Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Mar. 03, 2014 | Jun. 30, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'Diamond Resorts International, Inc. | ' | ' |
Entity Central Index Key | '0001566897 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Non-accelerated Filer | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 75,458,402 | ' |
Entity Public Float | ' | ' | $0 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
ASSETS | ' | ' |
Cash and cash equivalents | $35,945,000 | $21,061,000 |
Cash in escrow and restricted cash | 92,231,000 | 42,311,000 |
Mortgages and contracts receivable, net of allowance of $80,901 and $84,098, respectively | 405,454,000 | 312,932,000 |
Due from related parties, net | 46,262,000 | 22,995,000 |
Other Receivables | 54,588,000 | 46,049,000 |
Income tax receivable | 25,000 | 927,000 |
Prepaid expenses and other assets, net | 68,258,000 | 58,024,000 |
Unsold Vacation Interests, net | 298,110,000 | 315,867,000 |
Property and equipment, net | 60,396,000 | 55,120,000 |
Assets held for sale | -10,662,000 | -5,224,000 |
Goodwill | 30,632,000 | 0 |
Intangible assets, net | 198,632,000 | 112,498,000 |
Total assets | 1,301,195,000 | 993,008,000 |
LIABILITIES AND MEMBER CAPITAL (DEFICIT) | ' | ' |
Accounts payable | 14,629,000 | 15,719,000 |
Due to related parties, net | 44,644,000 | 64,204,000 |
Accrued liabilities | 117,435,000 | 106,451,000 |
Income taxes payable | 1,069,000 | 701,000 |
Deferred Tax Assets, Deferred Income | 22,404,000 | 0 |
Deferred revenues | 110,892,000 | 93,833,000 |
Senior secured notes, net of unamortized original issue discount of $8,997 and $9,454, respectively | 367,892,000 | 416,491,000 |
Securitization notes and Funding Facilities, net of unamortized original issue discount of $913 and $1,054, respectively | 391,267,000 | 256,302,000 |
Notes Payable | 23,150,000 | 137,906,000 |
Total liabilities | 1,093,382,000 | 1,091,607,000 |
Member capital (deficit): | ' | ' |
Common Stock, Value, Issued | 755,000 | 541,000 |
Member capital (authorized and issued 1,387.8 common units, no par value) | 463,194,000 | 155,027,000 |
Additional Paid in Capital, Common Stock | 463,194,000 | 155,027,000 |
Accumulated deficit | -239,959,000 | -237,434,000 |
Accumulated other comprehensive loss | -16,177,000 | -16,733,000 |
Total member capital (deficit) | 207,813,000 | -98,599,000 |
Stockholders' Equity Attributable to Parent | 207,813,000 | -98,599,000 |
Liabilities and Equity | 1,301,195,000 | 993,008,000 |
Total liabilities and member capital (deficit) | 1,301,195,000 | 993,008,000 |
Europe [Member] | ' | ' |
ASSETS | ' | ' |
Mortgages and contracts receivable, net of allowance of $80,901 and $84,098, respectively | 2,726,000 | 1,977,000 |
Unsold Vacation Interests, net | 47,491,000 | 40,515,000 |
Property and equipment, net | 4,353,000 | 4,477,000 |
Goodwill | 0 | 0 |
Intangible assets, net | $6,983,000 | $9,357,000 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Securitization loans and funding facilities [Domain] | Senior Notes [Member] | Senior Notes [Member] | |
LIABILITIES AND MEMBER CAPITAL (DEFICIT) | ' | ' | ' |
Senior secured notes, net of unamortized original issue discount | ($226,000) | ($6,548,000) | ($8,509,000) |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (USD $) | 12 Months Ended | ||
Share data in Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Amortization of Financing Costs | $5,800,000 | $5,000,000 | $5,000,000 |
Revenues: | ' | ' | ' |
Vacation Interest sales | 509,283,000 | 318,555,000 | 211,321,000 |
Provision for uncollectible Vacation Interest sales revenue | -44,670,000 | -25,457,000 | -16,562,000 |
Vacation Interest, net | 464,613,000 | 293,098,000 | 194,759,000 |
Management and member services | 131,238,000 | 114,937,000 | 99,306,000 |
Consolidated resort operations | 35,512,000 | 33,756,000 | 29,893,000 |
Interest | 57,044,000 | 53,206,000 | 47,285,000 |
Other | 41,381,000 | 28,671,000 | 19,778,000 |
Total revenues | 729,788,000 | 523,668,000 | 391,021,000 |
Costs and Expenses: | ' | ' | ' |
Vacation Interest cost of sales | 56,695,000 | 32,150,000 | -9,695,000 |
Advertising, sales and marketing | 258,451,000 | 178,365,000 | 128,717,000 |
Vacation Interest carrying cost, net | 41,347,000 | 36,363,000 | 41,331,000 |
Management and member services | 37,907,000 | 35,330,000 | 27,125,000 |
Consolidated resort operations | 34,333,000 | 30,311,000 | 27,783,000 |
Loan portfolio | 9,631,000 | 9,486,000 | 8,652,000 |
Other operating | 12,106,000 | 8,507,000 | 3,399,000 |
General and administrative | 145,925,000 | 99,015,000 | 80,412,000 |
Depreciation and amortization | 28,185,000 | 18,857,000 | 13,966,000 |
Interest expense | 88,626,000 | 96,157,000 | 82,010,000 |
Extinguishment of Debt, Gain (Loss), Net of Tax | 15,604,000 | 0 | 0 |
Impairments and other write-offs | 1,587,000 | 1,009,000 | 1,572,000 |
Gain on disposal of assets | -982,000 | -605,000 | -708,000 |
Gain on bargain purchase from business combination | -2,879,000 | -20,610,000 | -14,329,000 |
Total costs and expenses | 726,536,000 | 524,335,000 | 390,235,000 |
Income (loss) before (benefit) provision for income taxes | 3,252,000 | -667,000 | 786,000 |
(Benefit) provision for income taxes | 5,777,000 | -14,310,000 | -9,517,000 |
Net income (loss) | -2,525,000 | 13,643,000 | 10,303,000 |
Other comprehensive income: | ' | ' | ' |
Currency translation adjustments, net of tax of $0 | 2,543,000 | 1,632,000 | -600,000 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | -2,064,000 | 0 | 0 |
Defined Contribution Plan, Cost Recognized | 1,800,000 | 1,300,000 | 1,000,000 |
Other | 77,000 | 7,000 | -26,000 |
Total other comprehensive (loss) income, net of tax | 556,000 | 1,639,000 | -626,000 |
Comprehensive income (loss) | ($1,969,000) | $15,282,000 | $9,677,000 |
Earnings Per Share, Basic | ($0.04) | $0.25 | $0.22 |
Earnings Per Share, Diluted | ($0.04) | $0.25 | $0.22 |
Weighted Average Number of Shares Outstanding, Basic | 63,704 | 53,774 | 47,759 |
Weighted Average Number of Shares Outstanding, Diluted | 63,704 | 53,774 | 47,759 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Operations and Comprehensive Loss (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Consolidated Statements of Operations Parenthetical [Abstract] | ' | ' | ' |
Tax on currency translation adjustment | $0 | ' | ' |
Provision for Doubtful Accounts | ($44,670,000) | ($25,457,000) | ($16,562,000) |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Member Capital (Deficit) (USD $) | 3 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 |
Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Units Member | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Permanent Capital Accumulated Deficit | Permanent Capital Accumulated Deficit | Permanent Capital Accumulated Deficit | Permanent Capital Accumulated Deficit | Permanent Capital Accumulated Other Comprehensive Income (Loss) | Permanent Capital Accumulated Other Comprehensive Income (Loss) | Permanent Capital Accumulated Other Comprehensive Income (Loss) | Permanent Capital Accumulated Other Comprehensive Income (Loss) | Stockholders' Equity, Total [Member] | Stockholders' Equity, Total [Member] | Island One [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 75,458,402 | 54,057,867 | 75,458,402 | 54,057,867 | 53,697,402 | ' | ' | ' | 42,174,786 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in Carrying Amount of Redeemable Preferred Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $8,412 | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchase Of Redeemable Preferred Units Value | ' | ' | ' | ' | -18,540 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,540 | ' | ' | ' | 0 | ' | ' | ' | ' |
Preferred Stock Issued Issuance Cost | ' | ' | ' | ' | -4,632 | ' | ' | 0 | ' | -4,545 | ' | ' | ' | ' | ' | ' | -87 | ' | ' | ' | 0 | ' | ' | ' | ' |
Stock Repurchased During Period, Shares | ' | ' | ' | ' | -1,342,628 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchase of Portion of Outstanding Common Units | ' | ' | ' | ' | -16,352 | ' | ' | -13 | ' | 225 | ' | ' | ' | ' | ' | ' | -16,564 | ' | ' | ' | 0 | ' | ' | ' | ' |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 207,813 | -98,599 | 207,813 | -98,599 | ' | 755 | 541 | 537 | 422 | ' | 463,194 | 155,027 | 151,710 | 6,913 | -239,959 | -237,434 | -251,077 | -201,338 | -16,177 | -16,733 | -18,372 | -17,746 | -117,202 | -211,749 | ' |
Proceeds from Issuance of Common Stock | ' | ' | 204,332 | ' | ' | 161 | ' | ' | ' | ' | 204,171 | ' | ' | ' | 0 | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' |
Stock Repurchased and Retired During Period, Shares | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments for Repurchase of Warrants | ' | ' | -10,346 | 0 | -16,598 | 0 | ' | 0 | ' | ' | -10,346 | ' | -159 | ' | 0 | ' | -16,439 | ' | 0 | ' | 0 | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | ' | ' | 64,284 | 360,465 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,236,251 |
Share-based Compensation | ' | ' | 41,088 | 3,321 | ' | 1 | 4 | ' | ' | ' | 41,087 | 3,317 | ' | ' | 0 | 0 | ' | ' | 0 | 0 | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, New Issues | ' | ' | 73,307 | ' | 149,404 | 52 | ' | 128 | ' | 149,276 | 73,255 | ' | ' | ' | 0 | ' | 0 | ' | 0 | ' | 0 | ' | ' | ' | ' |
Stock Issued During Period, Shares, New Issues | ' | ' | 16,100,000 | ' | 12,865,244 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | 3,573 | -11,748 | -2,525 | 13,643 | 10,303 | 0 | 0 | 0 | ' | ' | 0 | 0 | 0 | ' | -2,525 | 13,643 | 10,303 | ' | 0 | 0 | 0 | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | ' | ' | 2,543 | 1,632 | -600 | 0 | 0 | 0 | ' | ' | 0 | 0 | 0 | ' | 0 | 0 | 0 | ' | 2,543 | 1,632 | -600 | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Net of Tax | ' | ' | 556 | 1,639 | -626 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7 | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | ' | ' | -2,064 | 0 | 0 | 0 | ' | ' | ' | ' | 0 | ' | ' | ' | 0 | ' | ' | ' | -2,064 | ' | ' | ' | ' | ' | ' |
Other | ' | ' | -77 | ' | -26 | 0 | ' | ' | ' | ' | 0 | ' | ' | ' | 0 | ' | ' | ' | -77 | ' | -26 | ' | ' | ' | ' |
Permanent Capital, Ending Balance | $207,813 | ($98,599) | $207,813 | ($98,599) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Member Capital (Deficit) (Parenthetical) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Tax on currency translation adjustment | $0 |
Common Stock [Member] | ' |
Tax on currency translation adjustment | 0 |
Permanent Capital Accumulated Other Comprehensive Income (Loss) | ' |
Tax on currency translation adjustment | 0 |
Common Units Member | ' |
Tax on currency translation adjustment | 0 |
Retained Earnings [Member] | ' |
Tax on currency translation adjustment | $0 |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 12 Months Ended | ||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Diamond Resorts International, Inc. [Member] | Diamond Resorts International, Inc. [Member] | ||||
Priority Returns and Redemption Premiums on Preferred Units | $0 | $0 | $8,412 | ' | ' | ' | ' |
Assets Held for Sale Reclassified to Unsold Vacation Interests | 0 | 0 | 2,750 | ' | ' | ' | ' |
Increase (Decrease) in Restricted Cash | -48,725 | -6,381 | -1,024 | ' | ' | ' | ' |
Proceeds from Long-term Lines of Credit | ' | ' | 0 | 15,000 | 0 | ' | ' |
Net income (loss) | -2,525 | 13,643 | 10,303 | ' | ' | ' | ' |
assets held for sale reclassified to management contracts | 0 | 0 | 234 | ' | ' | ' | ' |
Transfers from assets to be disposed but not actively marketed | 0 | 0 | 1,589 | ' | ' | ' | ' |
other receivables reclassified to assets held for sale | 0 | 54 | 0 | ' | ' | ' | ' |
Defined Benefit Plan, Net Periodic Benefit Cost | 887 | 0 | 0 | ' | ' | ' | ' |
Adjustments to reconcile net loss to net cash provided by operating activities: | ' | ' | ' | ' | ' | ' | ' |
Provision for uncollectible Vacation Interest sales revenue | 44,670 | 25,457 | 16,562 | ' | ' | ' | ' |
Amortization of capitalized financing costs and original issue discounts | 7,079 | 6,293 | 6,138 | ' | ' | ' | ' |
Amortization of capitalized loan origination costs and portfolio discounts | 5,955 | 2,342 | 3,562 | ' | ' | ' | ' |
Depreciation and amortization | 28,185 | 18,857 | 13,966 | ' | ' | ' | ' |
Impairments and other write-offs | 1,587 | 1,009 | 1,572 | ' | ' | ' | ' |
Gain on disposal of assets | -982 | -605 | -708 | ' | ' | ' | ' |
Gain on bargain purchase from business combination | -2,879 | -20,610 | -14,329 | ' | ' | ' | ' |
(Gain) loss on foreign currency exchange | 245 | 113 | -72 | ' | ' | ' | ' |
Gain on mortgage repurchase | -111 | -27 | -196 | ' | ' | ' | ' |
Unrealized Gain (Loss) on Derivatives | 0 | 0 | -79 | ' | ' | ' | ' |
Gain on insurance settlement | 0 | 0 | -3,535 | ' | ' | ' | ' |
Changes in operating assets and liabilities excluding acquisitions: | ' | ' | ' | ' | ' | ' | ' |
Mortgages and contracts receivable | -128,834 | -51,716 | -10 | ' | ' | ' | ' |
Due from related parties, net | -12,224 | 1,878 | -6,267 | ' | ' | ' | ' |
Other receivables, net | -5,908 | -7,756 | 5,522 | ' | ' | ' | ' |
Prepaid expenses and other assets, net | -6,520 | -4,295 | -6,271 | ' | ' | ' | ' |
Unsold Vacation Interests, net | 6,793 | -24,025 | -39,329 | ' | ' | ' | ' |
Accounts payable | 6,431 | 502 | -4,187 | ' | ' | ' | ' |
Due to related parties, net | -20,774 | 23,021 | 23,965 | ' | ' | ' | ' |
Accrued liabilities | 13,668 | 32,186 | 2,588 | ' | ' | ' | ' |
Income taxes payable (receivable) | -1,260 | 3,232 | 1,082 | ' | ' | ' | ' |
Deferred revenues | -14,643 | -22,258 | -1,372 | ' | ' | ' | ' |
Net cash provided by operating activities | -5,409 | 24,600 | 9,292 | ' | ' | ' | ' |
Increase (Decrease) in Deferred Income Taxes | 3,264 | -13,010 | -8,567 | ' | ' | ' | ' |
Payments to Acquire Productive Assets | ' | -56,106 | -104,917 | ' | ' | ' | ' |
Stock Issued | ' | ' | 0 | ' | ' | -73,307 | 0 |
Investing activities: | ' | ' | ' | ' | ' | ' | ' |
Property and equipment capital expenditures | -15,204 | -14,335 | -6,276 | ' | ' | ' | ' |
Proceeds from sale of assets | -4,127 | -1,103 | -2,369 | ' | ' | ' | ' |
Net cash used in investing activities | -57,925 | -69,338 | -109,800 | ' | ' | ' | ' |
Financing activities: | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of securitization notes and Funding Facilities | 552,677 | 119,807 | 206,817 | ' | ' | ' | ' |
Proceeds from issuance of notes payable | 5,357 | 80,665 | 48,178 | ' | ' | ' | ' |
Repayments of Long-term Lines of Credit | -50,560 | 0 | 0 | 15,000 | 0 | ' | ' |
Payments on securitization notes and Funding Facilities | -427,472 | -114,701 | -138,910 | ' | ' | ' | ' |
Payments on notes payable | -137,222 | -31,267 | -16,861 | ' | ' | ' | ' |
Payments of debt issuance costs | -9,996 | -2,583 | -5,533 | ' | ' | ' | ' |
Payments of costs related to issuance of common and preferred units | 0 | 0 | -4,632 | ' | ' | ' | ' |
Net cash provided by financing activities | 78,045 | 45,540 | 93,035 | ' | ' | ' | ' |
Proceeds from Issuance or Sale of Equity | 204,332 | 0 | 146,651 | ' | ' | ' | ' |
Net (decrease) increase in cash and cash equivalents | 14,711 | 802 | -7,473 | ' | ' | ' | ' |
Effect of changes in exchange rates on cash and cash equivalents | 173 | 362 | 41 | ' | ' | ' | ' |
Cash and cash equivalents, beginning of period | 21,061 | 19,897 | 27,329 | ' | ' | ' | ' |
Cash and cash equivalents, end of period | 35,945 | 21,061 | 19,897 | ' | ' | ' | ' |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ' | ' | ' | ' | ' | ' | ' |
Cash paid for interest | 79,553 | 80,367 | 74,138 | ' | ' | ' | ' |
Cash paid for taxes, net of tax refunds | 1,341 | 1,960 | 161 | ' | ' | ' | ' |
Noncash or Part Noncash Acquisition, Value of Assets Acquired | ' | 103,780 | 136,316 | ' | ' | ' | ' |
Goodwill, Acquired During Period | 30,632 | 0 | 0 | ' | ' | ' | ' |
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | ' | ' | ' | ' | ' | ' | ' |
Insurance premiums financed through issuance of notes payable | 11,480 | 10,504 | 8,500 | ' | ' | ' | ' |
Unsold vacation interests reclassified to assets held for sale | 9,771 | 431 | 0 | ' | ' | ' | ' |
Liabilities Assumed | ' | 13,923 | 8,503 | ' | ' | ' | ' |
Payments to Acquire Businesses, Net of Cash Acquired | ' | 0 | 0 | ' | ' | ' | ' |
Payments for Disbursement of Tempus Acquisition Note Receivable | 0 | 0 | -3,493 | ' | ' | ' | ' |
Cash Acquired from Acquisition | 569 | ' | ' | ' | ' | ' | ' |
Payments for Repurchase of Warrants | -10,346 | 0 | -16,598 | ' | ' | ' | ' |
Payments for Repurchase of Common Stock | 0 | 0 | -16,352 | ' | ' | ' | ' |
Payments for Repurchase of Redeemable Preferred Stock | 0 | 0 | -108,701 | ' | ' | ' | ' |
Restricted Stock or Unit Expense | 40,533 | 3,321 | 0 | ' | ' | ' | ' |
Other Noncash Expense | 5,508 | ' | ' | ' | ' | ' | ' |
Gains (Losses) on Extinguishment of Debt | 7,502 | 0 | 0 | ' | ' | ' | ' |
Managementcontractsreclassifiedtoassetsheldforsale | $0 | $13 | $0 | ' | ' | ' | ' |
Consolidated_Statement_of_Cash
Consolidated Statement of Cash Flows (Parentheticals) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Payments to Acquire Businesses, Net of Cash Acquired | ' | $0 | $0 |
Tempus Acquisition [Member] | ' | ' | ' |
Payments to Acquire Businesses, Net of Cash Acquired | 0 | 0 | 102,400 |
PMR Acquisition [Member] | ' | ' | ' |
Payments to Acquire Businesses, Net of Cash Acquired | 0 | 51,635 | 0 |
PMR Service Companies Aquisition [Member] | ' | ' | ' |
Payments to Acquire Businesses, Net of Cash Acquired | 47,417 | ' | ' |
Aegean Blue Acquisition [Member] | ' | ' | ' |
Payments to Acquire Businesses, Net of Cash Acquired | $0 | $4,471 | $0 |
Background_Business_and_Basis_
Background, Business and Basis of Presentation | 12 Months Ended | |
Dec. 31, 2013 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |
Business Description and Basis of Presentation [Text Block] | ' | |
Note 1 | — Background, Business and Basis of Presentation | |
Business and Background | ||
On July 24, 2013, Diamond Resorts International, Inc. ("DRII") closed the initial public offering (the "IPO") of an | ||
aggregate of 17,825,000 shares of its common stock at the IPO price of $14.00 per share. In the IPO, DRII sold 16,100,000 shares of common stock, and Cloobeck Diamond Parent, LLC ("CDP"), in its capacity as a selling stockholder, sold 1,725,000 shares of common stock. The net proceeds to DRII were $204.3 million after deducting all offering expenses. In connection with the IPO, DRII filed the Securities and Exchange Commission (the "SEC") (i) a registration statement on Form S-1, which registered the shares of common stock offered in the IPO under the Securities Act of 1933, as amended, and (ii) a registration statement on Form 8-A, which registered DRII’s common stock under the Securities Exchange Act of 1934, as amended, each of which became effective on July 18, 2013. | ||
DRII was incorporated as a Delaware corporation on January 11, 2013 to effect the Reorganization Transactions (defined below) and consummate the IPO. Immediately prior to the consummation of the IPO, Diamond Resorts Parent, LLC ("DRP") was the sole stockholder of DRII. In connection with, and immediately prior to the completion of the IPO, each member of DRP contributed all of its equity interests in DRP to DRII in return for shares of common stock of DRII. Following this contribution, DRII redeemed the shares of common units held by DRP and DRP was merged with and into DRII, with DRII being the surviving entity. The Company refers to these, and other related transactions entered into substantially concurrently with the IPO as the "Reorganization Transactions." | ||
After the completion of the IPO, DRII is a holding company, and its principal asset is the direct and indirect ownership of equity interests in its subsidiaries, including Diamond Resorts Corporation ("DRC"), which is the operating subsidiary that has historically conducted the business as described below and is the issuer of the 12.0% senior secured notes due 2018 ("Senior Secured Notes"). | ||
DRP was the parent of DRC and the parent guarantor under the Senior Secured Notes immediately prior to the closing of the IPO. DRP was a Nevada limited liability company created on March 28, 2007. On April 26, 2007, a third-party investor contributed $62.4 million cash and CDP contributed $7.1 million of net assets based on historical book values in exchange for common and preferred units. The third-party investor was issued common and preferred units with a liquidation preference as well as a priority return of 17.0% per annum, compounded quarterly, payable upon certain events. The preferred units did not provide to the holder any participation or conversion rights. The common and preferred members’ liability was limited to their respective capital contributions. The capitalization of DRP occurred on April 27, 2007 simultaneously with the acquisition of and merger with Sunterra Corporation ("Sunterra" or the "Predecessor Company") and cancellation of Sunterra’s outstanding common stock for $16.00 per share (the "Sunterra Merger"). In July 2011, DRP completed an equity recapitalization transaction, pursuant to which it repurchased all of its preferred units and issued and redeemed common units in a series of private placement transactions. | ||
Except where the context otherwise requires or where otherwise indicated, references in the consolidated financial statements to "the Company" refer to DRP prior to the consummation of the Reorganization Transactions on July 24, 2013, and DRII, as the successor to DRP, following the consummation of the Reorganization Transactions, in each case together with its subsidiaries, including DRC. | ||
The Company operates in the hospitality and vacation ownership industry, with an ownership base of more than 527,000 owner-families, or members, and a worldwide network of 307 vacation destinations located in 33 countries throughout the continental United States ("U.S."), Hawaii, Canada, Mexico, the Caribbean, Central America, South America, Europe, Asia, Australia and Africa. The Company’s resort network includes 93 resort properties with approximately 11,000 units that are managed by the Company and 210 affiliated resorts and hotels and four cruise itineraries, which the Company does not manage and do not carry the Company's brand, but are a part of the Company's network and, through THE Club and other Club offerings (the "Clubs"), and are available for its members to use as vacation destinations. Diamond Resorts International®, Diamond Resorts®, THE Club®, The Meaning of Yes®, We Love to Say YesTM, Vacations of a LifetimeTM, Affordable Luxury. Priceless MemoriesTM and Events of a LifetimeTM are trademarks of the Company. | ||
The Company’s operations consist of two interrelated businesses: (i) hospitality and management services; and(ii) marketing and sales of Vacation Ownership Interests ("VOIs" or "Vacation Interests") and consumer financing for purchasers of the Company’s VOIs. | ||
Hospitality and Management Services. The Company manages 93 resort properties, which are located in the continental U.S., Hawaii, Mexico, the Caribbean and Europe, as well as the seven multi-resort trusts (the "Collections"). As the manager of the Company’s managed resorts and the Collections, it provides rental services, billing services, account collections, accounting and treasury functions and communications and information technology services. In addition, for managed resorts, the Company also provides an online reservation system and customer service contact center, operates the front desks, provides housekeeping, conducts maintenance, manages human resources services and operates amenities such as golf courses, food and beverage venues and retail shops. | ||
As an integral part of the Company's hospitality and management services, the Company has entered into inventory recovery agreements with a substantial majority of the homeowners associations ("HOAs") for its managed resorts in North America, together with similar arrangements with all of the Collections and a majority of the European managed resorts, whereby it recovers VOIs from members who fail to pay their annual maintenance fee or assessments due to, among other things, death or divorce or other life-cycle events or lifestyle changes. Because the cost of operating the resorts that the Company manages is spread across the Company's member base, by recovering VOIs from members who have failed to pay their annual maintenance fee or assessments, the Company reduces bad debt expense at the HOA and Collection level (which is a component of the management fees billed to members by each resort's HOA or Collection association), supporting the financial well-being of those HOAs and Collections. | ||
HOAs. Each of the Diamond Resorts managed resorts, other than certain resorts in the European Collection, is typically operated through an HOA, which is administered by a board of directors. Directors are elected by the owners of intervals at the resort (which may include one or more of the Collections) and may also include representatives appointed by the Company as the developer of the resort. As a result, the Company is entitled to voting rights with respect to directors of a given HOA by virtue of (i) its ownership of intervals at the related resort, (ii) its control of the Collections that hold intervals at the resort and/or (iii) its status as the developer of the resort. The board of directors of each HOA hires a management company to provide the services described above, which in the case of all Diamond Resorts managed resorts, is the Company. The Company functions as an HOA for two resorts in St. Maarten, collects maintenance fees, earns management fees and incurs operating expenses at these two resorts. | ||
The Company's management fees with respect to a resort are based on a cost-plus structure and are calculated based on the direct and indirect costs (including the absorption of a substantial portion of the Company's overhead related to the provision of management services) incurred by the HOA of the applicable resort. Under its current resort management agreements, the Company receives management fees generally ranging from 10% to 15% of the other costs of operating the applicable resort (with a weighted average of 12.9% based upon the total management fee revenue for the year ended December 31, 2013). Unlike typical commercial lodging management contracts, the Company's management fees are not impacted by changes in a resort's average daily rate or occupancy level. Instead, the HOA for each resort engages in an annual budgeting process in which the board of directors of the HOA estimates the costs the HOA will incur for the coming year. In evaluating the anticipated costs of the HOA, the board of directors of the HOA considers the operational needs of the resort, the services and amenities that will be provided at or to the applicable resort and other costs of the HOA, some of which are impacted significantly by the location, size and type of the resort. Included in the anticipated operating costs of each HOA are its management fees. The board of directors of the HOA discusses the various considerations and approves the annual budget, which determines the annual maintenance fees charged to each owner. One of the management services the Company provides to the HOA is the billing and collection of annual maintenance fees on the HOA's behalf. Annual maintenance fees for a given year are generally billed during the previous November, due by January and deposited in a segregated or restricted account that the Company manages on behalf of the HOA. As a result, a substantial majority of the fees for February through December of each year are collected from owners in advance. Funds are released to the Company from these accounts on a monthly basis for the payment of management fees as it provides management services. | ||
The Company's HOA management contracts typically have initial terms of three to ten years, with automatic renewals. These contracts can generally only be terminated by the HOA upon a vote of the owners (which may include one or more of the Collections) prior to each renewal period, other than in some limited circumstances involving cause. In the case of the resorts the Company manages that are part of the European Collection, generally the management agreements have either indefinite terms or long remaining terms (i.e., over 40 years) and can only be terminated for an uncured breach by the manager or a winding up of the European Collection (see definition below). No HOA has terminated or elected not to renew any of the Company's management contracts during the past five years. The Company generally has the right to terminate its HOA management contracts at any time upon notice to the HOA. During the past five years, the Company has terminated only one and sold two immaterial HOA management contracts. | ||
Collections. The Collections currently consist of the following: | ||
• | the Diamond Resorts U.S. Collection (the “U.S. Collection”), which includes interests in resorts located in Arizona, California, Florida, Missouri, New Mexico, Nevada, South Carolina, Tennessee, Virginia and St. Maarten; | |
• | the Diamond Resorts Hawaii Collection (the “Hawaii Collection”), which includes interests in resorts located in Arizona, Hawaii and Nevada; | |
• | the Diamond Resorts California Collection (the “California Collection”), which includes interests in resorts located in Arizona, California and Nevada; | |
• | the Premiere Vacation Collection (“PVC”), which includes interests in resorts added to the Company's network in connection with the ILX Acquisition (See "Basis of Presentation" for the definition of the ILX Acquisition) located in Arizona, Colorado, Indiana, Nevada and Mexico; | |
• | Monarch Grand Vacations (“MGV”), which includes interests in resorts added to the Company's network in connection with the PMR Acquisition (See "Basis of Presentation" for the definition of the PMR Acquisition) located in California, Nevada, Utah and Mexico; | |
• | the Diamond Resorts European Collection (the “European Collection”), which includes interests in resorts located in Austria, England, France, Italy, Norway, Portugal, Scotland, Spain Balearics, Spain Costa and Spain Canaries; and | |
• | the Diamond Resorts Mediterranean Collection (the "Mediterranean Collection"), which includes interests in resorts added to the Company's network in connection with the Aegean Blue Acquisition (See “Basis of Presentation” for the definition of the Aegean Blue Acquisition) located in the Greek Islands of Crete and Rhodes. | |
Each of the Collections is operated through a Collection association, which is administered by a board of directors. | ||
Directors are elected by the points holders within the applicable Collection with the following exceptions: (i) PVC allows the developer to appoint the board of directors until 90% of all membership interests are sold and (ii) the board of directors of the European Collection is comprised of five directors, three of whom are appointed by the developer and two of whom are appointed by the points holders. In addition, the company may exercise its vote as a point holder. The Company owns a significant number of points in each of the Collections, which it holds as inventory. The board of directors of each Collection hires a company to provide management services to the Collection, which in each case is the Company. | ||
As with the Company's HOA management contracts, management fees charged to the Collections in the U.S. are based on a cost-plus structure and are calculated based on the direct and indirect costs (including the absorption of a substantial portion of the Company's overhead related to the provision of management services) incurred by the Collection. Under the Company's current Collection management agreements, it receives management fees of 15% of the other costs of the applicable Collection (except with respect to the management agreement with MGV, under which the Company receives a management fee of 10% of the costs of MGV). The management fees are included in the budgets prepared by each Collection association, which determines the annual maintenance fee charged to each owner. One of the management services the Company provides to the Collections is the billing and collection of annual maintenance fees on the Collection's behalf. Annual maintenance fees for a given year are generally billed during the previous November, due by January and deposited in a segregated or restricted account that the Company maintains on behalf of each Collection. As a result, a substantial majority of the fees for February through December of each year are collected from owners in advance. Funds are released to the Company from these accounts on a monthly basis for the payment of management fees as it provides the management services. | ||
Apart from the management contract for the European Collection, the Company's management contracts with the Collections generally have initial terms of three to ten years, with automatic renewal terms of three to ten years, and can generally only be terminated by the Collection upon a vote of the Collection’s members prior to each renewal period, other than in some limited circumstances involving cause. In the case of the resorts that are part of the European Collection managed by the Company, generally the management agreements have either indefinite terms or long remaining terms (i.e., over 40 years) and can only be terminated for an uncured breach by the manager or a winding up of the European Collection. No Collection has terminated, or elected not to renew, any of the management contracts with the Company during the past five years. Apart from the management contract for the European Collection, the Company generally has the right to terminate its management contracts with a Collection at any time upon notice to such Collection. The management contract for the European Collection has an indefinite term, can only be terminated by the European Collection for an uncured breach by the manager or a winding up of the European Collection, and may not be terminated by the manager. | ||
Clubs. The Clubs operate a proprietary reservation system that enables its members to use their points to stay at resorts within their Collection, as well as other resorts in the Company's network. The Clubs also offer members a wide range of other benefits, such as the opportunity to purchase various products and services, including consumer electronics, home appliances and insurance products, from third parties at discounted prices, for which the Company earns commissions. Dues payments for the Clubs are billed and generally collected together with the member's annual maintenance fees. | ||
As part of the Island One Acquisition (see “Basis of Presentation” for the definition of the Island One Acquisition), two additional member exchange clubs, Club Navigo and Galaxy Exchange, were acquired. Club Navigo, which has been subsequently renamed and is now known as the Florida Club Connection, operates an internal exchange reservation system that allows previous purchasers of Island One intervals to exchange their deeded weeks, now represented as Diamond equivalent points, to stay at other Island One resorts and a selected number of Diamond managed resorts. The Galaxy Exchange allows interval owners to exchange deeded weeks with other Island One owners for prescribed transaction fees. | ||
Vacation Interest Sales and Financing. The Company markets and sells VOIs that provide access to its network of 93 resorts managed by the Company and 210 affiliated resorts and hotels and four cruise itineraries. Since late 2007, the Company has marketed and sold VOIs primarily in the form of points. | ||
The VOI inventory that the Company reacquires pursuant to its inventory recovery agreements provides a steady stream of low-cost VOI inventory that it can sell to its current and prospective members. The VOI inventory is also supplemented by VOIs recovered from members who default on their consumer loans, including consumer loans that we originate and loans that we acquire from third-parties, as well as inventory acquired through strategic transactions. | ||
The Company generates its VOI sales primarily through conducting sales presentations ("tours") at its sales centers. These tours generally include a tour of the resort properties, as well as an in-depth explanation of the Company's points-based VOI system and the value proposition it offers to the Company's members. The tours are designed to provide guests with an in-depth overview of the Company, its resort network and benefits associated with membership in THE Club as well as a customized presentation to explain how the Company's products and services can meet their vacationing needs. | ||
In January 2013, the Company's European subsidiary introduced a new product (the “European Term Product”) available to purchasers in Europe. Purchasers of the European Term Product receive an allocation of points which represents an assignment of a specific week or weeks in a specific unit (without specific occupancy rights), at certain of the Company's European resort properties, as well as use rights to any of the resort properties within its European Collection for a period of 15 years. At the end of the 15-year period, the trustee of the European Collection will attempt to sell the unit and the net proceeds will be distributed to the then current owners of the unit, which may, or may not, include the Company. The current trustee of the European Collection also provides trust services relating to the European Term Product. The owners of the European Term Product pay annual maintenance fees at substantially the same rate as owners of points in the Company's European Collection and are also members of THE Club and pay Club fees in addition to their maintenance fees. The majority of VOI sales in Europe for the year ended December 31, 2013 have been of the European Term Product, and a large majority of the sales of the European Term Product have been to existing owners of points in the European Collection. | ||
The Company provides loans to eligible customers who purchase VOIs through its U.S., Mexican and St. Maarten sales centers and choose to finance their purchase. These loans are collateralized by the underlying VOI, generally bear interest at a fixed rate, have a typical term of 10 years and are generally made available to consumers who make a down payment within established credit guidelines. The Company's minimum required down payment is 10.0%. | ||
The Company underwrites each loan application to assess the prospective buyer's ability to pay through the credit evaluation score methodology developed by the Fair Isaac Corporation ("FICO") based on credit files compiled and maintained by Experian (for U.S. residents) and Equifax (for Canadian residents). In underwriting each loan, the Company reviews a completed credit application and the credit bureau report and/or the applicant's performance history with the Company, including any delinquency on existing loans, and considers in specified circumstances, among other factors, whether the applicant has been involved in bankruptcy proceedings within the previous 12 months and whether there have been any judgments or liens, including civil judgments and tax liens, against the applicant. | ||
The Company's consumer finance servicing division includes underwriting, collection and servicing of its consumer loan portfolio. Loan collections and delinquencies are managed by utilizing modern collection technology and an in-house collection team to minimize account delinquencies and maximize cash flow. The Company generally sells or securitizes a substantial portion of the consumer loans it generates from its customers through conduit and securitization financings. The Company acts as servicer for consumer loan portfolios, including those sold or securitized through conduit or securitization financings and receivables owned by third parties, for which it receives a fee. | ||
Through arrangements with certain financial institutions in the United Kingdom, the Company brokers financing for qualified customers who purchase points through its European sales centers. | ||
Basis of Presentation | ||
Except where the context otherwise requires or where otherwise indicated, the consolidated financial statements and other historical financial data included in this annual report on Form 10-K are (i) those of DRP and its subsidiaries through July 24, 2013, after giving retroactive effect to the Reorganization Transactions, and (ii) those of DRII and its subsidiaries after July 24, 2013. The shares of common stock of DRII outstanding as of December 31, 2012 and weighted average common shares outstanding for the years ended December 31, 2012 and 2011 are based upon the number of Class A and Class B common units of DRP outstanding as of such date or period, as applicable, retroactively adjusted for the exchange thereof for shares of common stock of DRII pursuant to the Reorganization Transactions. | ||
The following is a list of entities included in the accompanying consolidated financial statements for all or any portion of the periods covered thereby: | ||
AHC Professional US Majority, LLC | ||
AHC Professional US Minority, LLC | ||
AKGI St. Maarten, NV and subsidiaries | ||
Citrus Insurance Company, Inc. | ||
Crescent One, LLC | ||
Diamond Resorts (Group Holdings) Plc and subsidiaries | ||
Diamond Resorts Centralized Services Company | ||
Diamond Resorts Corporation | ||
Diamond Resorts Developer and Sales Holding Company and subsidiaries | ||
Diamond Resorts Finance Holding Company and subsidiaries | ||
Diamond Resorts Holdings, LLC | ||
Diamond Resorts Issuer 2008, LLC | ||
Diamond Resorts Management and Exchange Holding Company and subsidiaries | ||
Diamond Resorts Owner Trust 2009-1 | ||
Diamond Resorts Owner Trust 2011-1 | ||
Diamond Resorts Owner Trust 2013-1 | ||
Diamond Resorts Owner Trust 2013-2 | ||
Diamond Resorts Polo Development, LLC | ||
Diamond Resorts Services, LLC | ||
Diamond Resorts Tempus Owner Trust 2013 | ||
DPM Acquisition, LLC and subsidiaries ("DPMA") | ||
DRI Quorum 2010, LLC ("DRI Quorum") and subsidiaries | ||
FLRX Inc. | ||
George Acquisition Subsidiary, Inc. | ||
Island One, Inc. and subsidiaries | ||
ILX Acquisition, Inc. ("ILXA") and subsidiaries | ||
Tempus Acquisition, LLC and subsidiaries | ||
Some of the above entities, which include corporations, limited liability companies and partnerships, have several subsidiaries. | ||
On August 31, 2010, the Company acquired from ILX Resorts Incorporated and its affiliates (collectively, "ILX") certain resort management agreements, unsold VOIs and the rights to recover and resell such interests, a portfolio of consumer loans and certain real property and other assets (the “ILX Acquisition”) through its wholly-owned subsidiary ILXA for an aggregate cash purchase price of $30.7 million. In addition, ILXA assumed $4.0 million in liabilities as part of the purchase price. The ILX Acquisition added ten additional resorts to the Company's resort network. The ILX Acquisition was financed through the ILXA Inventory Loan and the ILXA Receivables Loan. See "Note 16—Borrowings" for definitions and further detail on these borrowings. | ||
On July 1, 2011, the Company acquired from Tempus Resorts International, Ltd. and its subsidiaries certain management agreements, unsold VOIs and the rights to recover and resell such interests, the seller's consumer loan portfolio and certain real property and other assets (the "Tempus Resorts Acquisition") through Mystic Dunes, LLC, a wholly-owned subsidiary of Tempus Acquisition, LLC, for an aggregate cash purchase price of $104.9 million. The Tempus Resorts Acquisition added two resorts to the Company's owner resort network. In order to fund the Tempus Resorts Acquisition, Tempus Acquisition, LLC entered into the Tempus Acquisition Loan, Tempus Receivables Loan and the Tempus Inventory Loan. See "Note 16— Borrowings" for definitions and further detail on these borrowings. | ||
On May 21, 2012, the Company completed the acquisition of certain assets of Pacific Monarch Resorts, Inc. and certain of its affiliates (the "PMR Acquisition") through DPMA, a wholly-owned special-purpose subsidiary of the Company, whereby DPMA acquired four management contracts, unsold VOIs and the rights to recover and resell such interests, a portfolio of consumer loans and certain real property and other assets for approximately $51.6 million in cash, plus the assumption of specified liabilities related to the acquired assets. The PMR Acquisition added nine locations to the Company's resort network. In order to fund the PMR Acquisition, DPMA entered into the PMR Acquisition Loan, which was collateralized by substantially all of the assets of DPMA. See "Note 16—Borrowings" for definition and further detail on this borrowing. | ||
On October 5, 2012, the Company completed the acquisition of all of the issued and outstanding shares of Aegean Blue Holdings, Plc (the "Aegean Blue Acquisition") through Diamond Resorts AB Acquisition Ltd, a wholly-owned special-purpose subsidiary of Diamond Resorts (Group Holdings) Plc. Pursuant to the Aegean Blue Acquisition, AB Acquisition Company, Ltd acquired certain management contracts, unsold VOIs and the rights to recover and resell such interests and certain other assets for approximately $6.5 million in cash, amounts that may become payable pursuant to an earn-out clause (which the Company recorded as a contingent liability) and the Company's assumption of specified liabilities related to the acquired assets. The Aegean Blue Acquisition added five resorts located on the Greek Islands of Rhodes and Crete to the Company's resort network. Tempus Acquisition LLC borrowed $6.6 million under the term loan portion of Tempus Acquisition Loan to fund the Aegean Blue Acquisition. See "Note 16—Borrowings" for further detail on this borrowing. | ||
On July 24, 2013, the Company completed the acquisition of Island One, Inc. and Crescent One, LLC (together, the “Island One Companies”) in exchange for 5,236,251 shares of common stock. These shares represented an aggregate purchase price of $73.3 million based on the IPO price of $14.00 per share. In this transaction, the Company acquired management contracts, unsold VOIs, a portfolio of consumer loans and other assets owned by the Island One Companies, adding eight additional managed resorts in Florida to the Company's resort network and more owner-families to its ownership base (the “Island One Acquisition”). Prior to the closing of the Island One Acquisition, the Company had provided sales and marketing services and HOA management oversight services to Island One, Inc. | ||
On July 24, 2013, a subsidiary of the Company completed the acquisition of management agreements from Monarch Owner Services, LLC, Resort Services Group, LLC and Monarch Grand Vacations Management, LLC (the “PMR Service Companies”) for $47.4 million in cash (the “PMR Service Companies Acquisition"). |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||||
Summary of Significant Accounting Policies | |||||||||||||
Significant accounting policies are those policies that, in management's view, are most important in the portrayal of the Company's financial condition and results of operations. The methods, estimates and judgments that the Company uses in applying its accounting policies have a significant impact on the results that it reports in the financial statements. Some of these significant accounting policies require the Company to make difficult and subjective judgments, often as a result of the need to make estimates regarding matters that are inherently uncertain. Those significant accounting policies that require the most significant judgment are discussed further below. | |||||||||||||
Principles of Consolidation—The accompanying consolidated financial statements include all subsidiaries of the Company. All significant intercompany transactions and balances have been eliminated from the accompanying consolidated financial statements. | |||||||||||||
Use of Estimates—The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") requires the Company to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. On an ongoing basis, the Company evaluates its estimates and assumptions, including those related to revenue, bad debts and income taxes. These estimates are based on historical experience and on various other assumptions that management believes are reasonable under the circumstances. The results of the Company's analysis form the basis for making assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions, and the impact of such differences may be material to the Company's consolidated financial statements. | |||||||||||||
Significant estimates were also used by the Company to record a provision for contracts receivable losses. This provision was calculated as projected gross losses for originated contracts receivable, taking into account estimated VOI recoveries. The Company applied its historical default percentages based on credit scores of the individual customers to its mortgage and contracts receivable population and evaluated other factors such as economic conditions, industry trends, defaults and past due agings to analyze the adequacy of the allowance. If actual mortgage and contracts receivable losses differ materially from these estimates, the Company's future results of operations may be adversely impacted. | |||||||||||||
Significant estimates were used by the Company to estimate the fair value of the assets acquired and liabilities assumed in the ILX Acquisition, the Tempus Resorts Acquisition, the PMR Acquisition, the Aegean Blue Acquisition, the Island One Acquisition and the PMR Service Companies Acquisition. These estimates included projections of future cash flows derived from sales of VOIs, mortgages and contracts receivable, member relationship lists, management services revenue and rental income. Additionally, the Company made significant estimates of costs associated with such projected revenues including but not limited to loan defaults, recoveries and discount rates. The Company also made significant estimates which include: (i) allowance for loan and contract losses and provision for uncollectible Vacation Interest sales revenue; (ii) estimated useful lives of property and equipment; (iii) estimated useful lives of intangible assets acquired; (iv) estimated costs to build or acquire any additional Vacation Interests, estimated total revenues expected to be earned on a project, related estimated provision for uncollectible Vacation Interest sales revenue and sales incentives, estimated projected future cost and volume of recoveries of VOIs, estimated sales price per point and estimated number of points sold used to allocate certain unsold Vacation Interests to Vacation Interest cost of sales under the relative sales value method. See "Vacation Interest Cost of Sales" below for further detail on this method; and (v) the valuation allowance recorded against deferred tax assets. It is at least reasonably possible that a material change in one or more of these estimates may occur in the near term and that such change may materially affect actual results. | |||||||||||||
In addition, significant estimates were used by the Company to estimate compensation expense related to employee and non-employee stock options issued by the Company under the Diamond Resorts International, Inc. 2013 Incentive Compensation Plan (the "2013 Plan"). The Company utilizes the Black-Scholes option-pricing model to estimate the fair value of the stock options granted. Some of the assumptions that require significant estimates are: (i) expected volatility, which was calculated based on the historical volatility of the stock prices for a group of identified peer companies for the expected term of the stock options granted (which is significantly greater than the volatility of the S&P 500® index as a whole during the same period) due to the lack of historical stock trading prices of the Company; (ii) average expected option life, which represents the period of time the stock options are expected to be outstanding at the issuance date based on management’s estimate using the contractual term for non-employee grants and the simplified method prescribed under SEC Staff Accounting Bulletins Topic 14 Share-Based Payment ("SAB 14") for employee grants, and (iii) annual forfeiture rate, which represents a portion of the grants expected to expire prior to vesting due to employee terminations. See "Note 21—Stock-Based Compensation" for further detail on the Company's stock options issued under the 2013 Plan. | |||||||||||||
Management and Member Services Revenue Recognition—Management and member services revenue includes resort management fees charged to the HOAs and Collections, as well as revenues from the Company's operation of the Clubs. These revenues are recorded and recognized as follows: | |||||||||||||
• | Management fee revenues are recognized in accordance with the terms of the Company's management contracts. | ||||||||||||
Under the Company's management agreements, the Company collects management fees from the HOAs and Collections, which are recognized as revenue ratably throughout the year as earned. The management fees the Company earns are included in the HOAs' and Collections' operating budgets which, in turn, are used to establish the annual maintenance fees owed by each owner of VOIs. | |||||||||||||
• | The Company charges an annual fee for membership in each of the Clubs. In addition to annual dues associated with the Clubs, the Company earns revenue associated with customer conversions into THE Club, which involve the payment of a one-time fee by interval owners who wish to retain their intervals but also participate in THE Club. The Company also earns revenue associated with the legacy owners of deeded intervals at resorts that the Company acquired in its strategic acquisitions exchanging intervals for membership in the Clubs, which requires these owners to pay the annual fees associated with Club membership, and the Company generally encourages holders of these deeded intervals to exchange their intervals for memberships in the Clubs. The Company also earns reservation protection plan revenue, which is an optional fee paid by customers when making a reservation to protect their points should they need to cancel their reservation, and through the Company's provision of benefits, products and other affinity programs. | ||||||||||||
Management and member services revenue also included commissions received under the fee-for-service agreements it had with Island One, Inc. from July 2011 until the consummation of the Island One Acquisition in July 2013. | |||||||||||||
All of these revenues are allocated to the Hospitality and Management Services business segment. | |||||||||||||
Consolidated Resort Operations Revenue Recognition—Consolidated resort operations revenue consists of the following: | |||||||||||||
• | The Company functions as an HOA for its properties located in St. Maarten. Consolidated resort operations revenue includes the maintenance fees billed to owners and the Collections in connection with the St. Maarten resorts, which are recognized ratably over the year. In addition, the owners are billed for capital project assessments to repair and replace the amenities of these resorts, as well as assessments to reserve the potential out-of-pocket deductibles for hurricanes and other natural disasters. These assessments are deferred until the refurbishment activity occurs, at which time the amounts collected are recognized as consolidated resort operations revenue with offsetting expense recorded under consolidated resort operations expense. See “Consolidated Resort Operations Expenses” below for further detail. All operating revenues and expenses associated with these properties are consolidated within the Company's financial statements, except for intercompany transactions, such as maintenance fees for the Company's owned inventory and management fees for the owned inventory, which are eliminated. Revenue associated with these properties has historically constituted a majority of the Company's consolidated resort operations revenue; | ||||||||||||
• | The Company also receives: | ||||||||||||
•food and beverage revenue at certain resorts whose restaurants the Company owns and operates; | |||||||||||||
• | lease revenue from third parties to which the Company outsources the management of its golf course and food and beverage operations at certain resorts. | ||||||||||||
•revenue from providing cable, telephone and technology services to HOAs; and | |||||||||||||
• | other incidental revenues generated at the venues the Company owns and operates, including retail and gift shops, spa services, safe rental and ticket sales. | ||||||||||||
Through December 31, 2013, consolidated resort operations revenue also included greens fees and equipment rental fees at certain golf courses owned and operated by the Company at certain resorts prior to outsourcing the management of these golf courses. | |||||||||||||
All of these revenues are allocated to the Hospitality and Management Services business segment. | |||||||||||||
Vacation Interest Sales Revenue Recognition—With respect to the Company's recognition of revenue from Vacation Interest sales, the Company follows the guidelines included in Accounting Standard Codification ("ASC") 978, “Real Estate-Time-Sharing Activities” ("ASC 978"). Under ASC 978, Vacation Interest sales revenue is divided into separate components that include the revenue earned on the sale of the VOI and the revenue earned on the sales incentive given to the customer as motivation to purchase the VOI. Each component is treated as a separate transaction but both are recorded in Vacation Interest sales line of the Company's statement of operations and comprehensive income. In order to recognize revenue on the sale of VOIs, ASC 978 requires a demonstration of a buyer's commitment (generally a cash payment of 10% of the purchase price plus the value of any sales incentives provided). A buyer's down payment and subsequent mortgage payments are adequate to demonstrate a commitment to pay for the VOI once 10% of the purchase price plus the value of the incentives provided to consummate a VOI transaction has been covered. The Company recognizes sales of VOIs on an accrual basis after (i) a binding sales contract has been executed; (ii) the buyer has adequately demonstrated a commitment to pay for the VOI; (iii) the rescission period required under applicable law has expired; (iv) collectibility of the receivable representing the remainder of the sales price is reasonably assured; and (v) the Company has completed substantially all of its obligations with respect to any development related to the real estate sold (i.e., construction has been substantially completed and certain minimum project sales levels have been met). If the buyer's commitment has not met ASC 978 guidelines, the Vacation Interest sales revenue and related Vacation Interest cost of sales and direct selling costs are deferred and recognized under the installment method until the buyer's commitment is satisfied, at which time the remaining amount of the sale is recognized. The net deferred revenue is recorded as a reduction to mortgages and contracts receivable on the Company's balance sheet. Under ASC 978, the provision for uncollectible Vacation Interest sales revenue is recorded as a reduction of Vacation Interest sales revenue. | |||||||||||||
Vacation Interest Sales Revenue, Net—Vacation Interest sales revenue, net, is comprised of Vacation Interest sales, net of a provision for uncollectible Vacation Interest sales revenue. Vacation interest sales consist of revenue from the sale of points, which can be utilized for vacations at any of the resorts in the Company's network for varying lengths of stay, net of an amount equal to the expense associated with certain sales incentives. A variety of sales incentives are routinely provided as sales tools. Sales centers have predetermined budgets for sales incentives and manage the use of incentives accordingly. A provision for uncollectible Vacation Interest sales revenue is recorded upon completion of each financed sale. The provision is calculated based on historical default experience associated with the customer's FICO score. Additionally, the Company analyzes its allowance for loan and contract losses quarterly and makes adjustments based on current trends in consumer loan delinquencies and defaults and other criteria, if necessary. Since late 2007, the Company has sold VOIs primarily in the form of points. All of the Company's Vacation Interest sales revenue, net, is allocated to the Vacation Interest Sales and Financing business segment. | |||||||||||||
Vacation Interest sales, net of provision, consists of the following for the years ended December 31, 2013, 2012 and 2011 (in thousands): | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Vacation Interest Sales | $ | 509,283 | $ | 318,555 | $ | 211,321 | |||||||
Provision for uncollectible Vacation Interest sales revenue | (44,670 | ) | (25,457 | ) | (16,562 | ) | |||||||
Vacation Interest sales, net of provision | $ | 464,613 | $ | 293,098 | $ | 194,759 | |||||||
Interest Revenue—The Company's interest revenue consists primarily of interest earned on consumer loans. Interest earned on consumer loans is accrued based on the contractual provisions of the loan documents. Interest accruals on consumer loans are suspended at the earliest of (i) a default in the consumer's first payment on the loan; (ii) the completion of cancellation or foreclosure proceedings; or (iii) the customer's account becoming over 180 days delinquent. If payments are received while a consumer loan is considered delinquent, interest is recognized on a cash basis. Interest accrual resumes once a customer has made six timely payments on the loan. All interest revenue is allocated to the Vacation Interest Sales and Financing business segment, with the exception of interest revenue earned on bank account balances, which is reported in Corporate and Other. | |||||||||||||
