Choice Hotels International (CHH) 10-Q 5 May 17 2017 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information	3 Months Ended
	Mar. 31, 2017shares
Document and Entity Information [Abstract]
Entity Registrant Name	CHOICE HOTELS INTERNATIONAL INC /DE
Trading Symbol	chh
Entity Central Index Key	1,046,311
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding	56,448,239

Consolidated Statements Of Inco

Consolidated Statements Of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	[1]
REVENUES:
Royalty fees	$ 68,989	$ 64,859
Initial franchise and relicensing fees	5,006	5,156
Procurement services	6,476	5,796
Marketing and reservation system	109,475	126,361
Other	7,952	4,946
Total revenues	197,898	207,118
OPERATING EXPENSES:
Selling, general and administrative	32,846	35,119
Depreciation and amortization	3,070	2,765	[2]
Marketing and reservation system	109,475	126,361
Total operating expenses	145,391	164,245
Operating income	52,507	42,873
OTHER INCOME AND EXPENSES, NET:
Interest expense	11,205	11,092
Interest income	(1,264)	(839)
Other (gains) losses	(897)	62
Equity in net loss of affiliates	2,080	2,180
Total other income and expenses, net	11,124	12,495
Income before income taxes	41,383	30,378
Income taxes	12,639	9,215
Net income	$ 28,744	$ 21,163	[2],[3]
Basic earnings per share (in dollars per share)	$ 0.51	$ 0.38
Diluted earnings per share (in dollars per share)	0.51	0.37
Cash dividends declared per share (in dollars per share)	$ 0.215	$ 0.205
[1]	*During 2016, the Company adopted ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, see discussion of adoption in Note 1.
[2]	*During 2016, the Company adopted ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, see discussion of adoption in Note 1.
[3]	*During 2016, the Company adopted ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, see discussion of adoption in Note 1.

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	[1]
Statement of Comprehensive Income [Abstract]
Net income	$ 28,744	$ 21,163	[2],[3]
Other comprehensive income, net of tax:
Amortization of loss on cash flow hedge	215	215
Foreign currency translation adjustment	568	1,528
Other comprehensive income, net of tax	783	1,743
Comprehensive income	$ 29,527	$ 22,906
[1]	*During 2016, the Company adopted ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, see discussion of adoption in Note 1.
[2]	*During 2016, the Company adopted ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, see discussion of adoption in Note 1.
[3]	*During 2016, the Company adopted ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, see discussion of adoption in Note 1.

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Current assets
Cash and cash equivalents	$ 187,472	$ 202,463
Receivables (net of allowance for doubtful accounts of $9,046 and $8,557, respectively)	117,878	107,336
Income taxes receivable	446	316
Notes receivable, net of allowance	7,650	7,873
Other current assets	29,416	26,885
Total current assets	342,862	344,873
Property and equipment, at cost, net	82,701	84,061
Goodwill	79,073	78,905
Intangible assets, net	15,301	15,738
Notes receivable, net of allowances	123,878	110,608
Investments, employee benefit plans, at fair value	18,755	16,975
Investments in unconsolidated entities	123,550	94,839
Deferred income taxes	54,592	52,812
Other assets	63,420	53,657
Total assets	904,132	852,468
Current liabilities
Accounts payable	59,090	48,071
Accrued expenses and other current liabilities	54,010	80,388
Deferred revenue	145,833	133,218
Current portion of long-term debt	1,225	1,195
Income taxes payable	13,923	796
Total current liabilities	274,081	263,668
Long-term debt	862,389	839,409
Deferred compensation and retirement plan obligations	23,044	21,595
Deferred income taxes	139	292
Other liabilities	36,966	38,853
Total liabilities	1,196,619	1,163,817
Commitments and Contingencies
SHAREHOLDERS' DEFICIT
Common stock, $0.01 par value, 160,000,000 shares authorized; 95,065,638 shares issued at March 31, 2017 and December 31, 2016 and 56,448,239 and 56,299,949 shares outstanding at March 31, 2017 and December 31, 2016, respectively	951	951
Additional paid-in-capital	160,719	159,045
Accumulated other comprehensive loss	(7,739)	(8,522)
Treasury stock (38,617,399 and 38,765,689 shares at March 31, 2017 and December 31, 2016, respectively), at cost	(1,070,516)	(1,070,383)
Retained earnings	624,098	607,560
Total shareholders’ deficit	(292,487)	(311,349)
Total liabilities and shareholders’ deficit	$ 904,132	$ 852,468

Consolidated Balance Sheets (U5

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Receivables, allowance for doubtful accounts	$ 9,046	$ 8,557
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)	56,448,239	56,299,949
Treasury stock, shares (in shares)	38,617,399	38,765,689

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flow (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	[3]
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 28,744	$ 21,163	[1],[2]
Adjustments to reconcile net income to net cash provided (used) by operating activities:
Depreciation and amortization	3,070	2,765	[2]
Loss on disposal of assets	0	9
Provision for bad debts, net	561	655
Non-cash stock compensation and other charges	3,681	3,354
Non-cash interest and other (income) loss	(301)	667
Deferred income taxes	(1,900)	6,198
Equity in net losses from unconsolidated joint ventures, less distributions received	2,386	2,471
Changes in assets and liabilities:
Receivables	(11,365)	(14,473)
Advances to/from marketing and reservation system activities, net	(216)	(39,804)
Forgivable notes receivable, net	(4,483)	(6,464)
Accounts payable	9,203	(3,980)
Accrued expenses and other current liabilities	(25,048)	(24,521)
Income taxes payable/receivable	13,012	(1,788)
Deferred revenue	12,579	40,458
Other assets	(4,958)	(7,238)
Other liabilities	(751)	(842)
Net cash provided (used) by operating activities	24,214	(21,370)
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in property and equipment	(4,718)	(5,306)
Investment in intangible assets	(2,088)	(162)
Proceeds from sales of assets	0	1,700
Acquisitions of real estate	0	(25,389)
Contributions to equity method investments	(31,610)	(4,293)
Distributions from equity method investments	510	67
Purchases of investments, employee benefit plans	(1,424)	(896)
Proceeds from sales of investments, employee benefit plans	843	363
Issuance of mezzanine and other notes receivable	(9,863)	(7,487)
Collections of mezzanine and other notes receivable	522	109
Other items, net	(4)	26
Net cash used by investing activities	(47,832)	(41,268)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net borrowings pursuant to revolving credit facilities	22,800	79,267
Principal payments on long-term debt	(153)	(318)
Purchases of treasury stock	(7,271)	(8,857)
Dividends paid	(12,139)	(11,612)
Proceeds from exercise of stock options	4,963	4,137
Net cash provided by financing activities	8,200	62,617
Net change in cash and cash equivalents	(15,418)	(21)
Effect of foreign exchange rate changes on cash and cash equivalents	427	652
Cash and cash equivalents at beginning of period	202,463	193,441
Cash and cash equivalents at end of period	187,472	194,072
Cash payments during the period for:
Income taxes, net of refunds	1,454	4,208
Interest, net of capitalized interest	19,874	19,712
Non-cash investing and financing activities:
Dividends declared but not paid	12,195	11,580
Investment in property and equipment acquired in accounts payable	724	944
Non-cash sale of investment of unconsolidated joint venture	$ 0	$ 2,350
[1]	*During 2016, the Company adopted ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, see discussion of adoption in Note 1.
[2]	*During 2016, the Company adopted ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, see discussion of adoption in Note 1.
[3]	*During 2016, the Company adopted ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, see discussion of adoption in Note 1.

Company Information and Signifi

Company Information and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2017
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 the Company's 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, 2016 and notes thereto included in the Company’s Annual Report on Form 10-K, filed with the SEC on February 27, 2017 (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. Prior year impact from adoption of ASU 2016-09 In March 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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 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 following table summarizes the effects of adopting this accounting standard on the Company's previously reported financial statements. 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 ) $ (21,370 ) Excess tax benefits from stock-based compensation $ 1,575 $ — Net cash provided by financing activities $ 64,192 $ 62,617 Recently Adopted Accounting Guidance 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 legacy GAAP, indirect interests held through related parties under common control were to be considered in their entirety by the reporting entity in performing the primary beneficiary assessment. ASU No. 2016-17 revises the guidance such that indirect interests held through related parties under common control are considered on a proportionate basis in performing the primary beneficiary assessment. The Company adopted this ASU on January 1, 2017, and it did not have an impact on the Company's consolidated financial statements. Future Adoption of Recently Announced Accounting Guidance In May 2014, the FASB issued ASU No. 2014-09, Revenue From Contracts with Customers (Topic 606) ("ASU No. 2014-09") and issued subsequent amendments to the initial guidance at various points of 2015 and 2016 within ASU No. 2015-14, ASU No. 2016-08, ASU No. 2016-10, ASU No. 2016-12, and ASU No. 2016-20 (these ASUs collectively referred to as "Topic 606"). Topic 606 impacts virtually all aspects of an entity's revenue recognition and supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, as well as most industry-specific guidance. Topic 606 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. Topic 606 also specifies the accounting for some costs to obtain or fulfill a contract with a customer and provides enhanced disclosure requirements. Topic 606 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 Topic 606. The Company intends to adopt the standard in the annual period beginning January 1, 2018, and has not yet determined the method of adoption. The Company's evaluation is still preliminary for all areas below. The Company has determined royalties earned in exchange for a license to brand intellectual property on franchise agreements will be recognized in revenue over time typically after the occurrence of a completed stay, which is consistent with current practice. We are continuing to evaluate the services we provide as part of the franchise agreement, including the Choice Privileges loyalty program and other programs we operate as part of the marketing and reservation system, to determine if they are distinct from the license to brand intellectual property and thus represent separate performance obligations. We do not expect significant changes to the pattern of revenue recognition regardless of these determinations. The Company has determined initial and relicensing fees earned upon execution of a franchise agreement will be recognized as revenue ratably as services are provided over the enforceable period of the franchise license arrangement. This represents a change from current practice, whereby the Company typically will recognize revenue for initial and relicensing fees in full in the period of agreement execution. Similarly, the Company has determined sales commissions paid upon the execution of a franchise agreement will be recognized as expense ratably over the same period as revenues are recognized. This also represents a change, as the Company’s current practice is typically to recognize expense for sales commissions in full in the period of agreement execution. The Company is in the process of finalizing the periods of recognition and calculating the expected impacts for this revision. The Company believes the timing of recognition for profits from the sale of real estate assets will be accelerated under Topic 606, resulting from the removal of real estate specific guidance. The Company is in the process of calculating the expected impact of this revision. We continue to evaluate the accounting for other Company revenue streams for impacts as a result of adopting the standard. 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 No. 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 No. 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. In October 2016, the FASB issued ASU No. 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 November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230) Restricted Cash ("ASU 2016-18"). ASU 2016-18 requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The guidance is effective for public business entities for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. The Company is currently assessing the potential impact that ASU No. 2016-18 will have on the financial statements and disclosures. In January 2017, the FASB issued ASU No. 2017-04, Intangibles-Goodwill and Other (Topic 350) Simplifying the Test for Goodwill Impairment (" ASU No. 2017-04 ") . ASU 2017-04 eliminates the two-step process that required identification of potential impairment and a separate measure of the actual impairment. The annual assessment of goodwill impairment will be determined by using the difference between the carrying amount and the fair value of the reporting unit. The guidance is effective for public business entities for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. The Company is currently assessing the potential impact that ASU No. 2017-04 will have on the financial statements and disclosures. In February 2017, the FASB issued ASU No. 2017-05, Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets (" ASU No. 2017-05 "). This ASU clarifies the scope and accounting of a financial asset that meets the definition of an “in-substance nonfinancial asset” and defines the term “in-substance nonfinancial asset.” This ASU also adds guidance for partial sales of nonfinancial assets. ASU 2017-05 will be effective for fiscal years beginning after December 15, 2017, including interim reporting periods within that reporting period. The Company is assessing the potential impact that ASU 2017-05 will have on the financial statements and disclosures.

Other Current Assets

Other Current Assets	3 Months Ended
	Mar. 31, 2017
Assets, Current [Abstract]
Other Current Assets	Other Current Assets Other current assets consist of the following: March 31, 2017 December 31, 2016 (in thousands) Prepaid expenses $ 23,590 $ 22,210 Other current assets 5,826 4,675 Total $ 29,416 $ 26,885

Notes Receivable and Allowance

Notes Receivable and Allowance for Losses	3 Months Ended
	Mar. 31, 2017
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: March 31, 2017 December 31, 2016 (in thousands) (in thousands) Credit Quality Indicator Forgivable Mezzanine Total Forgivable Mezzanine Total Senior $ — $ 70,575 $ 70,575 $ — $ 61,482 $ 61,482 Subordinated — 9,411 9,411 — 9,336 9,336 Unsecured 55,898 3,562 59,460 51,475 3,618 55,093 Total notes receivable 55,898 83,548 139,446 51,475 74,436 125,911 Allowance for losses on non-impaired loans 5,501 770 6,271 5,013 770 5,783 Allowance for losses on receivables specifically evaluated for impairment — 1,647 1,647 — 1,647 1,647 Total loan reserves 5,501 2,417 7,918 5,013 2,417 7,430 Net carrying value $ 50,397 $ 81,131 $ 131,528 $ 46,462 $ 72,019 $ 118,481 Current portion, net $ 311 $ 7,339 $ 7,650 $ 333 $ 7,540 $ 7,873 Long-term portion, net 50,086 73,792 123,878 46,129 64,479 110,608 Total $ 50,397 $ 81,131 $ 131,528 $ 46,462 $ 72,019 $ 118,481 The following table summarizes the activity related to the Company’s Forgivable Notes Receivable and Mezzanine and Other Notes Receivable allowance for losses for the three months ended March 31, 2017 : Forgivable Notes Receivable Mezzanine & Other Notes Receivable (in thousands) Beginning balance $ 5,013 $ 2,417 Provisions 630 — Recoveries (92 ) — Write-offs (25 ) — Other (1) (25 ) — Ending balance $ 5,501 $ 2,417 (1) Consists of changes in foreign currency exchange rates and default rate assumption changes Variable Interest through Notes Issued The Company has issued mezzanine and other notes receivables to certain entities that have created variable interests in these borrowers totaling $33.7 million as of March 31, 2017 . The Company has determined that it is not the primary beneficiary of these variable interest entities. Each of these loans have stated fixed and/or variable interest amounts. The Company has identified loans totaling approximately $2.1 million with stated interest rates that are less than market rate, representing a total discount of $0.2 million . These discounts are reflected as a reduction of the outstanding loan amounts and are amortized over the life of the related loan. Forgivable Notes Receivable As of March 31, 2017 and December 31, 2016 , the unamortized balance of the Company's forgivable notes receivable totaled $55.9 million and $51.5 million , respectively. The Company recorded an allowance for credit losses on these forgivable notes receivable of $5.5 million and $5.0 million at March 31, 2017 and December 31, 2016 , respectively. Amortization expense included in the accompanying consolidated statements of income related to the notes for the three months ended March 31, 2017 and 2016 was $2.4 million and $2.2 million , respectively. Past due balances of forgivable notes receivable are as follows: 30-89 days Past Due > 90 days Past Due Total Past Due Current Total Notes Receivable (in thousands) As of March 31, 2017 Forgivable Notes $ 311 $ 1,290 $ 1,601 $ 54,297 $ 55,898 $ 311 $ 1,290 $ 1,601 $ 54,297 $ 55,898 As of December 31, 2016 Forgivable Notes $ 116 $ 1,349 $ 1,465 $ 50,010 $ 51,475 $ 116 $ 1,349 $ 1,465 $ 50,010 $ 51,475 Mezzanine and Other Notes Receivable The Company determined that approximately $1.9 million of its mezzanine and other notes receivable were impaired at both March 31, 2017 and December 31, 2016 , and recorded allowance for credit losses on these impaired loans totaling $1.6 million at both March 31, 2017 and December 31, 2016 . The average mezzanine and other notes receivable on non-accrual status was approximately $1.9 million and $0.8 million for the three months ended March 31, 2017 and 2016 , respectively. The Company recognizes interest income for impaired loans on a cash basis. Approximately $44 thousand and $43 thousand of interest income on impaired loans was recognized during the three months ended March 31, 2017, and 2016 , respectively. The Company provided loan reserves on non-impaired loans totaling $0.8 million at March 31, 2017 and December 31, 2016 . Past due balances of mezzanine and other notes receivable by credit quality indicators are as follows: 30-89 days Past Due > 90 days Past Due Total Past Due Current Total Notes Receivable (in thousands) As of March 31, 2017 Senior $ — $ — $ — $ 70,575 $ 70,575 Subordinated — — — 9,411 9,411 Unsecured — — — 3,562 3,562 $ — $ — $ — $ 83,548 $ 83,548 As of December 31, 2016 Senior $ — $ — $ — $ 61,482 $ 61,482 Subordinated — — — 9,336 9,336 Unsecured — — — 3,618 3,618 $ — $ — $ — $ 74,436 $ 74,436

Marketing and Reservation Activ

Marketing and Reservation Activities	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 and December 31, 2016, cumulative marketing and reservation system costs exceeded cumulative marketing and reservation system revenues earned by $25.4 million and $18.1 million , respectively, with the excess reflected as a long-term asset in the accompanying consolidated balance sheet. Depreciation and amortization expense attributable to marketing and reservation activities for the three months ended March 31, 2017 and 2016 was $6.4 million and $5.9 million , respectively. Interest expense attributable to marketing and reservation activities was $3 thousand for the three months ended March 31, 2016.

