
Debt instrument effective interest rate (percentage)	3.18%	3.18%
Other Notes Payable
Debt [Line Items]
Total debt	$ 686	$ 735

Debt Narrative (Details)

Debt Narrative (Details)	Jul. 21, 2015USD ($)	Apr. 30, 2013USD ($)	Aug. 23, 2012USD ($)	Jun. 27, 2012USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 30, 2014USD ($)	Aug. 25, 2010USD ($)
2012 special cash dividend \| 2012 special cash dividend
Debt [Line Items]
Payments of special dividends			$ 600,700,000
Collateralized mortgage
Debt [Line Items]
Debt instrument stated interest rate (percentage)							7.26%
Debt instrument effective interest rate (percentage)					4.57%	4.57%
Collateralized mortgage							$ 9,500,000
Collateralized mortgage, future balloon payment							6,900,000
Debt premium							$ 1,200,000
Economic Development Loans
Debt [Line Items]
Debt instrument stated interest rate (percentage)					3.00%
Debt instrument effective interest rate (percentage)					3.00%	3.00%
Economic development agreements - total advances agreed upon		$ 4,400,000
Economic development agreements - advances received					$ 3,700,000
Economic development agreements - advances not yet received					700,000
Economic development agreements - term		10 years
$400 Million Senior Notes \| Senior
Debt [Line Items]
Debt instrument face amount				$ 400,000,000	$ 400,000,000	$ 400,000,000
Debt instrument stated interest rate (percentage)				5.75%
Debt instrument effective interest rate (percentage)				6.00%	6.00%	6.00%
Debt instrument maturity date				Jul. 1, 2022
$250 Million Senior Notes \| Senior
Debt [Line Items]
Debt instrument face amount					$ 250,000,000	$ 250,000,000		$ 250,000,000
Debt instrument stated interest rate (percentage)								5.70%
Debt instrument effective interest rate (percentage)					6.19%	6.19%		6.19%
Senior notes, discount								$ 600,000
$450 Million Unsecured Revolving Credit Facility \| Revolving Credit Facility
Debt [Line Items]
Debt instrument face amount	$ 450,000,000				$ 450,000,000	$ 450,000,000
Debt instrument effective interest rate (percentage)					1.94%	1.87%
Debt instrument, extension, term	1 year
Debt instrument additional borrowing capacity	$ 150,000,000
Credit facility, unused capacity, commitment fee percentage	0.20%
$450 Million Unsecured Revolving Credit Facility \| Revolving Credit Facility \| Minimum
Debt [Line Items]
Credit Facility, Commitment Fee Percentage	0.10%
Total leverage ratio	4
Fixed charge coverage ratio	2.5
$450 Million Unsecured Revolving Credit Facility \| Revolving Credit Facility \| Maximum
Debt [Line Items]
Credit Facility, Commitment Fee Percentage	0.25%
Total leverage ratio	4.5
$450 Million Unsecured Revolving Credit Facility \| Revolving Credit Facility \| London Interbank Offered Rate (LIBOR) \| Minimum
Debt [Line Items]
Debt instrument, basis spread on variable rate (percentage)	1.35%
$450 Million Unsecured Revolving Credit Facility \| Revolving Credit Facility \| London Interbank Offered Rate (LIBOR) \| Maximum
Debt [Line Items]
Debt instrument, basis spread on variable rate (percentage)	1.75%
$450 Million Unsecured Revolving Credit Facility \| Revolving Credit Facility \| Base rate \| Minimum
Debt [Line Items]
Debt instrument, basis spread on variable rate (percentage)	0.35%
$450 Million Unsecured Revolving Credit Facility \| Revolving Credit Facility \| Base rate \| Maximum
Debt [Line Items]
Debt instrument, basis spread on variable rate (percentage)	0.75%
$450 Million Unsecured Revolving Credit Facility \| Revolving Credit Facility \| Total Leverage Ratio exceeds 4.00 to 1.00
Debt [Line Items]
Credit facility, dividend restriction	$ 50,000,000
$450 Million Unsecured Revolving Credit Facility \| Revolving Credit Facility \| Alternative currency loans
Debt [Line Items]
Revolver maximum borrowing capacity	35,000,000
$450 Million Unsecured Revolving Credit Facility \| Revolving Credit Facility \| Swing line loans
Debt [Line Items]
Revolver maximum borrowing capacity	$ 15,000,000

Accumulated Other Comprehensi51

Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss, Net of Tax(Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance, December 31, 2015	$ (395,899)
Other comprehensive income (loss) before reclassification	1,528
Amounts reclassified from accumulated other comprehensive income (loss)	215
Net current period other comprehensive income (loss)	1,743
Ending balance, March 31, 2016	(385,865)
Loss on Cash Flow Hedge
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance, December 31, 2015	(4,022)
Other comprehensive income (loss) before reclassification	0
Amounts reclassified from accumulated other comprehensive income (loss)	215
Net current period other comprehensive income (loss)	215
Ending balance, March 31, 2016	(3,807)
Foreign Currency Items
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance, December 31, 2015	(4,756)
Other comprehensive income (loss) before reclassification	1,528
Amounts reclassified from accumulated other comprehensive income (loss)	0
Net current period other comprehensive income (loss)	1,528
Ending balance, March 31, 2016	(3,228)
AOCI Attributable to Parent
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance, December 31, 2015	(8,778)
Ending balance, March 31, 2016	$ (7,035)

Accumulated Other Comprehensi52

Accumulated Other Comprehensive Loss - Amounts Reclassified from Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Accumulated Other Comprehensive Income (Loss) [Line Items]
Tax (expense) benefit	$ (10,780)	$ (9,440)
Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net of tax	215
Interest rate contract \| Loss on Cash Flow Hedge \| Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Interest expense	215
Tax (expense) benefit	$ 0

Non-Qualified Retirement, Sav53

Non-Qualified Retirement, Savings and Investment Plans (Details) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)plan	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)
Compensation Related Costs [Abstract]
Number of non-qualified retirement savings and investment plans \| plan	2
Deferred compensation liability, current and long-term	$ 22.9		$ 23
Increase (decrease) in compensation expense	0.1	$ 0.5
Diversified investments held in trust	18.3		$ 17.8
Restricted Investments, Current	0.5
Investment gains (losses)	$ (0.1)	$ 0.2