Other Revenue—Other revenue includes (i) collection fees paid by owners when they bring their maintenance fee accounts current after collection efforts have been made by the Company on behalf of the HOAs and Collections; (ii) closing costs paid by purchasers on sales of VOIs; (iii) revenue associated with certain sales incentives given to customers as motivation to purchase a VOI (in an amount equal to the expense associated with such sales incentives), which is recorded upon recognition of the related VOI sales revenue; (iv) late/impound fees assessed on consumer loans; (v) loan servicing fees earned for servicing third-party portfolios; (vi) commission revenue earned from certain third-party lenders that provide consumer financing for sales of the Company's VOIs in Europe; and (vii) liquidation damage revenue recognized when customers' non-refundable deposits are forfeited upon the customers' failure to close on VOI transactions. Revenues associated with item (i) above are allocated to the Company's Hospitality and Management Services business segment. Revenues associated with the remaining items above are allocated to the Company's Vacation Interest Sales and Financing business segment. | |||||||||||||
Management and Member Services Expense—Substantially all direct expenses related to the provision of services to the HOAs (other than for the Company's St. Maarten resorts, for which the Company functions as the HOA) and the Collections are recovered through the Company's management agreements and, consequently, are not recorded as expenses. The Company passes through to the HOAs and the Collections certain overhead charges incurred to manage the resorts. In accordance with guidance included in ASC 605-45, “Revenue Recognition - Principal Agent Considerations," reimbursements from the HOAs and the Collections relating to pass-through costs are recorded net of the related expenses. These expenses are allocated to the Hospitality and Management Services business segment. | |||||||||||||
Expenses associated with the Company's operation of the Clubs include costs incurred for in-house and outsourced call centers, member benefits, annual membership fees paid to a third-party exchange company on behalf of members of the Clubs, as applicable, and administrative expenses. These expenses are allocated to the Hospitality and Management Services business segment. | |||||||||||||
From July 2011 until the closing of the Island One Acquisition, management and member services expenses also included costs incurred under the fee-for-service agreements with Island One, Inc. This arrangement was terminated in conjunction with the Island One Acquisition. | |||||||||||||
These expenses are allocated to the Hospitality and Management Services business segment. | |||||||||||||
Consolidated Resort Operations Expense—With respect to the St. Maarten resorts, the Company records expenses associated with housekeeping, front desk, maintenance, landscaping and other similar activities, which are recovered by the maintenance fees recorded in consolidated resort operations revenue. In addition, for the two properties located in St. Maarten, the Company also bills the owners for capital project assessments to repair and replace the amenities of these resorts, as well as assessments to reserve the potential out-of-pocket deductibles for hurricanes and other natural disasters. These assessments are deferred until the refurbishment activity occurs, at which time the amounts collected are recognized as consolidated resort operations revenue with offsetting expense recorded under consolidated resort operations expense. The Company's expense associated with the St. Maarten properties has historically constituted a majority of the Company's consolidated resort operations expense. Furthermore, consolidated resort operations expense includes the costs related to food and beverage operations at certain resorts whose restaurants the Company operates directly. Similarly, the expenses of operating the golf courses, spas and retail and gift shops are included in consolidated resort operations expense. These expenses are allocated to the Hospitality and Management Services business segment. | |||||||||||||
Through December 31, 2013, consolidated resort operations expense also included costs at certain golf courses owned and operated by the Company at certain resorts prior to outsourcing the management of these golf courses. | |||||||||||||
Vacation Interest Cost of Sales—At the time the Company records Vacation Interest sales revenue, it records the related Vacation Interest cost of sales. The Company records Vacation Interest cost of sales using the relative sales value method in accordance with ASC 978. This method, which was originally designed for developers of timeshare resorts, requires the Company to make a number of projections and estimates which are subject to significant uncertainty. In order to determine the amounts that must be expensed for each dollar of Vacation Interest sales with respect to a particular project, the Company is required to prepare a forecast of sales and certain costs for the entire project's life cycle. These forecasts require the Company to estimate, among other things, the costs to acquire (or if applicable, build) additional VOIs, the total revenues expected to be earned on the project (including estimations of sales price per point and the aggregate number of points to be sold), the proper provision for uncollectible Vacation Interest sales revenue and sales incentives, and the projected future cost and volume of recoveries of VOIs. Then, these costs as a percentage of Vacation Interest sales are determined and that percentage is applied retroactively to all prior sales and is applied to sales within the current period and future periods with respect to a particular project. These projections are reviewed on a regular basis, and the relevant estimates used in the projections are revised (if necessary) based upon historical results and management's new estimates. The Company requires a seasoning of pricing strategy changes before such changes fully affect the projection, which generally occurs over a six-month period. If any estimates are revised, the Company is required to adjust its Vacation Interest cost of sales using the revised estimates, and the entire adjustment required to correct Vacation Interest cost of sales over the life of the project to date is taken in the period in which the estimates are revised. Accordingly, small changes in any of the numerous estimates in the model can have a significant financial statement impact, both positively and negatively, because of the retroactive adjustment required by ASC 978. See “Unsold Vacation Interests, net” below for further detail. All of these costs are allocated to the Vacation Interest Sales and Financing business segment. | |||||||||||||
Advertising, Sales and Marketing Costs—Advertising, sales and marketing costs are expensed as incurred, except for costs directly related to VOI sales that are not eligible for revenue recognition under ASC 978, as described in "—Vacation Interest Sales Revenue Recognition” above, which are deferred along with related revenue until the buyer's commitment requirements are satisfied. Advertising, sales and marketing costs are allocated to the Vacation Interest Sales and Financing business segment. Advertising expense recognized was $6.2 million, $5.4 million and $4.5 million and for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||
Vacation Interest Carrying Cost, Net—The Company is responsible for paying annual maintenance fees and reserves to the HOAs and the Collections on its unsold VOIs. Vacation Interest carrying cost, net, includes amounts paid for delinquent maintenance fees related to VOIs acquired pursuant to the Company's inventory recovery agreements, except for amounts that are capitalized to unsold Vacation Interests, net. | |||||||||||||
To offset the Company's Vacation Interest carrying cost, the Company rents VOIs controlled by the Company to third parties on a short-term basis. The Company also generates revenue on sales of one-week rentals ("Sampler Packages")and mini-vacations, which allow prospective owners to sample a resort property. This revenue and the associated expenses are deferred until the vacation is used by the customer or the expiration date, whichever is earlier. Revenue from resort rentals, Sampler Packages and mini-vacations is recognized as a reduction to Vacation Interest carrying cost, with the exception of revenue from the Company's European sampler product and a U.S. fixed-term product, which have a duration of three to four years and are treated as Vacation Interest sales revenue. In addition, the Company provides rental services on behalf of certain of its affiliated resorts for a commission. Vacation interest carrying cost, net, is allocated to the Vacation Interest Sales and Financing business segment. | |||||||||||||
Loan Portfolio Expense—Loan portfolio expense includes payroll and administrative costs of the finance operations and credit card processing fees. These costs are expensed as incurred with the exception of contract receivable origination costs, which are capitalized and amortized over the term of the related contracts receivable as an adjustment to interest revenue using the effective interest method in accordance with guidelines issued under ASC 310, “Receivables” ("ASC 310"). These expenses are allocated to the Vacation Interest Sales and Financing business segment, with the exception of a portion of expenses incurred by the in-house collections department, which are allocated to the Hospitality and Management Services business segment. | |||||||||||||
Other Operating Expenses—Other operating expenses include credit card fees incurred by the Company when customers remit down payments associated with a VOI purchase in the form of credit cards and also include certain sales incentives given to customers as motivation to purchase VOIs, all of which are expensed as the related Vacation Interest sales revenue is recognized. These expenses are allocated to the Company's Vacation Interest Sales and Financing business segment. | |||||||||||||
General and Administrative Expense—General and administrative expense includes payroll and benefits, legal, audit and other professional services, costs related to mergers and acquisitions, travel costs, system-related costs and corporate facility expense. These expenses are not allocated to the Company's business segments, but rather are reported under Corporate and Other. | |||||||||||||
Depreciation and Amortization—The Company records depreciation expense in connection with depreciable property and equipment it purchased or acquired, including buildings and leasehold improvements, furniture and office equipment, land improvements and computer software and equipment. In addition, the Company records amortization expense on intangible assets with a finite life acquired by the Company, including management contracts, member relationships, distributor relationships and others. Depreciation and amortization expense is not allocated to the Company's business segments, but rather is reported in Corporate and Other. | |||||||||||||
Interest Expense—Interest expense related to corporate-level indebtedness is reported in Corporate and Other. Interest expense related to the Company's securitizations and consumer loan financings is allocated to the Vacation Interest Sales and Financing business segment. | |||||||||||||
Stock-based Compensation Expense—The Company accounts for the stock-based compensation issued to its employees in accordance with ASC 718, "Compensation - Stock Compensation" ("ASC 718"). For a stock-based award with service-only vesting conditions, the Company measures compensation expense at fair value on the grant date and recognizes this expense in the statement of operations and comprehensive (loss) income over the vesting period during which the grantees provide service in exchange for the award. | |||||||||||||
The Company accounts for its stock-based compensation issued to employees of Hospitality Management and Consulting Service, LLC ("HM&C"), a Nevada limited liability company, and Mr. Lowell D. Kraff, the Vice Chairman of the Board of Directors of DRII (the "Non-Employees," and the stock-based compensation issued to such individuals, the "Non-Employee Grants") in accordance with ASC 505-50, "Equity-Based Payments to Non-Employees." Pursuant to a services agreement that the Company entered into with HM&C effective as of December 31, 2010 (as amended and restated effective as of December 31, 2012, the “HM&C Agreement”), HM&C provides certain services to the Company, including the services of certain executive officers, including Mr. Stephen J. Cloobeck, the Company's founder and Chairman, Mr. David F. Palmer, President and Chief Executive Officer, Mr. C. Alan Bentley, Executive Vice President and Chief Financial Officer, Mr. Howard S. Lanznar, Executive Vice President and Chief Administrative Officer and approximately 54 other employees. See "Note 6—Transactions with Related Parties" for further discussion of HM&C. | |||||||||||||
The fair value of an equity instrument issued to Non-Employees is measured by using the stock price and other measurement assumptions as of the date at the earlier of: (i) a commitment for performance by the grantees has been reached; or (ii) the performance by the grantees is complete. Accordingly, these grants are re-measured at each balance sheet date as additional services are performed. See "Use of Estimates" above for discussions on significant estimates used by the Company to estimate compensation expense related to stock options issued by the Company to its employees and Non-Employees under the 2013 Plan. | |||||||||||||
In accordance with SAB 14, the Company records stock-based compensation to the same line item on the statement of operations and comprehensive income as the grantees' cash compensation. In addition, the Company records stock-based compensation to the same business segment on the statement of operations and comprehensive income as the grantees' cash compensation for segment reporting purposes in accordance with ASC 280, "Segment Reporting." | |||||||||||||
Income Taxes—The Company is subject to income taxes in the U.S. (including federal and state) and numerous foreign jurisdictions in which the Company operates. The Company records income taxes under the asset and liability method, whereby deferred tax assets and liabilities are recognized based on the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis, and attributable to operating loss and tax credit carry forwards. Accounting standards regarding income taxes require a reduction of the carrying amounts of deferred tax assets by a valuation allowance if, based on the available evidence, it is more likely than not that such assets will not be realized. Accordingly, the need to establish valuation allowances for deferred tax assets is assessed periodically based on a more-likely-than-not realization threshold. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the reversal of existing taxable temporary differences, the duration of statutory carry forward periods, the Company's experience with operating loss and tax credit carry forwards not expiring unused, and tax planning alternatives. | |||||||||||||
The Company recorded a deferred tax asset for its net operating losses, a portion of which the use is subject to limitations. As a result of uncertainties regarding the Company’s ability to utilize such net operating loss carry forwards, the Company maintains a valuation allowance against the deferred tax assets attributable to these net operating losses. | |||||||||||||
Accounting standards regarding uncertainty in income taxes provide a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates it is more likely than not that the position will be sustained on examination, based solely on the technical merits. The second step is to measure the tax benefit as the largest amount which is more than 50% likely of being sustained on examination. The Company considers many factors when evaluating and estimating the Company's tax positions and tax benefits, which may require periodic adjustments and which may not accurately anticipate actual outcomes. | |||||||||||||
Cash and Cash Equivalents—Cash and cash equivalents consist of cash, money market funds, and all highly-liquid investments purchased with an original maturity date of three months or less. | |||||||||||||
Cash in Escrow and Restricted Cash—Cash in escrow consists of deposits received on sales of VOIs that are held in escrow until the legal rescission period has expired. Restricted cash consists primarily of reserve cash held for the benefit of the secured note holders including the DROT 2013-2 Notes prefunding account and cash collections on certain mortgages receivable that secure collateralized notes. See "Note 16—Borrowings" for the definition of the DROT 2013-2 Notes. Additionally, in its capacity as resort manager, the Company collects cash on overnight rental operations on behalf of owners and HOAs, which are captioned “Rental trust” in "Note 4—Cash in Escrow and Restricted Cash." | |||||||||||||
Mortgages and Contracts Receivable and Allowance for Loan and Contract Losses—The Company accounts for mortgages (for the financing of previously sold intervals) and contracts receivable (for the financing of points) under ASC 310. | |||||||||||||
Mortgages and contracts receivable that the Company originates or acquires are recorded net of (i) deferred loan and contract costs, (ii) the discount or premium on the acquired mortgage pool and (iii) the related allowance for loan and contract losses. Loan and contract origination costs incurred in connection with providing financing for VOIs are capitalized and amortized over the term of the related mortgages or contracts receivable as an adjustment to interest revenue using the effective interest method. Because the Company currently sells VOIs only in the form of points, the Company originates contracts receivables, and is not currently originating any new mortgages. The Company records a sales provision for estimated mortgage and contracts receivable losses as a reduction to Vacation Interest sales revenue. This provision is calculated as projected gross losses for originated mortgages and contracts receivable, taking into account estimated VOI recoveries. If actual mortgage and contracts receivable losses differ materially from these estimates, the Company's future results of operations may be adversely impacted. | |||||||||||||
The Company applies its historical default percentages based on credit scores of the individual customers to its originated and acquired mortgage and contracts receivable population and evaluates other factors such as economic conditions, industry trends, defaults and past due agings to analyze the adequacy of the allowance. Any adjustments to the allowance for mortgage and contracts receivable loss are recorded within Vacation Interest sales revenue. | |||||||||||||
The Company charges off mortgages and contracts receivable upon the earliest of (i) the completion of cancellation or foreclosure proceedings; or (ii) the customer's account becoming over 180 days delinquent. Once a customer has made six timely payments following the event leading to the charge off, the charge off is reversed. A default in a customer's initial payment results in a rescission of the sale. All collection and foreclosure costs are expensed as incurred. | |||||||||||||
The mortgages and contracts receivable acquired on April 27, 2007 in connection with the Sunterra Corporation acquisition, on August 31, 2010 in connection with the ILX Acquisition, on July 1, 2011 in connection with the Tempus Resorts Acquisition, on May 21, 2012 in connection with the PMR Acquisition, on October 5, 2012 in connection with the Aegean Blue Acquisition and on July 24, 2013 in connection with the Island One Acquisition are each accounted for separately as an acquired pool of loans. Any discount or premium associated with each pool of loans is amortized using an amortization method that approximates the effective interest method. | |||||||||||||
Due from Related Parties, Net and Due to Related Parties, Net—Amounts due from related parties, net, and due to related parties, net consist primarily of transactions with HOAs or Collections for which the Company acts as the management company. See "Note 6— Transactions with Related Parties" for further detail. Due to the fact that the right of offset exists between the Company and the HOAs and the Collections, the Company evaluates amounts due to and from each HOA and Collection at each reporting period to present the balances as either a net due to or a net due from related parties in accordance with the requirements of ASC 210, “Balance Sheet—Offsetting.” | |||||||||||||
Assets Held for Sale—Assets held for sale are recorded at the lower of cost or their estimated fair value less costs to sell and are not subject to depreciation. Sale of the assets classified as such is probable, and transfer of the assets is expected to qualify for recognition as a completed sale, generally within one year of the balance sheet date. | |||||||||||||
Unsold Vacation Interests, Net—Unsold VOIs are valued at the lower of cost or fair market value. The cost of unsold VOIs includes acquisition costs, hard and soft construction costs (which are comprised of architectural and engineering costs incurred during construction), the cost incurred to recover inventory and other carrying costs (including interest, real estate taxes and other costs incurred during the construction period). The costs capitalized for recovered intervals differ based on a variety of factors, including the method of recovery and the timing of the original sale or loan origination. Costs are expensed to Vacation Interest cost of sales under the relative sales value method described above. In accordance with ASC 978, under the relative sales value method, cost of sales is calculated as a percentage of Vacation Interest sales revenue using a cost-of-sales percentage ratio of total estimated development costs to total estimated Vacation Interest sales revenue, including estimated future revenue and incorporating factors such as changes in prices and the recovery of VOIs (generally as a result of maintenance fee and contracts receivable defaults). In accordance with ASC 978, the selling, marketing and administrative costs associated with any sale, whether the original sale or subsequent resale of recovered inventory, are expensed as incurred. | |||||||||||||
In accordance with ASC 978, on a quarterly basis, the Company recalculates the total estimated Vacation Interest sales revenue and total estimated costs. The effects of changes in these estimates are accounted for as a current period adjustment so that the balance sheet at the end of the period of change and the accounting in subsequent periods are as they would have been if the revised estimates had been the original estimates. These adjustments can be material. | |||||||||||||
In North America, the Company capitalizes all maintenance fees and assessments paid to the HOAs and the Collections related to the inventory recovery agreements into unsold Vacation Interests, net for the first two years of a member's maintenance fee delinquency. Following this two-year period, all assessments and maintenance fees paid under these agreements are expensed in Vacation Interest carrying cost, net. No entry is recorded upon the recovery of the delinquent inventory. | |||||||||||||
In Europe, the Company enters into informal inventory recovery arrangements similar to those in North America with the majority of the HOAs and the European Collection. Accordingly, the Company capitalizes all maintenance fees and assessments paid to the HOAs and the European Collection related to the inventory recovery arrangements into due from related parties-net for the first two years of a member's maintenance fee delinquency. Following this two-year period, all assessments and maintenance fees paid under these arrangements are expensed in Vacation Interest carrying cost, net. Once the delinquent inventory is recovered, the Company reclassifies the amounts capitalized in due from related parties, net to unsold Vacation Interests, net. | |||||||||||||
Goodwill—Goodwill represents the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. The Company does not amortize goodwill, but rather evaluates goodwill for potential impairment on an annual basis or at other times during the year if events or circumstances indicate that it is more likely than not that the fair value of a reporting unit, as defined in ASC 350-20, "Intangibles—Goodwill" ("ASC 350"), is below the carrying amount. | |||||||||||||
Goodwill is tested using a two-step process. The first step of the goodwill impairment assessment, used to identify potential impairment, compares the fair value of a reporting unit with its carrying amount, including goodwill ("net book value"). If the fair value of a reporting unit exceeds its net book value, goodwill of the reporting unit is considered not impaired, thus the second step of the impairment test is unnecessary. If net book value of a reporting unit exceeds its fair value, the second step of the goodwill impairment test will be performed to measure the amount of impairment loss, if any. The second step of the goodwill impairment assessment, used to measure the amount of impairment loss, if any, compares the implied fair value of reporting unit goodwill, which is determined in the same manner as the amount of goodwill recognized in a business combination, with the carrying amount of that goodwill. If the carrying amount of reporting unit goodwill exceeds the implied fair value of that goodwill, an impairment loss shall be recognized in an amount equal to that excess. | |||||||||||||
Intangible assets—Definite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives. Management contracts have estimated useful lives ranging from five to 25 years. Membership relationships and distributor relationships have estimated useful lives ranging from three to 30 years. | |||||||||||||
The Company reviews definite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the sum of the estimated future cash flows expected to result from the use and eventual disposition of an asset is less than its net book value, an impairment loss is recognized. Measurement of an impairment loss is based on the fair value of the asset. | |||||||||||||
Foreign Currency Translation—Assets and liabilities in foreign locations are translated into U.S. dollars using rates of exchange in effect at the end of the reporting period. Income and expense accounts are translated into U.S. dollars using average rates of exchange. The net gain or loss is shown as a translation adjustment and is included in other comprehensive income in the consolidated statement of operations and comprehensive income (loss). Holding gains and losses from foreign currency transactions are also included in the consolidated statement of operations and comprehensive income (loss). | |||||||||||||
Other Comprehensive Income (Loss)—Other comprehensive income (loss) includes all changes in equity from non-owner sources such as foreign currency translation adjustments and changes in accumulated obligation under the Company's defined benefit plan. See "Note 25—Employee Benefit Plans" for further information on the Company's defined benefit plan. The Company accounts for other comprehensive income (loss) in accordance with ASC 220, “Comprehensive Income.” | |||||||||||||
Recently Issued Accounting Pronouncements | |||||||||||||
In July 2013, the FASB issued ASU No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. ASU 2013-11 clarifies the balance sheet presentation of such items and is applicable to all entities that have an unrecognized tax benefit due to a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. The ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The Company believes that the adoption of this update will primarily result in increased disclosures. | |||||||||||||
In January 2014. the FASB issued ASU No. 2014-04, Receivables - Troubled Debt Restructurings by Creditors | |||||||||||||
(Subtopic 310-40)—Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure | |||||||||||||
("ASU 2014-04"). ASU 2014-04 clarifies when a creditor should be considered to have received physical possession of | |||||||||||||
residential real estate property collateralizing a consumer mortgage loan such that the loan should be derecognized and the real | |||||||||||||
estate recognized. ASU 2014-04 is effective for public business entities for annual periods and interim periods within those | |||||||||||||
annual periods beginning after December 15, 2014. The Company will adopt ASU 2014-04 as of its interim period ending March 31, 2014. The Company believes that the adoption of this update will not have a material impact on its financial statements. |
Concentrations_of_Risk
Concentrations of Risk | 12 Months Ended |
Dec. 31, 2013 | |
Concentrations of Risk [Abstract] | ' |
Concentrations of Risk | ' |
Concentrations of Risk | |
Credit Risk—The Company is exposed to on-balance sheet credit risk related to its mortgages and contracts receivable. The Company offers financing to the buyers of VOIs at the Company’s resorts. The Company bears the risk of defaults on promissory notes delivered to it by buyers of VOIs. If a buyer of VOIs defaults, the Company generally attempts to resell such VOIs by exercise of a power of sale. The associated marketing, selling, and administrative costs from the original sale are not recovered, and such costs must be incurred again to resell the VOIs. Although in many cases the Company may have recourse against a buyer of VOIs for the unpaid price, certain states have laws that limit the Company’s ability to recover personal judgments against customers who have defaulted on their loans. Accordingly, the Company has generally not pursued this remedy. | |
The Company maintains cash, cash equivalents, cash in escrow, and restricted cash with various financial institutions. These financial institutions are located throughout North America, Europe, Mexico and the Caribbean. A significant portion of the our cash is maintained with a select few banks and is, accordingly, subject to credit risk. Periodic evaluations of the relative credit standing of financial institutions maintaining the deposits are performed to evaluate and mitigate, if necessary, any credit risk. | |
Availability of Funding Sources—The Company has historically funded mortgages and contracts receivable and unsold Vacation Interests with borrowings through its financing facilities, sales of mortgages and contracts receivable and internally generated funds. Borrowings are in turn repaid with the proceeds received by the Company from repayments of such mortgages and contracts receivable. To the extent that the Company is not successful in maintaining or replacing existing financings, it would have to curtail its sales and marketing operations or sell assets, thereby resulting in a material adverse effect on the Company’s results of operations, cash flows and financial condition. | |
Geographic Concentration—Currently, portions of the Company's consumer loan portfolio are concentrated in certain geographic regions within the U.S. As of December 31, 2013, the Company's loans to California, Arizona and Florida residents constituted 28.6%, 8.9% and 5.9%, respectively, of the consumer loan portfolio. The deterioration of the economic condition and financial well-being of the regions in which the Company has significant loan concentrations such as California, Arizona or Florida, could adversely affect its consumer loan portfolio, business and results of operations. No other state or foreign country concentration accounted for in excess of 5.0% of the portfolio. The credit risk inherent in such concentrations is dependent upon regional and general economic stability, which affects property values and the financial well-being of the borrowers. | |
Interest Rate Risk—Since a portion of the Company’s indebtedness bears interest at variable rates, any increase in interest rates beyond amounts covered under the Company’s interest rate cap agreements or swap agreements, particularly if sustained, could have a material adverse effect on the Company’s results of operations, cash flows and financial position. | |
The Company derives net interest income from its financing activities because the interest rates it charges its customers who finance the purchase of their VOIs exceed the interest rates the Company pays to its lenders. Since the Company’s customer receivables generally bear interest at fixed rates, increases in interest rates will erode the spread in interest rates that the Company has historically obtained. | |
Between July 2010 and December 2012, the Company entered into a series of interest rate cap agreements (the "2010 and 2012 Cap Agreements") to manage its exposure to interest rate increases. | |
The 2010 and 2012 Cap Agreements expired on July 20, 2013. On July 20, 2013, as required by the Conduit Facility (see "Note 16—Borrowings" for the definition of the Conduit Facility), the Company entered into an interest rate swap agreement with a notional amount of $55.0 million (the “July 2013 Swap”) that was scheduled to mature on July 20, 2023 to manage its exposure to the fluctuation in interest rates. The Company paid interest at a fixed rate of 2.18% based on a floating notional amount according to a pre-determined amortization schedule and received interest based on three-month floating LIBOR. | |
On August 20, 2013, as required by the Conduit Facility, the Company entered into an interest rate swap agreement with a notional amount of $35.0 million (the “August 2013 Swap”) that was scheduled to mature on August 20, 2023 to manage its exposure to the fluctuation in interest rates. The Company paid interest at a fixed rate of 2.42% based on a floating notional amount according to a pre-determined amortization schedule and received interest based on three-month floating LIBOR. | |
On November 20, 2013, the July 2013 Swap and August 2013 Swap were terminated concurrent with the paydown of the Conduit Facility. A portion of the proceeds from the DROT 2013-2 Notes (see "Note 16—Borrowings" for the definition of the DROT 2013-2 Notes) were used to pay off the then-outstanding balance on the Conduit Facility and the amounts due under the July 2013 Swap and August 2013 Swap. |
Cash_in_Escrow_and_Restricted_
Cash in Escrow and Restricted Cash | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Cash in Escrow and Restricted Cash [Abstract] | ' | ||||||||
Restricted Cash and Cash Equivalents | ' | ||||||||
Cash in Escrow and Restricted Cash | |||||||||
Cash in escrow and restricted cash consisted of the following as of December 31 (in thousands): | |||||||||
2013 | 2012 | ||||||||
Securitization and Funding Facilities collection and reserve cash | $ | 49,987 | $ | 15,416 | |||||
Collected on behalf of HOAs and other | 17,091 | 11,617 | |||||||
Escrow | 11,887 | 8,134 | |||||||
Rental trust | 11,131 | 6,040 | |||||||
Bonds and deposits | 2,135 | 1,104 | |||||||
Total cash in escrow and restricted cash | $ | 92,231 | $ | 42,311 | |||||
Securitization and Funding Facilities collection and reserve cash contains reserve cash held for the benefit of the | |||||||||
secured note holders and cash collections on certain mortgages receivable that secure collateralized notes. This increased significantly during the year ended December 31, 2013 due to the completion of the DROT 2013-1 Notes, the Tempus 2013 Notes and the DROT 2013-2 Notes. See "Note 16—Borrowings" for the definition of and further detail on these borrowings. |
Mortgages_and_Contracts_Receiv
Mortgages and Contracts Receivable and Allowance for Loan and Contract Losses | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Financing Receivable, Net [Abstract] | ' | ||||||||||||||
Mortgages and Contracts Receivable and Allowance for Loan and Contract Losses | ' | ||||||||||||||
Mortgages and Contracts Receivable and Allowance for Loan and Contract Losses | |||||||||||||||
The Company provides financing to purchasers of VOIs at North American and St. Maarten sales centers that is collateralized by their VOIs. Eligibility for this financing is determined based on the customers’ FICO credit scores. As of December 31, 2013, the mortgages and contracts receivable bore interest at fixed rates between 0.0% and 18.0%. The term of the mortgages and contracts receivable are from one year to 15 years and may be prepaid at any time without penalty. The weighted average interest rate of outstanding mortgages and contracts receivable was 15.1% and 15.7% as of December 31, 2013 and December 31, 2012, respectively. | |||||||||||||||
The Company charges off mortgages and contracts receivable upon the earliest of (i) the completion of cancellation or foreclosure proceedings; or (ii) the customer's account becoming over 180 days delinquent. Once a customer has made six timely payments following the event leading to the charge-off, the charge-off is reversed. A default in a customer's initial payment results in a rescission of the sale. All collection and foreclosure costs are expensed as incurred. Mortgages and contracts receivable between 90 and 180 days past due as of December 31, 2013 and December 31, 2012 were 2.5% and 2.6%, respectively, of gross mortgages and contracts receivable. | |||||||||||||||
Mortgages and contracts receivable originated by the Company are recorded net of deferred loan and contract origination costs, and the related allowance for loan and contract losses. Loan and contract origination costs incurred in connection with providing financing for VOIs are capitalized and amortized over the estimated life of the mortgages or contracts receivable based on historical prepayments as a decrease to interest revenue using the effective interest method. Amortization of deferred loan and contract origination costs charged to interest revenue was $5.4 million, $3.3 million and $2.8 million for the years ended December 31, 2013, 2012, and 2011, respectively. | |||||||||||||||
The Company recorded a $3.3 million discount on the mortgage pool acquired on April 27, 2007 in connection with the Sunterra Merger, which is being amortized over the life of the related acquired mortgage pool. As of December 31, 2013 and December 31, 2012, the net unamortized discount on this acquired mortgage pool was $0.2 million and $0.3 million, respectively. During the years ended December 31, 2013, 2012 and 2011, the Company recorded amortization of $0.1 million, $0.2 million and $0.3 million, respectively, as an increase to interest revenue. | |||||||||||||||
The Company recorded a $0.8 million premium on the purchased Mystic Dunes mortgage pool that was part of the Tempus Resorts Acquisition and was amortized over the life of the related acquired mortgage pool. This premium was fully amortized during the year ended December 31, 2013 as a result of the loans being sold as part of the Tempus 2013 Notes (see "Note 16—Borrowings" for the definition of the Tempus 2013 Notes). As of December 31, 2013 and 2012, the net unamortized premium was $0 and $0.5 million, respectively. During the years ended December 31, 2013, 2012 and 2011, amortization of $0.5 million, $0.2 million and $1.1 million, respectively, was recorded as a decrease to interest revenue. | |||||||||||||||
The Company recorded a $0.1 million premium on May 21, 2012 on the mortgage pool purchased in the PMR Acquisition and was fully amortized during the year ended December 31, 2013. As of December 31, 2013 and December 31, 2012, the net unamortized premium was $0 and $0.1 million, respectively. During the year ended December 31, 2013, amortization of $0.1 million was recorded as a decrease to interest revenue. During the year ended December 31, 2012, amortization of a de minimis amount was recorded as a decrease to interest revenue. | |||||||||||||||
The Company recorded a $0.6 million premium on July 24, 2013 on the mortgage pool purchased in the Island One Acquisition and is being amortized over the life of the related acquired mortgage pool. As of December 31, 2013, the net unamortized premium was $0.5 million. During the year ended December 31, 2013, amortization of $0.1 million was recorded as a decrease to interest revenue. | |||||||||||||||
Mortgages and contracts receivable, net, consisted of the following as of December 31 (in thousands): | |||||||||||||||
2013 | 2012 | ||||||||||||||
Mortgages and contracts receivable, acquired — the Sunterra Merger | $ | 18,481 | $ | 30,721 | |||||||||||
Mortgages and contracts receivable, contributed | 443 | 1,337 | |||||||||||||
Mortgages and contracts receivable, originated | 417,595 | 290,264 | |||||||||||||
Mortgages and contracts receivable, purchased | 58,790 | 64,932 | |||||||||||||
Mortgages and contracts receivable, gross | 495,309 | 387,254 | |||||||||||||
Allowance for loan and contract losses | (105,590 | ) | (83,784 | ) | |||||||||||
Deferred profit on Vacation Interest transactions | (2,197 | ) | (6,113 | ) | |||||||||||
Deferred loan and contract origination costs, net of accumulated amortization | 8,223 | 4,810 | |||||||||||||
Inventory value of defaulted mortgages that were previously contributed or acquired | 9,411 | 10,512 | |||||||||||||
Premium on mortgages and contracts receivable, net of accumulated amortization | 515 | 564 | |||||||||||||
Discount on mortgages and contracts receivable, net of accumulated amortization | (217 | ) | (311 | ) | |||||||||||
Mortgages and contracts receivable, net | $ | 405,454 | $ | 312,932 | |||||||||||
As of December 31, 2013 and 2012, $404.2 million and $340.4 million, respectively, of the gross amount of mortgages and contracts receivable were collateralized against the Company’s various debt instruments included in "Securitization notes and Funding Facilities" in the accompanying consolidated balance sheets. See "Note 16—Borrowings" for further detail. | |||||||||||||||
Deferred profit on Vacation Interest transactions represents the revenues less the related direct costs (sales commissions, sales incentives, cost of sales and allowance for loan losses) related to sales that do not qualify for revenue recognition under the provisions of ASC 978. See "Note 2—Summary of Significant Accounting Policies" for a description of revenue recognition criteria. | |||||||||||||||
Inventory value of defaulted mortgages that were previously contributed and acquired represents the inventory underlying mortgages that have defaulted. Upon recovery of the inventory, the value is transferred to unsold Vacation Interests, net. | |||||||||||||||
The following reflects the contractual principal maturities of originated and acquired mortgages and contracts receivable as of December 31 (in thousands): | |||||||||||||||
2014 | $ | 43,680 | |||||||||||||
2015 | 46,627 | ||||||||||||||
2016 | 47,893 | ||||||||||||||
2017 | 48,058 | ||||||||||||||
2018 | 47,255 | ||||||||||||||
2019 and thereafter | 261,796 | ||||||||||||||
$ | 495,309 | ||||||||||||||
Activity in the allowance for loan and contract losses associated with mortgages and contracts receivable for the years ended December 31, 2013 and 2012 is as follows (in thousands): | |||||||||||||||
2013 | 2012 | ||||||||||||||
Balance, beginning of period | $ | 83,784 | $ | 94,478 | |||||||||||
Provision for uncollectible Vacation Interest sales revenue | 43,133 | 26,539 | (a) | ||||||||||||
Provision (adjustment) for purchased portfolios | 3,982 | (7,205 | ) | ||||||||||||
Mortgages and contracts receivable charged off | (28,882 | ) | (37,297 | ) | |||||||||||
Recoveries | 3,568 | 7,250 | |||||||||||||
Effect of translation rate | 5 | 19 | |||||||||||||
Balance, end of period | $ | 105,590 | $ | 83,784 | |||||||||||
_____________ | |||||||||||||||
(a) The provision for uncollectible Vacation Interest sales revenue in the table above showing activity in the allowance for loan and contract losses associated with mortgages and contracts receivable is exclusive of ASC 978 adjustments related to deferred revenue, as well as adjustments for the rescission period required under applicable law. The ASC 978 adjustments increased the provision for uncollectible Vacation Interest sales revenue by $0.9 million for the year ended December 31, 2013 and decreased the provision by $0.7 million for the year ended December 31, 2012. The adjustments for the rescission period increased the provision for uncollectible Vacation Interest sales revenue by $0.6 million for the year ended December 31, 2013 and decreased the provision by $0.4 million for the year ended December 31, 2012. | |||||||||||||||
A summary of credit quality as of December 31, 2013 and 2012 is as follows (in thousands): | |||||||||||||||
FICO Scores | 2013 | % | 2012 | % | |||||||||||
>799 | $ | 45,235 | 9 | % | $ | 31,199 | 8 | % | |||||||
700 – 799 | 237,557 | 48 | % | 181,456 | 47 | % | |||||||||
600 – 699 | 152,601 | 31 | % | 127,423 | 33 | % | |||||||||
<600 | 24,076 | 5 | % | 24,686 | 6 | % | |||||||||
No FICO Scores | 35,840 | 7 | % | 22,490 | 6 | % | |||||||||
$ | 495,309 | 100 | % | $ | 387,254 | 100 | % | ||||||||
The Company captures FICO credit scores when each loan is underwritten. FICO credit score information is updated annually and was last updated as of March 31, 2013 for then-existing mortgages and contracts receivable. The "No FICO Scores" category in the table above is primarily comprised of customers who live outside of the U.S. |
Transactions_with_Related_Part
Transactions with Related Parties | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Transactions with Related Parties [Abstract] | ' | ||||||||
Related Party Transactions Disclosure [Text Block] | ' | ||||||||
Note 6 | — Transactions with Related Parties | ||||||||
Due from Related Parties, Net, and Due to Related Parties, Net | |||||||||
Amounts due from related parties, net, and due to related parties, net, consist primarily of transactions with HOAs or Collections for which the Company acts as the management company. Due from related parties, net, transactions include (i) management fees for the Company’s role as the management company; (ii) certain expenses reimbursed by HOAs and Collections; (iii) the allocation of a portion of the Company’s Vacation Interest carrying costs, management and member services, consolidated resort operations; and (iv) loan portfolio and general and administrative expenses according to a pre-determined schedule approved by the board of directors at each HOA and Collection. Due to related parties, net, transactions include (i) the amounts due to HOAs under inventory recovery agreements the Company enters into regularly with certain HOAs and similar agreements with the Collections pursuant to which the Company recaptures VOIs, either in the form of vacation points or vacation intervals, and brings them into the Company’s inventory for sale to customers; (ii) the maintenance fee and assessment fee liability owed to HOAs for intervals or to the Collections for points owned by the Company (this liability is recorded on January 1 of each year for the entire amount of annual maintenance and assessment fees and is relieved throughout the year by the payments remitted to the HOAs and the Collections; these maintenance and assessment fees are also recorded as prepaid expenses and other assets in the accompanying consolidated balance sheets and amortized ratably over the year); (iii) cleaning fees owed to the HOAs for room stays incurred by the Company’s customers; (iv) subsidy liabilities according to a developer guarantee at a resort; in addition, the Company carries subsidy liabilities owed to certain HOAs to fund the negative cash flows at these HOAs according to certain subsidy agreements which have been terminated; and (v) miscellaneous transactions with other non-HOA related parties. | |||||||||
Amounts due from related parties and due to related parties, some of which are due on demand, carry no interest. Due to the fact that the right of offset exists between the Company and the HOAs and the Collections, the Company evaluates amounts due to and from each HOA and Collection at each reporting period to present the balances as either a net due to or a net due from related parties for each HOA and Collection in accordance with the requirements of ASC 210, "Balance Sheet— Offsetting." | |||||||||
Due from related parties, net, consisted of the following as of December 31 (in thousands): | |||||||||
2013 | 2012 | ||||||||
Amounts due from HOAs | $ | 36,957 | $ | 13,346 | |||||
Amounts due from Collections | 7,938 | 8,970 | |||||||
Amounts due from other | 1,367 | 679 | |||||||
Total due from related parties, net | $ | 46,262 | $ | 22,995 | |||||
Due to related parties, net, consisted of the following as of December 31 (in thousands): | |||||||||
2013 | 2012 | ||||||||
Amounts due to HOAs | $ | 16,032 | $ | 33,441 | |||||
Amounts due to Collections | 28,381 | 30,563 | |||||||
Amounts due to other | 231 | 200 | |||||||
Total due to related parties, net | $ | 44,644 | $ | 64,204 | |||||
In connection with the Island One Acquisition and the PMR Service Companies Acquisition, the Company acquired $2.8 million and $0.1 million, respectively, in amounts due from HOAs based on a preliminary appraisal. See "Note 24—Business Combinations" for further details. | |||||||||
Inventory Recovery Agreements | |||||||||
The Company entered into inventory recovery agreements with substantially all HOAs for its managed resorts in North America and similar arrangements with all of the Collections and a majority of its European managed resorts, pursuant to which it recaptures VOIs, either in the form of points or intervals, and brings them into its inventory for sale to customers. Under these agreements, the Company is required to pay maintenance and assessment fees to the HOAs and Collections, including any past due amounts, for any VOIs that it has recovered. These agreements automatically renew for additional one-year terms unless expressly terminated by either party in advance of the agreement expiration period. | |||||||||
Such agreements contain provisions for the Company to utilize the VOIs associated with such maintenance fees and to reclaim such VOIs in the future. Each agreement provides for an initial June 30 settlement date and adjustments thereafter for owners that become current subsequent to the June 30 settlement date. | |||||||||
Management Services | |||||||||
Included within the amounts reported as management and member services revenue are revenues from resort management services provided to the HOAs, which totaled $44.6 million, $37.9 million and $33.2 million for the years ended December 31, 2013, 2012 and 2011, respectively. See "Note 1—Background, Business and Basis of Presentation" above for detail of these services performed. | |||||||||
Also included within the amount reported as management and member services revenue are revenues earned from managing the Collections. These amounts total $37.5 million, $30.3 million and $23.8 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||
Guggenheim Relationship | |||||||||
Two members of the Company's board, Messrs. Zachary Warren and Scott Minerd, are principals of Guggenheim | |||||||||
Partners, LLC ("Guggenheim"), an affiliate of the DRP Holdco, LLC (the "Guggenheim Investor"), a significant investor in the | |||||||||
Company. Pursuant to an agreement with the Company, Guggenheim has the right to appoint two members to the Company's board, subject to certain security ownership thresholds, and Messrs. Warren and Minerd serve as members of the Company's board as the appointees of Guggenheim. | |||||||||
In connection with the amendment and restatement of the Company's Conduit Facility on April 11, 2013, an affiliate of Guggenheim became a commercial paper conduit for the Conduit Facility. Also, another affiliate of Guggenheim is currently an investor in the Company's DROT 2011 Notes and Senior Secured Notes. See "Note 16—Borrowings" for the definition of and more detail regarding these borrowings. | |||||||||
On July 1, 2011, the Company completed the Tempus Resorts Acquisition. In order to fund the Tempus Resorts Acquisition, Tempus Acquisition, LLC entered into the Tempus Acquisition Loan with Guggenheim Corporate Funding, LLC. See "Note 16—Borrowings" for the definition of and more detail on the Tempus Acquisition Loan. On July 24, 2013, the outstanding principal balance under the Tempus Acquisition Loan, along with accrued and unpaid interest and exit fees, was paid off in full using an aggregate of $50.0 million in proceeds from the IPO. | |||||||||
During the years ended December 31, 2013, 2012 and 2011, Tempus Acquisition, LLC made an aggregate of approximately $2.4 million, $4.2 million and $2.0 million, respectively, in interest payments, approximately $2.7 million, $0 and $0, respectively, in exit fee payments and approximately $52.8 million, $9.3 million and $0, respectively, in principal payments on the Tempus Acquisition Loan. | |||||||||
In connection with the funding of the Tempus Acquisition Loan pursuant to the Loan and Security Agreement, dated as of June 30, 2011, among Tempus Acquisition, LLC, the lenders party thereto and Guggenheim Corporate Funding, LLC, which was entered into in connection with the Tempus Resorts Acquisition, the Company issued a warrant (the “Tempus Warrant”) to Guggenheim Corporate Funding, LLC, as administrative agent, for the benefit of the lenders, pursuant to a Warrant Agreement, between the Company and Guggenheim Corporate Funding, LLC. In connection with the Company's payoff of the Tempus Acquisition Loan in full on July 24, 2013, the Tempus Warrant was canceled for no consideration consistent with the terms of the Tempus Acquisition Loan and Security Agreement. See "Note 16—Borrowings" for further detail. | |||||||||
On May 21, 2012, the Company completed the PMR Acquisition. In order to fund the PMR Acquisition, DPMA entered into the PMR Acquisition Loan with Guggenheim Corporate Funding, LLC. See "Note 16—Borrowings" for the definition of and more detail on the PMR Acquisition Loan. On July 24, 2013, the outstanding principal balance under the PMR Acquisition Loan, along with accrued and unpaid interest and exit fees, was paid off in full using an aggregate of $62.1 million in proceeds from the IPO. | |||||||||
During the years ended December 31, 2013 and 2012, DPMA made an aggregate of approximately $3.4 million and $3.9 million, respectively, in interest payments, approximately $3.1 million and $0 in exit fee payments and approximately $64.6 million and $5.0 million, respectively, in principal payments on the PMR Acquisition Loan. | |||||||||
In connection with the funding of the PMR Acquisition Loan pursuant to the Loan and Security Agreement, dated as of May 21, 2012, among DPMA, the lenders party thereto and Guggenheim Corporate Funding, LLC, which was entered into in connection with the PMR Acquisition, the Company issued a warrant (the “PMR Warrant”) to Guggenheim Corporate Funding, LLC, as administrative agent, for the benefit of the lenders, pursuant to a Warrant Agreement, between the Company and Guggenheim Corporate Funding, LLC. In connection with the Company's payoff of the PMR Acquisition Loan in full on July 24, 2013, the PMR Warrant was canceled for no consideration consistent with the terms of the PMR Acquisition Loan and Security Agreement. See "Note 16—Borrowings" for further detail. | |||||||||
On September 27, 2013, the Company paid approximately $10.3 million to repurchase warrants to purchase shares of common stock of DRC and, substantially concurrently therewith, the Company borrowed approximately $15.0 million under the Revolving Credit Facility. An affiliate of Guggenheim was the holder of one of these warrants and received approximately $2.8 million in connection with such repurchase. See "Note 16—Borrowings" for definitions of, and more detail on, the Revolving Credit Facility. | |||||||||
HM&C Management Services Agreement | |||||||||
Pursuant to the HM&C Agreement, HM&C provides two categories of management services to the Company: (i) executive and strategic oversight of the services that the Company provides to HOAs and the Collections through the Company’s hospitality and management services operations, for the benefit of the Company and of the HOAs and the Collections, or HOA Management Services; and (ii) executive, corporate and strategic oversight of the Company’s operations and certain other administrative services. HM&C provides the Company with services of Mr. Cloobeck, the Company's three executive officers and approximately 54 other employees (including Sheldon Cloobeck, the father of Mr. Cloobeck), each of whom devotes his or her full business time and attention to the Company. HM&C is entitled to receive (i) an annual management fee for providing HOA Management Services; (ii) an annual management fee for providing corporate management services; (iii) an annual incentive payment based on performance metrics determined by the board of directors of the Company, subject to certain minimum amounts set forth in the HM&C Agreement, and (iv) reimbursement of HM&C's expenses incurred in connection with the activities provided under the HM&C Agreement. The HM&C Agreement also provides for the payment of additional fees to HM&C as and when agreed by the Company and HM&C in the event HM&C provides certain additional services to the Company for the benefit of HOAs or the Collections or in connection with any acquisitions, financing transactions or other significant transactions undertaken by the Company or its subsidiaries. For the years ended December 31, 2013, 2012 and 2011, the Company incurred $28.1 million, $19.2 million and $16.2 million, respectively, in management fees, incentive payments and expense reimbursements in connection with the HM&C Agreement. The HM&C Agreement has a term that is currently set to expire on December 31, 2015, and thereafter automatically renews for successive annual periods unless terminated by the Company or HM&C. | |||||||||
As of December 31, 2013 and 2012, the Company owed HM&C $7.3 million and $4.0 million, respectively, in unpaid and accrued fees related to services performed. | |||||||||
Aircraft Lease | |||||||||
In January 2012, the Company entered into an Aircraft Lease Agreement with N702DR, LLC, a limited liability company of which Mr. Cloobeck is a beneficial owner and a controlling party. Pursuant to this lease agreement, the Company leases an aircraft from N702DR, LLC and paid N702DR, LLC $2.4 million pursuant to this lease agreement for each of the years ended December 31, 2013 and 2012. | |||||||||
Praesumo Agreement | |||||||||
In June 2009, the Company entered into an Engagement Agreement for Individual Independent Contractor with Praesumo Partners, LLC, a limited liability company of which Mr. Kraff is a beneficial owner and a controlling party. Pursuant to this engagement agreement, Praesumo provides Mr. Kraff as an independent contractor to the Company to provide, among other things, acquisition, development and finance consulting services. In September 2013, the agreement was renewed for an additional one-year term, expiring August 31, 2014. In consideration of these services provided pursuant to this agreement, the Company paid to Praesumo Partners, LLC, in the aggregate, $2.0 million, $1.8 million and $3.4 million, in fees and expense reimbursements during the years ended December 31, 2013, 2012 and 2011, respectively. This amount does not include certain travel-related costs paid directly by the Company. In addition, the Company also paid Praesumo $4.1 million related to the recapitalization transaction in July 2011. | |||||||||
Luumena | |||||||||
Mr. Kraff is also a beneficial owner of Luumena, LLC, which provides digital media services. The Company paid Luumena, LLC $0.2 million, $0.8 million and $0.4 million during the years ended December 31, 2013, 2012 and 2011, respectively. The contract with Luumena expired on March 31, 2013 and the Company elected not to renew it. | |||||||||
Technogistics | |||||||||
Mr. Kraff was also a beneficial owner of Technogistics, LLC, which provides direct marketing services. The Company paid Technogistics, LLC $1.6 million and $1.9 million and $1.3 million during the years ended December 31, 2013, 2012 and 2011, respectively. Effective January 1, 2014, Mr. Kraff was no longer affiliated with Technogistics, LLC. | |||||||||
Trivergance Business Resources | |||||||||
Mr. Kraff was also a beneficial owner of Trivergance Business Resources, LLC. Commencing on January 1, 2013, Trivergance Business Resources, LLC began providing promotional, product placement, marketing, public relations and branding services to us, including the development of a new consumer marketing website. The Company paid Trivergance Business Resources, LLC $1.0 million during the year ended December 31, 2013. Effective January 1, 2014, Mr. Kraff was no longer affiliated with Trivergance Business Resources, LLC. | |||||||||
Mackinac Partners | |||||||||
Since September 2008, Mr. C. Alan Bentley has served in various officer capacities, including as Executive Vice President, and as a director, of certain subsidiaries of Diamond LLC. In January 2013, Mr. Bentley was named Executive Vice President and Chief Financial Officer. Mr. Bentley is also a partner of Mackinac Partners, LLC, a financial advisory firm that provides consulting services to the Company. The services provided by Mackinac Partners, LLC to the Company include advisory services relating to mergers and acquisitions, capital formation and corporate finance, litigation support, interim management services relating to the Company's European subsidiary, and restructuring of certain subsidiaries. In addition to these services, which Mackinac Partners, LLC provides at hourly rates, Mackinac Partners, LLC also provides to the Company strategic advisory services of one of its managing partners at a rate of $66,667 per month. For the years ended December 31, 2013, 2012 and 2011, the Company paid a total of $2.2 million, $5.0 million and $3.8 million, respectively, in fees and expense reimbursements to Mackinac Partners, LLC for a variety of consulting services provided to us. | |||||||||