Other Assets

Other Assets	3 Months Ended
	Mar. 31, 2017
Other Assets, Noncurrent [Abstract]
Other Assets	Other Assets Other assets consist of the following: March 31, 2017 December 31, 2016 (in thousands) Land and buildings $ 29,027 $ 29,023 Advances to marketing and reservation system activities (Note 4) 25,449 18,069 Other assets 8,944 6,565 Total $ 63,420 $ 53,657 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	3 Months Ended
	Mar. 31, 2017
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 $120.5 million and $91.9 million at March 31, 2017 and December 31, 2016 , respectively, that the Company determined to be variable interest entities ("VIEs"). These investments relate to the Company's program to offer equity support to qualified franchisees to develop and operate Cambria hotel & suites hotels in strategic markets. Based on an analysis of who has the power to direct the activities that most significantly impact these entities performance and who has an obligation to absorb losses of these entities or a right to receive benefits from these entities that could potentially be significant to the entity, the Company determined that it is not the primary beneficiary of any of its VIEs. The Company based its qualitative analysis on its review of the design of the entity, its organizational structure including decision-making ability and the relevant development, operating management and financial agreements. Although the Company is not the primary beneficiary of these VIEs, it does exercise significant influence through its equity ownership and as a result the Company's investment in these entities is accounted for under the equity method. For the three months ended March 31, 2017 and 2016 , the Company recognized losses totaling $2.5 million and $2.4 million , respectively, from these investments. The Company's maximum exposure to losses related to its investments in VIEs is limited to its equity investments as well as certain guarantees described in Note 17 "Commitments and Contingencies" of these financial statements.

Deferred Revenue

Deferred Revenue	3 Months Ended
	Mar. 31, 2017
Deferred Revenue and Credits [Abstract]
Deferred Revenue	Deferred Revenue Deferred revenue consists of the following: March 31, December 31, (in thousands) Loyalty programs $ 124,824 $ 115,851 Initial, relicensing and franchise fees 6,397 9,352 Procurement service fees 8,973 7,668 Other 5,639 347 Total $ 145,833 $ 133,218

Debt

Debt	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Debt	Debt Debt consists of the following: March 31, 2017 December 31, 2016 (in thousands) $400 million senior unsecured notes with an effective interest rate of 6.0% less deferred issuance costs of $4.5 million and $4.7 million at March 31, 2017 and December 31, 2016, respectively $ 395,497 $ 395,316 $250 million senior unsecured notes with an effective interest rate of 6.19%, less a discount and deferred issuance costs of $1.0 million and $1.1 million at March 31, 2017 and December 31, 2016, respectively 248,952 248,875 $450 million senior unsecured credit facility with an effective interest rate of 2.28% and 2.23%, less deferred issuance costs of $2.5 million and $2.6 million at March 31, 2017 and December 31, 2016, respectively 205,303 182,359 Fixed rate collateralized mortgage with an effective interest rate of 4.57%, plus a fair value adjustment of $0.7 million and $0.7 million at March 31, 2017 and December 31, 2016, respectively 9,277 9,432 Economic development loans with an effective interest rate of 3.0% at March 31, 2017 and December 31, 2016 3,712 3,712 Other notes payable 873 910 Total debt $ 863,614 $ 840,604 Less current portion 1,225 1,195 Total long-term debt $ 862,389 $ 839,409 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 March 31, 2017 , the Company was in compliance with all financial covenants under the Credit Agreement. The proceeds of the Revolver are expected to be used for general corporate purposes, including working capital, debt repayment, stock repurchases, dividends, investments and other permitted uses set forth in the Credit Agreement. Fixed Rate Collateralized Mortgage On December 30, 2014, a court awarded the Company title to an office building as settlement for a portion of an outstanding loan receivable for which the building was pledged as collateral. In conjunction with the court award, the Company also assumed the $9.5 million mortgage on the property with a fixed interest rate of 7.26% . The mortgage, which is collateralized by the office building, requires monthly payments of principal and interest and matures in December 2020 with a balloon payment due of $6.9 million . At the time of acquisition, the Company determined that the fixed interest rate of 7.26% exceeded market interest rates and therefore the Company increased the carrying value of the debt by $1.2 million to record the debt at fair value. The fair value adjustment is being amortized over the remaining term of the mortgage utilizing the effective interest method. Economic Development Loans The Company entered into economic development agreements with various governmental entities in conjunction with the relocation of its corporate headquarters in April 2013. In accordance with these agreements, the governmental entities agreed to advance approximately $4.4 million to the Company to offset a portion of the corporate headquarters relocation and tenant improvement costs in consideration of the employment of permanent, full-time employees within the jurisdictions. At March 31, 2017 , the Company had been advanced approximately $3.7 million pursuant to these agreements and expects to receive the remaining $0.7 million over the next several years, subject to annual appropriations by the governmental entities. These advances bear interest at a rate of 3% per annum. Repayment of the advances is contingent upon the Company achieving certain performance conditions. Performance conditions are measured annually on December 31 st and primarily relate to maintaining certain levels of employment within the various jurisdictions. If the Company fails to meet an annual performance condition, the Company may be required to repay a portion or all of the advances including accrued interest by April 30 th following the measurement date. Any outstanding advances at the expiration of the Company's ten -year corporate headquarters lease in 2023 will be forgiven in full. The advances will be included in long-term debt in the Company's consolidated balance sheets until the Company determines that the future performance conditions will be met over the entire term of the agreement and the Company will not be required to repay the advances. The Company accrues interest on the portion of the advances that it expects to repay. The Company was in compliance with all current performance conditions as of March 31, 2017 .

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	3 Months Ended
	Mar. 31, 2017
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss The following represents the changes in accumulated other comprehensive loss, net of tax, by component for the three months ended March 31, 2017 : Loss on Cash Flow Hedge Foreign Currency Items Total (in thousands) Beginning balance, December 31, 2016 $ (3,160 ) $ (5,362 ) $ (8,522 ) Other comprehensive income before reclassification — 568 568 Amounts reclassified from accumulated other comprehensive income 215 — 215 Net current period other comprehensive income 215 568 783 Ending balance, March 31, 2017 $ (2,945 ) $ (4,794 ) $ (7,739 ) The amounts reclassified from accumulated other comprehensive loss during the three months ended March 31, 2017 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 Income Three Months Ended March 31, 2017 (in thousands) Loss on cash flow hedge Interest rate contract $ 215 Interest expense — Tax (expense) benefit $ 215 Net of tax

Non-Qualified Retirement, Savin

Non-Qualified Retirement, Savings and Investment Plans	3 Months Ended
	Mar. 31, 2017
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 $25.8 million and $24.7 million at March 31, 2017 and December 31, 2016 , respectively, related to these deferrals and credited investment return under these two deferred compensation plans. Compensation expense is recorded in SG&A expense on the Company’s consolidated statements of income based on the change in the deferred compensation obligation related to earnings credited to participants as well as changes in the fair value of diversified investments. The net increase in compensation expense recorded in SG&A expense for the three months ended March 31, 2017 and 2016 was $1.0 million and $0.1 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 $20.6 million and $19.1 million as of March 31, 2017 and December 31, 2016 , respectively, and are recorded at their fair value, based on quoted market prices. At March 31, 2017 , the Company expects $1.9 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 are included in other gains and losses in the accompanying consolidated statements of income. The Company recorded investment gains (losses) during the three months ended March 31, 2017 and 2016 of approximately $0.9 million and $(53) thousand , respectively.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company estimates the fair value of its financial instruments utilizing a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The following summarizes the three levels of inputs, as well as the assets that the Company values using those levels of inputs. Level 1 : Quoted prices in active markets for identical assets and liabilities. The Company’s Level 1 assets consist of marketable securities (primarily mutual funds) held in the Company's Deferred Compensation Plan. Level 2 : Observable inputs, other than quoted prices in active markets for identical assets and liabilities, such as quoted prices for similar assets and liabilities; quoted prices in markets that are not active; or other inputs that are observable. The Company’s Level 2 assets consist of money market funds held in the Company's Deferred Compensation Plan and those recorded in cash and cash equivalents. Level 3 : Unobservable inputs, supported by little or no market data available, where the reporting entity is required to develop its own assumptions to determine the fair value of the instrument. The Company does not currently have any assets whose fair value was determined using Level 3 inputs. The Company's policy is to recognize transfers in and transfers out of the three levels of the fair value hierarchy as of the end of each quarterly reporting period. There were no transfers between Level 1, 2 and 3 assets during the three months ended March 31, 2017 . As of March 31, 2017 and December 31, 2016 , the Company had the following assets measured at fair value on a recurring basis: Fair Value Measurements at Reporting Date Using Total Level 1 Level 2 Level 3 Assets (in thousands) As of March 31, 2017 Money market funds, included in cash and cash equivalents $ 50,131 $ — $ 50,131 $ — Mutual funds (1) 18,961 18,961 — — Money market funds (1) 1,660 — 1,660 — $ 70,752 $ 18,961 $ 51,791 $ — As of December 31, 2016 Money market funds, included in cash and cash equivalents $ 50,085 $ — $ 50,085 $ — Mutual funds (1) 17,468 17,468 — — Money market funds (1) 1,676 — 1,676 — $ 69,229 $ 17,468 $ 51,761 $ — ________________________ (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 March 31, 2017 and December 31, 2016 , the $250 million senior notes had an approximate fair value of $271.4 million and $273.0 million , respectively. At March 31, 2017 and December 31, 2016 , the $400 million senior notes had an approximate fair value of $435.6 million and $430.4 million , respectively. Fair values estimated are made at a specific point in time, are subjective in nature and involve uncertainties and matters of significant judgment. Settlement of such fair value amounts may not be possible and may not be a prudent management decision.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2017
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The effective income tax rates were 30.5% and 30.3% for the three months ended March 31, 2017 and 2016 , respectively. The effective income tax rate for the three months ended March 31, 2017 was lower than the U.S. federal income tax rate of 35.0% due to the impact of foreign operations and $1.2 million of ASU 2016-09 benefits from share-based compensation, partially offset by state income taxes. The effective income tax rate for the three months ended March 31, 2016 was lower than the U.S federal tax rate of 35% due to the impact of foreign operations and $1.6 million of ASU 2016-09 benefits from share based compensation, partially offset by state income taxes. The rate was also impacted by an unfavorable adjustment of $1.2 million to the Company's tax rate benefit from foreign operations.

Share-Based Compensation and Ca

Share-Based Compensation and Capital Stock	3 Months Ended
	Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Compensation and Capital Stock	Share-Based Compensation and Capital Stock Stock Options The Company granted 0.2 million and 0.7 million options to certain employees of the Company at a fair value of $2.0 million and $6.9 million for the three months ended March 31, 2017 and 2016 , 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: 2017 Grants 2016 Grants Risk-free interest rate 1.76 % 1.22 % Expected volatility 21.65 % 23.76 % Expected life of stock option 4.6 years 4.6 years Dividend yield 1.42 % 1.59 % Requisite service period 4 years 4 years Contractual life 7 years 7 years Weighted average fair value of options granted (per option) $ 10.80 $ 9.30 The expected life of the options and volatility are based on historical data, which is believed to be indicative of future exercise patterns or actual volatility. Historical volatility is calculated based on a period that corresponds to the expected term of the stock option. The dividend yield and the risk-free rate of return are calculated on the grant date based on the then current dividend rate and the risk-free rate of return for the period corresponding to the expected life of the stock option. Compensation expense related to the fair value of these awards is recognized straight-line over the requisite service period based on those awards that ultimately vest. The aggregate intrinsic value of the stock options outstanding and exercisable at March 31, 2017 was $29.2 million and $20.6 million , respectively. The total intrinsic value of options exercised during the three months ended March 31, 2017 and 2016 was approximately $2.7 million and $4.4 million , respectively. The Company received approximately $5.0 million and $4.1 million in proceeds from the exercise of 123,625 and 190,830 employee stock options during the three months ended March 31, 2017 and 2016 , respectively. Restricted Stock The following table is a summary of activity related to restricted stock grants: Three Months Ended March 31, 2017 2016 Restricted share grants 120,054 125,110 Weighted average grant date fair value per share $ 60.63 $ 51.49 Aggregate grant date fair value ($000) $ 7,279 $ 6,442 Restricted shares forfeited 11,671 4,272 Vesting service period of shares granted 3-4 years 3-4 years Fair value of shares vested ($000) $ 6,817 $ 6,303 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 100% of the various award targets will be achieved. Compensation expense is recognized ratably over the requisite service period only on those PVRSUs that ultimately vest. The following table is a summary of activity related to PVRSU grants: Three Months Ended March 31, 2017 2016 Performance vested restricted stock units granted at target 158,978 35,033 Weighted average grant date fair value per share $ 60.60 $ 51.49 Aggregate grant date fair value ($000) $ 9,634 $ 1,804 Stock units forfeited 15,069 28,193 Requisite service period 3 years 3 years During the three months ended March 31, 2017 , PVRSU grants totaling 10,641 vested at a grant date fair value of $0.5 million . These PVRSU grants were initially granted at a target of 21,282 units. However, since the Company achieved only 50% of the targeted performance conditions contained in the stock awards granted in prior periods, 10,641 shares were forfeited. Additionally, during the three months ended March 31, 2017 , PVRSU grants totaling 4,113 were forfeited since the Company did not achieve the targeted performance conditions contained in the stock awards granted in prior periods. Furthermore, during the three months ended March 31, 2017 , PVRSU grants totaling 24,572 vested at a grant date fair value of $1.1 million . These PVRSU grants were initially granted at a target of 15,081 units. However, since the Company achieved an average of 163% of the various targeted performance conditions contained in the stock awards granted in prior periods, an additional 9,491 shares were earned and issued. During the three months ended March 31, 2016 , a total of 22,062 PVRSU grants vested at a grant date fair value of $0.8 million . These PVRSU grants were initially granted at a target of 44,118 units. However, since the Company achieved only 50% of the targeted performance conditions contained in the stock awards granted in prior periods, 22,056 shares were forfeited. In addition, during the three months ended March 31, 2016 , PVRSU grants totaling 6,126 vested at a grant date fair value of $0.2 million . These PVRSU grants were initially granted at a target of 4,083 units. However, since the Company achieved 150% of the targeted performance conditions contained in the stock awards granted in prior periods, an additional 2,043 shares were earned and issued. A summary of stock-based award activity as of March 31, 2017 and changes during the three months ended are presented below: Stock Options Restricted Stock Performance Vested Restricted Stock Units Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Outstanding at January 1, 2017 2,193,502 $ 48.26 407,812 $ 50.61 235,980 $ 47.59 Granted 185,627 60.63 120,054 60.63 158,978 60.60 Performance based leveraging (1) 9,491 45.59 Exercised/Vested (123,625 ) 40.15 (114,466 ) 47.32 (35,213 ) 46.01 Expired (3,722 ) 53.26 — — — — Forfeited (22,442 ) 54.37 (11,671 ) 53.07 (15,069 ) 46.89 Outstanding at March 31, 2017 2,229,340 $ 49.67 4.6 years 401,729 $ 54.47 354,167 $ 53.56 Options exercisable at March 31, 2017 1,160,197 $ 45.03 3.7 years _________________________________ (1) PVRSU units outstanding have been increased by 9,491 units due to the Company exceeding the targeted performance conditions contained in PVRSUs granted in prior periods during the three months ended March 31, 2017 . The components of the Company’s pretax share-based compensation expense and associated income tax benefits are as follows for the three months ended March 31, 2017 and 2016 : Three Months Ended March 31, (in millions) 2017 2016 Stock options $ 1.1 $ 1.1 Restricted stock 1.7 1.8 Performance vested restricted stock units 1.0 0.6 Total $ 3.8 $ 3.5 Income tax benefits $ 1.4 $ 1.3 Dividends The Company currently pays a quarterly dividend on its common stock of $0.215 per share, however the declaration of future dividends is subject to the discretion of the board of directors. During the three months ended March 31, 2017 , the Company's board of directors declared dividends totaling $0.215 per share or approximately $12.1 million , in the aggregate. In addition, during the three months ended March 31, 2017 , 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 No shares of common stock were purchased by the Company under the share repurchase program during the three months ended March 31, 2017 . During the three months ended March 31, 2017 , the Company redeemed 118,931 shares of common stock at a total cost of approximately $7.3 million , from employees to satisfy the option exercise price and statutory minimum tax-withholding requirements related to the exercising of stock options and vesting of performance vested restricted stock units and restricted stock grants. These redemptions were outside the share repurchase program.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The computation of basic and diluted earnings per common share is as follows: Three Months Ended March 31, (In thousands, except per share amounts) 2017 2016 Computation of Basic Earnings Per Share: Numerator: Net income $ 28,744 $ 21,163 Income allocated to participating securities (206 ) (142 ) Net income available to common shareholders $ 28,538 $ 21,021 Denominator: Weighted average common shares outstanding – basic 55,941 56,025 Basic earnings per share $ 0.51 $ 0.38 Computation of Diluted Earnings Per Share: Numerator: Net income $ 28,744 $ 21,163 Income allocated to participating securities (206 ) (142 ) Net income available to common shareholders $ 28,538 $ 21,021 Denominator: Weighted average common shares outstanding – basic 55,941 56,025 Diluted effect of stock options and PVRSUs 345 282 Weighted average common shares outstanding – diluted 56,286 56,307 Diluted earnings per share $ 0.51 $ 0.37 The Company's unvested restricted shares contain rights to receive non-forfeitable dividends, and thus are participating securities requiring the two-class method of computing earnings per share ("EPS"). The calculation of EPS for common stock shown above excludes the income attributable to the unvested restricted share awards from the numerator and excludes the dilutive impact of those awards from the denominator. At March 31, 2017 and 2016 , the Company had 2.2 million and 2.6 million outstanding stock options, respectively. Stock options are included in the diluted earnings per share calculation using the treasury stock method and average market prices during the period, unless the stock options would be anti-dilutive. For the three months ended March 31, 2017 , the Company excluded 0.6 million of anti-dilutive stock options from the diluted earnings per share calculation. For the three months ended March 31, 2016 , the Company excluded 1.2 million of anti-dilutive stock options from the diluted earnings per share calculation. PVRSUs are also included in the diluted earnings per share calculation when the performance conditions have been met at the reporting date. However, at March 31, 2017 and 2016 , PVRSUs totaling 354,167 and 207,432 , respectively, were excluded from the computation since the performance conditions had not been met.