Fair Value Measurements Narrati

Fair Value Measurements Narrative (Details) - USD ($)	3 Months Ended
Fair Value Measurements Narrative (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015	Jun. 27, 2012	Aug. 25, 2010
Level 1
Fair Value Measurements [Line Items]
Defined benefit plan, transfers between measurement levels	$ 0
Level 2
Fair Value Measurements [Line Items]
Defined benefit plan, transfers between measurement levels	0
Level 3
Fair Value Measurements [Line Items]
Defined benefit plan, transfers between measurement levels	0
Senior \| $400 Million Senior Notes
Fair Value Measurements [Line Items]
Debt instrument face amount	400,000,000	$ 400,000,000	$ 400,000,000
Senior \| $400 Million Senior Notes \| Level 2
Fair Value Measurements [Line Items]
Debt instrument fair value	430,000,000	432,000,000
Senior \| $250 Million Senior Notes
Fair Value Measurements [Line Items]
Debt instrument face amount	250,000,000	250,000,000		$ 250,000,000
Senior \| $250 Million Senior Notes \| Level 2
Fair Value Measurements [Line Items]
Debt instrument fair value	$ 271,300,000	$ 267,700,000

Fair Value Measurements Schedul

Fair Value Measurements Schedule Of Fair Value Of Assets (Details) - Fair value, measurements, recurring - USD ($) $ in Thousands		Mar. 31, 2016	Dec. 31, 2015
Fair Value Measurements [Line Items]
Assets measured at fair value		$ 68,332	$ 67,850
Money market funds \| Cash and Cash Equivalents
Fair Value Measurements [Line Items]
Money market funds, included in cash and cash equivalents		50,003	50,001
Money market funds \| Investments, employee benefit plans, at fair value
Fair Value Measurements [Line Items]
Mutual funds and money market funds, fair value	[1]	1,592	1,307
Mutual funds \| Investments, employee benefit plans, at fair value
Fair Value Measurements [Line Items]
Mutual funds and money market funds, fair value	[1]	16,737	16,542
Level 1
Fair Value Measurements [Line Items]
Assets measured at fair value		16,737	16,542
Level 1 \| Money market funds \| Cash and Cash Equivalents
Fair Value Measurements [Line Items]
Money market funds, included in cash and cash equivalents		0	0
Level 1 \| Money market funds \| Investments, employee benefit plans, at fair value
Fair Value Measurements [Line Items]
Mutual funds and money market funds, fair value	[1]	0	0
Level 1 \| Mutual funds \| Investments, employee benefit plans, at fair value
Fair Value Measurements [Line Items]
Mutual funds and money market funds, fair value	[1]	16,737	16,542
Level 2
Fair Value Measurements [Line Items]
Assets measured at fair value		51,595	51,308
Level 2 \| Money market funds \| Cash and Cash Equivalents
Fair Value Measurements [Line Items]
Money market funds, included in cash and cash equivalents		50,003	50,001
Level 2 \| Money market funds \| Investments, employee benefit plans, at fair value
Fair Value Measurements [Line Items]
Mutual funds and money market funds, fair value	[1]	1,592	1,307
Level 2 \| Mutual funds \| Investments, employee benefit plans, at fair value
Fair Value Measurements [Line Items]
Mutual funds and money market funds, fair value	[1]	0	0
Level 3
Fair Value Measurements [Line Items]
Assets measured at fair value		0	0
Level 3 \| Money market funds \| Cash and Cash Equivalents
Fair Value Measurements [Line Items]
Money market funds, included in cash and cash equivalents		0	0
Level 3 \| Money market funds \| Investments, employee benefit plans, at fair value
Fair Value Measurements [Line Items]
Mutual funds and money market funds, fair value	[1]	0	0
Level 3 \| Mutual funds \| Investments, employee benefit plans, at fair value
Fair Value Measurements [Line Items]
Mutual funds and money market funds, fair value	[1]	$ 0	$ 0

[1]	Included in Investments, employee benefit plans at fair value and other current assets on the consolidated balance sheets.

Income Taxes Narrative (Details

Income Taxes Narrative (Details) - Continuing Operations - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Taxes [Line Items]
Effective income tax rate (percent)	35.50%	30.40%
Federal income tax rate (percent)	35.00%	35.00%
Unfavorable adjustment to tax rate benefit from foreign operations	$ 1.2

Share-Based Compensation and 57

Share-Based Compensation and Capital Stock Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Share-Based Compensation and Capital Stock [Line Items]
Stock options granted, shares	745,769	500,000
Stock options granted, fair value	$ 6,900	$ 6,200
Aggregate intrinsic value of stock options, outstanding	26,700
Aggregate intrinsic value of stock options, exercisable	21,400
Intrinsic value of stock options exercised	4,400	8,500
Proceeds from exercise of stock options	$ 4,137	$ 5,619
Stock options exercised (in shares)	190,830	228,963
Share-based Compensation Expense	$ 3,500	$ 2,800
Periodic dividend (in dollars per share)	$ 0.205
Cash dividends declared per share (in dollars per share)	$ 0.205	$ 0.195
Dividends declared	$ 11,600
Common stock purchased under stock repurchase program (in shares)	100,000
Stock Repurchased During Period, Value	$ 3,600
Shares redeemed for tax withholding for share based compensation (in shares)	116,223
Payments related to tax withholding for share-based compensation	$ 5,300
Performance Vested Restricted Stock Units
Share-Based Compensation and Capital Stock [Line Items]
Grants vested (in shares)	28,188	42,326
Grants vested, total fair value		$ 1,500
Grants vested, initial target (in shares)		38,476
Grants vested, performance percentage achieved		110.00%
Restricted shares forfeited (in shares)	28,193	0
Increase in shares due to performance percentage achieved (in shares)	2,043	3,850
Share-based Compensation Expense	$ 600	$ 300
Dividends declared	$ 100	$ 500
Performance Vested Restricted Stock Units \| Tranche One
Share-Based Compensation and Capital Stock [Line Items]
Grants vested (in shares)	22,062
Grants vested, total fair value	$ 800
Grants vested, initial target (in shares)	44,118
Grants vested, performance percentage achieved	50.00%
Restricted shares forfeited (in shares)	22,056
Performance Vested Restricted Stock Units \| Tranche Two
Share-Based Compensation and Capital Stock [Line Items]
Grants vested (in shares)	6,126
Grants vested, total fair value	$ 200
Grants vested, initial target (in shares)	4,083
Grants vested, performance percentage achieved	150.00%
Increase in shares due to performance percentage achieved (in shares)	2,043
Performance Vested Restricted Stock Units \| Minimum
Share-Based Compensation and Capital Stock [Line Items]
Vesting range (percentage)	0.00%
Award targets currently estimated to be achieved (percentage)	0.00%
Performance Vested Restricted Stock Units \| Maximum
Share-Based Compensation and Capital Stock [Line Items]
Vesting range (percentage)	200.00%
Award targets currently estimated to be achieved (percentage)	175.00%

