Choice Hotels International (CHH) 10-Q 8 Nov 16 2016 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information	9 Months Ended
	Sep. 30, 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	Sep. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding	56,096,987

Consolidated Statements Of Inco

Consolidated Statements Of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
REVENUES:
Royalty fees	$ 96,114	$ 89,929	$ 247,168	$ 233,543
Initial franchise and relicensing fees	6,284	6,170	17,146	17,703
Procurement services	7,615	6,271	23,719	19,667
Marketing and reservation system	152,018	134,463	412,193	366,298
Other	5,546	4,693	16,220	11,716
Total revenues	267,577	241,526	716,446	648,927
OPERATING EXPENSES:
Selling, general and administrative	34,357	30,152	109,515	95,712
Depreciation and amortization	2,986	3,108	8,707	8,793
Marketing and reservation system	152,018	134,463	412,193	366,298
Total operating expenses	189,361	167,723	530,415	470,803
Gain on sale of assets, net	402	0	402	0
Operating income	78,618	73,803	186,433	178,124
OTHER INCOME AND EXPENSES, NET:
Interest expense	11,150	10,821	33,466	32,057
Interest income	(836)	(359)	(2,502)	(982)
Other (gains) losses	(746)	1,402	(1,005)	(239)
Equity in net (income) losses of affiliates	(1,150)	(329)	286	1,107
Total other income and expenses, net	8,418	11,535	30,245	31,943
Income before income taxes	70,200	62,268	156,188	146,181
Income taxes	22,635	20,849	48,638	47,355
Net income	$ 47,565	$ 41,419	$ 107,550	$ 98,826
Basic earnings per share (in dollars per share)	$ 0.85	$ 0.72	$ 1.91	$ 1.72
Diluted earnings per share (in dollars per share)	0.84	0.72	1.90	1.71
Cash dividends declared per share (in dollars per share)	$ 0.205	$ 0.195	$ 0.615	$ 0.585

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2016	Mar. 31, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Statement of Comprehensive Income [Abstract]
Net income	$ 47,565	$ 21,163	$ 41,419	$ 107,550	$ 98,826
Other comprehensive income (loss), net of tax:
Amortization of loss on cash flow hedge	215		215	646	646
Foreign currency translation adjustment	137		(951)	1,036	(2,223)
Other comprehensive income (loss), net of tax	352		(736)	1,682	(1,577)
Comprehensive income	$ 47,917		$ 40,683	$ 109,232	$ 97,249

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Current assets
Cash and cash equivalents	$ 205,953	$ 193,441
Receivables (net of allowance for doubtful accounts of $8,024 and $8,719, respectively)	129,422	89,352
Income taxes receivable	277	5,486
Notes receivable, net of allowance	7,709	5,107
Other current assets	28,568	17,567
Total current assets	371,929	310,953
Property and equipment, at cost, net	86,736	88,158
Goodwill	79,799	79,327
Franchise rights and other identifiable intangibles, net	11,543	11,948
Notes receivable, net of allowances	98,450	82,572
Investments, employee benefit plans, at fair value	16,414	17,674
Investments in unconsolidated entities	83,740	67,037
Deferred income taxes	47,002	42,434
Other assets	50,663	16,907
Total assets	846,276	717,010
Current liabilities
Accounts payable	60,363	64,431
Accrued expenses and other current liabilities	59,577	70,648
Deferred revenue	121,592	71,587
Current portion of long-term debt	660	1,191
Income taxes payable	16,303	159
Total current liabilities	258,495	208,016
Long-term debt	866,247	812,945
Deferred compensation and retirement plan obligations	20,890	22,859
Deferred income taxes	719	506
Other liabilities	37,367	68,583
Total liabilities	1,183,718	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 September 30, 2016 and December 31, 2015 and 56,096,987 and 56,336,566 shares outstanding at September 30, 2016 and December 31, 2015, respectively	951	951
Additional paid-in-capital	155,393	149,895
Accumulated other comprehensive loss	(7,096)	(8,778)
Treasury stock (38,968,651 and 38,729,072 shares at September 30, 2016 and December 31, 2015, respectively), at cost	(1,074,527)	(1,052,864)
Retained earnings	587,837	514,897
Total shareholders’ deficit	(337,442)	(395,899)
Total liabilities and shareholders’ deficit	$ 846,276	$ 717,010

Consolidated Balance Sheets (U5

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Receivables, allowance for doubtful accounts	$ 8,024	$ 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)	56,096,987	56,336,566
Treasury stock, shares (in shares)	38,968,651	38,729,072

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flow (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 107,550	$ 98,826
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	8,707	8,793
Gain on disposal of assets	(377)	(1,519)
Provision for bad debts, net	1,093	1,540
Non-cash stock compensation and other charges	11,037	8,929
Non-cash interest and other loss	807	3,168
Excess tax benefits from stock-based compensation	2,149	4,885
Deferred income taxes	(4,329)	(1,799)
Equity in net losses from unconsolidated joint ventures, less distributions received	1,654	2,917
Changes in assets and liabilities; net of acquisition:
Receivables	(42,426)	(24,532)
Advances to/from marketing and reservation system activities, net	(25,783)	18,341
Forgivable notes receivable, net	(15,109)	(21,029)
Accounts payable	(3,532)	5,111
Accrued expenses and other current liabilities	(14,261)	(14,083)
Income taxes payable/receivable	19,219	11,066
Deferred revenue	49,976	2,122
Other assets	(9,958)	(4,826)
Other liabilities	1,992	5,748
Net cash provided by operating activities	88,409	103,658
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in property and equipment	(17,584)	(21,810)
Proceeds from sales of assets	8,360	6,347
Acquisitions of real estate	(25,263)	(8,767)
Business acquisition, net of cash acquired	(1,341)	(13,269)
Contributions to equity method investments	(24,179)	(3,811)
Distributions from equity method investments	3,700	270
Purchases of investments, employee benefit plans	(1,430)	(2,977)
Proceeds from sales of investments, employee benefit plans	1,395	2,920
Issuance of mezzanine and other notes receivable	(20,281)	(25,253)
Collections of mezzanine and other notes receivable	11,040	3,697
Other items, net	(422)	(445)
Net cash used by investing activities	(66,005)	(63,098)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net borrowings pursuant to revolving credit facilities	52,814	162,032
Principal payments on long-term debt	(836)	(130,194)
Proceeds from issuance of long term debt	0	176
Purchases of treasury stock	(33,958)	(56,450)
Dividends paid	(34,690)	(34,173)
Debt issuance costs	(284)	(2,169)
Proceeds from exercise of stock options	6,802	6,381
Net cash used by financing activities	(10,152)	(54,397)
Net change in cash and cash equivalents	12,252	(13,837)
Effect of foreign exchange rate changes on cash and cash equivalents	260	(1,781)
Cash and cash equivalents at beginning of period	193,441	214,879
Cash and cash equivalents at end of period	205,953	199,261
Cash payments during the period for:
Income taxes, net of refunds	32,085	32,474
Interest, net of capitalized interest	40,935	39,187
Non-cash investing and financing activities:
Dividends declared but not paid	11,499	11,041
Investment in property and equipment acquired in accounts payable	554	1,611
Non-cash sale of investment in unconsolidated joint venture	$ 2,350	$ 0

Company Information and Signifi

Company Information and Significant Accounting Policies	9 Months Ended
	Sep. 30, 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. 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 as of the date of adoption. 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 an estimate of the number of awards that are expected 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 flows 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 adopted the new guidance in the second quarter of 2016 and, in accordance with the provisions of ASU 2016-09 applied the required adjustments as of January 1, 2016, the beginning of the annual period that includes the interim period of adoption. The primary impact of adoption was the recognition of excess tax benefits in the Company's provision for income taxes rather than additional paid-in-capital during the nine months ended September 30, 2016 . Additional amendments to the accounting for income taxes and minimum statutory withholding tax requirements had no impact to retained earnings as of January 1, 2016, where the cumulative effect of these changes are required to be recorded. The Company has elected to continue to estimate forfeitures based on an estimate of the number of awards that are expected to vest. The Company also elected to apply the presentation requirements for cash flows related to excess tax benefits retrospectively which resulted in an increase to net cash provided by operating activities and an increase in net cash used by financing activities of $4.9 million for the nine months ended September 30, 2015. Adoption of the new standard resulted in the recognition of tax benefits of $0.7 million and $2.1 million in our provision for income taxes rather than additional paid-in-capital for the three and nine months ended September 30, 2016, respectively. The impact of the adoption to our previously reported first quarter 2016 results was $1.6 million , reflected as follows: Three Months Ended March 31, 2016 (In thousands, except per share amounts) As Reported As Adjusted Consolidated Statements of Income: Income taxes $ 10,780 $ 9,215 Net income $ 19,598 $ 21,163 Basis earnings per share $ 0.35 $ 0.38 Diluted earnings per share $ 0.35 $ 0.37 Consolidated Statements of Cash Flows: Net cash used by operating activities $ (22,945 ) $ (21,380 ) Net cash provided by financing activities $ 64,192 $ 62,627 March 31, 2016 As Reported As Adjusted Consolidated Balance Sheets: Additional paid-in-capital $ 150,127 $ 148,562 Retained earnings $ 522,854 $ 524,419 Future Adoption of Recently Announced Accounting Guidance In May 2014, the FASB issued ASU 2014-09, Revenue From Contracts with Customers (Topic 606) ("ASU No. 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 No. 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 and timing of the recognition for profits from the sales of real estate assets. In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing (Topic 606) ("ASU No. 2016-10"). ASU No. 2016-10 does not change the core principles of the standard, ASU 2014-09, Revenue from Contracts with Customers , but clarifies the accounting for licenses of intellectual property, as well as the identification of distinct performance obligations in a contract. The standard should be adopted concurrently with adoption of ASU 2014-09, which is effective for annual and interim periods beginning after December 15, 2017. The Company has not yet selected a transition method and is still assessing the impact that ASU No. 2016-10 will have on its financial statements and disclosures. 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 June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326) ("ASU No. 2016-13"), which will require the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. The guidance is effective for annual reporting periods beginning after December 15, 2019 and interim periods within those fiscal years. The Company is currently assessing the potential impact that ASU No. 2016-13 will have on its consolidated financial position or results of operations. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments ("ASU No. 2016-15"). ASU No. 2016-15 provides additional guidance on eight specific cash flow issues, such as the classification of debt prepayments or extinguishment costs, contingent consideration payments made after a business combination, and distributions received from equity method investees. The guidance is effective for annual reporting periods beginning after December 15, 2017 and interim periods within those fiscal years. Early adoption is permitted. The Company is currently assessing the potential impact that ASU No. 2016-15 will have on the financial statements and disclosures. I n October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740) - Intra-Entity Transfers of Assets Other Than Inventory ("ASU No. 2016-16"). ASU No. 2016-16 provides guidance on recognition of current income tax consequences for intercompany asset transfers (other than inventory) at the time of transfer. This represents a change from current GAAP, where the consolidated tax consequences of intercompany asset transfers are deferred from the time of transfer to a future period. The guidance is effective for annual reporting periods beginning after December 15, 2017 and interim periods within those fiscal years. Early adoption at the beginning of an annual period is permitted. The Company is currently assessing the potential impact that ASU No. 2016-16 will have on the financial statements and disclosures. In October 2016, the FASB issued ASU 2016-17, Consolidation (Topic 810) - Interests Held through Related Parties That Are under Common Control ("ASU No. 2016-17"). ASU No. 2016-17 alters the primary beneficiary assessment a reporting entity must perform as part of consolidation analysis to determine whether it should consolidate certain types of legal entities. Under current GAAP, indirect interests held through related parties under common control are to be considered in their entirety by the reporting entity in performing the primary beneficiary assessment. ASU No. 2016-17 will revise the guidance such that indirect interests held through related parties under common control will be considered on a proportionate basis in performing the primary beneficiary assessment. The guidance is effective for annual reporting periods beginning after December 15, 2016 and interim periods within those fiscal years. Early adoption is permitted. The Company is currently assessing the potential impact that ASU No. 2016-17 will have on the financial statements and disclosures.

Other Current Assets

Other Current Assets	9 Months Ended
	Sep. 30, 2016
Assets, Current [Abstract]
Other Current Assets	Other Current Assets Other current assets consist of the following: September 30, 2016 December 31, 2015 (in thousands) Prepaid expenses $ 24,336 $ 14,144 Other current assets 4,232 1,725 Assets held for sale — 1,698 Total $ 28,568 $ 17,567

Notes Receivable and Allowance

Notes Receivable and Allowance for Losses	9 Months Ended
	Sep. 30, 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 the Company's notes receivable balances: September 30, 2016 December 31, 2015 (in thousands) (in thousands) Credit Quality Indicator Forgivable Mezzanine Total Forgivable Mezzanine Total Senior $ — $ 52,176 $ 52,176 $ — $ 40,388 $ 40,388 Subordinated — 6,416 6,416 — 6,197 6,197 Unsecured 51,401 3,915 55,316 44,333 3,526 47,859 Total notes receivable 51,401 62,507 113,908 44,333 50,111 94,444 Allowance for losses on non-impaired loans 5,052 1,050 6,102 4,615 1,364 5,979 Allowance for losses on receivables specifically evaluated for impairment — 1,647 1,647 — 786 786 Total loan reserves 5,052 2,697 7,749 4,615 2,150 6,765 Net carrying value $ 46,349 $ 59,810 $ 106,159 $ 39,718 $ 47,961 $ 87,679 Current portion, net $ 295 $ 7,414 $ 7,709 $ 143 $ 4,964 $ 5,107 Long-term portion, net 46,054 52,396 98,450 39,575 42,997 82,572 Total $ 46,349 $ 59,810 $ 106,159 $ 39,718 $ 47,961 $ 87,679 The Company classifies notes receivable due within one year as 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 nine months ended September 30, 2016 : Forgivable Notes Receivable Mezzanine & Other Notes Receivable (in thousands) Beginning balance $ 4,615 $ 2,150 Provisions 1,188 861 Recoveries (74 ) (164 ) Write-offs (301 ) (150 ) Other (1) (376 ) — Ending balance $ 5,052 $ 2,697 (1) Consists of changes in foreign currency exchange rates and default rate assumption changes Forgivable Notes Receivable As of September 30, 2016 and December 31, 2015 , the unamortized balance of the Company's forgivable notes receivable totaled $51.4 million and $44.3 million , respectively. The Company recorded an allowance for credit losses on these forgivable notes receivable of $5.1 million and $4.6 million at September 30, 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 September 30, 2016 and 2015 was $2.3 million and $2.1 million , respectively. Amortization expense included in the accompanying consolidated statements of income related to the notes for the nine months ended September 30, 2016 and 2015 was $6.7 million and $6.0 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 September 30, 2016 Forgivable Notes $ — $ 1,822 $ 1,822 $ 49,579 $ 51,401 $ — $ 1,822 $ 1,822 $ 49,579 $ 51,401 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 September 30, 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 September 30, 2016 and December 31, 2015 , respectively. The average mezzanine and other notes receivable on non-accrual status was approximately $1.4 million and $0.8 million for the nine months ended September 30, 2016 and 2015 , respectively. The Company recognizes interest income for impaired loans on a cash basis. No interest income on impaired loans was recognized during the three months ended September 30, 2016, and 2015 . Approximately $43 thousand and $33 thousand of interest income on impaired loans was recognized during the nine months ended September 30, 2016, and 2015 , respectively. The Company provided loan reserves on non-impaired loans totaling $1.1 million and $1.4 million at September 30, 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 September 30, 2016 Senior $ 6,056 $ — $ 6,056 $ 46,120 $ 52,176 Subordinated — — — 6,416 6,416 Unsecured — — — 3,915 3,915 $ 6,056 $ — $ 6,056 $ 56,451 $ 62,507 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	9 Months Ended
	Sep. 30, 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 fees 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 fees 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 September 30, 2016 , cumulative marketing and reservation system costs exceeded cumulative marketing and reservation system revenues earned by $15.3 million with the excess reflected as a long-term asset in the accompanying consolidated balance sheet. At December 31, 2015 fees collected exceeded expenses by $30.7 million , with the excess reflected as an other long-term liability in the accompanying consolidated balance sheet. Depreciation and amortization expense attributable to marketing and reservation activities for the three and nine months ended September 30, 2016 were $6.3 million and $18.7 million , respectively. Depreciation and amortization expense attributable to marketing and reservation activities for the three and nine months ended September 30, 2015 were $5.8 million and $17.0 million , respectively. Interest expense attributable to marketing and reservation activities for the three and nine months ended September 30, 2016 were $1 thousand and $6 thousand , respectively. Interest expense attributable to marketing and reservation activities for the three and nine months ended September 30, 2015 were $6 thousand and $22 thousand , respectively.