Condensed Consolidating Financi

Condensed Consolidating Financial Statements	3 Months Ended
	Mar. 31, 2017
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. and Subsidiaries Condensed Consolidating Statement of Income For the Three Months Ended March 31, 2017 (Unaudited, in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated REVENUES: Royalty fees $ 64,304 $ 30,735 $ 10,501 $ (36,551 ) $ 68,989 Initial franchise and relicensing fees 4,912 — 94 — 5,006 Procurement services 6,255 — 221 — 6,476 Marketing and reservation system 98,202 93,696 3,621 (86,044 ) 109,475 Other 5,675 40 2,423 (186 ) 7,952 Total revenues 179,348 124,471 16,860 (122,781 ) 197,898 OPERATING EXPENSES: Selling, general and administrative 36,810 26,959 5,814 (36,737 ) 32,846 Depreciation and amortization 384 1,821 865 — 3,070 Marketing and reservation system 102,097 89,579 3,843 (86,044 ) 109,475 Total operating expenses 139,291 118,359 10,522 (122,781 ) 145,391 Operating income 40,057 6,112 6,338 — 52,507 OTHER INCOME AND EXPENSES, NET: Interest expense 11,063 — 142 — 11,205 Other items, net (364 ) 928 (645 ) — (81 ) Equity in earnings of consolidated (11,320 ) 455 — 10,865 — Total other income and expenses, net (621 ) 1,383 (503 ) 10,865 11,124 Income before income taxes 40,678 4,729 6,841 (10,865 ) 41,383 Income taxes 11,934 930 (225 ) — 12,639 Net income $ 28,744 $ 3,799 $ 7,066 $ (10,865 ) $ 28,744 Choice Hotels International, Inc. and Subsidiaries Condensed Consolidating Statement of Income For the Three Months Ended March 31, 2016 (Unaudited, in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated (as adjusted)* REVENUES: Royalty fees $ 60,274 $ 32,418 $ 10,915 $ (38,748 ) $ 64,859 Initial franchise and relicensing fees 5,056 — 100 — 5,156 Procurement services 5,622 — 174 — 5,796 Marketing and reservation system 116,143 135,224 3,426 (128,432 ) 126,361 Other 2,999 74 2,057 (184 ) 4,946 Total revenues 190,094 167,716 16,672 (167,364 ) 207,118 OPERATING EXPENSES: Selling, general and administrative 39,227 28,762 6,062 (38,932 ) 35,119 Depreciation and amortization 302 1,902 561 — 2,765 Marketing and reservation system 121,978 129,443 3,372 (128,432 ) 126,361 Total operating expenses 161,507 160,107 9,995 (167,364 ) 164,245 Operating income 28,587 7,609 6,677 — 42,873 OTHER INCOME AND EXPENSES, NET: Interest expense 10,948 1 143 — 11,092 Other items, net (446 ) 1,282 567 — 1,403 Equity in earnings of consolidated (11,294 ) 807 — 10,487 — Total other income and expenses, net (792 ) 2,090 710 10,487 12,495 Income before income taxes 29,379 5,519 5,967 (10,487 ) 30,378 Income taxes 8,216 1,436 (437 ) — 9,215 Net income $ 21,163 $ 4,083 $ 6,404 $ (10,487 ) $ 21,163 *During 2016, the Company adopted ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting , see discussion of adoption in Note 1. Choice Hotels International, Inc. and Subsidiaries Condensed Consolidating Statement of Comprehensive Income For the Three Months Ended March 31, 2017 (Unaudited, in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Net income $ 28,744 $ 3,799 $ 7,066 $ (10,865 ) $ 28,744 Other comprehensive income, net of tax: Amortization of loss on cash flow hedge 215 — — — 215 Foreign currency translation adjustment 568 — 568 (568 ) 568 Other comprehensive income, net of tax 783 — 568 (568 ) 783 Comprehensive income $ 29,527 $ 3,799 $ 7,634 $ (11,433 ) $ 29,527 Choice Hotels International, Inc. and Subsidiaries Condensed Consolidating Statement of Comprehensive Income For the Three Months Ended March 31, 2016 (Unaudited, in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated (as adjusted)* Net income $ 21,163 $ 4,083 $ 6,404 $ (10,487 ) $ 21,163 Other comprehensive income, net of tax: Amortization of loss on cash flow hedge 215 — — — 215 Foreign currency translation adjustment 1,528 — 1,528 (1,528 ) 1,528 Other comprehensive income, net of tax 1,743 — 1,528 (1,528 ) 1,743 Comprehensive income $ 22,906 $ 4,083 $ 7,932 $ (12,015 ) $ 22,906 *During 2016, the Company adopted ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting , see discussion of adoption in Note 1. Choice Hotels International, Inc. and Subsidiaries Condensed Consolidating Balance Sheet As of March 31, 2017 (Unaudited, in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated ASSETS Cash and cash equivalents $ 4,114 $ 23 $ 183,335 $ — $ 187,472 Receivables, net 106,470 1,455 10,103 (150 ) 117,878 Income taxes receivable — 4,871 3,613 (8,038 ) 446 Other current assets 8,715 26,962 1,468 (79 ) 37,066 Total current assets 119,299 33,311 198,519 (8,267 ) 342,862 Property and equipment, at cost, net 44,704 20,294 17,703 — 82,701 Goodwill 65,813 — 13,260 — 79,073 Intangible assets, net 5,141 3,338 6,822 — 15,301 Notes receivable, net of allowances 15,737 46,099 62,042 — 123,878 Investments, employee benefit plans, at fair value — 18,755 — — 18,755 Investment in affiliates 538,078 50,308 — (588,386 ) — Advances to affiliates 9,016 82,193 1,729 (92,938 ) — Deferred income taxes 43,018 13,415 — (1,841 ) 54,592 Other assets 25,697 109,108 52,216 (51 ) 186,970 Total assets $ 866,503 $ 376,821 $ 352,291 $ (691,483 ) $ 904,132 LIABILITIES AND SHAREHOLDERS’ DEFICIT Accounts payable $ 14,419 $ 40,785 $ 4,036 $ (150 ) $ 59,090 Accrued expenses and other current liabilities 20,901 25,499 7,610 — 54,010 Deferred revenue 144,723 18 1,171 (79 ) 145,833 Other current liabilities 21,954 7 1,225 (8,038 ) 15,148 Total current liabilities 201,997 66,309 14,042 (8,267 ) 274,081 Long-term debt 849,753 3,712 8,924 — 862,389 Deferred compensation and retirement plan obligations — 23,033 11 — 23,044 Advances from affiliates 90,765 1,191 982 (92,938 ) — Other liabilities 16,475 15,172 7,350 (1,892 ) 37,105 Total liabilities 1,158,990 109,417 31,309 (103,097 ) 1,196,619 Total shareholders’ (deficit) equity (292,487 ) 267,404 320,982 (588,386 ) (292,487 ) Total liabilities and shareholders’ deficit $ 866,503 $ 376,821 $ 352,291 $ (691,483 ) $ 904,132 Choice Hotels International, Inc. and Subsidiaries Condensed Consolidating Balance Sheet As of December 31, 2016 (in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated ASSETS Cash and cash equivalents $ 14,696 $ 159 $ 187,608 $ — $ 202,463 Receivables, net 96,128 1,556 9,802 (150 ) 107,336 Other current assets 9,120 29,281 4,470 (7,797 ) 35,074 Total current assets 119,944 30,996 201,880 (7,947 ) 344,873 Property and equipment, at cost, net 44,236 21,718 18,107 — 84,061 Goodwill 65,813 — 13,092 — 78,905 Intangible assets, net 5,279 3,494 6,965 — 15,738 Notes receivable, net of allowances 16,285 42,398 51,925 — 110,608 Investments, employee benefit plans, at fair value — 16,975 — — 16,975 Investment in affiliates 526,166 50,798 — (576,964 ) — Advances to affiliates 14,929 123,074 17 (138,020 ) — Deferred income taxes 40,459 14,234 — (1,881 ) 52,812 Other assets 18,259 76,933 53,304 — 148,496 Total assets $ 851,370 $ 380,620 $ 345,290 $ (724,812 ) $ 852,468 LIABILITIES AND SHAREHOLDERS’ DEFICIT Accounts payable $ 14,296 $ 29,705 $ 4,220 $ (150 ) $ 48,071 Accrued expenses and other current liabilities 31,352 45,179 3,857 — 80,388 Deferred revenue 132,217 — 1,107 (106 ) 133,218 Other current liabilities 8,480 7 1,195 (7,691 ) 1,991 Total current liabilities 186,345 74,891 10,379 (7,947 ) 263,668 Long-term debt 826,551 3,712 9,146 — 839,409 Deferred compensation and retirement plan obligations — 21,584 11 — 21,595 Advances from affiliates 135,879 1,188 953 (138,020 ) — Other liabilities 13,944 15,631 11,451 (1,881 ) 39,145 Total liabilities 1,162,719 117,006 31,940 (147,848 ) 1,163,817 Total shareholders’ (deficit) equity (311,349 ) 263,614 313,350 (576,964 ) (311,349 ) Total liabilities and shareholders' deficit $ 851,370 $ 380,620 $ 345,290 $ (724,812 ) $ 852,468 Choice Hotels International, Inc. and Subsidiaries Condensed Consolidating Statement of Cash Flows For the Three Months Ended March 31, 2017 (Unaudited, in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Net cash provided (used) by operating activities $ (13,926 ) $ 33,440 $ 4,700 $ — $ 24,214 Cash Flows From Investing Activities Investment in property and equipment (3,832 ) (710 ) (176 ) — (4,718 ) Investment in intangible assets (1,369 ) (719 ) — — (2,088 ) Contributions to equity method investments — (31,592 ) (18 ) — (31,610 ) Distributions from equity method investments — — 510 — 510 Purchases of investments, employee benefit plans — (1,424 ) — — (1,424 ) Proceeds from sales of investments, employee benefit plans — 843 — — 843 Issuance of mezzanine and other notes receivable (330 ) — (9,533 ) — (9,863 ) Collections of mezzanine and other notes receivable 522 — — — 522 Advances to and investment in affiliates — (484 ) — 484 — Divestment in affiliates — 510 — (510 ) — Other items, net — — (4 ) — (4 ) Net cash used by investing activities (5,009 ) (33,576 ) (9,221 ) (26 ) (47,832 ) Cash Flows from Financing Activities Net borrowings pursuant to revolving credit facilities 22,800 — — — 22,800 Principal payments on long-term debt — — (153 ) — (153 ) Purchases of treasury stock (7,271 ) — — — (7,271 ) Dividends paid (12,139 ) — — — (12,139 ) Proceeds from contributions from affiliates — — 484 (484 ) — Distributions to affiliates — — (510 ) 510 — Proceeds from exercise of stock options 4,963 — — — 4,963 Net cash provided (used) by financing activities 8,353 — (179 ) 26 8,200 Net change in cash and cash equivalents (10,582 ) (136 ) (4,700 ) — (15,418 ) Effect of foreign exchange rate changes on cash and cash equivalents — — 427 — 427 Cash and cash equivalents at beginning of period 14,696 159 187,608 — 202,463 Cash and cash equivalents at end of period $ 4,114 $ 23 $ 183,335 $ — $ 187,472 Choice Hotels International, Inc. and Subsidiaries Condensed Consolidating Statement of Cash Flows For the Three Months Ended March 31, 2016 (Unaudited, in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated (as adjusted)* Net cash provided (used) by operating activities $ (63,763 ) $ 30,083 $ 12,310 $ — $ (21,370 ) Cash Flows From Investing Activities Investment in property and equipment (3,991 ) (1,076 ) (239 ) — (5,306 ) Investment in intangible assets (162 ) — — — (162 ) Proceeds from sales of assets — — 1,700 — 1,700 Acquisitions of real estate — — (25,389 ) — (25,389 ) Contributions to equity method investments — (4,273 ) (20 ) — (4,293 ) Distributions from equity method investments — — 67 — 67 Purchases of investments, employee benefit plans — (896 ) — — (896 ) Proceeds from sales of investments, employee benefit plans — 363 — — 363 Issuance of mezzanine and other notes receivable (4,684 ) — (2,803 ) — (7,487 ) Collections of mezzanine and other notes receivable 109 — — — 109 Advances to and investment in affiliates — (25,685 ) — 25,685 — Divestment in affiliates — 1,745 — (1,745 ) — Other items, net — — 26 — 26 Net cash used by investing activities (8,728 ) (29,822 ) (26,658 ) 23,940 (41,268 ) Cash Flows from Financing Activities Net borrowings pursuant to revolving credit facilities 79,300 — (33 ) — 79,267 Principal payments on long-term debt — (183 ) (135 ) — (318 ) Proceeds from contributions from affiliates — — 25,685 (25,685 ) — Purchases of treasury stock (8,857 ) — — — (8,857 ) Dividends paid (11,612 ) — — — (11,612 ) Distributions to affiliates — — (1,745 ) 1,745 — Proceeds from exercise of stock options 4,137 — — — 4,137 Net cash provided (used) by financing activities 62,968 (183 ) 23,772 (23,940 ) 62,617 Net change in cash and cash equivalents (9,523 ) 78 9,424 — (21 ) Effect of foreign exchange rate changes on cash and cash equivalents — — 652 — 652 Cash and cash equivalents at beginning of period 13,529 19 179,893 — 193,441 Cash and cash equivalents at end of period $ 4,006 $ 97 $ 189,969 $ — $ 194,072