Share-Based Compensation and 58

Share-Based Compensation and Capital Stock Weighted Average Assumptions Of Black-Scholes Option-Pricing Model (Details) - Stock options - $ / shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Share-Based Compensation and Capital Stock [Line Items]
Risk-free interest rate (percent)	1.22%	1.45%
Expected volatility (percent)	23.76%	23.94%
Expected life of stock option	4 years 7 months 6 days	4 years 7 months 6 days
Dividend yield (percent)	1.59%	1.23%
Requisite service period	4 years	4 years
Contractual life	7 years	7 years
Weighted average fair value of options granted (in dollars per share)	$ 9.30	$ 12.39

Share-Based Compensation and 59

Share-Based Compensation and Capital Stock Summary Of Activity Related To Restricted Stock Grants (Details) - Restricted stock - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Share-Based Compensation and Capital Stock [Line Items]
Restricted share grants	125,110	85,792
Weighted average grant date fair value per share (in dollars per share)	$ 51.49	$ 63.46
Aggregate grant date fair value ($000)	$ 6,442	$ 5,445
Restricted shares forfeited (in shares)	4,272	4,778
Fair value of shares vested ($000)	$ 6,303	$ 10,684
Minimum
Share-Based Compensation and Capital Stock [Line Items]
Vesting service period of shares granted	3 years	3 years
Maximum
Share-Based Compensation and Capital Stock [Line Items]
Vesting service period of shares granted	4 years	4 years

Share-Based Compensation and 60

Share-Based Compensation and Capital Stock Summary Of Activity Related To PVRSU Grants (Details) - Performance Vested Restricted Stock Units - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Share-Based Compensation and Capital Stock [Line Items]
Performance vested restricted stock units granted at target	35,033	30,353
Weighted average grant date fair value per share (in dollars per share)	$ 51.49	$ 63.47
Aggregate grant date fair value ($000)	$ 1,804	$ 1,927
Stock units forfeited (in shares)	28,193	0
Requisite service period	3 years	3 years

Share-Based Compensation and 61

Share-Based Compensation and Capital Stock Summary of Change in Stock-Based Award Activity (Details) - $ / shares		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding, beginning balance - Shares		2,084,201
Granted - Shares		745,769	500,000
Exercised - Shares		(190,830)	(228,963)
Expired - Shares		0
Forfeited - Shares		(10,104)
Outstanding, ending balance - Shares		2,629,036	2,200,000
Options exercisable, ending balance - Shares		1,168,969
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Outstanding, beginning balance - Weighted average exercise price (in dollars per share)		$ 41.36
Granted - Weighted average exercise price (in dollars per share)		51.49
Exercised - Weighted average exercise price (in dollars per share)		21.68
Expired - Weighted average exercise price (in dollars per share)		0
Forfeited - Weighted average exercise price (in dollars per share)		54.92
Outstanding, ending balance - Weighted average exercise price (in dollars per share)		45.61
Options Exercisable, ending balance - Weighted average exercise price (in dollars per share)		$ 36.69
Share-based Compensation Arrangement by Share-based Payment Award, Options, Weighted Average Remaining Contractual Term [Roll Forward]
Weighted Average Remaining Contractual Term - Outstanding, ending balance		4 years 10 months 9 days
Weighted Average Remaining Contractual Term - Options Exercisable, ending balance		3 years 2 months 24 days
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Outstanding, beginning balance - Shares		384,490
Restricted share grants		125,110	85,792
Vested - Shares		(128,061)
Forfeited - Shares		(4,272)	(4,778)
Outstanding, ending balance - Shares		377,267
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Outstanding, beginning balance - Weighted average grant date fair value (in dollars per share)		$ 47.40
Granted - Weighted average grant date fair value (in dollars per share)		51.49	$ 63.46
Vested - Weighted average grant date fair value (in dollars per share)		42.48
Forfeited - Weighted average grant date fair value (in dollars per share)		52.69
Outstanding, ending balance - Weighted average grant date fair value (in dollars per share)		$ 50.37
Performance Vested Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Outstanding, beginning balance - Shares		226,737
Restricted share grants		35,033	30,353
Performance-based leveraging - Shares		2,043	3,850
Vested - Shares		(28,188)	(42,326)
Forfeited - Shares		(28,193)	0
Outstanding, ending balance - Shares		207,432
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Outstanding, beginning balance - Weighted average grant date fair value (in dollars per share)		$ 45.09
Granted - Weighted average grant date fair value (in dollars per share)		51.49	$ 63.47
Performance-Based Leveraging - Weighted average grant date fair value (in dollars per share)	[1]	36.76
Vested - Weighted average grant date fair value (in dollars per share)		36.76
Forfeited - Weighted average grant date fair value (in dollars per share)		35.85
Outstanding, ending balance - Weighted average grant date fair value (in dollars per share)		$ 48.48
Tranche Two \| Performance Vested Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Performance-based leveraging - Shares		2,043
Vested - Shares		(6,126)

[1]	PVRSU units outstanding have been increased by 2,043 units due to the Company exceeding the targeted performance conditions contained in PVRSUs granted in prior periods during the three months ended March 31, 2016.