Katten Muchin Rosenman LLP | |||||||||
Mr. Howard S. Lanznar, who joined the Company as the Executive Vice President and Chief Administrative Officer in September 2012, is a partner of the law firm of Katten Muchin Rosenman LLP. Additionally, Richard M. Daley, who is a member of the Board of Directors of the Company, is Of Counsel at Katten Muchin Rosenman LLP. Katten Muchin Rosenman LLP renders legal services to the Company and serves as its counsel. The Company paid fees of $7.0 million and $4.0 million to Katten Muchin Rosenman LLP during years ended December 31, 2013 and 2012, respectively. |
Other_Receivables_Net
Other Receivables, Net | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Receivables [Abstract] | ' | ||||||||
Other Receivables, Net | ' | ||||||||
Other Receivables, Net | |||||||||
Other receivables, net, consisted of the following as of December 31 (in thousands): | |||||||||
2013 | 2012 | ||||||||
Club dues receivable, net of allowance of $16,888 and $15,034, respectively | $ | 29,418 | $ | 22,012 | |||||
Receivables related to Mini-vacation and Sampler Packages, net of allowance of $954 and $427, respectively | 11,844 | 9,512 | |||||||
Mortgage and contracts interest receivable | 5,025 | 4,398 | |||||||
Rental receivables and other resort management-related receivables, net of allowance of $806 and $1,210, respectively | 3,595 | 2,935 | |||||||
Tax refund receivable | 2,274 | 2,239 | |||||||
Owner maintenance fee receivable, net of allowance of $3,622 and $2,993, respectively | 116 | 2,230 | |||||||
Insurance claims receivable | 96 | 54 | |||||||
Other receivables | 2,220 | 2,669 | |||||||
Total other receivables, net | $ | 54,588 | $ | 46,049 | |||||
In connection with the Island One Acquisition and the PMR Service Companies Acquisition, the Company acquired $1.8 million and $1.4 million, respectively, in other receivables primarily related to Florida Club Connection dues receivable and amounts due from the PMR Service Companies, respectively, based on a preliminary appraisal. See "Note 24—Business Combinations" for further details. |
Prepaid_Expenses_and_Other_Ass
Prepaid Expenses and Other Assets, Net | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | ||||||||
Prepaid Expenses and Other Assets, Net | ' | ||||||||
repaid expenses and other assets, net, consisted of the following as of December 31 (in thousands): | |||||||||
2013 | 2012 | ||||||||
Debt issuance costs, net | $ | 20,086 | $ | 22,143 | |||||
Deferred commissions | 13,153 | 8,881 | |||||||
Vacation Interest purchases in transit | 12,495 | 3,262 | |||||||
Deposits and advances | 4,068 | 3,848 | |||||||
Other inventory or consumables | 3,028 | 3,299 | |||||||
Prepaid insurance | 2,359 | 2,382 | |||||||
Prepaid maintenance fees | 2,501 | 4,208 | |||||||
Prepaid member benefits and affinity programs | 2,497 | 3,881 | |||||||
Prepaid professional fees | 2,207 | 1,231 | |||||||
Prepaid sales and marketing costs | 815 | 798 | |||||||
Assets to be disposed (not actively marketed) | 537 | 526 | |||||||
Prepaid rent | 344 | 296 | |||||||
Other | 4,168 | 3,269 | |||||||
Total prepaid expenses and other assets, net | $ | 68,258 | $ | 58,024 | |||||
Prepaid Expenses and Other Assets, Net | |||||||||
The nature of selected balances included in prepaid expenses and other assets, net, includes: | |||||||||
Deferred commissions—commissions paid to sales agents related to deferred revenue on mini-vacations and Sampler Packages, which are charged to Vacation Interest carrying cost, net as the associated revenue is recognized. Sampler Packages allow purchasers to utilize vacation points during a trial period. | |||||||||
Vacation Interest purchases in transit—open market purchases of vacation points from prior owners for which the titles have not been officially transferred to the Company. These Vacation Interest purchases in transit are reclassified to unsold Vacation Interests, net, upon successful transfer of title. | |||||||||
Prepaid maintenance fees—prepaid annual maintenance fees billed by the HOAs at the resorts not managed by the Company on unsold Vacation Interests owned by the Company, which are charged to expense ratably over the year. | |||||||||
Prepaid member benefits and affinity programs—usage rights of members of the Clubs exchanged for a variety of products and travel services, including airfare, cruises and excursions, amortized ratably over the year. | |||||||||
Prepaid rent—portion of rent paid in advance and charged to expense in accordance with lease agreements. | |||||||||
Prepaid expenses and other assets, net, consisted of the following as of December 31 (in thousands): | |||||||||
2013 | 2012 | ||||||||
Debt issuance costs, net | $ | 20,086 | $ | 22,143 | |||||
Deferred commissions | 13,153 | 8,881 | |||||||
Vacation Interest purchases in transit | 12,495 | 3,262 | |||||||
Deposits and advances | 4,068 | 3,848 | |||||||
Other inventory or consumables | 3,028 | 3,299 | |||||||
Prepaid insurance | 2,359 | 2,382 | |||||||
Prepaid maintenance fees | 2,501 | 4,208 | |||||||
Prepaid member benefits and affinity programs | 2,497 | 3,881 | |||||||
Prepaid professional fees | 2,207 | 1,231 | |||||||
Prepaid sales and marketing costs | 815 | 798 | |||||||
Assets to be disposed (not actively marketed) | 537 | 526 | |||||||
Prepaid rent | 344 | 296 | |||||||
Other | 4,168 | 3,269 | |||||||
Total prepaid expenses and other assets, net | $ | 68,258 | $ | 58,024 | |||||
With the exception of Vacation Interest purchases in transit and assets to be disposed (not actively marketed), prepaid expenses are expensed as the underlying assets are utilized or amortized. Debt issuance costs incurred in connection with obtaining funding for the Company have been capitalized and are being amortized over the lives of the related funding agreements as a component of interest expense using a method which approximates the effective interest method. Amortization of capitalized debt issuance costs included in interest expense was $5.8 million, $5.0 million and $5.0 million for the years ended December 31, 2013, 2012 and 2011, respectively. See "Note 16—Borrowings" for more detail. | |||||||||
Debt issuance costs, net of amortization, recorded as of December 31, 2013 were comprised of $10.2 million related to the Senior Secured Notes, $3.6 million related to the DROT 2013-2 Notes, $1.7 million related to the DROT 2013-1 Notes, $1.3 million related to the Conduit Facility, $1.1 million related to the DROT 2011 Notes, $1.1 million related to the Tempus 2013 Notes, $0.1 million related to the ILXA loans and $1.0 million related to the Revolving Credit Facility. See "Note 16—Borrowings" for definitions of, and more detail on, the Company's borrowings. | |||||||||
Debt issuance costs, net of amortization, recorded as of December 31, 2012 were comprised of $13.2 million related to the Senior Secured Notes, $3.3 million related to the DROT 2009 Notes, $2.3 million related to the PMR Acquisition Loan, $1.5 million related to the DROT 2011 Notes, $1.2 million related to the Tempus Acquisition Loan, $0.3 million related to the Conduit Facility, $0.3 million related to the ILXA loans, and $0.1 million related to the Tempus Inventory Loan. | |||||||||
Debt issuance costs of $2.0 million related to the PMR Acquisition Loan and $0.9 million related to the Tempus Acquisition Loan were written off in July 2013 in connection with the payoff of these loans with proceeds from the IPO. In addition, debt issuance costs of $1.4 million related to the Senior Secured Notes were written off in August 2013 in connection with the repurchase of a portion of these notes with proceeds from the IPO. Furthermore, debt issuance costs of $1.9 million related to the Diamond Resorts Owner Trust 2009-1 Class A and Class B Notes were written off in connection with the payoff of this borrowing. The Company recognized a charge of $15.6 million for loss on extinguishment of debt, including the $6.3 million write off of these debt issuance costs, in the year ended December 31, 2013. | |||||||||
In connection with the Island One Acquisition, the Company acquired $3.6 million in prepaid expenses and other assets primarily related to unamortized maintenance fees based on a preliminary appraisal. See "Note 24—Business Combinations" for further details. |
Accumulated_Other_comprehensiv
Accumulated Other comprehensive Income (Notes) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Accumulated Other Comprehensive Income [Abstract] | ' | |||||||||||||||
Comprehensive Income (Loss) Note [Text Block] | ' | |||||||||||||||
Note 22— Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||
The components of accumulated other comprehensive income (loss) are as follows: | ||||||||||||||||
Cumulative Translation Adjustment | Post-retirement Benefit Plan | Other | Total | |||||||||||||
Balance, December 31, 2010 | $ | (17,746 | ) | $ | — | $ | — | $ | (17,746 | ) | ||||||
Period change | (600 | ) | — | (26 | ) | (626 | ) | |||||||||
Balance, December 31, 2011 | (18,346 | ) | — | (26 | ) | (18,372 | ) | |||||||||
Period change | 1,632 | — | 7 | 1,639 | ||||||||||||
Balance, December 31, 2012 | (16,714 | ) | — | (19 | ) | (16,733 | ) | |||||||||
Period change | 2,543 | (2,064 | ) | 77 | 556 | |||||||||||
Balance, December 31, 2013 | $ | (14,171 | ) | $ | (2,064 | ) | $ | 58 | $ | (16,177 | ) | |||||
Unsold_Vacation_Interests_Net
Unsold Vacation Interests, Net | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Unsold Vacation Interests, Net [Abstract] | ' | ||||||||
Unsold Vacation Interests, Net | ' | ||||||||
Unsold Vacation Interests, Net | |||||||||
Unsold Vacation Interests, net consisted of the following as of December 31 (in thousands): | |||||||||
2013 | 2012 | ||||||||
Completed unsold Vacation Interests, net | $ | 251,688 | $ | 268,007 | |||||
Undeveloped land | 28,513 | 38,786 | |||||||
Vacation Interest construction in progress | 17,909 | 9,074 | |||||||
Unsold Vacation Interests, net | $ | 298,110 | $ | 315,867 | |||||
Activity related to unsold Vacation Interests, net, for the years ended December 31, 2013 and 2012 is as follows (in thousands): | |||||||||
2013 | 2012 | ||||||||
Balance, beginning of period | $ | 315,867 | $ | 256,805 | |||||
Vacation Interest cost of sales | (56,695 | ) | (32,150 | ) | |||||
Inventory recovery activity - North America | 23,352 | 27,002 | |||||||
Inventory recovery activity - Europe | 6,582 | 15,469 | |||||||
Purchases in connection with business combinations | 4,823 | 33,888 | |||||||
Open market and bulk purchases | 2,521 | 4,988 | |||||||
Accrued bulk purchases | 1,488 | — | |||||||
Capitalized legal, title and trust fees | 897 | 2,830 | |||||||
Construction in progress | 8,948 | 2,067 | |||||||
Loan default recoveries, net | 4,169 | 3,415 | |||||||
Transfers from (to) assets held for sale | (9,770 | ) | (431 | ) | |||||
Transfer of undeveloped real estate parcels | (5,289 | ) | — | ||||||
Impairment of inventory | (1,279 | ) | — | ||||||
Effect of foreign currency translation | 520 | 1,280 | |||||||
Other | 1,976 | 704 | |||||||
Balance, end of period | $ | 298,110 | $ | 315,867 | |||||
See "Note 2—Summary of Significant Accounting Policies" for discussions on unsold Vacation Interests, net. | |||||||||
In connection with the Island One Acquisition, the Company acquired $4.8 million in unsold Vacation Interests, net based on a preliminary appraisal. See "Note 24—Business Combinations" for further details. | |||||||||
During the year ended December 31, 2013, the Company recorded a $1.3 million impairment loss attributable to the write down of certain parcels of vacant land in the U.S. to its fair value based on a market appraisal. | |||||||||
Vacation Interests, net consisted of the following as of December 31 (in thousands): | |||||||||
2013 | 2012 | ||||||||
Completed unsold Vacation Interests, net | $ | 251,688 | $ | 268,007 | |||||
Undeveloped land | 28,513 | 38,786 | |||||||
Vacation Interest construction in progress | 17,909 | 9,074 | |||||||
Unsold Vacation Interests, net | $ | 298,110 | $ | 315,867 | |||||
Activi |
Property_and_Equipment_Net
Property and Equipment, Net | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property and Equipment, Net | ' | ||||||||
Property and Equipment, Net | |||||||||
Property and equipment, net consisted of the following as of December 31 (in thousands): | |||||||||
2013 | 2012 | ||||||||
Land and improvements | $ | 18,606 | $ | 16,828 | |||||
Buildings and leasehold improvements | 35,604 | 32,932 | |||||||
Furniture and office equipment | 18,650 | 16,180 | |||||||
Computer software | 24,488 | 17,370 | |||||||
Computer equipment | 12,521 | 10,358 | |||||||
Construction in progress | 10 | 25 | |||||||
Property and equipment, gross | 109,879 | 93,693 | |||||||
Less accumulated depreciation | (49,483 | ) | (38,573 | ) | |||||
Property and equipment, net | $ | 60,396 | $ | 55,120 | |||||
Depreciation expense related to property and equipment was $11.2 million, $8.4 million and $7.4 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||
Property and equipment are recorded at either cost for assets purchased or constructed, or fair value in the case of assets acquired through business combinations. The costs of improvements that extend the useful life of property and equipment are capitalized when incurred. These capitalized costs may include structural costs, equipment, fixtures and floor and wall coverings. All repair and maintenance costs are expensed as incurred. | |||||||||
Buildings and leasehold improvements are depreciated using the straight-line method over the lesser of the estimated useful lives, which range from four to forty years, or the remainder of the lease terms. Furniture, office equipment, computer software and computer equipment are depreciated using the straight-line method over their estimated useful lives, which range from three to seven years. | |||||||||
In connection with the Island One Acquisition completed on July 24, 2013, the Company acquired $1.1 million in furniture, office and computer equipment, and leasehold improvements based on a preliminary appraisal. See "Note 24—Business Combinations" for further details. |
Goodwill_Notes
Goodwill (Notes) | 12 Months Ended |
Dec. 31, 2013 | |
Goodwill [Abstract] | ' |
Goodwill Disclosure [Text Block] | ' |
Note 11 — Goodwill | |
Goodwill represents the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. The Company does not amortize goodwill, but rather evaluates goodwill for potential impairment on an annual basis or at other times during the year if events or circumstances indicate that it is more likely than not that the fair value of a reporting unit, as defined in ASC 350-20, is below the carrying amount. The balance at December 31, 2013 represents the goodwill recorded in connection with the Island One Acquisition completed on July 24, 2013. The Company will evaluate goodwill for potential impairment by July 24, 2014 or sooner, if events or circumstances indicate that it is more likely than not that the fair value of a reporting unit is below the carrying amount. See "Note 2 — Summary of Significant Accounting Policies" for further detail on the Company's policy related to goodwill impairment testing. |
Intangible_Assets_Net
Intangible Assets, Net | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Intangible Assets, Net | ' | ||||||||||||
Other intangible assets, net consisted of the following as of December 31, 2013 (in thousands): | |||||||||||||
Gross Carrying | Accumulated | Net Book | |||||||||||
Cost | Amortization | Value | |||||||||||
Management contracts | $ | 202,948 | $ | (31,905 | ) | $ | 171,043 | ||||||
Member relationships and exchange clubs | 56,128 | (32,090 | ) | 24,038 | |||||||||
Distributor relationships and other | 4,875 | (1,324 | ) | 3,551 | |||||||||
$ | 263,951 | $ | (65,319 | ) | $ | 198,632 | |||||||
In connection with the Island One Acquisition and the PMR Service Companies Acquisition, the Company recorded $51.9 million and $51.1 million, respectively, of intangible assets consisting of management contracts, customer listings and two member exchange companies, based on preliminary appraisals. See "Note 24—Business Combinations" for further details. | |||||||||||||
Other intangible assets, net consisted of the following as of December 31, 2012 (in thousands): | |||||||||||||
Gross Carrying | Accumulated | Net Book | |||||||||||
Cost | Amortization | Value | |||||||||||
Management contracts | $ | 117,672 | $ | (20,931 | ) | $ | 96,741 | ||||||
Member relationships and exchange clubs | 38,017 | (26,348 | ) | 11,669 | |||||||||
Distributor relationships and other | 4,866 | (778 | ) | 4,088 | |||||||||
$ | 160,555 | $ | (48,057 | ) | $ | 112,498 | |||||||
Amortization expense for management contracts is recognized on a straight-line basis over the estimated useful lives ranging from five to 25 years. Amortization expense for management contracts was $10.8 million, $6.9 million and $4.7 million for the years ended December 31, 2013, 2012 and 2011, respectively. Amortization expense for member relationships, member exchange clubs, distributor relationships and other is amortized over the period of time that the relationships are expected to produce cash flows. Amortization expense for member relationships, member exchange clubs, distributor relationships and other intangibles was $6.2 million, $3.6 million and $1.9 million, for the years ended December 31, 2013, 2012 and 2011, respectively. Membership relationships and distributor relationships have estimated useful lives ranging from three to 30 years. However, the Company expects to generate significantly more cash flows during the earlier years of the relationships than the later years. Consequently, amortization expenses on these relationships decrease significantly over the lives of the relationships. | |||||||||||||
The estimated aggregate amortization expense for intangible assets recorded as of December 31, 2013 is expected to be $19.5 million, $16.7 million, $14.3 million, $13.3 million and $13.0 million for the years ending December 31, 2014 through 2018, respectively. | |||||||||||||
The Company did not identify any impairments of its intangible assets for the years ended December 31, 2013, 2012 and 2011. See "Note 2—Summary of Significant Accounting Policies" for further detail on the Company's policy related to impairment testing of the Company's intangible assets. |
Assets_Held_for_Sale
Assets Held for Sale | 12 Months Ended |
Dec. 31, 2013 | |
Assets Held for Sale [Abstract] | ' |
Assets Held for Sale | ' |
Assets Held for Sale | |
Assets held for sale are recorded at the lower of cost or their estimated fair value less cost to sell and are not subject to depreciation. Sale of the assets classified as such is probable, and transfer of the assets is expected to qualify for recognition as a completed sale, generally within one year of the balance sheet date. In October 2011, the Company entered into an agreement with certain affiliates of Pacific Monarch Resorts, Inc., pursuant to which the Company agreed to sell certain completed units at one of the resorts managed by the Company in Mexico for $5.9 million, which units are classified as assets held for sale. In October 2013, the Company received a letter of intent from a third party offering to purchase certain parcels of vacant land located in Hawaii for $3.6 million. | |
The $10.7 million balance in assets held for sale as of December 31, 2013 also included the points equivalent of unsold units and resorts in the Company's European operations that were either held for sale or pending the consummation of sale. The proceeds related to assets pending the consummation of sale will be paid over several years and the Company will retain title to the properties until the full amounts due under the sales contracts are received. According to guidance included in ASC 360, "Property, Plant, and Equipment" ("ASC 360"), the sales will not be considered consummated until all consideration has been exchanged. Consequently, the assets pending consummation of sale will continue to be included in assets held for sale until all proceeds are received. |
Accrued_Liabilities
Accrued Liabilities | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accrued Liabilities Disclosure [Abstract] | ' | ||||||||
Accrued Liabilities | ' | ||||||||
Accrued Liabilities | |||||||||
The Company records estimated amounts for certain accrued liabilities at each period end. Accrued liabilities are obligations to transfer assets or provide services to other entities in the future as a result of past transactions or events. The nature of selected balances included in accrued liabilities of the Company includes: | |||||||||
Accrued marketing expenses—expenses for travel vouchers and certificates used as sales incentives to buyers as well as attraction tickets as tour incentives. Such vouchers and certificates will be paid for in the future based on actual redemption. | |||||||||
Accrued operating lease liabilities—difference between straight-line operating lease expenses and cash payments associated with any equipment, furniture, or facilities leases classified as operating leases. | |||||||||
Accrued liability related to business combinations—contingent liability associated with an earn-out clause in connection with the Aegean Blue Acquisition. | |||||||||
Accrued exchange company fees—estimated liability owed to Interval International for annual dues related to exchange services provided to the Company. | |||||||||
Accrued call center costs—expenses associated with the outsourced customer service call center operations. | |||||||||
Deposits on pending sale of assets—deposits that the Company has received in connection with the pending sales of certain assets in its European operations. The sale of these assets has not been consummated due to the fact that not all consideration has been exchanged. These deposits are, therefore, accounted for using the deposit method in accordance with ASC 360. See "Note 13—Assets Held for Sale" for further detail. | |||||||||
Accrued contingent litigation liabilities—estimated settlement costs for existing litigation cases. | |||||||||
Accrued liabilities consisted of the following as of December 31 (in thousands): | |||||||||
2013 | 2012 | ||||||||
Accrued payroll and related | $ | 32,117 | $ | 22,313 | |||||
Accrued interest | 19,084 | 23,627 | |||||||
Accrued commissions | 16,234 | 12,021 | |||||||
Accrued marketing expenses | 11,828 | 12,189 | |||||||
Accrued other taxes | 11,589 | 7,165 | |||||||
Accrued insurance | 4,418 | 4,983 | |||||||
Accrued operating lease liabilities | 3,580 | 3,438 | |||||||
Accrued liability related to business combinations | 3,550 | 3,400 | |||||||
Accrued professional fees | 2,100 | 5,472 | |||||||
Accrued exchange company fees | 1,689 | 1,209 | |||||||
Accrued call center costs | 1,443 | 2,060 | |||||||
Deposits on pending sale of assets | 1,311 | 2,693 | |||||||
Accrued contingent litigation liabilities | 257 | 1,102 | |||||||
Other | 8,235 | 4,779 | |||||||
Total accrued liabilities | $ | 117,435 | $ | 106,451 | |||||
Deferred_Revenues
Deferred Revenues | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Deferred Revenue Disclosure [Abstract] | ' | ||||||||
Deferred Revenues | ' | ||||||||
Deferred Revenues | |||||||||
The Company records deferred revenues for payments received or billed but not earned for various activities. | |||||||||
Deferred mini-vacations and Sampler Packages revenue—sold but unused trial VOIs. This revenue is recognized when the purchaser completes a stay at one of the Company’s resorts or the trial period expires, whichever is earlier. Such revenue is recorded as a reduction to Vacation Interest carrying cost in accordance with ASC 978 (with the exception of the Company’s European sampler product and a U.S. fixed-term product, which have a duration of between three and four years) and, as such, are treated as Vacation Interest sales revenue. | |||||||||
Club deferred revenue—annual membership fees in the Clubs billed to members (offset by an estimated uncollectible amount) and amortized ratably over a one-year period and optional reservation protection fees recognized over an approximate life of the member's reservation, which is generally six months on average. | |||||||||
Deferred maintenance and reserve fee revenue—maintenance fees billed as of January first of each year and earned ratably over the year for the two resorts in St. Maarten where the Company functions as the HOA. In addition, the owners are billed for capital project assessments to repair and replace the amenities or to reserve the potential out-of-pocket deductibles for hurricanes and other natural disasters. These assessments are deferred until the refurbishment activity occurs, at which time the amounts collected are recognized as consolidated resort operations revenue, with an equal amount recognized as consolidated resort operations expense. | |||||||||
Accrued guest deposits—amounts received from guests for future rentals recognized as revenue when earned. | |||||||||
Deferred revenue from an exchange company—unearned portion of a $5.0 million payment that the Company received in 2008 as consideration for granting the exclusive rights to Interval International to provide call center services and exchange services to the Company. In accordance with ASC 605-50, "Revenue Recognition—Customer Payments and Incentives," the $5.0 million is being recognized over the 10-year term of the agreements as a reduction of the costs incurred for the services provided by Interval International. | |||||||||
Deferred management fee and allocation revenue—management fees and allocations paid in advance by the HOAs | |||||||||
to the Company for its role as the management company. The Company allocates a portion of its Vacation Interest carrying | |||||||||
costs, management and member services, consolidated resort operations, loan portfolio, and general and administrative | |||||||||
expenses to the HOAs. These advance payments are recorded as deferred revenue when they are received and recognized as | |||||||||
revenue during the period that they are earned. | |||||||||
Deferred revenues consisted of the following as of December 31 (in thousands): | |||||||||
2013 | 2012 | ||||||||
Deferred revenue related to mini-vacation and Sampler Packages | $ | 54,010 | $ | 33,633 | |||||
Club deferred revenue | 37,516 | 41,097 | |||||||
Deferred maintenance and reserve fee revenue | 12,375 | 13,335 | |||||||
Accrued guest deposits | 3,836 | 2,100 | |||||||
Deferred revenue from an exchange company | 1,891 | 2,350 | |||||||
Deferred management fees and allocation revenue | 284 | 360 | |||||||
Other | 980 | 958 | |||||||
Total deferred revenues | $ | 110,892 | $ | 93,833 | |||||
Borrowings
Borrowings | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||
Borrowings | ' | ||||||||||||||||||||
Borrowings | |||||||||||||||||||||
Senior Secured Notes. On August 13, 2010, DRC completed the issuance of the $425.0 million Senior Secured Notes. The Senior Secured Notes carry an interest rate of 12.0% and were issued with an original issue discount of 2.5%, or $10.6 million. Interest payments are due in arrears on February 15 and August 15 of each year, commencing February 15, 2011. The Senior Secured Notes mature in August 2018 and may be redeemed by DRC at any time pursuant to the terms of the Senior Secured Notes. If DRC redeems, in whole or in part, the Senior Secured Notes prior to August 2014, the redemption price is the face value of the Senior Secured Notes plus an applicable premium, which varies depending upon the redemption date, plus accrued and unpaid interest. If DRC redeems all or part of the Senior Secured Notes on or after August 2014, the redemption price is 106% of the face value of the Senior Secured Notes, subject to decreases over the next two years. | |||||||||||||||||||||
On August 23, 2013, DRC completed its Tender Offer as required by the Notes Indenture in the event of an IPO. Holders who validly tendered their Notes received $1,120 per $1,000 principal amount of Senior Secured Notes, plus accrued and unpaid interest to (but excluding) the date of purchase. Senior Secured Notes in an aggregate principal amount of $374.4 million remained outstanding as of December 31, 2013 following the completion of the Tender Offer. In connection with the issuance of the Company's Senior Secured Notes, Mr. Cloobeck and Cloobeck Companies, LLC, a limited liability company of which Mr. Cloobeck is a beneficial owner and controlling party, entered into a guaranty in favor of one of the Company’s subsidiaries for the benefit of Wells Fargo Bank, National Association, the trustee for the holders of the Senior Secured Notes. | |||||||||||||||||||||
Conduit Facility, 2009 Securitization, 2011 Securitization, 2013-1 Securitization, Tempus 2013 Notes and 2013-2 Securitization. On November 3, 2008, the Company entered into agreements for its Conduit Facility, pursuant to which it issued secured VOI receivable-backed variable funding notes designated Diamond Resorts Issuer 2008 LLC Variable Funding Notes in an aggregate principal amount not to exceed $215.4 million, which was decreased to $200.0 million, $73.4 million and $64.6 million on March 27, 2009, October 15, 2009 and August 31, 2010, respectively. On October 14, 2011, the Company amended and restated the Conduit Facility agreement that was originally entered into on November 3, 2008 (the "Conduit Facility") to extend the maturity date of the facility to April 12, 2013. That amended and restated Conduit Facility agreement provided for a $75.0 million, 18-month facility that was annually renewable for 364-day periods at the election of the lenders. The advance rates on loans receivable in the portfolio were limited to 75% of the face value of the eligible loans. On April 11, 2013, the Company entered into another amended and restated Conduit Facility agreement that extended the maturity date of the facility to April 10, 2015. That amended and restated Conduit Facility provides for a $125.0 million, 24-month facility that is annually renewable for 364-day periods at the election of the lenders, bears interest at either LIBOR or the commercial paper rate (each having a floor of 0.50%) plus 3.25%, and has a non-use fee of 0.75%. The overall advance rate on loans receivable in the portfolio is limited to 85% of the aggregate face value of the eligible loans. | |||||||||||||||||||||
On October 15, 2009, the Company completed the 2009 securitization transaction and issued two consumer loan backed notes designated as the DROT 2009 Class A Notes and the DROT 2009 Class B Notes, (together, the "DROT 2009 Notes"). The DROT 2009 Class A Notes carried an interest rate of 9.3% and had an initial face value of $169.2 million. The DROT 2009 Class B Notes carried an interest rate of 12.0% and had an initial face value of $12.8 million. The DROT 2009 Notes had an original maturity date of March 20, 2026. The net proceeds received were $181.1 million compared to the $182.0 million face value and the Company recorded the $0.9 million difference as an original issue discount on the securitization notes payable. Also on October 15, 2009, the Company used the proceeds from the DROT 2009 Notes to pay down the $148.9 million then-outstanding principal balance under its Conduit Facility, along with requisite accrued interest and fees associated with both conduit facilities. On October 21, 2013, the Company redeemed all of the DROT 2009 Class A Notes and Class B Notes at aggregate redemption prices of $24.4 million and $1.8 million, respectively, using the proceeds from borrowings under the Conduit Facility. | |||||||||||||||||||||
On April 27, 2011, the Company completed a securitization transaction and issued the DROT 2011 Notes with a face value of $64.5 million ("DROT 2011 Notes"). The DROT 2011 Notes mature on March 20, 2023 and carry an interest rate of 4.0%. The net proceeds were used to pay off in full the $36.4 million then-outstanding principal balance under the Conduit Facility, to pay down approximately $7.0 million of the Quorum Facility (see definition below), to pay requisite accrued interest and fees associated with both facilities, and to pay certain expenses incurred in connection with the issuance of the DROT 2011 Notes, including the funding of a reserve account required thereby. | |||||||||||||||||||||
On January 23, 2013, the Company completed a securitization transaction that was comprised of A+ and A rated notes with a face value of $93.6 million (the "DROT 2013-1 Notes"). The DROT 2013-1 Notes mature on January 20, 2025 and carry a weighted average interest rate of 2.0%. The net proceeds were used to pay off the $71.3 million then-outstanding principal balance under the Conduit Facility and to pay expenses incurred in connection with the issuance of the DROT 2013-1 Notes, including the funding of a reserve account required thereby, with the remaining proceeds transferred to the Company's corporate cash account. | |||||||||||||||||||||
On September 20, 2013, the Company completed a securitization transaction and issued the Diamond Resorts Tempus Owner Trust 2013 Notes with a face value of $31.0 million (the "Tempus 2013 Notes"). The notes bear interest at a rate of 6.0% per annum and mature on December 20, 2023. The proceeds from the Tempus 2013 Notes were used to pay off in full the then-outstanding principal balances and accrued interest and fees under the Tempus Receivables Loan and Notes Payable—RFA fees. | |||||||||||||||||||||
On November 20, 2013, the Company completed another securitization transaction that was comprised of AA and A+ rated notes with a face value of $225.0 million that included a $44.7 million prefunding account. The initial proceeds of $180.3 million were used to pay off the $152.8 million then-outstanding principal balance, accrued interest and fees associated with the Conduit Facility, terminate the July 2013 and August 2013 Swaps, pay certain expenses incurred in connection with the issuance of the DROT 2013-2 Notes, and fund related reserve accounts with any remaining proceeds transferred to the Company for general corporate use. As of December 31, 2013, cash in escrow and restricted cash includes $23.3 million related to the prefunding account, all of which was released to our unrestricted cash account in January 2014. | |||||||||||||||||||||
Quorum Facility. The Company's subsidiary, DRI Quorum, entered into a Loan Sale and Servicing Agreement (the "LSSA"), dated as of April 30, 2010 (as amended and restated, the “Quorum Facility”) with Quorum Federal Credit Union ("Quorum") as purchaser. The LSSA and related documents provide for an aggregate minimum $40.0 million loan sale facility and joint marketing venture where DRI Quorum may sell eligible consumer loans and in-transit loans to Quorum on a non-recourse, permanent basis, provided that the underlying consumer obligor is a Quorum credit union member. The joint marketing venture has a minimum term of two years, and the LSSA provides for a purchase period of two years. The purchase price payment and the program purchase fee are each determined at the time that the loan is sold to Quorum. To the extent excess funds remain after payment of the sold loans at Quorum’s purchase price, such excess funds are required to be remitted to the Company as a deferred purchase price payment. The LSSA was amended on April 27, 2012 to increase the aggregate minimum committed amount of the Quorum Facility to $60.0 million. The LSSA was further amended and restated effective as of December 31, 2012 to increase the aggregate minimum committed amount of the Quorum Facility to $80.0 million and to extend the term of the agreement to December 31, 2015; provided that Quorum may further extend the term for additional one-year periods by written notice. Through December 31, 2013, the weighted average purchase price payment was 88.5% of the obligor loan amount and the weighted average program purchase fee was 5.9%. | |||||||||||||||||||||
ILXA Receivables Loan and Inventory Loan. On August 31, 2010, the Company completed the ILX Acquisition through its wholly-owned subsidiary, ILXA. In connection with the ILX Acquisition, ILXA entered into an Inventory Loan and Security Agreement ("ILXA Inventory Loan") and a Receivables Loan and Security Agreement ("ILXA Receivables Loan") with Textron Financial Corporation. The ILXA Inventory Loan is a non-revolving credit facility in the maximum principal amount of $23.0 million at an interest rate of 7.5%. The ILXA Receivables Loan is a receivables facility with an initial principal amount of $11.9 million at an interest rate of 10.0% and is collateralized by mortgages and contracts receivable of ILXA. Both loans mature on August 31, 2015. The proceeds from these loans were used to fund the ILX Acquisition. ILXA and each of its wholly-owned subsidiaries are special-purpose subsidiaries. | |||||||||||||||||||||
Tempus Acquisition Loan and Tempus Resorts Acquisition Financing. On July 1, 2011, the Company completed the Tempus Resorts Acquisition through Mystic Dunes, LLC, a wholly-owned subsidiary of Tempus Acquisition, LLC. In order to fund the Tempus Resorts Acquisition, Tempus Acquisition, LLC entered into a Loan and Security Agreement with Guggenheim Corporate Funding, LLC, as administrative agent for the lenders, which include affiliates of, or funds or accounts managed or advised by, Guggenheim Partners Investment Management, LLC, which is an affiliate of the Guggenheim Investor, and Silver Rock Financial LLC, another investor of the Company (the “Tempus Acquisition Loan”). The Tempus Acquisition Loan was collateralized by all assets of Tempus Acquisition, LLC. The Tempus Acquisition Loan was initially in an aggregate principal amount of $41.1 million (which included a $5.5 million revolving loan). The Tempus Acquisition Loan bore interest at a rate of 18.0% (of which an amount equal to not less than 10.0% per annum was paid in cash on a quarterly basis and the remaining accrued amount was to be paid, at the Company's election, in cash or in kind by adding the applicable accrued amount to principal), and was scheduled to mature on June 30, 2015. In addition, Tempus Acquisition, LLC paid a 2.0% closing fee based on the initial Tempus Acquisition Loan balance as of July 1, 2011 and was also required to make an exit fee payment for up to 10% of the initial Tempus Acquisition Loan balance upon the final payment-in-full of the outstanding balance under the loan. Tempus Acquisition, LLC was required to make principal prepayments equal to (i) on a monthly basis, 40% of the aggregate interval purchase price received by Mystic Dunes, LLC in the prior month, (ii) within one business day of receipt, net participation proceeds payments less amounts attributable to interest paid, generated by Tempus Acquisition, LLC's acquisition of a participating interest in the Tempus Receivables Loan, (iii) 100% of excess cash flow from the Tempus Resorts Acquisition and the Aegean Blue Acquisition, commencing with the quarter ending December 31, 2012, and (iv) $0.3 million, payable monthly, commencing in January 2013. Within 30 days after the end of each calendar year commencing with calendar year 2012, Tempus Acquisition, LLC was also required to make an additional prepayment in an amount equal to the difference between the aggregate principal prepayments paid in the calendar year and $5.0 million, such that a minimum of $5.0 million in aggregate annual principal reductions were made. On September 28, 2012, Tempus Acquisition, LLC amended the Loan and Security Agreement to terminate the revolving loan and transfer the then-outstanding balance under the revolving loan to the term loans. On October 4, 2012, Tempus Acquisition, LLC further amended the Loan and Security Agreement to provide an additional $6.6 million borrowing under the term loans to fund the Aegean Blue Acquisition. The Tempus Acquisition Loan was further amended on November 20, 2012 and December 31, 2012 to increase the term loans by $2.5 million and $5.0 million, respectively, to pay separation payments to principals of the Mystic Dunes resorts, and to fund guaranties and indemnities required to be paid to Mystic Dunes, LLC's HOAs. Some of the investment advisory clients of Wellington Management Company, LLP, which are investors in the Company became lenders under this credit facility in connection with the December 2012 amendment to the Tempus Acquisition Loan. | |||||||||||||||||||||
On July 1, 2011, an aggregate of $7.5 million of the Tempus Acquisition Loan was used by Tempus Acquisition, LLC to purchase a 10% participating interest in the Tempus Receivables Loan, and the remaining proceeds were loaned to Mystic Dunes, LLC pursuant to a Loan and Security Agreement having payment terms identical to the Tempus Acquisition Loan (the "Mystic Dunes Loan"). The Mystic Dunes Loan was collateralized by all assets of Mystic Dunes, LLC. The proceeds of the Mystic Dunes Loan were used to pay off certain existing indebtedness and closing costs associated with the Tempus Resorts Acquisition. | |||||||||||||||||||||
On July 24, 2013, the Company repaid all outstanding indebtedness under the Tempus Acquisition Loan in the principal amount of $46.7 million, along with $0.6 million in accrued interest and $2.7 million in exit fees and other fees, using the proceeds from the IPO. In addition, the Mystic Dunes Loan was paid off in full. | |||||||||||||||||||||
On July 1, 2011, Mystic Dunes Receivables, LLC, a subsidiary of Mystic Dunes, LLC, entered into a Loan and Security Agreement with Resort Finance America, LLC (the "Tempus Receivables Loan"). The Tempus Receivables Loan was a receivables credit facility in the amount of $74.5 million, collateralized by mortgages and contracts receivable acquired in the Tempus Resorts Acquisition. All cash flows received from customer payments, including principal, interest and miscellaneous fees (net of contractual servicing costs), were used to pay the principal and accrued interest balances on the Tempus Receivables Loan. In addition, Mystic Dunes Receivables, LLC was required to make additional principal payments in the event the aging status of the receivables in the underlying portfolio did not meet certain requirements. During the years ended December 31, 2013 and 2012, Mystic Dunes, LLC made additional principal payments of $0.3 million and $0.1 million, respectively, pursuant to this requirement. The Tempus Receivables Loan bore interest at a rate that was the higher of (i) one-month LIBOR plus 7.0% or (ii) 10%, adjusted monthly, and was scheduled to mature on July 1, 2015. Furthermore, the Company was obligated to pay Resort Finance America, LLC an initial defaulted timeshare loans release fee over 36 months from August 2011 through July 2014 ("Notes Payable—RFA fees"). The fee was recorded at fair value as of July 1, 2011 using a discount rate of 10%. | |||||||||||||||||||||
On September 20, 2013, the Tempus Receivables Loan and Notes Payable—RFA fees were paid off in full using the proceeds from the Tempus 2013 Notes. | |||||||||||||||||||||
Another subsidiary of Mystic Dunes, LLC entered into an Amended and Restated Inventory Loan and Security Agreement with Textron Financial Corporation (the “Tempus Inventory Loan”) in the maximum amount of $4.3 million, collateralized by certain VOI inventory acquired in the Tempus Resorts Acquisition. The Tempus Inventory Loan bears interest at a rate equal to the three-month LIBOR (with a floor of 2.0%) plus 5.5% and matures on June 30, 2016, subject to extension to June 30, 2018. Hereinafter, the Tempus Acquisition Loan, the Mystic Dunes Loan, the Tempus Receivables Loan and the Tempus Inventory Loan are sometimes collectively referred to herein as the "Tempus Loans." | |||||||||||||||||||||
Tempus Acquisition, LLC, Mystic Dunes, LLC and each of their respective wholly-owned subsidiaries are special-purpose subsidiaries. | |||||||||||||||||||||
PMR Acquisition Loan and Inventory Loan. On May 21, 2012, DPMA completed the PMR Acquisition whereby it acquired assets pursuant to an Asset Purchase Agreement, among DPMA and Pacific Monarch Resorts, Inc., Vacation Interval Realty, Inc., Vacation Marketing Group, Inc., MGV Cabo, LLC, Desarrollo Cabo Azul, S. de R.L. de C.V., and Operadora MGVM S. de R.L. de C.V. Pursuant to the Asset Purchase Agreement, DPMA acquired certain resort management agreements, unsold VOIs and the rights to recover and resell such interests, a portion of the seller's consumer loans portfolio and certain real property and other assets, for approximately $51.6 million in cash, plus the assumption of specified liabilities related to the acquired assets. | |||||||||||||||||||||
In order to fund the PMR Acquisition, on May 21, 2012, DPMA entered into a Loan and Security Agreement with Guggenheim Corporate Funding, LLC, as administrative agent for the lenders, which include affiliates of, or funds or accounts managed or advised by, Guggenheim Partners Investment Management, LLC, which is an affiliate of the Guggenheim Investor; Wellington Management Company, LLP, an investor of the Company; and Silver Rock Financial LLC, another investor of the Company (the “PMR Acquisition Loan”). The PMR Acquisition Loan was collateralized by substantially all of the assets of DPMA. The PMR Acquisition Loan was initially in an aggregate principal amount of $71.3 million (consisting of a $61.3 million term loan and a $10.0 million revolving loan). The PMR Acquisition Loan bore interest at a rate of 18.0% (of which an amount equal to not less than 10.0% per annum was paid in cash on a quarterly basis and the remaining accrued amount was to be paid, at the Company's election, in cash or in kind by adding the applicable accrued amount to principal), and was scheduled to mature on May 21, 2016. | |||||||||||||||||||||
The PMR Acquisition Loan provided that, (i) DPMA was required to pay quarterly (a) to the administrative agent, for its own account, an administration fee, and (b) to Guggenheim Corporate Funding, LLC, for the benefit of the lenders with commitments to make revolving loans thereunder, an unused line fee based upon each such lender's commitment to provide revolving loans and the then outstanding principal amount of such lender's revolving loan, (ii) DPMA was required to make certain mandatory monthly and quarterly prepayments of amounts borrowed under the PMR Acquisition Loan, and (iii) on the maturity date for the term loan, if not paid earlier in accordance therewith, DPMA was required to pay an exit fee of up to 10.0% of the initial loan amount. On the closing date for the PMR Acquisition, pursuant to the PMR Acquisition Loan, DPMA paid a closing fee of approximately $2.1 million to the administrative agent and certain lenders party thereto. The proceeds of the PMR Acquisition Loan were used to fund the purchase price for the PMR Acquisition and associated closing costs. | |||||||||||||||||||||
On September 28, 2012, DPMA amended the Loan and Security Agreement to terminate the revolving loan and transfer the then-outstanding balance under the revolving loan to the term loan. | |||||||||||||||||||||
On July 24, 2013, the Company repaid all outstanding indebtedness under the PMR Acquisition Loan in the amount of $58.3 million, along with $0.8 million in accrued interest and $3.1 million in exit fees and other fees, using the proceeds from the IPO. | |||||||||||||||||||||
On May 21, 2012, DPMA also entered into an Inventory Loan and Security Agreement (the "DPM Inventory Loan") with RFA PMR LoanCo, LLC. The DPM Inventory Loan provides debt financing for a portion of the purchase price of the defaulted receivables to be purchased by DPMA pursuant to a collateral recovery and repurchase agreement entered into between DPMA and an affiliate of RFA PMR LoanCo, LLC in connection with the PMR Acquisition. The interest rate is a variable rate equal to the sum of LIBOR plus 6.0% per annum; provided that LIBOR is never less than 2.0% or greater than 4.0% per annum. | |||||||||||||||||||||
DPMA and each of its wholly-owned subsidiaries are special-purpose subsidiaries. | |||||||||||||||||||||
Revolving Credit Facility. On September 11, 2013, the Company entered into a $25.0 million revolving credit facility with Credit Suisse AG, acting as administrative agent for a group of lenders (the “Revolving Credit Facility”). The Revolving Credit Facility provides that, subject to customary borrowing conditions, the Company may, from time to time prior to the fourth anniversary of the effective date of the Revolving Credit Facility, borrow, repay and re-borrow loans in an aggregate amount outstanding at any time not to exceed $25.0 million. Borrowings under the Revolving Credit Facility bear interest, at the Company's option, at a variable rate equal to the sum of LIBOR plus 4.0% per annum or an adjusted base rate plus 3% per annum. The Revolving Credit Facility is subject to negative covenants generally consistent with the negative covenants applicable to the Senior Secured Notes. The repayment of borrowings and certain other obligations under the Revolving Credit Facility are secured on a pari passu basis by the collateral that secures the Senior Secured Notes. On October 25, 2013, the Company paid off in full the $15.0 million then-outstanding principal balance under the Revolving Credit Facility using the proceeds from borrowings under the Conduit Facility. | |||||||||||||||||||||
Island One Borrowings. In connection with the Island One Acquisition completed on July 24, 2013, the Company assumed the loan sale agreement entered into on January 31, 2012 with Quorum that provides for an aggregate minimum $15.0 million loan sale facility (the "Island One Quorum Funding Facility") under which eligible consumer loans and in-transit loans are sold to Quorum on a non-recourse, permanent basis, provided that the underlying consumer obligor is a Quorum credit union member. The Island One Quorum Funding Facility provides for a purchase period of three years at a variable program fee of the published Wall Street Journal prime rate plus 6.0%, with a floor of 8.0%. The loan purchase commitment is conditional upon certain portfolio delinquency and default performance measurements. | |||||||||||||||||||||
In addition, in the Island One Acquisition, the Company assumed a mortgage-backed loan (the "Island One Receivables Loan") that bore interest at the published Wall Street Journal prime rate plus 5.5%, with a floor of 7.0%. The Island One Receivables Loan was scheduled to mature on May 27, 2016 and was collateralized by certain consumer loan portfolios. The advance rates on loans receivable in the portfolio were limited to 70.0% to 90.0% of the face value of the eligible loans depending upon the credit quality of the underlying mortgages. The Island One Receivables Loan was subject to certain financial covenants, including a minimum tangible net worth and a maximum debt to tangible net worth ratio. On October 28, 2013, the Company paid off in full the then-outstanding principal balance under the Island One Receivables Loan in an amount equal to $4.1 million using the Company's general corporate funds. | |||||||||||||||||||||
Furthermore, in the Island One Acquisition, the Company assumed a conduit facility that matures on September 30, 2016 (the "Island One Conduit Facility"). The Island One Conduit Facility bears interest at 7.4% per annum and is secured by certain consumer loan portfolios and guaranteed by Island One, Inc. The Company is required to make mandatory monthly principal payments based upon the aggregate remaining outstanding principal balance of the eligible underlying collateral. Under the terms of the Island One Conduit Facility, the Company may, subject to certain limitations, repurchase defaulted receivables or make additional principal payments. | |||||||||||||||||||||
In the Island One Acquisition, the Company also assumed a note payable secured by certain real property in Orlando, Florida (the "Island One Note Payable"). The loan bore interest at 5.0% per annum and required monthly principal and interest payments, until it was repaid in full on December 31, 2013. | |||||||||||||||||||||
Notes Payable. The Company finances premiums on certain insurance policies under unsecured notes. One unsecured note matured in February 2014 and carried an interest rate of 3.2% per annum. The other unsecured note will mature in September 2014 and carries an interest rate of 3.3% per annum. In addition, the Company purchased certain software licenses during the year ended December 31, 2012, with monthly interest-free payments due for the next two years, and this obligation was recorded at fair value using a discount rate of 5.7%. | |||||||||||||||||||||
The following table presents selected information on the Company’s borrowings as of the dates presented below (dollars in thousands): | |||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||
Principal | Weighted | Maturity | Gross Amount of Mortgages and Contracts as Collateral and other Collateral | Borrowing / Funding Availability | Principal | ||||||||||||||||
Balance | Average | Balance | |||||||||||||||||||
Interest | |||||||||||||||||||||
Rate | |||||||||||||||||||||
Senior Secured Notes | $ | 374,440 | 12.00% | 8/15/18 | $ | — | $ | — | $ | 425,000 | |||||||||||
Original issue discount related to Senior Secured Notes | (6,548 | ) | — | — | (8,509 | ) | |||||||||||||||
Notes payable-insurance policies (2) | 3,130 | 3.20% | Various | — | — | 2,366 | |||||||||||||||
Notes payable-other (2) | 172 | 5.50% | Various | — | — | 872 | |||||||||||||||
Revolving Credit Facility | — | 9/11/17 | — | 25,000 | — | ||||||||||||||||
Total Corporate Indebtedness | 371,194 | — | 25,000 | 419,729 | |||||||||||||||||
ILXA Inventory Loan (1)(2)(3) | 11,268 | 7.50% | 8/31/15 | — | — | 15,939 | |||||||||||||||
DPM Inventory Loan (1)(2)(3) | 6,261 | 8.00% | Various | — | — | 1,267 | |||||||||||||||
Tempus Inventory Loan (1)(2)(3) | 2,308 | 7.50% | 6/30/16 | — | — | 2,992 | |||||||||||||||
Notes payable-other (1)(2)(3) | 11 | —% | 11/18/15 | — | — | 18 | |||||||||||||||
PMR Acquisition Loan (1)(2)(3)(4) | — | — | — | 62,211 | |||||||||||||||||
Tempus Acquisition Loan (1)(2)(3)(4) | — | — | — | 50,846 | |||||||||||||||||
Note Payable-RFA fees (1)(2)(3) | — | — | — | 1,395 | |||||||||||||||||
Total Non-Recourse Indebtedness other than Securitization Notes and Funding Facilities | 19,848 | — | — | 134,668 | |||||||||||||||||
Diamond Resorts Owners Trust 2013-2 (1) | 218,235 | 2.30% | 5/20/26 | 220,034 | — | — | |||||||||||||||
Diamond Resorts Owner Trust 2013-1 (1) | 63,059 | 2.00% | 1/20/25 | 65,791 | — | — | |||||||||||||||
Quorum Facility (1) | 47,824 | 5.90% | 12/31/15 | 51,755 | 32,176 | -5 | 52,417 | ||||||||||||||
Diamond Resorts Tempus Owner Trust 2013 (1) | 28,950 | 6.00% | 12/20/23 | 33,668 | — | — | |||||||||||||||
Diamond Resorts Owner Trust 2011-1 (1) | 24,792 | 4.00% | 3/20/23 | 25,190 | — | 36,849 | |||||||||||||||
Original issue discount related to Diamond Resorts Owner Trust 2011-1 | (226 | ) | — | — | (312 | ) | |||||||||||||||
ILXA Receivables Loan (1)(3) | 4,766 | 10.00% | 8/31/15 | 2,340 | — | 5,832 | |||||||||||||||
Island One Quorum Funding Facility (1) | 3,836 | 8.00% | 1/30/15 | 4,697 | — | — | |||||||||||||||
Island One Conduit Facility (1) | 31 | 7.40% | 9/30/16 | 719 | — | — | |||||||||||||||
Island One Receivables Loan (1) | — | — | — | — | |||||||||||||||||
Tempus Receivables Loan (1)(3) | — | — | — | 44,027 | |||||||||||||||||
Payments in transit (1)(3) | — | — | — | (1,150 | ) | ||||||||||||||||
10% participation interest (Tempus Acquisition, LLC) (1)(3) | — | — | — | (5,945 | ) | ||||||||||||||||
Diamond Resorts Owner Trust 2009-1 (1) | — | — | — | 50,025 | |||||||||||||||||
Original issue discount related to Diamond Resorts Owner Trust 2009-1 | — | — | — | (441 | ) | ||||||||||||||||
Conduit Facility (1) | — | 4/10/15 | — | 125,000 | -5 | 75,000 | |||||||||||||||
Total Securitization Notes and Funding Facilities | 391,267 | 404,194 | 157,176 | 256,302 | |||||||||||||||||
Total | $ | 782,309 | $ | 404,194 | $ | 182,176 | $ | 810,699 | |||||||||||||
(1) Non-recourse indebtedness | |||||||||||||||||||||
(2) Other notes payable | |||||||||||||||||||||
(3) Borrowing through special-purpose subsidiaries only | |||||||||||||||||||||
(4) Borrowing from lenders, which include affiliates of, or funds or accounts managed or advised by, Guggenheim Partners Investment Management, LLC, which is an affiliate of the Guggenheim Investor | |||||||||||||||||||||
(5) Borrowing / funding availability is calculated as the difference between the maximum commitment amount and the outstanding principal balance; however, the actual availability is dependent on the amount of eligible loans that serve as the collateral for such borrowings. | |||||||||||||||||||||
Borrowing Restrictions and Limitations | |||||||||||||||||||||
All of the Company’s borrowing under the Senior Secured Notes, securitization notes, the Conduit Facility and the Revolving Credit Facility contain various restrictions and limitations that may affect the Company's business and affairs. These include, but are not limited to, restrictions and limitations relating to its ability to incur indebtedness and other obligations, to make investments and acquisitions and to pay dividends. The Company is also required to maintain certain financial ratios and comply with other financial and performance covenants. The failure of the Company to comply with any of these provisions, or to pay its obligations, could result in foreclosure by the lenders of their security interests in the Company’s assets, and could otherwise have a material adverse effect on the Company. The Company was in compliance with all of the financial covenants as of December 31, 2013. | |||||||||||||||||||||
The anticipated maturities of the Company’s borrowings under the Senior Secured Notes, securitization notes, Conduit Facility and notes payable are as follows (in thousands) and not including the use of any proceeds from potential debt or equity transactions during 2014 to pay down borrowings: | |||||||||||||||||||||
Due in the year ending December 31: | |||||||||||||||||||||
2014 | $ | 112,869 | |||||||||||||||||||
2015 | 122,580 | ||||||||||||||||||||
2016 | 47,531 | ||||||||||||||||||||
2017 | 31,957 | ||||||||||||||||||||
2018 | 393,432 | ||||||||||||||||||||
2019 and thereafter | 80,714 | ||||||||||||||||||||
Total contractual obligations | 789,083 | ||||||||||||||||||||
Unamortized original issue discounts, net | (6,774 | ) | |||||||||||||||||||
Total borrowings as of December 31, 2013 | $ | 782,309 | |||||||||||||||||||
Liquidity | |||||||||||||||||||||
Historically, the Company has depended on the availability of credit to finance the consumer loans that it provides to its customers for the purchase of their VOIs. Typically, these loans require a minimum cash down payment of 10% of the purchase price at the time of sale. However, selling, marketing and administrative expenses attributable to VOI sales are primarily cash expenses and often exceed the buyer's minimum down payment requirement. Accordingly, the availability of financing facilities for the sale or pledge of these receivables to generate liquidity is a critical factor in the Company's ability to meet its short-term and long-term cash needs. The Company has historically relied upon its ability to sell receivables in the securitization market in order to generate liquidity and create capacity on its conduit facilities and Quorum Facility (together referred to as "Funding Facilities"). | |||||||||||||||||||||
Note 29 — Loss on Extinguishment of Debt | |||||||||||||||||||||
On July 24, 2013, the Company repaid all outstanding indebtedness under the Tempus Acquisition Loan and the PMR Acquisition Loan using the proceeds from the IPO. The unamortized debt issuance cost on both the Tempus Acquisition Loan and the PMR Acquisition Loan and the additional exit fees paid were recorded as loss on extinguishment of debt. See "Note 16—Borrowings" for further detail on repayments. | |||||||||||||||||||||
In addition, on August 23, 2013, the Company completed the Tender Offer and a pro rata portion of the unamortized debt issuance cost associated with the Senior Secured Notes and the call premium paid upon the completion of the Tender Offer were recorded as loss on extinguishment of debt. See "Note 16—Borrowings" for further detail on the Tender Offer. | |||||||||||||||||||||
On October 21, 2013, the Company redeemed all of the DROT 2009 Class A Notes and Class B Notes using proceeds from borrowings under the Conduit Facility. The unamortized debt issuance costs and debt discount were recorded as a loss on extinguishment of debt. See "Note 16—Borrowings" for further detail on the debt redemption. | |||||||||||||||||||||
Loss on extinguishment of debt consisted of the following for the year ended December 31, 2013: | |||||||||||||||||||||
Year ended | |||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||
Senior Secured Notes | $ | 8,443 | |||||||||||||||||||
PMR Acquisition Loan | 3,196 | ||||||||||||||||||||
Diamond Resorts Owner Trust 2009-1 | 2,201 | ||||||||||||||||||||
Tempus Acquisition Loan | 1,744 | ||||||||||||||||||||
Island One Notes Payable | 20 | ||||||||||||||||||||
Total loss on extinguishment of debt | $ | 15,604 | |||||||||||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
Income Taxes | |||||||||||||
The components of the provision (benefit) for income taxes are summarized as follows for the years ended December 31, 2013, 2012 and 2011 (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current: | |||||||||||||
Federal | $ | — | $ | (1,090 | ) | $ | (98 | ) | |||||
State | 138 | 206 | — | ||||||||||
Foreign | 2,375 | (416 | ) | (851 | ) | ||||||||
Total current provision (benefit) for income taxes | 2,513 | (1,300 | ) | (949 | ) | ||||||||
Deferred: | |||||||||||||