Reportable Segment Information

Reportable Segment Information	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
Reportable Segment Information	Reportable Segment Information Hotel Franchising: Hotel 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 hotel 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 hotel 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 hotel franchising business. The revenues received from franchisees that are used to pay for part of the Company's ongoing operations are included in hotel franchising revenues and are offset by the related expenses paid for marketing and reservation activities to calculate hotel 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 related to the Company's vacation rental initiatives. Equity in earnings or losses from hotel franchising related joint ventures is allocated to the Company's hotel franchising segment. As described in Note 4, certain interest expenses related to the Company's marketing and reservation activities are allocated to the hotel franchising segment. The Company does not allocate the remaining interest expense, interest income, other gains and losses or income taxes to its segments. The following table presents the financial information for the Company's segments: Three Months Ended March 31, 2017 Three Months Ended March 31, 2016 (In thousands) Hotel Franchising SkyTouch Technology Corporate & Consolidated Hotel Franchising SkyTouch Technology Corporate & Consolidated Revenues $ 195,343 $ 648 $ 1,907 $ 197,898 $ 205,089 $ 406 $ 1,623 $ 207,118 Operating income (loss) $ 65,360 $ (1,094 ) $ (11,759 ) $ 52,507 $ 58,592 $ (4,325 ) $ (11,394 ) $ 42,873 Income (loss) before income taxes $ 63,280 $ (1,094 ) $ (20,803 ) $ 41,383 $ 56,412 $ (4,325 ) $ (21,709 ) $ 30,378

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 and December 31, 2016 . Commitments The Company has the following commitments outstanding at March 31, 2017 : • The Company provides financing in the form of forgivable promissory notes or cash incentives to franchisees for property improvements, hotel development efforts and other purposes. At March 31, 2017 , the Company had commitments to extend an additional $180.1 million for these purposes provided certain conditions are met by its franchisees, of which $76.2 million is expected to be advanced in the next twelve months. • The Company committed to make additional capital contributions totaling $23.1 million to existing joint ventures related to the construction of various hotels to be operated under the Company's Cambria hotel & suites brand. • 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 March 31, 2017 , the Company advanced $40.2 million . The promissory notes mature on November 30, 2019, and bear interest at variable and fixed rates and are payable monthly. In the ordinary course of business, the Company enters into numerous agreements that contain standard indemnities whereby the Company indemnifies another party for breaches of representations and warranties. Such indemnifications are granted under various agreements, including those governing (i) purchases or sales of assets or businesses, (ii) leases of real estate, (iii) licensing of trademarks, (iv) access to credit facilities, (v) issuances of debt or equity securities, and (vi) certain operating agreements. The indemnifications issued are for the benefit of the (i) buyers in sale agreements and sellers in purchase agreements, (ii) landlords in lease contracts, (iii) franchisees in licensing agreements, (iv) financial institutions in credit facility arrangements, (v) underwriters in debt or equity security issuances and (vi) parties under certain operating agreements. In addition, these parties are also generally indemnified against any third party claim resulting from the transaction that is contemplated in the underlying agreement. While some of these indemnities extend only for the duration of the underlying agreement, many survive the expiration of the term of the agreement or extend into perpetuity (unless subject to a legal statute of limitations). There are no specific limitations on the maximum potential amount of future payments that the Company could be required to make under these indemnities, nor is the Company able to develop an estimate of the maximum potential amount of future payments to be made under these indemnifications as the triggering events are not subject to predictability. With respect to certain of the aforementioned indemnities, such as indemnifications of landlords against third party claims for the use of real estate property leased by the Company, the Company maintains insurance coverage that mitigates potential liability.

Transactions with Unconsolidate

Transactions with Unconsolidated Joint Ventures	3 Months Ended
	Mar. 31, 2017
Equity Method Investments and Joint Ventures [Abstract]
Transactions with Unconsolidated Joint Ventures	Transactions with Unconsolidated Joint Ventures The Company has a management fee arrangement for marketing services with a joint venture partner. For the three months ended March 31, 2017 , fees earned and payroll costs reimbursed under this arrangement totaled $0.3 million . There were no fees earned and payroll costs reimbursed under this arrangement for the three months ended March 31, 2016 . The Company has entered into franchise agreements with certain of the unconsolidated joint ventures discussed in Note 6. Pursuant to these franchise agreements, the Company has recorded royalty and marketing and reservation system fees of approximately $3.9 million and $3.1 million for the three months ended March 31, 2017 and 2016 , respectively. The Company has recorded $1.0 million and $1.1 million as a receivable due from these joint ventures as of March 31, 2017 and December 31, 2016, respectively. In addition, the Company has paid commissions of $22 thousand and $30 thousand for the three months ended March 31, 2017 and 2016 , respectively, to an online travel agent for which the Company is a joint venture member.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On April 21, 2017, the Company's board of directors declared a quarterly cash dividend of $0.215 per share of common stock. The dividend is payable on July 18, 2017 to shareholders of record on July 3, 2017.

Company Information and Signi26

Company Information and Significant Accounting Policies (Policy)	3 Months Ended
	Mar. 31, 2017
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 the Company's 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, 2016 and notes thereto included in the Company’s Annual Report on Form 10-K, filed with the SEC on February 27, 2017 (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.
Future Adoption of Recently Announced Accounting Guidance	Recently Adopted Accounting Guidance 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 legacy GAAP, indirect interests held through related parties under common control were to be considered in their entirety by the reporting entity in performing the primary beneficiary assessment. ASU No. 2016-17 revises the guidance such that indirect interests held through related parties under common control are considered on a proportionate basis in performing the primary beneficiary assessment. The Company adopted this ASU on January 1, 2017, and it did not have an impact on the Company's consolidated financial statements. Future Adoption of Recently Announced Accounting Guidance In May 2014, the FASB issued ASU No. 2014-09, Revenue From Contracts with Customers (Topic 606) ("ASU No. 2014-09") and issued subsequent amendments to the initial guidance at various points of 2015 and 2016 within ASU No. 2015-14, ASU No. 2016-08, ASU No. 2016-10, ASU No. 2016-12, and ASU No. 2016-20 (these ASUs collectively referred to as "Topic 606"). Topic 606 impacts virtually all aspects of an entity's revenue recognition and supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, as well as most industry-specific guidance. Topic 606 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. Topic 606 also specifies the accounting for some costs to obtain or fulfill a contract with a customer and provides enhanced disclosure requirements. Topic 606 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 Topic 606. The Company intends to adopt the standard in the annual period beginning January 1, 2018, and has not yet determined the method of adoption. The Company's evaluation is still preliminary for all areas below. The Company has determined royalties earned in exchange for a license to brand intellectual property on franchise agreements will be recognized in revenue over time typically after the occurrence of a completed stay, which is consistent with current practice. We are continuing to evaluate the services we provide as part of the franchise agreement, including the Choice Privileges loyalty program and other programs we operate as part of the marketing and reservation system, to determine if they are distinct from the license to brand intellectual property and thus represent separate performance obligations. We do not expect significant changes to the pattern of revenue recognition regardless of these determinations. The Company has determined initial and relicensing fees earned upon execution of a franchise agreement will be recognized as revenue ratably as services are provided over the enforceable period of the franchise license arrangement. This represents a change from current practice, whereby the Company typically will recognize revenue for initial and relicensing fees in full in the period of agreement execution. Similarly, the Company has determined sales commissions paid upon the execution of a franchise agreement will be recognized as expense ratably over the same period as revenues are recognized. This also represents a change, as the Company’s current practice is typically to recognize expense for sales commissions in full in the period of agreement execution. The Company is in the process of finalizing the periods of recognition and calculating the expected impacts for this revision. The Company believes the timing of recognition for profits from the sale of real estate assets will be accelerated under Topic 606, resulting from the removal of real estate specific guidance. The Company is in the process of calculating the expected impact of this revision. We continue to evaluate the accounting for other Company revenue streams for impacts as a result of adopting the standard. 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 No. 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 No. 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. In October 2016, the FASB issued ASU No. 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 November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230) Restricted Cash ("ASU 2016-18"). ASU 2016-18 requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The guidance is effective for public business entities for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. The Company is currently assessing the potential impact that ASU No. 2016-18 will have on the financial statements and disclosures. In January 2017, the FASB issued ASU No. 2017-04, Intangibles-Goodwill and Other (Topic 350) Simplifying the Test for Goodwill Impairment (" ASU No. 2017-04 ") . ASU 2017-04 eliminates the two-step process that required identification of potential impairment and a separate measure of the actual impairment. The annual assessment of goodwill impairment will be determined by using the difference between the carrying amount and the fair value of the reporting unit. The guidance is effective for public business entities for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. The Company is currently assessing the potential impact that ASU No. 2017-04 will have on the financial statements and disclosures. In February 2017, the FASB issued ASU No. 2017-05, Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets (" ASU No. 2017-05 "). This ASU clarifies the scope and accounting of a financial asset that meets the definition of an “in-substance nonfinancial asset” and defines the term “in-substance nonfinancial asset.” This ASU also adds guidance for partial sales of nonfinancial assets. ASU 2017-05 will be effective for fiscal years beginning after December 15, 2017, including interim reporting periods within that reporting period. The Company is assessing the potential impact that ASU 2017-05 will have on the financial statements and disclosures.

Company Information and Signi27

Company Information and Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Schedule of New Accounting Pronouncements and Changes in Accounting Principles	The following table summarizes the effects of adopting this accounting standard on the Company's previously reported financial statements. 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 ) $ (21,370 ) Excess tax benefits from stock-based compensation $ 1,575 $ — Net cash provided by financing activities $ 64,192 $ 62,617

Other Current Assets (Tables)

Other Current Assets (Tables)	3 Months Ended
	Mar. 31, 2017
Assets, Current [Abstract]
Schedule Of Other Current Assets	Other current assets consist of the following: March 31, 2017 December 31, 2016 (in thousands) Prepaid expenses $ 23,590 $ 22,210 Other current assets 5,826 4,675 Total $ 29,416 $ 26,885

Notes Receivable and Allowanc29

Notes Receivable and Allowance for Losses (Tables)	3 Months Ended
	Mar. 31, 2017
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: March 31, 2017 December 31, 2016 (in thousands) (in thousands) Credit Quality Indicator Forgivable Mezzanine Total Forgivable Mezzanine Total Senior $ — $ 70,575 $ 70,575 $ — $ 61,482 $ 61,482 Subordinated — 9,411 9,411 — 9,336 9,336 Unsecured 55,898 3,562 59,460 51,475 3,618 55,093 Total notes receivable 55,898 83,548 139,446 51,475 74,436 125,911 Allowance for losses on non-impaired loans 5,501 770 6,271 5,013 770 5,783 Allowance for losses on receivables specifically evaluated for impairment — 1,647 1,647 — 1,647 1,647 Total loan reserves 5,501 2,417 7,918 5,013 2,417 7,430 Net carrying value $ 50,397 $ 81,131 $ 131,528 $ 46,462 $ 72,019 $ 118,481 Current portion, net $ 311 $ 7,339 $ 7,650 $ 333 $ 7,540 $ 7,873 Long-term portion, net 50,086 73,792 123,878 46,129 64,479 110,608 Total $ 50,397 $ 81,131 $ 131,528 $ 46,462 $ 72,019 $ 118,481
Summary Of Activity Related To Allowance For Losses	The following table summarizes the activity related to the Company’s Forgivable Notes Receivable and Mezzanine and Other Notes Receivable allowance for losses for the three months ended March 31, 2017 : Forgivable Notes Receivable Mezzanine & Other Notes Receivable (in thousands) Beginning balance $ 5,013 $ 2,417 Provisions 630 — Recoveries (92 ) — Write-offs (25 ) — Other (1) (25 ) — Ending balance $ 5,501 $ 2,417 (1) Consists of changes in foreign currency exchange rates and default rate assumption changes
Forgivable Notes Receivable
Notes Receivable and Allowance for Losses [Line Items]
Past Due Balances Of Notes Receivable	Past due balances of forgivable notes receivable are as follows: 30-89 days Past Due > 90 days Past Due Total Past Due Current Total Notes Receivable (in thousands) As of March 31, 2017 Forgivable Notes $ 311 $ 1,290 $ 1,601 $ 54,297 $ 55,898 $ 311 $ 1,290 $ 1,601 $ 54,297 $ 55,898 As of December 31, 2016 Forgivable Notes $ 116 $ 1,349 $ 1,465 $ 50,010 $ 51,475 $ 116 $ 1,349 $ 1,465 $ 50,010 $ 51,475
Mezzanine & Other Notes Receivable
Notes Receivable and Allowance for Losses [Line Items]
Past Due Balances Of Notes Receivable	Past due balances of mezzanine and other notes receivable by credit quality indicators are as follows: 30-89 days Past Due > 90 days Past Due Total Past Due Current Total Notes Receivable (in thousands) As of March 31, 2017 Senior $ — $ — $ — $ 70,575 $ 70,575 Subordinated — — — 9,411 9,411 Unsecured — — — 3,562 3,562 $ — $ — $ — $ 83,548 $ 83,548 As of December 31, 2016 Senior $ — $ — $ — $ 61,482 $ 61,482 Subordinated — — — 9,336 9,336 Unsecured — — — 3,618 3,618 $ — $ — $ — $ 74,436 $ 74,436

Other Assets (Table)

Other Assets (Table)	3 Months Ended
	Mar. 31, 2017
Other Assets, Noncurrent [Abstract]
Components Of Other Assets	Other assets consist of the following: March 31, 2017 December 31, 2016 (in thousands) Land and buildings $ 29,027 $ 29,023 Advances to marketing and reservation system activities (Note 4) 25,449 18,069 Other assets 8,944 6,565 Total $ 63,420 $ 53,657

Deferred Revenue (Tables)

Deferred Revenue (Tables)	3 Months Ended
	Mar. 31, 2017
Deferred Revenue and Credits [Abstract]
Components Of Deferred Revenue	Deferred revenue consists of the following: March 31, December 31, (in thousands) Loyalty programs $ 124,824 $ 115,851 Initial, relicensing and franchise fees 6,397 9,352 Procurement service fees 8,973 7,668 Other 5,639 347 Total $ 145,833 $ 133,218

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Schedule Of Components Of Debt	Debt consists of the following: March 31, 2017 December 31, 2016 (in thousands) $400 million senior unsecured notes with an effective interest rate of 6.0% less deferred issuance costs of $4.5 million and $4.7 million at March 31, 2017 and December 31, 2016, respectively $ 395,497 $ 395,316 $250 million senior unsecured notes with an effective interest rate of 6.19%, less a discount and deferred issuance costs of $1.0 million and $1.1 million at March 31, 2017 and December 31, 2016, respectively 248,952 248,875 $450 million senior unsecured credit facility with an effective interest rate of 2.28% and 2.23%, less deferred issuance costs of $2.5 million and $2.6 million at March 31, 2017 and December 31, 2016, respectively 205,303 182,359 Fixed rate collateralized mortgage with an effective interest rate of 4.57%, plus a fair value adjustment of $0.7 million and $0.7 million at March 31, 2017 and December 31, 2016, respectively 9,277 9,432 Economic development loans with an effective interest rate of 3.0% at March 31, 2017 and December 31, 2016 3,712 3,712 Other notes payable 873 910 Total debt $ 863,614 $ 840,604 Less current portion 1,225 1,195 Total long-term debt $ 862,389 $ 839,409

Accumulated Other Comprehensi33

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Mar. 31, 2017
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Changes in Accumulated Other Comprehensive Loss	The following represents the changes in accumulated other comprehensive loss, net of tax, by component for the three months ended March 31, 2017 : Loss on Cash Flow Hedge Foreign Currency Items Total (in thousands) Beginning balance, December 31, 2016 $ (3,160 ) $ (5,362 ) $ (8,522 ) Other comprehensive income before reclassification — 568 568 Amounts reclassified from accumulated other comprehensive income 215 — 215 Net current period other comprehensive income 215 568 783 Ending balance, March 31, 2017 $ (2,945 ) $ (4,794 ) $ (7,739 )
Reclassifications From Accumulated Other Comprehensive Income (Loss)	The amounts reclassified from accumulated other comprehensive loss during the three months ended March 31, 2017 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 Income Three Months Ended March 31, 2017 (in thousands) Loss on cash flow hedge Interest rate contract $ 215 Interest expense — Tax (expense) benefit $ 215 Net of tax