Other Assets

Other Assets	9 Months Ended
	Sep. 30, 2016
Other Assets, Noncurrent [Abstract]
Other Assets	Other Assets Other assets consist of the following: September 30, 2016 December 31, 2015 (in thousands) Land and buildings $ 28,987 $ 10,206 Advances to marketing and reservation system activities (Note 4) 15,284 — Other assets 6,392 6,701 Total $ 50,663 $ 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 hotels 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	9 Months Ended
	Sep. 30, 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 $81.1 million and $64.3 million at September 30, 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 and nine months ended September 30, 2016 , the Company recognized loss (income) totaling $(0.4) million and $1.6 million , respectively, from these investments. For the three and nine months ended September 30, 2015 , the Company recognized losses totaling $0.2 million and $2.0 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	9 Months Ended
	Sep. 30, 2016
Deferred Revenue and Credits [Abstract]
Deferred Revenue	Deferred Revenue Deferred revenue consists of the following: September 30, December 31, (in thousands) Loyalty programs $ 107,872 $ 62,258 Initial, relicensing and franchise fees 7,072 6,530 Procurement service fees 5,887 2,353 Other 761 446 Total $ 121,592 $ 71,587

Debt

Debt	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Debt	Debt Debt consists of the following at: September 30, 2016 December 31, 2015 (in thousands) $400 million senior unsecured notes with an effective interest rate of 6.0% less deferred issuance costs of $4.9 million and $5.4 million at September 30, 2016 and December 31, 2015, respectively $ 395,138 $ 394,618 $250 million senior unsecured notes with an effective interest rate of 6.19%, less a discount and deferred issuance costs of $1.2 million and $1.4 million at September 30, 2016 and December 31, 2015, respectively 248,799 248,568 $450 million senior unsecured credit facility with an effective interest rate of 2.03% and 1.87%, less deferred issuance costs of $2.8 million and $3.0 million at September 30, 2016 and December 31, 2015, respectively 209,215 156,025 Fixed rate collateralized mortgage with an effective interest rate of 4.57%, plus a fair value adjustment of $0.8 million and $0.9 million at September 30, 2016 and December 31, 2015, respectively 9,588 10,048 Economic development loans with an effective rate interest rate of 3.0% at September 30, 2016 and December 31, 2015 3,712 3,712 Capital lease obligations due 2016 with an effective interest rate of 3.18% at September 30, 2016 and December 31, 2015 — 430 Other notes payable 455 735 Total debt $ 866,907 $ 814,136 Less current portion 660 1,191 Total long-term debt $ 866,247 $ 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 with 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 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 an initial 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. On July 5, 2016, the Company exercised its option to extend the maturity date of the Revolver by one year. The new maturity date of the Revolver is July 21, 2021. 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 2022 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 affecting 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 September 30, 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 September 30, 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 September 30, 2016 .

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 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 — 1,036 1,036 Amounts reclassified from accumulated other comprehensive income (loss) 646 — 646 Net current period other comprehensive income (loss) 646 1,036 1,682 Ending balance, September 30, 2016 $ (3,376 ) $ (3,720 ) $ (7,096 ) The amounts reclassified from accumulated other comprehensive loss during the three and nine months ended September 30, 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 September 30, 2016 Nine Months Ended September 30, 2016 (in thousands) Loss on cash flow hedge Interest rate contract $ 215 $ 646 Interest expense — — Tax (expense) benefit $ 215 $ 646 Net of tax

Non-Qualified Retirement, Savin

Non-Qualified Retirement, Savings and Investment Plans	9 Months Ended
	Sep. 30, 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 $24.3 million and $23.0 million at September 30, 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 (decrease) in compensation expense recorded in SG&A for the three months ended September 30, 2016 and 2015 was $0.9 million and $(1.0) million , respectively. The net increase (decrease) in compensation expense recorded in SG&A for the nine months ended September 30, 2016 and 2015 was $1.4 million and $(0.9) 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 $18.9 million and $17.8 million as of September 30, 2016 and December 31, 2015 , respectively, and are recorded at their fair value, based on quoted market prices. At September 30, 2016 , the Company expects $2.5 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 September 30, 2016 and 2015 of approximately $0.8 million and $(1.1) million , respectively. The Company recorded investment gains (losses) during the nine months ended September 30, 2016 and 2015 of approximately $1.0 million and $(1.0) million , respectively.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2016 . As of September 30, 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 September 30, 2016 Money market funds, included in cash and cash equivalents $ 50,056 $ — $ 50,056 $ — Mutual funds (1) 17,219 17,219 — — Money market funds (1) 1,684 — 1,684 — $ 68,959 $ 17,219 $ 51,740 $ — 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 values 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 September 30, 2016 and December 31, 2015 , the $250 million senior notes had an approximate fair value of $272.9 million and $267.7 million , respectively. At September 30, 2016 and December 31, 2015 , the $400 million senior notes had an approximate fair value of $439.4 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	9 Months Ended
	Sep. 30, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The effective income tax rates were 32.2% and 33.5% for the three months ended September 30, 2016 and 2015 , respectively. The effective income tax rates were 31.1% and 32.4% for the nine months ended September 30, 2016 and 2015 , respectively. The effective income tax rates for the three and nine months ended September 30, 2016 and 2015 were 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. The effective income tax rate for the three and nine months ended September 30, 2016 , was also impacted by the adoption of ASU 2016-09, which requires that excess tax benefits and deficiencies be recorded as tax expense or benefit in the income statement. The adoption resulted in a $0.7 million and $2.1 million tax benefit for the three and nine months ended September 30, 2016 , respectively. The effective income tax rate for the nine months ended September 30, 2015 was further reduced by the settlement of unrecognized tax positions.

Share-Based Compensation and Ca

Share-Based Compensation and Capital Stock	9 Months Ended
	Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Compensation and Capital Stock	Share-Based Compensation and Capital Stock Stock Options No stock options were granted during the three months ended September 30, 2016 and 2015 . 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 nine months ended September 30, 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 September 30, 2016 was $10.4 million and $10.1 million , respectively. The total intrinsic value of options exercised during the three months ended September 30, 2016 and 2015 was approximately $2.4 million and $0.9 million , respectively. The total intrinsic value of options exercised during the nine months ended September 30, 2016 and 2015 was approximately $6.8 million and $9.5 million , respectively. The Company received approximately $2.6 million and $0.7 million in proceeds from the exercise of 104,442 and 30,808 employee stock options during the three months ended September 30, 2016 and 2015 , respectively. The Company received approximately $6.8 million and $6.4 million in proceeds from the exercise of 297,398 and 263,600 employee stock options during the nine months ended September 30, 2016 and 2015 , respectively. Restricted Stock The following table is a summary of activity related to restricted stock grants: Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Restricted share grants 21,357 7,836 188,509 114,281 Weighted average grant date fair value per share $ 48.03 $ 51.07 $ 51.21 $ 62.45 Aggregate grant date fair value ($000) $ 1,026 $ 400 $ 9,654 $ 7,137 Restricted shares forfeited 14,072 9,522 23,686 17,964 Vesting service period of shares granted 36 - 48 months 24 - 48 months 12 - 48 months 12 - 48 months Fair value of shares vested ($000) $ 180 $ 553 $ 7,363 $ 12,292 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 Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Performance vested restricted stock units granted at target 10,387 — 89,944 51,309 Weighted average grant date fair value per share $ 48.14 $ — $ 47.85 $ 60.94 Aggregate grant date fair value ($000) $ 500 $ — $ 4,304 $ 3,126 Stock units forfeited 26,363 6,079 54,556 6,079 Requisite service period 9 - 24 months — 9 - 43 months 36 - 43 months No PVRSU grants vested during the three months ended September 30, 2016 . During the nine months ended September 30, 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 nine months ended September 30, 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. No PVRSU grants vested during the three months ended September 30, 2015 . During the nine months ended September 30, 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 September 30, 2016 and changes during the nine 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 51.49 188,509 51.21 89,944 47.85 Performance based leveraging (1) — — — — 2,043 36.76 Exercised/Vested (297,398 ) 22.87 (149,318 ) 43.48 (28,188 ) 36.76 Expired — — — — — — Forfeited (80,869 ) 53.86 (23,686 ) 51.06 (54,556 ) 42.82 Outstanding at September 30, 2016 2,451,703 $ 46.27 4.5 years 399,995 $ 50.44 235,980 $ 47.59 Options exercisable at September 30, 2016 1,059,365 $ 37.79 2.9 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 nine months ended September 30, 2016 . The components of the Company’s pretax share-based compensation expense and associated income tax benefits are as follows for the three and nine months ended September 30, 2016 and 2015 : Three Months Ended Nine Months Ended September 30, September 30, (in millions) 2016 2015 2016 2015 Stock options $ 1.0 $ 0.8 $ 3.6 $ 2.4 Restricted stock 1.7 1.6 5.7 5.1 Performance vested restricted stock units 0.4 1.0 1.7 1.6 Total $ 3.1 $ 3.4 $ 11.0 $ 9.1 Income tax benefits $ 1.1 $ 1.3 $ 4.1 $ 3.4 In conjunction with the termination of a Company officer, stock option, restricted stock and performance vested restricted stock compensation expense for the nine months ended September 30, 2016, included an additional $0.4 million , $0.4 million and $0.1 million , respectively, of accelerated recognition of share based payment awards. During the three and nine months ended September 30, 2015 , the Company revised its estimate of the projected achievement of various performance conditions that affect the number of PVRSUs that will ultimately vest. As a result, previously recognized share-based compensation costs related to these PVRSUs increased by $0.4 million and $0.2 million for the three and nine months ended September 30, 2015 . 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 and nine months ended September 30, 2016 , the Company's board of directors declared dividends totaling $0.205 and $0.615 per share or approximately $11.5 million and $34.6 million , respectively, in the aggregate. In addition, during the nine months ended September 30, 2016 , the Company recorded dividends totaling $0.1 million 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 and 0.6 million shares of common stock under the share repurchase program at a total cost of $5.6 million and $28.6 million during the three and nine months ended September 30, 2016 , respectively. During the three and nine months ended September 30, 2016 , the Company redeemed 1,284 and 118,063 shares of common stock at a total cost of approximately $61 thousand and $5.4 million , respectively, 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.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 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 Nine Months Ended September 30, September 30, (In thousands, except per share amounts) 2016 2015 2016 2015 Computation of Basic Earnings Per Share: Numerator: Net income $ 47,565 $ 41,419 $ 107,550 $ 98,826 Income allocated to participating securities (342 ) (278 ) (749 ) (695 ) Net income available to common shareholders $ 47,223 $ 41,141 $ 106,801 $ 98,131 Denominator: Weighted average common shares outstanding – basic 55,630 56,843 55,904 57,019 Basic earnings per share $ 0.85 $ 0.72 $ 1.91 $ 1.72 Computation of Diluted Earnings Per Share: Numerator: Net income $ 47,565 $ 41,419 $ 107,550 $ 98,826 Income allocated to participating securities (341 ) (277 ) (746 ) (691 ) Net income available to common shareholders $ 47,224 $ 41,142 $ 106,804 $ 98,135 Denominator: Weighted average common shares outstanding – basic 55,630 56,843 55,904 57,019 Diluted effect of stock options and PVRSUs 281 378 296 479 Weighted average common shares outstanding – diluted 55,911 57,221 56,200 57,498 Diluted earnings per share $ 0.84 $ 0.72 $ 1.90 $ 1.71 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 September 30, 2016 and 2015 , the Company had 2.5 million and 2.1 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 and nine months ended September 30, 2016 , the Company excluded 1.2 million of anti-dilutive stock options from the diluted earnings per share calculation. For the three and nine months ended September 30, 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 September 30, 2016 and 2015 , PVRSUs totaling 235,980 and 207,040 , respectively, were excluded from the computation since the performance conditions had not been met.