Federal | 8,964 | 7,546 | (491 | ) | |||||||||
State | 2,859 | (2,761 | ) | 1,155 | |||||||||
Foreign | (5,518 | ) | (5,049 | ) | (4,506 | ) | |||||||
Total deferred provision (benefit) for income taxes before change in valuation allowance | 6,305 | (264 | ) | (3,842 | ) | ||||||||
Decrease in valuation allowance | (3,041 | ) | (12,746 | ) | (4,726 | ) | |||||||
Total deferred provision (benefit) for income taxes | 3,264 | (13,010 | ) | (8,568 | ) | ||||||||
Provision (benefit) for income taxes | $ | 5,777 | $ | (14,310 | ) | $ | (9,517 | ) | |||||
Income (loss) before income taxes is comprised of the following for the years ended December 31, 2013, 2012 and 2011 (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Domestic | $ | 4,599 | $ | 9,993 | $ | 5,836 | |||||||
Foreign | (1,347 | ) | (10,660 | ) | (5,050 | ) | |||||||
Income (loss) before income taxes | $ | 3,252 | $ | (667 | ) | $ | 786 | ||||||
The reconciliation between the statutory provision for income taxes and the actual provision (benefit) for income taxes is shown as follows for the years ended December 31, 2013, 2012 and 2011 (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Income tax expense (benefit) at U.S. federal statutory rate of 35% | $ | 1,138 | $ | (233 | ) | $ | 275 | ||||||
State tax expense, net of federal effect | 1,315 | (9 | ) | 1,554 | |||||||||
Tax impact of contributed entities | 7,877 | — | — | ||||||||||
Stock-based compensation issued to non U.S. recipients | 435 | — | — | ||||||||||
Income of pass-through entities not taxed at corporate entity level | 1,142 | 3,298 | 5,075 | ||||||||||
Tax impact of non-U.S. disregarded entities | (286 | ) | (282 | ) | (1,125 | ) | |||||||
Rate differences between U.S. and foreign tax jurisdictions | 2,046 | 1,388 | (1,221 | ) | |||||||||
Foreign currency and rate change adjustment | — | 186 | (179 | ) | |||||||||
Permanent return to provision and deferred adjustments | (4,644 | ) | 1,594 | (4,201 | ) | ||||||||
Meals and entertainment | 813 | 556 | 207 | ||||||||||
Alternative minimum tax (refund) | — | (1,090 | ) | (161 | ) | ||||||||
Tax effect of gain on bargain purchase from business combinations | (1,018 | ) | (6,972 | ) | (5,015 | ) | |||||||
Decrease in valuation allowance | (3,041 | ) | (12,746 | ) | (4,726 | ) | |||||||
Provision (benefit) for income taxes | $ | 5,777 | $ | (14,310 | ) | $ | (9,517 | ) | |||||
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The Company's deferred tax asset and liability balances as of December 31, 2012 have been restated to reflect changes in the individual book-tax differences. On a consolidated basis, there was no impact on the Company's income tax provision for the year ended December 31, 2012 and the net deferred tax balance as of December 31, 2012 has not changed due to a full valuation allowance, however, the net deferred tax assets before valuation allowance as of December 31, 2012 decreased by $7.9 million. The company's deferred tax assets and liabilities are as follows as of December 31 (in thousands): | |||||||||||||
2013 | 2012 | ||||||||||||
Allowance for losses | $ | 40,979 | $ | 31,007 | |||||||||
Deferred profit | 19,116 | 14,273 | |||||||||||
Net Operating Loss carryover | 170,568 | 158,337 | |||||||||||
Accrued expenses and prepaid assets | 16,620 | 16,985 | |||||||||||
Other | 20,155 | 9,416 | |||||||||||
Total gross deferred tax assets | 267,438 | 230,018 | |||||||||||
Valuation allowance | (80,555 | ) | (83,596 | ) | |||||||||
Total net deferred tax assets | 186,883 | 146,422 | |||||||||||
Installment sales | 143,225 | 100,763 | |||||||||||
Intangible assets | 17,671 | 19,484 | |||||||||||
Unsold Vacation Interests adjustments | 48,391 | 23,999 | |||||||||||
Other | — | 2,176 | |||||||||||
Total deferred tax liability | 209,287 | 146,422 | |||||||||||
Net deferred tax liability | $ | (22,404 | ) | $ | — | ||||||||
ASC 740, “Income Taxes” ("ASC 740") requires that the tax benefit of net operating losses, temporary differences and credit carry forwards be recorded as an asset to the extent that management assesses that realization is “more likely than not.” Realization of the future tax benefits is dependent on the Company's ability to generate sufficient taxable income within the carry forward period, including the reversal of existing taxable temporary differences. The Company maintains a valuation allowance against its deferred tax assets in foreign jurisdictions, including its branch operations in St. Maarten. Because of the Company's history of operating losses in those locations, management believes that realization of the deferred tax assets arising from the above-mentioned future tax benefits is currently not more likely than not and, accordingly, has provided a valuation allowance. | |||||||||||||
As of December 31, 2013, the Company had available approximately $335.9 million of unused federal net operating loss carry forwards, $331.9 million of unused state net operating loss carry forwards, and $128.8 million of foreign net operating loss carry forwards (the “NOLs”), with expiration dates from 2018 through 2033 (except for certain foreign NOLs that do not expire) that may be applied against future taxable income subject to certain limitations. | |||||||||||||
As a result of the IPO and the resulting change in ownership, the Company's federal net operating losses will be limited under Internal Revenue Code Section 382 with a prorated limitation of $13.1 million in 2013 and an additional $29.5 million that becomes available each year. State net operating loss carry forwards are also available for use subject to similar limitations in many cases. | |||||||||||||
No deferred tax liabilities have been provided for U.S. taxes on the undistributed earnings (if any) of foreign subsidiaries as of December 31, 2013, 2012 and 2011. Those earnings have been and expect to be reinvested in the foreign subsidiaries. The amount of those undistributed earnings has not been determined as it is impracticable at this time to determine the amount. | |||||||||||||
In 2007, the Company's wholly-owned subsidiary, Diamond Resorts (Europe) Ltd., filed a claim for refund with the United Kingdom income tax authority in the amount of $10.7 million (£7.4 million) with respect to its income tax returns for the years ended December 31, 1999 to 2004. In accordance with ASC 450, Contingencies, the Company recorded an income tax receivable of $3.5 million (£2.4 million) in the consolidated balance sheet for the year ended December 31, 2008. During 2009, the Company received a partial refund from the United Kingdom income tax authority in the amount of $1.6 million (£1.0 million). In January 2010, the Company received an additional partial refund in the amount of $3.2 million (£2.0 million), plus interest of $0.6 million (£0.4 million). An additional benefit of $1.0 million (£0.6 million) was recorded in 2009 to reflect the amount of refund received in excess of the receivable balance at December 31, 2008. An additional partial refund of $3.2 million (£2.0 million) was received in October 2010, all of which was recorded as a benefit in 2010. Final tax refunds of $3.0 million (£1.9 million) plus interest of $1.4 million (£0.9 million) were received and recorded in 2011. | |||||||||||||
Effective January 1, 2009, the Company adopted guidance included in ASC 740. This guidance clarifies the accounting for uncertainty in income taxes recognized in the Company's financial statements. ASC 740 prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The evaluation of a tax position in accordance with ASC 740 is a two-step process. The first step is recognition: the Company determines whether it is “more-likely-than-not” that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. In evaluating whether a tax position has met the “more-likely-than-not” recognition threshold, the Company presumes that the position will be examined by the appropriate taxing authority that would have full knowledge of all relevant information. The second step is measurement: a tax position that meets the “more-likely-than-not” recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. The tax position is measured at the largest amount of benefit that is greater than 50 percent likely to be realized upon ultimate settlement. The adoption of ASC 740 did not result in a material impact on the Company's financial condition or results of operations. | |||||||||||||
The Company does not currently anticipate that any significant increase or decrease to unrecognized tax benefits will be recorded during the next twelve months. | |||||||||||||
The Company's continuing practice is to recognize potential interest and/or penalties related to income tax matters in income tax provision. As of December 31, 2013, the Company has no amount accrued for the payment of interest and penalties in the accompanying balance sheet. | |||||||||||||
The Company operates in multiple tax jurisdictions, both within the U.S. and outside of the U.S. The Company is no longer subject to income tax examinations by tax authorities in its major tax jurisdictions as follows: | |||||||||||||
Tax Jurisdiction | Tax Years No Longer Subject to Examination | ||||||||||||
United States | 2009 and prior | ||||||||||||
United Kingdom | 2011 and prior | ||||||||||||
Spain | Generally 2008 and prior* | ||||||||||||
* although several Spanish entities are subject to examination for 2003-2006. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Commitments and Contingencies | ' | ||||
Commitments and Contingencies | |||||
Lease Agreements | |||||
The Company conducts a significant portion of its operations from leased facilities, which include regional and global administrative facilities as well as off-premise booths and tour centers near active sales centers. The longest of these obligations extends into 2019. Many of these agreements have renewal options, subject to adjustments for inflation. In most cases, the Company expects that in the normal course of business, such leases will be renewed or replaced by other leases. Typically, these leases call for a minimum lease payment that increases over the life of the agreement by a fixed percentage or an amount based upon the change in a designated index. All of the facilities lease agreements are classified as operating leases. | |||||
In connection with the Company's lease of an aircraft from Banc of America Leasing & Capital, LLC, Mr. Cloobeck entered into a guaranty in favor of Banc of America Leasing & Capital, LLC. Pursuant to this guaranty, Mr. Cloobeck guarantees the Company's lease payments and any related indebtedness to Banc of America Leasing & Capital, LLC. In connection with this aircraft lease, the Company paid Banc of America Leasing & Capital, LLC $1.2 million pursuant to this lease agreement for each of the years ended December 31, 2013, 2012 and 2011. The Company did not compensate Mr. Cloobeck for providing these guaranties. | |||||
In addition, the Company leases office and other equipment under both long-term and short-term lease arrangements, which are generally classified as operating leases. | |||||
Rental expense recognized for all operating leases during the years ended December 31, 2013, 2012 and 2011 totaled $21.1 million, $18.7 million and $14.3 million, net of sublease rental revenue of $0.8 million, $0.7 million and $0.8 million, respectively. | |||||
As of December 31, 2013, future minimum lease payments on operating leases were as follows (in thousands): | |||||
Year ending December 31: | |||||
2014 | $ | 11,544 | |||
2015 | 7,755 | ||||
2016 | 7,158 | ||||
2017 | 6,826 | ||||
2,018 | 4,801 | ||||
2019 and thereafter | 530 | ||||
$ | 38,614 | ||||
Minimum rental payments to be received in the future under non-cancelable sublease agreements totaled $0.1 million as of December 31, 2013. | |||||
Purchase Obligations | |||||
The Company has entered into various purchase obligations relating to sales center remodeling, property amenity improvement and corporate office expansion projects. The total remaining commitment was $2.3 million as of December 31, 2013. | |||||
Litigation and Other | |||||
From time to time, the Company or its subsidiaries are subject to certain legal proceedings and claims in the ordinary course of business. | |||||
FLRX Litigation | |||||
One of the Company's subsidiaries, FLRX, Inc. ("FLRX"), was a defendant in a lawsuit originally filed in July 2003, alleging the breach of certain contractual terms relating to the obligations under a stock purchase agreement for the acquisition of FLRX in 1998, as well as certain violations under applicable consumer protection acts. | |||||
In January 2010, following a jury trial, a Washington state court entered a judgment against FLRX, awarded plaintiffs damages of $30.0 million plus post-judgment interest at a rate of 12% per annum and attorneys' fees of approximately $1.5 million plus accrued interest, and ordered specific performance of certain ongoing contractual obligations pursuant to the breach of contract claim (the "FLRX Judgment"). FLRX's appeal and petition for review of the verdict were denied. Any liability in this matter is not covered by insurance. Neither DRC nor any of its other subsidiaries was a party to this lawsuit. | |||||
In April 2012, the plaintiffs in the FLRX case filed a lawsuit in King County Superior Court in the State of Washington against DRP and DRC (the "Alter Ego Suit"). The complaint, which alleges two claims for alter ego and fraudulent conveyance, sought to hold DRP and DRC liable for the judgment entered against FLRX. The Alter Ego Suit was subsequently removed to the U.S District Court for the Western District of Washington, and DRP was dismissed as a defendant. | |||||
On November 15, 2013, the parties to the Alter Ego Suit executed a settlement agreement which provided for (i) the dismissal of the Alter Ego Suit, with prejudice, (ii) the payment of $5.0 million in cash to the plaintiffs, (iii) the transfer of shares of a subsidiary of DRC whose only assets at the time of transfer were majority interests in two undeveloped real estate parcels in Mexico with a carrying value of $5.3 million and an appraised value of $6.7 million for those majority interests and (iv) the release of DRC and all of its affiliates (other than FLRX) from any liability in connection with the FLRX Judgment or matters relating to that judgment. Such actions were completed in December 2013 and January 2014. As a result of the settlement, the company recorded a pre-tax charge to earnings of $10.5 million during the fourth quarter of 2013, which is included within general and administrative expense on the accompanying consolidated statements of operations and other comprehensive income for the year ended December 31, 2013. | |||||
The settlement did not impact FLRX's liability under the FLRX Judgment. Since FLRX currently conducts no operations and has no material assets, and since none of DRII or any of its subsidiaries has any obligation to provide any funding to FLRX, the Company believes that it will not have any material liability if or when the case against FLRX is ultimately resolved. It is possible that FLRX may at some point determine to file for protection under the Federal Bankruptcy Code. | |||||
St. Maarten Litigation | |||||
In December 2004 and January 2005, two separate cases were filed in the Joint Court of Justice of the Netherlands Antilles against AKGI St. Maarten NV or AKGI, one of the Company's subsidiaries, challenging AKGI's title to seven whole ownership units at the Royal Palm Resort, and alleging the breach of certain agreements that existed prior to AKGI's acquisition of the resort. AKGI purchased the resort at auction in 1995. Each claimant alleges that, between 1989 and 1991, he purchased certain units from the prior owner of Royal Palm Resort, and that he holds in perpetuity, legal title to, or a leasehold interest in, these respective units and is entitled to a refund of the purchase price and an annual 12% return on the purchase price (which totaled $1.2 million in one case and $1.3 million in the other case). Due to the nature of the AKGI purchase and the underlying St. Maarten laws, the Company believes that the obligations to the claimants would only be enforceable if the agreement between the claimant and AKGI's predecessor was either a timeshare agreement or a lease agreement. AKGI has answered that the claimants' agreements were, in fact, investment contracts, and are therefore not enforceable under St. Maarten law. In February 2011, the case that was pending in the highest and final court of appeal was dismissed as to all claims, with the Company having no obligations, financial or otherwise, to claimant. The other case is currently pending in the intermediate court of appeal with pleadings scheduled for submission in the Spring of 2014. A lien has been placed on AKGI's interest in the Royal Palm Resort while the remaining action is pending. | |||||
Hawaii Water Intrusion Assessment and Litigation | |||||
In October 2011, the HOA of one of the Company's managed resorts in Hawaii levied an assessment to the owner-families of that resort for water intrusion damage. The original amount of the assessment was $65.8 million but, in connection with the settlement of a class action, the assessment was reduced to $60.9 million. For deeded inventory or Collection points held by the Company at the time of the assessment, the Company owed $9.7 million of the original assessment. The Company's assessment was subsequently reduced by $0.7 million. This assessment is payable in annual installments over five years. In addition, pursuant to the related class action settlement, the Company agreed to pay any amount of assessments defaulted on by owners in return for the Company's recovery of the related VOIs. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||
Dec. 31, 2012 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
ote 19 — Fair Value Measurements | |||||||||||||||||
ASC 820, "Fair Value Measurements" ("ASC 820"), defines fair value, establishes a framework for measuring fair value in accordance with U.S. GAAP, and expands disclosures about fair value measurements. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets and liabilities carried at fair value are classified and disclosed in one of the following three categories: | |||||||||||||||||
• | Level 1: Quoted prices for identical instruments in active markets. | ||||||||||||||||
• | Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs or significant value drivers are observable. | ||||||||||||||||
• | Level 3: Unobservable inputs used when little or no market data is available. | ||||||||||||||||
As of December 31, 2013, the Company had no assets and liabilities measured at fair value on a recurring basis. As of December 31, 2012, the Company's only assets and liabilities measured at fair value on a recurring basis were its derivative instruments, which consisted of the 2010 Cap Agreement and the 2012 Cap Agreements. The 2010 Cap Agreement and the 2012 Cap Agreements had fair values of $0 based on valuation reports provided by counterparties and were classified as Level 3, based on the fact that the credit risk data used for the valuation is not directly observable and cannot be corroborated by observable market data. The Company’s assessment of the significant inputs to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. See "Note 3—Concentrations of Risk" for further detail on these cap agreements. | |||||||||||||||||
As of December 31, 2013, mortgages and contracts receivable had a balance of $405.5 million, net of allowance. The allowance for loan and contract losses against the mortgages and contracts receivable is derived using a static pool analysis to develop historical default percentages based on FICO scores to apply to the mortgage and contract population. The Company evaluates other factors such as economic conditions, industry trends and past due aging reports in order to determine the adjustments needed to true up the allowance, which adjusts the carrying value of mortgages and contracts receivable to management's best estimate of collectability. As a result of such evaluation, the Company believes that the carrying value of the mortgages and contracts receivable approximated its fair value at December 31, 2013. These financial assets were classified as Level 3 as there is little market data available. | |||||||||||||||||
The borrowings under the Senior Secured Notes were classified as Level 2 as of December 31, 2013 based on a quoted price of $110.5 on a restricted bond market, as they were not actively traded on the open market. | |||||||||||||||||
As of December 31, 2013, the Company’s DROT 2011 Notes, DROT 2013-1 Notes, the Tempus 2013 Notes, and DROT 2013-2 Notes were classified as Level 2. The fair value of the DROT 2011 Notes, DROT 2013-1 Notes and DROT 2013-2 Notes was determined with the assistance of an investment banking firm, which the Company believes approximated similar instruments in active markets. The Company believes the fair value of the Tempus 2013 Notes approximated their carrying value due to the fact that they were recently amended and, therefore, measured using other significant observable inputs including the current refinancing activities. | |||||||||||||||||
As of December 31, 2013, the Quorum Facility, the ILXA Receivables Loan, the ILXA Inventory Loan, the Tempus Inventory Loan, the DPM Inventory Loan, the Island One Quorum Funding Facility and the Island One Conduit Facility were classified as Level 2 based on an internal analysis performed by the Company utilizing the discounted cash flow model and the quoted prices for identical or similar instruments in markets that are not active. | |||||||||||||||||
As of December 31, 2013, the fair value of all other debt instruments was not calculated, based on the fact that they were either due within one year or were immaterial. | |||||||||||||||||
As of December 31, 2012, mortgages and contracts receivable had a balance of $312.9 million, net of allowance. The allowance for loan and contract losses against the mortgages and contracts receivable is derived using a static pool analysis to develop historical default percentages based on FICO scores to apply to the mortgage and contract population. The Company evaluates other factors such as economic conditions, industry trends and past due aging reports in order to determine the adjustments needed to true up the allowance, which adjust the carrying value of mortgages and contracts receivable to management's best estimate of collectability. As a result of such evaluation, the Company believes that the carrying value of the mortgages and contracts receivable approximated its fair value at December 31, 2012. These financial assets are classified as Level 3 as there is little market data available. | |||||||||||||||||
The borrowings under the Senior Secured Notes were classified as Level 2 as of December 31, 2012 based on a quoted price of $109.0 on a restricted bond market, as they were not actively traded on the open market. | |||||||||||||||||
As of December 31, 2012, the Company’s Conduit Facility, DROT 2009 Notes and DROT 2011 Notes were classified as Level 2. The Company believes the fair value of the Conduit Facility approximated its carrying value due to the fact that it was recently amended and was, therefore, measured using other significant observable inputs, including the current refinancing activities. The fair value of the DROT 2009 Notes and DROT 2011 Notes, which the Company believes approximated similar instruments in active markets, was determined with the assistance of an investment banking firm. | |||||||||||||||||
As of December 31, 2012, the Quorum Facility, the ILXA Receivables Loan, the ILXA Inventory Loan, the Tempus Acquisition Loan, the Tempus Receivables Loan, the Tempus Inventory Loan, the PMR Acquisition Loan and the DPM Inventory Loan were classified as Level 2 based on an internal analysis performed by the Company utilizing the discounted cash flow model and the quoted prices for identical or similar instruments in markets that are not active. | |||||||||||||||||
The Company believes, as of December 31, 2012, the fair value of the borrowings under Notes Payable—RFA fees approximated its carrying value as the carrying value represents the net present value of all future payments using an imputed interest rate of 10%. | |||||||||||||||||
As of December 31, 2012, the fair value of all other debt instruments was not calculated, based on the fact that they were either due within one year or were immaterial. | |||||||||||||||||
In accordance with ASC 820, the Company also applied the provisions of fair value measurement to various non-recurring measurements for the Company’s financial and non-financial assets and liabilities and recorded the impairment charges. The Company’s non-financial assets consist of property and equipment, which are recorded at cost, net of depreciation, unless impaired, and assets held for sale, which are recorded at the lower of cost or their estimated fair value less costs to sell. | |||||||||||||||||
The carrying values and estimated fair values of the Company's financial instruments as of December 31, 2013 were as follows (in thousands): | |||||||||||||||||
Carrying Value | Total Estimated Fair Value | Estimated Fair Value (Level 2) | Estimated Fair Value (Level 3) | ||||||||||||||
Assets: | |||||||||||||||||
Mortgages and contracts receivable, net | $ | 405,454 | $ | 405,454 | $ | — | $ | 405,454 | |||||||||
Total assets | $ | 405,454 | $ | 405,454 | $ | — | $ | 405,454 | |||||||||
Liabilities: | |||||||||||||||||
Senior Secured Notes, net | 367,892 | 413,756 | 413,756 | — | |||||||||||||
Securitization notes and Funding Facilities, net | 391,267 | 392,317 | 392,317 | — | |||||||||||||
Notes payable | 23,150 | 23,095 | 23,095 | — | |||||||||||||
Total liabilities | $ | 782,309 | $ | 829,168 | $ | 829,168 | $ | — | |||||||||
The carrying values and estimated fair values of the Company's financial instruments as of December 31, 2012 were as follows (in thousands): | |||||||||||||||||
Carrying Value | Total Estimated Fair Value | Estimated Fair Value (Level 2) | Estimated Fair Value (Level 3) | ||||||||||||||
Assets: | |||||||||||||||||
Mortgages and contracts receivable, net | $ | 312,932 | $ | 312,932 | $ | — | $ | 312,932 | |||||||||
Total assets | $ | 312,932 | $ | 312,932 | $ | — | $ | 312,932 | |||||||||
Liabilities: | |||||||||||||||||
Senior Secured Notes, net | $ | 416,491 | $ | 463,250 | $ | 463,250 | $ | — | |||||||||
Securitization notes and Funding Facilities, net | 256,302 | 270,392 | 270,392 | — | |||||||||||||
Notes payable | 137,906 | 137,769 | 137,769 | — | |||||||||||||
Total liabilities | $ | 810,699 | $ | 871,411 | $ | 871,411 | $ | — | |||||||||
Common_and_Preferred_Units
Common and Preferred Units | 12 Months Ended |
Dec. 31, 2013 | |
Equity [Abstract] | ' |
Common and Preferred Units | ' |
Tempus Warrant (June 2011) | |
In connection with the funding of the Tempus Acquisition Loan pursuant to the Loan and Security Agreement, dated as of June 30, 2011, among Tempus Acquisition, LLC, the lenders party thereto and Guggenheim Corporate Funding, LLC, which was entered into in connection with the Tempus Resorts Acquisition, DRP issued the Tempus Warrant to Guggenheim Corporate Funding, LLC, as administrative agent, for the benefit of the lenders, pursuant to a Warrant Agreement, between DRP and Guggenheim Corporate Funding, LLC. The Tempus Warrant was scheduled to vest and become exercisable, subject to the provisions of the Tempus Warrant described below, upon the sixty-first day (the “Tempus Warrant Exercise Date”) following, among other things, an initial underwritten public offering of the common stock of DRC or of any successor corporation of DRP ("DRP Successor"), a payment default by Tempus Acquisition, LLC (after expiration of applicable grace and care periods) under the Tempus Acquisition Loan, or a sale of DRP or DRC (in any such case, a "Tempus Warrant Triggering Event"). Following a Tempus Warrant Triggering Event, the Tempus Warrant would become exercisable on the Tempus Warrant Exercise Date as to an aggregate percentage of the fully-diluted outstanding common equity of DRP equal to the quotient of (i) the dollar amount by which the actual total repayments of principal on the Tempus Acquisition Loan from the date of the Tempus Warrant through the day immediately preceding the Tempus Warrant Exercise Date was less than a certain benchmark amount (the “Tempus Benchmark Amount”) as determined pursuant to the terms of the Tempus Warrant, divided by (ii) the fair market value of the common equity of DRP as determined pursuant to the terms of the Tempus Warrant. The purchase price for each common unit of DRP issuable upon exercise of the Tempus Warrant was $0.0001 per common unit. During the 60-day period following a Tempus Warrant Triggering Event, DRP or the DRP Successor, as applicable, had the option to purchase the Tempus Warrant from the holder for a cash payment equal to the Tempus Benchmark Amount, less any cash payments made on the Tempus Acquisition Loan from the date of the Tempus Warrant through the date of such Tempus Warrant Triggering Event. In connection with the Company's payoff of the Tempus Acquisition Loan in full on July 24, 2013, the Tempus Warrant was canceled for no consideration consistent with the terms of the Tempus Acquisition Loan and Security Agreement. See "Note 16—Borrowings" for further detail. | |
PMR Warrant (May 2012) | |
In connection with the funding of the PMR Acquisition Loan pursuant to the Loan and Security Agreement, dated as of May 21, 2012, among DPMA, the lenders party thereto and Guggenheim Corporate Funding, LLC, which was entered into in connection with the PMR Acquisition, DRP issued the PMR Warrant to Guggenheim Corporate Funding, LLC, as administrative agent, for the benefit of the lenders, pursuant to a Warrant Agreement, between DRP and Guggenheim Corporate Funding, LLC. The PMR Warrant was scheduled to vest and become exercisable, subject to the provisions of the PMR Warrant described below, upon the sixty-first day (the “PMR Warrant Exercise Date”) following, among other things, an initial underwritten public offering of the common stock of DRC or of any DRP Successor, a payment default by DPMA (after expiration of applicable grace and care periods) under the PMR Acquisition Loan, or a sale of DRP or DRC (a "PMR Warrant Triggering Event"). Following a PMR Warrant Triggering Event, the PMR Warrant would become exercisable on the PMR Warrant Exercise Date as to an aggregate percentage of the fully-diluted outstanding common equity of DRP equal to the quotient of (i) the dollar amount by which the actual total repayments of principal on the PMR Acquisition Loan from the date of the PMR Warrant through the day immediately preceding the PMR Warrant Exercise Date was less than a certain benchmark amount (the “PMR Benchmark Amount”) as determined pursuant to the terms of the PMR Warrant, divided by (ii) the fair market value of the common equity of DRP as determined pursuant to the terms of the PMR Warrant. The purchase price for each common unit of the Company issuable upon exercise of the PMR Warrant was $0.0001 per common unit. During the 60-day period following a PMR Warrant Triggering Event, DRP or the DRP Successor, as applicable, had the option to purchase the PMR Warrant from the holder for a cash payment equal to the PMR Benchmark Amount, less any cash payments made on the PMR Acquisition Loan from the date of the PMR Warrant through the date of such PMR Warrant Triggering Event. In connection with the Company's payoff of the PMR Acquisition Loan in full on July 24, 2013, the PMR Warrant was canceled for no consideration consistent with the terms of the PMR Acquisition Loan and Security Agreement. See "Note 16—Borrowings" for further detail. | |
Issuance of Class B Common Units and Stock-Based Compensation (October 2012) | |
On October 15, 2012, the Company established the Diamond Resorts Parent, LLC 2012 Equity Incentive Plan (the "2012 Plan"), which authorized awards of 112.2 restricted Class B common units ("BCUs") (or 389,905 shares of DRII common stock). Of the 112.2 authorized awards (or 389,905 shares of DRII common stock), 103.8 awards (or 360,465 shares of DRII common stock) were issued to participants in the 2012 Plan. The BCUs represented a fractional part of the interest in the profits, losses and distributions, but not the capital, of the Company and were non-voting and subject to certain restrictive covenants. | |
On the same date in October 2012, to mitigate the dilutive effect of the July 2011 recapitalization transaction on Messrs. Cloobeck, Palmer and Kraff, the Company issued 66.3 BCUs (or 230,180 shares of DRII common stock) under the 2012 Plan to Messrs. Cloobeck, Palmer and Kraff for no cash consideration. These BCUs were 100% vested as of the issuance date. Also on that date, the Company granted BCUs pursuant to the 2012 Plan to Messrs. Bentley and Lanznar and two other participants in the 2012 Plan for no cash consideration, in connection with their provision of services to the Company. These BCUs were also 100% vested on the grant date; however, because these BCUs were tied to service to the Company, they were subject to forfeiture if the grantee’s employment with the Company was terminated for cause and subject to repurchase by the Company (at its option) if the grantee’s employment with the Company was terminated for any reason other than termination by the Company for cause. The BCUs were not entitled to any distributions nor did they have any fair value unless and until the cumulative amount distributed to holders of the Company common units other than BCUs was at least equal to a specified amount. See "IPO-Related Equity Transactions (July 2013)" below for more information on the exchange of the Company BCUs for shares of common stock of the Company. | |
The Company measured compensation expense related to the BCUs at fair value on the issuance date and recognized this expense in the consolidated statements of operations and comprehensive income. For the year ended December 31, 2012, the Company recognized $3.3 million in such compensation expense based on a weighted-average grant-date fair value of $32,008 per unit (or $9.21 per share of DRII common stock). | |
IPO-Related Equity Transactions (July 2013) | |
Immediately prior to the consummation of the IPO, DRP was the sole stockholder of DRII. In connection with, and immediately prior to the completion of the IPO, each Class A and Class B member of DRP contributed all of its equity interests in DRP to DRII in return for shares of common stock of DRII. Following this contribution, DRII redeemed the shares of common stock held by DRP and DRP was merged with and into DRII. | |
On July 24, 2013, the Company completed the Island One Acquisition in exchange for 5,236,251 shares of common stock. | |
On September 27, 2013, the Company paid approximately $10.3 million to repurchase warrants to purchase shares of common stock of DRC and, substantially concurrently therewith, the Company borrowed approximately $15.0 million under the Revolving Credit Facility. |
StockBased_Compensation_Notes
Stock-Based Compensation (Notes) | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||
Stock-Based Compensation [Abstract] | ' | |||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | |||||||||||||||||||||||||
Note 21— Stock-Based Compensation | ||||||||||||||||||||||||||
On July 8, 2013, the board of directors of the Company approved the 2013 Plan, which authorized the issuance of non-qualified and incentive stock options, stock appreciation rights, restricted stock, restricted stock units, deferred stock, performance units, other stock-based awards and annual cash incentive awards to: (i) officers and employees of the Company or any of the Company's subsidiaries (including leased employees and co-employees with a professional employer organization), (ii) non-employee directors of the Company or (iii) a consultant or advisor to the Company or any of its subsidiaries (collectively, the “Eligible Persons”). Under the Plan, a total of 9,733,245 shares of common stock are authorized for issuance. As of December 31, 2013, 3,082,646 shares remained available for issuance under the Plan. | ||||||||||||||||||||||||||
On July 18, 2013, the Company granted non-qualified stock options exercisable for an aggregate of 3,760,215 shares of common stock that vested immediately to the former holders of DRP BCUs at an option price of $14.00 per share in part to maintain the incentive value intended when the Company originally issued those BCUs to these individuals and to provide an incentive for such individuals to continue providing service to the Company. See "Note 20—Equity Transactions" for further detail on these BCUs. The grantees of these immediately vested options include Messrs. Cloobeck, Kraff, Palmer, Bentley, Lanznar and two employees of the Company. Messrs. Cloobeck, Palmer, Bentley and Lanznar are not employed or compensated directly by the Company, but are rather employed or independently contracted by and compensated by HM&C, a Nevada limited liability company. Pursuant to the HM&C Agreement, HM&C provides certain services to the Company, including the services of Messrs. Cloobeck, Palmer, Bentley, Lanznar and approximately 54 other employees. | ||||||||||||||||||||||||||
On July 18, 2013, the Company also issued non-qualified stock options exercisable for an aggregate of 2,672,100 shares of common stock (together with the options discussed in the immediately preceding paragraph, representing options covering a total of 6,432,315 shares of common stock) to certain Eligible Persons (including individuals who received the options discussed in the immediately preceding paragraph) in connection with the IPO at an option price of $14.00 per share with a service-only vesting condition. 25% of shares issuable upon the exercise of such options vested immediately on the grant date and the remaining 75% vest equally on each of the next three anniversary dates. All options issued on July 18, 2013 expire on July 18, 2023. There were no options exercised through December 31, 2013. | ||||||||||||||||||||||||||
On November 5, 2013, DRII issued non-qualified stock options exercisable for an aggregate of 166,000 shares of common stock to Eligible Persons at an option price of $18.32 per share with a service-only vesting condition. 25% of options vested immediately on the grant date and the remaining 75% vests equally on each of the next three anniversary dates. All options issued on November 5, 2013 expire on November 5, 2023. | ||||||||||||||||||||||||||
The Company accounts for its stock-based compensation issued to its employees in accordance with ASC 718. For a stock-based award with service-only vesting conditions, the Company measures compensation expense at fair value on the grant date and recognizes this expense in the statement of operations and comprehensive income over the vesting period during which the employees of the Company provide service in exchange for the award. The Company accounts for its Non-Employee Grants in accordance with ASC 505-50, "Equity—Based Payments to Non-Employees." The fair value of an equity instrument issued to Non-Employees is measured by using the stock price and other measurement assumptions as of the date at the earlier of: (i) a commitment for performance by the grantees has been reached; or (ii) the performance by the grantees is complete. Accordingly, these grants are re-measured at each balance sheet date as additional services are performed. | ||||||||||||||||||||||||||
The Company utilizes the Black-Scholes option-pricing model to estimate the fair value of the stock options granted to its employees and Non-Employees. At December 31, 2013, the expected volatility was calculated based on the historical volatility of the stock prices for a group of identified peer companies for the expected term of the stock options on the grant date (which is significantly greater than the volatility of the S&P 500® index as a whole during the same period) due to the lack of historical stock trading prices of the Company. The average expected option life represented the period of time the stock options were expected to be outstanding at the issuance date based on management’s estimate using the simplified method prescribed under SAB 14 for employee grants and contractual term for non-employee grants. The risk-free interest rate was calculated based on U.S. Treasury zero-coupon yield with a remaining term that approximated the expected option life assumed at the date of issuance. The expected annual dividend per share was 0% based on the Company’s expected dividend rate. | ||||||||||||||||||||||||||
The following table sets forth fair value per share information, including related assumptions, used to determine compensation cost for the Company’s non-qualified stock options consistent with the requirements of ASC 718. | ||||||||||||||||||||||||||
For the year ended | ||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||
Non-Employees | Company Employees | |||||||||||||||||||||||||
Weighted average fair value per share | $ | 8.9 | $ | 7.5 | ||||||||||||||||||||||
Expected stock price volatility | 49.8 | % | 52.9 | % | ||||||||||||||||||||||
Expected option life (years) | 9.13 | 6.51 | ||||||||||||||||||||||||
Risk-free interest rate | 2.4 | % | 1.8 | % | ||||||||||||||||||||||
Expected annual dividend yield | — | % | — | % | ||||||||||||||||||||||
Stock option activity related to grants issued to Non-Employees and employees of the Company during the year ended December 31, 2013 was as follows: | ||||||||||||||||||||||||||
Non Employees | Company Employees | |||||||||||||||||||||||||
Options | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Term | Aggregate Intrinsic Value | Options | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Term | Aggregate Intrinsic Value | |||||||||||||||||||
(In thousands) | (Per Share) | (Years) | (In thousands) | (In thousands) | (Per Share) | (Years) | (In thousands) | |||||||||||||||||||
Outstanding at January 1, 2013 | — | $ | — | — | $ | — | ||||||||||||||||||||
Granted | 4,458 | 14 | 2,140 | 14.34 | ||||||||||||||||||||||
Exercised | — | — | — | — | ||||||||||||||||||||||
Forfeited | — | — | (12 | ) | 14 | |||||||||||||||||||||
Outstanding at December 31, 2013 | 4,458 | $ | 14 | 9.5 | $ | 19,882 | 2,128 | $ | 14.34 | 9.5 | $ | 8,776 | ||||||||||||||
Exercisable at December 31, 2013 | 3,731 | $ | 14 | 9.5 | $ | 16,639 | 739 | $ | 14.24 | 9.5 | $ | 3,116 | ||||||||||||||
The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value that would have been realized by the option holders had all option holders exercised their options on December 31, 2013. The intrinsic value of a stock option is the excess of the Company’s closing stock price on that date over the exercise price, multiplied by the number of shares subject to the option. | ||||||||||||||||||||||||||
During the year ended December 31, 2013, the Company issued restricted common stock to certain members of the board of directors of the Company, which vest equally on each of the next three anniversary dates from the grant date. The following table summarizes the Company’s unvested restricted stock activity for the year months ended December 31, 2013: | ||||||||||||||||||||||||||
Shares | Weighted-Average Grant Date Fair Value (Per Share) | |||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Unvested at January 1, 2013 | — | $ | — | |||||||||||||||||||||||
Granted | 32 | 14 | ||||||||||||||||||||||||
Vested | — | 14 | ||||||||||||||||||||||||
Forfeited or expired | — | — | ||||||||||||||||||||||||
Unvested at December 31, 2013 | 32 | $ | 14 | |||||||||||||||||||||||
The following table summarizes the Company’s unvested stock option activity for the year ended December 31, 2013: | ||||||||||||||||||||||||||
Non-Employees | Company Employees | |||||||||||||||||||||||||
Options (In thousands) | Weighted-Average Exercise Price | Options (In thousands) | Weighted-Average Exercise Price | |||||||||||||||||||||||
(Per Share) | (Per Share) | |||||||||||||||||||||||||
Unvested at January 1, 2013 | — | $ | — | — | $ | — | ||||||||||||||||||||
Granted | 4,458 | 14 | 2,140 | 14.34 | ||||||||||||||||||||||
Vested | (3,731 | ) | 14 | (739 | ) | 14.24 | ||||||||||||||||||||
Forfeited or expired | — | — | (12 | ) | 14 | |||||||||||||||||||||
Unvested at December 31, 2013 | 727 | $ | 14 | 1,389 | $ | 14.39 | ||||||||||||||||||||
The following table summarizes the Company’s stock-based compensation expense for the year ended December 31, 2013 (in thousands): | ||||||||||||||||||||||||||
Non-Employees Grants | Company Employees Grants | Director Common Stock and Restricted Stock Grants | Total | |||||||||||||||||||||||
Stock-based compensation expense recognized | $ | 32,939 | $ | 7,218 | $ | 375 | $ | 40,533 | ||||||||||||||||||
In accordance with SAB 14, the Company records stock-based compensation to the same line item on the statement of operations as the grantees' cash compensation. In addition, the Company records stock-based compensation to the same business segment on the statement of operations as the grantees' cash compensation for segment reporting purposes in accordance with ASC 280, "Segment Reporting." The following table summarizes the effect of the stock-based compensation for the year ended December 31, 2013 (in thousands): | ||||||||||||||||||||||||||
Hospitality and | Vacation | Corporate and | Total | |||||||||||||||||||||||
Management | Interest Sales | Other | ||||||||||||||||||||||||
Services | and Financing | |||||||||||||||||||||||||
Management and member services | $ | 860 | $ | — | $ | — | $ | 860 | ||||||||||||||||||
Advertising, sales and marketing | — | 2,105 | — | 2,105 | ||||||||||||||||||||||
Vacation interest carrying cost, net | — | 208 | — | 208 | ||||||||||||||||||||||
Loan portfolio | — | 316 | — | 316 | ||||||||||||||||||||||
General and administrative | — | — | 37,044 | 37,044 | ||||||||||||||||||||||
Total | $ | 860 | $ | 2,629 | $ | 37,044 | $ | 40,533 | ||||||||||||||||||
The following table summarizes the Company’s unrecognized stock-based compensation expense as of December 31, 2013 (dollars in thousands): | ||||||||||||||||||||||||||
Non-Employees Grants | Company Employees Grants | Director Common Stock and Restricted Stock Grants | Total | |||||||||||||||||||||||
Unrecognized stock-based compensation expense | $ | 7,646 | $ | 7,196 | $ | 554 | $ | 15,396 | ||||||||||||||||||
Weighted-average remaining amortization period | 2.5 | 2.6 | 1.4 | 2.5 | ||||||||||||||||||||||
Net_income_loss_per_share
Net income (loss) per share | 12 Months Ended |
Dec. 31, 2013 | |
Net income (loss) per share [Abstract] | ' |
Earnings Per Share [Text Block] | ' |
Note 23— Net income per share | |
The Company calculates net income per share in accordance with ASC 260, "Earnings Per Share." Basic net income per share is calculated by dividing net income or loss for common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net income per common share are calculated by dividing net income by weighted-average common shares outstanding during the period plus potentially dilutive common shares, such as stock options and restricted stock. | |
Dilutive potential common shares are calculated in accordance with the treasury stock method, which assumes that proceeds from the exercise of all options and restricted stock are used to repurchase common stock at market value. The amount of shares remaining after the proceeds are exhausted represents the potentially dilutive effect of the securities. | |
For the year ended December 31, 2013, the potentially dilutive stock options and restricted stock excluded from the net income per share computation was 186,235 and 2,349, respectively, as their effect would be antidilutive due to the net loss reported by the Company. For the years ended December 31, 2012 and 2011, the Company did not have any outstanding stock options and restricted stock. |
Business_Combinations_Notes
Business Combinations (Notes) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||||
Business Combination Disclosure [Text Block] | ' | ||||||||||||||
Note 24 — Business Combinations | |||||||||||||||
PMR Acquisition | |||||||||||||||
On May 21, 2012, the Company completed the PMR Acquisition through DPMA, a wholly-owned special purpose | |||||||||||||||
subsidiary of the Company, whereby DPMA acquired certain resort management agreements, unsold VOIs and the rights to recover and resell such interests, portfolio of consumer loans and certain real property and other assets for approximately $51.6 million in cash, plus the assumption of specified liabilities related to the acquired assets. In order to fund the PMR Acquisition, | |||||||||||||||
DPMA entered into the PMR Acquisition Loan, which is collateralized by substantially all of the assets of DPMA. See | |||||||||||||||
"Note 16—Borrowings" for more information. | |||||||||||||||
The PMR Acquisition added nine locations to the Company’s network of available resorts, four management contracts, | |||||||||||||||
VOI inventory, new owner-families to the Company’s owner base and additional VOI inventory to sell to existing members and potential customers. The Company accounted for the PMR Acquisition under the purchase method in accordance with ASC 805. As of May 21, 2012, the acquisition was recorded based on a preliminary appraisal; accordingly, provisional amounts were assigned to the assets acquired and liabilities assumed. The Company recorded $22.9 million in gain on bargain purchase from business combinations during the quarter ended June 30, 2012 in accordance with ASC 805, "Business Combinations" ("ASC 805") due to the fact that the assets were purchased as part of a distressed sale as Pacific Monarch Resorts, Inc. had filed for Chapter 11 bankruptcy proceedings in October 2011. | |||||||||||||||
During the period between May 22, 2012 and May 21, 2013, adjustments were recorded to the respective accounts to reflect the values included in the final appraisal as of May 21, 2013 and the Company recorded a reduction of gain on bargain purchase from business combination in the amount of $2.3 million resulting from the aforementioned adjustments. | |||||||||||||||
The following table summarizes the consideration paid and the amounts of the assets acquired and liabilities assumed from Pacific Monarch Resorts, Inc. at the acquisition date based on the appraisals as of May 21, 2012 and May 21, 2013 (in thousands). | |||||||||||||||
Based on Preliminary Appraisal as of May 21, 2012 | Adjustments Recorded Through May 21, 2013 | Based on Final Appraisal as of May 21, 2013 | |||||||||||||
Consideration: | |||||||||||||||
Cash | $ | 51,635 | $ | — | $ | 51,635 | |||||||||
Fair value of total consideration transferred | $ | 51,635 | $ | — | $ | 51,635 | |||||||||
Recognized amounts of identifiable assets acquired and liabilities assumed as of May 21, 2012: | |||||||||||||||
Prepaid expenses and other assets | $ | 315 | $ | 25 | $ | 340 | |||||||||
Due from related parties, net | 2,067 | — | 2,067 | ||||||||||||
Other receivables, net | 2,916 | (47 | ) | 2,869 | |||||||||||
Mortgages and contracts receivable | 1,677 | (13 | ) | 1,664 | |||||||||||
Unsold Vacation Interests | 36,221 | (5,813 | ) | 30,408 | |||||||||||
Property and equipment | 1,408 | (675 | ) | 733 | |||||||||||
Intangible assets | 45,100 | 3,833 | 48,933 | ||||||||||||
Total assets | 89,704 | (2,690 | ) | 87,014 | |||||||||||
Deferred tax liability | 13,453 | (443 | ) | 13,010 | |||||||||||
Liabilities assumed | 1,736 | 11 | 1,747 | ||||||||||||
Total identifiable net assets | $ | 74,515 | $ | (2,258 | ) | $ | 72,257 | ||||||||
Gain on bargain purchase from business combination | $ | 22,880 | $ | (2,258 | ) | $ | 20,622 | ||||||||
Acquired PMR intangible assets consist of the following (dollar amounts in thousands): | |||||||||||||||
Weighted Average Useful Life in Years | Based on Preliminary Appraisal as of May 21, 2012 | Adjustments Recorded Through May 21, 2013 | Based on Final Appraisal as of May 21, 2013 | ||||||||||||
Management contracts | 15 | $ | 38,300 | $ | — | $ | 38,300 | ||||||||
Member relationships - customer lists | 3 | 6,800 | — | 6,800 | |||||||||||
Other | 10 | — | 3,833 | 3,833 | |||||||||||
Total acquired intangible assets | $ | 45,100 | $ | 3,833 | $ | 48,933 | |||||||||
The following sets forth the methodologies used by the Company for valuing the assets acquired in the PMR Acquisition. Based upon such valuation methodologies, the total value exceeded the purchase price for such assets resulting in the gain on bargain purchase reported in these financial statements. | |||||||||||||||
Mortgages Receivable | |||||||||||||||
The Company acquired a single pool of receivables. This pool was valued using the present value of the after-tax cash flows generated over the life of the assets. Several assumptions were used in modeling the expected cash flows in addition to the regular principal payments outlined in the terms of the mortgage, including a weighted average coupon of 14.4%, a loan servicing fee of 1.0%, a prepayment rate of 9.4% and a default rate of 39.2%. | |||||||||||||||
Customer Relationships | |||||||||||||||
It has been the experience of the Company that existing customers (including customer relationships acquired by the Company) purchase more VOIs, and the customers at closing of the PMR Acquisition were assumed to act similarly. Based upon the Company’s past experience (in particular with respect to past acquisitions), the Company assumed an upgrade rate of approximately 50.0% (the rate at which the customer relationships acquired pursuant to the PMR Acquisition at the time of the acquisition are expected to purchase additional Vacation Interests) and an attrition rate of approximately 50.0% (the rate at which the customer relationships acquired pursuant to the PMR Acquisition are no longer likely to purchase additional Vacation | |||||||||||||||
Interests, which the Company used to adjust the upgrade rate for future years) for the customers to predict the revenues generated over time. This means that the Company assumed that, of the customer relationships acquired, approximately 50.0%, 25.0% and 12.5% of such customer relationships were expected to upgrade during the first year, second year and third year following the closing, respectively. Accordingly, by the end of the third year, under these assumptions, the Company assumed that there would be total attrition of the acquired customer relationships. An increase in the upgrade rate and/or a decrease in the attrition rate would have resulted in an increase in the estimated fair value of the acquired customer relationships, while a decrease in the upgrade rate and/or an increase in the attrition rate would have resulted in a decrease in the estimated fair value of the acquired customer relationships. The Company estimated costs and expenses required to market and sell Vacation Interests to existing members based upon the historical performance of existing members and then deducted costs and expenses from the estimated revenues generated from the upgrades during the three years following the closing, resulting in the after-tax cash flows for such three-year period. The value of the customer relationships was then set by taking the present value of the after-tax cash flows. | |||||||||||||||
Management Contracts | |||||||||||||||
The Company acquired four management contracts. Each was valued at the expected present value of the after-tax cash flows generated over the estimated useful life of such contract. The expected cash flows projected were based off the terms of the management contracts, and adjusted for inflation and the costs and expenses required to generate the revenues under such contracts. | |||||||||||||||
Unsold Vacation Interests, net | |||||||||||||||
Unsold Vacation Interests, net was comprised of: | |||||||||||||||
• The Company valued developer-owned inventory purchased based on projected revenue using a 1.0% projected growth | |||||||||||||||
rate each year. The Company estimated that inventory purchased as part of the transaction (including the recovery of the | |||||||||||||||
initial defaulted receivables) would be substantially sold over six years following the date of the consummation of the | |||||||||||||||
PMR Acquisition. The Company subtracted for each year in such six-year period a 58.0% advertising, sales and marketing cost (as a percentage of gross VOI sales revenue), and then tax-affected that number with a 39.0% corporate tax rate. This gave the Company its Net revenue after costs to generate. The Company then used a present value rate of 30.0% to calculate the fair value of the inventory. | |||||||||||||||
• Buildings at the Cabo Azul resort, including the cost of the land, building and other hard costs and based on the | |||||||||||||||
appraised value of the property. Construction in process also included costs of consulting services related to the | |||||||||||||||
development and operation of resort properties through the end of 2013; and | |||||||||||||||
• Land acquired that was fair valued by a third party based on market comparisons. The Company acquired such land in | |||||||||||||||
Kona, Hawaii, Las Vegas, Nevada and San Jose del Cabo, Mexico. | |||||||||||||||
Amounts Due from Related Parties | |||||||||||||||
The value included an ownership association receivable, late fees and assessments. The value also accounted for the estimated collectibility of these receivables. | |||||||||||||||
Other Receivables | |||||||||||||||
The value included other loan receivables net of allowance, pending loans, and accrued interest receivables. The value also accounted for the estimated collectibility of these receivables. | |||||||||||||||
Prepaid Expenses and Other Assets | |||||||||||||||
Prepaid expenses and other assets consisted of maintenance fees that are paid in the first month of each quarter for the current quarter, prepaid insurance fees, and a villa in one of the buildings acquired. | |||||||||||||||
Aegean Blue Acquisition | |||||||||||||||
On October 5, 2012, the Company completed the Aegean Blue Acquisition through AB Acquisition Company, Ltd, a wholly-owned special-purpose subsidiary of Diamond Resorts (Group Holdings) Plc, and acquired all of the issued and outstanding shares of Aegean Blue Holdings Plc. Pursuant to the Aegean Blue Acquisition, AB Acquisition Company, Ltd acquired certain resort management agreements, unsold VOIs and the rights to recover and resell such interests, portfolio of consumer loans and certain real property and other assets for approximately $6.5 million in cash, assumption of specified liability related to the acquired assets and a contingent liability associated with an earn-out clause. Tempus Acquisition LLC, the parent entity of Aegean Blue Acquisition, LLC, borrowed $6.6 million under the term loan portion of Tempus Acquisition Loan to fund the Aegean Blue Acquisition. See "Note 16—Borrowings" for further detail on this borrowing. | |||||||||||||||
This acquisition is accounted for under the purchase method in accordance with ASC 805. The following table summarizes the consideration paid and the amounts of the assets acquired and liabilities assumed from Aegean Blue Holdings Plc at the acquisition date based on the preliminary appraisal (in thousands). The Company recorded $0.1 million in gain on bargain purchase from business combinations in accordance with ASC 805. | |||||||||||||||
Based on Preliminary Appraisal | |||||||||||||||
Consideration: | |||||||||||||||
Cash | $ | 6,543 | |||||||||||||
Earn-out Liability | 3,336 | ||||||||||||||
Fair value of total consideration transferred | $ | 9,879 | |||||||||||||
Recognized amounts of identifiable assets acquired and liabilities assumed as of October 5, 2012: | |||||||||||||||
Cash and cash equivalents | $ | 2,072 | |||||||||||||
Cash in escrow and restricted cash | 1,925 | ||||||||||||||
Mortgages and contracts receivable | 4,070 | ||||||||||||||
Other receivables, net | 55 | ||||||||||||||
Prepaid expenses and other assets | 947 | ||||||||||||||
Unsold Vacation Interests | 3,450 | ||||||||||||||
Property and equipment | 388 | ||||||||||||||
Intangible assets | 5,901 | ||||||||||||||
Total assets | 18,808 | ||||||||||||||
Liabilities assumed | 8,840 | ||||||||||||||
Total identifiable net assets | $ | 9,968 | |||||||||||||
Gain on bargain purchase from business combination | $ | 89 | |||||||||||||
Weighted Average Useful Life in Years | Based on Preliminary Appraisal | ||||||||||||||
(in thousands) | |||||||||||||||
Management contracts | 15 | $ | 4,123 | ||||||||||||
Member relationships - customer lists | 3 | 1,778 | |||||||||||||
Total acquired intangible assets | $ | 5,901 | |||||||||||||
Island One Acquisition | |||||||||||||||
On July 1, 2013, the Company entered into an agreement to acquire all of the equity interests of the Island One Companies. On July 24, 2013, the Company completed the acquisition of the Island One Companies and paid the purchase price of an aggregate of 5,236,251 shares of common stock. These shares represent an aggregate purchase price of $73.3 million based upon the IPO price per share of $14.00. | |||||||||||||||
The Island One Acquisition added eight locations to the Company's collection of available resorts, management contracts, VOI inventory and more owner-families and members to the Company's owner base. | |||||||||||||||
The Company accounted for the Island One Acquisition under the purchase method in accordance with ASC 805. As of July 24, 2013, the acquisition was recorded based on preliminary appraisals; accordingly, provisional amounts have been assigned to the assets acquired and liabilities assumed. Changes to the provisional amounts may be material, as the Company is still in the process of reviewing all the books and records of the predecessor and completing tax returns. The Company expects to make all changes to provisional amounts within one year of the acquisition date. The Company recorded goodwill of $30.6 million in accordance with ASC 805. | |||||||||||||||