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Schedule Of Fair Value Of Assets	As of March 31, 2017 and December 31, 2016 , the Company had the following assets measured at fair value on a recurring basis: Fair Value Measurements at Reporting Date Using Total Level 1 Level 2 Level 3 Assets (in thousands) As of March 31, 2017 Money market funds, included in cash and cash equivalents $ 50,131 $ — $ 50,131 $ — Mutual funds (1) 18,961 18,961 — — Money market funds (1) 1,660 — 1,660 — $ 70,752 $ 18,961 $ 51,791 $ — As of December 31, 2016 Money market funds, included in cash and cash equivalents $ 50,085 $ — $ 50,085 $ — Mutual funds (1) 17,468 17,468 — — Money market funds (1) 1,676 — 1,676 — $ 69,229 $ 17,468 $ 51,761 $ — ________________________ (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)	3 Months Ended
	Mar. 31, 2017
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: 2017 Grants 2016 Grants Risk-free interest rate 1.76 % 1.22 % Expected volatility 21.65 % 23.76 % Expected life of stock option 4.6 years 4.6 years Dividend yield 1.42 % 1.59 % Requisite service period 4 years 4 years Contractual life 7 years 7 years Weighted average fair value of options granted (per option) $ 10.80 $ 9.30
Summary Of Activity Related To Restricted Stock Grants	The following table is a summary of activity related to restricted stock grants: Three Months Ended March 31, 2017 2016 Restricted share grants 120,054 125,110 Weighted average grant date fair value per share $ 60.63 $ 51.49 Aggregate grant date fair value ($000) $ 7,279 $ 6,442 Restricted shares forfeited 11,671 4,272 Vesting service period of shares granted 3-4 years 3-4 years Fair value of shares vested ($000) $ 6,817 $ 6,303
Summary Of Activity Related To PVRSU Grants	The following table is a summary of activity related to PVRSU grants: Three Months Ended March 31, 2017 2016 Performance vested restricted stock units granted at target 158,978 35,033 Weighted average grant date fair value per share $ 60.60 $ 51.49 Aggregate grant date fair value ($000) $ 9,634 $ 1,804 Stock units forfeited 15,069 28,193 Requisite service period 3 years 3 years
Summary Of Change In Stock-Based Award Activity	A summary of stock-based award activity as of March 31, 2017 and changes during the three months ended are presented below: Stock Options Restricted Stock Performance Vested Restricted Stock Units Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Outstanding at January 1, 2017 2,193,502 $ 48.26 407,812 $ 50.61 235,980 $ 47.59 Granted 185,627 60.63 120,054 60.63 158,978 60.60 Performance based leveraging (1) 9,491 45.59 Exercised/Vested (123,625 ) 40.15 (114,466 ) 47.32 (35,213 ) 46.01 Expired (3,722 ) 53.26 — — — — Forfeited (22,442 ) 54.37 (11,671 ) 53.07 (15,069 ) 46.89 Outstanding at March 31, 2017 2,229,340 $ 49.67 4.6 years 401,729 $ 54.47 354,167 $ 53.56 Options exercisable at March 31, 2017 1,160,197 $ 45.03 3.7 years _________________________________ (1) PVRSU units outstanding have been increased by 9,491 units due to the Company exceeding the targeted performance conditions contained in PVRSUs granted in prior periods during the three months ended March 31, 2017 .
Pre-Tax Stock-Based Compensation Expenses And Associated Income Tax Benefits	The components of the Company’s pretax share-based compensation expense and associated income tax benefits are as follows for the three months ended March 31, 2017 and 2016 : Three Months Ended March 31, (in millions) 2017 2016 Stock options $ 1.1 $ 1.1 Restricted stock 1.7 1.8 Performance vested restricted stock units 1.0 0.6 Total $ 3.8 $ 3.5 Income tax benefits $ 1.4 $ 1.3

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Computation Of Basic And Diluted Earnings Per Common Share	The computation of basic and diluted earnings per common share is as follows: Three Months Ended March 31, (In thousands, except per share amounts) 2017 2016 Computation of Basic Earnings Per Share: Numerator: Net income $ 28,744 $ 21,163 Income allocated to participating securities (206 ) (142 ) Net income available to common shareholders $ 28,538 $ 21,021 Denominator: Weighted average common shares outstanding – basic 55,941 56,025 Basic earnings per share $ 0.51 $ 0.38 Computation of Diluted Earnings Per Share: Numerator: Net income $ 28,744 $ 21,163 Income allocated to participating securities (206 ) (142 ) Net income available to common shareholders $ 28,538 $ 21,021 Denominator: Weighted average common shares outstanding – basic 55,941 56,025 Diluted effect of stock options and PVRSUs 345 282 Weighted average common shares outstanding – diluted 56,286 56,307 Diluted earnings per share $ 0.51 $ 0.37

Condensed Consolidating Finan37

Condensed Consolidating Financial Statements (Tables)	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Condensed Consolidating Statement Of Income	Choice Hotels International, Inc. and Subsidiaries Condensed Consolidating Statement of Income For the Three Months Ended March 31, 2017 (Unaudited, in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated REVENUES: Royalty fees $ 64,304 $ 30,735 $ 10,501 $ (36,551 ) $ 68,989 Initial franchise and relicensing fees 4,912 — 94 — 5,006 Procurement services 6,255 — 221 — 6,476 Marketing and reservation system 98,202 93,696 3,621 (86,044 ) 109,475 Other 5,675 40 2,423 (186 ) 7,952 Total revenues 179,348 124,471 16,860 (122,781 ) 197,898 OPERATING EXPENSES: Selling, general and administrative 36,810 26,959 5,814 (36,737 ) 32,846 Depreciation and amortization 384 1,821 865 — 3,070 Marketing and reservation system 102,097 89,579 3,843 (86,044 ) 109,475 Total operating expenses 139,291 118,359 10,522 (122,781 ) 145,391 Operating income 40,057 6,112 6,338 — 52,507 OTHER INCOME AND EXPENSES, NET: Interest expense 11,063 — 142 — 11,205 Other items, net (364 ) 928 (645 ) — (81 ) Equity in earnings of consolidated (11,320 ) 455 — 10,865 — Total other income and expenses, net (621 ) 1,383 (503 ) 10,865 11,124 Income before income taxes 40,678 4,729 6,841 (10,865 ) 41,383 Income taxes 11,934 930 (225 ) — 12,639 Net income $ 28,744 $ 3,799 $ 7,066 $ (10,865 ) $ 28,744 Choice Hotels International, Inc. and Subsidiaries Condensed Consolidating Statement of Income For the Three Months Ended March 31, 2016 (Unaudited, in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated (as adjusted)* REVENUES: Royalty fees $ 60,274 $ 32,418 $ 10,915 $ (38,748 ) $ 64,859 Initial franchise and relicensing fees 5,056 — 100 — 5,156 Procurement services 5,622 — 174 — 5,796 Marketing and reservation system 116,143 135,224 3,426 (128,432 ) 126,361 Other 2,999 74 2,057 (184 ) 4,946 Total revenues 190,094 167,716 16,672 (167,364 ) 207,118 OPERATING EXPENSES: Selling, general and administrative 39,227 28,762 6,062 (38,932 ) 35,119 Depreciation and amortization 302 1,902 561 — 2,765 Marketing and reservation system 121,978 129,443 3,372 (128,432 ) 126,361 Total operating expenses 161,507 160,107 9,995 (167,364 ) 164,245 Operating income 28,587 7,609 6,677 — 42,873 OTHER INCOME AND EXPENSES, NET: Interest expense 10,948 1 143 — 11,092 Other items, net (446 ) 1,282 567 — 1,403 Equity in earnings of consolidated (11,294 ) 807 — 10,487 — Total other income and expenses, net (792 ) 2,090 710 10,487 12,495 Income before income taxes 29,379 5,519 5,967 (10,487 ) 30,378 Income taxes 8,216 1,436 (437 ) — 9,215 Net income $ 21,163 $ 4,083 $ 6,404 $ (10,487 ) $ 21,163 *During 2016, the Company adopted ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting , see discussion of adoption in Note 1.
Condensed Consolidating Statement of Comprehensive Income	Parent Guarantor Non-Guarantor Eliminations Consolidated Net income $ 28,744 $ 3,799 $ 7,066 $ (10,865 ) $ 28,744 Other comprehensive income, net of tax: Amortization of loss on cash flow hedge 215 — — — 215 Foreign currency translation adjustment 568 — 568 (568 ) 568 Other comprehensive income, net of tax 783 — 568 (568 ) 783 Comprehensive income $ 29,527 $ 3,799 $ 7,634 $ (11,433 ) $ 29,527 Choice Hotels International, Inc. and Subsidiaries Condensed Consolidating Statement of Comprehensive Income For the Three Months Ended March 31, 2016 (Unaudited, in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated (as adjusted)* Net income $ 21,163 $ 4,083 $ 6,404 $ (10,487 ) $ 21,163 Other comprehensive income, net of tax: Amortization of loss on cash flow hedge 215 — — — 215 Foreign currency translation adjustment 1,528 — 1,528 (1,528 ) 1,528 Other comprehensive income, net of tax 1,743 — 1,528 (1,528 ) 1,743 Comprehensive income $ 22,906 $ 4,083 $ 7,932 $ (12,015 ) $ 22,906 *During 2016, the Company adopted ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting , see discussion of adoption in Note 1.
Condensed Consolidating Balance Sheet	Choice Hotels International, Inc. and Subsidiaries Condensed Consolidating Balance Sheet As of March 31, 2017 (Unaudited, in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated ASSETS Cash and cash equivalents $ 4,114 $ 23 $ 183,335 $ — $ 187,472 Receivables, net 106,470 1,455 10,103 (150 ) 117,878 Income taxes receivable — 4,871 3,613 (8,038 ) 446 Other current assets 8,715 26,962 1,468 (79 ) 37,066 Total current assets 119,299 33,311 198,519 (8,267 ) 342,862 Property and equipment, at cost, net 44,704 20,294 17,703 — 82,701 Goodwill 65,813 — 13,260 — 79,073 Intangible assets, net 5,141 3,338 6,822 — 15,301 Notes receivable, net of allowances 15,737 46,099 62,042 — 123,878 Investments, employee benefit plans, at fair value — 18,755 — — 18,755 Investment in affiliates 538,078 50,308 — (588,386 ) — Advances to affiliates 9,016 82,193 1,729 (92,938 ) — Deferred income taxes 43,018 13,415 — (1,841 ) 54,592 Other assets 25,697 109,108 52,216 (51 ) 186,970 Total assets $ 866,503 $ 376,821 $ 352,291 $ (691,483 ) $ 904,132 LIABILITIES AND SHAREHOLDERS’ DEFICIT Accounts payable $ 14,419 $ 40,785 $ 4,036 $ (150 ) $ 59,090 Accrued expenses and other current liabilities 20,901 25,499 7,610 — 54,010 Deferred revenue 144,723 18 1,171 (79 ) 145,833 Other current liabilities 21,954 7 1,225 (8,038 ) 15,148 Total current liabilities 201,997 66,309 14,042 (8,267 ) 274,081 Long-term debt 849,753 3,712 8,924 — 862,389 Deferred compensation and retirement plan obligations — 23,033 11 — 23,044 Advances from affiliates 90,765 1,191 982 (92,938 ) — Other liabilities 16,475 15,172 7,350 (1,892 ) 37,105 Total liabilities 1,158,990 109,417 31,309 (103,097 ) 1,196,619 Total shareholders’ (deficit) equity (292,487 ) 267,404 320,982 (588,386 ) (292,487 ) Total liabilities and shareholders’ deficit $ 866,503 $ 376,821 $ 352,291 $ (691,483 ) $ 904,132 Choice Hotels International, Inc. and Subsidiaries Condensed Consolidating Balance Sheet As of December 31, 2016 (in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated ASSETS Cash and cash equivalents $ 14,696 $ 159 $ 187,608 $ — $ 202,463 Receivables, net 96,128 1,556 9,802 (150 ) 107,336 Other current assets 9,120 29,281 4,470 (7,797 ) 35,074 Total current assets 119,944 30,996 201,880 (7,947 ) 344,873 Property and equipment, at cost, net 44,236 21,718 18,107 — 84,061 Goodwill 65,813 — 13,092 — 78,905 Intangible assets, net 5,279 3,494 6,965 — 15,738 Notes receivable, net of allowances 16,285 42,398 51,925 — 110,608 Investments, employee benefit plans, at fair value — 16,975 — — 16,975 Investment in affiliates 526,166 50,798 — (576,964 ) — Advances to affiliates 14,929 123,074 17 (138,020 ) — Deferred income taxes 40,459 14,234 — (1,881 ) 52,812 Other assets 18,259 76,933 53,304 — 148,496 Total assets $ 851,370 $ 380,620 $ 345,290 $ (724,812 ) $ 852,468 LIABILITIES AND SHAREHOLDERS’ DEFICIT Accounts payable $ 14,296 $ 29,705 $ 4,220 $ (150 ) $ 48,071 Accrued expenses and other current liabilities 31,352 45,179 3,857 — 80,388 Deferred revenue 132,217 — 1,107 (106 ) 133,218 Other current liabilities 8,480 7 1,195 (7,691 ) 1,991 Total current liabilities 186,345 74,891 10,379 (7,947 ) 263,668 Long-term debt 826,551 3,712 9,146 — 839,409 Deferred compensation and retirement plan obligations — 21,584 11 — 21,595 Advances from affiliates 135,879 1,188 953 (138,020 ) — Other liabilities 13,944 15,631 11,451 (1,881 ) 39,145 Total liabilities 1,162,719 117,006 31,940 (147,848 ) 1,163,817 Total shareholders’ (deficit) equity (311,349 ) 263,614 313,350 (576,964 ) (311,349 ) Total liabilities and shareholders' deficit $ 851,370 $ 380,620 $ 345,290 $ (724,812 ) $ 852,468
Condensed Consolidating Statement Of Cash Flows	Choice Hotels International, Inc. and Subsidiaries Condensed Consolidating Statement of Cash Flows For the Three Months Ended March 31, 2017 (Unaudited, in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Net cash provided (used) by operating activities $ (13,926 ) $ 33,440 $ 4,700 $ — $ 24,214 Cash Flows From Investing Activities Investment in property and equipment (3,832 ) (710 ) (176 ) — (4,718 ) Investment in intangible assets (1,369 ) (719 ) — — (2,088 ) Contributions to equity method investments — (31,592 ) (18 ) — (31,610 ) Distributions from equity method investments — — 510 — 510 Purchases of investments, employee benefit plans — (1,424 ) — — (1,424 ) Proceeds from sales of investments, employee benefit plans — 843 — — 843 Issuance of mezzanine and other notes receivable (330 ) — (9,533 ) — (9,863 ) Collections of mezzanine and other notes receivable 522 — — — 522 Advances to and investment in affiliates — (484 ) — 484 — Divestment in affiliates — 510 — (510 ) — Other items, net — — (4 ) — (4 ) Net cash used by investing activities (5,009 ) (33,576 ) (9,221 ) (26 ) (47,832 ) Cash Flows from Financing Activities Net borrowings pursuant to revolving credit facilities 22,800 — — — 22,800 Principal payments on long-term debt — — (153 ) — (153 ) Purchases of treasury stock (7,271 ) — — — (7,271 ) Dividends paid (12,139 ) — — — (12,139 ) Proceeds from contributions from affiliates — — 484 (484 ) — Distributions to affiliates — — (510 ) 510 — Proceeds from exercise of stock options 4,963 — — — 4,963 Net cash provided (used) by financing activities 8,353 — (179 ) 26 8,200 Net change in cash and cash equivalents (10,582 ) (136 ) (4,700 ) — (15,418 ) Effect of foreign exchange rate changes on cash and cash equivalents — — 427 — 427 Cash and cash equivalents at beginning of period 14,696 159 187,608 — 202,463 Cash and cash equivalents at end of period $ 4,114 $ 23 $ 183,335 $ — $ 187,472 Choice Hotels International, Inc. and Subsidiaries Condensed Consolidating Statement of Cash Flows For the Three Months Ended March 31, 2016 (Unaudited, in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated (as adjusted)* Net cash provided (used) by operating activities $ (63,763 ) $ 30,083 $ 12,310 $ — $ (21,370 ) Cash Flows From Investing Activities Investment in property and equipment (3,991 ) (1,076 ) (239 ) — (5,306 ) Investment in intangible assets (162 ) — — — (162 ) Proceeds from sales of assets — — 1,700 — 1,700 Acquisitions of real estate — — (25,389 ) — (25,389 ) Contributions to equity method investments — (4,273 ) (20 ) — (4,293 ) Distributions from equity method investments — — 67 — 67 Purchases of investments, employee benefit plans — (896 ) — — (896 ) Proceeds from sales of investments, employee benefit plans — 363 — — 363 Issuance of mezzanine and other notes receivable (4,684 ) — (2,803 ) — (7,487 ) Collections of mezzanine and other notes receivable 109 — — — 109 Advances to and investment in affiliates — (25,685 ) — 25,685 — Divestment in affiliates — 1,745 — (1,745 ) — Other items, net — — 26 — 26 Net cash used by investing activities (8,728 ) (29,822 ) (26,658 ) 23,940 (41,268 ) Cash Flows from Financing Activities Net borrowings pursuant to revolving credit facilities 79,300 — (33 ) — 79,267 Principal payments on long-term debt — (183 ) (135 ) — (318 ) Proceeds from contributions from affiliates — — 25,685 (25,685 ) — Purchases of treasury stock (8,857 ) — — — (8,857 ) Dividends paid (11,612 ) — — — (11,612 ) Distributions to affiliates — — (1,745 ) 1,745 — Proceeds from exercise of stock options 4,137 — — — 4,137 Net cash provided (used) by financing activities 62,968 (183 ) 23,772 (23,940 ) 62,617 Net change in cash and cash equivalents (9,523 ) 78 9,424 — (21 ) Effect of foreign exchange rate changes on cash and cash equivalents — — 652 — 652 Cash and cash equivalents at beginning of period 13,529 19 179,893 — 193,441 Cash and cash equivalents at end of period $ 4,006 $ 97 $ 189,969 $ — $ 194,072 *During 2016, the Company adopted ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting , see discussion of adoption in Note 1.