Share-Based Compensation and 62

Share-Based Compensation and Capital Stock Pre-Tax Stock-Based Compensation Expenses And Associated Income Tax Benefits (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Share-Based Compensation and Capital Stock [Line Items]
Pretax share-based compensation expense	$ 3.5	$ 2.8
Income tax benefits	1.3	1
Stock options
Share-Based Compensation and Capital Stock [Line Items]
Pretax share-based compensation expense	1.1	0.7
Restricted stock
Share-Based Compensation and Capital Stock [Line Items]
Pretax share-based compensation expense	1.8	1.8
Performance Vested Restricted Stock Units
Share-Based Compensation and Capital Stock [Line Items]
Pretax share-based compensation expense	$ 0.6	$ 0.3

Earnings Per Share Computation

Earnings Per Share Computation Of Basic And Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Numerator:
Net income	$ 19,598	$ 21,594
Income allocated to participating securities	(131)	(164)
Net income available to common shareholders	$ 19,467	$ 21,430
Denominator:
Weighted average common shares outstanding – basic	56,025	57,003
Basic earnings per share (in dollars per share)	$ 0.35	$ 0.38
Numerator:
Income allocated to participating securities	$ (131)	$ (164)
Net income available to common shareholders	$ 19,467	$ 21,430
Denominator:
Weighted average common shares outstanding – basic	56,025	57,003
Diluted effect of stock options and PVRSUs	282	583
Weighted average common shares outstanding – diluted	56,307	57,586
Diluted earnings per share (in dollars per share)	$ 0.35	$ 0.37

Earnings Per Share Narrative (D

Earnings Per Share Narrative (Details) - shares	3 Months Ended
Earnings Per Share Narrative (Details) - shares	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Outstanding stock options (in shares)	2,629,036	2,200,000	2,084,201
Antidilutive securities excluded from EPS computation (in shares)	1,200,000	500,000
Performance Vested Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
PVRSUs excluded from EPS calculation due to performance conditions not met (in shares)	207,432	192,163

Condensed Consolidating Stateme

Condensed Consolidating Statement Of Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
REVENUES:
Royalty fees	$ 64,859	$ 62,431
Initial franchise and relicensing fees	5,156	5,717
Procurement services	5,796	4,807
Marketing and reservation	126,361	98,713
Other	4,946	3,577
Total revenues	207,118	175,245
OPERATING EXPENSES:
Selling, general and administrative	35,119	32,438
Marketing and reservation	126,361	98,713
Depreciation and amortization	2,765	2,690
Total operating expenses	164,245	133,841
Operating income	42,873	41,404
OTHER INCOME AND EXPENSES, NET:
Interest expense	11,092	10,179
Equity in earnings of consolidated subsidiaries	0	0
Other items, net	1,403	191
Total other income and expenses, net	12,495	10,370
Income before income taxes	30,378	31,034
Income taxes	10,780	9,440
Net income	19,598	21,594
Parent
REVENUES:
Royalty fees	60,274	57,587
Initial franchise and relicensing fees	5,056	5,496
Procurement services	5,622	4,666
Marketing and reservation	116,143	88,236
Other	2,999	3,102
Total revenues	190,094	159,087
OPERATING EXPENSES:
Selling, general and administrative	39,227	38,699
Marketing and reservation	121,978	92,024
Depreciation and amortization	302	774
Total operating expenses	161,507	131,497
Operating income	28,587	27,590
OTHER INCOME AND EXPENSES, NET:
Interest expense	10,948	10,032
Equity in earnings of consolidated subsidiaries	(9,729)	(11,332)
Other items, net	(446)	(292)
Total other income and expenses, net	773	(1,592)
Income before income taxes	27,814	29,182
Income taxes	8,216	7,588
Net income	19,598	21,594
Guarantor Subsidiaries
REVENUES:
Royalty fees	32,418	31,240
Initial franchise and relicensing fees	0	0
Procurement services	0	0
Marketing and reservation	135,224	90,385
Other	74	0
Total revenues	167,716	121,625
OPERATING EXPENSES:
Selling, general and administrative	28,762	28,052
Marketing and reservation	129,443	86,811
Depreciation and amortization	1,902	1,705
Total operating expenses	160,107	116,568
Operating income	7,609	5,057
OTHER INCOME AND EXPENSES, NET:
Interest expense	1	0
Equity in earnings of consolidated subsidiaries	807	138
Other items, net	1,282	297
Total other income and expenses, net	2,090	435
Income before income taxes	5,519	4,622
Income taxes	3,001	2,284
Net income	2,518	2,338
Non-Guarantor Subsidiaries
REVENUES:
Royalty fees	10,915	11,155
Initial franchise and relicensing fees	100	221
Procurement services	174	141
Marketing and reservation	3,426	3,621
Other	2,057	475
Total revenues	16,672	15,613
OPERATING EXPENSES:
Selling, general and administrative	6,062	3,238
Marketing and reservation	3,372	3,407
Depreciation and amortization	561	211
Total operating expenses	9,995	6,856
Operating income	6,677	8,757
OTHER INCOME AND EXPENSES, NET:
Interest expense	143	147
Equity in earnings of consolidated subsidiaries	0	0
Other items, net	567	186
Total other income and expenses, net	710	333
Income before income taxes	5,967	8,424
Income taxes	(437)	(432)
Net income	6,404	8,856
Eliminations
REVENUES:
Royalty fees	(38,748)	(37,551)
Initial franchise and relicensing fees	0	0
Procurement services	0	0
Marketing and reservation	(128,432)	(83,529)
Other	(184)	0
Total revenues	(167,364)	(121,080)
OPERATING EXPENSES:
Selling, general and administrative	(38,932)	(37,551)
Marketing and reservation	(128,432)	(83,529)
Depreciation and amortization	0	0
Total operating expenses	(167,364)	(121,080)
Operating income	0	0
OTHER INCOME AND EXPENSES, NET:
Interest expense	0	0
Equity in earnings of consolidated subsidiaries	8,922	11,194
Other items, net	0	0
Total other income and expenses, net	8,922	11,194
Income before income taxes	(8,922)	(11,194)
Income taxes	0	0
Net income	$ (8,922)	$ (11,194)