The following table summarizes the consideration paid and the amounts of the assets acquired and liabilities assumed at the acquisition date based on preliminary appraisals (in thousands): | |||||||||||||||
Based on Preliminary Appraisal | |||||||||||||||
Consideration: | |||||||||||||||
DRII common stock | $ | 73,307 | |||||||||||||
Fair value of total consideration transferred | $ | 73,307 | |||||||||||||
Recognized amounts of identifiable assets acquired and liabilities assumed as of July 24, 2013: | |||||||||||||||
Cash and cash equivalents | $ | 569 | |||||||||||||
Restricted cash | 1,156 | ||||||||||||||
Due from related parties, net | 2,790 | ||||||||||||||
Mortgages and contracts receivable | 14,188 | ||||||||||||||
Other receivables, net | 1,802 | ||||||||||||||
Prepaid expenses and other assets | 3,565 | ||||||||||||||
Unsold Vacation Interests, net | 4,823 | ||||||||||||||
Property and equipment, net | 1,107 | ||||||||||||||
Intangible assets | 51,850 | ||||||||||||||
Total assets | 81,850 | ||||||||||||||
Deferred tax liability | 17,403 | ||||||||||||||
Liabilities assumed | 21,772 | ||||||||||||||
Total identifiable assets | $ | 42,675 | |||||||||||||
Goodwill recognized | $ | 30,632 | |||||||||||||
Acquired Island One intangible assets consist of the following (dollars in thousands): | |||||||||||||||
Weighted Average Useful Life in Years | Based on Preliminary Appraisal | ||||||||||||||
Management contracts | 15 | $ | 33,860 | ||||||||||||
Member exchange clubs | 20 | 16,370 | |||||||||||||
Member relationships - customer lists | 3 | 1,620 | |||||||||||||
Total acquired intangible assets | $ | 51,850 | |||||||||||||
The Island One Companies contributed $10.3 million of revenue and $2.5 million of net income from the acquisition date through December 31, 2013. The Company incurred $0.5 million of acquisition-related costs through December 31, 2013, which are included in general and administrative expense in the consolidated statement of operations and comprehensive income. | |||||||||||||||
The following sets forth the methodologies used by the Company for valuing the assets acquired in the Island One Acquisition. Based upon such valuation methodologies, the purchase price exceeded the fair value of identifiable assets, resulting in the recognition of goodwill reported in these financial statements. The Company determined that the goodwill would not be deductible for tax purposes. | |||||||||||||||
Mortgages Receivable | |||||||||||||||
The Company acquired a pool of receivables. This pool was valued using the present value of the after-tax cash flows generated over the life of the assets. Several assumptions were used in modeling the expected cash flows in addition to the regular principal payments outlined in the terms of the mortgage, including a weighted average coupon of 15.6%, a prepayment rate of 7.9% and a default rate of 29.5%. | |||||||||||||||
Customer Relationships | |||||||||||||||
It has been the experience of the Company that existing customers (including customer relationships acquired by the Company) purchase more VOIs, and the customers at closing of the Island One Acquisition are assumed to act similarly. Based upon the Company’s past experience (in particular with respect to past acquisitions), and supported by a review of Financial Performance 2012: A Survey of Time and Vacation Ownership Companies by Deloitte, 2012 Edition, the Company assumed an upgrade rate of approximately 50.0% (the rate at which the customer relationships acquired pursuant to the Island One Acquisition at the time of the acquisition are expected to purchase additional Vacation Interests) and an attrition rate of approximately 50.0% (the rate at which the customer relationships acquired pursuant to the Island One Acquisition are no longer likely to purchase additional Vacation Interests, which the Company used to adjust the upgrade rate for future years) for the customers to predict the revenues generated over time. This means that the Company assumed that, of the customer relationships acquired, approximately 50%, 25% and 12.5% of such customer relationships were expected to upgrade during the first year, second year and third year following the closing, respectively. Accordingly, by the end of the third year, under these assumptions, the Company assumed that there would be total attrition of the acquired customer relationships. An increase in the upgrade rate and/or a decrease in the attrition rate would have resulted in an increase in the estimated fair value of the acquired customer relationships, while a decrease in the upgrade rate and/or an increase in the attrition rate would have resulted in a decrease in the estimated fair value of the acquired customer relationships. The Company estimated costs and expenses required to market and sell Vacation Interests to existing members based upon the historical performance of existing members and then deducted costs and expenses from the estimated revenues generated from the upgrades during the three years following the closing, resulting in the after tax cash flows for such three-year period. The value of the customer relationships was then set by taking the present value of the after-tax cash flows. | |||||||||||||||
Management Contracts | |||||||||||||||
The Company acquired 10 management contracts. Each was valued at the expected present value of the after-tax cash flows generated over the estimated useful life of such contracts. The expected cash flows projected were based on the terms of the management contracts, and adjusted for inflation and the costs required to generate the revenues under such contracts. | |||||||||||||||
Unsold Vacation Interests, net | |||||||||||||||
The Company valued developer-owned inventory purchased based on projected revenue using a 3.0% projected growth rate each year. The Company estimated that inventory purchased as part of the transaction would be substantially sold over five years following the date of the consummation of the Island One Acquisition. The Company subtracted total expenses for each year in such five-year period an average of 67.5%, and then tax-affected that number using a 39.0% corporate tax rate. This gave the Company its net revenue after costs to generate. The Company then used a present value rate of 11.0% to calculate the fair value of the Unsold Vacation Interests, net acquired. | |||||||||||||||
Club Navigo | |||||||||||||||
The Company acquired Club Navigo as part of the Island One Acquisition. The Company valued Club Navigo based on projected revenue using a 3.0% projected growth rate each year. The Company subtracted from revenue for each year a 15.5% operating expense, and then tax-affected that number using a 39.0% corporate tax rate. This gave the Company its net revenue after costs to generate. After subtracting charges for the use of contributory assets, the Company then used a present value rate of 11.0% to calculate the fair value of Club Navigo. | |||||||||||||||
Due from Related Parties | |||||||||||||||
The fair value includes a receivable from an HOA. | |||||||||||||||
Other Receivables | |||||||||||||||
The fair value includes Club membership enrollment fees, Club membership dues and accrued interest receivables. | |||||||||||||||
Prepaid Expenses and Other Assets | |||||||||||||||
Prepaid expenses and other assets consist of prepaid insurance, membership dues and other office related expenses. | |||||||||||||||
Property and Equipment, net | |||||||||||||||
Property and Equipment, net acquired was reviewed and fair valued by a third party, and is depreciated on a straight-line basis over a range of 0.5 to 40 years. | |||||||||||||||
PMR Service Companies | |||||||||||||||
On June 12, 2013, the Company entered into an asset purchase agreement with the PMR Service Companies and the owner of such entities to acquire management agreements for certain resorts from the PMR Service Companies. The PMR Service Companies Acquisition was completed on July 24, 2013 for $47.4 million in cash. | |||||||||||||||
The Company accounted for the PMR Service Companies Acquisition under the purchase method in accordance with ASC 805. As of July 24, 2013, the acquisition was recorded based on preliminary appraisal; accordingly, provisional amounts have been assigned to the assets acquired and liabilities assumed. Changes to the provisional amounts may be material, as the Company is still in the process of reviewing all the books and records of the predecessor and completing tax returns. The Company expects to make all changes to provisional amounts within one year of the acquisition date. | |||||||||||||||
The following table summarizes the consideration paid and the amounts of the assets acquired and liabilities assumed at the acquisition date based on preliminary appraisals (in thousands). The Company recorded a $2.9 million gain on bargain purchase from business combinations in accordance with ASC 805. | |||||||||||||||
Based on Preliminary Appraisal | |||||||||||||||
Consideration: | |||||||||||||||
Cash | $ | 47,417 | |||||||||||||
Fair value of total consideration transferred | $ | 47,417 | |||||||||||||
Recognized amounts of identifiable assets acquired and liabilities assumed as of July 24, 2013: | |||||||||||||||
Due from related parties, net | $ | 123 | |||||||||||||
Other receivables, net | 1,381 | ||||||||||||||
Management contracts | 51,080 | ||||||||||||||
Total assets | 52,584 | ||||||||||||||
Deferred tax liability | 1,737 | ||||||||||||||
Liabilities assumed | 521 | ||||||||||||||
Total identifiable net assets | $ | 50,326 | |||||||||||||
Gain on bargain purchase from business combination | $ | 2,909 | |||||||||||||
Acquired PMR Service Companies intangible assets consist of the following (dollars in thousands): | |||||||||||||||
Weighted Average Useful Life in Years | Based on Preliminary Appraisal | ||||||||||||||
Management contracts | 15 | $ | 51,080 | ||||||||||||
Total acquired intangible assets | $ | 51,080 | |||||||||||||
The PMR Service Companies contributed $2.6 million of revenue and $4.6 million of net income, which includes $2.9 million of gain on bargain purchase, from the acquisition date through December 31, 2013. The Company incurred $0.5 million of acquisition-related costs through December 31, 2013, which are included in general and administrative expense in the consolidated statement of operations and comprehensive income. | |||||||||||||||
The following sets forth the methodologies used by the Company for valuing the assets acquired in the PMR Service Companies Acquisition. Based upon such valuation methodologies, the total value exceeded the purchase price for such assets resulting in the gain on bargain purchase reported in these financial statements. | |||||||||||||||
Management Contracts | |||||||||||||||
The Company acquired additional management service contracts. Each was valued at the expected present value of the after-tax cash flows generated over the estimated useful life of such contract. The expected cash flows projected were based off the terms of the management contracts, and adjusted for inflation and the costs and expenses required to generate the revenues under such contracts. | |||||||||||||||
The following table presents unaudited consolidated pro forma revenues and net (loss) income of the Company as if the closing of the Island One Acquisition and the closing of the PMR Service Companies Acquisition had occurred on January 1, 2012 for purposes of the financial information presented for the years ended December 31, 2013 and 2012 (in thousands, except per share data): | |||||||||||||||
Year Ended | |||||||||||||||
2013 | 2012 | ||||||||||||||
Revenue | $ | 752,871 | $ | 556,683 | |||||||||||
Net (loss) income | $ | (5,619 | ) | $ | 19,632 | ||||||||||
Net (loss) income per share - basic and diluted | $ | (0.08 | ) | $ | 0.33 | ||||||||||
Weighted average common shares outstanding - basic and diluted | 66,631 | 59,010 | |||||||||||||
The historical unaudited consolidated revenues and net (loss) income of the Company presented in the table above have been adjusted to give pro forma effect to events that are (i) directly attributable to the Island One Acquisition and the PMR Service Companies Acquisition, (ii) factually supportable, and (iii) expected to have a continuing impact on the combined results of the Company and the Island One Companies acquired. | |||||||||||||||
The unaudited pro forma results have been adjusted with respect to certain aspects of the Island One Acquisition and the PMR Service Companies Acquisition to reflect: | |||||||||||||||
•the consummation of each acquisition; | |||||||||||||||
•changes in assets and liabilities to record their acquisition date fair values and changes in certain expenses resulting there from; | |||||||||||||||
•the removal of the effect of the fee-for-service agreements between the Company and Island One, Inc; | |||||||||||||||
•the removal of legal and professional fees incurred in connection with each acquisition; and | |||||||||||||||
•the removal of the gain on bargain purchase from business combination recorded in connection with the PMR Service Companies Acquisition. | |||||||||||||||
The unaudited pro forma results do not reflect future events that either have occurred or may occur after each acquisition including, but not limited to, the anticipated realization of ongoing savings from operating synergies in subsequent periods. They also do not give effect to certain charges the Company expected to incur in connection with the acquisitions including, but not limited to, charges that were expected to achieve ongoing cost savings and synergies. |
Employee_Benefit_Plan
Employee Benefit Plan | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Post-retirement Benefit Plan [Abstract] | ' | ||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | ' | ||||
Note 25 — Employee Benefit Plans | |||||
The Company has a qualified retirement plan (the “401(k) Plan”) with a salary deferral feature designed to qualify under Section 401(k) of the Internal Revenue Code of 1986, as amended. Subject to certain limitations, the 401(k) Plan allows participating U.S. employees to defer up to 60% of their eligible compensation on a pre-tax basis. The 401(k) Plan allows the Company to make discretionary matching contributions of up to 50% of the first 6% of employee compensation. | |||||
During the years ended December 31, 2013, 2012 and 2011, the Company made matching contributions to its 401(k) Plan of $1.8 million, $1.3 million and $1.0 million, respectively. | |||||
In addition, the Company has a self-insured health plan that covers substantially all of its full-time employees in the U.S. The health plan uses employee and employer contributions to pay eligible claims. To supplement this plan, the Company has a stop-loss insurance policy to cover individual claims in excess of $0.3 million. At December 31, 2013, 2012 and 2011, the Company accrued $2.6 million, $1.9 million and $1.5 million, respectively, for claims that have been incurred but not reported. This accrual is calculated as the higher of (i) estimated accrual based on Company's historical experience of claim payments and lag period between the service dates and claim payment dates or (ii) two times the average monthly claims made by the Company during the past fiscal year. The following table sets forth for each of the years ended December 31, 2013 and 2012, respectively, the amount of claims incurred during such period, changes in accruals during such period for claims incurred during prior periods, and the amount of payments made in such period (in thousands): | |||||
Balance as of December 31, 2011 | $ | 1,522 | |||
Claims incurred during the current year | 13,186 | ||||
Change in accruals for claims incurred during prior years | (1,291 | ) | |||
Payments made | (11,500 | ) | |||
Balance as of December 31, 2012 | 1,917 | ||||
Claims incurred during the current year | 17,918 | ||||
Change in accruals for claims incurred during prior years | (1,471 | ) | |||
Payments made | (15,792 | ) | |||
Balance as of December 31, 2013 | $ | 2,572 | |||
During the years ended December 31, 2013, 2012 and 2011, the Company recorded $19.6 million, $14.7 million and $10.8 million, respectively, in expenses associated with its health plans. | |||||
With certain exceptions, the Company's European subsidiaries do not offer private health plans or retirement plans. The government in each country offers national health services and retirement benefits, which are funded by employee and employer contributions. | |||||
Post Retirement Benefit Plan | |||||
In 1999, the Company entered into a collective labor agreement with the employees at its resorts in St. Maarten, where the Company functions as the HOA (the "Collective Labor Agreement"). The Collective Labor Agreement provides for an employee service allowance to be paid to employees upon their termination, resignation or retirement. Upon review of the Collective Labor Agreement, the Company determined that the employee service allowance should be accounted for as a defined benefit plan (the "Defined Benefit Plan") in accordance with the requirements of ASC 715, "Compensation—Retirement Benefits." | |||||
The Company’s net obligation in respect of its Defined Benefit Plan is calculated by estimating the amount of future benefit that employees have earned in the current financial period and prior periods. The recording of the Defined Benefit Plan, resulted in the recognition of (i) an underfunded pension liability of $2.9 million, (ii) service costs, interest costs and amortized prior service costs of $0.9 million for the year ending December 31, 2013, and (iii) other comprehensive loss of $2.1 million for the accumulated benefit obligation of the plan related to the years prior to January 1, 2012. As of December 31, 2013, a de minimis amount of benefits had been paid to employees in accordance with the Defined Benefit Plan. | |||||
A summary of benefit obligations, fair value of plan assets and funded status is as follows (in thousands): | |||||
Year Ended December 31, 2013 | |||||
Projected obligations at January 1, 2013 | $ | 2,183 | |||
Service costs | 370 | ||||
Interest costs | 174 | ||||
Losses | 223 | ||||
Benefits paid | (40 | ) | |||
Projected obligations at December 31, 2013 | $ | 2,910 | |||
At December 31, 2013, the Company had no plan assets. The benefit obligation and plan assets as of December 31, 2013 were as follows (in thousands): | |||||
2013 | |||||
Fair value of plan assets | $ | — | |||
Benefit obligation | (2,910 | ) | |||
Unfunded obligation | $ | (2,910 | ) | ||
Weighted-average assumptions used to determine net periodic benefit cost for the year ended December 31, 2013 were as follows: | |||||
2013 | |||||
Settlement (discount) rate | 3.31 | % | |||
Increase in future compensation | 3 | % | |||
Amounts recognized in accumulated other comprehensive loss at December 31, 2013 consisted of the following (in thousands): | |||||
2013 | |||||
Net loss | $ | 223 | |||
Prior service cost | 1,841 | ||||
Total amounts included in accumulated other comprehensive loss | $ | 2,064 | |||
The accumulated benefit obligation for the Defined Benefit Plan was $2.1 million at December 31, 2013. | |||||
Components of net periodic benefit costs for the year ended December 31, 2013 were as follows (in thousands): | |||||
2013 | |||||
Service cost | $ | 370 | |||
Interest cost | 174 | ||||
Amortization of prior service costs | 343 | ||||
Net periodic pension cost | $ | 887 | |||
Other changes in plan assets and projected benefit obligations recognized in other comprehensive loss for the year ended December 31, 2013 were as follows (in thousands): | |||||
2013 | |||||
Net loss | $ | 223 | |||
Amortization of prior service costs | 343 | ||||
Total recognized in other comprehensive loss | 566 | ||||
Net periodic pension cost | 887 | ||||
Total recognized in net pension cost and other comprehensive loss | $ | 1,453 | |||
Segment_Reporting
Segment Reporting | 3 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2011 | |||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||||||||||
Segment Reporting | ' | ||||||||||||||||||||||||||||||||
Segment Reporting | |||||||||||||||||||||||||||||||||
The Company presents its results of operations in two segments: (i) Hospitality and Management Services, which includes operations related to the management of resort properties and the Collections, revenue from its operation of the Clubs and the provision of other services; and (ii) Vacation Interest Sales and Financing, which includes operations relating to the marketing and sales of Vacation Interests, as well as the consumer financing activities related to such sales. While certain line items reflected on the statement of operations and comprehensive income fall completely into one of these business segments, other line items relate to revenues or expenses that are applicable to more than one segment. For line items that are applicable to more than one segment, revenues or expenses are allocated by management, which involves significant estimates. Certain expense items (principally corporate interest expense and depreciation and amortization) are not, in management’s view, allocable to either of these business segments, as they apply to the entire Company. In addition, general and administrative expenses are not allocated to either of these business segments because, historically, management has not allocated these expenses for purposes of evaluating the Company’s different operational divisions. Accordingly, these expenses are presented under Corporate and Other. | |||||||||||||||||||||||||||||||||
Management believes that it is impracticable to allocate specific assets and liabilities related to each business segment. In addition, management does not review balance sheets by business segment as part of their evaluation of operating segment performances. Consequently, no balance sheet segment reports have been presented. | |||||||||||||||||||||||||||||||||
Information about the Company’s operations in different business segments for the periods presented below is as follows: | |||||||||||||||||||||||||||||||||
CONSOLIDATING STATEMENTS OF OPERATIONS BY BUSINESS SEGMENT | |||||||||||||||||||||||||||||||||
For the Years Ended December 31, 2013 and 2012 | |||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
Hospitality and | Vacation | Corporate and | Total | Hospitality and | Vacation | Corporate and | Total | ||||||||||||||||||||||||||
Management | Interest Sales | Other | Management | Interest Sales | Other | ||||||||||||||||||||||||||||
Services | and Financing | Services | and Financing | ||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||
Management and member services | $ | 131,238 | $ | — | $ | — | $ | 131,238 | $ | 114,937 | $ | — | $ | — | $ | 114,937 | |||||||||||||||||
Consolidated resort operations | 35,512 | — | — | 35,512 | 33,756 | — | — | 33,756 | |||||||||||||||||||||||||
Vacation Interest sales, net of provision of $0, $44,670,$0, $44,670, $0, $25,457, $0, and$25,457, respectively | — | 464,613 | — | 464,613 | — | 293,098 | — | 293,098 | |||||||||||||||||||||||||
Interest | — | 55,601 | 1,443 | 57,044 | — | 51,769 | 1,437 | 53,206 | |||||||||||||||||||||||||
Other | 8,673 | 32,708 | — | 41,381 | 4,595 | 24,076 | — | 28,671 | |||||||||||||||||||||||||
Total revenues | 175,423 | 552,922 | 1,443 | 729,788 | 153,288 | 368,943 | 1,437 | 523,668 | |||||||||||||||||||||||||
Costs and Expenses: | |||||||||||||||||||||||||||||||||
Management and member services | 37,907 | — | — | 37,907 | 35,330 | — | — | 35,330 | |||||||||||||||||||||||||
Consolidated resort operations | 34,333 | — | — | 34,333 | 30,311 | — | — | 30,311 | |||||||||||||||||||||||||
Vacation Interest cost of sales | — | 56,695 | — | 56,695 | — | 32,150 | — | 32,150 | |||||||||||||||||||||||||
Advertising, sales and marketing | — | 258,451 | — | 258,451 | — | 178,365 | — | 178,365 | |||||||||||||||||||||||||
Vacation Interest carrying cost, net | — | 41,347 | — | 41,347 | — | 36,363 | — | 36,363 | |||||||||||||||||||||||||
Loan portfolio | 1,111 | 8,520 | — | 9,631 | 858 | 8,628 | — | 9,486 | |||||||||||||||||||||||||
Other operating | — | 12,106 | — | 12,106 | — | 8,507 | — | 8,507 | |||||||||||||||||||||||||
General and administrative | — | — | 145,925 | 145,925 | — | — | 99,015 | 99,015 | |||||||||||||||||||||||||
Depreciation and amortization | — | — | 28,185 | 28,185 | — | — | 18,857 | 18,857 | |||||||||||||||||||||||||
Interest expense | — | 16,411 | 72,215 | 88,626 | — | 18,735 | 77,422 | 96,157 | |||||||||||||||||||||||||
Loss on extinguishment of debt | — | — | 15,604 | 15,604 | — | — | — | — | |||||||||||||||||||||||||
Impairments and other write-offs | — | — | 1,587 | 1,587 | — | — | 1,009 | 1,009 | |||||||||||||||||||||||||
Gain on disposal of assets | — | — | (982 | ) | (982 | ) | — | — | (605 | ) | (605 | ) | |||||||||||||||||||||
Gain on bargain purchase from business combinations | — | — | (2,879 | ) | (2,879 | ) | — | — | (20,610 | ) | (20,610 | ) | |||||||||||||||||||||
Total costs and expenses | 73,351 | 393,530 | 259,655 | 726,536 | 66,499 | 282,748 | 175,088 | 524,335 | |||||||||||||||||||||||||
Income (loss) before benefit for income taxes | 102,072 | 159,392 | (258,212 | ) | 3,252 | 86,789 | 86,195 | (173,651 | ) | (667 | ) | ||||||||||||||||||||||
Provision (benefit) for income taxes | — | — | 5,777 | 5,777 | — | — | (14,310 | ) | (14,310 | ) | |||||||||||||||||||||||
Net income (loss) | $ | 102,072 | $ | 159,392 | $ | (263,989 | ) | $ | (2,525 | ) | $ | 86,789 | $ | 86,195 | $ | (159,341 | ) | $ | 13,643 | ||||||||||||||
CONSOLIDATING STATEMENTS OF OPERATIONS BY BUSINESS SEGMENT | |||||||||||||||||||||||||||||||||
For the Year Ended December 31, 2011 | |||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Hospitality and | Vacation | Corporate and | Total | ||||||||||||||||||||||||||||||
Management | Interest Sales | Other | |||||||||||||||||||||||||||||||
Services | and Financing | ||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||
Management and member services | $ | 99,306 | $ | — | $ | — | $ | 99,306 | |||||||||||||||||||||||||
Consolidated resort operations | 29,893 | — | — | 29,893 | |||||||||||||||||||||||||||||
Vacation Interest sales, net of provision of $0, $16,562, $0, and $16,562, respectively | — | 194,759 | — | 194,759 | |||||||||||||||||||||||||||||
Interest | — | 44,410 | 2,875 | 47,285 | |||||||||||||||||||||||||||||
Other | 8,079 | 11,699 | — | 19,778 | |||||||||||||||||||||||||||||
Total revenues | 137,278 | 250,868 | 2,875 | 391,021 | |||||||||||||||||||||||||||||
Costs and Expenses: | |||||||||||||||||||||||||||||||||
Management and member services | 27,125 | — | — | 27,125 | |||||||||||||||||||||||||||||
Consolidated resort operations | 27,783 | — | — | 27,783 | |||||||||||||||||||||||||||||
Vacation Interest cost of sales | — | (9,695 | ) | — | (9,695 | ) | |||||||||||||||||||||||||||
Advertising, sales and marketing | — | 128,717 | — | 128,717 | |||||||||||||||||||||||||||||
Vacation Interest carrying cost, net | — | 41,331 | — | 41,331 | |||||||||||||||||||||||||||||
Loan portfolio | 1,211 | 7,441 | — | 8,652 | |||||||||||||||||||||||||||||
Other operating | — | 3,399 | — | 3,399 | |||||||||||||||||||||||||||||
General and administrative | — | — | 80,412 | 80,412 | |||||||||||||||||||||||||||||
Depreciation and amortization | — | — | 13,966 | 13,966 | |||||||||||||||||||||||||||||
Interest expense | — | 18,624 | 63,386 | 82,010 | |||||||||||||||||||||||||||||
Impairments and other write-offs | — | — | 1,572 | 1,572 | |||||||||||||||||||||||||||||
Gain on disposal of assets | — | — | (708 | ) | (708 | ) | |||||||||||||||||||||||||||
Gain on bargain purchase from business combinations | — | — | (14,329 | ) | (14,329 | ) | |||||||||||||||||||||||||||
Total costs and expenses | 56,119 | 189,817 | 144,299 | 390,235 | |||||||||||||||||||||||||||||
Income (loss) before benefit for income taxes | 81,159 | 61,051 | (141,424 | ) | 786 | ||||||||||||||||||||||||||||
Benefit for income taxes | — | — | (9,517 | ) | (9,517 | ) | |||||||||||||||||||||||||||
Net income (loss) | $ | 81,159 | $ | 61,051 | $ | (131,907 | ) | $ | 10,303 | ||||||||||||||||||||||||
Consolidating_Financial_Statem
Consolidating Financial Statements - Guarantor and Non-guarantor Subsidiaries | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | ' | ||||||||||||||||||||||||||||||||||||||||
Consolidating Financial Statements - Guarantor and Non-guarantor Subsidiaries | ' | ' | ||||||||||||||||||||||||||||||||||||||||
The following consolidating financial statements present, on a supplemental basis, the financial position, results of operations, and statements of cash flow for (i) those subsidiaries of the Company which have been designated "Non-guarantor Subsidiaries" for purposes of the Notes Indenture; and (ii) the Company and all of its other subsidiaries. Please see Exhibit 21.1 for a list of the Company's guarantor subsidiaries as of December 31, 2013. The Company's non-guarantor subsidiaries include | Consolidating Financial Statements - Guarantor and Non-guarantor | |||||||||||||||||||||||||||||||||||||||||
its European subsidiaries, special-purpose subsidiaries and a wholly-owned captive insurance entity. For purposes of the Notes Indenture, the financial position, results of operations, and statements of cash flows of the Company's non-guarantor subsidiaries are excluded from the Company’s financial results to determine whether the Company is in compliance with the financial covenants governing the Senior Secured Notes. Accordingly, management believes that the following presentation is helpful to readers of this annual report. | The following consolidating financial statements present, on a supplemental basis, the financial position, results of operations, and statements of cash flow for (i) those subsidiaries of the Company which have been designated "Non-guarantor Subsidiaries" for purposes of the Notes Indenture; and (ii) the Company and all of its other subsidiaries. Please see Exhibit 21.1 for a list of the Company's guarantor subsidiaries as of December 31, 2013. The Company's non-guarantor subsidiaries include | |||||||||||||||||||||||||||||||||||||||||
its European subsidiaries, special-purpose subsidiaries and a wholly-owned captive insurance entity. For purposes of the Notes Indenture, the financial position, results of operations, and statements of cash flows of the Company's non-guarantor subsidiaries are excluded from the Company’s financial results to determine whether the Company is in compliance with the financial covenants governing the Senior Secured Notes. Accordingly, management believes that the following presentation is helpful to readers of this annual report. | ||||||||||||||||||||||||||||||||||||||||||
CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||||||||||||||||||||||||
31-Dec-13 | CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | 31-Dec-13 | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||
Diamond Resorts International, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | ||||||||||||||||||||||||||||||||||||||
Assets: | Diamond Resorts International, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 12,980 | $ | 22,965 | $ | — | $ | 35,945 | Assets: | |||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 12,980 | $ | 22,965 | $ | — | $ | 35,945 | ||||||||||||||||||||||||||||||||
Cash in escrow and restricted cash | — | 37,571 | 54,660 | — | 92,231 | |||||||||||||||||||||||||||||||||||||
Cash in escrow and restricted cash | — | 37,571 | 54,660 | — | 92,231 | |||||||||||||||||||||||||||||||||||||
Mortgages and contracts receivable, net of allowance of $0, $49,002, $56,588, $0 and $105,590, respectively | — | 47,592 | 357,861 | 1 | 405,454 | |||||||||||||||||||||||||||||||||||||
Mortgages and contracts receivable, net of allowance of $0, $49,002, $56,588, $0 and $105,590, respectively | — | 47,592 | 357,861 | 1 | 405,454 | |||||||||||||||||||||||||||||||||||||
Due from related parties, net | 241,608 | 111,595 | 45,631 | (352,572 | ) | 46,262 | ||||||||||||||||||||||||||||||||||||
Due from related parties, net | 241,608 | 111,595 | 45,631 | (352,572 | ) | 46,262 | ||||||||||||||||||||||||||||||||||||
Other receivables, net | — | 39,152 | 15,436 | — | 54,588 | |||||||||||||||||||||||||||||||||||||
Other receivables, net | — | 39,152 | 15,436 | — | 54,588 | |||||||||||||||||||||||||||||||||||||
Income tax receivable | — | — | 16,890 | (16,865 | ) | 25 | ||||||||||||||||||||||||||||||||||||
Income tax receivable | — | — | 16,890 | (16,865 | ) | 25 | ||||||||||||||||||||||||||||||||||||
Prepaid expenses and other assets, net | 554 | 38,437 | 29,267 | — | 68,258 | |||||||||||||||||||||||||||||||||||||
Prepaid expenses and other assets, net | 554 | 38,437 | 29,267 | — | 68,258 | |||||||||||||||||||||||||||||||||||||
Investment in subsidiaries | 82,982 | 9,675 | — | (92,657 | ) | — | ||||||||||||||||||||||||||||||||||||
Investment in subsidiaries | 82,982 | 9,675 | — | (92,657 | ) | — | ||||||||||||||||||||||||||||||||||||
Unsold Vacation Interests, net | — | 231,478 | 117,988 | (51,356 | ) | 298,110 | ||||||||||||||||||||||||||||||||||||
Unsold Vacation Interests, net | — | 231,478 | 117,988 | (51,356 | ) | 298,110 | ||||||||||||||||||||||||||||||||||||
Property and equipment, net | — | 36,775 | 23,621 | — | 60,396 | |||||||||||||||||||||||||||||||||||||
Property and equipment, net | — | 36,775 | 23,621 | — | 60,396 | |||||||||||||||||||||||||||||||||||||
Assets held for sale | — | — | 10,662 | — | 10,662 | |||||||||||||||||||||||||||||||||||||
Assets held for sale | — | — | 10,662 | — | 10,662 | |||||||||||||||||||||||||||||||||||||
Goodwill | — | 30,632 | — | — | 30,632 | |||||||||||||||||||||||||||||||||||||
Goodwill | — | 30,632 | — | — | 30,632 | |||||||||||||||||||||||||||||||||||||
Other intangible assets, net | — | 75,927 | 122,705 | — | 198,632 | |||||||||||||||||||||||||||||||||||||
Other intangible assets, net | — | 75,927 | 122,705 | — | 198,632 | |||||||||||||||||||||||||||||||||||||
Total assets | $ | 325,144 | $ | 671,814 | $ | 817,686 | $ | (513,449 | ) | $ | 1,301,195 | |||||||||||||||||||||||||||||||
Total assets | $ | 325,144 | $ | 671,814 | $ | 817,686 | $ | (513,449 | ) | $ | 1,301,195 | |||||||||||||||||||||||||||||||
Liabilities and Stockholders' Equity (Deficit): | ||||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | — | $ | 8,589 | $ | 6,040 | $ | — | $ | 14,629 | Liabilities and Stockholders' Equity (Deficit): | |||||||||||||||||||||||||||||||
Accounts payable | $ | — | $ | 8,589 | $ | 6,040 | $ | — | $ | 14,629 | ||||||||||||||||||||||||||||||||
Due to related parties, net | — | 92,573 | 304,643 | (352,572 | ) | 44,644 | ||||||||||||||||||||||||||||||||||||
Due to related parties, net | — | 92,573 | 304,643 | (352,572 | ) | 44,644 | ||||||||||||||||||||||||||||||||||||
Accrued liabilities | — | 75,620 | 41,815 | — | 117,435 | |||||||||||||||||||||||||||||||||||||
Accrued liabilities | — | 75,620 | 41,815 | — | 117,435 | |||||||||||||||||||||||||||||||||||||
Income taxes payable | — | 66 | 1,003 | — | 1,069 | |||||||||||||||||||||||||||||||||||||
Income taxes payable | — | 66 | 1,003 | — | 1,069 | |||||||||||||||||||||||||||||||||||||
Deferred income taxes | — | 27,874 | 11,395 | (16,865 | ) | 22,404 | ||||||||||||||||||||||||||||||||||||
Deferred income taxes | — | 27,874 | 11,395 | (16,865 | ) | 22,404 | ||||||||||||||||||||||||||||||||||||
Deferred revenues | — | 88,921 | 21,971 | — | 110,892 | |||||||||||||||||||||||||||||||||||||
Deferred revenues | — | 88,921 | 21,971 | — | 110,892 | |||||||||||||||||||||||||||||||||||||
Senior Secured Notes, net of unamortized original issue discount of $0, $6,548, $0, $0 and $6,548, respectively | — | 367,892 | — | — | 367,892 | |||||||||||||||||||||||||||||||||||||
Senior Secured Notes, net of unamortized original issue discount of $0, $6,548, $0, $0 and $6,548, respectively | — | 367,892 | — | — | 367,892 | |||||||||||||||||||||||||||||||||||||
Securitization notes and Funding Facilities, net of unamortized original issue discount of $0, $0, $226, $0 and $226, respectively | — | — | 391,267 | — | 391,267 | |||||||||||||||||||||||||||||||||||||
Securitization notes and Funding Facilities, net of unamortized original issue discount of $0, $0, $226, $0 and $226, respectively | — | — | 391,267 | — | 391,267 | |||||||||||||||||||||||||||||||||||||
Notes payable | — | 3,288 | 19,862 | — | 23,150 | |||||||||||||||||||||||||||||||||||||
Notes payable | — | 3,288 | 19,862 | — | 23,150 | |||||||||||||||||||||||||||||||||||||
Total liabilities | — | 664,823 | 797,996 | (369,437 | ) | 1,093,382 | ||||||||||||||||||||||||||||||||||||
Total liabilities | — | 664,823 | 797,996 | (369,437 | ) | 1,093,382 | ||||||||||||||||||||||||||||||||||||
Stockholders' equity: | ||||||||||||||||||||||||||||||||||||||||||
Common stock | 755 | — | — | — | 755 | Stockholders' equity: | ||||||||||||||||||||||||||||||||||||
Common stock | 755 | — | — | — | 755 | |||||||||||||||||||||||||||||||||||||
Additional paid-in capital | 393,646 | 140,056 | 22,149 | (92,657 | ) | 463,194 | ||||||||||||||||||||||||||||||||||||
Additional paid-in capital | 393,646 | 140,056 | 22,149 | (92,657 | ) | 463,194 | ||||||||||||||||||||||||||||||||||||
Accumulated deficit | (69,257 | ) | (112,302 | ) | (7,045 | ) | (51,355 | ) | (239,959 | ) | ||||||||||||||||||||||||||||||||
Accumulated other comprehensive (loss) income | — | (20,763 | ) | 4,586 | — | (16,177 | ) | Accumulated deficit | (69,257 | ) | (112,302 | ) | (7,045 | ) | (51,355 | ) | (239,959 | ) | ||||||||||||||||||||||||
Accumulated other comprehensive (loss) income | — | (20,763 | ) | 4,586 | — | (16,177 | ) | |||||||||||||||||||||||||||||||||||
Total stockholders' equity (deficit) | 325,144 | 6,991 | 19,690 | (144,012 | ) | 207,813 | ||||||||||||||||||||||||||||||||||||
Total stockholders' equity (deficit) | 325,144 | 6,991 | 19,690 | (144,012 | ) | 207,813 | ||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders' equity (deficit) | $ | 325,144 | $ | 671,814 | $ | 817,686 | $ | (513,449 | ) | $ | 1,301,195 | |||||||||||||||||||||||||||||||
Total liabilities and stockholders' equity (deficit) | $ | 325,144 | $ | 671,814 | $ | 817,686 | $ | (513,449 | ) | $ | 1,301,195 | |||||||||||||||||||||||||||||||
CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||||||||||||||||||||||||||
For the Year Ended December 31, 2013 | CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | For the Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||
Diamond Resorts International, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | ||||||||||||||||||||||||||||||||||||||
Revenues: | Diamond Resorts International, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||||||||||||||||||||||||
Management and member services | $ | — | $ | 105,307 | $ | 43,667 | $ | (17,736 | ) | $ | 131,238 | Revenues: | ||||||||||||||||||||||||||||||
Management and member services | $ | — | $ | 105,307 | $ | 43,667 | $ | (17,736 | ) | $ | 131,238 | |||||||||||||||||||||||||||||||
Consolidated resort operations | — | 27,908 | 7,604 | — | 35,512 | |||||||||||||||||||||||||||||||||||||
Consolidated resort operations | — | 27,908 | 7,604 | — | 35,512 | |||||||||||||||||||||||||||||||||||||
Vacation Interest sales, net of provision of $0, $43,347, $1,323, $0 and $44,670, respectively | — | 382,554 | 82,059 | — | 464,613 | |||||||||||||||||||||||||||||||||||||
Vacation Interest sales, net of provision of $0, $43,347, $1,323, $0 and $44,670, respectively | — | 382,554 | 82,059 | — | 464,613 | |||||||||||||||||||||||||||||||||||||
Interest | — | (2,002 | ) | 59,076 | (30 | ) | 57,044 | |||||||||||||||||||||||||||||||||||
Interest | — | (2,002 | ) | 59,076 | (30 | ) | 57,044 | |||||||||||||||||||||||||||||||||||
Other | — | 46,300 | 52,460 | (57,379 | ) | 41,381 | ||||||||||||||||||||||||||||||||||||
Other | — | 46,300 | 52,460 | (57,379 | ) | 41,381 | ||||||||||||||||||||||||||||||||||||
Total revenues | — | 560,067 | 244,866 | (75,145 | ) | 729,788 | ||||||||||||||||||||||||||||||||||||
Total revenues | — | 560,067 | 244,866 | (75,145 | ) | 729,788 | ||||||||||||||||||||||||||||||||||||
Costs and Expenses: | ||||||||||||||||||||||||||||||||||||||||||
Management and member services | — | 35,657 | 16,422 | (14,172 | ) | 37,907 | Costs and Expenses: | |||||||||||||||||||||||||||||||||||
Management and member services | — | 35,657 | 16,422 | (14,172 | ) | 37,907 | ||||||||||||||||||||||||||||||||||||
Consolidated resort operations | — | 27,885 | 6,448 | — | 34,333 | |||||||||||||||||||||||||||||||||||||
Consolidated resort operations | — | 27,885 | 6,448 | — | 34,333 | |||||||||||||||||||||||||||||||||||||
Vacation Interest cost of sales | — | 51,679 | 5,016 | — | 56,695 | |||||||||||||||||||||||||||||||||||||
Vacation Interest cost of sales | — | 51,679 | 5,016 | — | 56,695 | |||||||||||||||||||||||||||||||||||||
Advertising, sales and marketing | — | 209,654 | 52,299 | (3,502 | ) | 258,451 | ||||||||||||||||||||||||||||||||||||
Advertising, sales and marketing | — | 209,654 | 52,299 | (3,502 | ) | 258,451 | ||||||||||||||||||||||||||||||||||||
Vacation Interest carrying cost, net | — | 19,476 | 25,927 | (4,056 | ) | 41,347 | ||||||||||||||||||||||||||||||||||||
Vacation Interest carrying cost, net | — | 19,476 | 25,927 | (4,056 | ) | 41,347 | ||||||||||||||||||||||||||||||||||||
Loan portfolio | — | 8,429 | 11,284 | (10,082 | ) | 9,631 | ||||||||||||||||||||||||||||||||||||
Loan portfolio | — | 8,429 | 11,284 | (10,082 | ) | 9,631 | ||||||||||||||||||||||||||||||||||||
Other operating | — | 12,011 | 14,266 | (14,171 | ) | 12,106 | ||||||||||||||||||||||||||||||||||||
Other operating | — | 12,011 | 14,266 | (14,171 | ) | 12,106 | ||||||||||||||||||||||||||||||||||||
General and administrative | 581 | 119,786 | 25,559 | (1 | ) | 145,925 | ||||||||||||||||||||||||||||||||||||
General and administrative | 581 | 119,786 | 25,559 | (1 | ) | 145,925 | ||||||||||||||||||||||||||||||||||||
Depreciation and amortization | — | 11,380 | 16,805 | — | 28,185 | |||||||||||||||||||||||||||||||||||||
Depreciation and amortization | — | 11,380 | 16,805 | — | 28,185 | |||||||||||||||||||||||||||||||||||||
Interest expense | — | 42,369 | 46,287 | (30 | ) | 88,626 | ||||||||||||||||||||||||||||||||||||
Interest expense | — | 42,369 | 46,287 | (30 | ) | 88,626 | ||||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | — | 8,462 | 7,142 | — | 15,604 | |||||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | — | 8,462 | 7,142 | — | 15,604 | |||||||||||||||||||||||||||||||||||||
Impairments and other write-offs | — | — | 1,587 | — | 1,587 | |||||||||||||||||||||||||||||||||||||
Impairments and other write-offs | — | — | 1,587 | — | 1,587 | |||||||||||||||||||||||||||||||||||||
Loss (gain on) disposal of assets | — | 95 | (1,077 | ) | — | (982 | ) | |||||||||||||||||||||||||||||||||||
Loss (gain on) disposal of assets | — | 95 | (1,077 | ) | — | (982 | ) | |||||||||||||||||||||||||||||||||||
Gain on bargain purchase from business combinations | — | — | (2,879 | ) | — | (2,879 | ) | |||||||||||||||||||||||||||||||||||
Gain on bargain purchase from business combinations | — | — | (2,879 | ) | — | (2,879 | ) | |||||||||||||||||||||||||||||||||||
Total costs and expenses | 581 | 546,883 | 225,086 | (46,014 | ) | 726,536 | ||||||||||||||||||||||||||||||||||||
Total costs and expenses | 581 | 546,883 | 225,086 | (46,014 | ) | 726,536 | ||||||||||||||||||||||||||||||||||||
(Loss) income before provision for income taxes | (581 | ) | 13,184 | 19,780 | (29,131 | ) | 3,252 | |||||||||||||||||||||||||||||||||||
(Loss) income before provision for income taxes | (581 | ) | 13,184 | 19,780 | (29,131 | ) | 3,252 | |||||||||||||||||||||||||||||||||||
Provision for income taxes | — | 2,423 | 3,354 | — | 5,777 | |||||||||||||||||||||||||||||||||||||
Provision for income taxes | — | 2,423 | 3,354 | — | 5,777 | |||||||||||||||||||||||||||||||||||||
Net (loss) income | $ | (581 | ) | $ | 10,761 | $ | 16,426 | $ | (29,131 | ) | $ | (2,525 | ) | |||||||||||||||||||||||||||||
Net (loss) income | $ | (581 | ) | $ | 10,761 | $ | 16,426 | $ | (29,131 | ) | $ | (2,525 | ) | |||||||||||||||||||||||||||||
CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||||||||||||||||||||
For the Year Ended December 31, 2013 | CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | For the Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||
Diamond Resorts International, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | ||||||||||||||||||||||||||||||||||||||
Operating activities: | Diamond Resorts International, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||||||||||||||||||||||||
Net (loss) income | $ | (581 | ) | $ | 10,761 | $ | 16,426 | $ | (29,131 | ) | $ | (2,525 | ) | Operating activities: | ||||||||||||||||||||||||||||
Net (loss) income | $ | (581 | ) | $ | 10,761 | $ | 16,426 | $ | (29,131 | ) | $ | (2,525 | ) | |||||||||||||||||||||||||||||
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | ||||||||||||||||||||||||||||||||||||||||||
Provision for uncollectible Vacation Interest sales revenue | — | 43,347 | 1,323 | — | 44,670 | Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | ||||||||||||||||||||||||||||||||||||
Provision for uncollectible Vacation Interest sales revenue | — | 43,347 | 1,323 | — | 44,670 | |||||||||||||||||||||||||||||||||||||
Amortization of capitalized financing costs and original issue discounts | — | 2,793 | 4,286 | — | 7,079 | |||||||||||||||||||||||||||||||||||||
Amortization of capitalized financing costs and original issue discounts | — | 2,793 | 4,286 | — | 7,079 | |||||||||||||||||||||||||||||||||||||
Amortization of capitalized loan origination costs and net portfolio discounts | — | 5,391 | 564 | — | 5,955 | |||||||||||||||||||||||||||||||||||||
Amortization of capitalized loan origination costs and net portfolio discounts | — | 5,391 | 564 | — | 5,955 | |||||||||||||||||||||||||||||||||||||
Depreciation and amortization | — | 11,380 | 16,805 | — | 28,185 | |||||||||||||||||||||||||||||||||||||
Depreciation and amortization | — | 11,380 | 16,805 | — | 28,185 | |||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | 40,533 | — | — | 40,533 | |||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | 40,533 | — | — | 40,533 | |||||||||||||||||||||||||||||||||||||
Non-cash settlement expense related to Alter Ego Suit | — | — | 6,025 | (517 | ) | 5,508 | ||||||||||||||||||||||||||||||||||||
Non-cash settlement expense related to Alter Ego Suit | — | — | 6,025 | (517 | ) | 5,508 | ||||||||||||||||||||||||||||||||||||
Non-cash expense related to debt extinguishment | — | 2,394 | 5,108 | — | 7,502 | |||||||||||||||||||||||||||||||||||||
Non-cash expense related to debt extinguishment | — | 2,394 | 5,108 | — | 7,502 | |||||||||||||||||||||||||||||||||||||
Impairments and other write-offs | — | — | 1,587 | — | 1,587 | |||||||||||||||||||||||||||||||||||||
Impairments and other write-offs | — | — | 1,587 | — | 1,587 | |||||||||||||||||||||||||||||||||||||
Loss (gain) on disposal of assets | — | 95 | (1,077 | ) | — | (982 | ) | |||||||||||||||||||||||||||||||||||
Loss (gain) on disposal of assets | — | 95 | (1,077 | ) | — | (982 | ) | |||||||||||||||||||||||||||||||||||
Gain on bargain purchase from business combinations | — | — | (2,879 | ) | — | (2,879 | ) | |||||||||||||||||||||||||||||||||||
Gain on bargain purchase from business combinations | — | — | (2,879 | ) | — | (2,879 | ) | |||||||||||||||||||||||||||||||||||
Deferred income taxes | — | 10,471 | 9,658 | (16,865 | ) | 3,264 | ||||||||||||||||||||||||||||||||||||
Deferred income taxes | — | 10,471 | 9,658 | (16,865 | ) | 3,264 | ||||||||||||||||||||||||||||||||||||
Loss on foreign currency exchange | — | — | 245 | — | 245 | |||||||||||||||||||||||||||||||||||||
Loss on foreign currency exchange | — | — | 245 | — | 245 | |||||||||||||||||||||||||||||||||||||
Loss (gain) on mortgage repurchase | — | 7 | (118 | ) | — | (111 | ) | |||||||||||||||||||||||||||||||||||
Loss (gain) on mortgage repurchase | — | 7 | (118 | ) | — | (111 | ) | |||||||||||||||||||||||||||||||||||
Unrealized loss on post-retirement benefit plan | — | 887 | — | — | 887 | |||||||||||||||||||||||||||||||||||||
Unrealized loss on post-retirement benefit plan | — | 887 | — | — | 887 | |||||||||||||||||||||||||||||||||||||
Changes in operating assets and liabilities excluding acquisitions: | ||||||||||||||||||||||||||||||||||||||||||
Mortgages and contracts receivable | — | (48,811 | ) | (80,018 | ) | (5 | ) | (128,834 | ) | Changes in operating assets and liabilities excluding acquisitions: | ||||||||||||||||||||||||||||||||
Mortgages and contracts receivable | — | (48,811 | ) | (80,018 | ) | (5 | ) | (128,834 | ) | |||||||||||||||||||||||||||||||||
Due from related parties, net | (193,833 | ) | 203 | (18,495 | ) | 199,901 | (12,224 | ) | ||||||||||||||||||||||||||||||||||
Due from related parties, net | (193,833 | ) | 203 | (18,495 | ) | 199,901 | (12,224 | ) | ||||||||||||||||||||||||||||||||||
Other receivables, net | — | (6,547 | ) | 639 | — | (5,908 | ) | |||||||||||||||||||||||||||||||||||
Other receivables, net | — | (6,547 | ) | 639 | — | (5,908 | ) | |||||||||||||||||||||||||||||||||||
Prepaid expenses and other assets, net | (138 | ) | 1,289 | (7,671 | ) | — | (6,520 | ) | ||||||||||||||||||||||||||||||||||
Prepaid expenses and other assets, net | (138 | ) | 1,289 | (7,671 | ) | — | (6,520 | ) | ||||||||||||||||||||||||||||||||||
Unsold Vacation Interests, net | — | (6,664 | ) | (15,638 | ) | 29,095 | 6,793 | |||||||||||||||||||||||||||||||||||
Unsold Vacation Interests, net | — | (6,664 | ) | (15,638 | ) | 29,095 | 6,793 | |||||||||||||||||||||||||||||||||||
Accounts payable | — | (5,673 | ) | (758 | ) | — | (6,431 | ) | ||||||||||||||||||||||||||||||||||
Accounts payable | — | (5,673 | ) | (758 | ) | — | (6,431 | ) | ||||||||||||||||||||||||||||||||||
Due to related parties, net | 26 | 31,154 | 147,947 | (199,901 | ) | (20,774 | ) | |||||||||||||||||||||||||||||||||||
Due to related parties, net | 26 | 31,154 | 147,947 | (199,901 | ) | (20,774 | ) | |||||||||||||||||||||||||||||||||||
Accrued liabilities | — | (1,942 | ) | 15,052 | 558 | 13,668 | ||||||||||||||||||||||||||||||||||||
Accrued liabilities | — | (1,942 | ) | 15,052 | 558 | 13,668 | ||||||||||||||||||||||||||||||||||||
Income taxes payable | — | 968 | (16,573 | ) | 16,865 | 1,260 | ||||||||||||||||||||||||||||||||||||
Income taxes payable | — | 968 | (16,573 | ) | 16,865 | 1,260 | ||||||||||||||||||||||||||||||||||||
Deferred revenues | — | 7,127 | 7,516 | — | 14,643 | |||||||||||||||||||||||||||||||||||||
Deferred revenues | — | 7,127 | 7,516 | — | 14,643 | |||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (194,526 | ) | $ | 99,163 | $ | 89,954 | $ | — | $ | (5,409 | ) | ||||||||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (194,526 | ) | $ | 99,163 | $ | 89,954 | $ | — | $ | (5,409 | ) | ||||||||||||||||||||||||||||||
CONSOLIDATING STATEMENT OF CASH FLOWS —Continued | ||||||||||||||||||||||||||||||||||||||||||
For the Year Ended December 31, 2013 | CONSOLIDATING STATEMENT OF CASH FLOWS —Continued | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | For the Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||
Diamond Resorts International, Inc. | Guarantor Subsidiaries | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||||||||||||||||||||
Subsidiaries | Diamond Resorts International, Inc. | Guarantor Subsidiaries | Non-Guarantor | Eliminations | Total | |||||||||||||||||||||||||||||||||||||
Investing activities: | Subsidiaries | |||||||||||||||||||||||||||||||||||||||||
Property and equipment capital expenditures | $ | — | $ | (14,071 | ) | $ | (1,133 | ) | $ | — | $ | (15,204 | ) | Investing activities: | ||||||||||||||||||||||||||||
Property and equipment capital expenditures | $ | — | $ | (14,071 | ) | $ | (1,133 | ) | $ | — | $ | (15,204 | ) | |||||||||||||||||||||||||||||
Cash acquired in connection with the Island One Acquisition | — | 569 | — | — | 569 | |||||||||||||||||||||||||||||||||||||
Cash acquired in connection with the Island One Acquisition | — | 569 | — | — | 569 | |||||||||||||||||||||||||||||||||||||
Purchase of assets in connection with the PMR Service Companies Acquisition, net of $0, $0, $0 and $0 cash acquired, respectively | — | — | (47,417 | ) | — | (47,417 | ) | |||||||||||||||||||||||||||||||||||
Purchase of assets in connection with the PMR Service Companies Acquisition, net of $0, $0, $0 and $0 cash acquired, respectively | — | — | (47,417 | ) | — | (47,417 | ) | |||||||||||||||||||||||||||||||||||
Proceeds from sale of assets | — | 475 | 3,652 | — | 4,127 | |||||||||||||||||||||||||||||||||||||
Proceeds from sale of assets | — | 475 | 3,652 | — | 4,127 | |||||||||||||||||||||||||||||||||||||
Net cash used in investing activities | — | (13,027 | ) | (44,898 | ) | — | (57,925 | ) | ||||||||||||||||||||||||||||||||||
Net cash used in investing activities | — | (13,027 | ) | (44,898 | ) | — | (57,925 | ) | ||||||||||||||||||||||||||||||||||
Financing activities: | ||||||||||||||||||||||||||||||||||||||||||
Changes in cash in escrow and restricted cash | — | (12,679 | ) | (36,046 | ) | — | (48,725 | ) | Financing activities: | |||||||||||||||||||||||||||||||||
Changes in cash in escrow and restricted cash | — | (12,679 | ) | (36,046 | ) | — | (48,725 | ) | ||||||||||||||||||||||||||||||||||
Proceeds from issuance of revolving credit facility | — | 15,000 | — | — | 15,000 | |||||||||||||||||||||||||||||||||||||
Proceeds from issuance of revolving credit facility | — | 15,000 | — | — | 15,000 | |||||||||||||||||||||||||||||||||||||
Proceeds from issuance of securitization notes and Funding Facilities | — | — | 552,677 | — | 552,677 | |||||||||||||||||||||||||||||||||||||
Proceeds from issuance of securitization notes and Funding Facilities | — | — | 552,677 | — | 552,677 | |||||||||||||||||||||||||||||||||||||
Proceeds from issuance of notes payable | — | — | 5,357 | — | 5,357 | |||||||||||||||||||||||||||||||||||||
Proceeds from issuance of notes payable | — | — | 5,357 | — | 5,357 | |||||||||||||||||||||||||||||||||||||
Payments on Revolving Credit Facility | — | (15,000 | ) | — | — | (15,000 | ) | |||||||||||||||||||||||||||||||||||
Payments on Revolving Credit Facility | — | (15,000 | ) | — | — | (15,000 | ) | |||||||||||||||||||||||||||||||||||
Payments on securitization notes and Funding Facilities | — | (4,657 | ) | (422,815 | ) | — | (427,472 | ) | ||||||||||||||||||||||||||||||||||
Payments on securitization notes and Funding Facilities | — | (4,657 | ) | (422,815 | ) | — | (427,472 | ) | ||||||||||||||||||||||||||||||||||
Payments on senior secured notes | — | (50,560 | ) | — | — | (50,560 | ) | |||||||||||||||||||||||||||||||||||
Payments on senior secured notes | — | (50,560 | ) | — | — | (50,560 | ) | |||||||||||||||||||||||||||||||||||
Payments on notes payable | — | (12,106 | ) | (125,116 | ) | — | (137,222 | ) | ||||||||||||||||||||||||||||||||||
Payments on notes payable | — | (12,106 | ) | (125,116 | ) | — | (137,222 | ) | ||||||||||||||||||||||||||||||||||
Payments of debt issuance costs | — | (1,086 | ) | (8,910 | ) | — | (9,996 | ) | ||||||||||||||||||||||||||||||||||
Payments of debt issuance costs | — | (1,086 | ) | (8,910 | ) | — | (9,996 | ) | ||||||||||||||||||||||||||||||||||
Proceeds from issuance of common stock, net of related costs | 204,332 | — | — | — | 204,332 | |||||||||||||||||||||||||||||||||||||
Proceeds from issuance of common stock, net of related costs | 204,332 | — | — | — | 204,332 | |||||||||||||||||||||||||||||||||||||
Repurchase of a portion of outstanding warrants | (10,346 | ) | — | — | — | (10,346 | ) | |||||||||||||||||||||||||||||||||||
Repurchase of a portion of outstanding warrants | (10,346 | ) | — | — | — | (10,346 | ) | |||||||||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | 193,986 | (81,088 | ) | (34,853 | ) | — | 78,045 | |||||||||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | 193,986 | (81,088 | ) | (34,853 | ) | — | 78,045 | |||||||||||||||||||||||||||||||||||
Net (decrease) increase in cash and cash equivalents | (540 | ) | 5,048 | 10,203 | — | 14,711 | ||||||||||||||||||||||||||||||||||||
Net (decrease) increase in cash and cash equivalents | (540 | ) | 5,048 | 10,203 | — | 14,711 | ||||||||||||||||||||||||||||||||||||
Effect of changes in exchange rates on cash and cash equivalents | — | — | 173 | — | 173 | |||||||||||||||||||||||||||||||||||||
Effect of changes in exchange rates on cash and cash equivalents | — | — | 173 | — | 173 | |||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, beginning of period | 540 | 7,932 | 12,589 | — | 21,061 | |||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, beginning of period | 540 | 7,932 | 12,589 | — | 21,061 | |||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | — | $ | 12,980 | $ | 22,965 | $ | — | $ | 35,945 | ||||||||||||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | — | $ | 12,980 | $ | 22,965 | $ | — | $ | 35,945 | ||||||||||||||||||||||||||||||||
CONSOLIDATING STATEMENT OF CASH FLOWS —Continued | ||||||||||||||||||||||||||||||||||||||||||
For the Year Ended December 31, 2013 | CONSOLIDATING STATEMENT OF CASH FLOWS —Continued | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | For the Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||
Diamond Resorts International, Inc. | Guarantor Subsidiaries | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||||||||||||||||||||
Subsidiaries | Diamond Resorts International, Inc. | Guarantor Subsidiaries | Non-Guarantor | Eliminations | Total | |||||||||||||||||||||||||||||||||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | Subsidiaries | |||||||||||||||||||||||||||||||||||||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||||||||||||||||||||||||||||||||||||||||||
Cash paid for interest | $ | — | $ | 46,108 | $ | 33,445 | $ | — | $ | 79,553 | ||||||||||||||||||||||||||||||||
Cash paid for interest | $ | — | $ | 46,108 | $ | 33,445 | $ | — | $ | 79,553 | ||||||||||||||||||||||||||||||||
(Cash tax refunds, net of cash paid for taxes) cash paid for taxes, net of cash tax refunds | $ | — | $ | (831 | ) | $ | 2,172 | $ | — | $ | 1,341 | |||||||||||||||||||||||||||||||
(Cash tax refunds, net of cash paid for taxes) cash paid for taxes, net of cash tax refunds | $ | — | $ | (831 | ) | $ | 2,172 | $ | — | $ | 1,341 | |||||||||||||||||||||||||||||||
Purchase of assets in connection with the Island One Acquisition and the PMR Service Companies Acquisition: | ||||||||||||||||||||||||||||||||||||||||||
Fair value of assets acquired based on valuation reports | $ | — | $ | 81,281 | $ | 52,554 | $ | — | $ | 133,835 | Purchase of assets in connection with the Island One Acquisition and the PMR Service Companies Acquisition: | |||||||||||||||||||||||||||||||
Fair value of assets acquired based on valuation reports | $ | — | $ | 81,281 | $ | 52,554 | $ | — | $ | 133,835 | ||||||||||||||||||||||||||||||||
Goodwill acquired | — | 30,632 | — | 30,632 | ||||||||||||||||||||||||||||||||||||||
Goodwill acquired | — | 30,632 | — | 30,632 | ||||||||||||||||||||||||||||||||||||||
Cash paid | — | 569 | (47,417 | ) | — | (46,848 | ) | |||||||||||||||||||||||||||||||||||
Cash paid | — | 569 | (47,417 | ) | — | (46,848 | ) | |||||||||||||||||||||||||||||||||||
DRII common stock issued | — | (73,307 | ) | — | — | (73,307 | ) | |||||||||||||||||||||||||||||||||||
DRII common stock issued | — | (73,307 | ) | — | — | (73,307 | ) | |||||||||||||||||||||||||||||||||||
Gain on bargain purchase recognized | — | — | (2,879 | ) | — | (2,879 | ) | |||||||||||||||||||||||||||||||||||
Gain on bargain purchase recognized | — | — | (2,879 | ) | — | (2,879 | ) | |||||||||||||||||||||||||||||||||||
Deferred tax liability | — | (17,403 | ) | (1,737 | ) | — | (19,140 | ) | ||||||||||||||||||||||||||||||||||
Deferred tax liability | — | (17,403 | ) | (1,737 | ) | — | (19,140 | ) | ||||||||||||||||||||||||||||||||||
Liabilities assumed | $ | — | $ | 21,772 | $ | 521 | $ | — | $ | 22,293 | ||||||||||||||||||||||||||||||||
Liabilities assumed | $ | — | $ | 21,772 | $ | 521 | $ | — | $ | 22,293 | ||||||||||||||||||||||||||||||||
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||||||||||||||||||||||||||||||||||||||||||
Insurance premiums financed through issuance of notes payable | $ | — | $ | 11,480 | $ | — | $ | — | $ | 11,480 | SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | |||||||||||||||||||||||||||||||
Insurance premiums financed through issuance of notes payable | $ | — | $ | 11,480 | $ | — | $ | — | $ | 11,480 | ||||||||||||||||||||||||||||||||
Unsold Vacation Interests, net, reclassified to assets held for sale | $ | — | $ | — | $ | 9,771 | $ | — | $ | 9,771 | ||||||||||||||||||||||||||||||||
Unsold Vacation Interests, net, reclassified to assets held for sale | $ | — | $ | — | $ | 9,771 | $ | — | $ | 9,771 | ||||||||||||||||||||||||||||||||
CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||||||||||||||||||||||||
31-Dec-12 | CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | 31-Dec-12 | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||
Diamond Resorts International, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | ||||||||||||||||||||||||||||||||||||||
Assets: | Diamond Resorts International, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 540 | $ | 7,932 | $ | 12,589 | $ | — | $ | 21,061 | Assets: | |||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 540 | $ | 7,932 | $ | 12,589 | $ | — | $ | 21,061 | ||||||||||||||||||||||||||||||||
Cash in escrow and restricted cash | — | 23,736 | 18,575 | — | 42,311 | |||||||||||||||||||||||||||||||||||||
Cash in escrow and restricted cash | — | 23,736 | 18,575 | — | 42,311 | |||||||||||||||||||||||||||||||||||||
Mortgages and contracts receivable, net of allowance of $0, $5,814, $77,970, $0 and $83,784, respectively | — | 33,373 | 279,563 | (4 | ) | 312,932 | ||||||||||||||||||||||||||||||||||||
Mortgages and contracts receivable, net of allowance of $0, $5,814, $77,970, $0 and $83,784, respectively | — | 33,373 | 279,563 | (4 | ) | 312,932 | ||||||||||||||||||||||||||||||||||||
Due from related parties, net | 6,687 | 139,720 | 27,083 | (150,495 | ) | 22,995 | ||||||||||||||||||||||||||||||||||||