Reportable Segment Information

Reportable Segment Information (Tables)	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
Schedule Of Financial Information For Company's Franchising Segment	The following table presents the financial information for the Company's segments: Three Months Ended March 31, 2017 Three Months Ended March 31, 2016 (In thousands) Hotel Franchising SkyTouch Technology Corporate & Consolidated Hotel Franchising SkyTouch Technology Corporate & Consolidated Revenues $ 195,343 $ 648 $ 1,907 $ 197,898 $ 205,089 $ 406 $ 1,623 $ 207,118 Operating income (loss) $ 65,360 $ (1,094 ) $ (11,759 ) $ 52,507 $ 58,592 $ (4,325 ) $ (11,394 ) $ 42,873 Income (loss) before income taxes $ 63,280 $ (1,094 ) $ (20,803 ) $ 41,383 $ 56,412 $ (4,325 ) $ (21,709 ) $ 30,378

Company Information and Signi39

Company Information and Significant Accounting Policies (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Income taxes	$ 12,639	$ 9,215	[1]
Net income	$ 28,744	$ 21,163	[1],[2],[3]
Basic earnings per share (in dollars per share)	$ 0.51	$ 0.38	[1]
Diluted earnings per share (in dollars per share)	$ 0.51	$ 0.37	[1]
Net cash used by operating activities	$ 24,214	$ (21,370)	[3]
Excess tax benefits from stock-based compensation		0
Net cash provided by financing activities	$ 8,200	62,617	[3]
Scenario, Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [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)
Excess tax benefits from stock-based compensation		1,575
Net cash provided by financing activities		$ 64,192
[1]	*During 2016, the Company adopted ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, see discussion of adoption in Note 1.
[2]	*During 2016, the Company adopted ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, see discussion of adoption in Note 1.
[3]	*During 2016, the Company adopted ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, see discussion of adoption in Note 1.

Other Current Assets Schedule o

Other Current Assets Schedule of Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Assets, Current [Abstract]
Prepaid expenses	$ 23,590	$ 22,210
Other current assets	5,826	4,675
Total	$ 29,416	$ 26,885

Notes Receivable and Allowanc41

Notes Receivable and Allowance for Losses Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)category	Mar. 31, 2016USD ($)		Dec. 31, 2016USD ($)
Notes Receivable and Allowance for Losses [Line Items]
Number of categories, credit losses for notes receivable | category	2
Notes receivable	$ 139,446			$ 125,911
Allowance for losses on non-impaired loans	6,271			5,783
Amortization expense	3,070	$ 2,765	[1],[2]
Loan reserves	7,918			7,430
Forgivable Notes Receivable
Notes Receivable and Allowance for Losses [Line Items]
Notes receivable	55,898			51,475
Allowance for losses on non-impaired loans	5,501			5,013
Amortization expense	2,400	2,200
Loan reserves	5,501			5,013
Mezzanine & Other Notes Receivable
Notes Receivable and Allowance for Losses [Line Items]
Notes receivable	83,548			74,436
Allowance for losses on non-impaired loans	770			770
Loan reserves	2,417			2,417
Mezzanine & Other Notes Receivable | Impaired Loans
Notes Receivable and Allowance for Losses [Line Items]
Impaired receivables, recorded investment	1,900			1,900
Impaired receivables, related allowance	1,600			1,600
Average notes receivable, nonaccrual status	1,900	800
Interest income, impaired loans	44	$ 43
Mezzanine & Other Notes Receivable | Non-impaired Loans
Notes Receivable and Allowance for Losses [Line Items]
Loan reserves	800			$ 800
Variable Interest Entity, Not Primary Beneficiary | Mezzanine & Other Notes Receivable
Notes Receivable and Allowance for Losses [Line Items]
Loans and financing receivable	33,700
Interest Rate Below Market Reduction | Variable Interest Entity, Not Primary Beneficiary | Mezzanine & Other Notes Receivable
Notes Receivable and Allowance for Losses [Line Items]
Loans and financing receivable	2,100
Receivable with Imputed Interest, Discount	$ 200
[1]	*During 2016, the Company adopted ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, see discussion of adoption in Note 1.
[2]	*During 2016, the Company adopted ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, see discussion of adoption in Note 1.

Notes Receivable and Allowanc42

Notes Receivable and Allowance for Losses Schedule Of Notes Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Notes Receivable and Allowance for Losses [Line Items]
Notes receivable	$ 139,446	$ 125,911
Allowance for losses on non-impaired loans	6,271	5,783
Allowance for losses on receivables specifically evaluated for impairment	1,647	1,647
Total loan reserves	7,918	7,430
Net carrying value	131,528	118,481
Current portion, net	7,650	7,873
Long-term portion, net	123,878	110,608
Forgivable Notes Receivable
Notes Receivable and Allowance for Losses [Line Items]
Notes receivable	55,898	51,475
Allowance for losses on non-impaired loans	5,501	5,013
Allowance for losses on receivables specifically evaluated for impairment	0	0
Total loan reserves	5,501	5,013
Net carrying value	50,397	46,462
Current portion, net	311	333
Long-term portion, net	50,086	46,129
Mezzanine & Other Notes Receivable
Notes Receivable and Allowance for Losses [Line Items]
Notes receivable	83,548	74,436
Allowance for losses on non-impaired loans	770	770
Allowance for losses on receivables specifically evaluated for impairment	1,647	1,647
Total loan reserves	2,417	2,417
Net carrying value	81,131	72,019
Current portion, net	7,339	7,540
Long-term portion, net	73,792	64,479
Senior
Notes Receivable and Allowance for Losses [Line Items]
Notes receivable	70,575	61,482
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	70,575	61,482
Subordinated
Notes Receivable and Allowance for Losses [Line Items]
Notes receivable	9,411	9,336
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	9,411	9,336
Unsecured
Notes Receivable and Allowance for Losses [Line Items]
Notes receivable	59,460	55,093
Unsecured | Forgivable Notes Receivable
Notes Receivable and Allowance for Losses [Line Items]
Notes receivable	55,898	51,475
Unsecured | Mezzanine & Other Notes Receivable
Notes Receivable and Allowance for Losses [Line Items]
Notes receivable	$ 3,562	$ 3,618

Notes Receivable and Allowanc43

Notes Receivable and Allowance for Losses Summary Of Activity Related To Allowance For Losses (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)
Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning balance	$ 7,430
Ending balance	7,918
Forgivable Notes Receivable
Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning balance	5,013
Provisions	630
Recoveries	(92)
Write-offs	(25)
Other	(25)
Ending balance	5,501
Mezzanine & Other Notes Receivable
Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning balance	2,417
Provisions	0
Recoveries	0
Write-offs	0
Other	0
Ending balance	$ 2,417

Notes Receivable and Allowanc44

Notes Receivable and Allowance for Losses Past Due Balances Of Mezzanine And Other Notes Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Forgivable Notes Receivable
Notes Receivable and Allowance for Losses [Line Items]
Total Past Due	$ 1,601	$ 1,465
Current	54,297	50,010
Total Notes Receivable	55,898	51,475
Mezzanine & Other Notes Receivable
Notes Receivable and Allowance for Losses [Line Items]
Total Past Due	0	0
Current	83,548	74,436
Total Notes Receivable	83,548	74,436
Mezzanine & Other Notes Receivable | Senior
Notes Receivable and Allowance for Losses [Line Items]
Total Past Due	0	0
Current	70,575	61,482
Total Notes Receivable	70,575	61,482
Mezzanine & Other Notes Receivable | Subordinated
Notes Receivable and Allowance for Losses [Line Items]
Total Past Due	0	0
Current	9,411	9,336
Total Notes Receivable	9,411	9,336
Mezzanine & Other Notes Receivable | Unsecured
Notes Receivable and Allowance for Losses [Line Items]
Total Past Due	0	0
Current	3,562	3,618
Total Notes Receivable	3,562	3,618
Financing Receivables, 30 to 89 Days Past Due | Forgivable Notes Receivable
Notes Receivable and Allowance for Losses [Line Items]
Total Past Due	311	116
Financing Receivables, 30 to 89 Days Past Due | Mezzanine & Other Notes Receivable
Notes Receivable and Allowance for Losses [Line Items]
Total Past Due	0	0
Financing Receivables, 30 to 89 Days Past Due | Mezzanine & Other Notes Receivable | Senior
Notes Receivable and Allowance for Losses [Line Items]
Total Past Due	0	0
Financing Receivables, 30 to 89 Days Past Due | Mezzanine & Other Notes Receivable | Subordinated
Notes Receivable and Allowance for Losses [Line Items]
Total Past Due	0	0
Financing Receivables, 30 to 89 Days Past Due | Mezzanine & Other Notes Receivable | Unsecured
Notes Receivable and Allowance for Losses [Line Items]
Total Past Due	0	0
Financing Receivables, Equal to Greater than 90 Days Past Due | Forgivable Notes Receivable
Notes Receivable and Allowance for Losses [Line Items]
Total Past Due	1,290	1,349
Financing Receivables, Equal to Greater than 90 Days Past Due | Mezzanine & Other Notes Receivable
Notes Receivable and Allowance for Losses [Line Items]
Total Past Due	0	0
Financing Receivables, Equal to Greater than 90 Days Past Due | Mezzanine & Other Notes Receivable | Senior
Notes Receivable and Allowance for Losses [Line Items]
Total Past Due	0	0
Financing Receivables, Equal to Greater than 90 Days Past Due | Mezzanine & Other Notes Receivable | Subordinated
Notes Receivable and Allowance for Losses [Line Items]
Total Past Due	0	0
Financing Receivables, Equal to Greater than 90 Days Past Due | Mezzanine & Other Notes Receivable | Unsecured
Notes Receivable and Allowance for Losses [Line Items]
Total Past Due	$ 0	$ 0

Marketing and Reservation Act45

Marketing and Reservation Activities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016		Dec. 31, 2016
Advances, Marketing and Reservation Activities [Line Items]
Depreciation and amortization	$ 3,070	$ 2,765	[1],[2]
Interest expense	11,205	11,092	[1]
Marketing And Reservation Fees
Advances, Marketing and Reservation Activities [Line Items]
Marketing and reservation system costs exceed marketing and reservation system revenues, amount	25,400			$ 18,100
Depreciation and amortization	$ 6,400	5,900
Interest expense		$ 3
[1]	*During 2016, the Company adopted ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, see discussion of adoption in Note 1.
[2]	*During 2016, the Company adopted ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, see discussion of adoption in Note 1.

Other Assets Components Of Othe

Other Assets Components Of Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Other Assets, Noncurrent [Abstract]
Land and buildings	$ 29,027	$ 29,023
Advances to marketing and reservation system activities	25,449	18,069
Other assets	8,944	6,565
Total	$ 63,420	$ 53,657

Investments in Unconsolidated47

Investments in Unconsolidated Entities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Investments in joint ventures included in unconsolidated entities	$ 120.5		$ 91.9
Net (income) loss attributable to variable interest entities	$ 2.5	$ 2.4

Deferred Revenue Components Of

Deferred Revenue Components Of Deferred Revenue (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Deferred Revenue [Line Items]
Deferred revenue	$ 145,833	$ 133,218
Loyalty programs
Deferred Revenue [Line Items]
Deferred revenue	124,824	115,851
Initial, relicensing and franchise fees
Deferred Revenue [Line Items]
Deferred revenue	6,397	9,352
Procurement service fees
Deferred Revenue [Line Items]
Deferred revenue	8,973	7,668
Other
Deferred Revenue [Line Items]
Deferred revenue	$ 5,639	$ 347

Debt Schedule Of Components Of

Debt Schedule Of Components Of Debt (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016	Jul. 21, 2015	Jun. 27, 2012	Aug. 25, 2010
Debt [Line Items]
Total debt	$ 863,614,000	$ 840,604,000
Less current portion	1,225,000	1,195,000
Total long-term debt	862,389,000	839,409,000
Senior | $400 Million Senior Notes
Debt [Line Items]
Total debt	395,497,000	395,316,000
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	$ 4,500,000	$ 4,700,000
Senior | $250 Million Senior Notes
Debt [Line Items]
Total debt	248,952,000	248,875,000
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	$ 1,000,000	$ 1,100,000
Revolving Credit Facility | $450 Million Unsecured Revolving Credit Facility
Debt [Line Items]
Total debt	205,303,000	182,359,000
Debt instrument face amount	$ 450,000,000	$ 450,000,000	$ 450,000,000
Debt instrument effective interest rate (percentage)	2.28%	2.23%
Deferred issuance costs	$ 2,500,000	$ 2,600,000
Collateralized mortgage
Debt [Line Items]
Total debt	$ 9,277,000	$ 9,432,000
Debt instrument effective interest rate (percentage)	4.57%	4.57%
Fair value adjustment	$ 700,000	$ 700,000
Economic Development Loans
Debt [Line Items]
Total debt	$ 3,712,000	$ 3,712,000
Debt instrument effective interest rate (percentage)	3.00%	3.00%
Other Notes Payable
Debt [Line Items]
Total debt	$ 873,000	$ 910,000

Debt Narrative (Details)

Debt Narrative (Details)	Jul. 21, 2015USD ($)	Apr. 30, 2013USD ($)	Aug. 23, 2012USD ($)	Jun. 27, 2012USD ($)	Mar. 31, 2017USD ($)	Dec. 31, 2016USD ($)	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)					2.28%	2.23%
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 Comprehensi51

Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss, Net of Tax(Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ (311,349)
Other comprehensive income before reclassification	568
Amounts reclassified from accumulated other comprehensive income	215
Net current period other comprehensive income	783
Ending balance	(292,487)
Loss on Cash Flow Hedge
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(3,160)
Other comprehensive income before reclassification	0
Amounts reclassified from accumulated other comprehensive income	215
Net current period other comprehensive income	215
Ending balance	(2,945)
Foreign Currency Items
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(5,362)
Other comprehensive income before reclassification	568
Amounts reclassified from accumulated other comprehensive income	0
Net current period other comprehensive income	568
Ending balance	(4,794)
AOCI Attributable to Parent
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(8,522)
Ending balance	$ (7,739)

Accumulated Other Comprehensi52

Accumulated Other Comprehensive Loss - Amounts Reclassified from Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	[1]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Tax (expense) benefit	$ (12,639)	$ (9,215)
Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net of tax	215
Interest rate contract | Loss on Cash Flow Hedge | Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Interest expense	215
Tax (expense) benefit	$ 0
[1]	*During 2016, the Company adopted ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, see discussion of adoption in Note 1.