Condensed Consolidating Financi

Condensed Consolidating Financial Statements	9 Months Ended
	Sep. 30, 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 September 30, 2016 (Unaudited, in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated REVENUES: Royalty fees $ 90,462 $ 32,059 $ 12,090 $ (38,497 ) $ 96,114 Initial franchise and relicensing fees 6,187 — 97 — 6,284 Procurement services 7,344 — 271 — 7,615 Marketing and reservation system 140,792 99,595 4,771 (93,140 ) 152,018 Other 3,443 75 2,305 (277 ) 5,546 Total revenues 248,228 131,729 19,534 (131,914 ) 267,577 OPERATING EXPENSES: Selling, general and administrative 38,876 28,591 5,664 (38,774 ) 34,357 Depreciation and amortization 467 1,910 609 — 2,986 Marketing and reservation system 143,920 97,018 4,220 (93,140 ) 152,018 Total operating expenses 183,263 127,519 10,493 (131,914 ) 189,361 Gain on sale of assets, net — — 402 — 402 Operating income 64,965 4,210 9,443 — 78,618 OTHER INCOME AND EXPENSES, NET: Interest expense 11,006 1 143 — 11,150 Other items, net (234 ) (1,150 ) (1,348 ) — (2,732 ) Equity in earnings of consolidated (13,548 ) (166 ) — 13,714 — Total other income and expenses, net (2,776 ) (1,315 ) (1,205 ) 13,714 8,418 Income before income taxes 67,741 5,525 10,648 (13,714 ) 70,200 Income taxes 20,176 2,169 290 — 22,635 Net income $ 47,565 $ 3,356 $ 10,358 $ (13,714 ) $ 47,565 Choice Hotels International, Inc. Condensed Consolidating Statement of Income For the Three Months Ended September 30, 2015 (Unaudited, in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated REVENUES: Royalty fees $ 84,572 $ 28,786 $ 8,660 $ (32,089 ) $ 89,929 Initial franchise and relicensing fees 6,040 — 130 — 6,170 Procurement services 6,012 — 259 — 6,271 Marketing and reservation system 123,775 126,547 4,142 (120,001 ) 134,463 Other 3,377 3 1,313 — 4,693 Total revenues 223,776 155,336 14,504 (152,090 ) 241,526 OPERATING EXPENSES: Selling, general and administrative 32,846 25,603 3,792 (32,089 ) 30,152 Depreciation and amortization 602 2,044 462 — 3,108 Marketing and reservation system 129,268 121,690 3,506 (120,001 ) 134,463 Total operating expenses 162,716 149,337 7,760 (152,090 ) 167,723 Operating income 61,060 5,999 6,744 — 73,803 OTHER INCOME AND EXPENSES, NET: Interest expense 10,682 1 138 — 10,821 Other items, net (76 ) 1,260 (470 ) — 714 Equity in earnings of consolidated (9,350 ) 84 — 9,266 — Total other income and expenses, net 1,256 1,345 (332 ) 9,266 11,535 Income before income taxes 59,804 4,654 7,076 (9,266 ) 62,268 Income taxes 18,385 1,853 611 — 20,849 Net income $ 41,419 $ 2,801 $ 6,465 $ (9,266 ) $ 41,419 Choice Hotels International, Inc. Condensed Consolidating Statement of Income For the Nine Months Ended September 30, 2016 (Unaudited, in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated REVENUES: Royalty fees $ 231,717 $ 109,172 $ 31,110 $ (124,831 ) $ 247,168 Initial franchise and relicensing fees 16,741 — 405 — 17,146 Procurement services 23,088 — 631 — 23,719 Marketing and reservation system 380,153 344,161 12,322 (324,443 ) 412,193 Other 10,039 212 6,707 (738 ) 16,220 Total revenues 661,738 453,545 51,175 (450,012 ) 716,446 OPERATING EXPENSES: Selling, general and administrative 120,804 98,125 16,155 (125,569 ) 109,515 Depreciation and amortization 1,314 5,596 1,797 — 8,707 Marketing and reservation system 394,059 330,959 11,618 (324,443 ) 412,193 Total operating expenses 516,177 434,680 29,570 (450,012 ) 530,415 Gain on sale of assets, net — — 402 — 402 Operating income 145,561 18,865 22,007 — 186,433 OTHER INCOME AND EXPENSES, NET: Interest expense 33,036 1 429 — 33,466 Other items, net (1,082 ) (319 ) (1,820 ) — (3,221 ) Equity in earnings of consolidated (36,053 ) 409 — 35,644 — Total other income and expenses, net (4,099 ) 91 (1,391 ) 35,644 30,245 Income before income taxes 149,660 18,774 23,398 (35,644 ) 156,188 Income taxes 42,110 6,366 162 — 48,638 Net income $ 107,550 $ 12,408 $ 23,236 $ (35,644 ) $ 107,550 Choice Hotels International, Inc. Condensed Consolidating Statement of Income For the Nine Months Ended September 30, 2015 (Unaudited, in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated REVENUES: Royalty fees $ 217,723 $ 99,306 $ 30,364 $ (113,850 ) $ 233,543 Initial franchise and relicensing fees 17,160 — 543 — 17,703 Procurement services 19,118 — 549 — 19,667 Marketing and reservation system 334,638 341,274 11,714 (321,328 ) 366,298 Other 9,452 3 2,261 — 11,716 Total revenues 598,091 440,583 45,431 (435,178 ) 648,927 OPERATING EXPENSES: Selling, general and administrative 108,250 88,962 12,350 (113,850 ) 95,712 Depreciation and amortization 2,170 5,701 922 — 8,793 Marketing and reservation system 349,040 328,118 10,468 (321,328 ) 366,298 Total operating expenses 459,460 422,781 23,740 (435,178 ) 470,803 Operating income 138,631 17,802 21,691 — 178,124 OTHER INCOME AND EXPENSES, NET: Interest expense 31,661 2 394 — 32,057 Other items, net (622 ) 732 (224 ) — (114 ) Equity in earnings of consolidated (31,215 ) 462 — 30,753 — Total other income and expenses, net (176 ) 1,196 170 30,753 31,943 Income before income taxes 138,807 16,606 21,521 (30,753 ) 146,181 Income taxes 39,981 7,343 31 — 47,355 Net income $ 98,826 $ 9,263 $ 21,490 $ (30,753 ) $ 98,826 Choice Hotels International, Inc. Condensed Consolidating Statement of Comprehensive Income For the Three Months Ended September 30, 2016 (Unaudited, in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Net income $ 47,565 $ 3,356 $ 10,358 $ (13,714 ) $ 47,565 Other comprehensive income, net of tax: Amortization of loss on cash flow hedge 215 — — — 215 Foreign currency translation adjustment 137 — 137 (137 ) 137 Other comprehensive income (loss), net of tax 352 — 137 (137 ) 352 Comprehensive income $ 47,917 $ 3,356 $ 10,495 $ (13,851 ) $ 47,917 Choice Hotels International, Inc. Condensed Consolidating Statement of Comprehensive Income For the Three Months Ended September 30, 2015 (Unaudited, in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Net income $ 41,419 $ 2,801 $ 6,465 $ (9,266 ) $ 41,419 Other comprehensive income, net of tax: Amortization of loss on cash flow hedge 215 — — — 215 Foreign currency translation adjustment (951 ) — (951 ) 951 (951 ) Other comprehensive income (loss), net of tax (736 ) — (951 ) 951 (736 ) Comprehensive income $ 40,683 $ 2,801 $ 5,514 $ (8,315 ) $ 40,683 Choice Hotels International, Inc. Condensed Consolidating Statement of Comprehensive Income For the Nine Months Ended September 30, 2016 (Unaudited, in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Net income $ 107,550 $ 12,408 $ 23,236 $ (35,644 ) $ 107,550 Other comprehensive income, net of tax: Amortization of loss on cash flow hedge 646 — — — 646 Foreign currency translation adjustment 1,036 — 1,036 (1,036 ) 1,036 Other comprehensive income, net of tax 1,682 — 1,036 (1,036 ) 1,682 Comprehensive income $ 109,232 $ 12,408 $ 24,272 $ (36,680 ) $ 109,232 Choice Hotels International, Inc. Condensed Consolidating Statement of Comprehensive Income For the Nine Months Ended September 30, 2015 (Unaudited, in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Net income $ 98,826 $ 9,263 $ 21,490 $ (30,753 ) $ 98,826 Other comprehensive income (loss), net of tax: Amortization of loss on cash flow hedge 646 — — — 646 Foreign currency translation adjustment (2,223 ) — (2,223 ) 2,223 (2,223 ) Other comprehensive income (loss), net of tax (1,577 ) — (2,223 ) 2,223 (1,577 ) Comprehensive income $ 97,249 $ 9,263 $ 19,267 $ (28,530 ) $ 97,249 Choice Hotels International, Inc. Condensed Consolidating Balance Sheet As of September 30, 2016 (Unaudited, in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated ASSETS Cash and cash equivalents $ 18,530 $ 589 $ 186,834 $ — $ 205,953 Receivables, net 117,373 1,635 10,564 (150 ) 129,422 Other current assets 8,712 33,814 3,868 (9,840 ) 36,554 Total current assets 144,615 36,038 201,266 (9,990 ) 371,929 Property and equipment, at cost, net 46,864 23,925 15,947 — 86,736 Goodwill 65,813 — 13,986 — 79,799 Franchise rights and other identifiable intangibles, net 4,027 — 7,516 — 11,543 Notes receivable, net of allowances 13,447 42,031 42,972 — 98,450 Investments, employee benefit plans, at fair value — 16,414 — — 16,414 Investment in affiliates 514,602 50,701 — (565,303 ) — Advances to affiliates 8,991 123,089 9,863 (141,943 ) — Deferred income taxes 35,485 13,056 — (1,539 ) 47,002 Other assets 15,285 66,306 52,838 (26 ) 134,403 Total assets $ 849,129 $ 371,560 $ 344,388 $ (718,801 ) $ 846,276 LIABILITIES AND SHAREHOLDERS’ DEFICIT Accounts payable $ 21,041 $ 35,440 $ 4,032 $ (150 ) $ 60,363 Accrued expenses and other current liabilities 46,091 35,938 3,586 (9,735 ) 75,880 Deferred revenue 120,536 45 1,116 (105 ) 121,592 Current portion of long-term debt — — 660 — 660 Total current liabilities 187,668 71,423 9,394 (9,990 ) 258,495 Long-term debt 853,152 3,712 9,383 — 866,247 Deferred compensation and retirement plan obligations — 20,880 10 — 20,890 Advances from affiliates 132,597 1,294 8,052 (141,943 ) — Other liabilities 13,154 14,981 11,516 (1,565 ) 38,086 Total liabilities 1,186,571 112,290 38,355 (153,498 ) 1,183,718 Total shareholders’ (deficit) equity (337,442 ) 259,270 306,033 (565,303 ) (337,442 ) Total liabilities and shareholders’ deficit $ 849,129 $ 371,560 $ 344,388 $ (718,801 ) $ 846,276 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 Nine Months Ended September 30, 2016 (Unaudited, in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Net cash provided (used) by operating activities $ 21,358 $ 43,956 $ 23,752 $ (657 ) $ 88,409 Cash Flows From Investing Activities Investment in property and equipment (12,579 ) (4,749 ) (256 ) — (17,584 ) Proceeds from sales of assets — — 8,360 — 8,360 Acquisitions of real estate — — (25,263 ) — (25,263 ) Business acquisition, net of cash acquired — — (1,341 ) — (1,341 ) Contributions to equity method investments — (24,128 ) (51 ) — (24,179 ) Distributions from equity method investments — — 3,700 — 3,700 Purchases of investments, employee benefit plans — (1,430 ) — — (1,430 ) Proceeds from sales of investments, employee benefit plans — 1,395 — — 1,395 Issuance of mezzanine and other notes receivable (5,306 ) — (14,975 ) — (20,281 ) Collections of mezzanine and other notes receivable 11,040 — — — 11,040 Advances to and investment in affiliates — (25,902 ) — 25,902 — Divestment in affiliates — 11,858 — (11,858 ) — Other items, net (382 ) — (40 ) (422 ) Net cash used by investing activities (7,227 ) (42,956 ) (29,866 ) 14,044 (66,005 ) Cash Flows from Financing Activities Net borrowings pursuant to revolving credit facilities 53,000 — (186 ) — 52,814 Debt issuance costs (284 ) — — — (284 ) Principal payments on long-term debt — (430 ) (406 ) — (836 ) Purchases of treasury stock (33,958 ) — — — (33,958 ) Dividends paid (34,690 ) — (657 ) 657 (34,690 ) Proceeds from contributions from affiliates — — 25,902 (25,902 ) — Distributions to affiliates — — (11,858 ) 11,858 — Proceeds from exercise of stock options 6,802 — — — 6,802 Net cash provided (used) by financing activities (9,130 ) (430 ) 12,795 (13,387 ) (10,152 ) Net change in cash and cash equivalents 5,001 570 6,681 — 12,252 Effect of foreign exchange rate changes on cash and cash equivalents — — 260 — 260 Cash and cash equivalents at beginning of period 13,529 19 179,893 — 193,441 Cash and cash equivalents at end of period $ 18,530 $ 589 $ 186,834 $ — $ 205,953 Choice Hotels International, Inc. Condensed Consolidating Statement of Cash Flows For the Nine Months Ended September 30, 2015 (Unaudited, in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Net cash provided by operating activities $ 67,695 $ 10,710 $ 25,910 $ (657 ) $ 103,658 Cash Flows From Investing Activities Investment in property and equipment (16,114 ) (5,342 ) (354 ) — (21,810 ) Proceeds from sales of assets 93 4,661 1,593 — 6,347 Acquisitions of real estate — (8,767 ) — (8,767 ) Business acquisition, net of cash acquired — — (13,269 ) — (13,269 ) Contributions to equity method investments — (2,771 ) (1,040 ) — (3,811 ) Distributions from equity method investments — — 270 — 270 Purchases of investments, employee benefit plans — (2,977 ) — — (2,977 ) Proceeds from sales of investments, employee benefit plans — 2,920 — — 2,920 Issuance of mezzanine and other notes receivable (7,253 ) — (18,000 ) — (25,253 ) Collections of mezzanine and other notes receivable 3,697 — — — 3,697 Advances to and investment in affiliates — (8,960 ) — 8,960 — Divestment in affiliates — 2,122 — (2,122 ) — Other items, net (445 ) — — — (445 ) Net cash used by investing activities (20,022 ) (10,347 ) (39,567 ) 6,838 (63,098 ) Cash Flows from Financing Activities Net borrowings pursuant to revolving credit facilities 162,000 — 32 — 162,032 Proceeds from the issuance of long-term debt 0 176 — — 176 Debt issuance costs (2,169 ) — — — (2,169 ) Principal payments on long-term debt (129,375 ) (537 ) (282 ) — (130,194 ) Proceeds from contributions from affiliates — — 8,960 (8,960 ) — Purchases of treasury stock (56,450 ) — — — (56,450 ) Dividends paid (34,173 ) — (657 ) 657 (34,173 ) Distributions to affiliates — — (2,122 ) 2,122 — Proceeds from exercise of stock options 6,381 — — — 6,381 Net cash provided (used) by financing activities (53,786 ) (361 ) 5,931 (6,181 ) (54,397 ) Net change in cash and cash equivalents (6,113 ) 2 (7,726 ) — (13,837 ) Effect of foreign exchange rate changes on cash and cash equivalents — — (1,781 ) — (1,781 ) Cash and cash equivalents at beginning of period 25,290 25 189,564 — 214,879 Cash and cash equivalents at end of period $ 19,177 $ 27 $ 180,057 $ — $ 199,261

Reportable Segment Information

Reportable Segment Information	9 Months Ended
	Sep. 30, 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 hotel 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 September 30, 2016 Three Months Ended September 30, 2015 (In thousands) Franchising SkyTouch Technology Corporate & Consolidated Franchising SkyTouch Technology Corporate & Consolidated Revenues $ 265,152 $ 526 $ 1,899 $ 267,577 $ 240,067 $ 313 $ 1,146 $ 241,526 Operating income (loss) $ 95,760 $ (3,594 ) $ (13,548 ) $ 78,618 $ 87,011 $ (4,339 ) $ (8,869 ) $ 73,803 Income (loss) before income taxes $ 97,482 $ (3,594 ) $ (23,688 ) $ 70,200 $ 87,340 $ (4,339 ) $ (20,733 ) $ 62,268 Nine Months Ended September 30, 2016 Nine Months Ended September 30, 2015 (In thousands) Franchising SkyTouch Technology Corporate & Consolidated Franchising SkyTouch Technology Corporate & Consolidated Revenues $ 709,924 $ 1,395 $ 5,127 $ 716,446 $ 646,454 $ 806 $ 1,667 $ 648,927 Operating income (loss) $ 237,926 $ (12,669 ) $ (38,824 ) $ 186,433 $ 221,041 $ (14,228 ) $ (28,689 ) $ 178,124 Income (loss) before income taxes $ 238,212 $ (12,669 ) $ (69,355 ) $ 156,188 $ 219,934 $ (14,228 ) $ (59,525 ) $ 146,181

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 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 On October 9, 2012, 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 agreed to guarantee 25% of the outstanding principal balance for a maximum exposure of $4.5 million and accrued 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. On September 4, 2015, 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. On June 2, 2016, one of the Company’s VIEs obtained a $61.0 million term loan for purposes of refinancing a $46.2 million construction loan. In connection with the refinancing, the Company entered into three limited guarantees. Under the terms of the limited guarantees, the Company agreed to guarantee a maximum obligation of $3.3 million in the aggregate, in addition to a percentage of any operating expenses and capital expenditures not covered by operating revenues and unpaid expenses incurred. The limited guarantees will remain in effect until the loan is repaid in full or the VIE reaches a specified debt yield for two consecutive quarters under the loan covenants. The maturity date of the VIE's loan is June 2019. The Company believes the likelihood of having to perform under the aforementioned limited payment guarantees was remote at September 30, 2016 and December 31, 2015 . Commitments The Company has the following commitments outstanding at September 30, 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 September 30, 2016 , the Company had commitments to extend an additional $150.3 million for these purposes provided certain conditions are met by its franchisees, of which $83.7 million is expected to be advanced in the next twelve months. • The Company committed to make additional capital contributions totaling $24.1 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 November 2015, the Company provided financing to a development company to acquire and redevelop a historic office building into a Cambria hotel & suites hotel. 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 September 30, 2016 , the Company advanced $21.1 million . The promissory notes mature on November 30, 2019, and bear interest at variable and fixed rates and are payable monthly. • In September 2016, the Company committed to provide financing to a development company to construct a Cambria hotel & suites hotel in the amount of $2.1 million . As of September 30, 2016 , no amounts have been funded under the commitment. The promissory note matures on March 29, 2020, and bears interest at fixed rates and is 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	9 Months Ended
	Sep. 30, 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 hotel. A deferred gain of $0.2 million will be recognized when the promissory note matures on March 1, 2019. The promissory note bears interest at a fixed rate and is payable monthly. The Company signed a management fee arrangement for marketing services with a joint venture partner. For the three and nine months ended September 30, 2016 , fees earned and payroll costs reimbursed under this arrangement totaled $0.4 million and $0.6 million , respectively.

Acquisitions

Acquisitions	9 Months Ended
	Sep. 30, 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 year variable compensation arrangement with MHB's former owner, which is contingent on future minimum performance targets. 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 completed its assessment of the MHB acquisition in the third quarter of 2016, identifying no adjustments to the fair value determination. As a result, the purchase price allocation is final as of the third quarter of 2016, with no adjustments made from the preliminary allocation. Real Estate Acquisitions In the first quarter of 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 were 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 hotel 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. Subsequent to the acquisition, the land and building were utilized as a parking lot and actively managed office building. The properties were sold during the current quarter, reference "Real Estate Disposition" below. • On February 1, 2016 , the Company acquired an actively managed office building and surrounding parking area in Houston, TX. The Company's plan for the building is to convert the property into a Cambria hotel & suites hotel either through development or as a part of a joint venture agreement. The Company completed its assessment of the fair value of the assets acquired in the first quarter of 2016 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 Land Improvements 100 5 years Building 10,499 30 years Leasehold Value (24 ) Not depreciated Lease in Place 327 Not depreciated Leasing Commission 51 Not depreciated Other Assets 303 Total Assets Acquired 25,804 Other Liabilities (240 ) Cash paid, net of cash acquired $ 25,564 Real Estate Disposition On September 21, 2016, the Company completed the sale of the parcel of land and office building in Indianapolis, IN, as part of a combined transaction for $6.7 million . As a result of this sale, the Company recognized a pre-tax gain of $0.4 million included in Gain on sale of assets, net in the consolidated statements of income. The gain recognized is net of transaction costs.