Condensed Consolidating State66

Condensed Consolidating Statement Of Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Condensed Statement of Income Captions [Line Items]
Net income	$ 19,598	$ 21,594
Other comprehensive income (loss), net of tax:
Amortization of loss on cash flow hedge	215	215
Foreign currency translation adjustment	1,528	(1,447)
Other comprehensive income (loss), net of tax	1,743	(1,232)
Comprehensive income	21,341	20,362
Parent
Condensed Statement of Income Captions [Line Items]
Net income	19,598	21,594
Other comprehensive income (loss), net of tax:
Amortization of loss on cash flow hedge	215	215
Foreign currency translation adjustment	1,528	(1,447)
Other comprehensive income (loss), net of tax	1,743	(1,232)
Comprehensive income	21,341	20,362
Guarantor Subsidiaries
Condensed Statement of Income Captions [Line Items]
Net income	2,518	2,338
Other comprehensive income (loss), net of tax:
Amortization of loss on cash flow hedge	0	0
Foreign currency translation adjustment	0	0
Other comprehensive income (loss), net of tax	0	0
Comprehensive income	2,518	2,338
Non-Guarantor Subsidiaries
Condensed Statement of Income Captions [Line Items]
Net income	6,404	8,856
Other comprehensive income (loss), net of tax:
Amortization of loss on cash flow hedge	0	0
Foreign currency translation adjustment	1,528	(1,447)
Other comprehensive income (loss), net of tax	1,528	(1,447)
Comprehensive income	7,932	7,409
Consolidated
Condensed Statement of Income Captions [Line Items]
Net income		21,594
Other comprehensive income (loss), net of tax:
Amortization of loss on cash flow hedge	215	215
Foreign currency translation adjustment	1,528	(1,447)
Other comprehensive income (loss), net of tax	1,743	(1,232)
Comprehensive income	21,341	20,362
Eliminations
Condensed Statement of Income Captions [Line Items]
Net income	(8,922)	(11,194)
Other comprehensive income (loss), net of tax:
Amortization of loss on cash flow hedge	0	0
Foreign currency translation adjustment	(1,528)	1,447
Other comprehensive income (loss), net of tax	(1,528)	1,447
Comprehensive income	$ (10,450)	$ (9,747)