Due from related parties, net | 6,687 | 139,720 | 27,083 | (150,495 | ) | 22,995 | ||||||||||||||||||||||||||||||||||||
Other receivables, net | — | 30,384 | 15,665 | — | 46,049 | |||||||||||||||||||||||||||||||||||||
Other receivables, net | — | 30,384 | 15,665 | — | 46,049 | |||||||||||||||||||||||||||||||||||||
Income tax receivable | — | 902 | 25 | — | 927 | |||||||||||||||||||||||||||||||||||||
Income tax receivable | — | 902 | 25 | — | 927 | |||||||||||||||||||||||||||||||||||||
Prepaid expenses and other assets, net | 416 | 36,111 | 21,497 | — | 58,024 | |||||||||||||||||||||||||||||||||||||
Prepaid expenses and other assets, net | 416 | 36,111 | 21,497 | — | 58,024 | |||||||||||||||||||||||||||||||||||||
Investment in subsidiaries | 14,182 | 9,675 | — | (23,857 | ) | — | ||||||||||||||||||||||||||||||||||||
Investment in subsidiaries | 14,182 | 9,675 | — | (23,857 | ) | — | ||||||||||||||||||||||||||||||||||||
Unsold Vacation Interests, net | — | 220,499 | 117,629 | (22,261 | ) | 315,867 | ||||||||||||||||||||||||||||||||||||
Unsold Vacation Interests, net | — | 220,499 | 117,629 | (22,261 | ) | 315,867 | ||||||||||||||||||||||||||||||||||||
Property and equipment, net | — | 29,510 | 25,610 | — | 55,120 | |||||||||||||||||||||||||||||||||||||
Property and equipment, net | — | 29,510 | 25,610 | — | 55,120 | |||||||||||||||||||||||||||||||||||||
Assets held for sale | — | — | 5,224 | — | 5,224 | |||||||||||||||||||||||||||||||||||||
Assets held for sale | — | — | 5,224 | — | 5,224 | |||||||||||||||||||||||||||||||||||||
Other intangible assets, net | — | 27,569 | 84,929 | — | 112,498 | |||||||||||||||||||||||||||||||||||||
Other intangible assets, net | — | 27,569 | 84,929 | — | 112,498 | |||||||||||||||||||||||||||||||||||||
Total assets | $ | 21,825 | $ | 559,411 | $ | 608,389 | $ | (196,617 | ) | $ | 993,008 | |||||||||||||||||||||||||||||||
Total assets | $ | 21,825 | $ | 559,411 | $ | 608,389 | $ | (196,617 | ) | $ | 993,008 | |||||||||||||||||||||||||||||||
Liabilities and Stockholders' Equity (Deficit): | ||||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | — | $ | 9,520 | $ | 6,199 | $ | — | $ | 15,719 | Liabilities and Stockholders' Equity (Deficit): | |||||||||||||||||||||||||||||||
Accounts payable | $ | — | $ | 9,520 | $ | 6,199 | $ | — | $ | 15,719 | ||||||||||||||||||||||||||||||||
Due to related parties, net | — | 59,496 | 155,203 | (150,495 | ) | 64,204 | ||||||||||||||||||||||||||||||||||||
Due to related parties, net | — | 59,496 | 155,203 | (150,495 | ) | 64,204 | ||||||||||||||||||||||||||||||||||||
Accrued liabilities | — | 72,396 | 35,120 | (1,065 | ) | 106,451 | ||||||||||||||||||||||||||||||||||||
Accrued liabilities | — | 72,396 | 35,120 | (1,065 | ) | 106,451 | ||||||||||||||||||||||||||||||||||||
Income taxes payable | — | — | 701 | — | 701 | |||||||||||||||||||||||||||||||||||||
Income taxes payable | — | — | 701 | — | 701 | |||||||||||||||||||||||||||||||||||||
Deferred revenues | — | 79,652 | 14,181 | — | 93,833 | |||||||||||||||||||||||||||||||||||||
Deferred revenues | — | 79,652 | 14,181 | — | 93,833 | |||||||||||||||||||||||||||||||||||||
Senior Secured Notes, net of original issue discount of $0,$8,509, $0, $0 and $8,509, respectively | — | 416,491 | — | — | 416,491 | |||||||||||||||||||||||||||||||||||||
Senior Secured Notes, net of original issue discount of $0,$8,509, $0, $0 and $8,509, respectively | — | 416,491 | — | — | 416,491 | |||||||||||||||||||||||||||||||||||||
Securitization notes and Funding Facilities, net of original issue discount of $0, $0, $753, $0 and $753, respectively | — | — | 256,302 | — | 256,302 | |||||||||||||||||||||||||||||||||||||
Securitization notes and Funding Facilities, net of original issue discount of $0, $0, $753, $0 and $753, respectively | — | — | 256,302 | — | 256,302 | |||||||||||||||||||||||||||||||||||||
Notes payable | — | 3,219 | 134,687 | — | 137,906 | |||||||||||||||||||||||||||||||||||||
Notes payable | — | 3,219 | 134,687 | — | 137,906 | |||||||||||||||||||||||||||||||||||||
Total liabilities | — | 640,774 | 602,393 | (151,560 | ) | 1,091,607 | ||||||||||||||||||||||||||||||||||||
Total liabilities | — | 640,774 | 602,393 | (151,560 | ) | 1,091,607 | ||||||||||||||||||||||||||||||||||||
Stockholders' equity (deficit): | ||||||||||||||||||||||||||||||||||||||||||
Common stock | 541 | — | — | — | 541 | Stockholders' equity (deficit): | ||||||||||||||||||||||||||||||||||||
Common stock | 541 | — | — | — | 541 | |||||||||||||||||||||||||||||||||||||
Additional paid-in capital | 89,960 | 62,269 | 26,655 | (23,857 | ) | 155,027 | ||||||||||||||||||||||||||||||||||||
Additional paid-in capital | 89,960 | 62,269 | 26,655 | (23,857 | ) | 155,027 | ||||||||||||||||||||||||||||||||||||
Accumulated deficit | (68,676 | ) | (122,030 | ) | (25,012 | ) | (21,716 | ) | (237,434 | ) | ||||||||||||||||||||||||||||||||
Accumulated other comprehensive (loss) income | — | (21,602 | ) | 4,353 | 516 | (16,733 | ) | Accumulated deficit | (68,676 | ) | (122,030 | ) | (25,012 | ) | (21,716 | ) | (237,434 | ) | ||||||||||||||||||||||||
Accumulated other comprehensive (loss) income | — | (21,602 | ) | 4,353 | 516 | (16,733 | ) | |||||||||||||||||||||||||||||||||||
Total stockholders' (deficit) equity | 21,825 | (81,363 | ) | 5,996 | (45,057 | ) | (98,599 | ) | ||||||||||||||||||||||||||||||||||
Total stockholders' (deficit) equity | 21,825 | (81,363 | ) | 5,996 | (45,057 | ) | (98,599 | ) | ||||||||||||||||||||||||||||||||||
Total liabilities and stockholders' equity (deficit) | $ | 21,825 | $ | 559,411 | $ | 608,389 | $ | (196,617 | ) | $ | 993,008 | |||||||||||||||||||||||||||||||
Total liabilities and stockholders' equity (deficit) | $ | 21,825 | $ | 559,411 | $ | 608,389 | $ | (196,617 | ) | $ | 993,008 | |||||||||||||||||||||||||||||||
CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||||||||||||||||||||||||||
For the Year Ended December 31, 2012 | CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | For the Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||
Diamond Resorts International, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | ||||||||||||||||||||||||||||||||||||||
Revenues: | Diamond Resorts International, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||||||||||||||||||||||||
Management and member services | $ | — | $ | 94,106 | $ | 33,115 | $ | (12,284 | ) | $ | 114,937 | Revenues: | ||||||||||||||||||||||||||||||
Management and member services | $ | — | $ | 94,106 | $ | 33,115 | $ | (12,284 | ) | $ | 114,937 | |||||||||||||||||||||||||||||||
Consolidated resort operations | — | 26,519 | 7,237 | — | 33,756 | |||||||||||||||||||||||||||||||||||||
Consolidated resort operations | — | 26,519 | 7,237 | — | 33,756 | |||||||||||||||||||||||||||||||||||||
Vacation interest sales, net of provision (adjustment) of $27,004, $(1,547), $0 and $25,457, respectively | — | 247,969 | 45,129 | — | 293,098 | |||||||||||||||||||||||||||||||||||||
Vacation interest sales, net of provision (adjustment) of $27,004, $(1,547), $0 and $25,457, respectively | — | 247,969 | 45,129 | — | 293,098 | |||||||||||||||||||||||||||||||||||||
Interest | — | 1,834 | 53,808 | (2,436 | ) | 53,206 | ||||||||||||||||||||||||||||||||||||
Interest | — | 1,834 | 53,808 | (2,436 | ) | 53,206 | ||||||||||||||||||||||||||||||||||||
Other | — | 35,106 | 31,628 | (38,063 | ) | 28,671 | ||||||||||||||||||||||||||||||||||||
Other | — | 35,106 | 31,628 | (38,063 | ) | 28,671 | ||||||||||||||||||||||||||||||||||||
Total revenues | — | 405,534 | 170,917 | (52,783 | ) | 523,668 | ||||||||||||||||||||||||||||||||||||
Total revenues | — | 405,534 | 170,917 | (52,783 | ) | 523,668 | ||||||||||||||||||||||||||||||||||||
Costs and Expenses: | ||||||||||||||||||||||||||||||||||||||||||
Management and member services | — | 31,126 | 14,481 | (10,277 | ) | 35,330 | Costs and Expenses: | |||||||||||||||||||||||||||||||||||
Management and member services | — | 31,126 | 14,481 | (10,277 | ) | 35,330 | ||||||||||||||||||||||||||||||||||||
Consolidated resort operations | — | 24,278 | 6,033 | — | 30,311 | |||||||||||||||||||||||||||||||||||||
Consolidated resort operations | — | 24,278 | 6,033 | — | 30,311 | |||||||||||||||||||||||||||||||||||||
Vacation Interest cost of sales | — | 26,362 | 5,788 | — | 32,150 | |||||||||||||||||||||||||||||||||||||
Vacation Interest cost of sales | — | 26,362 | 5,788 | — | 32,150 | |||||||||||||||||||||||||||||||||||||
Advertising, sales and marketing | — | 152,276 | 28,042 | (1,953 | ) | 178,365 | ||||||||||||||||||||||||||||||||||||
Advertising, sales and marketing | — | 152,276 | 28,042 | (1,953 | ) | 178,365 | ||||||||||||||||||||||||||||||||||||
Vacation Interest carrying cost, net | — | 19,421 | 19,506 | (2,564 | ) | 36,363 | ||||||||||||||||||||||||||||||||||||
Vacation Interest carrying cost, net | — | 19,421 | 19,506 | (2,564 | ) | 36,363 | ||||||||||||||||||||||||||||||||||||
Loan portfolio | — | 8,280 | 10,125 | (8,919 | ) | 9,486 | ||||||||||||||||||||||||||||||||||||
Loan portfolio | — | 8,280 | 10,125 | (8,919 | ) | 9,486 | ||||||||||||||||||||||||||||||||||||
Other operating | — | 10,212 | 5,863 | (7,568 | ) | 8,507 | ||||||||||||||||||||||||||||||||||||
Other operating | — | 10,212 | 5,863 | (7,568 | ) | 8,507 | ||||||||||||||||||||||||||||||||||||
General and administrative | 67 | 61,162 | 37,788 | (2 | ) | 99,015 | ||||||||||||||||||||||||||||||||||||
General and administrative | 67 | 61,162 | 37,788 | (2 | ) | 99,015 | ||||||||||||||||||||||||||||||||||||
Depreciation and amortization | — | 7,662 | 11,195 | — | 18,857 | |||||||||||||||||||||||||||||||||||||
Depreciation and amortization | — | 7,662 | 11,195 | — | 18,857 | |||||||||||||||||||||||||||||||||||||
Interest expense | — | 44,990 | 53,603 | (2,436 | ) | 96,157 | ||||||||||||||||||||||||||||||||||||
Interest expense | — | 44,990 | 53,603 | (2,436 | ) | 96,157 | ||||||||||||||||||||||||||||||||||||
Impairments and other write-offs | — | 201 | 808 | — | 1,009 | |||||||||||||||||||||||||||||||||||||
Impairments and other write-offs | — | 201 | 808 | — | 1,009 | |||||||||||||||||||||||||||||||||||||
Loss (gain) on disposal of assets | — | 16 | (621 | ) | — | (605 | ) | |||||||||||||||||||||||||||||||||||
Loss (gain) on disposal of assets | — | 16 | (621 | ) | — | (605 | ) | |||||||||||||||||||||||||||||||||||
Gain on bargain purchase from business combinations | — | — | (20,610 | ) | — | (20,610 | ) | |||||||||||||||||||||||||||||||||||
Gain on bargain purchase from business combinations | — | — | (20,610 | ) | — | (20,610 | ) | |||||||||||||||||||||||||||||||||||
Total costs and expenses | 67 | 385,986 | 172,001 | (33,719 | ) | 524,335 | ||||||||||||||||||||||||||||||||||||
Total costs and expenses | 67 | 385,986 | 172,001 | (33,719 | ) | 524,335 | ||||||||||||||||||||||||||||||||||||
(Loss) income before benefit for income taxes | (67 | ) | 19,548 | (1,084 | ) | (19,064 | ) | (667 | ) | |||||||||||||||||||||||||||||||||
(Loss) income before benefit for income taxes | (67 | ) | 19,548 | (1,084 | ) | (19,064 | ) | (667 | ) | |||||||||||||||||||||||||||||||||
Benefit for income taxes | — | (884 | ) | (13,426 | ) | — | (14,310 | ) | ||||||||||||||||||||||||||||||||||
Benefit for income taxes | — | (884 | ) | (13,426 | ) | — | (14,310 | ) | ||||||||||||||||||||||||||||||||||
Net (loss) income | $ | (67 | ) | $ | 20,432 | $ | 12,342 | $ | (19,064 | ) | $ | 13,643 | ||||||||||||||||||||||||||||||
Net (loss) income | $ | (67 | ) | $ | 20,432 | $ | 12,342 | $ | (19,064 | ) | $ | 13,643 | ||||||||||||||||||||||||||||||
CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||||||||||||||||||||
For the Year Ended December 31, 2012 | CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | For the Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||
Diamond Resorts International, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | ||||||||||||||||||||||||||||||||||||||
Operating activities: | Diamond Resorts International, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||||||||||||||||||||||||
Net (loss) income | $ | (67 | ) | $ | 20,432 | $ | 12,342 | $ | (19,064 | ) | $ | 13,643 | Operating activities: | |||||||||||||||||||||||||||||
Net (loss) income | $ | (67 | ) | $ | 20,432 | $ | 12,342 | $ | (19,064 | ) | $ | 13,643 | ||||||||||||||||||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||||||||||||||||||||||||||||||||||
Provision (adjustment) for uncollectible Vacation Interest sales revenue | — | 27,004 | (1,547 | ) | — | 25,457 | Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||||||||||||||||||||||||||
Provision (adjustment) for uncollectible Vacation Interest sales revenue | — | 27,004 | (1,547 | ) | — | 25,457 | ||||||||||||||||||||||||||||||||||||
Amortization of capitalized financing costs and original issue discounts | — | 2,410 | 3,883 | — | 6,293 | |||||||||||||||||||||||||||||||||||||
Amortization of capitalized financing costs and original issue discounts | — | 2,410 | 3,883 | — | 6,293 | |||||||||||||||||||||||||||||||||||||
Amortization of capitalized loan origination costs and net portfolio discounts (premiums) | — | 3,117 | (775 | ) | — | 2,342 | ||||||||||||||||||||||||||||||||||||
Amortization of capitalized loan origination costs and net portfolio discounts (premiums) | — | 3,117 | (775 | ) | — | 2,342 | ||||||||||||||||||||||||||||||||||||
Depreciation and amortization | — | 7,662 | 11,195 | — | 18,857 | |||||||||||||||||||||||||||||||||||||
Depreciation and amortization | — | 7,662 | 11,195 | — | 18,857 | |||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | 3,321 | — | — | 3,321 | |||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | 3,321 | — | — | 3,321 | |||||||||||||||||||||||||||||||||||||
Impairments and other write-offs | — | 201 | 808 | — | 1,009 | |||||||||||||||||||||||||||||||||||||
Impairments and other write-offs | — | 201 | 808 | — | 1,009 | |||||||||||||||||||||||||||||||||||||
Loss (gain) on disposal of assets | — | 16 | (621 | ) | — | (605 | ) | |||||||||||||||||||||||||||||||||||
Loss (gain) on disposal of assets | — | 16 | (621 | ) | — | (605 | ) | |||||||||||||||||||||||||||||||||||
Gain on bargain purchase from business combinations | — | — | (20,610 | ) | — | (20,610 | ) | |||||||||||||||||||||||||||||||||||
Gain on bargain purchase from business combinations | — | — | (20,610 | ) | — | (20,610 | ) | |||||||||||||||||||||||||||||||||||
Deferred income taxes | — | — | (13,010 | ) | — | (13,010 | ) | |||||||||||||||||||||||||||||||||||
Deferred income taxes | — | — | (13,010 | ) | — | (13,010 | ) | |||||||||||||||||||||||||||||||||||
Loss on foreign currency exchange | — | — | 113 | — | 113 | |||||||||||||||||||||||||||||||||||||
Loss on foreign currency exchange | — | — | 113 | — | 113 | |||||||||||||||||||||||||||||||||||||
Gain on mortgage repurchase | — | (27 | ) | — | — | (27 | ) | |||||||||||||||||||||||||||||||||||
Gain on mortgage repurchase | — | (27 | ) | — | — | (27 | ) | |||||||||||||||||||||||||||||||||||
Changes in operating assets and liabilities excluding acquisitions: | ||||||||||||||||||||||||||||||||||||||||||
Mortgages and contracts receivable | — | (56,967 | ) | 5,252 | (1 | ) | (51,716 | ) | Changes in operating assets and liabilities excluding acquisitions: | |||||||||||||||||||||||||||||||||
Mortgages and contracts receivable | — | (56,967 | ) | 5,252 | (1 | ) | (51,716 | ) | ||||||||||||||||||||||||||||||||||
Due from related parties, net | 483 | (43,623 | ) | 13,614 | 31,404 | 1,878 | ||||||||||||||||||||||||||||||||||||
Due from related parties, net | 483 | (43,623 | ) | 13,614 | 31,404 | 1,878 | ||||||||||||||||||||||||||||||||||||
Other receivables, net | — | (7,225 | ) | (121 | ) | (410 | ) | (7,756 | ) | |||||||||||||||||||||||||||||||||
Other receivables, net | — | (7,225 | ) | (121 | ) | (410 | ) | (7,756 | ) | |||||||||||||||||||||||||||||||||
Prepaid expenses and other assets, net | (416 | ) | (4,096 | ) | 217 | — | (4,295 | ) | ||||||||||||||||||||||||||||||||||
Prepaid expenses and other assets, net | (416 | ) | (4,096 | ) | 217 | — | (4,295 | ) | ||||||||||||||||||||||||||||||||||
Unsold Vacation Interests, net | — | (23,105 | ) | (19,977 | ) | 19,057 | (24,025 | ) | ||||||||||||||||||||||||||||||||||
Unsold Vacation Interests, net | — | (23,105 | ) | (19,977 | ) | 19,057 | (24,025 | ) | ||||||||||||||||||||||||||||||||||
Accounts payable | — | 1,755 | (2,257 | ) | — | (502 | ) | |||||||||||||||||||||||||||||||||||
Accounts payable | — | 1,755 | (2,257 | ) | — | (502 | ) | |||||||||||||||||||||||||||||||||||
Due to related parties, net | — | 57,001 | (2,576 | ) | (31,404 | ) | 23,021 | |||||||||||||||||||||||||||||||||||
Due to related parties, net | — | 57,001 | (2,576 | ) | (31,404 | ) | 23,021 | |||||||||||||||||||||||||||||||||||
Accrued liabilities | — | 19,201 | 12,567 | 418 | 32,186 | |||||||||||||||||||||||||||||||||||||
Accrued liabilities | — | 19,201 | 12,567 | 418 | 32,186 | |||||||||||||||||||||||||||||||||||||
Income taxes payable | — | (298 | ) | (2,934 | ) | — | (3,232 | ) | ||||||||||||||||||||||||||||||||||
Income taxes payable | — | (298 | ) | (2,934 | ) | — | (3,232 | ) | ||||||||||||||||||||||||||||||||||
Deferred revenues | — | 19,891 | 2,367 | — | 22,258 | |||||||||||||||||||||||||||||||||||||
Deferred revenues | — | 19,891 | 2,367 | — | 22,258 | |||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | — | 26,670 | (2,070 | ) | — | 24,600 | ||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | — | 26,670 | (2,070 | ) | — | 24,600 | ||||||||||||||||||||||||||||||||||||
Investing activities: | ||||||||||||||||||||||||||||||||||||||||||
Property and equipment capital expenditures | — | (13,671 | ) | (664 | ) | — | (14,335 | ) | Investing activities: | |||||||||||||||||||||||||||||||||
Property and equipment capital expenditures | — | (13,671 | ) | (664 | ) | — | (14,335 | ) | ||||||||||||||||||||||||||||||||||
Purchase of assets in connection with the PMR Acquisition, net of $0, $0, $0 and $0 cash acquired, respectively | — | — | (51,635 | ) | — | (51,635 | ) | |||||||||||||||||||||||||||||||||||
Purchase of assets in connection with the PMR Acquisition, net of $0, $0, $0 and $0 cash acquired, respectively | — | — | (51,635 | ) | — | (51,635 | ) | |||||||||||||||||||||||||||||||||||
Purchase of assets in connection with the Aegean Blue Acquisition, net of cash acquired of $0, $2,072, $0 and $2,072, respectively | — | — | (4,471 | ) | — | (4,471 | ) | |||||||||||||||||||||||||||||||||||
Purchase of assets in connection with the Aegean Blue Acquisition, net of cash acquired of $0, $2,072, $0 and $2,072, respectively | — | — | (4,471 | ) | — | (4,471 | ) | |||||||||||||||||||||||||||||||||||
Proceeds from sale of assets | — | 2 | 1,101 | — | 1,103 | |||||||||||||||||||||||||||||||||||||
Proceeds from sale of assets | — | 2 | 1,101 | — | 1,103 | |||||||||||||||||||||||||||||||||||||
Net cash used in by investing activities | $ | — | $ | (13,669 | ) | $ | (55,669 | ) | $ | — | $ | (69,338 | ) | |||||||||||||||||||||||||||||
Net cash used in by investing activities | $ | — | $ | (13,669 | ) | $ | (55,669 | ) | $ | — | $ | (69,338 | ) | |||||||||||||||||||||||||||||
CONSOLIDATING STATEMENT OF CASH FLOWS —Continued | ||||||||||||||||||||||||||||||||||||||||||
For the Year Ended December 31, 2012 | CONSOLIDATING STATEMENT OF CASH FLOWS —Continued | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | For the Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||
Diamond Resorts International, Inc. | Guarantor Subsidiaries | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||||||||||||||||||||
Subsidiaries | Diamond Resorts International, Inc. | Guarantor Subsidiaries | Non-Guarantor | Eliminations | Total | |||||||||||||||||||||||||||||||||||||
Financing activities: | Subsidiaries | |||||||||||||||||||||||||||||||||||||||||
Changes in cash in escrow and restricted cash | $ | — | $ | (6,163 | ) | $ | (218 | ) | $ | — | $ | (6,381 | ) | Financing activities: | ||||||||||||||||||||||||||||
Changes in cash in escrow and restricted cash | $ | — | $ | (6,163 | ) | $ | (218 | ) | $ | — | $ | (6,381 | ) | |||||||||||||||||||||||||||||
Proceeds from issuance of securitization notes and Funding Facilities | — | — | 119,807 | — | 119,807 | |||||||||||||||||||||||||||||||||||||
Proceeds from issuance of securitization notes and Funding Facilities | — | — | 119,807 | — | 119,807 | |||||||||||||||||||||||||||||||||||||
Proceeds from issuance of notes payable | — | 1,124 | 79,541 | — | 80,665 | |||||||||||||||||||||||||||||||||||||
Proceeds from issuance of notes payable | — | 1,124 | 79,541 | — | 80,665 | |||||||||||||||||||||||||||||||||||||
Payments on securitization notes and Funding Facilities | — | — | (114,701 | ) | — | (114,701 | ) | |||||||||||||||||||||||||||||||||||
Payments on securitization notes and Funding Facilities | — | — | (114,701 | ) | — | (114,701 | ) | |||||||||||||||||||||||||||||||||||
Payments on notes payable | — | (10,250 | ) | (21,017 | ) | — | (31,267 | ) | ||||||||||||||||||||||||||||||||||
Payments on notes payable | — | (10,250 | ) | (21,017 | ) | — | (31,267 | ) | ||||||||||||||||||||||||||||||||||
Payments of debt issuance costs | — | (76 | ) | (2,507 | ) | — | (2,583 | ) | ||||||||||||||||||||||||||||||||||
Payments of debt issuance costs | — | (76 | ) | (2,507 | ) | — | (2,583 | ) | ||||||||||||||||||||||||||||||||||
Net cash (used in) provided financing activities | — | (15,365 | ) | 60,905 | — | 45,540 | ||||||||||||||||||||||||||||||||||||
Net cash (used in) provided financing activities | — | (15,365 | ) | 60,905 | — | 45,540 | ||||||||||||||||||||||||||||||||||||
Net (decrease) increase in cash and cash equivalents | — | (2,364 | ) | 3,166 | — | 802 | ||||||||||||||||||||||||||||||||||||
Net (decrease) increase in cash and cash equivalents | — | (2,364 | ) | 3,166 | — | 802 | ||||||||||||||||||||||||||||||||||||
Effect of changes in exchange rates on cash and cash equivalents | — | — | 362 | — | 362 | |||||||||||||||||||||||||||||||||||||
Effect of changes in exchange rates on cash and cash equivalents | — | — | 362 | — | 362 | |||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, beginning of period | 540 | 10,296 | 9,061 | — | 19,897 | |||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, beginning of period | 540 | 10,296 | 9,061 | — | 19,897 | |||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 540 | $ | 7,932 | $ | 12,589 | $ | — | $ | 21,061 | ||||||||||||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 540 | $ | 7,932 | $ | 12,589 | $ | — | $ | 21,061 | ||||||||||||||||||||||||||||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||||||||||||||||||||||||||||||||||||||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||||||||||||||||||||||||||||||||||||||||||
Cash paid for interest | $ | — | $ | 50,565 | $ | 29,802 | $ | — | $ | 80,367 | ||||||||||||||||||||||||||||||||
Cash paid for interest | $ | — | $ | 50,565 | $ | 29,802 | $ | — | $ | 80,367 | ||||||||||||||||||||||||||||||||
Cash paid for taxes, net of cash tax refunds | $ | — | $ | (586 | ) | $ | 2,546 | $ | — | $ | 1,960 | |||||||||||||||||||||||||||||||
Cash paid for taxes, net of cash tax refunds | $ | — | $ | (586 | ) | $ | 2,546 | $ | — | $ | 1,960 | |||||||||||||||||||||||||||||||
Purchase of assets in connection with PMR Acquisition and the Aegean Blue Acquisition: | ||||||||||||||||||||||||||||||||||||||||||
Purchase of assets in connection with PMR Acquisition and the Aegean Blue Acquisition: | ||||||||||||||||||||||||||||||||||||||||||
Fair value of assets acquired based on a valuation report | $ | — | $ | — | $ | 103,780 | $ | — | $ | 103,780 | ||||||||||||||||||||||||||||||||
Fair value of assets acquired based on a valuation report | $ | — | $ | — | $ | 103,780 | $ | — | $ | 103,780 | ||||||||||||||||||||||||||||||||
Gain on bargain purchase recognized | — | — | (20,741 | ) | — | (20,741 | ) | |||||||||||||||||||||||||||||||||||
Gain on bargain purchase recognized | — | — | (20,741 | ) | — | (20,741 | ) | |||||||||||||||||||||||||||||||||||
Cash paid | — | — | (56,106 | ) | — | (56,106 | ) | |||||||||||||||||||||||||||||||||||
Cash paid | — | — | (56,106 | ) | — | (56,106 | ) | |||||||||||||||||||||||||||||||||||
Deferred tax liability | — | — | (13,010 | ) | — | (13,010 | ) | |||||||||||||||||||||||||||||||||||
Deferred tax liability | — | — | (13,010 | ) | — | (13,010 | ) | |||||||||||||||||||||||||||||||||||
Liabilities assumed | $ | — | $ | — | $ | 13,923 | $ | — | $ | 13,923 | ||||||||||||||||||||||||||||||||
Liabilities assumed | $ | — | $ | — | $ | 13,923 | $ | — | $ | 13,923 | ||||||||||||||||||||||||||||||||
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||||||||||||||||||||||||||||||||||||||||||
Insurance premiums financed through issuance of notes payable | $ | — | $ | 10,504 | $ | — | $ | — | $ | 10,504 | SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | |||||||||||||||||||||||||||||||
Insurance premiums financed through issuance of notes payable | $ | — | $ | 10,504 | $ | — | $ | — | $ | 10,504 | ||||||||||||||||||||||||||||||||
Other receivables, net reclassified to assets held for sale | $ | — | $ | — | $ | 54 | $ | — | $ | 54 | ||||||||||||||||||||||||||||||||
Other receivables, net reclassified to assets held for sale | $ | — | $ | — | $ | 54 | $ | — | $ | 54 | ||||||||||||||||||||||||||||||||
Management contracts (other intangible assets, net) reclassified to assets held for sale | $ | — | $ | — | $ | 13 | $ | — | $ | 13 | ||||||||||||||||||||||||||||||||
Management contracts (other intangible assets, net) reclassified to assets held for sale | $ | — | $ | — | $ | 13 | $ | — | $ | 13 | ||||||||||||||||||||||||||||||||
Unsold Vacation Interests reclassified to assets held for sale | $ | — | $ | — | $ | 431 | $ | — | $ | 431 | ||||||||||||||||||||||||||||||||
Unsold Vacation Interests reclassified to assets held for sale | $ | — | $ | — | $ | 431 | $ | — | $ | 431 | ||||||||||||||||||||||||||||||||
CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||||||||||||||||||||||||||
For the Year ended December 31, 2011 | ||||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||
Diamond Resorts International, Inc. | Guarantor Subsidiaries | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||||||||||||||||||||
Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||||
Management and member services | $ | — | $ | 81,407 | $ | 23,499 | $ | (5,600 | ) | $ | 99,306 | |||||||||||||||||||||||||||||||
Consolidated resort operations | — | 25,054 | 4,839 | — | 29,893 | |||||||||||||||||||||||||||||||||||||
Vacation Interest sales, net of provision of $0, $15,941, $621, $0 and $16,562, respectively | — | 166,996 | 27,762 | 1 | 194,759 | |||||||||||||||||||||||||||||||||||||
Interest | — | 4,220 | 46,083 | (3,018 | ) | 47,285 | ||||||||||||||||||||||||||||||||||||
Other | — | 25,278 | 7,494 | (12,994 | ) | 19,778 | ||||||||||||||||||||||||||||||||||||
Total revenues | — | 302,955 | 109,677 | (21,611 | ) | 391,021 | ||||||||||||||||||||||||||||||||||||
Costs and Expenses: | ||||||||||||||||||||||||||||||||||||||||||
Management and member services | — | 18,556 | 13,645 | (5,076 | ) | 27,125 | ||||||||||||||||||||||||||||||||||||
Consolidated resort operations | — | 23,642 | 4,141 | — | 27,783 | |||||||||||||||||||||||||||||||||||||
Vacation Interest cost of sales | — | (15,531 | ) | 5,836 | — | (9,695 | ) | |||||||||||||||||||||||||||||||||||
Advertising, sales and marketing | — | 110,523 | 18,718 | (524 | ) | 128,717 | ||||||||||||||||||||||||||||||||||||
Vacation Interest carrying cost, net | — | 27,834 | 14,682 | (1,185 | ) | 41,331 | ||||||||||||||||||||||||||||||||||||
Loan portfolio | — | 7,531 | 7,527 | (6,406 | ) | 8,652 | ||||||||||||||||||||||||||||||||||||
Other operating | — | 4,470 | 1,128 | (2,199 | ) | 3,399 | ||||||||||||||||||||||||||||||||||||
General and administrative | 15 | 54,758 | 25,639 | — | 80,412 | |||||||||||||||||||||||||||||||||||||
Depreciation and amortization | — | 8,249 | 5,717 | — | 13,966 | |||||||||||||||||||||||||||||||||||||
Interest | — | 48,075 | 36,953 | (3,018 | ) | 82,010 | ||||||||||||||||||||||||||||||||||||
Impairments and other write-offs | — | 556 | 1,016 | — | 1,572 | |||||||||||||||||||||||||||||||||||||
Gain on disposal of assets | — | (19 | ) | (689 | ) | — | (708 | ) | ||||||||||||||||||||||||||||||||||
Gain on bargain purchase from business combinations | — | — | (14,329 | ) | — | (14,329 | ) | |||||||||||||||||||||||||||||||||||
Total costs and expenses | 15 | 288,644 | 119,984 | (18,408 | ) | 390,235 | ||||||||||||||||||||||||||||||||||||
(Loss) income before benefit for income taxes | (15 | ) | 14,311 | (10,307 | ) | (3,203 | ) | 786 | ||||||||||||||||||||||||||||||||||
Benefit for income taxes | — | (99 | ) | (9,418 | ) | — | (9,517 | ) | ||||||||||||||||||||||||||||||||||
Net (loss) income | $ | (15 | ) | $ | 14,410 | $ | (889 | ) | $ | (3,203 | ) | $ | 10,303 | |||||||||||||||||||||||||||||
CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||||||||||||||||||||
Year ended December 31, 2011 | ||||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||
Diamond Resorts International, Inc. | Guarantor Subsidiaries | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||||||||||||||||||||
Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||
Operating activities: | ||||||||||||||||||||||||||||||||||||||||||
Net (loss) income | $ | (15 | ) | $ | 14,410 | $ | (889 | ) | $ | (3,203 | ) | $ | 10,303 | |||||||||||||||||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||||||||||||||||||||||||||||
Provision for uncollectible Vacation Interest sales revenue | — | 15,941 | 621 | — | 16,562 | |||||||||||||||||||||||||||||||||||||
Amortization of capitalized financing costs and original issue discounts | — | 2,114 | 4,024 | — | 6,138 | |||||||||||||||||||||||||||||||||||||
Amortization of capitalized loan origination costs and net portfolio discounts | — | 2,449 | 1,113 | — | 3,562 | |||||||||||||||||||||||||||||||||||||
Depreciation and amortization | — | 8,249 | 5,717 | — | 13,966 | |||||||||||||||||||||||||||||||||||||
Impairments and other write-offs | — | 556 | 1,016 | — | 1,572 | |||||||||||||||||||||||||||||||||||||
Gain on disposal of assets | — | (19 | ) | (689 | ) | — | (708 | ) | ||||||||||||||||||||||||||||||||||
Gain on bargain purchase from business combinations | — | — | (14,329 | ) | — | (14,329 | ) | |||||||||||||||||||||||||||||||||||
Deferred income taxes | — | — | (8,567 | ) | — | (8,567 | ) | |||||||||||||||||||||||||||||||||||
Gain on foreign currency exchange | — | — | (72 | ) | — | (72 | ) | |||||||||||||||||||||||||||||||||||
Gain on mortgage repurchase | — | (196 | ) | — | — | (196 | ) | |||||||||||||||||||||||||||||||||||
Unrealized gain on derivative instruments | — | (79 | ) | — | — | (79 | ) | |||||||||||||||||||||||||||||||||||
Gain on insurance settlement | — | (3,535 | ) | — | — | (3,535 | ) | |||||||||||||||||||||||||||||||||||
Changes in operating assets and liabilities excluding acquisitions: | ||||||||||||||||||||||||||||||||||||||||||
Mortgages and contracts receivable | — | 11,832 | (11,834 | ) | (8 | ) | (10 | ) | ||||||||||||||||||||||||||||||||||
Due from related parties, net | (4,874 | ) | (14,591 | ) | (12,141 | ) | 25,339 | (6,267 | ) | |||||||||||||||||||||||||||||||||
Other receivables, net | — | (1,902 | ) | 7,287 | 137 | 5,522 | ||||||||||||||||||||||||||||||||||||
Prepaid expenses and other assets, net | 429 | (2,680 | ) | (4,020 | ) | — | (6,271 | ) | ||||||||||||||||||||||||||||||||||
Unsold Vacation Interests, net | — | (38,228 | ) | (4,305 | ) | 3,204 | (39,329 | ) | ||||||||||||||||||||||||||||||||||
Accounts payable | — | 2,283 | 1,904 | — | 4,187 | |||||||||||||||||||||||||||||||||||||
Due to related parties, net | — | 15,076 | 34,228 | (25,339 | ) | 23,965 | ||||||||||||||||||||||||||||||||||||
Accrued liabilities | — | (479 | ) | 3,197 | (130 | ) | 2,588 | |||||||||||||||||||||||||||||||||||
Income taxes receivable and payable | — | (1,236 | ) | 154 | — | (1,082 | ) | |||||||||||||||||||||||||||||||||||
Deferred revenues | — | 4,404 | (3,032 | ) | — | 1,372 | ||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by operating activities | (4,460 | ) | 14,369 | (617 | ) | — | 9,292 | |||||||||||||||||||||||||||||||||||
Investing activities: | ||||||||||||||||||||||||||||||||||||||||||
Property and equipment capital expenditures | — | (5,042 | ) | (1,234 | ) | — | (6,276 | ) | ||||||||||||||||||||||||||||||||||
Purchase of assets in connection with the Tempus Resorts Acquisition, net of $0, $0, $2,515, $0 and $2,515 cash acquired, respectively | — | — | (102,400 | ) | — | (102,400 | ) | |||||||||||||||||||||||||||||||||||
Disbursement of Tempus Note Receivable | — | — | (3,493 | ) | — | (3,493 | ) | |||||||||||||||||||||||||||||||||||
Proceeds from sale of assets | — | 5 | 2,364 | — | 2,369 | |||||||||||||||||||||||||||||||||||||
Net cash used in investing activities | $ | — | $ | (5,037 | ) | $ | (104,763 | ) | $ | — | $ | (109,800 | ) | |||||||||||||||||||||||||||||
CONSOLIDATING STATEMENT OF CASH FLOWS —Continued | ||||||||||||||||||||||||||||||||||||||||||
Year ended December 31, 2011 | ||||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||
Diamond Resorts International, Inc. | Guarantor Subsidiaries | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||||||||||||||||||||
Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||
Financing activities: | ||||||||||||||||||||||||||||||||||||||||||
Changes in cash in escrow and restricted cash | $ | — | $ | (2,436 | ) | $ | 1,412 | $ | — | $ | (1,024 | ) | ||||||||||||||||||||||||||||||
Proceeds from issuance of securitization notes and Funding Facilities | — | — | 206,817 | — | 206,817 | |||||||||||||||||||||||||||||||||||||
Proceeds from issuance of notes payable | — | — | 48,178 | — | 48,178 | |||||||||||||||||||||||||||||||||||||
Payments on securitization notes and Funding Facilities | — | (2,061 | ) | (136,849 | ) | — | (138,910 | ) | ||||||||||||||||||||||||||||||||||
Payments on notes payable | — | (8,066 | ) | (8,795 | ) | — | (16,861 | ) | ||||||||||||||||||||||||||||||||||
Payments on debt issuance costs | — | (427 | ) | (5,106 | ) | — | (5,533 | ) | ||||||||||||||||||||||||||||||||||
Proceeds from issuance of common and preferred stock, net of issuance cost | 146,651 | — | — | — | 146,651 | |||||||||||||||||||||||||||||||||||||
Repurchase of a portion of outstanding warrants | (16,598 | ) | — | — | — | (16,598 | ) | |||||||||||||||||||||||||||||||||||
Repurchase of a portion of outstanding common stock | (16,352 | ) | — | — | — | (16,352 | ) | |||||||||||||||||||||||||||||||||||
Repurchase of redeemable preferred stock | (108,701 | ) | — | — | — | (108,701 | ) | |||||||||||||||||||||||||||||||||||
Payments of costs related to issuance of common and preferred stock | — | (4,632 | ) | — | — | (4,632 | ) | |||||||||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | 5,000 | (17,622 | ) | 105,657 | — | 93,035 | ||||||||||||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 540 | (8,290 | ) | 277 | — | (7,473 | ) | |||||||||||||||||||||||||||||||||||
Effect of changes in exchange rates on cash and cash equivalents | — | — | 41 | — | 41 | |||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, beginning of period | — | 18,586 | 8,743 | — | 27,329 | |||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 540 | $ | 10,296 | $ | 9,061 | $ | — | $ | 19,897 | ||||||||||||||||||||||||||||||||
CONSOLIDATING STATEMENT OF CASH FLOWS —Continued | ||||||||||||||||||||||||||||||||||||||||||
Year ended December 31, 2011 | ||||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||
Diamond Resorts International, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | ||||||||||||||||||||||||||||||||||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||||||||||||||||||||||||||||||||||||||||||
Cash paid for interest | $ | — | $ | 51,121 | $ | 23,017 | $ | — | $ | 74,138 | ||||||||||||||||||||||||||||||||
Cash paid for taxes, net of cash tax refunds (cash tax refunds, net of cash paid for taxes) | $ | — | $ | 1,138 | $ | (977 | ) | $ | — | $ | 161 | |||||||||||||||||||||||||||||||
Purchase of assets in connection with the Tempus Resorts Acquisition net of $0, $0, $2,515, $0 and $2,515 cash acquired, respectively: | ||||||||||||||||||||||||||||||||||||||||||
Fair value of assets acquired | $ | — | $ | — | $ | 136,316 | $ | — | $ | 136,316 | ||||||||||||||||||||||||||||||||
Gain on bargain purchase recognized | — | — | (14,329 | ) | — | (14,329 | ) | |||||||||||||||||||||||||||||||||||
Cash paid | — | — | (104,917 | ) | — | (104,917 | ) | |||||||||||||||||||||||||||||||||||
Deferred tax liability | — | — | (8,567 | ) | — | (8,567 | ) | |||||||||||||||||||||||||||||||||||
Liabilities assumed | $ | — | $ | — | $ | 8,503 | $ | — | $ | 8,503 | ||||||||||||||||||||||||||||||||
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||||||||||||||||||||||||||||||||||||||||||
Priority returns and redemption premiums on preferred stock | $ | — | $ | 8,412 | $ | — | $ | — | $ | 8,412 | ||||||||||||||||||||||||||||||||
Insurance premiums financed through issuance of notes payable | $ | — | $ | 8,500 | $ | — | $ | — | $ | 8,500 | ||||||||||||||||||||||||||||||||
Assets held for sale reclassified to unsold Vacation Interests, net | $ | — | $ | — | $ | 2,750 | $ | — | $ | 2,750 | ||||||||||||||||||||||||||||||||
Assets held for sale reclassified to management contracts (intangible assets, net) | $ | — | $ | — | $ | 234 | $ | — | $ | 234 | ||||||||||||||||||||||||||||||||
Assets to be disposed but not actively marketed (prepaid expenses and other assets, net) reclassified to unsold Vacation Interests, net | $ | — | $ | — | $ | 1,589 | $ | — | $ | 1,589 | ||||||||||||||||||||||||||||||||
Geographic_Financial_Informati
Geographic Financial Information | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Geographic Financial Information [Abstract] | ' | ||||||||||||
Geographic Financial Information | ' | ||||||||||||
Geographic Financial Information | |||||||||||||
The Company conducts its Hospitality and Management Services and Vacation Interest Sales and Financing operations in two geographic areas: North America and Europe. The Company’s North America operations include the Company’s managed resorts in the continental U.S., Hawaii, Mexico and the Caribbean, and the Company’s Europe operations include the Company’s managed resorts in England, Scotland, Ireland, Italy, Spain, Portugal, Austria, Malta, France and Greece. The following table reflects total revenue and assets by geographic area for the periods ended on, or as of, the dates presented below (in thousands): | |||||||||||||
For the Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Revenue | |||||||||||||
North America | $ | 647,002 | $ | 476,053 | $ | 346,803 | |||||||
Europe | 82,786 | 47,615 | 44,218 | ||||||||||
Total Revenues | $ | 729,788 | $ | 523,668 | $ | 391,021 | |||||||
December 31, 2013 | December 31, 2012 | ||||||||||||
Mortgages and contracts receivable, net | |||||||||||||
North America | $ | 402,728 | $ | 310,955 | |||||||||
Europe | 2,726 | 1,977 | |||||||||||
Total mortgages and contracts receivable, net | $ | 405,454 | $ | 312,932 | |||||||||
Unsold Vacation Interests, net | |||||||||||||
North America | $ | 250,619 | $ | 275,352 | |||||||||
Europe | 47,491 | 40,515 | |||||||||||
Total unsold Vacation Interests, net | $ | 298,110 | $ | 315,867 | |||||||||
Property and equipment, net | |||||||||||||
North America | $ | 56,043 | $ | 50,643 | |||||||||
Europe | 4,353 | 4,477 | |||||||||||
Total property and equipment, net | $ | 60,396 | $ | 55,120 | |||||||||
Goodwill | |||||||||||||
North America | $ | 30,632 | $ | — | |||||||||
Europe | — | — | |||||||||||
Total goodwill | $ | 30,632 | $ | — | |||||||||
Other intangible assets, net | |||||||||||||
North America | $ | 191,649 | $ | 103,141 | |||||||||
Europe | 6,983 | 9,357 | |||||||||||
Total other intangible assets, net | $ | 198,632 | $ | 112,498 | |||||||||
Total long-term assets, net | |||||||||||||
North America | $ | 931,672 | $ | 740,091 | |||||||||
Europe | 61,553 | 56,326 | |||||||||||
Total long-term assets, net | $ | 993,225 | $ | 796,417 | |||||||||
Loss_on_extinguishment_of_debt
Loss on extinguishment of debt (Notes) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Loss on extinguishment of debt [Abstract] | ' | ||||||||||||||||||||
Debt Disclosure [Text Block] | ' | ||||||||||||||||||||
Borrowings | |||||||||||||||||||||
Senior Secured Notes. On August 13, 2010, DRC completed the issuance of the $425.0 million Senior Secured Notes. The Senior Secured Notes carry an interest rate of 12.0% and were issued with an original issue discount of 2.5%, or $10.6 million. Interest payments are due in arrears on February 15 and August 15 of each year, commencing February 15, 2011. The Senior Secured Notes mature in August 2018 and may be redeemed by DRC at any time pursuant to the terms of the Senior Secured Notes. If DRC redeems, in whole or in part, the Senior Secured Notes prior to August 2014, the redemption price is the face value of the Senior Secured Notes plus an applicable premium, which varies depending upon the redemption date, plus accrued and unpaid interest. If DRC redeems all or part of the Senior Secured Notes on or after August 2014, the redemption price is 106% of the face value of the Senior Secured Notes, subject to decreases over the next two years. | |||||||||||||||||||||
On August 23, 2013, DRC completed its Tender Offer as required by the Notes Indenture in the event of an IPO. Holders who validly tendered their Notes received $1,120 per $1,000 principal amount of Senior Secured Notes, plus accrued and unpaid interest to (but excluding) the date of purchase. Senior Secured Notes in an aggregate principal amount of $374.4 million remained outstanding as of December 31, 2013 following the completion of the Tender Offer. In connection with the issuance of the Company's Senior Secured Notes, Mr. Cloobeck and Cloobeck Companies, LLC, a limited liability company of which Mr. Cloobeck is a beneficial owner and controlling party, entered into a guaranty in favor of one of the Company’s subsidiaries for the benefit of Wells Fargo Bank, National Association, the trustee for the holders of the Senior Secured Notes. | |||||||||||||||||||||
Conduit Facility, 2009 Securitization, 2011 Securitization, 2013-1 Securitization, Tempus 2013 Notes and 2013-2 Securitization. On November 3, 2008, the Company entered into agreements for its Conduit Facility, pursuant to which it issued secured VOI receivable-backed variable funding notes designated Diamond Resorts Issuer 2008 LLC Variable Funding Notes in an aggregate principal amount not to exceed $215.4 million, which was decreased to $200.0 million, $73.4 million and $64.6 million on March 27, 2009, October 15, 2009 and August 31, 2010, respectively. On October 14, 2011, the Company amended and restated the Conduit Facility agreement that was originally entered into on November 3, 2008 (the "Conduit Facility") to extend the maturity date of the facility to April 12, 2013. That amended and restated Conduit Facility agreement provided for a $75.0 million, 18-month facility that was annually renewable for 364-day periods at the election of the lenders. The advance rates on loans receivable in the portfolio were limited to 75% of the face value of the eligible loans. On April 11, 2013, the Company entered into another amended and restated Conduit Facility agreement that extended the maturity date of the facility to April 10, 2015. That amended and restated Conduit Facility provides for a $125.0 million, 24-month facility that is annually renewable for 364-day periods at the election of the lenders, bears interest at either LIBOR or the commercial paper rate (each having a floor of 0.50%) plus 3.25%, and has a non-use fee of 0.75%. The overall advance rate on loans receivable in the portfolio is limited to 85% of the aggregate face value of the eligible loans. | |||||||||||||||||||||
On October 15, 2009, the Company completed the 2009 securitization transaction and issued two consumer loan backed notes designated as the DROT 2009 Class A Notes and the DROT 2009 Class B Notes, (together, the "DROT 2009 Notes"). The DROT 2009 Class A Notes carried an interest rate of 9.3% and had an initial face value of $169.2 million. The DROT 2009 Class B Notes carried an interest rate of 12.0% and had an initial face value of $12.8 million. The DROT 2009 Notes had an original maturity date of March 20, 2026. The net proceeds received were $181.1 million compared to the $182.0 million face value and the Company recorded the $0.9 million difference as an original issue discount on the securitization notes payable. Also on October 15, 2009, the Company used the proceeds from the DROT 2009 Notes to pay down the $148.9 million then-outstanding principal balance under its Conduit Facility, along with requisite accrued interest and fees associated with both conduit facilities. On October 21, 2013, the Company redeemed all of the DROT 2009 Class A Notes and Class B Notes at aggregate redemption prices of $24.4 million and $1.8 million, respectively, using the proceeds from borrowings under the Conduit Facility. | |||||||||||||||||||||
On April 27, 2011, the Company completed a securitization transaction and issued the DROT 2011 Notes with a face value of $64.5 million ("DROT 2011 Notes"). The DROT 2011 Notes mature on March 20, 2023 and carry an interest rate of 4.0%. The net proceeds were used to pay off in full the $36.4 million then-outstanding principal balance under the Conduit Facility, to pay down approximately $7.0 million of the Quorum Facility (see definition below), to pay requisite accrued interest and fees associated with both facilities, and to pay certain expenses incurred in connection with the issuance of the DROT 2011 Notes, including the funding of a reserve account required thereby. | |||||||||||||||||||||
On January 23, 2013, the Company completed a securitization transaction that was comprised of A+ and A rated notes with a face value of $93.6 million (the "DROT 2013-1 Notes"). The DROT 2013-1 Notes mature on January 20, 2025 and carry a weighted average interest rate of 2.0%. The net proceeds were used to pay off the $71.3 million then-outstanding principal balance under the Conduit Facility and to pay expenses incurred in connection with the issuance of the DROT 2013-1 Notes, including the funding of a reserve account required thereby, with the remaining proceeds transferred to the Company's corporate cash account. | |||||||||||||||||||||
On September 20, 2013, the Company completed a securitization transaction and issued the Diamond Resorts Tempus Owner Trust 2013 Notes with a face value of $31.0 million (the "Tempus 2013 Notes"). The notes bear interest at a rate of 6.0% per annum and mature on December 20, 2023. The proceeds from the Tempus 2013 Notes were used to pay off in full the then-outstanding principal balances and accrued interest and fees under the Tempus Receivables Loan and Notes Payable—RFA fees. | |||||||||||||||||||||
On November 20, 2013, the Company completed another securitization transaction that was comprised of AA and A+ rated notes with a face value of $225.0 million that included a $44.7 million prefunding account. The initial proceeds of $180.3 million were used to pay off the $152.8 million then-outstanding principal balance, accrued interest and fees associated with the Conduit Facility, terminate the July 2013 and August 2013 Swaps, pay certain expenses incurred in connection with the issuance of the DROT 2013-2 Notes, and fund related reserve accounts with any remaining proceeds transferred to the Company for general corporate use. As of December 31, 2013, cash in escrow and restricted cash includes $23.3 million related to the prefunding account, all of which was released to our unrestricted cash account in January 2014. | |||||||||||||||||||||
Quorum Facility. The Company's subsidiary, DRI Quorum, entered into a Loan Sale and Servicing Agreement (the "LSSA"), dated as of April 30, 2010 (as amended and restated, the “Quorum Facility”) with Quorum Federal Credit Union ("Quorum") as purchaser. The LSSA and related documents provide for an aggregate minimum $40.0 million loan sale facility and joint marketing venture where DRI Quorum may sell eligible consumer loans and in-transit loans to Quorum on a non-recourse, permanent basis, provided that the underlying consumer obligor is a Quorum credit union member. The joint marketing venture has a minimum term of two years, and the LSSA provides for a purchase period of two years. The purchase price payment and the program purchase fee are each determined at the time that the loan is sold to Quorum. To the extent excess funds remain after payment of the sold loans at Quorum’s purchase price, such excess funds are required to be remitted to the Company as a deferred purchase price payment. The LSSA was amended on April 27, 2012 to increase the aggregate minimum committed amount of the Quorum Facility to $60.0 million. The LSSA was further amended and restated effective as of December 31, 2012 to increase the aggregate minimum committed amount of the Quorum Facility to $80.0 million and to extend the term of the agreement to December 31, 2015; provided that Quorum may further extend the term for additional one-year periods by written notice. Through December 31, 2013, the weighted average purchase price payment was 88.5% of the obligor loan amount and the weighted average program purchase fee was 5.9%. | |||||||||||||||||||||
ILXA Receivables Loan and Inventory Loan. On August 31, 2010, the Company completed the ILX Acquisition through its wholly-owned subsidiary, ILXA. In connection with the ILX Acquisition, ILXA entered into an Inventory Loan and Security Agreement ("ILXA Inventory Loan") and a Receivables Loan and Security Agreement ("ILXA Receivables Loan") with Textron Financial Corporation. The ILXA Inventory Loan is a non-revolving credit facility in the maximum principal amount of $23.0 million at an interest rate of 7.5%. The ILXA Receivables Loan is a receivables facility with an initial principal amount of $11.9 million at an interest rate of 10.0% and is collateralized by mortgages and contracts receivable of ILXA. Both loans mature on August 31, 2015. The proceeds from these loans were used to fund the ILX Acquisition. ILXA and each of its wholly-owned subsidiaries are special-purpose subsidiaries. | |||||||||||||||||||||
Tempus Acquisition Loan and Tempus Resorts Acquisition Financing. On July 1, 2011, the Company completed the Tempus Resorts Acquisition through Mystic Dunes, LLC, a wholly-owned subsidiary of Tempus Acquisition, LLC. In order to fund the Tempus Resorts Acquisition, Tempus Acquisition, LLC entered into a Loan and Security Agreement with Guggenheim Corporate Funding, LLC, as administrative agent for the lenders, which include affiliates of, or funds or accounts managed or advised by, Guggenheim Partners Investment Management, LLC, which is an affiliate of the Guggenheim Investor, and Silver Rock Financial LLC, another investor of the Company (the “Tempus Acquisition Loan”). The Tempus Acquisition Loan was collateralized by all assets of Tempus Acquisition, LLC. The Tempus Acquisition Loan was initially in an aggregate principal amount of $41.1 million (which included a $5.5 million revolving loan). The Tempus Acquisition Loan bore interest at a rate of 18.0% (of which an amount equal to not less than 10.0% per annum was paid in cash on a quarterly basis and the remaining accrued amount was to be paid, at the Company's election, in cash or in kind by adding the applicable accrued amount to principal), and was scheduled to mature on June 30, 2015. In addition, Tempus Acquisition, LLC paid a 2.0% closing fee based on the initial Tempus Acquisition Loan balance as of July 1, 2011 and was also required to make an exit fee payment for up to 10% of the initial Tempus Acquisition Loan balance upon the final payment-in-full of the outstanding balance under the loan. Tempus Acquisition, LLC was required to make principal prepayments equal to (i) on a monthly basis, 40% of the aggregate interval purchase price received by Mystic Dunes, LLC in the prior month, (ii) within one business day of receipt, net participation proceeds payments less amounts attributable to interest paid, generated by Tempus Acquisition, LLC's acquisition of a participating interest in the Tempus Receivables Loan, (iii) 100% of excess cash flow from the Tempus Resorts Acquisition and the Aegean Blue Acquisition, commencing with the quarter ending December 31, 2012, and (iv) $0.3 million, payable monthly, commencing in January 2013. Within 30 days after the end of each calendar year commencing with calendar year 2012, Tempus Acquisition, LLC was also required to make an additional prepayment in an amount equal to the difference between the aggregate principal prepayments paid in the calendar year and $5.0 million, such that a minimum of $5.0 million in aggregate annual principal reductions were made. On September 28, 2012, Tempus Acquisition, LLC amended the Loan and Security Agreement to terminate the revolving loan and transfer the then-outstanding balance under the revolving loan to the term loans. On October 4, 2012, Tempus Acquisition, LLC further amended the Loan and Security Agreement to provide an additional $6.6 million borrowing under the term loans to fund the Aegean Blue Acquisition. The Tempus Acquisition Loan was further amended on November 20, 2012 and December 31, 2012 to increase the term loans by $2.5 million and $5.0 million, respectively, to pay separation payments to principals of the Mystic Dunes resorts, and to fund guaranties and indemnities required to be paid to Mystic Dunes, LLC's HOAs. Some of the investment advisory clients of Wellington Management Company, LLP, which are investors in the Company became lenders under this credit facility in connection with the December 2012 amendment to the Tempus Acquisition Loan. | |||||||||||||||||||||
On July 1, 2011, an aggregate of $7.5 million of the Tempus Acquisition Loan was used by Tempus Acquisition, LLC to purchase a 10% participating interest in the Tempus Receivables Loan, and the remaining proceeds were loaned to Mystic Dunes, LLC pursuant to a Loan and Security Agreement having payment terms identical to the Tempus Acquisition Loan (the "Mystic Dunes Loan"). The Mystic Dunes Loan was collateralized by all assets of Mystic Dunes, LLC. The proceeds of the Mystic Dunes Loan were used to pay off certain existing indebtedness and closing costs associated with the Tempus Resorts Acquisition. | |||||||||||||||||||||
On July 24, 2013, the Company repaid all outstanding indebtedness under the Tempus Acquisition Loan in the principal amount of $46.7 million, along with $0.6 million in accrued interest and $2.7 million in exit fees and other fees, using the proceeds from the IPO. In addition, the Mystic Dunes Loan was paid off in full. | |||||||||||||||||||||
On July 1, 2011, Mystic Dunes Receivables, LLC, a subsidiary of Mystic Dunes, LLC, entered into a Loan and Security Agreement with Resort Finance America, LLC (the "Tempus Receivables Loan"). The Tempus Receivables Loan was a receivables credit facility in the amount of $74.5 million, collateralized by mortgages and contracts receivable acquired in the Tempus Resorts Acquisition. All cash flows received from customer payments, including principal, interest and miscellaneous fees (net of contractual servicing costs), were used to pay the principal and accrued interest balances on the Tempus Receivables Loan. In addition, Mystic Dunes Receivables, LLC was required to make additional principal payments in the event the aging status of the receivables in the underlying portfolio did not meet certain requirements. During the years ended December 31, 2013 and 2012, Mystic Dunes, LLC made additional principal payments of $0.3 million and $0.1 million, respectively, pursuant to this requirement. The Tempus Receivables Loan bore interest at a rate that was the higher of (i) one-month LIBOR plus 7.0% or (ii) 10%, adjusted monthly, and was scheduled to mature on July 1, 2015. Furthermore, the Company was obligated to pay Resort Finance America, LLC an initial defaulted timeshare loans release fee over 36 months from August 2011 through July 2014 ("Notes Payable—RFA fees"). The fee was recorded at fair value as of July 1, 2011 using a discount rate of 10%. | |||||||||||||||||||||
On September 20, 2013, the Tempus Receivables Loan and Notes Payable—RFA fees were paid off in full using the proceeds from the Tempus 2013 Notes. | |||||||||||||||||||||
Another subsidiary of Mystic Dunes, LLC entered into an Amended and Restated Inventory Loan and Security Agreement with Textron Financial Corporation (the “Tempus Inventory Loan”) in the maximum amount of $4.3 million, collateralized by certain VOI inventory acquired in the Tempus Resorts Acquisition. The Tempus Inventory Loan bears interest at a rate equal to the three-month LIBOR (with a floor of 2.0%) plus 5.5% and matures on June 30, 2016, subject to extension to June 30, 2018. Hereinafter, the Tempus Acquisition Loan, the Mystic Dunes Loan, the Tempus Receivables Loan and the Tempus Inventory Loan are sometimes collectively referred to herein as the "Tempus Loans." | |||||||||||||||||||||
Tempus Acquisition, LLC, Mystic Dunes, LLC and each of their respective wholly-owned subsidiaries are special-purpose subsidiaries. | |||||||||||||||||||||
PMR Acquisition Loan and Inventory Loan. On May 21, 2012, DPMA completed the PMR Acquisition whereby it acquired assets pursuant to an Asset Purchase Agreement, among DPMA and Pacific Monarch Resorts, Inc., Vacation Interval Realty, Inc., Vacation Marketing Group, Inc., MGV Cabo, LLC, Desarrollo Cabo Azul, S. de R.L. de C.V., and Operadora MGVM S. de R.L. de C.V. Pursuant to the Asset Purchase Agreement, DPMA acquired certain resort management agreements, unsold VOIs and the rights to recover and resell such interests, a portion of the seller's consumer loans portfolio and certain real property and other assets, for approximately $51.6 million in cash, plus the assumption of specified liabilities related to the acquired assets. | |||||||||||||||||||||
In order to fund the PMR Acquisition, on May 21, 2012, DPMA entered into a Loan and Security Agreement with Guggenheim Corporate Funding, LLC, as administrative agent for the lenders, which include affiliates of, or funds or accounts managed or advised by, Guggenheim Partners Investment Management, LLC, which is an affiliate of the Guggenheim Investor; Wellington Management Company, LLP, an investor of the Company; and Silver Rock Financial LLC, another investor of the Company (the “PMR Acquisition Loan”). The PMR Acquisition Loan was collateralized by substantially all of the assets of DPMA. The PMR Acquisition Loan was initially in an aggregate principal amount of $71.3 million (consisting of a $61.3 million term loan and a $10.0 million revolving loan). The PMR Acquisition Loan bore interest at a rate of 18.0% (of which an amount equal to not less than 10.0% per annum was paid in cash on a quarterly basis and the remaining accrued amount was to be paid, at the Company's election, in cash or in kind by adding the applicable accrued amount to principal), and was scheduled to mature on May 21, 2016. | |||||||||||||||||||||
The PMR Acquisition Loan provided that, (i) DPMA was required to pay quarterly (a) to the administrative agent, for its own account, an administration fee, and (b) to Guggenheim Corporate Funding, LLC, for the benefit of the lenders with commitments to make revolving loans thereunder, an unused line fee based upon each such lender's commitment to provide revolving loans and the then outstanding principal amount of such lender's revolving loan, (ii) DPMA was required to make certain mandatory monthly and quarterly prepayments of amounts borrowed under the PMR Acquisition Loan, and (iii) on the maturity date for the term loan, if not paid earlier in accordance therewith, DPMA was required to pay an exit fee of up to 10.0% of the initial loan amount. On the closing date for the PMR Acquisition, pursuant to the PMR Acquisition Loan, DPMA paid a closing fee of approximately $2.1 million to the administrative agent and certain lenders party thereto. The proceeds of the PMR Acquisition Loan were used to fund the purchase price for the PMR Acquisition and associated closing costs. | |||||||||||||||||||||
On September 28, 2012, DPMA amended the Loan and Security Agreement to terminate the revolving loan and transfer the then-outstanding balance under the revolving loan to the term loan. | |||||||||||||||||||||
On July 24, 2013, the Company repaid all outstanding indebtedness under the PMR Acquisition Loan in the amount of $58.3 million, along with $0.8 million in accrued interest and $3.1 million in exit fees and other fees, using the proceeds from the IPO. | |||||||||||||||||||||
On May 21, 2012, DPMA also entered into an Inventory Loan and Security Agreement (the "DPM Inventory Loan") with RFA PMR LoanCo, LLC. The DPM Inventory Loan provides debt financing for a portion of the purchase price of the defaulted receivables to be purchased by DPMA pursuant to a collateral recovery and repurchase agreement entered into between DPMA and an affiliate of RFA PMR LoanCo, LLC in connection with the PMR Acquisition. The interest rate is a variable rate equal to the sum of LIBOR plus 6.0% per annum; provided that LIBOR is never less than 2.0% or greater than 4.0% per annum. | |||||||||||||||||||||
DPMA and each of its wholly-owned subsidiaries are special-purpose subsidiaries. | |||||||||||||||||||||
Revolving Credit Facility. On September 11, 2013, the Company entered into a $25.0 million revolving credit facility with Credit Suisse AG, acting as administrative agent for a group of lenders (the “Revolving Credit Facility”). The Revolving Credit Facility provides that, subject to customary borrowing conditions, the Company may, from time to time prior to the fourth anniversary of the effective date of the Revolving Credit Facility, borrow, repay and re-borrow loans in an aggregate amount outstanding at any time not to exceed $25.0 million. Borrowings under the Revolving Credit Facility bear interest, at the Company's option, at a variable rate equal to the sum of LIBOR plus 4.0% per annum or an adjusted base rate plus 3% per annum. The Revolving Credit Facility is subject to negative covenants generally consistent with the negative covenants applicable to the Senior Secured Notes. The repayment of borrowings and certain other obligations under the Revolving Credit Facility are secured on a pari passu basis by the collateral that secures the Senior Secured Notes. On October 25, 2013, the Company paid off in full the $15.0 million then-outstanding principal balance under the Revolving Credit Facility using the proceeds from borrowings under the Conduit Facility. | |||||||||||||||||||||