Company Information and Signi26

Company Information and Significant Accounting Policies (Policy)	9 Months Ended
	Sep. 30, 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. 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.
Future Adoption of Recently Announced 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 as of the date of adoption. 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 an estimate of the number of awards that are expected 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 flows 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 adopted the new guidance in the second quarter of 2016 and, in accordance with the provisions of ASU 2016-09 applied the required adjustments as of January 1, 2016, the beginning of the annual period that includes the interim period of adoption. The primary impact of adoption was the recognition of excess tax benefits in the Company's provision for income taxes rather than additional paid-in-capital during the nine months ended September 30, 2016 . Additional amendments to the accounting for income taxes and minimum statutory withholding tax requirements had no impact to retained earnings as of January 1, 2016, where the cumulative effect of these changes are required to be recorded. The Company has elected to continue to estimate forfeitures based on an estimate of the number of awards that are expected to vest. The Company also elected to apply the presentation requirements for cash flows related to excess tax benefits retrospectively which resulted in an increase to net cash provided by operating activities and an increase in net cash used by financing activities of $4.9 million for the nine months ended September 30, 2015. Adoption of the new standard resulted in the recognition of tax benefits of $0.7 million and $2.1 million in our provision for income taxes rather than additional paid-in-capital for the three and nine months ended September 30, 2016, respectively. The impact of the adoption to our previously reported first quarter 2016 results was $1.6 million , reflected as follows: Three Months Ended March 31, 2016 (In thousands, except per share amounts) As Reported As Adjusted Consolidated Statements of Income: Income taxes $ 10,780 $ 9,215 Net income $ 19,598 $ 21,163 Basis earnings per share $ 0.35 $ 0.38 Diluted earnings per share $ 0.35 $ 0.37 Consolidated Statements of Cash Flows: Net cash used by operating activities $ (22,945 ) $ (21,380 ) Net cash provided by financing activities $ 64,192 $ 62,627 March 31, 2016 As Reported As Adjusted Consolidated Balance Sheets: Additional paid-in-capital $ 150,127 $ 148,562 Retained earnings $ 522,854 $ 524,419 Future Adoption of Recently Announced Accounting Guidance In May 2014, the FASB issued ASU 2014-09, Revenue From Contracts with Customers (Topic 606) ("ASU No. 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 No. 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 and timing of the recognition for profits from the sales of real estate assets. In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing (Topic 606) ("ASU No. 2016-10"). ASU No. 2016-10 does not change the core principles of the standard, ASU 2014-09, Revenue from Contracts with Customers , but clarifies the accounting for licenses of intellectual property, as well as the identification of distinct performance obligations in a contract. The standard should be adopted concurrently with adoption of ASU 2014-09, which is effective for annual and interim periods beginning after December 15, 2017. The Company has not yet selected a transition method and is still assessing the impact that ASU No. 2016-10 will have on its financial statements and disclosures. 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 June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326) ("ASU No. 2016-13"), which will require the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. The guidance is effective for annual reporting periods beginning after December 15, 2019 and interim periods within those fiscal years. The Company is currently assessing the potential impact that ASU No. 2016-13 will have on its consolidated financial position or results of operations. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments ("ASU No. 2016-15"). ASU No. 2016-15 provides additional guidance on eight specific cash flow issues, such as the classification of debt prepayments or extinguishment costs, contingent consideration payments made after a business combination, and distributions received from equity method investees. The guidance is effective for annual reporting periods beginning after December 15, 2017 and interim periods within those fiscal years. Early adoption is permitted. The Company is currently assessing the potential impact that ASU No. 2016-15 will have on the financial statements and disclosures. I n October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740) - Intra-Entity Transfers of Assets Other Than Inventory ("ASU No. 2016-16"). ASU No. 2016-16 provides guidance on recognition of current income tax consequences for intercompany asset transfers (other than inventory) at the time of transfer. This represents a change from current GAAP, where the consolidated tax consequences of intercompany asset transfers are deferred from the time of transfer to a future period. The guidance is effective for annual reporting periods beginning after December 15, 2017 and interim periods within those fiscal years. Early adoption at the beginning of an annual period is permitted. The Company is currently assessing the potential impact that ASU No. 2016-16 will have on the financial statements and disclosures. In October 2016, the FASB issued ASU 2016-17, Consolidation (Topic 810) - Interests Held through Related Parties That Are under Common Control ("ASU No. 2016-17"). ASU No. 2016-17 alters the primary beneficiary assessment a reporting entity must perform as part of consolidation analysis to determine whether it should consolidate certain types of legal entities. Under current GAAP, indirect interests held through related parties under common control are to be considered in their entirety by the reporting entity in performing the primary beneficiary assessment. ASU No. 2016-17 will revise the guidance such that indirect interests held through related parties under common control will be considered on a proportionate basis in performing the primary beneficiary assessment. The guidance is effective for annual reporting periods beginning after December 15, 2016 and interim periods within those fiscal years. Early adoption is permitted. The Company is currently assessing the potential impact that ASU No. 2016-17 will have on the financial statements and disclosures.

Company Information and Signi27

Company Information and Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Schedule of new accounting pronouncements and changes in accounting principles	The impact of the adoption to our previously reported first quarter 2016 results was $1.6 million , reflected as follows: Three Months Ended March 31, 2016 (In thousands, except per share amounts) As Reported As Adjusted Consolidated Statements of Income: Income taxes $ 10,780 $ 9,215 Net income $ 19,598 $ 21,163 Basis earnings per share $ 0.35 $ 0.38 Diluted earnings per share $ 0.35 $ 0.37 Consolidated Statements of Cash Flows: Net cash used by operating activities $ (22,945 ) $ (21,380 ) Net cash provided by financing activities $ 64,192 $ 62,627 March 31, 2016 As Reported As Adjusted Consolidated Balance Sheets: Additional paid-in-capital $ 150,127 $ 148,562 Retained earnings $ 522,854 $ 524,419

Other Current Assets (Tables)

Other Current Assets (Tables)	9 Months Ended
	Sep. 30, 2016
Assets, Current [Abstract]
Schedule Of Other Current Assets	Other current assets consist of the following: September 30, 2016 December 31, 2015 (in thousands) Prepaid expenses $ 24,336 $ 14,144 Other current assets 4,232 1,725 Assets held for sale — 1,698 Total $ 28,568 $ 17,567

Notes Receivable and Allowanc29

Notes Receivable and Allowance for Losses (Tables)	9 Months Ended
	Sep. 30, 2016
Notes Receivable and Allowance for Losses [Line Items]
Schedule Of Notes Receivable	The following table shows the composition of the Company's notes receivable balances: September 30, 2016 December 31, 2015 (in thousands) (in thousands) Credit Quality Indicator Forgivable Mezzanine Total Forgivable Mezzanine Total Senior $ — $ 52,176 $ 52,176 $ — $ 40,388 $ 40,388 Subordinated — 6,416 6,416 — 6,197 6,197 Unsecured 51,401 3,915 55,316 44,333 3,526 47,859 Total notes receivable 51,401 62,507 113,908 44,333 50,111 94,444 Allowance for losses on non-impaired loans 5,052 1,050 6,102 4,615 1,364 5,979 Allowance for losses on receivables specifically evaluated for impairment — 1,647 1,647 — 786 786 Total loan reserves 5,052 2,697 7,749 4,615 2,150 6,765 Net carrying value $ 46,349 $ 59,810 $ 106,159 $ 39,718 $ 47,961 $ 87,679 Current portion, net $ 295 $ 7,414 $ 7,709 $ 143 $ 4,964 $ 5,107 Long-term portion, net 46,054 52,396 98,450 39,575 42,997 82,572 Total $ 46,349 $ 59,810 $ 106,159 $ 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 nine months ended September 30, 2016 : Forgivable Notes Receivable Mezzanine & Other Notes Receivable (in thousands) Beginning balance $ 4,615 $ 2,150 Provisions 1,188 861 Recoveries (74 ) (164 ) Write-offs (301 ) (150 ) Other (1) (376 ) — Ending balance $ 5,052 $ 2,697 (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 September 30, 2016 Forgivable Notes $ — $ 1,822 $ 1,822 $ 49,579 $ 51,401 $ — $ 1,822 $ 1,822 $ 49,579 $ 51,401 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 September 30, 2016 Senior $ 6,056 $ — $ 6,056 $ 46,120 $ 52,176 Subordinated — — — 6,416 6,416 Unsecured — — — 3,915 3,915 $ 6,056 $ — $ 6,056 $ 56,451 $ 62,507 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)	9 Months Ended
	Sep. 30, 2016
Other Assets, Noncurrent [Abstract]
Components Of Other Assets	Other assets consist of the following: September 30, 2016 December 31, 2015 (in thousands) Land and buildings $ 28,987 $ 10,206 Advances to marketing and reservation system activities (Note 4) 15,284 — Other assets 6,392 6,701 Total $ 50,663 $ 16,907

Deferred Revenue (Tables)

Deferred Revenue (Tables)	9 Months Ended
	Sep. 30, 2016
Deferred Revenue and Credits [Abstract]
Components Of Deferred Revenue	Deferred revenue consists of the following: September 30, December 31, (in thousands) Loyalty programs $ 107,872 $ 62,258 Initial, relicensing and franchise fees 7,072 6,530 Procurement service fees 5,887 2,353 Other 761 446 Total $ 121,592 $ 71,587

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Schedule Of Components Of Debt	Debt consists of the following at: September 30, 2016 December 31, 2015 (in thousands) $400 million senior unsecured notes with an effective interest rate of 6.0% less deferred issuance costs of $4.9 million and $5.4 million at September 30, 2016 and December 31, 2015, respectively $ 395,138 $ 394,618 $250 million senior unsecured notes with an effective interest rate of 6.19%, less a discount and deferred issuance costs of $1.2 million and $1.4 million at September 30, 2016 and December 31, 2015, respectively 248,799 248,568 $450 million senior unsecured credit facility with an effective interest rate of 2.03% and 1.87%, less deferred issuance costs of $2.8 million and $3.0 million at September 30, 2016 and December 31, 2015, respectively 209,215 156,025 Fixed rate collateralized mortgage with an effective interest rate of 4.57%, plus a fair value adjustment of $0.8 million and $0.9 million at September 30, 2016 and December 31, 2015, respectively 9,588 10,048 Economic development loans with an effective rate interest rate of 3.0% at September 30, 2016 and December 31, 2015 3,712 3,712 Capital lease obligations due 2016 with an effective interest rate of 3.18% at September 30, 2016 and December 31, 2015 — 430 Other notes payable 455 735 Total debt $ 866,907 $ 814,136 Less current portion 660 1,191 Total long-term debt $ 866,247 $ 812,945

Accumulated Other Comprehensi33

Accumulated Other Comprehensive Loss (Tables)	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 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 — 1,036 1,036 Amounts reclassified from accumulated other comprehensive income (loss) 646 — 646 Net current period other comprehensive income (loss) 646 1,036 1,682 Ending balance, September 30, 2016 $ (3,376 ) $ (3,720 ) $ (7,096 )
Reclassifications From Accumulated Other Comprehensive Income (Loss)	The amounts reclassified from accumulated other comprehensive loss during the three and nine months ended September 30, 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 September 30, 2016 Nine Months Ended September 30, 2016 (in thousands) Loss on cash flow hedge Interest rate contract $ 215 $ 646 Interest expense — — Tax (expense) benefit $ 215 $ 646 Net of tax

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2016
Fair Value Disclosures [Abstract]
Schedule Of Fair Value Of Assets	As of September 30, 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 September 30, 2016 Money market funds, included in cash and cash equivalents $ 50,056 $ — $ 50,056 $ — Mutual funds (1) 17,219 17,219 — — Money market funds (1) 1,684 — 1,684 — $ 68,959 $ 17,219 $ 51,740 $ — 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 35

Share-Based Compensation and Capital Stock (Tables)	9 Months Ended
	Sep. 30, 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 Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Restricted share grants 21,357 7,836 188,509 114,281 Weighted average grant date fair value per share $ 48.03 $ 51.07 $ 51.21 $ 62.45 Aggregate grant date fair value ($000) $ 1,026 $ 400 $ 9,654 $ 7,137 Restricted shares forfeited 14,072 9,522 23,686 17,964 Vesting service period of shares granted 36 - 48 months 24 - 48 months 12 - 48 months 12 - 48 months Fair value of shares vested ($000) $ 180 $ 553 $ 7,363 $ 12,292
Summary Of Activity Related To PVRSU Grants	The following table is a summary of activity related to PVRSU grants: Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Performance vested restricted stock units granted at target 10,387 — 89,944 51,309 Weighted average grant date fair value per share $ 48.14 $ — $ 47.85 $ 60.94 Aggregate grant date fair value ($000) $ 500 $ — $ 4,304 $ 3,126 Stock units forfeited 26,363 6,079 54,556 6,079 Requisite service period 9 - 24 months — 9 - 43 months 36 - 43 months
Summary Of Change In Stock-Based Award Activity	A summary of stock-based award activity as of September 30, 2016 and changes during the nine 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 51.49 188,509 51.21 89,944 47.85 Performance based leveraging (1) — — — — 2,043 36.76 Exercised/Vested (297,398 ) 22.87 (149,318 ) 43.48 (28,188 ) 36.76 Expired — — — — — — Forfeited (80,869 ) 53.86 (23,686 ) 51.06 (54,556 ) 42.82 Outstanding at September 30, 2016 2,451,703 $ 46.27 4.5 years 399,995 $ 50.44 235,980 $ 47.59 Options exercisable at September 30, 2016 1,059,365 $ 37.79 2.9 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 nine months ended September 30, 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 and nine months ended September 30, 2016 and 2015 : Three Months Ended Nine Months Ended September 30, September 30, (in millions) 2016 2015 2016 2015 Stock options $ 1.0 $ 0.8 $ 3.6 $ 2.4 Restricted stock 1.7 1.6 5.7 5.1 Performance vested restricted stock units 0.4 1.0 1.7 1.6 Total $ 3.1 $ 3.4 $ 11.0 $ 9.1 Income tax benefits $ 1.1 $ 1.3 $ 4.1 $ 3.4

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 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 Nine Months Ended September 30, September 30, (In thousands, except per share amounts) 2016 2015 2016 2015 Computation of Basic Earnings Per Share: Numerator: Net income $ 47,565 $ 41,419 $ 107,550 $ 98,826 Income allocated to participating securities (342 ) (278 ) (749 ) (695 ) Net income available to common shareholders $ 47,223 $ 41,141 $ 106,801 $ 98,131 Denominator: Weighted average common shares outstanding – basic 55,630 56,843 55,904 57,019 Basic earnings per share $ 0.85 $ 0.72 $ 1.91 $ 1.72 Computation of Diluted Earnings Per Share: Numerator: Net income $ 47,565 $ 41,419 $ 107,550 $ 98,826 Income allocated to participating securities (341 ) (277 ) (746 ) (691 ) Net income available to common shareholders $ 47,224 $ 41,142 $ 106,804 $ 98,135 Denominator: Weighted average common shares outstanding – basic 55,630 56,843 55,904 57,019 Diluted effect of stock options and PVRSUs 281 378 296 479 Weighted average common shares outstanding – diluted 55,911 57,221 56,200 57,498 Diluted earnings per share $ 0.84 $ 0.72 $ 1.90 $ 1.71