Condensed Consolidating Balance

Condensed Consolidating Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
ASSETS
Cash and cash equivalents	$ 194,072	$ 193,441	$ 200,544	$ 214,879
Receivables, net	102,786	89,352
Total current assets	338,116	310,953
Property and equipment, at cost, net	88,345	88,158
Goodwill	79,982	79,327
Franchise rights and other identifiable intangibles, net	12,025	11,948
Notes receivable, net of allowances	92,477	82,572
Investments, employee benefit plans, at fair value	17,802	17,674
Deferred income taxes	36,536	42,434
Other assets	55,295	16,907
Total assets	787,263	717,010
Current liabilities
Accounts payable	60,619	64,431
Accrued expenses and other current liabilities	46,616	70,648
Deferred revenue	112,076	71,587
Current portion of long-term debt	1,016	1,191
Total current liabilities	220,327	208,016
Long-term debt	892,447	812,945
Deferred compensation and retirement plan obligations	22,415	22,859
Deferred income taxes	779	506
Other liabilities	37,160	68,583
Total liabilities	1,173,128	1,112,909
Total shareholders’ (deficit) equity	(385,865)	(395,899)
Total liabilities and shareholders’ deficit	787,263	717,010
Parent
ASSETS
Cash and cash equivalents	4,006	13,529	5,460	25,290
Receivables, net	92,653	79,381
Other current assets	36,443	19,029
Total current assets	133,102	111,939
Property and equipment, at cost, net	43,000	37,857
Goodwill	60,620	60,620
Franchise rights and other identifiable intangibles, net	2,983	2,965
Notes receivable, net of allowances	23,110	18,866
Investments, employee benefit plans, at fair value	0	0
Investment in affiliates	486,286	473,448
Advances to affiliates	17,579	17,144
Deferred income taxes	0	10,664
Other assets	15,646	319
Total assets	782,326	733,822
Current liabilities
Accounts payable	7,995	12,359
Accrued expenses and other current liabilities	19,876	29,099
Deferred revenue	13,887	8,749
Current portion of long-term debt	0	0
Total current liabilities	41,758	50,207
Long-term debt	878,921	799,212
Deferred compensation and retirement plan obligations	0	0
Advances from affiliates	224,436	235,629
Deferred income taxes	8,632
Other liabilities	14,444	44,673
Total liabilities	1,168,191	1,129,721
Total shareholders’ (deficit) equity	(385,865)	(395,899)
Total liabilities and shareholders’ deficit	782,326	733,822
Guarantor Subsidiaries
ASSETS
Cash and cash equivalents	97	19	20	25
Receivables, net	1,383	1,132
Other current assets	21,060	14,176
Total current assets	22,540	15,327
Property and equipment, at cost, net	28,611	33,575
Goodwill	5,193	5,193
Franchise rights and other identifiable intangibles, net	1,013	1,013
Notes receivable, net of allowances	41,767	38,957
Investments, employee benefit plans, at fair value	17,802	17,674
Investment in affiliates	60,316	37,182
Advances to affiliates	215,709	212,773
Deferred income taxes	47,252	33,936
Other assets	46,928	45,383
Total assets	487,131	441,013
Current liabilities
Accounts payable	48,376	48,238
Accrued expenses and other current liabilities	43,009	45,601
Deferred revenue	97,013	61,890
Current portion of long-term debt	247	430
Total current liabilities	188,645	156,159
Long-term debt	3,712	3,712
Deferred compensation and retirement plan obligations	22,404	22,849
Advances from affiliates	10,054	257
Deferred income taxes	0
Other liabilities	15,979	15,755
Total liabilities	240,794	198,732
Total shareholders’ (deficit) equity	246,337	242,281
Total liabilities and shareholders’ deficit	487,131	441,013
Non-Guarantor Subsidiaries
ASSETS
Cash and cash equivalents	189,969	179,893	195,064	189,564
Receivables, net	8,900	8,992
Other current assets	7,739	5,331
Total current assets	206,608	194,216
Property and equipment, at cost, net	16,734	16,726
Goodwill	14,169	13,514
Franchise rights and other identifiable intangibles, net	8,029	7,970
Notes receivable, net of allowances	27,600	24,749
Investments, employee benefit plans, at fair value	0	0
Investment in affiliates	0	0
Advances to affiliates	3,032	7,789
Deferred income taxes	0	0
Other assets	59,485	38,348
Total assets	335,657	303,312
Current liabilities
Accounts payable	4,398	3,987
Accrued expenses and other current liabilities	7,610	6,378
Deferred revenue	1,281	1,053
Current portion of long-term debt	769	761
Total current liabilities	14,058	12,179
Long-term debt	9,814	10,021
Deferred compensation and retirement plan obligations	11	10
Advances from affiliates	1,830	1,820
Deferred income taxes	2,863
Other liabilities	6,816	10,933
Total liabilities	35,392	34,963
Total shareholders’ (deficit) equity	300,265	268,349
Total liabilities and shareholders’ deficit	335,657	303,312
Eliminations
ASSETS
Cash and cash equivalents	0	0	0	0
Receivables, net	(150)	(153)
Other current assets	(23,984)	(10,376)
Total current assets	(24,134)	(10,529)
Property and equipment, at cost, net	0	0
Goodwill	0	0
Franchise rights and other identifiable intangibles, net	0	0
Notes receivable, net of allowances	0	0
Investments, employee benefit plans, at fair value	0	0
Investment in affiliates	(546,602)	(510,630)
Advances to affiliates	(236,320)	(237,706)
Deferred income taxes	(10,716)	(2,166)
Other assets	(79)	(106)
Total assets	(817,851)	(761,137)
Current liabilities
Accounts payable	(150)	(153)
Accrued expenses and other current liabilities	(23,879)	(10,271)
Deferred revenue	(105)	(105)
Current portion of long-term debt	0	0
Total current liabilities	(24,134)	(10,529)
Long-term debt	0	0
Deferred compensation and retirement plan obligations	0	0
Advances from affiliates	(236,320)	(237,706)
Deferred income taxes	(10,716)
Other liabilities	(79)	(2,272)
Total liabilities	(271,249)	(250,507)
Total shareholders’ (deficit) equity	(546,602)	(510,630)
Total liabilities and shareholders’ deficit	(817,851)	(761,137)
Consolidated
ASSETS
Cash and cash equivalents	194,072	193,441	$ 200,544	$ 214,879
Receivables, net	102,786	89,352
Other current assets	41,258	28,160
Total current assets	338,116	310,953
Property and equipment, at cost, net	88,345	88,158
Goodwill	79,982	79,327
Franchise rights and other identifiable intangibles, net	12,025	11,948
Notes receivable, net of allowances	92,477	82,572
Investments, employee benefit plans, at fair value	17,802	17,674
Investment in affiliates	0	0
Advances to affiliates	0	0
Deferred income taxes	36,536	42,434
Other assets	121,980	83,944
Total assets	787,263	717,010
Current liabilities
Accounts payable	60,619	64,431
Accrued expenses and other current liabilities	46,616	70,807
Deferred revenue	112,076	71,587
Current portion of long-term debt	1,016	1,191
Total current liabilities	220,327	208,016
Long-term debt	892,447	812,945
Deferred compensation and retirement plan obligations	22,415	22,859
Advances from affiliates	0	0
Deferred income taxes	779
Other liabilities	37,160	69,089
Total liabilities	1,173,128	1,112,909
Total shareholders’ (deficit) equity	(385,865)	(395,899)
Total liabilities and shareholders’ deficit	$ 787,263	$ 717,010