Island One Borrowings. In connection with the Island One Acquisition completed on July 24, 2013, the Company assumed the loan sale agreement entered into on January 31, 2012 with Quorum that provides for an aggregate minimum $15.0 million loan sale facility (the "Island One Quorum Funding Facility") under which eligible consumer loans and in-transit loans are sold to Quorum on a non-recourse, permanent basis, provided that the underlying consumer obligor is a Quorum credit union member. The Island One Quorum Funding Facility provides for a purchase period of three years at a variable program fee of the published Wall Street Journal prime rate plus 6.0%, with a floor of 8.0%. The loan purchase commitment is conditional upon certain portfolio delinquency and default performance measurements. | |||||||||||||||||||||
In addition, in the Island One Acquisition, the Company assumed a mortgage-backed loan (the "Island One Receivables Loan") that bore interest at the published Wall Street Journal prime rate plus 5.5%, with a floor of 7.0%. The Island One Receivables Loan was scheduled to mature on May 27, 2016 and was collateralized by certain consumer loan portfolios. The advance rates on loans receivable in the portfolio were limited to 70.0% to 90.0% of the face value of the eligible loans depending upon the credit quality of the underlying mortgages. The Island One Receivables Loan was subject to certain financial covenants, including a minimum tangible net worth and a maximum debt to tangible net worth ratio. On October 28, 2013, the Company paid off in full the then-outstanding principal balance under the Island One Receivables Loan in an amount equal to $4.1 million using the Company's general corporate funds. | |||||||||||||||||||||
Furthermore, in the Island One Acquisition, the Company assumed a conduit facility that matures on September 30, 2016 (the "Island One Conduit Facility"). The Island One Conduit Facility bears interest at 7.4% per annum and is secured by certain consumer loan portfolios and guaranteed by Island One, Inc. The Company is required to make mandatory monthly principal payments based upon the aggregate remaining outstanding principal balance of the eligible underlying collateral. Under the terms of the Island One Conduit Facility, the Company may, subject to certain limitations, repurchase defaulted receivables or make additional principal payments. | |||||||||||||||||||||
In the Island One Acquisition, the Company also assumed a note payable secured by certain real property in Orlando, Florida (the "Island One Note Payable"). The loan bore interest at 5.0% per annum and required monthly principal and interest payments, until it was repaid in full on December 31, 2013. | |||||||||||||||||||||
Notes Payable. The Company finances premiums on certain insurance policies under unsecured notes. One unsecured note matured in February 2014 and carried an interest rate of 3.2% per annum. The other unsecured note will mature in September 2014 and carries an interest rate of 3.3% per annum. In addition, the Company purchased certain software licenses during the year ended December 31, 2012, with monthly interest-free payments due for the next two years, and this obligation was recorded at fair value using a discount rate of 5.7%. | |||||||||||||||||||||
The following table presents selected information on the Company’s borrowings as of the dates presented below (dollars in thousands): | |||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||
Principal | Weighted | Maturity | Gross Amount of Mortgages and Contracts as Collateral and other Collateral | Borrowing / Funding Availability | Principal | ||||||||||||||||
Balance | Average | Balance | |||||||||||||||||||
Interest | |||||||||||||||||||||
Rate | |||||||||||||||||||||
Senior Secured Notes | $ | 374,440 | 12.00% | 8/15/18 | $ | — | $ | — | $ | 425,000 | |||||||||||
Original issue discount related to Senior Secured Notes | (6,548 | ) | — | — | (8,509 | ) | |||||||||||||||
Notes payable-insurance policies (2) | 3,130 | 3.20% | Various | — | — | 2,366 | |||||||||||||||
Notes payable-other (2) | 172 | 5.50% | Various | — | — | 872 | |||||||||||||||
Revolving Credit Facility | — | 9/11/17 | — | 25,000 | — | ||||||||||||||||
Total Corporate Indebtedness | 371,194 | — | 25,000 | 419,729 | |||||||||||||||||
ILXA Inventory Loan (1)(2)(3) | 11,268 | 7.50% | 8/31/15 | — | — | 15,939 | |||||||||||||||
DPM Inventory Loan (1)(2)(3) | 6,261 | 8.00% | Various | — | — | 1,267 | |||||||||||||||
Tempus Inventory Loan (1)(2)(3) | 2,308 | 7.50% | 6/30/16 | — | — | 2,992 | |||||||||||||||
Notes payable-other (1)(2)(3) | 11 | —% | 11/18/15 | — | — | 18 | |||||||||||||||
PMR Acquisition Loan (1)(2)(3)(4) | — | — | — | 62,211 | |||||||||||||||||
Tempus Acquisition Loan (1)(2)(3)(4) | — | — | — | 50,846 | |||||||||||||||||
Note Payable-RFA fees (1)(2)(3) | — | — | — | 1,395 | |||||||||||||||||
Total Non-Recourse Indebtedness other than Securitization Notes and Funding Facilities | 19,848 | — | — | 134,668 | |||||||||||||||||
Diamond Resorts Owners Trust 2013-2 (1) | 218,235 | 2.30% | 5/20/26 | 220,034 | — | — | |||||||||||||||
Diamond Resorts Owner Trust 2013-1 (1) | 63,059 | 2.00% | 1/20/25 | 65,791 | — | — | |||||||||||||||
Quorum Facility (1) | 47,824 | 5.90% | 12/31/15 | 51,755 | 32,176 | -5 | 52,417 | ||||||||||||||
Diamond Resorts Tempus Owner Trust 2013 (1) | 28,950 | 6.00% | 12/20/23 | 33,668 | — | — | |||||||||||||||
Diamond Resorts Owner Trust 2011-1 (1) | 24,792 | 4.00% | 3/20/23 | 25,190 | — | 36,849 | |||||||||||||||
Original issue discount related to Diamond Resorts Owner Trust 2011-1 | (226 | ) | — | — | (312 | ) | |||||||||||||||
ILXA Receivables Loan (1)(3) | 4,766 | 10.00% | 8/31/15 | 2,340 | — | 5,832 | |||||||||||||||
Island One Quorum Funding Facility (1) | 3,836 | 8.00% | 1/30/15 | 4,697 | — | — | |||||||||||||||
Island One Conduit Facility (1) | 31 | 7.40% | 9/30/16 | 719 | — | — | |||||||||||||||
Island One Receivables Loan (1) | — | — | — | — | |||||||||||||||||
Tempus Receivables Loan (1)(3) | — | — | — | 44,027 | |||||||||||||||||
Payments in transit (1)(3) | — | — | — | (1,150 | ) | ||||||||||||||||
10% participation interest (Tempus Acquisition, LLC) (1)(3) | — | — | — | (5,945 | ) | ||||||||||||||||
Diamond Resorts Owner Trust 2009-1 (1) | — | — | — | 50,025 | |||||||||||||||||
Original issue discount related to Diamond Resorts Owner Trust 2009-1 | — | — | — | (441 | ) | ||||||||||||||||
Conduit Facility (1) | — | 4/10/15 | — | 125,000 | -5 | 75,000 | |||||||||||||||
Total Securitization Notes and Funding Facilities | 391,267 | 404,194 | 157,176 | 256,302 | |||||||||||||||||
Total | $ | 782,309 | $ | 404,194 | $ | 182,176 | $ | 810,699 | |||||||||||||
(1) Non-recourse indebtedness | |||||||||||||||||||||
(2) Other notes payable | |||||||||||||||||||||
(3) Borrowing through special-purpose subsidiaries only | |||||||||||||||||||||
(4) Borrowing from lenders, which include affiliates of, or funds or accounts managed or advised by, Guggenheim Partners Investment Management, LLC, which is an affiliate of the Guggenheim Investor | |||||||||||||||||||||
(5) Borrowing / funding availability is calculated as the difference between the maximum commitment amount and the outstanding principal balance; however, the actual availability is dependent on the amount of eligible loans that serve as the collateral for such borrowings. | |||||||||||||||||||||
Borrowing Restrictions and Limitations | |||||||||||||||||||||
All of the Company’s borrowing under the Senior Secured Notes, securitization notes, the Conduit Facility and the Revolving Credit Facility contain various restrictions and limitations that may affect the Company's business and affairs. These include, but are not limited to, restrictions and limitations relating to its ability to incur indebtedness and other obligations, to make investments and acquisitions and to pay dividends. The Company is also required to maintain certain financial ratios and comply with other financial and performance covenants. The failure of the Company to comply with any of these provisions, or to pay its obligations, could result in foreclosure by the lenders of their security interests in the Company’s assets, and could otherwise have a material adverse effect on the Company. The Company was in compliance with all of the financial covenants as of December 31, 2013. | |||||||||||||||||||||
The anticipated maturities of the Company’s borrowings under the Senior Secured Notes, securitization notes, Conduit Facility and notes payable are as follows (in thousands) and not including the use of any proceeds from potential debt or equity transactions during 2014 to pay down borrowings: | |||||||||||||||||||||
Due in the year ending December 31: | |||||||||||||||||||||
2014 | $ | 112,869 | |||||||||||||||||||
2015 | 122,580 | ||||||||||||||||||||
2016 | 47,531 | ||||||||||||||||||||
2017 | 31,957 | ||||||||||||||||||||
2018 | 393,432 | ||||||||||||||||||||
2019 and thereafter | 80,714 | ||||||||||||||||||||
Total contractual obligations | 789,083 | ||||||||||||||||||||
Unamortized original issue discounts, net | (6,774 | ) | |||||||||||||||||||
Total borrowings as of December 31, 2013 | $ | 782,309 | |||||||||||||||||||
Liquidity | |||||||||||||||||||||
Historically, the Company has depended on the availability of credit to finance the consumer loans that it provides to its customers for the purchase of their VOIs. Typically, these loans require a minimum cash down payment of 10% of the purchase price at the time of sale. However, selling, marketing and administrative expenses attributable to VOI sales are primarily cash expenses and often exceed the buyer's minimum down payment requirement. Accordingly, the availability of financing facilities for the sale or pledge of these receivables to generate liquidity is a critical factor in the Company's ability to meet its short-term and long-term cash needs. The Company has historically relied upon its ability to sell receivables in the securitization market in order to generate liquidity and create capacity on its conduit facilities and Quorum Facility (together referred to as "Funding Facilities"). | |||||||||||||||||||||
Note 29 — Loss on Extinguishment of Debt | |||||||||||||||||||||
On July 24, 2013, the Company repaid all outstanding indebtedness under the Tempus Acquisition Loan and the PMR Acquisition Loan using the proceeds from the IPO. The unamortized debt issuance cost on both the Tempus Acquisition Loan and the PMR Acquisition Loan and the additional exit fees paid were recorded as loss on extinguishment of debt. See "Note 16—Borrowings" for further detail on repayments. | |||||||||||||||||||||
In addition, on August 23, 2013, the Company completed the Tender Offer and a pro rata portion of the unamortized debt issuance cost associated with the Senior Secured Notes and the call premium paid upon the completion of the Tender Offer were recorded as loss on extinguishment of debt. See "Note 16—Borrowings" for further detail on the Tender Offer. | |||||||||||||||||||||
On October 21, 2013, the Company redeemed all of the DROT 2009 Class A Notes and Class B Notes using proceeds from borrowings under the Conduit Facility. The unamortized debt issuance costs and debt discount were recorded as a loss on extinguishment of debt. See "Note 16—Borrowings" for further detail on the debt redemption. | |||||||||||||||||||||
Loss on extinguishment of debt consisted of the following for the year ended December 31, 2013: | |||||||||||||||||||||
Year ended | |||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||
Senior Secured Notes | $ | 8,443 | |||||||||||||||||||
PMR Acquisition Loan | 3,196 | ||||||||||||||||||||
Diamond Resorts Owner Trust 2009-1 | 2,201 | ||||||||||||||||||||
Tempus Acquisition Loan | 1,744 | ||||||||||||||||||||
Island One Notes Payable | 20 | ||||||||||||||||||||
Total loss on extinguishment of debt | $ | 15,604 | |||||||||||||||||||
Impairments_and_Other_Writeoff
Impairments and Other Write-offs Impairments and other write-offs (Notes) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ' | ||||||||||||
Details of Impairment of Long-Lived Assets Held and Used by Asset [Table Text Block] | ' | ||||||||||||
Note 30 — Impairments and Other Write-offs | |||||||||||||
The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying value amount of the asset may not be fully recoverable. | |||||||||||||
Impairment and other write-offs consist of the following for the year ended December 31 (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Write down of a parcel of real estate acquired in connection with the PMR Acquisition to its fair value | $ | 1,200 | $ | — | $ | — | |||||||
Write off of sales materials due to obsolescence | 307 | — | — | ||||||||||
European resorts held for sale (lower of cost or fair value) | 80 | 494 | 670 | ||||||||||
Intangible assets associated with an unprofitable European golf course | — | 213 | — | ||||||||||
Abandoned information technology projects previously capitalized | — | 183 | 362 | ||||||||||
Slow moving consumables inventory | — | 119 | 192 | ||||||||||
Unrecoverable deposits on open market purchases of Vacation Interest Points | — | — | 181 | ||||||||||
Other | — | — | 167 | ||||||||||
Total impairments and other write-offs | $ | 1,587 | $ | 1,009 | $ | 1,572 | |||||||
For the year ended December 31, 2013, $1.2 million of the impairment charge is attributable to the write down of a parcel of real estate acquired in connection with the PMR Acquisition to its fair value based on a market appraisal. In addition, $0.3 million relates to the write off of obsolete sales materials and $0.1 million is attributable to the write down of two European resorts held for sale to their fair value based on accepted offers. | |||||||||||||
For the year ended December 31, 2012, $0.5 million of the impairment charge is attributable to the write down of a European resort held for sale to its fair value based on an accepted offer. In addition, $0.2 million relates to intangible assets associated with an unprofitable European golf course operation, $0.2 million relates to information technology projects that are no longer viable, and $0.1 million relates to various other assets. | |||||||||||||
For the year ended December 31, 2011, $0.7 million of the impairment charge relates to the sale of one of the Company's European resorts. In addition, $0.4 million of the impairment charge relates to information technology projects that are no longer viable, $0.2 million relates to unrecoverable deposits on open market purchases of Vacation Interest Points, and $0.2 million in impairments of various other assets. |
Quarterly_results_Notes
Quarterly results (Notes) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Quarterly results [Abstract] | ' | ||||||||||||||||||||
Quarterly Financial Information [Text Block] | ' | ||||||||||||||||||||
Note 31 — Quarterly Results (Unaudited) | |||||||||||||||||||||
Three months ended | Year ended | ||||||||||||||||||||
31-Mar-13 | 30-Jun-13 | 30-Sep-13 | 31-Dec-13 | 31-Dec-13 | |||||||||||||||||
( in thousands except share data) | |||||||||||||||||||||
Revenues | $ | 153,452 | $ | 173,873 | $ | 191,602 | $ | 210,861 | $ | 729,788 | |||||||||||
Income (loss) before provision (benefit) for income taxes | $ | 2,711 | $ | 18,367 | $ | (33,953 | ) | $ | 16,127 | $ | 3,252 | ||||||||||
Net income (loss) | $ | 2,273 | $ | 17,956 | $ | (26,327 | ) | $ | 3,573 | $ | (2,525 | ) | |||||||||
Net income (loss) per share—basic | 0.04 | 0.33 | (0.37 | ) | 0.05 | (0.04 | ) | ||||||||||||||
Net income (loss) per share—diluted | 0.04 | 0.33 | (0.37 | ) | 0.05 | (0.04 | ) | ||||||||||||||
Three months ended | Year ended | ||||||||||||||||||||
31-Mar-12 | 30-Jun-12 | 30-Sep-12 | 31-Dec-12 | 31-Dec-12 | |||||||||||||||||
Revenues | $ | 108,950 | $ | 121,444 | $ | 142,712 | $ | 150,562 | $ | 523,668 | |||||||||||
(Loss) income before provision (benefit) for income taxes | $ | (8,600 | ) | $ | 31,943 | $ | (11,305 | ) | $ | (12,705 | ) | $ | (667 | ) | |||||||
Net loss (income) | $ | (9,575 | ) | $ | 46,611 | $ | (11,645 | ) | $ | (11,748 | ) | $ | 13,643 | ||||||||
Net (loss) income per share—basic | $ | (0.18 | ) | $ | 0.87 | $ | (0.23 | ) | $ | (0.22 | ) | $ | 0.25 | ||||||||
Net loss (income) per share—diluted | $ | (0.18 | ) | $ | 0.87 | $ | (0.23 | ) | $ | (0.22 | ) | $ | 0.25 | ||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |
Dec. 31, 2013 | ||
Accounting Policies [Abstract] | ' | |
Revenue Recognition, Interest [Policy Text Block] | ' | |
Interest Revenue—The Company's interest revenue consists primarily of interest earned on consumer loans. Interest earned on consumer loans is accrued based on the contractual provisions of the loan documents. Interest accruals on consumer loans are suspended at the earliest of (i) a default in the consumer's first payment on the loan; (ii) the completion of cancellation or foreclosure proceedings; or (iii) the customer's account becoming over 180 days delinquent. If payments are received while a consumer loan is considered delinquent, interest is recognized on a cash basis. Interest accrual resumes once a customer has made six timely payments on the loan. All interest revenue is allocated to the Vacation Interest Sales and Financing business segment, with the exception of interest revenue earned on bank account balances, which is reported in Corporate and Other. | ||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | |
tly Issued Accounting Pronouncements | ||
In July 2013, the FASB issued ASU No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. ASU 2013-11 clarifies the balance sheet presentation of such items and is applicable to all entities that have an unrecognized tax benefit due to a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. The ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The Company believes that the adoption of this update will primarily result in increased disclosures. | ||
In January 2014. the FASB issued ASU No. 2014-04, Receivables - Troubled Debt Restructurings by Creditors | ||
(Subtopic 310-40)—Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure | ||
("ASU 2014-04"). ASU 2014-04 clarifies when a creditor should be considered to have received physical possession of | ||
residential real estate property collateralizing a consumer mortgage loan such that the loan should be derecognized and the real | ||
estate recognized. ASU 2014-04 is effective for public business entities for annual periods and interim periods within those | ||
annual periods beginning after December 15, 2014. The Company will adopt ASU 2014-04 as of its interim period ending March 31, 2014. The Company believes that the adoption of this update will not have a material impact on its financial statements. | ||
Consolidation, Policy [Policy Text Block] | ' | |
Consolidated Resort Operations Revenue Recognition—Consolidated resort operations revenue consists of the following: | ||
• | The Company functions as an HOA for its properties located in St. Maarten. Consolidated resort operations revenue includes the maintenance fees billed to owners and the Collections in connection with the St. Maarten resorts, which are recognized ratably over the year. In addition, the owners are billed for capital project assessments to repair and replace the amenities of these resorts, as well as assessments to reserve the potential out-of-pocket deductibles for hurricanes and other natural disasters. These assessments are deferred until the refurbishment activity occurs, at which time the amounts collected are recognized as consolidated resort operations revenue with offsetting expense recorded under consolidated resort operations expense. See “Consolidated Resort Operations Expenses” below for further detail. All operating revenues and expenses associated with these properties are consolidated within the Company's financial statements, except for intercompany transactions, such as maintenance fees for the Company's owned inventory and management fees for the owned inventory, which are eliminated. Revenue associated with these properties has historically constituted a majority of the Company's consolidated resort operations revenue; | |
• | The Company also receives: | |
•food and beverage revenue at certain resorts whose restaurants the Company owns and operates; | ||
• | lease revenue from third parties to which the Company outsources the management of its golf course and food and beverage operations at certain resorts. | |
•revenue from providing cable, telephone and technology services to HOAs; and | ||
• | other incidental revenues generated at the venues the Company owns and operates, including retail and gift shops, spa services, safe rental and ticket sales. | |
Through December 31, 2013, consolidated resort operations revenue also included greens fees and equipment rental fees at certain golf courses owned and operated by the Company at certain resorts prior to outsourcing the management of these golf courses. | ||
All of these revenues are allocated to the Hospitality and Management Services business segment. | ||
Principles of Consolidation—The accompanying consolidated financial statements include all subsidiaries of the Company. All significant intercompany transactions and balances have been eliminated from the accompanying consolidated financial statements. | ||
Use of Estimates, Policy [Policy Text Block] | ' | |
Use of Estimates—The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") requires the Company to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. On an ongoing basis, the Company evaluates its estimates and assumptions, including those related to revenue, bad debts and income taxes. These estimates are based on historical experience and on various other assumptions that management believes are reasonable under the circumstances. The results of the Company's analysis form the basis for making assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions, and the impact of such differences may be material to the Company's consolidated financial statements. | ||
Significant estimates were also used by the Company to record a provision for contracts receivable losses. This provision was calculated as projected gross losses for originated contracts receivable, taking into account estimated VOI recoveries. The Company applied its historical default percentages based on credit scores of the individual customers to its mortgage and contracts receivable population and evaluated other factors such as economic conditions, industry trends, defaults and past due agings to analyze the adequacy of the allowance. If actual mortgage and contracts receivable losses differ materially from these estimates, the Company's future results of operations may be adversely impacted. | ||
Significant estimates were used by the Company to estimate the fair value of the assets acquired and liabilities assumed in the ILX Acquisition, the Tempus Resorts Acquisition, the PMR Acquisition, the Aegean Blue Acquisition, the Island One Acquisition and the PMR Service Companies Acquisition. These estimates included projections of future cash flows derived from sales of VOIs, mortgages and contracts receivable, member relationship lists, management services revenue and rental income. Additionally, the Company made significant estimates of costs associated with such projected revenues including but not limited to loan defaults, recoveries and discount rates. The Company also made significant estimates which include: (i) allowance for loan and contract losses and provision for uncollectible Vacation Interest sales revenue; (ii) estimated useful lives of property and equipment; (iii) estimated useful lives of intangible assets acquired; (iv) estimated costs to build or acquire any additional Vacation Interests, estimated total revenues expected to be earned on a project, related estimated provision for uncollectible Vacation Interest sales revenue and sales incentives, estimated projected future cost and volume of recoveries of VOIs, estimated sales price per point and estimated number of points sold used to allocate certain unsold Vacation Interests to Vacation Interest cost of sales under the relative sales value method. See "Vacation Interest Cost of Sales" below for further detail on this method; and (v) the valuation allowance recorded against deferred tax assets. It is at least reasonably possible that a material change in one or more of these estimates may occur in the near term and that such change may materially affect actual results. | ||
In addition, significant estimates were used by the Company to estimate compensation expense related to employee and non-employee stock options issued by the Company under the Diamond Resorts International, Inc. 2013 Incentive Compensation Plan (the "2013 Plan"). The Company utilizes the Black-Scholes option-pricing model to estimate the fair value of the stock options granted. Some of the assumptions that require significant estimates are: (i) expected volatility, which was calculated based on the historical volatility of the stock prices for a group of identified peer companies for the expected term of the stock options granted (which is significantly greater than the volatility of the S&P 500® index as a whole during the same period) due to the lack of historical stock trading prices of the Company; (ii) average expected option life, which represents the period of time the stock options are expected to be outstanding at the issuance date based on management’s estimate using the contractual term for non-employee grants and the simplified method prescribed under SEC Staff Accounting Bulletins Topic 14 Share-Based Payment ("SAB 14") for employee grants, and (iii) annual forfeiture rate, which represents a portion of the grants expected to expire prior to vesting due to employee terminations. See "Note 21—Stock-Based Compensation" for further detail on the Company's stock options issued under the 2013 Plan. | ||
Management and member services expense [Policy Text Block] | ' | |
Management and Member Services Expense—Substantially all direct expenses related to the provision of services to the HOAs (other than for the Company's St. Maarten resorts, for which the Company functions as the HOA) and the Collections are recovered through the Company's management agreements and, consequently, are not recorded as expenses. The Company passes through to the HOAs and the Collections certain overhead charges incurred to manage the resorts. In accordance with guidance included in ASC 605-45, “Revenue Recognition - Principal Agent Considerations," reimbursements from the HOAs and the Collections relating to pass-through costs are recorded net of the related expenses. These expenses are allocated to the Hospitality and Management Services business segment. | ||
Expenses associated with the Company's operation of the Clubs include costs incurred for in-house and outsourced call centers, member benefits, annual membership fees paid to a third-party exchange company on behalf of members of the Clubs, as applicable, and administrative expenses. These expenses are allocated to the Hospitality and Management Services business segment. | ||
From July 2011 until the closing of the Island One Acquisition, management and member services expenses also included costs incurred under the fee-for-service agreements with Island One, Inc. This arrangement was terminated in conjunction with the Island One Acquisition. | ||
These expenses are allocated to the Hospitality and Management Services business segment. | ||
Management and Member Services Revenue Recognition—Management and member services revenue includes resort management fees charged to the HOAs and Collections, as well as revenues from the Company's operation of the Clubs. These revenues are recorded and recognized as follows: | ||
• | Management fee revenues are recognized in accordance with the terms of the Company's management contracts. | |
Under the Company's management agreements, the Company collects management fees from the HOAs and Collections, which are recognized as revenue ratably throughout the year as earned. The management fees the Company earns are included in the HOAs' and Collections' operating budgets which, in turn, are used to establish the annual maintenance fees owed by each owner of VOIs. | ||
• | The Company charges an annual fee for membership in each of the Clubs. In addition to annual dues associated with the Clubs, the Company earns revenue associated with customer conversions into THE Club, which involve the payment of a one-time fee by interval owners who wish to retain their intervals but also participate in THE Club. The Company also earns revenue associated with the legacy owners of deeded intervals at resorts that the Company acquired in its strategic acquisitions exchanging intervals for membership in the Clubs, which requires these owners to pay the annual fees associated with Club membership, and the Company generally encourages holders of these deeded intervals to exchange their intervals for memberships in the Clubs. The Company also earns reservation protection plan revenue, which is an optional fee paid by customers when making a reservation to protect their points should they need to cancel their reservation, and through the Company's provision of benefits, products and other affinity programs. | |
Management and member services revenue also included commissions received under the fee-for-service agreements it had with Island One, Inc. from July 2011 until the consummation of the Island One Acquisition in July 2013. | ||
All of these revenues are allocated to the Hospitality and Management Services business segment. | ||
Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy [Policy Text Block] | ' | |
Consolidated Resort Operations Expense—With respect to the St. Maarten resorts, the Company records expenses associated with housekeeping, front desk, maintenance, landscaping and other similar activities, which are recovered by the maintenance fees recorded in consolidated resort operations revenue. In addition, for the two properties located in St. Maarten, the Company also bills the owners for capital project assessments to repair and replace the amenities of these resorts, as well as assessments to reserve the potential out-of-pocket deductibles for hurricanes and other natural disasters. These assessments are deferred until the refurbishment activity occurs, at which time the amounts collected are recognized as consolidated resort operations revenue with offsetting expense recorded under consolidated resort operations expense. The Company's expense associated with the St. Maarten properties has historically constituted a majority of the Company's consolidated resort operations expense. Furthermore, consolidated resort operations expense includes the costs related to food and beverage operations at certain resorts whose restaurants the Company operates directly. Similarly, the expenses of operating the golf courses, spas and retail and gift shops are included in consolidated resort operations expense. These expenses are allocated to the Hospitality and Management Services business segment. | ||
vacation interest cost of sales [Policy Text Block] | ' | |
Vacation Interest Cost of Sales—At the time the Company records Vacation Interest sales revenue, it records the related Vacation Interest cost of sales. The Company records Vacation Interest cost of sales using the relative sales value method in accordance with ASC 978. This method, which was originally designed for developers of timeshare resorts, requires the Company to make a number of projections and estimates which are subject to significant uncertainty. In order to determine the amounts that must be expensed for each dollar of Vacation Interest sales with respect to a particular project, the Company is required to prepare a forecast of sales and certain costs for the entire project's life cycle. These forecasts require the Company to estimate, among other things, the costs to acquire (or if applicable, build) additional VOIs, the total revenues expected to be earned on the project (including estimations of sales price per point and the aggregate number of points to be sold), the proper provision for uncollectible Vacation Interest sales revenue and sales incentives, and the projected future cost and volume of recoveries of VOIs. Then, these costs as a percentage of Vacation Interest sales are determined and that percentage is applied retroactively to all prior sales and is applied to sales within the current period and future periods with respect to a particular project. These projections are reviewed on a regular basis, and the relevant estimates used in the projections are revised (if necessary) based upon historical results and management's new estimates. The Company requires a seasoning of pricing strategy changes before such changes fully affect the projection, which generally occurs over a six-month period. If any estimates are revised, the Company is required to adjust its Vacation Interest cost of sales using the revised estimates, and the entire adjustment required to correct Vacation Interest cost of sales over the life of the project to date is taken in the period in which the estimates are revised. Accordingly, small changes in any of the numerous estimates in the model can have a significant financial statement impact, both positively and negatively, because of the retroactive adjustment required by ASC 978. See “Unsold Vacation Interests, net” below for further detail. All of these costs are allocated to the Vacation Interest Sales and Financing business segment. | ||
Advertising Costs, Policy [Policy Text Block] | ' | |
Advertising, Sales and Marketing Costs—Advertising, sales and marketing costs are expensed as incurred, except for costs directly related to VOI sales that are not eligible for revenue recognition under ASC 978, as described in "—Vacation Interest Sales Revenue Recognition” above, which are deferred along with related revenue until the buyer's commitment requirements are satisfied. Advertising, sales and marketing costs are allocated to the Vacation Interest Sales and Financing business segment. Advertising expense recognized was $6.2 million, $5.4 million and $4.5 million and for the years ended December 31, 2013, 2012 and 2011, respectively. | ||
Vacation interest carrying costs, net [Policy Text Block] | ' | |
Vacation Interest Carrying Cost, Net—The Company is responsible for paying annual maintenance fees and reserves to the HOAs and the Collections on its unsold VOIs. Vacation Interest carrying cost, net, includes amounts paid for delinquent maintenance fees related to VOIs acquired pursuant to the Company's inventory recovery agreements, except for amounts that are capitalized to unsold Vacation Interests, net. | ||
To offset the Company's Vacation Interest carrying cost, the Company rents VOIs controlled by the Company to third parties on a short-term basis. The Company also generates revenue on sales of one-week rentals ("Sampler Packages")and mini-vacations, which allow prospective owners to sample a resort property. This revenue and the associated expenses are deferred until the vacation is used by the customer or the expiration date, whichever is earlier. Revenue from resort rentals, Sampler Packages and mini-vacations is recognized as a reduction to Vacation Interest carrying cost, with the exception of revenue from the Company's European sampler product and a U.S. fixed-term product, which have a duration of three to four years and are treated as Vacation Interest sales revenue. In addition, the Company provides rental services on behalf of certain of its affiliated resorts for a commission. Vacation interest carrying cost, net, is allocated to the Vacation Interest Sales and Financing business segment. | ||
Loan Portfolio Expense [Policy Text Block] | ' | |
Loan Portfolio Expense—Loan portfolio expense includes payroll and administrative costs of the finance operations and credit card processing fees. These costs are expensed as incurred with the exception of contract receivable origination costs, which are capitalized and amortized over the term of the related contracts receivable as an adjustment to interest revenue using the effective interest method in accordance with guidelines issued under ASC 310, “Receivables” ("ASC 310"). These expenses are allocated to the Vacation Interest Sales and Financing business segment, with the exception of a portion of expenses incurred by the in-house collections department, which are allocated to the Hospitality and Management Services business segment. | ||
Other operating expenses [Policy Text Block] | ' | |
Other Operating Expenses—Other operating expenses include credit card fees incurred by the Company when customers remit down payments associated with a VOI purchase in the form of credit cards and also include certain sales incentives given to customers as motivation to purchase VOIs, all of which are expensed as the related Vacation Interest sales revenue is recognized. These expenses are allocated to the Company's Vacation Interest Sales and Financing business segment. | ||
Selling, General and Administrative Expenses, Policy [Policy Text Block] | ' | |
General and Administrative Expense—General and administrative expense includes payroll and benefits, legal, audit and other professional services, costs related to mergers and acquisitions, travel costs, system-related costs and corporate facility expense. These expenses are not allocated to the Company's business segments, but rather are reported under Corporate and Other. | ||
Depreciation, Depletion, and Amortization [Policy Text Block] | ' | |
Depreciation and Amortization—The Company records depreciation expense in connection with depreciable property and equipment it purchased or acquired, including buildings and leasehold improvements, furniture and office equipment, land improvements and computer software and equipment. In addition, the Company records amortization expense on intangible assets with a finite life acquired by the Company, including management contracts, member relationships, distributor relationships and others. Depreciation and amortization expense is not allocated to the Company's business segments, but rather is reported in Corporate and Other. | ||
Interest Expense, Policy [Policy Text Block] | ' | |
Interest Expense—Interest expense related to corporate-level indebtedness is reported in Corporate and Other. Interest expense related to the Company's securitizations and consumer loan financings is allocated to the Vacation Interest Sales and Financing business segment. | ||
Income Tax, Policy [Policy Text Block] | ' | |
Income Taxes—The Company is subject to income taxes in the U.S. (including federal and state) and numerous foreign jurisdictions in which the Company operates. The Company records income taxes under the asset and liability method, whereby deferred tax assets and liabilities are recognized based on the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis, and attributable to operating loss and tax credit carry forwards. Accounting standards regarding income taxes require a reduction of the carrying amounts of deferred tax assets by a valuation allowance if, based on the available evidence, it is more likely than not that such assets will not be realized. Accordingly, the need to establish valuation allowances for deferred tax assets is assessed periodically based on a more-likely-than-not realization threshold. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the reversal of existing taxable temporary differences, the duration of statutory carry forward periods, the Company's experience with operating loss and tax credit carry forwards not expiring unused, and tax planning alternatives. | ||
The Company recorded a deferred tax asset for its net operating losses, a portion of which the use is subject to limitations. As a result of uncertainties regarding the Company’s ability to utilize such net operating loss carry forwards, the Company maintains a valuation allowance against the deferred tax assets attributable to these net operating losses. | ||
Accounting standards regarding uncertainty in income taxes provide a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates it is more likely than not that the position will be sustained on examination, based solely on the technical merits. The second step is to measure the tax benefit as the largest amount which is more than 50% likely of being sustained on examination. The Company considers many factors when evaluating and estimating the Company's tax positions and tax benefits, which may require periodic adjustments and which may not accurately anticipate actual outcomes. | ||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | ' | |
Stock-based Compensation Expense—The Company accounts for the stock-based compensation issued to its employees in accordance with ASC 718, "Compensation - Stock Compensation" ("ASC 718"). For a stock-based award with service-only vesting conditions, the Company measures compensation expense at fair value on the grant date and recognizes this expense in the statement of operations and comprehensive (loss) income over the vesting period during which the grantees provide service in exchange for the award. | ||
The Company accounts for its stock-based compensation issued to employees of Hospitality Management and Consulting Service, LLC ("HM&C"), a Nevada limited liability company, and Mr. Lowell D. Kraff, the Vice Chairman of the Board of Directors of DRII (the "Non-Employees," and the stock-based compensation issued to such individuals, the "Non-Employee Grants") in accordance with ASC 505-50, "Equity-Based Payments to Non-Employees." Pursuant to a services agreement that the Company entered into with HM&C effective as of December 31, 2010 (as amended and restated effective as of December 31, 2012, the “HM&C Agreement”), HM&C provides certain services to the Company, including the services of certain executive officers, including Mr. Stephen J. Cloobeck, the Company's founder and Chairman, Mr. David F. Palmer, President and Chief Executive Officer, Mr. C. Alan Bentley, Executive Vice President and Chief Financial Officer, Mr. Howard S. Lanznar, Executive Vice President and Chief Administrative Officer and approximately 54 other employees. See "Note 6—Transactions with Related Parties" for further discussion of HM&C. | ||
The fair value of an equity instrument issued to Non-Employees is measured by using the stock price and other measurement assumptions as of the date at the earlier of: (i) a commitment for performance by the grantees has been reached; or (ii) the performance by the grantees is complete. Accordingly, these grants are re-measured at each balance sheet date as additional services are performed. See "Use of Estimates" above for discussions on significant estimates used by the Company to estimate compensation expense related to stock options issued by the Company to its employees and Non-Employees under the 2013 Plan. | ||
In accordance with SAB 14, the Company records stock-based compensation to the same line item on the statement of operations and comprehensive income as the grantees' cash compensation. In addition, the Company records stock-based compensation to the same business segment on the statement of operations and comprehensive income as the grantees' cash compensation for segment reporting purposes in accordance | ||
Cash and Cash Equivalents, Policy [Policy Text Block] | ' | |
Cash and Cash Equivalents—Cash and cash equivalents consist of cash, money market funds, and all highly-liquid investments purchased with an original maturity date of three months or less. | ||
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | ' | |
Cash in Escrow and Restricted Cash—Cash in escrow consists of deposits received on sales of VOIs that are held in escrow until the legal rescission period has expired. Restricted cash consists primarily of reserve cash held for the benefit of the secured note holders including the DROT 2013-2 Notes prefunding account and cash collections on certain mortgages receivable that secure collateralized notes. See "Note 16—Borrowings" for the definition of the DROT 2013-2 Notes. Additionally, in its capacity as resort manager, the Company collects cash on overnight rental operations on behalf of owners and HOAs, which are captioned “Rental trust” in "Note 4—Cash in Escrow and Restricted Cash. | ||
Mortgages and contracts receivable and allowance for contract losses [Policy Text Block] | ' | |
Mortgages and Contracts Receivable and Allowance for Loan and Contract Losses—The Company accounts for mortgages (for the financing of previously sold intervals) and contracts receivable (for the financing of points) under ASC 310. | ||
Mortgages and contracts receivable that the Company originates or acquires are recorded net of (i) deferred loan and contract costs, (ii) the discount or premium on the acquired mortgage pool and (iii) the related allowance for loan and contract losses. Loan and contract origination costs incurred in connection with providing financing for VOIs are capitalized and amortized over the term of the related mortgages or contracts receivable as an adjustment to interest revenue using the effective interest method. Because the Company currently sells VOIs only in the form of points, the Company originates contracts receivables, and is not currently originating any new mortgages. The Company records a sales provision for estimated mortgage and contracts receivable losses as a reduction to Vacation Interest sales revenue. This provision is calculated as projected gross losses for originated mortgages and contracts receivable, taking into account estimated VOI recoveries. If actual mortgage and contracts receivable losses differ materially from these estimates, the Company's future results of operations may be adversely impacted. | ||
The Company applies its historical default percentages based on credit scores of the individual customers to its originated and acquired mortgage and contracts receivable population and evaluates other factors such as economic conditions, industry trends, defaults and past due agings to analyze the adequacy of the allowance. Any adjustments to the allowance for mortgage and contracts receivable loss are recorded within Vacation Interest sales revenue. | ||
The Company charges off mortgages and contracts receivable upon the earliest of (i) the completion of cancellation or foreclosure proceedings; or (ii) the customer's account becoming over 180 days delinquent. Once a customer has made six timely payments following the event leading to the charge off, the charge off is reversed. A default in a customer's initial payment results in a rescission of the sale. All collection and foreclosure costs are expensed as incurred. | ||
The mortgages and contracts receivable acquired on April 27, 2007 in connection with the Sunterra Corporation acquisition, on August 31, 2010 in connection with the ILX Acquisition, on July 1, 2011 in connection with the Tempus Resorts Acquisition, on May 21, 2012 in connection with the PMR Acquisition, on October 5, 2012 in connection with the Aegean Blue Acquisition and on July 24, 2013 in connection with the Island One Acquisition are each accounted for separately as an acquired pool of loans. Any discount or premium associated with each pool of loans is amortized using an amortization method that approximates the effective interest method. | ||
Due From and Due To Related Parties, net [Policy Text Block] | ' | |
Due from Related Parties, Net and Due to Related Parties, Net—Amounts due from related parties, net, and due to related parties, net consist primarily of transactions with HOAs or Collections for which the Company acts as the management company. See "Note 6— Transactions with Related Parties" for further detail. Due to the fact that the right of offset exists between the Company and the HOAs and the Collections, the Company evaluates amounts due to and from each HOA and Collection at each reporting period to present the balances as either a net due to or a net due from related parties in accordance with the requirements of ASC 210, “Balance Sheet—Offsetting.” | ||
assets held for sale [Policy Text Block] | ' | |
Assets Held for Sale—Assets held for sale are recorded at the lower of cost or their estimated fair value less costs to sell and are not subject to depreciation. Sale of the assets classified as such is probable, and transfer of the assets is expected to qualify for recognition as a completed sale, generally within one year of the balance sheet date. | ||
unsold vacation interests [Policy Text Block] | ' | |
Unsold Vacation Interests, Net—Unsold VOIs are valued at the lower of cost or fair market value. The cost of unsold VOIs includes acquisition costs, hard and soft construction costs (which are comprised of architectural and engineering costs incurred during construction), the cost incurred to recover inventory and other carrying costs (including interest, real estate taxes and other costs incurred during the construction period). The costs capitalized for recovered intervals differ based on a variety of factors, including the method of recovery and the timing of the original sale or loan origination. Costs are expensed to Vacation Interest cost of sales under the relative sales value method described above. In accordance with ASC 978, under the relative sales value method, cost of sales is calculated as a percentage of Vacation Interest sales revenue using a cost-of-sales percentage ratio of total estimated development costs to total estimated Vacation Interest sales revenue, including estimated future revenue and incorporating factors such as changes in prices and the recovery of VOIs (generally as a result of maintenance fee and contracts receivable defaults). In accordance with ASC 978, the selling, marketing and administrative costs associated with any sale, whether the original sale or subsequent resale of recovered inventory, are expensed as incurred. | ||
In accordance with ASC 978, on a quarterly basis, the Company recalculates the total estimated Vacation Interest sales revenue and total estimated costs. The effects of changes in these estimates are accounted for as a current period adjustment so that the balance sheet at the end of the period of change and the accounting in subsequent periods are as they would have been if the revised estimates had been the original estimates. These adjustments can be material. | ||
In North America, the Company capitalizes all maintenance fees and assessments paid to the HOAs and the Collections related to the inventory recovery agreements into unsold Vacation Interests, net for the first two years of a member's maintenance fee delinquency. Following this two-year period, all assessments and maintenance fees paid under these agreements are expensed in Vacation Interest carrying cost, net. No entry is recorded upon the recovery of the delinquent inventory. | ||
In Europe, the Company enters into informal inventory recovery arrangements similar to those in North America with the majority of the HOAs and the European Collection. Accordingly, the Company capitalizes all maintenance fees and assessments paid to the HOAs and the European Collection related to the inventory recovery arrangements into due from related parties-net for the first two years of a member's maintenance fee delinquency. Following this two-year period, all assessments and maintenance fees paid under these arrangements are expensed in Vacation Interest carrying cost, net. Once the delinquent inventory is recovered, the Company reclassifies the amounts capitalized in due from related parties, net to unsold Vacation Interests, net. | ||
Foreign Currency Transactions and Translations Policy [Policy Text Block] | ' | |
Foreign Currency Translation—Assets and liabilities in foreign locations are translated into U.S. dollars using rates of exchange in effect at the end of the reporting period. Income and expense accounts are translated into U.S. dollars using average rates of exchange. The net gain or loss is shown as a translation adjustment and is included in other comprehensive income in the consolidated statement of operations and comprehensive income (loss). Holding gains and losses from foreign currency transactions are also included in the consolidated statement of operations and comprehensive income (loss). | ||
Comprehensive Income, Policy [Policy Text Block] | ' | |
Other Comprehensive Income (Loss)—Other comprehensive income (loss) includes all changes in equity from non-owner sources such as foreign currency translation adjustments and changes in accumulated obligation under the Company's defined benefit plan. See "Note 25—Employee Benefit Plans" for further information on the Company's defined benefit plan. The Company accounts for other comprehensive income (loss) in accordance with ASC 220, “Comprehensive Income.” | ||
vacation interest cost of sales [Policy Text Block] | ' | |
Other Revenue—Other revenue includes (i) collection fees paid by owners when they bring their maintenance fee accounts current after collection efforts have been made by the Company on behalf of the HOAs and Collections; (ii) closing costs paid by purchasers on sales of VOIs; (iii) revenue associated with certain sales incentives given to customers as motivation to purchase a VOI (in an amount equal to the expense associated with such sales incentives), which is recorded upon recognition of the related VOI sales revenue; (iv) late/impound fees assessed on consumer loans; (v) loan servicing fees earned for servicing third-party portfolios; (vi) commission revenue earned from certain third-party lenders that provide consumer financing for sales of the Company's VOIs in Europe; and (vii) liquidation damage revenue recognized when customers' non-refundable deposits are forfeited upon the customers' failure to close on VOI transactions. Revenues associated with item (i) above are allocated to the Company's Hospitality and Management Services business segment. Revenues associated with the remaining items above are allocated to the Company's Vacation Interest Sales and Financing business segment. | ||
Revenue Recognition Accounting Policy, Gross and Net Revenue Disclosure [Policy Text Block] | ' | |
Vacation Interest Sales Revenue Recognition—With respect to the Company's recognition of revenue from Vacation Interest sales, the Company follows the guidelines included in Accounting Standard Codification ("ASC") 978, “Real Estate-Time-Sharing Activities” ("ASC 978"). Under ASC 978, Vacation Interest sales revenue is divided into separate components that include the revenue earned on the sale of the VOI and the revenue earned on the sales incentive given to the customer as motivation to purchase the VOI. Each component is treated as a separate transaction but both are recorded in Vacation Interest sales line of the Company's statement of operations and comprehensive income. In order to recognize revenue on the sale of VOIs, ASC 978 requires a demonstration of a buyer's commitment (generally a cash payment of 10% of the purchase price plus the value of any sales incentives provided). A buyer's down payment and subsequent mortgage payments are adequate to demonstrate a commitment to pay for the VOI once 10% of the purchase price plus the value of the incentives provided to consummate a VOI transaction has been covered. The Company recognizes sales of VOIs on an accrual basis after (i) a binding sales contract has been executed; (ii) the buyer has adequately demonstrated a commitment to pay for the VOI; (iii) the rescission period required under applicable law has expired; (iv) collectibility of the receivable representing the remainder of the sales price is reasonably assured; and (v) the Company has completed substantially all of its obligations with respect to any development related to the real estate sold (i.e., construction has been substantially completed and certain minimum project sales levels have been met). If the buyer's commitment has not met ASC 978 guidelines, the Vacation Interest sales revenue and related Vacation Interest cost of sales and direct selling costs are deferred and recognized under the installment method until the buyer's commitment is satisfied, at which time the remaining amount of the sale is recognized. The net deferred revenue is recorded as a reduction to mortgages and contracts receivable on the Company's balance sheet. Under ASC 978, the provision for uncollectible Vacation Interest sales revenue is recorded as a reduction of Vacation Interest sales revenue. | ||
Vacation Interest Sales Revenue, Net—Vacation Interest sales revenue, net, is comprised of Vacation Interest sales, net of a provision for uncollectible Vacation Interest sales revenue. Vacation interest sales consist of revenue from the sale of points, which can be utilized for vacations at any of the resorts in the Company's network for varying lengths of stay, net of an amount equal to the expense associated with certain sales incentives. A variety of sales incentives are routinely provided as sales tools. Sales centers have predetermined budgets for sales incentives and manage the use of incentives accordingly. A provision for uncollectible Vacation Interest sales revenue is recorded upon completion of each financed sale. The provision is calculated based on historical default experience associated with the customer's FICO score. Additionally, the Company analyzes its allowance for loan and contract losses quarterly and makes adjustments based on current trends in consumer loan delinquencies and defaults and other criteria, if necessary. Since late 2007, the Company has sold VOIs primarily in the form of points. All of the Company's Vacation Interest sales revenue, net, is allocated to the Vacation Interest Sales and Financing business segment. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Summary of Significant Accounting Policies [Abstract] | ' | ||||||||||||
vacation interest sales, net of provision [Table Text Block] | ' | ||||||||||||
Vacation Interest sales, net of provision, consists of the following for the years ended December 31, 2013, 2012 and 2011 (in thousands): | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Vacation Interest Sales | $ | 509,283 | $ | 318,555 | $ | 211,321 | |||||||
Provision for uncollectible Vacation Interest sales revenue | (44,670 | ) | (25,457 | ) | (16,562 | ) | |||||||
Vacation Interest sales, net of provision | $ | 464,613 | $ | 293,098 | $ | 194,759 | |||||||
Vacation Interest sales, net of provision, consists of the following for the years ended December 31, 2013, 2012 and 2011 (in thousands): | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Vacation Interest Sales | $ | 509,283 | $ | 318,555 | $ | 211,321 | |||||||
Provision for uncollectible Vacation Interest sales revenue | (44,670 | ) | (25,457 | ) | (16,562 | ) | |||||||
Vacation Interest sales, net of provision | $ | 464,613 | $ | 293,098 | $ | 194,759 | |||||||
Cash_in_Escrow_and_Restricted_1
Cash in Escrow and Restricted Cash (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Cash in Escrow and Restricted Cash [Abstract] | ' | ||||||||
Schedule of Restricted Cash and Cash Equivalents [Table Text Block] | ' | ||||||||
Cash in escrow and restricted cash consisted of the following as of December 31 (in thousands): | |||||||||
2013 | 2012 | ||||||||
Securitization and Funding Facilities collection and reserve cash | $ | 49,987 | $ | 15,416 | |||||
Collected on behalf of HOAs and other | 17,091 | 11,617 | |||||||
Escrow | 11,887 | 8,134 | |||||||
Rental trust | 11,131 | 6,040 | |||||||
Bonds and deposits | 2,135 | 1,104 | |||||||
Total cash in escrow and restricted cash | $ | 92,231 | $ | 42,311 | |||||
Mortgages_and_Contracts_Receiv1
Mortgages and Contracts Receivable and Allowance for Loan and Contract Losses (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Financing Receivable, Net [Abstract] | ' | ||||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | ' | ||||||||||||||
ortgages and contracts receivable, net, consisted of the following as of December 31 (in thousands): | |||||||||||||||
2013 | 2012 | ||||||||||||||
Mortgages and contracts receivable, acquired — the Sunterra Merger | $ | 18,481 | $ | 30,721 | |||||||||||
Mortgages and contracts receivable, contributed | 443 | 1,337 | |||||||||||||
Mortgages and contracts receivable, originated | 417,595 | 290,264 | |||||||||||||
Mortgages and contracts receivable, purchased | 58,790 | 64,932 | |||||||||||||
Mortgages and contracts receivable, gross | 495,309 | 387,254 | |||||||||||||
Allowance for loan and contract losses | (105,590 | ) | (83,784 | ) | |||||||||||
Deferred profit on Vacation Interest transactions | (2,197 | ) | (6,113 | ) | |||||||||||
Deferred loan and contract origination costs, net of accumulated amortization | 8,223 | 4,810 | |||||||||||||
Inventory value of defaulted mortgages that were previously contributed or acquired | 9,411 | 10,512 | |||||||||||||
Premium on mortgages and contracts receivable, net of accumulated amortization | 515 | 564 | |||||||||||||
Discount on mortgages and contracts receivable, net of accumulated amortization | (217 | ) | (311 | ) | |||||||||||
Mortgages and contracts receivable, net | $ | 405,454 | $ | 312,932 | |||||||||||
The following reflects the contractual principal maturities of originated and acquired mortgages and contracts receivable as of December 31 (in thousands): | |||||||||||||||
2014 | $ | 43,680 | |||||||||||||