Condensed Consolidating Finan37

Condensed Consolidating Financial Statements (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2016 (Unaudited, in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated REVENUES: Royalty fees $ 90,462 $ 32,059 $ 12,090 $ (38,497 ) $ 96,114 Initial franchise and relicensing fees 6,187 — 97 — 6,284 Procurement services 7,344 — 271 — 7,615 Marketing and reservation system 140,792 99,595 4,771 (93,140 ) 152,018 Other 3,443 75 2,305 (277 ) 5,546 Total revenues 248,228 131,729 19,534 (131,914 ) 267,577 OPERATING EXPENSES: Selling, general and administrative 38,876 28,591 5,664 (38,774 ) 34,357 Depreciation and amortization 467 1,910 609 — 2,986 Marketing and reservation system 143,920 97,018 4,220 (93,140 ) 152,018 Total operating expenses 183,263 127,519 10,493 (131,914 ) 189,361 Gain on sale of assets, net — — 402 — 402 Operating income 64,965 4,210 9,443 — 78,618 OTHER INCOME AND EXPENSES, NET: Interest expense 11,006 1 143 — 11,150 Other items, net (234 ) (1,150 ) (1,348 ) — (2,732 ) Equity in earnings of consolidated (13,548 ) (166 ) — 13,714 — Total other income and expenses, net (2,776 ) (1,315 ) (1,205 ) 13,714 8,418 Income before income taxes 67,741 5,525 10,648 (13,714 ) 70,200 Income taxes 20,176 2,169 290 — 22,635 Net income $ 47,565 $ 3,356 $ 10,358 $ (13,714 ) $ 47,565 Choice Hotels International, Inc. Condensed Consolidating Statement of Income For the Three Months Ended September 30, 2015 (Unaudited, in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated REVENUES: Royalty fees $ 84,572 $ 28,786 $ 8,660 $ (32,089 ) $ 89,929 Initial franchise and relicensing fees 6,040 — 130 — 6,170 Procurement services 6,012 — 259 — 6,271 Marketing and reservation system 123,775 126,547 4,142 (120,001 ) 134,463 Other 3,377 3 1,313 — 4,693 Total revenues 223,776 155,336 14,504 (152,090 ) 241,526 OPERATING EXPENSES: Selling, general and administrative 32,846 25,603 3,792 (32,089 ) 30,152 Depreciation and amortization 602 2,044 462 — 3,108 Marketing and reservation system 129,268 121,690 3,506 (120,001 ) 134,463 Total operating expenses 162,716 149,337 7,760 (152,090 ) 167,723 Operating income 61,060 5,999 6,744 — 73,803 OTHER INCOME AND EXPENSES, NET: Interest expense 10,682 1 138 — 10,821 Other items, net (76 ) 1,260 (470 ) — 714 Equity in earnings of consolidated (9,350 ) 84 — 9,266 — Total other income and expenses, net 1,256 1,345 (332 ) 9,266 11,535 Income before income taxes 59,804 4,654 7,076 (9,266 ) 62,268 Income taxes 18,385 1,853 611 — 20,849 Net income $ 41,419 $ 2,801 $ 6,465 $ (9,266 ) $ 41,419 Choice Hotels International, Inc. Condensed Consolidating Statement of Income For the Nine Months Ended September 30, 2016 (Unaudited, in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated REVENUES: Royalty fees $ 231,717 $ 109,172 $ 31,110 $ (124,831 ) $ 247,168 Initial franchise and relicensing fees 16,741 — 405 — 17,146 Procurement services 23,088 — 631 — 23,719 Marketing and reservation system 380,153 344,161 12,322 (324,443 ) 412,193 Other 10,039 212 6,707 (738 ) 16,220 Total revenues 661,738 453,545 51,175 (450,012 ) 716,446 OPERATING EXPENSES: Selling, general and administrative 120,804 98,125 16,155 (125,569 ) 109,515 Depreciation and amortization 1,314 5,596 1,797 — 8,707 Marketing and reservation system 394,059 330,959 11,618 (324,443 ) 412,193 Total operating expenses 516,177 434,680 29,570 (450,012 ) 530,415 Gain on sale of assets, net — — 402 — 402 Operating income 145,561 18,865 22,007 — 186,433 OTHER INCOME AND EXPENSES, NET: Interest expense 33,036 1 429 — 33,466 Other items, net (1,082 ) (319 ) (1,820 ) — (3,221 ) Equity in earnings of consolidated (36,053 ) 409 — 35,644 — Total other income and expenses, net (4,099 ) 91 (1,391 ) 35,644 30,245 Income before income taxes 149,660 18,774 23,398 (35,644 ) 156,188 Income taxes 42,110 6,366 162 — 48,638 Net income $ 107,550 $ 12,408 $ 23,236 $ (35,644 ) $ 107,550 Choice Hotels International, Inc. Condensed Consolidating Statement of Income For the Nine Months Ended September 30, 2015 (Unaudited, in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated REVENUES: Royalty fees $ 217,723 $ 99,306 $ 30,364 $ (113,850 ) $ 233,543 Initial franchise and relicensing fees 17,160 — 543 — 17,703 Procurement services 19,118 — 549 — 19,667 Marketing and reservation system 334,638 341,274 11,714 (321,328 ) 366,298 Other 9,452 3 2,261 — 11,716 Total revenues 598,091 440,583 45,431 (435,178 ) 648,927 OPERATING EXPENSES: Selling, general and administrative 108,250 88,962 12,350 (113,850 ) 95,712 Depreciation and amortization 2,170 5,701 922 — 8,793 Marketing and reservation system 349,040 328,118 10,468 (321,328 ) 366,298 Total operating expenses 459,460 422,781 23,740 (435,178 ) 470,803 Operating income 138,631 17,802 21,691 — 178,124 OTHER INCOME AND EXPENSES, NET: Interest expense 31,661 2 394 — 32,057 Other items, net (622 ) 732 (224 ) — (114 ) Equity in earnings of consolidated (31,215 ) 462 — 30,753 — Total other income and expenses, net (176 ) 1,196 170 30,753 31,943 Income before income taxes 138,807 16,606 21,521 (30,753 ) 146,181 Income taxes 39,981 7,343 31 — 47,355 Net income $ 98,826 $ 9,263 $ 21,490 $ (30,753 ) $ 98,826
Condensed Consolidating Statement of Comprehensive Income	Parent Guarantor Non-Guarantor Eliminations Consolidated Net income $ 47,565 $ 3,356 $ 10,358 $ (13,714 ) $ 47,565 Other comprehensive income, net of tax: Amortization of loss on cash flow hedge 215 — — — 215 Foreign currency translation adjustment 137 — 137 (137 ) 137 Other comprehensive income (loss), net of tax 352 — 137 (137 ) 352 Comprehensive income $ 47,917 $ 3,356 $ 10,495 $ (13,851 ) $ 47,917 Choice Hotels International, Inc. Condensed Consolidating Statement of Comprehensive Income For the Three Months Ended September 30, 2015 (Unaudited, in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Net income $ 41,419 $ 2,801 $ 6,465 $ (9,266 ) $ 41,419 Other comprehensive income, net of tax: Amortization of loss on cash flow hedge 215 — — — 215 Foreign currency translation adjustment (951 ) — (951 ) 951 (951 ) Other comprehensive income (loss), net of tax (736 ) — (951 ) 951 (736 ) Comprehensive income $ 40,683 $ 2,801 $ 5,514 $ (8,315 ) $ 40,683 Choice Hotels International, Inc. Condensed Consolidating Statement of Comprehensive Income For the Nine Months Ended September 30, 2016 (Unaudited, in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Net income $ 107,550 $ 12,408 $ 23,236 $ (35,644 ) $ 107,550 Other comprehensive income, net of tax: Amortization of loss on cash flow hedge 646 — — — 646 Foreign currency translation adjustment 1,036 — 1,036 (1,036 ) 1,036 Other comprehensive income, net of tax 1,682 — 1,036 (1,036 ) 1,682 Comprehensive income $ 109,232 $ 12,408 $ 24,272 $ (36,680 ) $ 109,232 Choice Hotels International, Inc. Condensed Consolidating Statement of Comprehensive Income For the Nine Months Ended September 30, 2015 (Unaudited, in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Net income $ 98,826 $ 9,263 $ 21,490 $ (30,753 ) $ 98,826 Other comprehensive income (loss), net of tax: Amortization of loss on cash flow hedge 646 — — — 646 Foreign currency translation adjustment (2,223 ) — (2,223 ) 2,223 (2,223 ) Other comprehensive income (loss), net of tax (1,577 ) — (2,223 ) 2,223 (1,577 ) Comprehensive income $ 97,249 $ 9,263 $ 19,267 $ (28,530 ) $ 97,249
Condensed Consolidating Balance Sheet	Choice Hotels International, Inc. Condensed Consolidating Balance Sheet As of September 30, 2016 (Unaudited, in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated ASSETS Cash and cash equivalents $ 18,530 $ 589 $ 186,834 $ — $ 205,953 Receivables, net 117,373 1,635 10,564 (150 ) 129,422 Other current assets 8,712 33,814 3,868 (9,840 ) 36,554 Total current assets 144,615 36,038 201,266 (9,990 ) 371,929 Property and equipment, at cost, net 46,864 23,925 15,947 — 86,736 Goodwill 65,813 — 13,986 — 79,799 Franchise rights and other identifiable intangibles, net 4,027 — 7,516 — 11,543 Notes receivable, net of allowances 13,447 42,031 42,972 — 98,450 Investments, employee benefit plans, at fair value — 16,414 — — 16,414 Investment in affiliates 514,602 50,701 — (565,303 ) — Advances to affiliates 8,991 123,089 9,863 (141,943 ) — Deferred income taxes 35,485 13,056 — (1,539 ) 47,002 Other assets 15,285 66,306 52,838 (26 ) 134,403 Total assets $ 849,129 $ 371,560 $ 344,388 $ (718,801 ) $ 846,276 LIABILITIES AND SHAREHOLDERS’ DEFICIT Accounts payable $ 21,041 $ 35,440 $ 4,032 $ (150 ) $ 60,363 Accrued expenses and other current liabilities 46,091 35,938 3,586 (9,735 ) 75,880 Deferred revenue 120,536 45 1,116 (105 ) 121,592 Current portion of long-term debt — — 660 — 660 Total current liabilities 187,668 71,423 9,394 (9,990 ) 258,495 Long-term debt 853,152 3,712 9,383 — 866,247 Deferred compensation and retirement plan obligations — 20,880 10 — 20,890 Advances from affiliates 132,597 1,294 8,052 (141,943 ) — Other liabilities 13,154 14,981 11,516 (1,565 ) 38,086 Total liabilities 1,186,571 112,290 38,355 (153,498 ) 1,183,718 Total shareholders’ (deficit) equity (337,442 ) 259,270 306,033 (565,303 ) (337,442 ) Total liabilities and shareholders’ deficit $ 849,129 $ 371,560 $ 344,388 $ (718,801 ) $ 846,276 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 Nine Months Ended September 30, 2016 (Unaudited, in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Net cash provided (used) by operating activities $ 21,358 $ 43,956 $ 23,752 $ (657 ) $ 88,409 Cash Flows From Investing Activities Investment in property and equipment (12,579 ) (4,749 ) (256 ) — (17,584 ) Proceeds from sales of assets — — 8,360 — 8,360 Acquisitions of real estate — — (25,263 ) — (25,263 ) Business acquisition, net of cash acquired — — (1,341 ) — (1,341 ) Contributions to equity method investments — (24,128 ) (51 ) — (24,179 ) Distributions from equity method investments — — 3,700 — 3,700 Purchases of investments, employee benefit plans — (1,430 ) — — (1,430 ) Proceeds from sales of investments, employee benefit plans — 1,395 — — 1,395 Issuance of mezzanine and other notes receivable (5,306 ) — (14,975 ) — (20,281 ) Collections of mezzanine and other notes receivable 11,040 — — — 11,040 Advances to and investment in affiliates — (25,902 ) — 25,902 — Divestment in affiliates — 11,858 — (11,858 ) — Other items, net (382 ) — (40 ) (422 ) Net cash used by investing activities (7,227 ) (42,956 ) (29,866 ) 14,044 (66,005 ) Cash Flows from Financing Activities Net borrowings pursuant to revolving credit facilities 53,000 — (186 ) — 52,814 Debt issuance costs (284 ) — — — (284 ) Principal payments on long-term debt — (430 ) (406 ) — (836 ) Purchases of treasury stock (33,958 ) — — — (33,958 ) Dividends paid (34,690 ) — (657 ) 657 (34,690 ) Proceeds from contributions from affiliates — — 25,902 (25,902 ) — Distributions to affiliates — — (11,858 ) 11,858 — Proceeds from exercise of stock options 6,802 — — — 6,802 Net cash provided (used) by financing activities (9,130 ) (430 ) 12,795 (13,387 ) (10,152 ) Net change in cash and cash equivalents 5,001 570 6,681 — 12,252 Effect of foreign exchange rate changes on cash and cash equivalents — — 260 — 260 Cash and cash equivalents at beginning of period 13,529 19 179,893 — 193,441 Cash and cash equivalents at end of period $ 18,530 $ 589 $ 186,834 $ — $ 205,953 Choice Hotels International, Inc. Condensed Consolidating Statement of Cash Flows For the Nine Months Ended September 30, 2015 (Unaudited, in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Net cash provided by operating activities $ 67,695 $ 10,710 $ 25,910 $ (657 ) $ 103,658 Cash Flows From Investing Activities Investment in property and equipment (16,114 ) (5,342 ) (354 ) — (21,810 ) Proceeds from sales of assets 93 4,661 1,593 — 6,347 Acquisitions of real estate — (8,767 ) — (8,767 ) Business acquisition, net of cash acquired — — (13,269 ) — (13,269 ) Contributions to equity method investments — (2,771 ) (1,040 ) — (3,811 ) Distributions from equity method investments — — 270 — 270 Purchases of investments, employee benefit plans — (2,977 ) — — (2,977 ) Proceeds from sales of investments, employee benefit plans — 2,920 — — 2,920 Issuance of mezzanine and other notes receivable (7,253 ) — (18,000 ) — (25,253 ) Collections of mezzanine and other notes receivable 3,697 — — — 3,697 Advances to and investment in affiliates — (8,960 ) — 8,960 — Divestment in affiliates — 2,122 — (2,122 ) — Other items, net (445 ) — — — (445 ) Net cash used by investing activities (20,022 ) (10,347 ) (39,567 ) 6,838 (63,098 ) Cash Flows from Financing Activities Net borrowings pursuant to revolving credit facilities 162,000 — 32 — 162,032 Proceeds from the issuance of long-term debt 0 176 — — 176 Debt issuance costs (2,169 ) — — — (2,169 ) Principal payments on long-term debt (129,375 ) (537 ) (282 ) — (130,194 ) Proceeds from contributions from affiliates — — 8,960 (8,960 ) — Purchases of treasury stock (56,450 ) — — — (56,450 ) Dividends paid (34,173 ) — (657 ) 657 (34,173 ) Distributions to affiliates — — (2,122 ) 2,122 — Proceeds from exercise of stock options 6,381 — — — 6,381 Net cash provided (used) by financing activities (53,786 ) (361 ) 5,931 (6,181 ) (54,397 ) Net change in cash and cash equivalents (6,113 ) 2 (7,726 ) — (13,837 ) Effect of foreign exchange rate changes on cash and cash equivalents — — (1,781 ) — (1,781 ) Cash and cash equivalents at beginning of period 25,290 25 189,564 — 214,879 Cash and cash equivalents at end of period $ 19,177 $ 27 $ 180,057 $ — $ 199,261

Reportable Segment Information

Reportable Segment Information (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2016 Three Months Ended September 30, 2015 (In thousands) Franchising SkyTouch Technology Corporate & Consolidated Franchising SkyTouch Technology Corporate & Consolidated Revenues $ 265,152 $ 526 $ 1,899 $ 267,577 $ 240,067 $ 313 $ 1,146 $ 241,526 Operating income (loss) $ 95,760 $ (3,594 ) $ (13,548 ) $ 78,618 $ 87,011 $ (4,339 ) $ (8,869 ) $ 73,803 Income (loss) before income taxes $ 97,482 $ (3,594 ) $ (23,688 ) $ 70,200 $ 87,340 $ (4,339 ) $ (20,733 ) $ 62,268 Nine Months Ended September 30, 2016 Nine Months Ended September 30, 2015 (In thousands) Franchising SkyTouch Technology Corporate & Consolidated Franchising SkyTouch Technology Corporate & Consolidated Revenues $ 709,924 $ 1,395 $ 5,127 $ 716,446 $ 646,454 $ 806 $ 1,667 $ 648,927 Operating income (loss) $ 237,926 $ (12,669 ) $ (38,824 ) $ 186,433 $ 221,041 $ (14,228 ) $ (28,689 ) $ 178,124 Income (loss) before income taxes $ 238,212 $ (12,669 ) $ (69,355 ) $ 156,188 $ 219,934 $ (14,228 ) $ (59,525 ) $ 146,181

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
	Sep. 30, 2016
Business Combinations [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The Company completed its assessment of the fair value of the assets acquired in the first quarter of 2016 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 Land Improvements 100 5 years Building 10,499 30 years Leasehold Value (24 ) Not depreciated Lease in Place 327 Not depreciated Leasing Commission 51 Not depreciated Other Assets 303 Total Assets Acquired 25,804 Other Liabilities (240 ) Cash paid, net of cash acquired $ 25,564

Company Information and Signi40

Company Information and Significant Accounting Policies Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Mar. 31, 2016	Sep. 30, 2016	Sep. 30, 2015
Significant Accounting Policies [Line Items]
Net cash used by financing activities		$ 62,627	$ (10,152)	$ (54,397)
Net cash used by operating activities		(21,380)	88,409	103,658
Impact of adoption of new accounting pronouncement		$ 1,600
ASU 2016-09 | New Accounting Pronouncement, Early Adoption, Effect
Significant Accounting Policies [Line Items]
Net cash used by financing activities				(4,900)
Net cash used by operating activities				$ 4,900
Income tax benefit	$ 700		$ 2,100