Non-Qualified Retirement, Sav53

Non-Qualified Retirement, Savings and Investment Plans (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)plan	Mar. 31, 2016USD ($)	Dec. 31, 2016USD ($)
Compensation Related Costs [Abstract]
Number of non-qualified retirement savings and investment plans | plan	2
Deferred compensation liability, current and long-term	$ 25,800		$ 24,700
Increase (decrease) in compensation expense	1,000	$ 100
Diversified investments held in trust	20,600		$ 19,100
Assets held in trust	1,900
Investment gains (losses)	$ 900	$ (53)

Fair Value Measurements Narrati

Fair Value Measurements Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016	Jun. 27, 2012	Aug. 25, 2010
Level 1
Fair Value Measurements [Line Items]
Defined benefit plan, transfers between measurement levels	$ 0
Level 2
Fair Value Measurements [Line Items]
Defined benefit plan, transfers between measurement levels	0
Level 3
Fair Value Measurements [Line Items]
Defined benefit plan, transfers between measurement levels	0
Senior | $250 Million Senior Notes
Fair Value Measurements [Line Items]
Debt instrument face amount	250,000,000	$ 250,000,000		$ 250,000,000
Senior | $250 Million Senior Notes | Level 2
Fair Value Measurements [Line Items]
Debt instrument fair value	271,400,000	273,000,000
Senior | $400 Million Senior Notes
Fair Value Measurements [Line Items]
Debt instrument face amount	400,000,000	400,000,000	$ 400,000,000
Senior | $400 Million Senior Notes | Level 2
Fair Value Measurements [Line Items]
Debt instrument fair value	$ 435,600,000	$ 430,400,000

Fair Value Measurements Schedul

Fair Value Measurements Schedule Of Fair Value Of Assets (Details) - Fair value, measurements, recurring - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Fair Value Measurements [Line Items]
Assets measured at fair value	$ 70,752	$ 69,229
Money market funds | Cash and cash equivalents
Fair Value Measurements [Line Items]
Money market funds, included in cash and cash equivalents	50,131	50,085
Money market funds | Investments, employee benefit plans, at fair value
Fair Value Measurements [Line Items]
Mutual funds and money market funds, fair value	1,660	1,676
Mutual funds | Investments, employee benefit plans, at fair value
Fair Value Measurements [Line Items]
Mutual funds and money market funds, fair value	18,961	17,468
Level 1
Fair Value Measurements [Line Items]
Assets measured at fair value	18,961	17,468
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	18,961	17,468
Level 2
Fair Value Measurements [Line Items]
Assets measured at fair value	51,791	51,761
Level 2 | Money market funds | Cash and cash equivalents
Fair Value Measurements [Line Items]
Money market funds, included in cash and cash equivalents	50,131	50,085
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	1,660	1,676
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 Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Taxes [Line Items]
Effective income tax rate (percent)	30.50%	30.30%
Federal income tax rate (percent)	35.00%	35.00%
Tax (expense) benefit	$ (12,639)	$ (9,215)	[1]
Income tax adjustment	1,200
ASU 2016-09
Income Taxes [Line Items]
Tax (expense) benefit	$ 1,200	$ 1,600
[1]	*During 2016, the Company adopted ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, see discussion of adoption in Note 1.

Share-Based Compensation and 57

Share-Based Compensation and Capital Stock Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Share-Based Compensation and Capital Stock [Line Items]
Stock options granted, shares	185,627	700,000
Stock options granted, fair value	$ 2,000	$ 6,900
Aggregate intrinsic value of stock options, outstanding	29,200
Aggregate intrinsic value of stock options, exercisable	20,600
Intrinsic value of stock options exercised	2,700	4,400
Proceeds from exercise of stock options	$ 4,963	$ 4,137	[1]
Stock options exercised (in shares)	123,625	190,830
Share-based compensation expense	$ 3,800	$ 3,500
Periodic dividend (in dollars per share)	$ 0.215
Cash dividends declared per share (in dollars per share)	$ 0.215	$ 0.205	[2]
Dividends declared	$ 12,100
Shares redeemed for tax withholding for share based compensation (in shares)	118,931
Payments related to tax withholding for share-based compensation	$ 7,300
Performance Vested Restricted Stock Units
Share-Based Compensation and Capital Stock [Line Items]
Grants vested (in shares)	35,213	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)	15,069	28,193
Restricted shares forfeited due to performance (in shares)	4,113
Increase in shares due to performance percentage achieved (in shares)	9,491	22,056
Share-based compensation expense	$ 1,000	$ 600
Dividends declared	$ 100
Performance Vested Restricted Stock Units | Tranche Two
Share-Based Compensation and Capital Stock [Line Items]
Grants vested (in shares)	10,641
Grants vested, total fair value	$ 500
Grants vested, initial target (in shares)	21,282
Grants vested, performance percentage achieved	50.00%
Restricted shares forfeited (in shares)	10,641
Increase in shares due to performance percentage achieved (in shares)	9,491
Performance Vested Restricted Stock Units | Tranche One
Share-Based Compensation and Capital Stock [Line Items]
Grants vested (in shares)	24,572	6,126
Grants vested, total fair value	$ 1,100	$ 200
Grants vested, initial target (in shares)	15,081	4,083
Grants vested, performance percentage achieved	163.00%	150.00%
Increase in shares due to performance percentage achieved (in shares)	9,491	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)	100.00%
Stock options
Share-Based Compensation and Capital Stock [Line Items]
Share-based compensation expense	$ 1,100	$ 1,100
Restricted stock
Share-Based Compensation and Capital Stock [Line Items]
Grants vested (in shares)	114,466
Grants vested, total fair value	$ 6,817	$ 6,303
Restricted shares forfeited (in shares)	11,671	4,272
Share-based compensation expense	$ 1,700	$ 1,800
[1]	*During 2016, the Company adopted ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, see discussion of adoption in Note 1.
[2]	*During 2016, the Company adopted ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, see discussion of adoption in Note 1.

Share-Based Compensation and 58

Share-Based Compensation and Capital Stock Weighted Average Assumptions Of Black-Scholes Option-Pricing Model (Details) - Stock options - $ / shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Share-Based Compensation and Capital Stock [Line Items]
Risk-free interest rate (percent)	1.76%	1.22%
Expected volatility (percent)	21.65%	23.76%
Expected life of stock option	4 years 7 months 6 days	4 years 7 months 6 days
Dividend yield (percent)	1.42%	1.59%
Requisite service period	4 years	4 years
Contractual life	7 years	7 years
Weighted average fair value of options granted (in dollars per share)	$ 10.80	$ 9.30

Share-Based Compensation and 59

Share-Based Compensation and Capital Stock Summary Of Activity Related To Restricted Stock Grants (Details) - Restricted stock - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Share-Based Compensation and Capital Stock [Line Items]
Restricted share grants (in shares)	120,054	125,110
Weighted average grant date fair value per share (in dollars per share)	$ 60.63	$ 51.49
Aggregate grant date fair value ($000)	$ 7,279	$ 6,442
Restricted shares forfeited (in shares)	11,671	4,272
Fair value of shares vested ($000)	$ 6,817	$ 6,303
Minimum
Share-Based Compensation and Capital Stock [Line Items]
Vesting service period of shares granted	3 years	3 years
Maximum
Share-Based Compensation and Capital Stock [Line Items]
Vesting service period of shares granted	4 years	4 years

Share-Based Compensation and 60

Share-Based Compensation and Capital Stock Summary Of Activity Related To PVRSU Grants (Details) - Performance Vested Restricted Stock Units - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Share-Based Compensation and Capital Stock [Line Items]
Performance vested restricted stock units granted at target	158,978	35,033
Weighted average grant date fair value per share (in dollars per share)	$ 60.60	$ 51.49
Aggregate grant date fair value ($000)	$ 9,634	$ 1,804
Stock units forfeited (in shares)	15,069	28,193
Requisite service period	3 years	3 years

Share-Based Compensation and 61

Share-Based Compensation and Capital Stock Summary of Change in Stock-Based Award Activity (Details) - $ / shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding, beginning balance - Shares	2,193,502
Granted - Shares	185,627	700,000
Exercised - Shares	(123,625)	(190,830)
Expired - Shares	(3,722)
Forfeited - Shares	(22,442)
Outstanding, ending balance - Shares	2,229,340	2,600,000
Options exercisable, ending balance - Shares	1,160,197
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Beginning balance - weighted average exercise price (in dollars per share)	$ 48.26
Granted - Weighted average exercise price (in dollars per share)	60.63
Exercised - Weighted average exercise price (in dollars per share)	40.15
Expired - Weighted average exercise price (in dollars per share)	53.26
Forfeited - Weighted average exercise price (in dollars per share)	54.37
Ending balance - weighted average exercise price (in dollars per share)	49.67
Options Exercisable, ending balance - Weighted average exercise price (in dollars per share)	$ 45.03
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 7 months 3 days
Weighted Average Remaining Contractual Term - Options Exercisable, ending balance	3 years 8 months 16 days
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Outstanding, beginning balance - Shares	407,812
Restricted share grants (in shares)	120,054	125,110
Vested - Shares	(114,466)
Forfeited - Shares	(11,671)	(4,272)
Outstanding, ending balance - Shares	401,729
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Beginning balance - weighted average grant date fair value (in dollars per share)	$ 50.61
Granted - Weighted average grant date fair value (in dollars per share)	60.63	$ 51.49
Vested - Weighted average grant date fair value (in dollars per share)	47.32
Forfeited - Weighted average grant date fair value (in dollars per share)	53.07
Ending balance - weighted average grant date fair value (in dollars per share)	$ 54.47
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	235,980
Restricted share grants (in shares)	158,978	35,033
Performance-based leveraging - Shares	9,491	22,056
Vested - Shares	(35,213)	(22,062)
Forfeited - Shares	(15,069)	(28,193)
Outstanding, ending balance - Shares	354,167
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Beginning balance - weighted average grant date fair value (in dollars per share)	$ 47.59
Granted - Weighted average grant date fair value (in dollars per share)	60.60	$ 51.49
Performance-Based Leveraging - Weighted average grant date fair value (in dollars per share)	45.59
Vested - Weighted average grant date fair value (in dollars per share)	46.01
Forfeited - Weighted average grant date fair value (in dollars per share)	46.89
Ending balance - weighted average grant date fair value (in dollars per share)	$ 53.56
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	9,491
Vested - Shares	(10,641)
Forfeited - Shares	(10,641)

Share-Based Compensation and 62

Share-Based Compensation and Capital Stock Pre-Tax Stock-Based Compensation Expenses And Associated Income Tax Benefits (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Share-Based Compensation and Capital Stock [Line Items]
Share-based compensation expense	$ 3.8	$ 3.5
Income tax benefits	1.4	1.3
Stock options
Share-Based Compensation and Capital Stock [Line Items]
Share-based compensation expense	1.1	1.1
Restricted stock
Share-Based Compensation and Capital Stock [Line Items]
Share-based compensation expense	1.7	1.8
Performance Vested Restricted Stock Units
Share-Based Compensation and Capital Stock [Line Items]
Share-based compensation expense	$ 1	$ 0.6

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
	Mar. 31, 2017	Mar. 31, 2016
Numerator:
Net income	$ 28,744	$ 21,163	[1],[2],[3]
Income allocated to participating securities	(206)	(142)
Net income available to common shareholders	$ 28,538	$ 21,021
Denominator:
Weighted average common shares outstanding – basic (in shares)	55,941	56,025
Basic earnings per share (in dollars per share)	$ 0.51	$ 0.38	[2]
Numerator:
Income allocated to participating securities	$ (206)	$ (142)
Net income available to common shareholders	$ 28,538	$ 21,021
Denominator:
Weighted average common shares outstanding – basic (in shares)	55,941	56,025
Diluted effect of stock options and PVRSUs (in shares)	345	282
Weighted average common shares outstanding – diluted (in shares)	56,286	56,307
Diluted earnings per share (in dollars per share)	$ 0.51	$ 0.37	[2]
[1]	*During 2016, the Company adopted ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, see discussion of adoption in Note 1.
[2]	*During 2016, the Company adopted ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, see discussion of adoption in Note 1.
[3]	*During 2016, the Company adopted ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, see discussion of adoption in Note 1.

Earnings Per Share Narrative (D

Earnings Per Share Narrative (Details) - shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Outstanding stock options (in shares)	2,229,340	2,600,000	2,193,502
Antidilutive securities excluded from EPS computation (in shares)	600,000	1,200,000
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)	354,167	207,432

Condensed Consolidating Stateme

Condensed Consolidating Statement Of Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
REVENUES:
Royalty fees	$ 68,989	$ 64,859	[1]
Initial franchise and relicensing fees	5,006	5,156	[1]
Procurement services	6,476	5,796	[1]
Marketing and reservation system	109,475	126,361	[1]
Other	7,952	4,946	[1]
Total revenues	197,898	207,118	[1]
OPERATING EXPENSES:
Selling, general and administrative	32,846	35,119	[1]
Depreciation and amortization	3,070	2,765	[1],[2]
Marketing and reservation system	109,475	126,361	[1]
Total operating expenses	145,391	164,245	[1]
Operating income	52,507	42,873	[1]
OTHER INCOME AND EXPENSES, NET:
Interest expense	11,205	11,092	[1]
Other items, net	(81)	1,403
Equity in earnings of consolidated subsidiaries	0	0
Total other income and expenses, net	11,124	12,495	[1]
Income before income taxes	41,383	30,378	[1]
Income taxes	12,639	9,215	[1]
Net income	28,744	21,163	[1],[2],[3]
Parent
REVENUES:
Royalty fees	64,304	60,274
Initial franchise and relicensing fees	4,912	5,056
Procurement services	6,255	5,622
Marketing and reservation system	98,202	116,143
Other	5,675	2,999
Total revenues	179,348	190,094
OPERATING EXPENSES:
Selling, general and administrative	36,810	39,227
Depreciation and amortization	384	302
Marketing and reservation system	102,097	121,978
Total operating expenses	139,291	161,507
Operating income	40,057	28,587
OTHER INCOME AND EXPENSES, NET:
Interest expense	11,063	10,948
Other items, net	(364)	(446)
Equity in earnings of consolidated subsidiaries	(11,320)	(11,294)
Total other income and expenses, net	(621)	(792)
Income before income taxes	40,678	29,379
Income taxes	11,934	8,216
Net income	28,744	21,163
Guarantor Subsidiaries
REVENUES:
Royalty fees	30,735	32,418
Initial franchise and relicensing fees	0	0
Procurement services	0	0
Marketing and reservation system	93,696	135,224
Other	40	74
Total revenues	124,471	167,716
OPERATING EXPENSES:
Selling, general and administrative	26,959	28,762
Depreciation and amortization	1,821	1,902
Marketing and reservation system	89,579	129,443
Total operating expenses	118,359	160,107
Operating income	6,112	7,609
OTHER INCOME AND EXPENSES, NET:
Interest expense	0	1
Other items, net	928	1,282
Equity in earnings of consolidated subsidiaries	455	807
Total other income and expenses, net	1,383	2,090
Income before income taxes	4,729	5,519
Income taxes	930	1,436
Net income	3,799	4,083
Non-Guarantor Subsidiaries
REVENUES:
Royalty fees	10,501	10,915
Initial franchise and relicensing fees	94	100
Procurement services	221	174
Marketing and reservation system	3,621	3,426
Other	2,423	2,057
Total revenues	16,860	16,672
OPERATING EXPENSES:
Selling, general and administrative	5,814	6,062
Depreciation and amortization	865	561
Marketing and reservation system	3,843	3,372
Total operating expenses	10,522	9,995
Operating income	6,338	6,677
OTHER INCOME AND EXPENSES, NET:
Interest expense	142	143
Other items, net	(645)	567
Equity in earnings of consolidated subsidiaries	0	0
Total other income and expenses, net	(503)	710
Income before income taxes	6,841	5,967
Income taxes	(225)	(437)
Net income	7,066	6,404
Eliminations
REVENUES:
Royalty fees	(36,551)	(38,748)
Initial franchise and relicensing fees	0	0
Procurement services	0	0
Marketing and reservation system	(86,044)	(128,432)
Other	(186)	(184)
Total revenues	(122,781)	(167,364)
OPERATING EXPENSES:
Selling, general and administrative	(36,737)	(38,932)
Depreciation and amortization	0	0
Marketing and reservation system	(86,044)	(128,432)
Total operating expenses	(122,781)	(167,364)
Operating income	0	0
OTHER INCOME AND EXPENSES, NET:
Interest expense	0	0
Other items, net	0	0
Equity in earnings of consolidated subsidiaries	10,865	10,487
Total other income and expenses, net	10,865	10,487
Income before income taxes	(10,865)	(10,487)
Income taxes	0	0
Net income	$ (10,865)	$ (10,487)
[1]	*During 2016, the Company adopted ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, see discussion of adoption in Note 1.
[2]	*During 2016, the Company adopted ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, see discussion of adoption in Note 1.
[3]	*During 2016, the Company adopted ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, see discussion of adoption in Note 1.

Condensed Consolidating State66

Condensed Consolidating Statement Of Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Condensed Statement of Income Captions [Line Items]
Net income	$ 28,744	$ 21,163	[1],[2],[3]
Other comprehensive income, net of tax:
Amortization of loss on cash flow hedge	215	215	[1]
Foreign currency translation adjustment	568	1,528	[1]
Other comprehensive income, net of tax	783	1,743	[1]
Comprehensive income	29,527	22,906	[1]
Parent
Condensed Statement of Income Captions [Line Items]
Net income	28,744	21,163
Other comprehensive income, net of tax:
Amortization of loss on cash flow hedge	215	215
Foreign currency translation adjustment	568	1,528
Other comprehensive income, net of tax	783	1,743
Comprehensive income	29,527	22,906
Guarantor Subsidiaries
Condensed Statement of Income Captions [Line Items]
Net income	3,799	4,083
Other comprehensive income, net of tax:
Amortization of loss on cash flow hedge	0	0
Foreign currency translation adjustment	0	0
Other comprehensive income, net of tax	0	0
Comprehensive income	3,799	4,083
Non-Guarantor Subsidiaries
Condensed Statement of Income Captions [Line Items]
Net income	7,066	6,404
Other comprehensive income, net of tax:
Amortization of loss on cash flow hedge	0	0
Foreign currency translation adjustment	568	1,528
Other comprehensive income, net of tax	568	1,528
Comprehensive income	7,634	7,932
Eliminations
Condensed Statement of Income Captions [Line Items]
Net income	(10,865)	(10,487)
Other comprehensive income, net of tax:
Amortization of loss on cash flow hedge	0	0
Foreign currency translation adjustment	(568)	(1,528)
Other comprehensive income, net of tax	(568)	(1,528)
Comprehensive income	$ (11,433)	$ (12,015)
[1]	*During 2016, the Company adopted ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, see discussion of adoption in Note 1.
[2]	*During 2016, the Company adopted ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, see discussion of adoption in Note 1.
[3]	*During 2016, the Company adopted ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, see discussion of adoption in Note 1.