Condensed Consolidating State68

Condensed Consolidating Statement Of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Condensed Consolidating Financial Statements [Line Items]
Net cash provided (used) by operating activities	$ (22,945)	$ (15,835)
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in property and equipment	(5,306)	(6,804)
Proceeds from sales of assets	1,700	1,592
Acquisitions of real estate	(25,389)	0
Contributions to equity method investments	(4,293)	(1,921)
Distributions from equity method investments	67	0
Purchases of investments, employee benefit plans	(896)	(1,089)
Proceeds from sales of investments, employee benefit plans	363	925
Issuance of mezzanine and other notes receivable	(7,487)	0
Collections of mezzanine and other notes receivable	109	105
Other items, net	(136)	(77)
Net cash used by investing activities	(41,268)	(7,269)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net borrowings pursuant to revolving credit facilities	79,267	20,700
Principal payments on long-term debt	(318)	(3,082)
Purchases of treasury stock	(8,857)	(6,227)
Dividends paid	(11,612)	(11,710)
Excess tax benefits from stock-based compensation	1,575	4,473
Proceeds from exercise of stock options	4,137	5,619
Net cash provided by financing activities	64,192	9,773
Net change in cash and cash equivalents	(21)	(13,331)
Effect of foreign exchange rate changes on cash and cash equivalents	652	(1,004)
Cash and cash equivalents at beginning of period	193,441	214,879
Cash and cash equivalents at end of period	194,072	200,544
Parent
Condensed Consolidating Financial Statements [Line Items]
Net cash provided (used) by operating activities	(63,763)	(20,715)
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in property and equipment	(3,991)	(4,712)
Proceeds from sales of assets	0	0
Acquisitions of real estate	0
Contributions to equity method investments	0	0
Distributions from equity method investments	0
Purchases of investments, employee benefit plans	0	0
Proceeds from sales of investments, employee benefit plans	0	0
Issuance of mezzanine and other notes receivable	(4,684)
Collections of mezzanine and other notes receivable	109	105
Advances to and investment in affiliates	0	0
Divestment in affiliates	0	0
Other items, net	(162)	(77)
Net cash used by investing activities	(8,728)	(4,684)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net borrowings pursuant to revolving credit facilities	79,300	20,700
Principal payments on long-term debt	0	(2,813)
Purchases of treasury stock	(8,857)	(6,227)
Dividends paid	(11,612)	(11,710)
Excess tax benefits from stock-based compensation	0	0
Proceeds from contributions from affiliates	0	0
Distributions to affiliates	0	0
Proceeds from exercise of stock options	4,137	5,619
Net cash provided by financing activities	62,968	5,569
Net change in cash and cash equivalents	(9,523)	(19,830)
Effect of foreign exchange rate changes on cash and cash equivalents	0	0
Cash and cash equivalents at beginning of period	13,529	25,290
Cash and cash equivalents at end of period	4,006	5,460
Guarantor Subsidiaries
Condensed Consolidating Financial Statements [Line Items]
Net cash provided (used) by operating activities	28,508	(2,457)
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in property and equipment	(1,076)	(2,060)
Proceeds from sales of assets	0	0
Acquisitions of real estate	0
Contributions to equity method investments	(4,273)	(1,177)
Distributions from equity method investments	0
Purchases of investments, employee benefit plans	(896)	(1,089)
Proceeds from sales of investments, employee benefit plans	363	925
Issuance of mezzanine and other notes receivable	0
Collections of mezzanine and other notes receivable	0	0
Advances to and investment in affiliates	(25,685)	(35)
Divestment in affiliates	1,745	1,592
Other items, net	0	0
Net cash used by investing activities	(29,822)	(1,844)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net borrowings pursuant to revolving credit facilities	0	0
Principal payments on long-term debt	(183)	(177)
Purchases of treasury stock	0	0
Dividends paid	0	0
Excess tax benefits from stock-based compensation	1,575	4,473
Proceeds from contributions from affiliates	0	0
Distributions to affiliates	0	0
Proceeds from exercise of stock options	0	0
Net cash provided by financing activities	1,392	4,296
Net change in cash and cash equivalents	78	(5)
Effect of foreign exchange rate changes on cash and cash equivalents	0	0
Cash and cash equivalents at beginning of period	19	25
Cash and cash equivalents at end of period	97	20
Non-Guarantor Subsidiaries
Condensed Consolidating Financial Statements [Line Items]
Net cash provided (used) by operating activities	12,310	7,337
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in property and equipment	(239)	(32)
Proceeds from sales of assets	1,700	1,592
Acquisitions of real estate	(25,389)
Contributions to equity method investments	(20)	(744)
Distributions from equity method investments	67
Purchases of investments, employee benefit plans	0	0
Proceeds from sales of investments, employee benefit plans	0	0
Issuance of mezzanine and other notes receivable	(2,803)
Collections of mezzanine and other notes receivable	0	0
Advances to and investment in affiliates	0	0
Divestment in affiliates	0	0
Other items, net	26	0
Net cash used by investing activities	(26,658)	816
CASH FLOWS FROM FINANCING ACTIVITIES:
Net borrowings pursuant to revolving credit facilities	(33)	0
Principal payments on long-term debt	(135)	(92)
Purchases of treasury stock	0	0
Dividends paid	0	0
Excess tax benefits from stock-based compensation	0	0
Proceeds from contributions from affiliates	25,685	35
Distributions to affiliates	(1,745)	(1,592)
Proceeds from exercise of stock options	0	0
Net cash provided by financing activities	23,772	(1,649)
Net change in cash and cash equivalents	9,424	6,504
Effect of foreign exchange rate changes on cash and cash equivalents	652	(1,004)
Cash and cash equivalents at beginning of period	179,893	189,564
Cash and cash equivalents at end of period	189,969	195,064
Eliminations
Condensed Consolidating Financial Statements [Line Items]
Net cash provided (used) by operating activities	0	0
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in property and equipment	0	0
Proceeds from sales of assets	0	0
Acquisitions of real estate	0
Contributions to equity method investments	0	0
Distributions from equity method investments	0
Purchases of investments, employee benefit plans	0	0
Proceeds from sales of investments, employee benefit plans	0	0
Issuance of mezzanine and other notes receivable	0
Collections of mezzanine and other notes receivable	0	0
Advances to and investment in affiliates	25,685	35
Divestment in affiliates	(1,745)	(1,592)
Other items, net	0	0
Net cash used by investing activities	23,940	(1,557)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net borrowings pursuant to revolving credit facilities	0	0
Principal payments on long-term debt	0	0
Purchases of treasury stock	0	0
Dividends paid	0	0
Excess tax benefits from stock-based compensation	0	0
Proceeds from contributions from affiliates	(25,685)	(35)
Distributions to affiliates	1,745	1,592
Proceeds from exercise of stock options	0	0
Net cash provided by financing activities	(23,940)	1,557
Net change in cash and cash equivalents	0	0
Effect of foreign exchange rate changes on cash and cash equivalents	0	0
Cash and cash equivalents at beginning of period	0	0
Cash and cash equivalents at end of period	0	0
Consolidated
Condensed Consolidating Financial Statements [Line Items]
Net cash provided (used) by operating activities	(22,945)	(15,835)
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in property and equipment	(5,306)	(6,804)
Proceeds from sales of assets	1,700	1,592
Acquisitions of real estate	(25,389)
Contributions to equity method investments	(4,293)	(1,921)
Distributions from equity method investments	67
Purchases of investments, employee benefit plans	(896)	(1,089)
Proceeds from sales of investments, employee benefit plans	363	925
Issuance of mezzanine and other notes receivable	(7,487)
Collections of mezzanine and other notes receivable	109	105
Advances to and investment in affiliates	0	0
Divestment in affiliates	0	0
Other items, net	(136)	(77)
Net cash used by investing activities	(41,268)	(7,269)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net borrowings pursuant to revolving credit facilities	79,267	20,700
Principal payments on long-term debt	(318)	(3,082)
Purchases of treasury stock	(8,857)	(6,227)
Dividends paid	(11,612)	(11,710)
Excess tax benefits from stock-based compensation	1,575	4,473
Proceeds from contributions from affiliates	0	0
Distributions to affiliates	0	0
Proceeds from exercise of stock options	4,137	5,619
Net cash provided by financing activities	64,192	9,773
Net change in cash and cash equivalents	(21)	(13,331)
Effect of foreign exchange rate changes on cash and cash equivalents	652	(1,004)
Cash and cash equivalents at beginning of period	193,441	214,879
Cash and cash equivalents at end of period	$ 194,072	$ 200,544