Company Information and Signi41

Company Information and Significant Accounting Policies Financial Impact of Adoption of New Accounting Standards (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2016	Mar. 31, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Significant Accounting Policies [Line Items]
Income taxes	$ 22,635	$ 9,215	$ 20,849	$ 48,638	$ 47,355
Net income	$ 47,565	$ 21,163	$ 41,419	$ 107,550	$ 98,826
Basic earnings per share (in dollars per share)	$ 0.85	$ 0.38	$ 0.72	$ 1.91	$ 1.72
Diluted earnings per share (in dollars per share)	$ 0.84	$ 0.37	$ 0.72	$ 1.90	$ 1.71
Net cash used by operating activities		$ (21,380)		$ 88,409	$ 103,658
Net cash provided by financing activities		62,627		(10,152)	$ (54,397)
Additional paid-in-capital	$ 155,393	148,562		155,393		$ 149,895
Retained earnings	$ 587,837	524,419		$ 587,837		$ 514,897
Scenario, Previously Reported
Significant Accounting Policies [Line Items]
Income taxes		10,780
Net income		$ 19,598
Basic earnings per share (in dollars per share)		$ 0.35
Diluted earnings per share (in dollars per share)		$ 0.35
Net cash used by operating activities		$ (22,945)
Net cash provided by financing activities		64,192
Additional paid-in-capital		150,127
Retained earnings		$ 522,854

Other Current Assets Schedule o

Other Current Assets Schedule of Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Assets, Current [Abstract]
Prepaid expenses	$ 24,336	$ 14,144
Other current assets	4,232	1,725
Assets held for sale	0	1,698
Total	$ 28,568	$ 17,567

Notes Receivable and Allowanc43

Notes Receivable and Allowance for Losses Narrative (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)category	Sep. 30, 2015USD ($)	Dec. 31, 2015USD ($)
Notes Receivable and Allowance for Losses [Line Items]
Number of categories, credit losses for notes receivable | category			2
Notes receivable	$ 113,908,000		$ 113,908,000		$ 94,444,000
Loan reserves	7,749,000		7,749,000		6,765,000
Amortization expense	2,986,000	$ 3,108,000	8,707,000	$ 8,793,000
Forgivable Notes Receivable
Notes Receivable and Allowance for Losses [Line Items]
Notes receivable	51,401,000		51,401,000		44,333,000
Loan reserves	5,052,000		5,052,000		4,615,000
Amortization expense	2,300,000	2,100,000	6,700,000	6,000,000
Mezzanine & Other Notes Receivable
Notes Receivable and Allowance for Losses [Line Items]
Notes receivable	62,507,000		62,507,000		50,111,000
Loan reserves	2,697,000		2,697,000		2,150,000
Mezzanine & Other Notes Receivable | Impaired Loans
Notes Receivable and Allowance for Losses [Line Items]
Impaired receivables, recorded investment	1,900,000		1,900,000		800,000
Impaired receivables, related allowance	1,600,000		1,600,000		800,000
Average notes receivable, nonaccrual status			1,400,000	800,000
Interest income, impaired loans	0	$ 0	43,000	$ 33,000
Mezzanine & Other Notes Receivable | Non-impaired Loans
Notes Receivable and Allowance for Losses [Line Items]
Loan reserves	$ 1,100,000		$ 1,100,000		$ 1,400,000

Notes Receivable and Allowanc44

Notes Receivable and Allowance for Losses Schedule Of Notes Receivable (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Notes Receivable and Allowance for Losses [Line Items]
Notes receivable	$ 113,908	$ 94,444
Allowance for losses on non-impaired loans	6,102	5,979
Allowance for losses on receivables specifically evaluated for impairment	1,647	786
Total loan reserves	7,749	6,765
Net carrying value	106,159	87,679
Current portion, net	7,709	5,107
Long-term portion, net	98,450	82,572
Forgivable Notes Receivable
Notes Receivable and Allowance for Losses [Line Items]
Notes receivable	51,401	44,333
Allowance for losses on non-impaired loans	5,052	4,615
Allowance for losses on receivables specifically evaluated for impairment	0	0
Total loan reserves	5,052	4,615
Net carrying value	46,349	39,718
Current portion, net	295	143
Long-term portion, net	46,054	39,575
Mezzanine & Other Notes Receivable
Notes Receivable and Allowance for Losses [Line Items]
Notes receivable	62,507	50,111
Allowance for losses on non-impaired loans	1,050	1,364
Allowance for losses on receivables specifically evaluated for impairment	1,647	786
Total loan reserves	2,697	2,150
Net carrying value	59,810	47,961
Current portion, net	7,414	4,964
Long-term portion, net	52,396	42,997
Senior
Notes Receivable and Allowance for Losses [Line Items]
Notes receivable	52,176	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	52,176	40,388
Subordinated
Notes Receivable and Allowance for Losses [Line Items]
Notes receivable	6,416	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	6,416	6,197
Unsecured
Notes Receivable and Allowance for Losses [Line Items]
Notes receivable	55,316	47,859
Unsecured | Forgivable Notes Receivable
Notes Receivable and Allowance for Losses [Line Items]
Notes receivable	51,401	44,333
Unsecured | Mezzanine & Other Notes Receivable
Notes Receivable and Allowance for Losses [Line Items]
Notes receivable	$ 3,915	$ 3,526

Notes Receivable and Allowanc45

Notes Receivable and Allowance for Losses Summary Of Activity Related To Allowance For Losses (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2016USD ($)
Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning balance	$ 6,765
Ending balance	7,749
Forgivable Notes Receivable
Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning balance	4,615
Provisions	1,188
Recoveries	(74)
Write-offs	(301)
Other	(376)
Ending balance	5,052
Mezzanine & Other Notes Receivable
Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning balance	2,150
Provisions	861
Recoveries	(164)
Write-offs	(150)
Other	0
Ending balance	$ 2,697

Notes Receivable and Allowanc46

Notes Receivable and Allowance for Losses Past Due Balances Of Mezzanine And Other Notes Receivable (Details) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Forgivable Notes Receivable
Notes Receivable and Allowance for Losses [Line Items]
Total Past Due	$ 1,822,000	$ 1,161,000
Current	49,579,000	43,172,000
Total Notes Receivable	51,401,000	44,333,000
Mezzanine & Other Notes Receivable
Notes Receivable and Allowance for Losses [Line Items]
Total Past Due	6,056,000	0
Current	56,451,000	50,111,000
Total Notes Receivable	62,507,000	50,111,000
Mezzanine & Other Notes Receivable | Senior
Notes Receivable and Allowance for Losses [Line Items]
Total Past Due	6,056,000	0
Current	46,120,000	40,388,000
Total Notes Receivable	52,176,000	40,388,000
Mezzanine & Other Notes Receivable | Subordinated
Notes Receivable and Allowance for Losses [Line Items]
Total Past Due	0	0
Current	6,416,000	6,197,000
Total Notes Receivable	6,416,000	6,197,000
Mezzanine & Other Notes Receivable | Unsecured
Notes Receivable and Allowance for Losses [Line Items]
Total Past Due	0	0
Current	3,915,000	3,526,000
Total Notes Receivable	3,915,000	3,526,000
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	6,056,000	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	6,056,000	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	1,822,000	1,161,000
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 Act47

Marketing and Reservation Activities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Advances, Marketing and Reservation Activities [Line Items]
Other assets	$ 50,663		$ 50,663		$ 16,907
Long-term liabilities, marketing and reservation activities	37,367		37,367		68,583
Depreciation and amortization	2,986	$ 3,108	8,707	$ 8,793
Interest expense	11,150	10,821	33,466	32,057
Marketing And Reservation Fees
Advances, Marketing and Reservation Activities [Line Items]
Other assets	15,300		15,300
Long-term liabilities, marketing and reservation activities					$ 30,700
Depreciation and amortization	6,300	5,800	18,700	17,000
Interest expense	$ 1	$ 6	$ 6	$ 22

Other Assets Components Of Othe

Other Assets Components Of Other Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Other Assets, Noncurrent [Abstract]
Land and buildings	$ 28,987	$ 10,206
Advances to marketing and reservation system activities	15,284	0
Other assets	6,392	6,701
Total	$ 50,663	$ 16,907

Investments in Unconsolidated49

Investments in Unconsolidated Entities (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Investments in joint ventures included in unconsolidated entities	$ 81.1		$ 81.1		$ 64.3
Net income (loss) attributable to variable interest entities	$ (0.4)	$ 0.2	$ 1.6	$ 2

Deferred Revenue Components Of

Deferred Revenue Components Of Deferred Revenue (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Deferred Revenue [Line Items]
Deferred revenue	$ 121,592	$ 71,587
Loyalty programs
Deferred Revenue [Line Items]
Deferred revenue	107,872	62,258
Initial, relicensing and franchise fees
Deferred Revenue [Line Items]
Deferred revenue	7,072	6,530
Procurement service fees
Deferred Revenue [Line Items]
Deferred revenue	5,887	2,353
Other
Deferred Revenue [Line Items]
Deferred revenue	$ 761	$ 446

Debt Schedule Of Components Of

Debt Schedule Of Components Of Debt (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015	Jul. 21, 2015	Jun. 27, 2012	Aug. 25, 2010
Debt [Line Items]
Total debt	$ 866,907,000	$ 814,136,000
Less current portion	660,000	1,191,000
Total long-term debt	866,247,000	812,945,000
Senior | $400 Million Senior Notes
Debt [Line Items]
Total debt	395,138,000	394,618,000
Debt instrument face amount	$ 400,000,000	$ 400,000,000		$ 400,000,000
Debt instrument effective interest rate (percentage)	6.00%	6.00%		6.00%
Deferred issuance costs	$ 4,900,000	$ 5,400,000
Senior | $250 Million Senior Notes
Debt [Line Items]
Total debt	248,799,000	248,568,000
Debt instrument face amount	$ 250,000,000	$ 250,000,000			$ 250,000,000
Debt instrument effective interest rate (percentage)	6.19%	6.19%			6.19%
Discount and deferred issuance costs	$ 1,200,000	$ 1,400,000
Revolving Credit Facility | $450 Million Unsecured Revolving Credit Facility
Debt [Line Items]
Total debt	209,215,000	156,025,000
Debt instrument face amount	$ 450,000,000	$ 450,000,000	$ 450,000,000
Debt instrument effective interest rate (percentage)	2.03%	1.87%
Deferred issuance costs	$ 2,800,000	$ 3,000,000
Collateralized mortgage
Debt [Line Items]
Total debt	$ 9,588,000	$ 10,048,000
Debt instrument effective interest rate (percentage)	4.57%	4.57%
Fair value adjustment	$ 800,000	$ 900,000
Economic Development Loans
Debt [Line Items]
Total debt	$ 3,712,000	$ 3,712,000
Debt instrument effective interest rate (percentage)	3.00%	3.00%
Capital Lease Obligations
Debt [Line Items]
Total debt	$ 0	$ 430,000
Debt instrument effective interest rate (percentage)	3.18%	3.18%
Other Notes Payable
Debt [Line Items]
Total debt	$ 455,000	$ 735,000

Debt Narrative (Details)

Debt Narrative (Details)	Jul. 21, 2015USD ($)	Apr. 30, 2013USD ($)	Aug. 23, 2012USD ($)	Jun. 27, 2012USD ($)	Sep. 30, 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)					2.03%	1.87%
Option to extend, 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 Comprehensi53

Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss, Net of Tax(Details) $ in Thousands	9 Months Ended
	Sep. 30, 2016USD ($)
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance, December 31, 2015	$ (395,899)
Other comprehensive income (loss) before reclassification	1,036
Amounts reclassified from accumulated other comprehensive income (loss)	646
Net current period other comprehensive income (loss)	1,682
Ending balance, September 30, 2016	(337,442)
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)	646
Net current period other comprehensive income (loss)	646
Ending balance, September 30, 2016	(3,376)
Foreign Currency Items
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance, December 31, 2015	(4,756)
Other comprehensive income (loss) before reclassification	1,036
Amounts reclassified from accumulated other comprehensive income (loss)	0
Net current period other comprehensive income (loss)	1,036
Ending balance, September 30, 2016	(3,720)
AOCI Attributable to Parent
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance, December 31, 2015	(8,778)
Ending balance, September 30, 2016	$ (7,096)

Accumulated Other Comprehensi54

Accumulated Other Comprehensive Loss - Amounts Reclassified from Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2016	Mar. 31, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Accumulated Other Comprehensive Income (Loss) [Line Items]
Tax (expense) benefit	$ (22,635)	$ (9,215)	$ (20,849)	$ (48,638)	$ (47,355)
Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net of tax	215			646
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			646
Tax (expense) benefit	$ 0			$ 0

Non-Qualified Retirement, Sav55

Non-Qualified Retirement, Savings and Investment Plans (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016USD ($)plan	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)plan	Sep. 30, 2015USD ($)	Dec. 31, 2015USD ($)
Compensation Related Costs [Abstract]
Number of non-qualified retirement savings and investment plans | plan	2		2
Deferred compensation liability, current and long-term	$ 24,300		$ 24,300		$ 23,000
Increase (decrease) in compensation expense	900	$ (1,000)	1,400	$ (900)
Diversified investments held in trust	18,900		18,900		$ 17,800
Assets held in trust	2,500		2,500
Investment gains (losses)	$ 800	$ (1,100)	$ 1,000	$ (1,034)

Fair Value Measurements Narrati

Fair Value Measurements Narrative (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2016	Sep. 30, 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	$ 0
Level 2
Fair Value Measurements [Line Items]
Defined benefit plan, transfers between measurement levels	0	0
Level 3
Fair Value Measurements [Line Items]
Defined benefit plan, transfers between measurement levels	0	0
Senior | $400 Million Senior Notes
Fair Value Measurements [Line Items]
Debt instrument face amount	400,000,000	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	439,400,000	439,400,000	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		$ 250,000,000
Senior | $250 Million Senior Notes | Level 2
Fair Value Measurements [Line Items]
Debt instrument fair value	$ 272,900,000	$ 272,900,000	$ 267,700,000

Fair Value Measurements Schedul

Fair Value Measurements Schedule Of Fair Value Of Assets (Details) - Fair value, measurements, recurring - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Fair Value Measurements [Line Items]
Assets measured at fair value	$ 68,959	$ 67,850
Money market funds | Cash and cash equivalents
Fair Value Measurements [Line Items]
Money market funds, included in cash and cash equivalents	50,056	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	1,684	1,307
Mutual funds | Investments, employee benefit plans, at fair value
Fair Value Measurements [Line Items]
Mutual funds and money market funds, fair value	17,219	16,542
Level 1
Fair Value Measurements [Line Items]
Assets measured at fair value	17,219	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	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	17,219	16,542
Level 2
Fair Value Measurements [Line Items]
Assets measured at fair value	51,740	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	50,056	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	1,684	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	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	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	$ 0	$ 0

Income Taxes Narrative (Details

Income Taxes Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Income Taxes [Line Items]
Effective income tax rate (percent)	32.20%	33.50%	31.10%	32.40%
Federal income tax rate (percent)	35.00%	35.00%	35.00%	35.00%
ASU 2016-09 | New Accounting Pronouncement, Early Adoption, Effect
Income Taxes [Line Items]
Income tax benefit	$ 0.7		$ 2.1

Share-Based Compensation and 59

Share-Based Compensation and Capital Stock Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Share-Based Compensation and Capital Stock [Line Items]
Stock options granted, shares	0	0	745,769	500,000
Stock options granted, fair value			$ 6,900	$ 6,200
Aggregate intrinsic value of stock options, outstanding	$ 10,400		10,400
Aggregate intrinsic value of stock options, exercisable	10,100		10,100
Intrinsic value of stock options exercised	2,400	$ 900	6,800	9,500
Proceeds from exercise of stock options	$ 2,600	$ 700	$ 6,802	$ 6,381
Stock options exercised (in shares)	104,442	30,808	297,398	263,600
Share-based compensation expense	$ 3,100	$ 3,400	$ 11,000	$ 9,100
Periodic dividend (in dollars per share)			$ 0.205
Cash dividends declared per share (in dollars per share)	$ 0.205	$ 0.195	$ 0.615	$ 0.585
Dividends declared	$ 11,500		$ 34,600
Common stock purchased under stock repurchase program (in shares)	100,000		600,000
Stock Repurchased During Period, Value	$ 5,600		$ 28,600
Shares redeemed for tax withholding for share based compensation (in shares)	1,284		118,063
Payments related to tax withholding for share-based compensation	$ 61		$ 5,400
Performance Vested Restricted Stock Units
Share-Based Compensation and Capital Stock [Line Items]
Grants vested (in shares)	0	0	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)	26,363	6,079	54,556	6,079
Increase in shares due to performance percentage achieved (in shares)			2,043	3,850
Share-based compensation expense	$ 400	$ 1,000	$ 1,700	$ 1,600
Dividends declared			$ 100
Performance Vested Restricted Stock Units | Tranche One
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 | Tranche Two
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
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%
Stock options
Share-Based Compensation and Capital Stock [Line Items]
Share-based compensation expense	1,000	800	$ 3,600	2,400
Restricted stock
Share-Based Compensation and Capital Stock [Line Items]
Grants vested (in shares)			149,318
Grants vested, total fair value	$ 180	$ 553	$ 7,363	$ 12,292
Restricted shares forfeited (in shares)	14,072	9,522	23,686	17,964
Share-based compensation expense	$ 1,700	$ 1,600	$ 5,700	$ 5,100
Adjustment | Performance Vested Restricted Stock Units
Share-Based Compensation and Capital Stock [Line Items]
Share-based compensation expense		$ 400		$ 200
Officer | Performance Vested Restricted Stock Units
Share-Based Compensation and Capital Stock [Line Items]
Share-based compensation expense			100
Officer | Stock options
Share-Based Compensation and Capital Stock [Line Items]
Share-based compensation expense			400
Officer | Restricted stock
Share-Based Compensation and Capital Stock [Line Items]
Share-based compensation expense			$ 400