Condensed Consolidating Balance

Condensed Consolidating Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016		Dec. 31, 2015
ASSETS
Cash and cash equivalents	$ 187,472	$ 202,463	$ 194,072	[1]	$ 193,441	[1]
Receivables, net	117,878	107,336
Income taxes receivable	446
Other current assets	37,066	35,074
Total current assets	342,862	344,873
Property and equipment, at cost, net	82,701	84,061
Goodwill	79,073	78,905
Intangible assets, net	15,301	15,738
Notes receivable, net of allowances	123,878	110,608
Investments, employee benefit plans, at fair value	18,755	16,975
Investment in affiliates	0	0
Advances to affiliates	0	0
Deferred income taxes	54,592	52,812
Other assets	186,970	148,496
Total assets	904,132	852,468
Current liabilities
Accounts payable	59,090	48,071
Accrued expenses and other current liabilities	54,010	80,388
Deferred revenue	145,833	133,218
Other current liabilities	15,148	1,991
Total current liabilities	274,081	263,668
Long-term debt	862,389	839,409
Deferred compensation and retirement plan obligations	23,044	21,595
Advances from affiliates	0	0
Other liabilities	37,105	39,145
Total liabilities	1,196,619	1,163,817
Total shareholders’ (deficit) equity	(292,487)	(311,349)
Total liabilities and shareholders’ deficit	904,132	852,468
Parent
ASSETS
Cash and cash equivalents	4,114	14,696	4,006		13,529
Receivables, net	106,470	96,128
Income taxes receivable	0
Other current assets	8,715	9,120
Total current assets	119,299	119,944
Property and equipment, at cost, net	44,704	44,236
Goodwill	65,813	65,813
Intangible assets, net	5,141	5,279
Notes receivable, net of allowances	15,737	16,285
Investments, employee benefit plans, at fair value	0	0
Investment in affiliates	538,078	526,166
Advances to affiliates	9,016	14,929
Deferred income taxes	43,018	40,459
Other assets	25,697	18,259
Total assets	866,503	851,370
Current liabilities
Accounts payable	14,419	14,296
Accrued expenses and other current liabilities	20,901	31,352
Deferred revenue	144,723	132,217
Other current liabilities	21,954	8,480
Total current liabilities	201,997	186,345
Long-term debt	849,753	826,551
Deferred compensation and retirement plan obligations	0	0
Advances from affiliates	90,765	135,879
Other liabilities	16,475	13,944
Total liabilities	1,158,990	1,162,719
Total shareholders’ (deficit) equity	(292,487)	(311,349)
Total liabilities and shareholders’ deficit	866,503	851,370
Guarantor Subsidiaries
ASSETS
Cash and cash equivalents	23	159	97		19
Receivables, net	1,455	1,556
Income taxes receivable	4,871
Other current assets	26,962	29,281
Total current assets	33,311	30,996
Property and equipment, at cost, net	20,294	21,718
Goodwill	0	0
Intangible assets, net	3,338	3,494
Notes receivable, net of allowances	46,099	42,398
Investments, employee benefit plans, at fair value	18,755	16,975
Investment in affiliates	50,308	50,798
Advances to affiliates	82,193	123,074
Deferred income taxes	13,415	14,234
Other assets	109,108	76,933
Total assets	376,821	380,620
Current liabilities
Accounts payable	40,785	29,705
Accrued expenses and other current liabilities	25,499	45,179
Deferred revenue	18	0
Other current liabilities	7	7
Total current liabilities	66,309	74,891
Long-term debt	3,712	3,712
Deferred compensation and retirement plan obligations	23,033	21,584
Advances from affiliates	1,191	1,188
Other liabilities	15,172	15,631
Total liabilities	109,417	117,006
Total shareholders’ (deficit) equity	267,404	263,614
Total liabilities and shareholders’ deficit	376,821	380,620
Non-Guarantor Subsidiaries
ASSETS
Cash and cash equivalents	183,335	187,608	189,969		179,893
Receivables, net	10,103	9,802
Income taxes receivable	3,613
Other current assets	1,468	4,470
Total current assets	198,519	201,880
Property and equipment, at cost, net	17,703	18,107
Goodwill	13,260	13,092
Intangible assets, net	6,822	6,965
Notes receivable, net of allowances	62,042	51,925
Investments, employee benefit plans, at fair value	0	0
Investment in affiliates	0	0
Advances to affiliates	1,729	17
Deferred income taxes	0	0
Other assets	52,216	53,304
Total assets	352,291	345,290
Current liabilities
Accounts payable	4,036	4,220
Accrued expenses and other current liabilities	7,610	3,857
Deferred revenue	1,171	1,107
Other current liabilities	1,225	1,195
Total current liabilities	14,042	10,379
Long-term debt	8,924	9,146
Deferred compensation and retirement plan obligations	11	11
Advances from affiliates	982	953
Other liabilities	7,350	11,451
Total liabilities	31,309	31,940
Total shareholders’ (deficit) equity	320,982	313,350
Total liabilities and shareholders’ deficit	352,291	345,290
Eliminations
ASSETS
Cash and cash equivalents	0	0	$ 0		$ 0
Receivables, net	(150)	(150)
Income taxes receivable	(8,038)
Other current assets	(79)	(7,797)
Total current assets	(8,267)	(7,947)
Property and equipment, at cost, net	0	0
Goodwill	0	0
Intangible assets, net	0	0
Notes receivable, net of allowances	0	0
Investments, employee benefit plans, at fair value	0	0
Investment in affiliates	(588,386)	(576,964)
Advances to affiliates	(92,938)	(138,020)
Deferred income taxes	(1,841)	(1,881)
Other assets	(51)	0
Total assets	(691,483)	(724,812)
Current liabilities
Accounts payable	(150)	(150)
Accrued expenses and other current liabilities	0	0
Deferred revenue	(79)	(106)
Other current liabilities	(8,038)	(7,691)
Total current liabilities	(8,267)	(7,947)
Long-term debt	0	0
Deferred compensation and retirement plan obligations	0	0
Advances from affiliates	(92,938)	(138,020)
Other liabilities	(1,892)	(1,881)
Total liabilities	(103,097)	(147,848)
Total shareholders’ (deficit) equity	(588,386)	(576,964)
Total liabilities and shareholders’ deficit	$ (691,483)	$ (724,812)
[1]	*During 2016, the Company adopted ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, see discussion of adoption in Note 1.

Condensed Consolidating State68

Condensed Consolidating Statement Of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Condensed Consolidating Financial Statements [Line Items]
Net cash provided (used) by operating activities	$ 24,214	$ (21,370)	[1]
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in property and equipment	(4,718)	(5,306)	[1]
Investment in intangible assets	(2,088)	(162)	[1]
Proceeds from sales of assets	0	1,700	[1]
Acquisitions of real estate	0	(25,389)	[1]
Contributions to equity method investments	(31,610)	(4,293)	[1]
Distributions from equity method investments	510	67	[1]
Purchases of investments, employee benefit plans	(1,424)	(896)	[1]
Proceeds from sales of investments, employee benefit plans	843	363	[1]
Issuance of mezzanine and other notes receivable	(9,863)	(7,487)	[1]
Collections of mezzanine and other notes receivable	522	109	[1]
Advances to and investment in affiliates	0	0
Divestment in affiliates	0	0
Other items, net	(4)	26	[1]
Net cash used by investing activities	(47,832)	(41,268)	[1]
CASH FLOWS FROM FINANCING ACTIVITIES:
Net borrowings pursuant to revolving credit facilities	22,800	79,267	[1]
Principal payments on long-term debt	(153)	(318)	[1]
Purchases of treasury stock	(7,271)	(8,857)	[1]
Dividends paid	(12,139)	(11,612)	[1]
Proceeds from contributions from affiliates	0	0
Distributions to affiliates	0	0
Proceeds from exercise of stock options	4,963	4,137	[1]
Net cash provided by financing activities	8,200	62,617	[1]
Net change in cash and cash equivalents	(15,418)	(21)	[1]
Effect of foreign exchange rate changes on cash and cash equivalents	427	652	[1]
Cash and cash equivalents at beginning of period	202,463	193,441	[1]
Cash and cash equivalents at end of period	187,472	194,072	[1]
Parent
Condensed Consolidating Financial Statements [Line Items]
Net cash provided (used) by operating activities	(13,926)	(63,763)
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in property and equipment	(3,832)	(3,991)
Investment in intangible assets	(1,369)	(162)
Proceeds from sales of assets		0
Acquisitions of real estate		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	(330)	(4,684)
Collections of mezzanine and other notes receivable	522	109
Advances to and investment in affiliates	0	0
Divestment in affiliates	0	0
Other items, net	0	0
Net cash used by investing activities	(5,009)	(8,728)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net borrowings pursuant to revolving credit facilities	22,800	79,300
Principal payments on long-term debt	0	0
Purchases of treasury stock	(7,271)	(8,857)
Dividends paid	(12,139)	(11,612)
Proceeds from contributions from affiliates	0	0
Distributions to affiliates	0	0
Proceeds from exercise of stock options	4,963	4,137
Net cash provided by financing activities	8,353	62,968
Net change in cash and cash equivalents	(10,582)	(9,523)
Effect of foreign exchange rate changes on cash and cash equivalents	0	0
Cash and cash equivalents at beginning of period	14,696	13,529
Cash and cash equivalents at end of period	4,114	4,006
Guarantor Subsidiaries
Condensed Consolidating Financial Statements [Line Items]
Net cash provided (used) by operating activities	33,440	30,083
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in property and equipment	(710)	(1,076)
Investment in intangible assets	(719)	0
Proceeds from sales of assets		0
Acquisitions of real estate		0
Contributions to equity method investments	(31,592)	(4,273)
Distributions from equity method investments	0	0
Purchases of investments, employee benefit plans	(1,424)	(896)
Proceeds from sales of investments, employee benefit plans	843	363
Issuance of mezzanine and other notes receivable	0	0
Collections of mezzanine and other notes receivable	0	0
Advances to and investment in affiliates	(484)	(25,685)
Divestment in affiliates	510	1,745
Other items, net	0	0
Net cash used by investing activities	(33,576)	(29,822)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net borrowings pursuant to revolving credit facilities	0	0
Principal payments on long-term debt	0	(183)
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 provided by financing activities	0	(183)
Net change in cash and cash equivalents	(136)	78
Effect of foreign exchange rate changes on cash and cash equivalents	0	0
Cash and cash equivalents at beginning of period	159	19
Cash and cash equivalents at end of period	23	97
Non-Guarantor Subsidiaries
Condensed Consolidating Financial Statements [Line Items]
Net cash provided (used) by operating activities	4,700	12,310
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in property and equipment	(176)	(239)
Investment in intangible assets	0	0
Proceeds from sales of assets		1,700
Acquisitions of real estate		(25,389)
Contributions to equity method investments	(18)	(20)
Distributions from equity method investments	510	67
Purchases of investments, employee benefit plans	0	0
Proceeds from sales of investments, employee benefit plans	0	0
Issuance of mezzanine and other notes receivable	(9,533)	(2,803)
Collections of mezzanine and other notes receivable	0	0
Advances to and investment in affiliates	0	0
Divestment in affiliates	0	0
Other items, net	(4)	26
Net cash used by investing activities	(9,221)	(26,658)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net borrowings pursuant to revolving credit facilities	0	(33)
Principal payments on long-term debt	(153)	(135)
Purchases of treasury stock	0	0
Dividends paid	0	0
Proceeds from contributions from affiliates	484	25,685
Distributions to affiliates	(510)	(1,745)
Proceeds from exercise of stock options	0	0
Net cash provided by financing activities	(179)	23,772
Net change in cash and cash equivalents	(4,700)	9,424
Effect of foreign exchange rate changes on cash and cash equivalents	427	652
Cash and cash equivalents at beginning of period	187,608	179,893
Cash and cash equivalents at end of period	183,335	189,969
Eliminations
Condensed Consolidating Financial Statements [Line Items]
Net cash provided (used) by operating activities	0	0
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in property and equipment	0	0
Investment in intangible assets	0	0
Proceeds from sales of assets		0
Acquisitions of real estate		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	484	25,685
Divestment in affiliates	(510)	(1,745)
Other items, net	0	0
Net cash used by investing activities	(26)	23,940
CASH FLOWS FROM FINANCING ACTIVITIES:
Net borrowings pursuant to revolving credit facilities	0	0
Principal payments on long-term debt	0	0
Purchases of treasury stock	0	0
Dividends paid	0	0
Proceeds from contributions from affiliates	(484)	(25,685)
Distributions to affiliates	510	1,745
Proceeds from exercise of stock options	0	0
Net cash provided by financing activities	26	(23,940)
Net change in cash and cash equivalents	0	0
Effect of foreign exchange rate changes on cash and cash equivalents	0	0
Cash and cash equivalents at beginning of period	0	0
Cash and cash equivalents at end of period	$ 0	$ 0
[1]	*During 2016, the Company adopted ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, see discussion of adoption in Note 1.

Reportable Segment Informatio69

Reportable Segment Information Narrative (Details)	Mar. 31, 2017brand
Segment Reporting [Abstract]
Number of brands	11

Reportable Segment Informatio70

Reportable Segment Information Schedule Of Financial Information For Company's Franchising Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Reportable Segment Information [Line Items]
Revenues	$ 197,898	$ 207,118	[1]
Operating income (loss)	52,507	42,873	[1]
Income (loss) before income taxes	41,383	30,378	[1]
Corporate & Other
Reportable Segment Information [Line Items]
Revenues	1,907	1,623
Operating income (loss)	(11,759)	(11,394)
Income (loss) before income taxes	(20,803)	(21,709)
Franchising | Operating Segments
Reportable Segment Information [Line Items]
Revenues	195,343	205,089
Operating income (loss)	65,360	58,592
Income (loss) before income taxes	63,280	56,412
SkyTouch Technology | Operating Segments
Reportable Segment Information [Line Items]
Revenues	648	406
Operating income (loss)	(1,094)	(4,325)
Income (loss) before income taxes	$ (1,094)	$ (4,325)
[1]	*During 2016, the Company adopted ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, see discussion of adoption in Note 1.

Commitments and Contingencies (

Commitments and Contingencies (Details)	3 Months Ended
	Mar. 31, 2017USD ($)	Jun. 02, 2016USD ($)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		$ 3,250,000		$ 1,800,000	$ 4,500,000
Number of guarantees | Guarantee		3
Other commitment			$ 49,100,000
Advances for loans receivable	$ 40,200,000
Forgivable Notes Receivable
Commitments and Contingencies [Line Items]
Other commitment	180,100,000
Other commitment, due in next twelve months	76,200,000
Capital contributions to joint ventures
Commitments and Contingencies [Line Items]
Other commitment, due in next twelve months	$ 23,100,000
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

Transactions with Unconsolida72

Transactions with Unconsolidated Joint Ventures (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Related Party Transaction [Line Items]
Receivables, net	$ 117,878,000		$ 107,336,000
Joint Venture Partner
Related Party Transaction [Line Items]
Fees earned and payroll costs reimbursed from marketing services arrangement	300,000	$ 0
Member of Unconsolidated Joint Venture
Related Party Transaction [Line Items]
Royalty and marketing and reservation system fees	3,900,000	3,100,000
Receivables, net	1,000,000		$ 1,100,000
Commissions paid to travel agent	$ 22,000	$ 30,000

Subsequent Events (Details)

Subsequent Events (Details) - $ / shares	Apr. 21, 2017	Mar. 31, 2017	Mar. 31, 2016	[1]
Subsequent Event [Line Items]
Cash dividends declared per share (in dollars per share)		$ 0.215	$ 0.205
Subsequent Event
Subsequent Event [Line Items]
Cash dividends declared per share (in dollars per share)	$ 0.215
[1]	*During 2016, the Company adopted ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, see discussion of adoption in Note 1.