Reportable Segment Informatio69

Reportable Segment Information Narrative (Details)	Mar. 31, 2016brand
Segment Reporting [Abstract]
Number of brands	11

Reportable Segment Informatio70

Reportable Segment Information Schedule Of Financial Information For Company's Franchising Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Reportable Segment Information [Line Items]
Revenues	$ 207,118	$ 175,245
Operating income (loss)	42,873	41,404
Income (loss) from continuing operations before income taxes	30,378	31,034
Operating Segments \| Franchising
Reportable Segment Information [Line Items]
Revenues	205,089	174,642
Operating income (loss)	58,592	57,457
Income (loss) from continuing operations before income taxes	56,412	56,452
Operating Segments \| SkyTouch Technology
Reportable Segment Information [Line Items]
Revenues	406	270
Operating income (loss)	(4,325)	(5,430)
Income (loss) from continuing operations before income taxes	(4,325)	(5,430)
Corporate & Other
Reportable Segment Information [Line Items]
Revenues	1,623	333
Operating income (loss)	(11,394)	(10,623)
Income (loss) from continuing operations before income taxes	$ (21,709)	$ (19,988)

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	1 Months Ended	3 Months Ended
Commitments and Contingencies (Details) - USD ($)	Mar. 31, 2016	Mar. 31, 2016	Nov. 30, 2015	Sep. 04, 2015	Nov. 15, 2013	Oct. 09, 2012
Commitments and Contingencies [Line Items]
Bank loan issued to VIE, partially guaranteed by parent				$ 13,300,000	$ 46,200,000	$ 18,000,000
Bank loan issued to VIE, percentage guaranteed by parent (percent)					25.00%	25.00%
Parent's guarantor obligation, maximum exposure				$ 1,800,000	$ 11,600,000	$ 4,500,000
Reimbursement and guaranty agreement, reimbursed to parent (percent)					75.00%
Other commitment			$ 49,100,000
Payments to fund long-term loans to related parties		$ 8,900,000
Forgivable Notes Receivable
Commitments and Contingencies [Line Items]
Other commitment	$ 116,200,000	116,200,000
Other commitment, due in next twelve months	53,400,000	53,400,000
Capital contributions to joint ventures
Commitments and Contingencies [Line Items]
Other commitment, due in next twelve months	26,100,000	26,100,000
Member of Unconsolidated Joint Venture
Commitments and Contingencies [Line Items]
Other commitment, due in next twelve months	24,400,000	24,400,000
Payments to fund long-term loans to related parties	4,000,000	23,800,000
Additional loan amount	$ 600,000	$ 600,000

Transactions with Unconsolida72

Transactions with Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Related Party Transaction [Line Items]
Promissory note extended to related party		$ 8,900
Non-cash sale of investment in unconsolidated joint venture		2,350	$ 0
Receivables (net of allowance for doubtful accounts of $7,679 and $8,719, respectively)	$ 102,786	102,786		$ 89,352
Member of Unconsolidated Joint Venture
Related Party Transaction [Line Items]
Promissory note extended to related party	4,000	23,800
Non-cash sale of investment in unconsolidated joint venture	2,400
Deferred Gain (Loss) on Promissory Note		200
Additional loan amount	$ 600	$ 600

Acquisitions - Narrative (Deta

Acquisitions - Narrative (Details) $ in Thousands	Aug. 11, 2015USD ($)	Mar. 31, 2016USD ($)Acquisition
Maxxton Holding B.V. (“MHB”)
Business Acquisition [Line Items]
Voting equity interest acquired (percent)	100.00%
Total consideration for acquisition	$ 23,600
Cash paid, net of cash acquired	13,269
Deferred purchase price payable	6,813
Liabilities assumed	$ 3,528
Deferred purchase price payment period	5 years
Variable compensation arrangement term	5 years
Total expected compensation under variable compensation arrangement	$ 13,600
Series of Individually Immaterial Business Acquisitions
Business Acquisition [Line Items]
Total consideration for acquisition		$ 25,800
Deferred purchase price payable		$ 200
Number of acquisitions of real estate \| Acquisition		3
Cash paid, net of cash acquired		$ 25,564
Acquisition related costs		$ 500

Acquisitions - Fair Value of As

Acquisitions - Fair Value of Assets Acquired (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Fair Value of Assets and Liabilities and Useful Lives
Assets held for sale	$ 2,890	$ 1,698
Series of Individually Immaterial Business Acquisitions
Fair Value of Assets and Liabilities and Useful Lives
Land	14,548
Land Improvements	100
Building	10,499
Other Assets	303
Total Assets Acquired	25,804
Other Liabilities	(240)
Cash paid, net of cash acquired	25,564
Other liabilities recorded in held for sale	$ 100
Land Improvements \| Series of Individually Immaterial Business Acquisitions
Fair Value of Assets and Liabilities and Useful Lives
Useful Life	5 years
Building \| Series of Individually Immaterial Business Acquisitions
Fair Value of Assets and Liabilities and Useful Lives
Useful Life	30 years
Assets held for sale	$ 2,200
Land \| Series of Individually Immaterial Business Acquisitions
Fair Value of Assets and Liabilities and Useful Lives
Assets held for sale	400
Leasehold Value \| Series of Individually Immaterial Business Acquisitions
Fair Value of Assets and Liabilities and Useful Lives
Intangibles	(24)
Lease in Place \| Series of Individually Immaterial Business Acquisitions
Fair Value of Assets and Liabilities and Useful Lives
Intangibles	327
Leasing Commission \| Series of Individually Immaterial Business Acquisitions
Fair Value of Assets and Liabilities and Useful Lives
Intangibles	$ 51