Share-Based Compensation and 60

Share-Based Compensation and Capital Stock Weighted Average Assumptions Of Black-Scholes Option-Pricing Model (Details) - Stock options - $ / shares	9 Months Ended
	Sep. 30, 2016	Sep. 30, 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 61

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		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Share-Based Compensation and Capital Stock [Line Items]
Restricted share grants (in shares)	21,357	7,836	188,509	114,281
Weighted average grant date fair value per share (in dollars per share)	$ 48.03	$ 51.07	$ 51.21	$ 62.45
Aggregate grant date fair value ($000)	$ 1,026	$ 400	$ 9,654	$ 7,137
Restricted shares forfeited (in shares)	14,072	9,522	23,686	17,964
Fair value of shares vested ($000)	$ 180	$ 553	$ 7,363	$ 12,292
Minimum
Share-Based Compensation and Capital Stock [Line Items]
Vesting service period of shares granted	36 months	24 months	12 months	12 months
Maximum
Share-Based Compensation and Capital Stock [Line Items]
Vesting service period of shares granted	48 months	48 months	48 months	48 months

Share-Based Compensation and 62

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		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Share-Based Compensation and Capital Stock [Line Items]
Performance vested restricted stock units granted at target	10,387	0	89,944	51,309
Weighted average grant date fair value per share (in dollars per share)	$ 48.14		$ 47.85	$ 60.94
Aggregate grant date fair value ($000)	$ 500		$ 4,304	$ 3,126
Stock units forfeited (in shares)	26,363	6,079	54,556	6,079
Minimum
Share-Based Compensation and Capital Stock [Line Items]
Requisite service period	9 months		9 months	36 months
Maximum
Share-Based Compensation and Capital Stock [Line Items]
Requisite service period	24 months		43 months	43 months

Share-Based Compensation and 63

Share-Based Compensation and Capital Stock Summary of Change in Stock-Based Award Activity (Details) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding, beginning balance - Shares			2,084,201
Granted - Shares	0	0	745,769	500,000
Exercised - Shares	(104,442)	(30,808)	(297,398)	(263,600)
Expired - Shares			0
Forfeited - Shares			(80,869)
Outstanding, ending balance - Shares	2,451,703	2,100,000	2,451,703	2,100,000
Options exercisable, ending balance - Shares	1,059,365		1,059,365
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)			22.87
Expired - Weighted average exercise price (in dollars per share)			0
Forfeited - Weighted average exercise price (in dollars per share)			53.86
Outstanding, ending balance - Weighted average exercise price (in dollars per share)	$ 46.27		46.27
Options Exercisable, ending balance - Weighted average exercise price (in dollars per share)	$ 37.79		$ 37.79
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 5 months 27 days
Weighted Average Remaining Contractual Term - Options Exercisable, ending balance			2 years 11 months 4 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 (in shares)	21,357	7,836	188,509	114,281
Vested - Shares			(149,318)
Forfeited - Shares	(14,072)	(9,522)	(23,686)	(17,964)
Outstanding, ending balance - Shares	399,995		399,995
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)	$ 48.03	$ 51.07	51.21	$ 62.45
Vested - Weighted average grant date fair value (in dollars per share)			43.48
Forfeited - Weighted average grant date fair value (in dollars per share)			51.06
Outstanding, ending balance - Weighted average grant date fair value (in dollars per share)	$ 50.44		$ 50.44
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 (in shares)	10,387	0	89,944	51,309
Performance-based leveraging - Shares			2,043	3,850
Vested - Shares	0	0	(28,188)	(42,326)
Forfeited - Shares	(26,363)	(6,079)	(54,556)	(6,079)
Outstanding, ending balance - Shares	235,980		235,980
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)	$ 48.14		47.85	$ 60.94
Performance-Based Leveraging - Weighted average grant date fair value (in dollars per share)			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)			42.82
Outstanding, ending balance - Weighted average grant date fair value (in dollars per share)	$ 47.59		$ 47.59
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			(22,062)
Forfeited - Shares			(22,056)

Share-Based Compensation and 64

Share-Based Compensation and Capital Stock Pre-Tax Stock-Based Compensation Expenses And Associated Income Tax Benefits (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Share-Based Compensation and Capital Stock [Line Items]
Share-based compensation expense	$ 3.1	$ 3.4	$ 11	$ 9.1
Income tax benefits	1.1	1.3	4.1	3.4
Stock options
Share-Based Compensation and Capital Stock [Line Items]
Share-based compensation expense	1	0.8	3.6	2.4
Restricted stock
Share-Based Compensation and Capital Stock [Line Items]
Share-based compensation expense	1.7	1.6	5.7	5.1
Performance Vested Restricted Stock Units
Share-Based Compensation and Capital Stock [Line Items]
Share-based compensation expense	$ 0.4	$ 1	$ 1.7	$ 1.6

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			9 Months Ended
	Sep. 30, 2016	Mar. 31, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Numerator:
Net income	$ 47,565	$ 21,163	$ 41,419	$ 107,550	$ 98,826
Income allocated to participating securities	(342)		(278)	(749)	(695)
Net income available to common shareholders	$ 47,223		$ 41,141	$ 106,801	$ 98,131
Denominator:
Weighted average common shares outstanding – basic (in shares)	55,630		56,843	55,904	57,019
Basic earnings per share (in dollars per share)	$ 0.85	$ 0.38	$ 0.72	$ 1.91	$ 1.72
Numerator:
Income allocated to participating securities	$ (341)		$ (277)	$ (746)	$ (691)
Net income available to common shareholders	$ 47,224		$ 41,142	$ 106,804	$ 98,135
Denominator:
Weighted average common shares outstanding – basic (in shares)	55,630		56,843	55,904	57,019
Diluted effect of stock options and PVRSUs (in shares)	281		378	296	479
Weighted average common shares outstanding – diluted (in shares)	55,911		57,221	56,200	57,498
Diluted earnings per share (in dollars per share)	$ 0.84	$ 0.37	$ 0.72	$ 1.90	$ 1.71

Earnings Per Share Narrative (D

Earnings Per Share Narrative (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Outstanding stock options (in shares)	2,451,703	2,100,000	2,451,703	2,100,000	2,084,201
Antidilutive securities excluded from EPS computation (in shares)	1,200,000	500,000	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)			235,980	207,040

Condensed Consolidating Stateme

Condensed Consolidating Statement Of Income (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2016	Mar. 31, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
REVENUES:
Royalty fees	$ 96,114		$ 89,929	$ 247,168	$ 233,543
Initial franchise and relicensing fees	6,284		6,170	17,146	17,703
Procurement services	7,615		6,271	23,719	19,667
Marketing and reservation system	152,018		134,463	412,193	366,298
Other	5,546		4,693	16,220	11,716
Total revenues	267,577		241,526	716,446	648,927
OPERATING EXPENSES:
Selling, general and administrative	34,357		30,152	109,515	95,712
Depreciation and amortization	2,986		3,108	8,707	8,793
Marketing and reservation system	152,018		134,463	412,193	366,298
Total operating expenses	189,361		167,723	530,415	470,803
Gain on sale of assets, net	402		0	402	0
Operating income	78,618		73,803	186,433	178,124
OTHER INCOME AND EXPENSES, NET:
Interest expense	11,150		10,821	33,466	32,057
Other items, net	(2,732)		714	(3,221)	(114)
Equity in earnings of consolidated subsidiaries	0		0	0	0
Total other income and expenses, net	8,418		11,535	30,245	31,943
Income before income taxes	70,200		62,268	156,188	146,181
Income taxes	22,635	$ 9,215	20,849	48,638	47,355
Net income	47,565	$ 21,163	41,419	107,550	98,826
Parent
REVENUES:
Royalty fees	90,462		84,572	231,717	217,723
Initial franchise and relicensing fees	6,187		6,040	16,741	17,160
Procurement services	7,344		6,012	23,088	19,118
Marketing and reservation system	140,792		123,775	380,153	334,638
Other	3,443		3,377	10,039	9,452
Total revenues	248,228		223,776	661,738	598,091
OPERATING EXPENSES:
Selling, general and administrative	38,876		32,846	120,804	108,250
Depreciation and amortization	467		602	1,314	2,170
Marketing and reservation system	143,920		129,268	394,059	349,040
Total operating expenses	183,263		162,716	516,177	459,460
Gain on sale of assets, net	0			0
Operating income	64,965		61,060	145,561	138,631
OTHER INCOME AND EXPENSES, NET:
Interest expense	11,006		10,682	33,036	31,661
Other items, net	(234)		(76)	(1,082)	(622)
Equity in earnings of consolidated subsidiaries	(13,548)		(9,350)	(36,053)	(31,215)
Total other income and expenses, net	(2,776)		1,256	(4,099)	(176)
Income before income taxes	67,741		59,804	149,660	138,807
Income taxes	20,176		18,385	42,110	39,981
Net income	47,565		41,419	107,550	98,826
Guarantor Subsidiaries
REVENUES:
Royalty fees	32,059		28,786	109,172	99,306
Initial franchise and relicensing fees	0		0	0	0
Procurement services	0		0	0	0
Marketing and reservation system	99,595		126,547	344,161	341,274
Other	75		3	212	3
Total revenues	131,729		155,336	453,545	440,583
OPERATING EXPENSES:
Selling, general and administrative	28,591		25,603	98,125	88,962
Depreciation and amortization	1,910		2,044	5,596	5,701
Marketing and reservation system	97,018		121,690	330,959	328,118
Total operating expenses	127,519		149,337	434,680	422,781
Gain on sale of assets, net	0			0
Operating income	4,210		5,999	18,865	17,802
OTHER INCOME AND EXPENSES, NET:
Interest expense	1		1	1	2
Other items, net	(1,150)		1,260	(319)	732
Equity in earnings of consolidated subsidiaries	(166)		84	409	462
Total other income and expenses, net	(1,315)		1,345	91	1,196
Income before income taxes	5,525		4,654	18,774	16,606
Income taxes	2,169		1,853	6,366	7,343
Net income	3,356		2,801	12,408	9,263
Non-Guarantor Subsidiaries
REVENUES:
Royalty fees	12,090		8,660	31,110	30,364
Initial franchise and relicensing fees	97		130	405	543
Procurement services	271		259	631	549
Marketing and reservation system	4,771		4,142	12,322	11,714
Other	2,305		1,313	6,707	2,261
Total revenues	19,534		14,504	51,175	45,431
OPERATING EXPENSES:
Selling, general and administrative	5,664		3,792	16,155	12,350
Depreciation and amortization	609		462	1,797	922
Marketing and reservation system	4,220		3,506	11,618	10,468
Total operating expenses	10,493		7,760	29,570	23,740
Gain on sale of assets, net	402			402
Operating income	9,443		6,744	22,007	21,691
OTHER INCOME AND EXPENSES, NET:
Interest expense	143		138	429	394
Other items, net	(1,348)		(470)	(1,820)	(224)
Equity in earnings of consolidated subsidiaries	0		0	0	0
Total other income and expenses, net	(1,205)		(332)	(1,391)	170
Income before income taxes	10,648		7,076	23,398	21,521
Income taxes	290		611	162	31
Net income	10,358		6,465	23,236	21,490
Eliminations
REVENUES:
Royalty fees	(38,497)		(32,089)	(124,831)	(113,850)
Initial franchise and relicensing fees	0		0	0	0
Procurement services	0		0	0	0
Marketing and reservation system	(93,140)		(120,001)	(324,443)	(321,328)
Other	(277)		0	(738)	0
Total revenues	(131,914)		(152,090)	(450,012)	(435,178)
OPERATING EXPENSES:
Selling, general and administrative	(38,774)		(32,089)	(125,569)	(113,850)
Depreciation and amortization	0		0	0	0
Marketing and reservation system	(93,140)		(120,001)	(324,443)	(321,328)
Total operating expenses	(131,914)		(152,090)	(450,012)	(435,178)
Gain on sale of assets, net	0			0
Operating income	0		0	0	0
OTHER INCOME AND EXPENSES, NET:
Interest expense	0		0	0	0
Other items, net	0		0	0	0
Equity in earnings of consolidated subsidiaries	13,714		9,266	35,644	30,753
Total other income and expenses, net	13,714		9,266	35,644	30,753
Income before income taxes	(13,714)		(9,266)	(35,644)	(30,753)
Income taxes	0		0	0	0
Net income	$ (13,714)		$ (9,266)	$ (35,644)	$ (30,753)

Condensed Consolidating State68

Condensed Consolidating Statement Of Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2016	Mar. 31, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Condensed Statement of Income Captions [Line Items]
Net income	$ 47,565	$ 21,163	$ 41,419	$ 107,550	$ 98,826
Other comprehensive income, net of tax:
Amortization of loss on cash flow hedge	215		215	646	646
Foreign currency translation adjustment	137		(951)	1,036	(2,223)
Other comprehensive income (loss), net of tax	352		(736)	1,682	(1,577)
Comprehensive income	47,917		40,683	109,232	97,249
Parent
Condensed Statement of Income Captions [Line Items]
Net income	47,565		41,419	107,550	98,826
Other comprehensive income, net of tax:
Amortization of loss on cash flow hedge	215		215	646	646
Foreign currency translation adjustment	137		(951)	1,036	(2,223)
Other comprehensive income (loss), net of tax	352		(736)	1,682	(1,577)
Comprehensive income	47,917		40,683	109,232	97,249
Guarantor Subsidiaries
Condensed Statement of Income Captions [Line Items]
Net income	3,356		2,801	12,408	9,263
Other comprehensive income, net of tax:
Amortization of loss on cash flow hedge	0		0	0	0
Foreign currency translation adjustment	0		0	0	0
Other comprehensive income (loss), net of tax	0		0	0	0
Comprehensive income	3,356		2,801	12,408	9,263
Non-Guarantor Subsidiaries
Condensed Statement of Income Captions [Line Items]
Net income	10,358		6,465	23,236	21,490
Other comprehensive income, net of tax:
Amortization of loss on cash flow hedge	0		0	0	0
Foreign currency translation adjustment	137		(951)	1,036	(2,223)
Other comprehensive income (loss), net of tax	137		(951)	1,036	(2,223)
Comprehensive income	10,495		5,514	24,272	19,267
Eliminations
Condensed Statement of Income Captions [Line Items]
Net income	(13,714)		(9,266)	(35,644)	(30,753)
Other comprehensive income, net of tax:
Amortization of loss on cash flow hedge	0		0	0	0
Foreign currency translation adjustment	(137)		951	(1,036)	2,223
Other comprehensive income (loss), net of tax	(137)		951	(1,036)	2,223
Comprehensive income	$ (13,851)		$ (8,315)	$ (36,680)	$ (28,530)

Condensed Consolidating Balance

Condensed Consolidating Balance Sheet (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015	Sep. 30, 2015	Dec. 31, 2014
ASSETS
Cash and cash equivalents	$ 205,953	$ 193,441	$ 199,261	$ 214,879
Receivables, net	129,422	89,352
Other current assets	36,554	28,160
Total current assets	371,929	310,953
Property and equipment, at cost, net	86,736	88,158
Goodwill	79,799	79,327
Franchise rights and other identifiable intangibles, net	11,543	11,948
Notes receivable, net of allowances	98,450	82,572
Investments, employee benefit plans, at fair value	16,414	17,674
Investment in affiliates	0	0
Advances to affiliates	0	0
Deferred income taxes	47,002	42,434
Other assets	134,403	83,944
Total assets	846,276	717,010
Current liabilities
Accounts payable	60,363	64,431
Accrued expenses and other current liabilities	75,880	70,807
Deferred revenue	121,592	71,587
Current portion of long-term debt	660	1,191
Total current liabilities	258,495	208,016
Long-term debt	866,247	812,945
Deferred compensation and retirement plan obligations	20,890	22,859
Advances from affiliates	0	0
Other liabilities	38,086	69,089
Total liabilities	1,183,718	1,112,909
Total shareholders’ (deficit) equity	(337,442)	(395,899)
Total liabilities and shareholders’ deficit	846,276	717,010
Parent
ASSETS
Cash and cash equivalents	18,530	13,529	19,177	25,290
Receivables, net	117,373	79,381
Other current assets	8,712	19,029
Total current assets	144,615	111,939
Property and equipment, at cost, net	46,864	37,857
Goodwill	65,813	60,620
Franchise rights and other identifiable intangibles, net	4,027	2,965
Notes receivable, net of allowances	13,447	18,866
Investments, employee benefit plans, at fair value	0	0
Investment in affiliates	514,602	473,448
Advances to affiliates	8,991	17,144
Deferred income taxes	35,485	10,664
Other assets	15,285	319
Total assets	849,129	733,822
Current liabilities
Accounts payable	21,041	12,359
Accrued expenses and other current liabilities	46,091	29,099
Deferred revenue	120,536	8,749
Current portion of long-term debt	0	0
Total current liabilities	187,668	50,207
Long-term debt	853,152	799,212
Deferred compensation and retirement plan obligations	0	0
Advances from affiliates	132,597	235,629
Other liabilities	13,154	44,673
Total liabilities	1,186,571	1,129,721
Total shareholders’ (deficit) equity	(337,442)	(395,899)
Total liabilities and shareholders’ deficit	849,129	733,822
Guarantor Subsidiaries
ASSETS
Cash and cash equivalents	589	19	27	25
Receivables, net	1,635	1,132
Other current assets	33,814	14,176
Total current assets	36,038	15,327
Property and equipment, at cost, net	23,925	33,575
Goodwill	0	5,193
Franchise rights and other identifiable intangibles, net	0	1,013
Notes receivable, net of allowances	42,031	38,957
Investments, employee benefit plans, at fair value	16,414	17,674
Investment in affiliates	50,701	37,182
Advances to affiliates	123,089	212,773
Deferred income taxes	13,056	33,936
Other assets	66,306	45,383
Total assets	371,560	441,013
Current liabilities
Accounts payable	35,440	48,238
Accrued expenses and other current liabilities	35,938	45,601
Deferred revenue	45	61,890
Current portion of long-term debt	0	430
Total current liabilities	71,423	156,159
Long-term debt	3,712	3,712
Deferred compensation and retirement plan obligations	20,880	22,849
Advances from affiliates	1,294	257
Other liabilities	14,981	15,755
Total liabilities	112,290	198,732
Total shareholders’ (deficit) equity	259,270	242,281
Total liabilities and shareholders’ deficit	371,560	441,013
Non-Guarantor Subsidiaries
ASSETS
Cash and cash equivalents	186,834	179,893	180,057	189,564
Receivables, net	10,564	8,992
Other current assets	3,868	5,331
Total current assets	201,266	194,216
Property and equipment, at cost, net	15,947	16,726
Goodwill	13,986	13,514
Franchise rights and other identifiable intangibles, net	7,516	7,970
Notes receivable, net of allowances	42,972	24,749
Investments, employee benefit plans, at fair value	0	0
Investment in affiliates	0	0
Advances to affiliates	9,863	7,789
Deferred income taxes	0	0
Other assets	52,838	38,348
Total assets	344,388	303,312
Current liabilities
Accounts payable	4,032	3,987
Accrued expenses and other current liabilities	3,586	6,378
Deferred revenue	1,116	1,053
Current portion of long-term debt	660	761
Total current liabilities	9,394	12,179
Long-term debt	9,383	10,021
Deferred compensation and retirement plan obligations	10	10
Advances from affiliates	8,052	1,820
Other liabilities	11,516	10,933
Total liabilities	38,355	34,963
Total shareholders’ (deficit) equity	306,033	268,349
Total liabilities and shareholders’ deficit	344,388	303,312
Eliminations
ASSETS
Cash and cash equivalents	0	0	$ 0	$ 0
Receivables, net	(150)	(153)
Other current assets	(9,840)	(10,376)
Total current assets	(9,990)	(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	(565,303)	(510,630)
Advances to affiliates	(141,943)	(237,706)
Deferred income taxes	(1,539)	(2,166)
Other assets	(26)	(106)
Total assets	(718,801)	(761,137)
Current liabilities
Accounts payable	(150)	(153)
Accrued expenses and other current liabilities	(9,735)	(10,271)
Deferred revenue	(105)	(105)
Current portion of long-term debt	0	0
Total current liabilities	(9,990)	(10,529)
Long-term debt	0	0
Deferred compensation and retirement plan obligations	0	0
Advances from affiliates	(141,943)	(237,706)
Other liabilities	(1,565)	(2,272)
Total liabilities	(153,498)	(250,507)
Total shareholders’ (deficit) equity	(565,303)	(510,630)
Total liabilities and shareholders’ deficit	$ (718,801)	$ (761,137)

Condensed Consolidating State70

Condensed Consolidating Statement Of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2016	Mar. 31, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Condensed Consolidating Financial Statements [Line Items]
Net cash provided by operating activities		$ (21,380)		$ 88,409	$ 103,658
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in property and equipment				(17,584)	(21,810)
Proceeds from sales of assets				8,360	6,347
Acquisitions of real estate				(25,263)	(8,767)
Business acquisition, net of cash acquired				(1,341)	(13,269)
Contributions to equity method investments				(24,179)	(3,811)
Distributions from equity method investments				3,700	270
Purchases of investments, employee benefit plans				(1,430)	(2,977)
Proceeds from sales of investments, employee benefit plans				1,395	2,920
Issuance of mezzanine and other notes receivable				(20,281)	(25,253)
Collections of mezzanine and other notes receivable				11,040	3,697
Advances to and investment in affiliates				0	0
Divestment in affiliates				0	0
Other items, net				(422)	(445)
Net cash used by investing activities				(66,005)	(63,098)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net borrowings pursuant to revolving credit facilities				52,814	162,032
Proceeds from issuance of long term debt				0	176
Debt issuance costs				(284)	(2,169)
Principal payments on long-term debt				(836)	(130,194)
Purchases of treasury stock				(33,958)	(56,450)
Dividends paid				(34,690)	(34,173)
Proceeds from contributions from affiliates				0	0
Distributions to affiliates				0	0
Proceeds from exercise of stock options	$ 2,600		$ 700	6,802	6,381
Net cash used by financing activities		62,627		(10,152)	(54,397)
Net change in cash and cash equivalents				12,252	(13,837)
Effect of foreign exchange rate changes on cash and cash equivalents				260	(1,781)
Cash and cash equivalents at beginning of period		193,441		193,441	214,879
Cash and cash equivalents at end of period	205,953		199,261	205,953	199,261
Parent
Condensed Consolidating Financial Statements [Line Items]
Net cash provided by operating activities				21,358	67,695
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in property and equipment				(12,579)	(16,114)
Proceeds from sales of assets				0	93
Acquisitions of real estate				0
Business acquisition, net of cash acquired				0	0
Contributions to equity method investments				0	0
Distributions from equity method investments				0	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				(5,306)	(7,253)
Collections of mezzanine and other notes receivable				11,040	3,697
Advances to and investment in affiliates				0	0
Divestment in affiliates				0	0
Other items, net				(382)	(445)
Net cash used by investing activities				(7,227)	(20,022)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net borrowings pursuant to revolving credit facilities				53,000	162,000
Proceeds from issuance of long term debt					0
Debt issuance costs				(284)	(2,169)
Principal payments on long-term debt				0	(129,375)
Purchases of treasury stock				(33,958)	(56,450)
Dividends paid				(34,690)	(34,173)
Proceeds from contributions from affiliates				0	0
Distributions to affiliates				0	0
Proceeds from exercise of stock options				6,802	6,381
Net cash used by financing activities				(9,130)	(53,786)
Net change in cash and cash equivalents				5,001	(6,113)
Effect of foreign exchange rate changes on cash and cash equivalents				0	0
Cash and cash equivalents at beginning of period		13,529		13,529	25,290
Cash and cash equivalents at end of period	18,530		19,177	18,530	19,177
Guarantor Subsidiaries
Condensed Consolidating Financial Statements [Line Items]
Net cash provided by operating activities				43,956	10,710
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in property and equipment				(4,749)	(5,342)
Proceeds from sales of assets				0	4,661
Acquisitions of real estate				0	0
Business acquisition, net of cash acquired				0	0
Contributions to equity method investments				(24,128)	(2,771)
Distributions from equity method investments				0	0
Purchases of investments, employee benefit plans				(1,430)	(2,977)
Proceeds from sales of investments, employee benefit plans				1,395	2,920
Issuance of mezzanine and other notes receivable				0	0
Collections of mezzanine and other notes receivable				0	0
Advances to and investment in affiliates				(25,902)	(8,960)
Divestment in affiliates				11,858	2,122
Other items, net				0	0
Net cash used by investing activities				(42,956)	(10,347)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net borrowings pursuant to revolving credit facilities				0	0
Proceeds from issuance of long term debt					176
Debt issuance costs				0	0
Principal payments on long-term debt				(430)	(537)
Purchases of treasury stock				0	0
Dividends paid				0	0
Proceeds from contributions from affiliates				0	0
Distributions to affiliates				0	0
Proceeds from exercise of stock options				0	0
Net cash used by financing activities				(430)	(361)
Net change in cash and cash equivalents				570	2
Effect of foreign exchange rate changes on cash and cash equivalents				0	0
Cash and cash equivalents at beginning of period		19		19	25
Cash and cash equivalents at end of period	589		27	589	27
Non-Guarantor Subsidiaries
Condensed Consolidating Financial Statements [Line Items]
Net cash provided by operating activities				23,752	25,910
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in property and equipment				(256)	(354)
Proceeds from sales of assets				8,360	1,593
Acquisitions of real estate				(25,263)	(8,767)
Business acquisition, net of cash acquired				(1,341)	(13,269)
Contributions to equity method investments				(51)	(1,040)
Distributions from equity method investments				3,700	270
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				(14,975)	(18,000)
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				(40)	0
Net cash used by investing activities				(29,866)	(39,567)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net borrowings pursuant to revolving credit facilities				(186)	32
Proceeds from issuance of long term debt					0
Debt issuance costs				0	0
Principal payments on long-term debt				(406)	(282)
Purchases of treasury stock				0	0
Dividends paid				(657)	(657)
Proceeds from contributions from affiliates				25,902	8,960
Distributions to affiliates				(11,858)	(2,122)
Proceeds from exercise of stock options				0	0
Net cash used by financing activities				12,795	5,931
Net change in cash and cash equivalents				6,681	(7,726)
Effect of foreign exchange rate changes on cash and cash equivalents				260	(1,781)
Cash and cash equivalents at beginning of period		179,893		179,893	189,564
Cash and cash equivalents at end of period	186,834		180,057	186,834	180,057
Eliminations
Condensed Consolidating Financial Statements [Line Items]
Net cash provided by operating activities				(657)	(657)
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in property and equipment				0	0
Proceeds from sales of assets				0	0
Acquisitions of real estate				0	0
Business acquisition, net of cash acquired				0	0
Contributions to equity method investments				0	0
Distributions from equity method investments				0	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	0
Collections of mezzanine and other notes receivable				0	0
Advances to and investment in affiliates				25,902	8,960
Divestment in affiliates				(11,858)	(2,122)
Other items, net					0
Net cash used by investing activities				14,044	6,838
CASH FLOWS FROM FINANCING ACTIVITIES:
Net borrowings pursuant to revolving credit facilities				0	0
Proceeds from issuance of long term debt					0
Debt issuance costs				0	0
Principal payments on long-term debt				0	0
Purchases of treasury stock				0	0
Dividends paid				657	657
Proceeds from contributions from affiliates				(25,902)	(8,960)
Distributions to affiliates				11,858	2,122
Proceeds from exercise of stock options				0	0
Net cash used by financing activities				(13,387)	(6,181)
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	0
Cash and cash equivalents at end of period	$ 0		$ 0	$ 0	$ 0

Reportable Segment Informatio71

Reportable Segment Information Narrative (Details)	Sep. 30, 2016brand
Segment Reporting [Abstract]
Number of brands	11

Reportable Segment Informatio72

Reportable Segment Information Schedule Of Financial Information For Company's Franchising Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Reportable Segment Information [Line Items]
Revenues	$ 267,577	$ 241,526	$ 716,446	$ 648,927
Operating income (loss)	78,618	73,803	186,433	178,124
Income (loss) before income taxes	70,200	62,268	156,188	146,181
Corporate & Other
Reportable Segment Information [Line Items]
Revenues	1,899	1,146	5,127	1,667
Operating income (loss)	(13,548)	(8,869)	(38,824)	(28,689)
Income (loss) before income taxes	(23,688)	(20,733)	(69,355)	(59,525)
Franchising | Operating Segments
Reportable Segment Information [Line Items]
Revenues	265,152	240,067	709,924	646,454
Operating income (loss)	95,760	87,011	237,926	221,041
Income (loss) before income taxes	97,482	87,340	238,212	219,934
SkyTouch Technology | Operating Segments
Reportable Segment Information [Line Items]
Revenues	526	313	1,395	806
Operating income (loss)	(3,594)	(4,339)	(12,669)	(14,228)
Income (loss) before income taxes	$ (3,594)	$ (4,339)	$ (12,669)	$ (14,228)

Commitments and Contingencies (

Commitments and Contingencies (Details)	9 Months Ended
	Sep. 30, 2016USD ($)	Jun. 02, 2016USD ($)Guarantee	Nov. 30, 2015USD ($)	Sep. 04, 2015USD ($)	Oct. 09, 2012USD ($)
Commitments and Contingencies [Line Items]
Bank loan issued to VIE, partially guaranteed by parent		$ 46,200,000		$ 13,300,000	$ 18,000,000
Bank loan issued to VIE, percentage guaranteed by parent (percent)					25.00%
Parent's guarantor obligation, maximum exposure		$ 3,300,000		$ 1,800,000	$ 4,500,000
Number of guarantees | Guarantee		3
Other commitment	$ 2,100,000
Forgivable Notes Receivable
Commitments and Contingencies [Line Items]
Other commitment	150,300,000
Other commitment, due in next twelve months	83,700,000
Capital contributions to joint ventures
Commitments and Contingencies [Line Items]
Other commitment, due in next twelve months	24,100,000
Medium-term Notes | Variable Interest Entity, Not Primary Beneficiary
Commitments and Contingencies [Line Items]
Term loan obtained for refinancing for construction loan		$ 61,000,000
Development Company
Commitments and Contingencies [Line Items]
Other commitment			$ 49,100,000
Payments to Acquire Loans Receivable	$ 21,100,000

Transactions with Unconsolida74

Transactions with Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	9 Months Ended
	Mar. 31, 2016	Sep. 30, 2016	Sep. 30, 2016	Sep. 30, 2015
Related Party Transaction [Line Items]
Non-cash sale of investment in unconsolidated joint venture			$ 2,350	$ 0
Member of Unconsolidated Joint Venture
Related Party Transaction [Line Items]
Promissory note extended to related party	$ 4,000
Non-cash sale of investment in unconsolidated joint venture	$ 2,400
Deferred Gain (Loss) on Promissory Note			200
Joint Venture Partner
Related Party Transaction [Line Items]
Fees earned and payroll costs reimbursed from marketing services arrangement		$ 400	$ 600

Acquisitions - Narrative (Deta

Acquisitions - Narrative (Details) $ in Thousands	Sep. 21, 2016USD ($)	Aug. 11, 2015USD ($)	Mar. 31, 2016USD ($)Acquisition	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)
Business Acquisition [Line Items]
Cash paid, net of cash acquired				$ 1,341	$ 13,269
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		13,300
Deferred purchase price payable		6,800
Liabilities assumed		$ 3,500
Deferred purchase price payment period		5 years
Variable compensation arrangement term		5 years
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			$ 25,600
Acquisition related costs			$ 500
Indianapolis, IN
Business Acquisition [Line Items]
Proceeds from the sale of property	$ 6,700
Gain on sale of property	$ 400

Acquisitions - Fair Value of As

Acquisitions - Fair Value of Assets Acquired (Details) - Series of Individually Immaterial Business Acquisitions $ in Thousands	9 Months Ended
	Sep. 30, 2016USD ($)
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
Land Improvements
Fair Value of Assets and Liabilities and Useful Lives
Useful Life	5 years
Building
Fair Value of Assets and Liabilities and Useful Lives
Useful Life	30 years
Leasehold Value
Fair Value of Assets and Liabilities and Useful Lives
Intangibles	$ (24)
Lease in Place
Fair Value of Assets and Liabilities and Useful Lives
Intangibles	327
Leasing Commission
Fair Value of Assets and Liabilities and Useful Lives
Intangibles	$ 51