2015 | 46,627 | ||||||||||||||
2016 | 47,893 | ||||||||||||||
2017 | 48,058 | ||||||||||||||
2018 | 47,255 | ||||||||||||||
2019 and thereafter | 261,796 | ||||||||||||||
$ | 495,309 | ||||||||||||||
Other receivables, net, consisted of the following as of December 31 (in thousands): | |||||||||||||||
2013 | 2012 | ||||||||||||||
Club dues receivable, net of allowance of $16,888 and $15,034, respectively | $ | 29,418 | $ | 22,012 | |||||||||||
Receivables related to Mini-vacation and Sampler Packages, net of allowance of $954 and $427, respectively | 11,844 | 9,512 | |||||||||||||
Mortgage and contracts interest receivable | 5,025 | 4,398 | |||||||||||||
Rental receivables and other resort management-related receivables, net of allowance of $806 and $1,210, respectively | 3,595 | 2,935 | |||||||||||||
Tax refund receivable | 2,274 | 2,239 | |||||||||||||
Owner maintenance fee receivable, net of allowance of $3,622 and $2,993, respectively | 116 | 2,230 | |||||||||||||
Insurance claims receivable | 96 | 54 | |||||||||||||
Other receivables | 2,220 | 2,669 | |||||||||||||
Total other receivables, net | $ | 54,588 | $ | 46,049 | |||||||||||
Allowance for Credit Losses on Financing Receivables [Table Text Block] | ' | ||||||||||||||
Activity in the allowance for loan and contract losses associated with mortgages and contracts receivable for the years ended December 31, 2013 and 2012 is as follows (in thousands): | |||||||||||||||
2013 | 2012 | ||||||||||||||
Balance, beginning of period | $ | 83,784 | $ | 94,478 | |||||||||||
Provision for uncollectible Vacation Interest sales revenue | 43,133 | 26,539 | (a) | ||||||||||||
Provision (adjustment) for purchased portfolios | 3,982 | (7,205 | ) | ||||||||||||
Mortgages and contracts receivable charged off | (28,882 | ) | (37,297 | ) | |||||||||||
Recoveries | 3,568 | 7,250 | |||||||||||||
Effect of translation rate | 5 | 19 | |||||||||||||
Balance, end of period | $ | 105,590 | $ | 83,784 | |||||||||||
Financing Receivable Credit Quality Indicators [Table Text Block] | ' | ||||||||||||||
A summary of credit quality as of December 31, 2013 and 2012 is as follows (in thousands): | |||||||||||||||
FICO Scores | 2013 | % | 2012 | % | |||||||||||
>799 | $ | 45,235 | 9 | % | $ | 31,199 | 8 | % | |||||||
700 – 799 | 237,557 | 48 | % | 181,456 | 47 | % | |||||||||
600 – 699 | 152,601 | 31 | % | 127,423 | 33 | % | |||||||||
<600 | 24,076 | 5 | % | 24,686 | 6 | % | |||||||||
No FICO Scores | 35,840 | 7 | % | 22,490 | 6 | % | |||||||||
$ | 495,309 | 100 | % | $ | 387,254 | 100 | % | ||||||||
Transactions_with_Related_Part1
Transactions with Related Parties (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | ' | ' | ||||||||||||||||||||||||||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ' | ' | ||||||||||||||||||||||||||||||||||||||||
Three months ended | Year ended | Three months ended | Year ended | |||||||||||||||||||||||||||||||||||||||
31-Mar-13 | 30-Jun-13 | 30-Sep-13 | 31-Dec-13 | 31-Dec-13 | 31-Mar-12 | 30-Jun-12 | 30-Sep-12 | 31-Dec-12 | 31-Dec-12 | |||||||||||||||||||||||||||||||||
( in thousands except share data) | Revenues | $ | 108,950 | $ | 121,444 | $ | 142,712 | $ | 150,562 | $ | 523,668 | |||||||||||||||||||||||||||||||
Revenues | $ | 153,452 | $ | 173,873 | $ | 191,602 | $ | 210,861 | $ | 729,788 | ||||||||||||||||||||||||||||||||
(Loss) income before provision (benefit) for income taxes | $ | (8,600 | ) | $ | 31,943 | $ | (11,305 | ) | $ | (12,705 | ) | $ | (667 | ) | ||||||||||||||||||||||||||||
Income (loss) before provision (benefit) for income taxes | $ | 2,711 | $ | 18,367 | $ | (33,953 | ) | $ | 16,127 | $ | 3,252 | |||||||||||||||||||||||||||||||
Net loss (income) | $ | (9,575 | ) | $ | 46,611 | $ | (11,645 | ) | $ | (11,748 | ) | $ | 13,643 | |||||||||||||||||||||||||||||
Net income (loss) | $ | 2,273 | $ | 17,956 | $ | (26,327 | ) | $ | 3,573 | $ | (2,525 | ) | ||||||||||||||||||||||||||||||
Net (loss) income per share—basic | $ | (0.18 | ) | $ | 0.87 | $ | (0.23 | ) | $ | (0.22 | ) | $ | 0.25 | |||||||||||||||||||||||||||||
Net income (loss) per share—basic | 0.04 | 0.33 | (0.37 | ) | 0.05 | (0.04 | ) | |||||||||||||||||||||||||||||||||||
Net loss (income) per share—diluted | $ | (0.18 | ) | $ | 0.87 | $ | (0.23 | ) | $ | (0.22 | ) | $ | 0.25 | |||||||||||||||||||||||||||||
Net income (loss) per share—diluted | 0.04 | 0.33 | (0.37 | ) | 0.05 | (0.04 | ) | |||||||||||||||||||||||||||||||||||
Schedule of Related Party Transactions [Table Text Block] | ' | ' | ||||||||||||||||||||||||||||||||||||||||
Due from related parties, net, consisted of the following as of December 31 (in thousands): | ||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||
Amounts due from HOAs | $ | 36,957 | $ | 13,346 | ||||||||||||||||||||||||||||||||||||||
Amounts due from Collections | 7,938 | 8,970 | ||||||||||||||||||||||||||||||||||||||||
Amounts due from other | 1,367 | 679 | ||||||||||||||||||||||||||||||||||||||||
Total due from related parties, net | $ | 46,262 | $ | 22,995 | ||||||||||||||||||||||||||||||||||||||
Due to related parties, net, consisted of the following as of December 31 (in thousands): | ||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||
Amounts due to HOAs | $ | 16,032 | $ | 33,441 | ||||||||||||||||||||||||||||||||||||||
Amounts due to Collections | 28,381 | 30,563 | ||||||||||||||||||||||||||||||||||||||||
Amounts due to other | 231 | 200 | ||||||||||||||||||||||||||||||||||||||||
Total due to related parties, net | $ | 44,644 | $ | 64,204 | ||||||||||||||||||||||||||||||||||||||
Prepaid_Expenses_and_Other_Ass1
Prepaid Expenses and Other Assets, Net (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | ||||||||
Prepaid Expenses and Other Assets, Net | ' | ||||||||
repaid expenses and other assets, net, consisted of the following as of December 31 (in thousands): | |||||||||
2013 | 2012 | ||||||||
Debt issuance costs, net | $ | 20,086 | $ | 22,143 | |||||
Deferred commissions | 13,153 | 8,881 | |||||||
Vacation Interest purchases in transit | 12,495 | 3,262 | |||||||
Deposits and advances | 4,068 | 3,848 | |||||||
Other inventory or consumables | 3,028 | 3,299 | |||||||
Prepaid insurance | 2,359 | 2,382 | |||||||
Prepaid maintenance fees | 2,501 | 4,208 | |||||||
Prepaid member benefits and affinity programs | 2,497 | 3,881 | |||||||
Prepaid professional fees | 2,207 | 1,231 | |||||||
Prepaid sales and marketing costs | 815 | 798 | |||||||
Assets to be disposed (not actively marketed) | 537 | 526 | |||||||
Prepaid rent | 344 | 296 | |||||||
Other | 4,168 | 3,269 | |||||||
Total prepaid expenses and other assets, net | $ | 68,258 | $ | 58,024 | |||||
Prepaid Expenses and Other Assets, Net | |||||||||
The nature of selected balances included in prepaid expenses and other assets, net, includes: | |||||||||
Deferred commissions—commissions paid to sales agents related to deferred revenue on mini-vacations and Sampler Packages, which are charged to Vacation Interest carrying cost, net as the associated revenue is recognized. Sampler Packages allow purchasers to utilize vacation points during a trial period. | |||||||||
Vacation Interest purchases in transit—open market purchases of vacation points from prior owners for which the titles have not been officially transferred to the Company. These Vacation Interest purchases in transit are reclassified to unsold Vacation Interests, net, upon successful transfer of title. | |||||||||
Prepaid maintenance fees—prepaid annual maintenance fees billed by the HOAs at the resorts not managed by the Company on unsold Vacation Interests owned by the Company, which are charged to expense ratably over the year. | |||||||||
Prepaid member benefits and affinity programs—usage rights of members of the Clubs exchanged for a variety of products and travel services, including airfare, cruises and excursions, amortized ratably over the year. | |||||||||
Prepaid rent—portion of rent paid in advance and charged to expense in accordance with lease agreements. | |||||||||
Prepaid expenses and other assets, net, consisted of the following as of December 31 (in thousands): | |||||||||
2013 | 2012 | ||||||||
Debt issuance costs, net | $ | 20,086 | $ | 22,143 | |||||
Deferred commissions | 13,153 | 8,881 | |||||||
Vacation Interest purchases in transit | 12,495 | 3,262 | |||||||
Deposits and advances | 4,068 | 3,848 | |||||||
Other inventory or consumables | 3,028 | 3,299 | |||||||
Prepaid insurance | 2,359 | 2,382 | |||||||
Prepaid maintenance fees | 2,501 | 4,208 | |||||||
Prepaid member benefits and affinity programs | 2,497 | 3,881 | |||||||
Prepaid professional fees | 2,207 | 1,231 | |||||||
Prepaid sales and marketing costs | 815 | 798 | |||||||
Assets to be disposed (not actively marketed) | 537 | 526 | |||||||
Prepaid rent | 344 | 296 | |||||||
Other | 4,168 | 3,269 | |||||||
Total prepaid expenses and other assets, net | $ | 68,258 | $ | 58,024 | |||||
With the exception of Vacation Interest purchases in transit and assets to be disposed (not actively marketed), prepaid expenses are expensed as the underlying assets are utilized or amortized. Debt issuance costs incurred in connection with obtaining funding for the Company have been capitalized and are being amortized over the lives of the related funding agreements as a component of interest expense using a method which approximates the effective interest method. Amortization of capitalized debt issuance costs included in interest expense was $5.8 million, $5.0 million and $5.0 million for the years ended December 31, 2013, 2012 and 2011, respectively. See "Note 16—Borrowings" for more detail. | |||||||||
Debt issuance costs, net of amortization, recorded as of December 31, 2013 were comprised of $10.2 million related to the Senior Secured Notes, $3.6 million related to the DROT 2013-2 Notes, $1.7 million related to the DROT 2013-1 Notes, $1.3 million related to the Conduit Facility, $1.1 million related to the DROT 2011 Notes, $1.1 million related to the Tempus 2013 Notes, $0.1 million related to the ILXA loans and $1.0 million related to the Revolving Credit Facility. See "Note 16—Borrowings" for definitions of, and more detail on, the Company's borrowings. | |||||||||
Debt issuance costs, net of amortization, recorded as of December 31, 2012 were comprised of $13.2 million related to the Senior Secured Notes, $3.3 million related to the DROT 2009 Notes, $2.3 million related to the PMR Acquisition Loan, $1.5 million related to the DROT 2011 Notes, $1.2 million related to the Tempus Acquisition Loan, $0.3 million related to the Conduit Facility, $0.3 million related to the ILXA loans, and $0.1 million related to the Tempus Inventory Loan. | |||||||||
Debt issuance costs of $2.0 million related to the PMR Acquisition Loan and $0.9 million related to the Tempus Acquisition Loan were written off in July 2013 in connection with the payoff of these loans with proceeds from the IPO. In addition, debt issuance costs of $1.4 million related to the Senior Secured Notes were written off in August 2013 in connection with the repurchase of a portion of these notes with proceeds from the IPO. Furthermore, debt issuance costs of $1.9 million related to the Diamond Resorts Owner Trust 2009-1 Class A and Class B Notes were written off in connection with the payoff of this borrowing. The Company recognized a charge of $15.6 million for loss on extinguishment of debt, including the $6.3 million write off of these debt issuance costs, in the year ended December 31, 2013. | |||||||||
In connection with the Island One Acquisition, the Company acquired $3.6 million in prepaid expenses and other assets primarily related to unamortized maintenance fees based on a preliminary appraisal. See "Note 24—Business Combinations" for further details. |
Accumulated_Other_comprehensiv1
Accumulated Other comprehensive Income (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Accumulated Other Comprehensive Income [Abstract] | ' | |||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | |||||||||||||||
The components of accumulated other comprehensive income (loss) are as follows: | ||||||||||||||||
Cumulative Translation Adjustment | Post-retirement Benefit Plan | Other | Total | |||||||||||||
Balance, December 31, 2010 | $ | (17,746 | ) | $ | — | $ | — | $ | (17,746 | ) | ||||||
Period change | (600 | ) | — | (26 | ) | (626 | ) | |||||||||
Balance, December 31, 2011 | (18,346 | ) | — | (26 | ) | (18,372 | ) | |||||||||
Period change | 1,632 | — | 7 | 1,639 | ||||||||||||
Balance, December 31, 2012 | (16,714 | ) | — | (19 | ) | (16,733 | ) | |||||||||
Period change | 2,543 | (2,064 | ) | 77 | 556 | |||||||||||
Balance, December 31, 2013 | $ | (14,171 | ) | $ | (2,064 | ) | $ | 58 | $ | (16,177 | ) | |||||
Unsold_Vacation_Interests_Net_
Unsold Vacation Interests, Net (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Unsold Vacation Interests, Net [Abstract] | ' | ||||||||
Inventory Disclosure [Text Block] | ' | ||||||||
Unsold Vacation Interests, Net | |||||||||
Unsold Vacation Interests, net consisted of the following as of December 31 (in thousands): | |||||||||
2013 | 2012 | ||||||||
Completed unsold Vacation Interests, net | $ | 251,688 | $ | 268,007 | |||||
Undeveloped land | 28,513 | 38,786 | |||||||
Vacation Interest construction in progress | 17,909 | 9,074 | |||||||
Unsold Vacation Interests, net | $ | 298,110 | $ | 315,867 | |||||
Activity related to unsold Vacation Interests, net, for the years ended December 31, 2013 and 2012 is as follows (in thousands): | |||||||||
2013 | 2012 | ||||||||
Balance, beginning of period | $ | 315,867 | $ | 256,805 | |||||
Vacation Interest cost of sales | (56,695 | ) | (32,150 | ) | |||||
Inventory recovery activity - North America | 23,352 | 27,002 | |||||||
Inventory recovery activity - Europe | 6,582 | 15,469 | |||||||
Purchases in connection with business combinations | 4,823 | 33,888 | |||||||
Open market and bulk purchases | 2,521 | 4,988 | |||||||
Accrued bulk purchases | 1,488 | — | |||||||
Capitalized legal, title and trust fees | 897 | 2,830 | |||||||
Construction in progress | 8,948 | 2,067 | |||||||
Loan default recoveries, net | 4,169 | 3,415 | |||||||
Transfers from (to) assets held for sale | (9,770 | ) | (431 | ) | |||||
Transfer of undeveloped real estate parcels | (5,289 | ) | — | ||||||
Impairment of inventory | (1,279 | ) | — | ||||||
Effect of foreign currency translation | 520 | 1,280 | |||||||
Other | 1,976 | 704 | |||||||
Balance, end of period | $ | 298,110 | $ | 315,867 | |||||
See "Note 2—Summary of Significant Accounting Policies" for discussions on unsold Vacation Interests, net. | |||||||||
In connection with the Island One Acquisition, the Company acquired $4.8 million in unsold Vacation Interests, net based on a preliminary appraisal. See "Note 24—Business Combinations" for further details. | |||||||||
During the year ended December 31, 2013, the Company recorded a $1.3 million impairment loss attributable to the write down of certain parcels of vacant land in the U.S. to its fair value based on a market appraisal. | |||||||||
Vacation Interests, net consisted of the following as of December 31 (in thousands): | |||||||||
2013 | 2012 | ||||||||
Completed unsold Vacation Interests, net | $ | 251,688 | $ | 268,007 | |||||
Undeveloped land | 28,513 | 38,786 | |||||||
Vacation Interest construction in progress | 17,909 | 9,074 | |||||||
Unsold Vacation Interests, net | $ | 298,110 | $ | 315,867 | |||||
Activi | |||||||||
Activity Related to unsold Vacation Interests [Table Text Block] | ' | ||||||||
y related to unsold Vacation Interests, net, for the years ended December 31, 2013 and 2012 is as follows (in thousands): | |||||||||
2013 | 2012 | ||||||||
Balance, beginning of period | $ | 315,867 | $ | 256,805 | |||||
Vacation Interest cost of sales | (56,695 | ) | (32,150 | ) | |||||
Inventory recovery activity - North America | 23,352 | 27,002 | |||||||
Inventory recovery activity - Europe | 6,582 | 15,469 | |||||||
Purchases in connection with business combinations | 4,823 | 33,888 | |||||||
Open market and bulk purchases | 2,521 | 4,988 | |||||||
Accrued bulk purchases | 1,488 | — | |||||||
Capitalized legal, title and trust fees | 897 | 2,830 | |||||||
Construction in progress | 8,948 | 2,067 | |||||||
Loan default recoveries, net | 4,169 | 3,415 | |||||||
Transfers from (to) assets held for sale | (9,770 | ) | (431 | ) | |||||
Transfer of undeveloped real estate parcels | (5,289 | ) | — | ||||||
Impairment of inventory | (1,279 | ) | — | ||||||
Effect of foreign currency translation | 520 | 1,280 | |||||||
Other | 1,976 | 704 | |||||||
Balance, end of period | $ | 298,110 | $ | 315,867 | |||||
See "N |
Property_and_Equipment_Net_Tab
Property and Equipment, Net (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment [Table Text Block] | ' | ||||||||
Property and equipment, net consisted of the following as of December 31 (in thousands): | |||||||||
2013 | 2012 | ||||||||
Land and improvements | $ | 18,606 | $ | 16,828 | |||||
Buildings and leasehold improvements | 35,604 | 32,932 | |||||||
Furniture and office equipment | 18,650 | 16,180 | |||||||
Computer software | 24,488 | 17,370 | |||||||
Computer equipment | 12,521 | 10,358 | |||||||
Construction in progress | 10 | 25 | |||||||
Property and equipment, gross | 109,879 | 93,693 | |||||||
Less accumulated depreciation | (49,483 | ) | (38,573 | ) | |||||
Property and equipment, net | $ | 60,396 | $ | 55,120 | |||||
Intangible_Assets_Net_Tables
Intangible Assets, Net (Tables) | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' | ||||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | ' | ' | ||||||||||||||||||||||||
consisted of the following as of December 31, 2013 (in thousands): | consisted of the following as of December 31, 2012 (in thousands): | |||||||||||||||||||||||||
Gross Carrying | Accumulated | Net Book | Gross Carrying | Accumulated | Net Book | |||||||||||||||||||||
Cost | Amortization | Value | Cost | Amortization | Value | |||||||||||||||||||||
Management contracts | $ | 202,948 | $ | (31,905 | ) | $ | 171,043 | Management contracts | $ | 117,672 | $ | (20,931 | ) | $ | 96,741 | |||||||||||
Member relationships and exchange clubs | 56,128 | (32,090 | ) | 24,038 | Member relationships and exchange clubs | 38,017 | (26,348 | ) | 11,669 | |||||||||||||||||
Distributor relationships and other | 4,875 | (1,324 | ) | 3,551 | Distributor relationships and other | 4,866 | (778 | ) | 4,088 | |||||||||||||||||
$ | 263,951 | $ | (65,319 | ) | $ | 198,632 | $ | 160,555 | $ | (48,057 | ) | $ | 112,498 | |||||||||||||
Accrued_Liabilities_Tables
Accrued Liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accrued Liabilities Disclosure [Abstract] | ' | ||||||||
Schedule of Accrued Liabilities [Table Text Block] | ' | ||||||||
Accrued liabilities consisted of the following as of December 31 (in thousands): | |||||||||
2013 | 2012 | ||||||||
Accrued payroll and related | $ | 32,117 | $ | 22,313 | |||||
Accrued interest | 19,084 | 23,627 | |||||||
Accrued commissions | 16,234 | 12,021 | |||||||
Accrued marketing expenses | 11,828 | 12,189 | |||||||
Accrued other taxes | 11,589 | 7,165 | |||||||
Accrued insurance | 4,418 | 4,983 | |||||||
Accrued operating lease liabilities | 3,580 | 3,438 | |||||||
Accrued liability related to business combinations | 3,550 | 3,400 | |||||||
Accrued professional fees | 2,100 | 5,472 | |||||||
Accrued exchange company fees | 1,689 | 1,209 | |||||||
Accrued call center costs | 1,443 | 2,060 | |||||||
Deposits on pending sale of assets | 1,311 | 2,693 | |||||||
Accrued contingent litigation liabilities | 257 | 1,102 | |||||||
Other | 8,235 | 4,779 | |||||||
Total accrued liabilities | $ | 117,435 | $ | 106,451 | |||||
Deferred_Revenues_Tables
Deferred Revenues (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Deferred Revenue Disclosure [Abstract] | ' | ||||||||
Deferred Revenue, by Arrangement, Disclosure [Table Text Block] | ' | ||||||||
Deferred revenues consisted of the following as of December 31 (in thousands): | |||||||||
2013 | 2012 | ||||||||
Deferred revenue related to mini-vacation and Sampler Packages | $ | 54,010 | $ | 33,633 | |||||
Club deferred revenue | 37,516 | 41,097 | |||||||
Deferred maintenance and reserve fee revenue | 12,375 | 13,335 | |||||||
Accrued guest deposits | 3,836 | 2,100 | |||||||
Deferred revenue from an exchange company | 1,891 | 2,350 | |||||||
Deferred management fees and allocation revenue | 284 | 360 | |||||||
Other | 980 | 958 | |||||||
Total deferred revenues | $ | 110,892 | $ | 93,833 | |||||
Borrowings_Tables
Borrowings (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | ' | ||||||||||||||||||||
he following table presents selected information on the Company’s borrowings as of the dates presented below (dollars in thousands): | |||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||
Principal | Weighted | Maturity | Gross Amount of Mortgages and Contracts as Collateral and other Collateral | Borrowing / Funding Availability | Principal | ||||||||||||||||
Balance | Average | Balance | |||||||||||||||||||
Interest | |||||||||||||||||||||
Rate | |||||||||||||||||||||
Senior Secured Notes | $ | 374,440 | 12.00% | 8/15/18 | $ | — | $ | — | $ | 425,000 | |||||||||||
Original issue discount related to Senior Secured Notes | (6,548 | ) | — | — | (8,509 | ) | |||||||||||||||
Notes payable-insurance policies (2) | 3,130 | 3.20% | Various | — | — | 2,366 | |||||||||||||||
Notes payable-other (2) | 172 | 5.50% | Various | — | — | 872 | |||||||||||||||
Revolving Credit Facility | — | 9/11/17 | — | 25,000 | — | ||||||||||||||||
Total Corporate Indebtedness | 371,194 | — | 25,000 | 419,729 | |||||||||||||||||
ILXA Inventory Loan (1)(2)(3) | 11,268 | 7.50% | 8/31/15 | — | — | 15,939 | |||||||||||||||
DPM Inventory Loan (1)(2)(3) | 6,261 | 8.00% | Various | — | — | 1,267 | |||||||||||||||
Tempus Inventory Loan (1)(2)(3) | 2,308 | 7.50% | 6/30/16 | — | — | 2,992 | |||||||||||||||
Notes payable-other (1)(2)(3) | 11 | —% | 11/18/15 | — | — | 18 | |||||||||||||||
PMR Acquisition Loan (1)(2)(3)(4) | — | — | — | 62,211 | |||||||||||||||||
Tempus Acquisition Loan (1)(2)(3)(4) | — | — | — | 50,846 | |||||||||||||||||
Note Payable-RFA fees (1)(2)(3) | — | — | — | 1,395 | |||||||||||||||||
Total Non-Recourse Indebtedness other than Securitization Notes and Funding Facilities | 19,848 | — | — | 134,668 | |||||||||||||||||
Diamond Resorts Owners Trust 2013-2 (1) | 218,235 | 2.30% | 5/20/26 | 220,034 | — | — | |||||||||||||||
Diamond Resorts Owner Trust 2013-1 (1) | 63,059 | 2.00% | 1/20/25 | 65,791 | — | — | |||||||||||||||
Quorum Facility (1) | 47,824 | 5.90% | 12/31/15 | 51,755 | 32,176 | -5 | 52,417 | ||||||||||||||
Diamond Resorts Tempus Owner Trust 2013 (1) | 28,950 | 6.00% | 12/20/23 | 33,668 | — | — | |||||||||||||||
Diamond Resorts Owner Trust 2011-1 (1) | 24,792 | 4.00% | 3/20/23 | 25,190 | — | 36,849 | |||||||||||||||
Original issue discount related to Diamond Resorts Owner Trust 2011-1 | (226 | ) | — | — | (312 | ) | |||||||||||||||
ILXA Receivables Loan (1)(3) | 4,766 | 10.00% | 8/31/15 | 2,340 | — | 5,832 | |||||||||||||||
Island One Quorum Funding Facility (1) | 3,836 | 8.00% | 1/30/15 | 4,697 | — | — | |||||||||||||||
Island One Conduit Facility (1) | 31 | 7.40% | 9/30/16 | 719 | — | — | |||||||||||||||
Island One Receivables Loan (1) | — | — | — | — | |||||||||||||||||
Tempus Receivables Loan (1)(3) | — | — | — | 44,027 | |||||||||||||||||
Payments in transit (1)(3) | — | — | — | (1,150 | ) | ||||||||||||||||
10% participation interest (Tempus Acquisition, LLC) (1)(3) | — | — | — | (5,945 | ) | ||||||||||||||||
Diamond Resorts Owner Trust 2009-1 (1) | — | — | — | 50,025 | |||||||||||||||||
Original issue discount related to Diamond Resorts Owner Trust 2009-1 | — | — | — | (441 | ) | ||||||||||||||||
Conduit Facility (1) | — | 4/10/15 | — | 125,000 | -5 | 75,000 | |||||||||||||||
Total Securitization Notes and Funding Facilities | 391,267 | 404,194 | 157,176 | 256,302 | |||||||||||||||||
Total | $ | 782,309 | $ | 404,194 | $ | 182,176 | $ | 810,699 | |||||||||||||
(1) Non-recourse indebtedness | |||||||||||||||||||||
(2) Other notes payable | |||||||||||||||||||||
(3) Borrowing through special-purpose subsidiaries only | |||||||||||||||||||||
(4) Borrowing from lenders, which include affiliates of, or funds or accounts managed or advised by, Guggenheim Partners Investment Management, LLC, which is an affiliate of the Guggenheim Investor | |||||||||||||||||||||
(5) Borrowing / funding availability is calculated as the difference between the maximum commitment amount and the outstanding principal balance; however, the actual availability is dependent on the amount of eligible loans that serve as the collateral for such borrowings. | |||||||||||||||||||||
Schedule of Maturities of Long-term Debt [Table Text Block] | ' | ||||||||||||||||||||
The anticipated maturities of the Company’s borrowings under the Senior Secured Notes, securitization notes, Conduit Facility and notes payable are as follows (in thousands) and not including the use of any proceeds from potential debt or equity transactions during 2014 to pay down borrowings: | |||||||||||||||||||||
Due in the year ending December 31: | |||||||||||||||||||||
2014 | $ | 112,869 | |||||||||||||||||||
2015 | 122,580 | ||||||||||||||||||||
2016 | 47,531 | ||||||||||||||||||||
2017 | 31,957 | ||||||||||||||||||||
2018 | 393,432 | ||||||||||||||||||||
2019 and thereafter | 80,714 | ||||||||||||||||||||
Total contractual obligations | 789,083 | ||||||||||||||||||||
Unamortized original issue discounts, net | (6,774 | ) | |||||||||||||||||||
Total borrowings as of December 31, 2013 | $ | 782,309 | |||||||||||||||||||
Income_Taxes_benefit_for_incom
Income Taxes benefit for income t (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Contingency [Line Items] | ' | ||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | ||||||||||||
The components of the provision (benefit) for income taxes are summarized as follows for the years ended December 31, 2013, 2012 and 2011 (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current: | |||||||||||||
Federal | $ | — | $ | (1,090 | ) | $ | (98 | ) | |||||
State | 138 | 206 | — | ||||||||||
Foreign | 2,375 | (416 | ) | (851 | ) | ||||||||
Total current provision (benefit) for income taxes | 2,513 | (1,300 | ) | (949 | ) | ||||||||
Deferred: | |||||||||||||
Federal | 8,964 | 7,546 | (491 | ) | |||||||||
State | 2,859 | (2,761 | ) | 1,155 | |||||||||
Foreign | (5,518 | ) | (5,049 | ) | (4,506 | ) | |||||||
Total deferred provision (benefit) for income taxes before change in valuation allowance | 6,305 | (264 | ) | (3,842 | ) | ||||||||
Decrease in valuation allowance | (3,041 | ) | (12,746 | ) | (4,726 | ) | |||||||
Total deferred provision (benefit) for income taxes | 3,264 | (13,010 | ) | (8,568 | ) | ||||||||
Provision (benefit) for income taxes | $ | 5,777 | $ | (14,310 | ) | $ | (9,517 | ) | |||||
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | ' | ||||||||||||
Income (loss) before income taxes is comprised of the following for the years ended December 31, 2013, 2012 and 2011 (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Domestic | $ | 4,599 | $ | 9,993 | $ | 5,836 | |||||||
Foreign | (1,347 | ) | (10,660 | ) | (5,050 | ) | |||||||
Income (loss) before income taxes | $ | 3,252 | $ | (667 | ) | $ | 786 | ||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | ||||||||||||
The reconciliation between the statutory provision for income taxes and the actual provision (benefit) for income taxes is shown as follows for the years ended December 31, 2013, 2012 and 2011 (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Income tax expense (benefit) at U.S. federal statutory rate of 35% | $ | 1,138 | $ | (233 | ) | $ | 275 | ||||||
State tax expense, net of federal effect | 1,315 | (9 | ) | 1,554 | |||||||||
Tax impact of contributed entities | 7,877 | — | — | ||||||||||
Stock-based compensation issued to non U.S. recipients | 435 | — | — | ||||||||||
Income of pass-through entities not taxed at corporate entity level | 1,142 | 3,298 | 5,075 | ||||||||||
Tax impact of non-U.S. disregarded entities | (286 | ) | (282 | ) | (1,125 | ) | |||||||
Rate differences between U.S. and foreign tax jurisdictions | 2,046 | 1,388 | (1,221 | ) | |||||||||
Foreign currency and rate change adjustment | — | 186 | (179 | ) | |||||||||
Permanent return to provision and deferred adjustments | (4,644 | ) | 1,594 | (4,201 | ) | ||||||||
Meals and entertainment | 813 | 556 | 207 | ||||||||||
Alternative minimum tax (refund) | — | (1,090 | ) | (161 | ) | ||||||||
Tax effect of gain on bargain purchase from business combinations | (1,018 | ) | (6,972 | ) | (5,015 | ) | |||||||
Decrease in valuation allowance | (3,041 | ) | (12,746 | ) | (4,726 | ) | |||||||
Provision (benefit) for income taxes | $ | 5,777 | $ | (14,310 | ) | $ | (9,517 | ) | |||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | ||||||||||||
The Company's deferred tax asset and liability balances as of December 31, 2012 have been restated to reflect changes in the individual book-tax differences. On a consolidated basis, there was no impact on the Company's income tax provision for the year ended December 31, 2012 and the net deferred tax balance as of December 31, 2012 has not changed due to a full valuation allowance, however, the net deferred tax assets before valuation allowance as of December 31, 2012 decreased by $7.9 million. The company's deferred tax assets and liabilities are as follows as of December 31 (in thousands): | |||||||||||||
2013 | 2012 | ||||||||||||
Allowance for losses | $ | 40,979 | $ | 31,007 | |||||||||
Deferred profit | 19,116 | 14,273 | |||||||||||
Net Operating Loss carryover | 170,568 | 158,337 | |||||||||||
Accrued expenses and prepaid assets | 16,620 | 16,985 | |||||||||||
Other | 20,155 | 9,416 | |||||||||||
Total gross deferred tax assets | 267,438 | 230,018 | |||||||||||
Valuation allowance | (80,555 | ) | (83,596 | ) | |||||||||
Total net deferred tax assets | 186,883 | 146,422 | |||||||||||
Installment sales | 143,225 | 100,763 | |||||||||||
Intangible assets | 17,671 | 19,484 | |||||||||||
Unsold Vacation Interests adjustments | 48,391 | 23,999 | |||||||||||
Other | — | 2,176 | |||||||||||
Total deferred tax liability | 209,287 | 146,422 | |||||||||||
Net deferred tax liability | $ | (22,404 | ) | $ | — | ||||||||
Commitments_and_Contingencies_
Commitments and Contingencies Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Loss Contingencies [Line Items] | ' | ||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ' | ||||
As of December 31, 2013, future minimum lease payments on operating leases were as follows (in thousands): | |||||
Year ending December 31: | |||||
2014 | $ | 11,544 | |||
2015 | 7,755 | ||||
2016 | 7,158 | ||||
2017 | 6,826 | ||||
2,018 | 4,801 | ||||
2019 and thereafter | 530 | ||||
$ | 38,614 | ||||
Fair_Value_Measurements_Estima
Fair Value Measurements Estimated fair values (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | |||||||||||||||||||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||||||||||||||||||||||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | ' | ' | ||||||||||||||||||||||||||||||||
The carrying values and estimated fair values of the Company's financial instruments as of December 31, 2012 were as follows (in thousands): | ||||||||||||||||||||||||||||||||||
Carrying Value | Total Estimated Fair Value | Estimated Fair Value (Level 2) | Estimated Fair Value (Level 3) | |||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||
Mortgages and contracts receivable, net | $ | 312,932 | $ | 312,932 | $ | — | $ | 312,932 | ||||||||||||||||||||||||||
Total assets | $ | 312,932 | $ | 312,932 | $ | — | $ | 312,932 | ||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||
Senior Secured Notes, net | $ | 416,491 | $ | 463,250 | $ | 463,250 | $ | — | ||||||||||||||||||||||||||
Securitization notes and Funding Facilities, net | 256,302 | 270,392 | 270,392 | — | ||||||||||||||||||||||||||||||
Notes payable | 137,906 | 137,769 | 137,769 | — | ||||||||||||||||||||||||||||||
Total liabilities | $ | 810,699 | $ | 871,411 | $ | 871,411 | $ | — | ||||||||||||||||||||||||||
The carrying values and estimated fair values of the Company's financial instruments as of December 31, 2013 were as follows (in thousands): | ||||||||||||||||||||||||||||||||||
Carrying Value | Total Estimated Fair Value | Estimated Fair Value (Level 2) | Estimated Fair Value (Level 3) | |||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||
Mortgages and contracts receivable, net | $ | 405,454 | $ | 405,454 | $ | — | $ | 405,454 | ||||||||||||||||||||||||||
Total assets | $ | 405,454 | $ | 405,454 | $ | — | $ | 405,454 | ||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||
Senior Secured Notes, net | 367,892 | 413,756 | 413,756 | — | ||||||||||||||||||||||||||||||
Securitization notes and Funding Facilities, net | 391,267 | 392,317 | 392,317 | — | ||||||||||||||||||||||||||||||
Notes payable | 23,150 | 23,095 | 23,095 | — | ||||||||||||||||||||||||||||||
Total liabilities | $ | 782,309 | $ | 829,168 | $ | 829,168 | $ | — | ||||||||||||||||||||||||||
Fair Value Measurements | ' | ' | ||||||||||||||||||||||||||||||||
ote 19 — Fair Value Measurements | ||||||||||||||||||||||||||||||||||
ASC 820, "Fair Value Measurements" ("ASC 820"), defines fair value, establishes a framework for measuring fair value in accordance with U.S. GAAP, and expands disclosures about fair value measurements. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets and liabilities carried at fair value are classified and disclosed in one of the following three categories: | ||||||||||||||||||||||||||||||||||
• | Level 1: Quoted prices for identical instruments in active markets. | |||||||||||||||||||||||||||||||||
• | Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs or significant value drivers are observable. | |||||||||||||||||||||||||||||||||
• | Level 3: Unobservable inputs used when little or no market data is available. | |||||||||||||||||||||||||||||||||
As of December 31, 2013, the Company had no assets and liabilities measured at fair value on a recurring basis. As of December 31, 2012, the Company's only assets and liabilities measured at fair value on a recurring basis were its derivative instruments, which consisted of the 2010 Cap Agreement and the 2012 Cap Agreements. The 2010 Cap Agreement and the 2012 Cap Agreements had fair values of $0 based on valuation reports provided by counterparties and were classified as Level 3, based on the fact that the credit risk data used for the valuation is not directly observable and cannot be corroborated by observable market data. The Company’s assessment of the significant inputs to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. See "Note 3—Concentrations of Risk" for further detail on these cap agreements. | ||||||||||||||||||||||||||||||||||
As of December 31, 2013, mortgages and contracts receivable had a balance of $405.5 million, net of allowance. The allowance for loan and contract losses against the mortgages and contracts receivable is derived using a static pool analysis to develop historical default percentages based on FICO scores to apply to the mortgage and contract population. The Company evaluates other factors such as economic conditions, industry trends and past due aging reports in order to determine the adjustments needed to true up the allowance, which adjusts the carrying value of mortgages and contracts receivable to management's best estimate of collectability. As a result of such evaluation, the Company believes that the carrying value of the mortgages and contracts receivable approximated its fair value at December 31, 2013. These financial assets were classified as Level 3 as there is little market data available. | ||||||||||||||||||||||||||||||||||
The borrowings under the Senior Secured Notes were classified as Level 2 as of December 31, 2013 based on a quoted price of $110.5 on a restricted bond market, as they were not actively traded on the open market. | ||||||||||||||||||||||||||||||||||
As of December 31, 2013, the Company’s DROT 2011 Notes, DROT 2013-1 Notes, the Tempus 2013 Notes, and DROT 2013-2 Notes were classified as Level 2. The fair value of the DROT 2011 Notes, DROT 2013-1 Notes and DROT 2013-2 Notes was determined with the assistance of an investment banking firm, which the Company believes approximated similar instruments in active markets. The Company believes the fair value of the Tempus 2013 Notes approximated their carrying value due to the fact that they were recently amended and, therefore, measured using other significant observable inputs including the current refinancing activities. | ||||||||||||||||||||||||||||||||||
As of December 31, 2013, the Quorum Facility, the ILXA Receivables Loan, the ILXA Inventory Loan, the Tempus Inventory Loan, the DPM Inventory Loan, the Island One Quorum Funding Facility and the Island One Conduit Facility were classified as Level 2 based on an internal analysis performed by the Company utilizing the discounted cash flow model and the quoted prices for identical or similar instruments in markets that are not active. | ||||||||||||||||||||||||||||||||||
As of December 31, 2013, the fair value of all other debt instruments was not calculated, based on the fact that they were either due within one year or were immaterial. | ||||||||||||||||||||||||||||||||||
As of December 31, 2012, mortgages and contracts receivable had a balance of $312.9 million, net of allowance. The allowance for loan and contract losses against the mortgages and contracts receivable is derived using a static pool analysis to develop historical default percentages based on FICO scores to apply to the mortgage and contract population. The Company evaluates other factors such as economic conditions, industry trends and past due aging reports in order to determine the adjustments needed to true up the allowance, which adjust the carrying value of mortgages and contracts receivable to management's best estimate of collectability. As a result of such evaluation, the Company believes that the carrying value of the mortgages and contracts receivable approximated its fair value at December 31, 2012. These financial assets are classified as Level 3 as there is little market data available. | ||||||||||||||||||||||||||||||||||
The borrowings under the Senior Secured Notes were classified as Level 2 as of December 31, 2012 based on a quoted price of $109.0 on a restricted bond market, as they were not actively traded on the open market. | ||||||||||||||||||||||||||||||||||
As of December 31, 2012, the Company’s Conduit Facility, DROT 2009 Notes and DROT 2011 Notes were classified as Level 2. The Company believes the fair value of the Conduit Facility approximated its carrying value due to the fact that it was recently amended and was, therefore, measured using other significant observable inputs, including the current refinancing activities. The fair value of the DROT 2009 Notes and DROT 2011 Notes, which the Company believes approximated similar instruments in active markets, was determined with the assistance of an investment banking firm. | ||||||||||||||||||||||||||||||||||
As of December 31, 2012, the Quorum Facility, the ILXA Receivables Loan, the ILXA Inventory Loan, the Tempus Acquisition Loan, the Tempus Receivables Loan, the Tempus Inventory Loan, the PMR Acquisition Loan and the DPM Inventory Loan were classified as Level 2 based on an internal analysis performed by the Company utilizing the discounted cash flow model and the quoted prices for identical or similar instruments in markets that are not active. | ||||||||||||||||||||||||||||||||||
The Company believes, as of December 31, 2012, the fair value of the borrowings under Notes Payable—RFA fees approximated its carrying value as the carrying value represents the net present value of all future payments using an imputed interest rate of 10%. | ||||||||||||||||||||||||||||||||||
As of December 31, 2012, the fair value of all other debt instruments was not calculated, based on the fact that they were either due within one year or were immaterial. | ||||||||||||||||||||||||||||||||||
In accordance with ASC 820, the Company also applied the provisions of fair value measurement to various non-recurring measurements for the Company’s financial and non-financial assets and liabilities and recorded the impairment charges. The Company’s non-financial assets consist of property and equipment, which are recorded at cost, net of depreciation, unless impaired, and assets held for sale, which are recorded at the lower of cost or their estimated fair value less costs to sell. | ||||||||||||||||||||||||||||||||||
The carrying values and estimated fair values of the Company's financial instruments as of December 31, 2013 were as follows (in thousands): | ||||||||||||||||||||||||||||||||||
Carrying Value | Total Estimated Fair Value | Estimated Fair Value (Level 2) | Estimated Fair Value (Level 3) | |||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||
Mortgages and contracts receivable, net | $ | 405,454 | $ | 405,454 | $ | — | $ | 405,454 | ||||||||||||||||||||||||||
Total assets | $ | 405,454 | $ | 405,454 | $ | — | $ | 405,454 | ||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||
Senior Secured Notes, net | 367,892 | 413,756 | 413,756 | — | ||||||||||||||||||||||||||||||
Securitization notes and Funding Facilities, net | 391,267 | 392,317 | 392,317 | — | ||||||||||||||||||||||||||||||
Notes payable | 23,150 | 23,095 | 23,095 | — | ||||||||||||||||||||||||||||||
Total liabilities | $ | 782,309 | $ | 829,168 | $ | 829,168 | $ | — | ||||||||||||||||||||||||||
The carrying values and estimated fair values of the Company's financial instruments as of December 31, 2012 were as follows (in thousands): | ||||||||||||||||||||||||||||||||||
Carrying Value | Total Estimated Fair Value | Estimated Fair Value (Level 2) | Estimated Fair Value (Level 3) | |||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||
Mortgages and contracts receivable, net | $ | 312,932 | $ | 312,932 | $ | — | $ | 312,932 | ||||||||||||||||||||||||||
Total assets | $ | 312,932 | $ | 312,932 | $ | — | $ | 312,932 | ||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||
Senior Secured Notes, net | $ | 416,491 | $ | 463,250 | $ | 463,250 | $ | — | ||||||||||||||||||||||||||
Securitization notes and Funding Facilities, net | 256,302 | 270,392 | 270,392 | — | ||||||||||||||||||||||||||||||
Notes payable | 137,906 | 137,769 | 137,769 | — | ||||||||||||||||||||||||||||||
Total liabilities | $ | 810,699 | $ | 871,411 | $ | 871,411 | $ | — | ||||||||||||||||||||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||
Stock-Based Compensation [Abstract] | ' | |||||||||||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | |||||||||||||||||||||||||
The following table sets forth fair value per share information, including related assumptions, used to determine compensation cost for the Company’s non-qualified stock options consistent with the requirements of ASC 718. | ||||||||||||||||||||||||||
For the year ended | ||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||
Non-Employees | Company Employees | |||||||||||||||||||||||||
Weighted average fair value per share | $ | 8.9 | $ | 7.5 | ||||||||||||||||||||||
Expected stock price volatility | 49.8 | % | 52.9 | % | ||||||||||||||||||||||
Expected option life (years) | 9.13 | 6.51 | ||||||||||||||||||||||||
Risk-free interest rate | 2.4 | % | 1.8 | % | ||||||||||||||||||||||
Expected annual dividend yield | — | % | — | % | ||||||||||||||||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | ' | |||||||||||||||||||||||||
Stock option activity related to grants issued to Non-Employees and employees of the Company during the year ended December 31, 2013 was as follows: | ||||||||||||||||||||||||||
Non Employees | Company Employees | |||||||||||||||||||||||||
Options | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Term | Aggregate Intrinsic Value | Options | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Term | Aggregate Intrinsic Value | |||||||||||||||||||
(In thousands) | (Per Share) | (Years) | (In thousands) | (In thousands) | (Per Share) | (Years) | (In thousands) | |||||||||||||||||||
Outstanding at January 1, 2013 | — | $ | — | — | $ | — | ||||||||||||||||||||
Granted | 4,458 | 14 | 2,140 | 14.34 | ||||||||||||||||||||||
Exercised | — | — | — | — | ||||||||||||||||||||||
Forfeited | — | — | (12 | ) | 14 | |||||||||||||||||||||
Outstanding at December 31, 2013 | 4,458 | $ | 14 | 9.5 | $ | 19,882 | 2,128 | $ | 14.34 | 9.5 | $ | 8,776 | ||||||||||||||
Exercisable at December 31, 2013 | 3,731 | $ | 14 | 9.5 | $ | 16,639 | 739 | $ | 14.24 | 9.5 | $ | 3,116 | ||||||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | ' | |||||||||||||||||||||||||
The following table summarizes the Company’s unvested restricted stock activity for the year months ended December 31, 2013: | ||||||||||||||||||||||||||
Shares | Weighted-Average Grant Date Fair Value (Per Share) | |||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Unvested at January 1, 2013 | — | $ | — | |||||||||||||||||||||||
Granted | 32 | 14 | ||||||||||||||||||||||||
Vested | — | 14 | ||||||||||||||||||||||||
Forfeited or expired | — | — | ||||||||||||||||||||||||
Unvested at December 31, 2013 | 32 | $ | 14 | |||||||||||||||||||||||
Schedule of Nonvested Share Activity [Table Text Block] | ' | |||||||||||||||||||||||||
The following table summarizes the Company’s unvested stock option activity for the year ended December 31, 2013: | ||||||||||||||||||||||||||
Non-Employees | Company Employees | |||||||||||||||||||||||||
Options (In thousands) | Weighted-Average Exercise Price | Options (In thousands) | Weighted-Average Exercise Price | |||||||||||||||||||||||
(Per Share) | (Per Share) | |||||||||||||||||||||||||
Unvested at January 1, 2013 | — | $ | — | — | $ | — | ||||||||||||||||||||
Granted | 4,458 | 14 | 2,140 | 14.34 | ||||||||||||||||||||||
Vested | (3,731 | ) | 14 | (739 | ) | 14.24 | ||||||||||||||||||||
Forfeited or expired | — | — | (12 | ) | 14 | |||||||||||||||||||||
Unvested at December 31, 2013 | 727 | $ | 14 | 1,389 | $ | 14.39 | ||||||||||||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | ' | |||||||||||||||||||||||||
The following table summarizes the Company’s stock-based compensation expense for the year ended December 31, 2013 (in thousands): | ||||||||||||||||||||||||||
Non-Employees Grants | Company Employees Grants | Director Common Stock and Restricted Stock Grants | Total | |||||||||||||||||||||||
Stock-based compensation expense recognized | $ | 32,939 | $ | 7,218 | $ | 375 | $ | 40,533 | ||||||||||||||||||
The following table summarizes the effect of the stock-based compensation for the year ended December 31, 2013 (in thousands): | ||||||||||||||||||||||||||
Hospitality and | Vacation | Corporate and | Total | |||||||||||||||||||||||
Management | Interest Sales | Other | ||||||||||||||||||||||||
Services | and Financing | |||||||||||||||||||||||||
Management and member services | $ | 860 | $ | — | $ | — | $ | 860 | ||||||||||||||||||
Advertising, sales and marketing | — | 2,105 | — | 2,105 | ||||||||||||||||||||||
Vacation interest carrying cost, net | — | 208 | — | 208 | ||||||||||||||||||||||
Loan portfolio | — | 316 | — | 316 | ||||||||||||||||||||||
General and administrative | — | — | 37,044 | 37,044 | ||||||||||||||||||||||
Total | $ | 860 | $ | 2,629 | $ | 37,044 | $ | 40,533 | ||||||||||||||||||
Deferred Charges, Policy [Policy Text Block] | ' | |||||||||||||||||||||||||
The following table summarizes the Company’s unrecognized stock-based compensation expense as of December 31, 2013 (dollars in thousands): | ||||||||||||||||||||||||||
Non-Employees Grants | Company Employees Grants | Director Common Stock and Restricted Stock Grants | Total | |||||||||||||||||||||||
Unrecognized stock-based compensation expense | $ | 7,646 | $ | 7,196 | $ | 554 | $ | 15,396 | ||||||||||||||||||
Weighted-average remaining amortization period | 2.5 | 2.6 | 1.4 | 2.5 | ||||||||||||||||||||||
Business_Combinations_Tables
Business Combinations (Tables) | 9 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||
Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |||||||||||||||||||||||||||||||||
Business Combinations [Abstract] | ' | ' | ' | ||||||||||||||||||||||||||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | ' | ' | ' | ||||||||||||||||||||||||||||||||
The following table summarizes the consideration paid and the amounts of the assets acquired and liabilities assumed at the acquisition date based on preliminary appraisals (in thousands): | |||||||||||||||||||||||||||||||||||
Based on Preliminary Appraisal | |||||||||||||||||||||||||||||||||||
Based on Preliminary Appraisal | Consideration: | ||||||||||||||||||||||||||||||||||
Consideration: | Cash | $ | 6,543 | ||||||||||||||||||||||||||||||||
DRII common stock | $ | 73,307 | |||||||||||||||||||||||||||||||||
Earn-out Liability | 3,336 | ||||||||||||||||||||||||||||||||||
Fair value of total consideration transferred | $ | 73,307 | |||||||||||||||||||||||||||||||||
Fair value of total consideration transferred | $ | 9,879 | |||||||||||||||||||||||||||||||||
Recognized amounts of identifiable assets acquired and liabilities assumed as of July 24, 2013: | |||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 569 | Recognized amounts of identifiable assets acquired and liabilities assumed as of October 5, 2012: | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 2,072 | |||||||||||||||||||||||||||||||||
Restricted cash | 1,156 | ||||||||||||||||||||||||||||||||||
Cash in escrow and restricted cash | 1,925 | ||||||||||||||||||||||||||||||||||
Due from related parties, net | 2,790 | ||||||||||||||||||||||||||||||||||
Mortgages and contracts receivable | 4,070 | ||||||||||||||||||||||||||||||||||
Mortgages and contracts receivable | 14,188 | ||||||||||||||||||||||||||||||||||
Other receivables, net | 55 | ||||||||||||||||||||||||||||||||||
Other receivables, net | 1,802 | ||||||||||||||||||||||||||||||||||
Prepaid expenses and other assets | 947 | ||||||||||||||||||||||||||||||||||
Prepaid expenses and other assets | 3,565 | ||||||||||||||||||||||||||||||||||
Unsold Vacation Interests | 3,450 | ||||||||||||||||||||||||||||||||||
Unsold Vacation Interests, net | 4,823 | ||||||||||||||||||||||||||||||||||
Property and equipment | 388 | ||||||||||||||||||||||||||||||||||
Property and equipment, net | 1,107 | ||||||||||||||||||||||||||||||||||
Intangible assets | 5,901 | ||||||||||||||||||||||||||||||||||
Intangible assets | 51,850 | ||||||||||||||||||||||||||||||||||
Total assets | 18,808 | ||||||||||||||||||||||||||||||||||
Total assets | 81,850 | ||||||||||||||||||||||||||||||||||
Liabilities assumed | 8,840 | ||||||||||||||||||||||||||||||||||
Deferred tax liability | 17,403 | ||||||||||||||||||||||||||||||||||
Total identifiable net assets | $ | 9,968 | |||||||||||||||||||||||||||||||||
Liabilities assumed | 21,772 | ||||||||||||||||||||||||||||||||||
Total identifiable assets | $ | 42,675 | Gain on bargain purchase from business combination | $ | 89 | ||||||||||||||||||||||||||||||
The following table summarizes the consideration paid and the amounts of the assets acquired and liabilities assumed from Pacific Monarch Resorts, Inc. at the acquisition date based on the appraisals as of May 21, 2012 and May 21, 2013 (in thousands). | |||||||||||||||||||||||||||||||||||
Goodwill recognized | $ | 30,632 | |||||||||||||||||||||||||||||||||
The Company recorded a $2.9 million gain on bargain purchase from business combinations in accordance with ASC 805. | Based on Preliminary Appraisal as of May 21, 2012 | Adjustments Recorded Through May 21, 2013 | Based on Final Appraisal as of May 21, 2013 | ||||||||||||||||||||||||||||||||
Consideration: | |||||||||||||||||||||||||||||||||||
Cash | $ | 51,635 | $ | — | $ | 51,635 | |||||||||||||||||||||||||||||
Based on Preliminary Appraisal | |||||||||||||||||||||||||||||||||||
Consideration: | Fair value of total consideration transferred | $ | 51,635 | $ | — | $ | 51,635 | ||||||||||||||||||||||||||||
Cash | $ | 47,417 | |||||||||||||||||||||||||||||||||
Fair value of total consideration transferred | $ | 47,417 | Recognized amounts of identifiable assets acquired and liabilities assumed as of May 21, 2012: | ||||||||||||||||||||||||||||||||
Prepaid expenses and other assets | $ | 315 | $ | 25 | $ | 340 | |||||||||||||||||||||||||||||
Recognized amounts of identifiable assets acquired and liabilities assumed as of July 24, 2013: | Due from related parties, net | 2,067 | — | 2,067 | |||||||||||||||||||||||||||||||
Due from related parties, net | $ | 123 | |||||||||||||||||||||||||||||||||
Other receivables, net | 2,916 | (47 | ) | 2,869 | |||||||||||||||||||||||||||||||
Other receivables, net | 1,381 | ||||||||||||||||||||||||||||||||||
Mortgages and contracts receivable | 1,677 | (13 | ) | 1,664 | |||||||||||||||||||||||||||||||
Management contracts | 51,080 | ||||||||||||||||||||||||||||||||||
Unsold Vacation Interests | 36,221 | (5,813 | ) | 30,408 | |||||||||||||||||||||||||||||||
Total assets | 52,584 | ||||||||||||||||||||||||||||||||||
Property and equipment | 1,408 | (675 | ) | 733 | |||||||||||||||||||||||||||||||
Deferred tax liability | 1,737 | ||||||||||||||||||||||||||||||||||
Intangible assets | 45,100 | 3,833 | 48,933 | ||||||||||||||||||||||||||||||||
Liabilities assumed | 521 | ||||||||||||||||||||||||||||||||||
Total assets | 89,704 | (2,690 | ) | 87,014 | |||||||||||||||||||||||||||||||
Total identifiable net assets | $ | 50,326 | |||||||||||||||||||||||||||||||||
Deferred tax liability | 13,453 | (443 | ) | 13,010 | |||||||||||||||||||||||||||||||
Gain on bargain purchase from business combination | $ | 2,909 | Liabilities assumed | 1,736 | 11 | 1,747 | |||||||||||||||||||||||||||||
Total identifiable net assets | $ | 74,515 | $ | (2,258 | ) | $ | 72,257 | ||||||||||||||||||||||||||||
Gain on bargain purchase from business combination | $ | 22,880 | $ | (2,258 | ) | $ | 20,622 | ||||||||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | ' | ' | ' | ||||||||||||||||||||||||||||||||
Acquired Island One intangible assets consist of the following (dollars in thousands): | |||||||||||||||||||||||||||||||||||
Weighted Average Useful Life in Years | Based on Preliminary Appraisal | ||||||||||||||||||||||||||||||||||
Management contracts | 15 | $ | 33,860 | ||||||||||||||||||||||||||||||||
Member exchange clubs | 20 | 16,370 | |||||||||||||||||||||||||||||||||
Member relationships - customer lists | 3 | 1,620 | |||||||||||||||||||||||||||||||||
Total acquired intangible assets | $ | 51,850 | |||||||||||||||||||||||||||||||||
Acquired PMR Service Companies intangible assets consist of the following (dollars in thousands): | |||||||||||||||||||||||||||||||||||
Weighted Average Useful Life in Years | Based on Preliminary Appraisal | ||||||||||||||||||||||||||||||||||
Management contracts | 15 | $ | 51,080 | ||||||||||||||||||||||||||||||||
Total acquired intangible assets | $ | 51,080 | |||||||||||||||||||||||||||||||||
Business Acquisition, Pro Forma Information [Table Text Block] | ' | ' | ' | ||||||||||||||||||||||||||||||||
The following table presents unaudited consolidated pro forma revenues and net (loss) income of the Company as if the closing of the Island One Acquisition and the closing of the PMR Service Companies Acquisition had occurred on January 1, 2012 for purposes of the financial information presented for the years ended December 31, 2013 and 2012 (in thousands, except per share data): | |||||||||||||||||||||||||||||||||||
Year Ended | |||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||
Revenue | $ | 752,871 | $ | 556,683 | |||||||||||||||||||||||||||||||
Net (loss) income | $ | (5,619 | ) | $ | 19,632 | ||||||||||||||||||||||||||||||
Net (loss) income per share - basic and diluted | $ | (0.08 | ) | $ | 0.33 | ||||||||||||||||||||||||||||||
Weighted average common shares outstanding - basic and diluted | 66,631 | 59,010 | |||||||||||||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | ' | ' | ' | ||||||||||||||||||||||||||||||||
consisted of the following as of December 31, 2013 (in thousands): | consisted of the following as of December 31, 2012 (in thousands): | ||||||||||||||||||||||||||||||||||
Gross Carrying | Accumulated | Net Book | Gross Carrying | Accumulated | Net Book | ||||||||||||||||||||||||||||||
Cost | Amortization | Value | Cost | Amortization | Value | ||||||||||||||||||||||||||||||
Management contracts | $ | 202,948 | $ | (31,905 | ) | $ | 171,043 | Management contracts | $ | 117,672 | $ | (20,931 | ) | $ | 96,741 | ||||||||||||||||||||
Member relationships and exchange clubs | 56,128 | (32,090 | ) | 24,038 | Member relationships and exchange clubs | 38,017 | (26,348 | ) | 11,669 | ||||||||||||||||||||||||||
Distributor relationships and other | 4,875 | (1,324 | ) | 3,551 | Distributor relationships and other | 4,866 | (778 | ) | 4,088 | ||||||||||||||||||||||||||
$ | 263,951 | $ | (65,319 | ) | $ | 198,632 | $ | 160,555 | $ | (48,057 | ) | $ | 112,498 | ||||||||||||||||||||||
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | ' | ' | ' | ||||||||||||||||||||||||||||||||
Acquired PMR intangible assets consist of the following (dollar amounts in thousands): | |||||||||||||||||||||||||||||||||||
Weighted Average Useful Life in Years | Based on Preliminary Appraisal as of May 21, 2012 | Adjustments Recorded Through May 21, 2013 | Based on Final Appraisal as of May 21, 2013 | ||||||||||||||||||||||||||||||||
Management contracts | 15 | $ | 38,300 | $ | — | $ | 38,300 | ||||||||||||||||||||||||||||
Member relationships - customer lists | 3 | 6,800 | — | 6,800 | |||||||||||||||||||||||||||||||
Other | 10 | — | 3,833 | 3,833 | |||||||||||||||||||||||||||||||
Total acquired intangible assets | $ | 45,100 | $ | 3,833 | $ | 48,933 | |||||||||||||||||||||||||||||
Weighted Average Useful Life in Years | Based on Preliminary Appraisal | ||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||
Management contracts | 15 | $ | 4,123 | ||||||||||||||||||||||||||||||||
Member relationships - customer lists | 3 | 1,778 | |||||||||||||||||||||||||||||||||
Total acquired intangible assets | $ | 5,901 | |||||||||||||||||||||||||||||||||
Employee_Benefit_Plan_Tables
Employee Benefit Plan (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Post-retirement Benefit Plan [Abstract] | ' | ||||
Schedule of Net Benefit Costs [Table Text Block] | ' | ||||
Components of net periodic benefit costs for the year ended December 31, 2013 were as follows (in thousands): | |||||
2013 | |||||
Service cost | $ | 370 | |||
Interest cost | 174 | ||||
Amortization of prior service costs | 343 | ||||
Net periodic pension cost | $ | 887 | |||
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | ' | ||||
A summary of benefit obligations, fair value of plan assets and funded status is as follows (in thousands): | |||||
Year Ended December 31, 2013 | |||||
Projected obligations at January 1, 2013 | $ | 2,183 | |||
Service costs | 370 | ||||
Interest costs | 174 | ||||
Losses | 223 | ||||
Benefits paid | (40 | ) | |||
Projected obligations at December 31, 2013 | $ | 2,910 | |||
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | ' | ||||
At December 31, 2013, the Company had no plan assets. The benefit obligation and plan assets as of December 31, 2013 were as follows (in thousands): | |||||
2013 | |||||
Fair value of plan assets | $ | — | |||
Benefit obligation | (2,910 | ) | |||
Unfunded obligation | $ | (2,910 | ) | ||
Schedule of Assumptions Used [Table Text Block] | ' | ||||
Weighted-average assumptions used to determine net periodic benefit cost for the year ended December 31, 2013 were as follows: | |||||
2013 | |||||
Settlement (discount) rate | 3.31 | % | |||
Increase in future compensation | 3 | % | |||
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||
Other changes in plan assets and projected benefit obligations recognized in other comprehensive loss for the year ended December 31, 2013 were as follows (in thousands): | |||||
2013 | |||||
Net loss | $ | 223 | |||
Amortization of prior service costs | 343 | ||||
Total recognized in other comprehensive loss | 566 | ||||
Net periodic pension cost | 887 | ||||
Total recognized in net pension cost and other comprehensive loss | $ | 1,453 | |||
Amounts recognized in accumulated other comprehensive loss at December 31, 2013 consisted of the following (in thousands): | |||||
2013 | |||||
Net loss | $ | 223 | |||
Prior service cost | 1,841 | ||||
Total amounts included in accumulated other comprehensive loss | $ | 2,064 | |||
Segment_Reporting_Tables
Segment Reporting (Tables) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
Mar. 31, 2012 | Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
CONSOLIDATING STATEMENTS OF OPERATIONS BY BUSINESS SEGMENT | Information about the Company’s operations in different business segments for the periods presented below is as follows: | |||||||||||||||||||||||||||||||||||||||||||||||||
For the Year Ended December 31, 2011 | CONSOLIDATING STATEMENTS OF OPERATIONS BY BUSINESS SEGMENT | |||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | For the Years Ended December 31, 2013 and 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Hospitality and | Vacation | Corporate and | Total | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||||||
Management | Interest Sales | Other | ||||||||||||||||||||||||||||||||||||||||||||||||
Services | and Financing | Hospitality and | Vacation | Corporate and | Total | Hospitality and | Vacation | Corporate and | Total | |||||||||||||||||||||||||||||||||||||||||
Revenues: | Management | Interest Sales | Other | Management | Interest Sales | Other | ||||||||||||||||||||||||||||||||||||||||||||
Management and member services | $ | 99,306 | $ | — | $ | — | $ | 99,306 | Services | and Financing | Services | and Financing | ||||||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated resort operations | 29,893 | — | — | 29,893 | Management and member services | $ | 131,238 | $ | — | $ | — | $ | 131,238 | $ | 114,937 | $ | — | $ | — | $ | 114,937 | |||||||||||||||||||||||||||||
Vacation Interest sales, net of provision of $0, $16,562, $0, and $16,562, respectively | — | 194,759 | — | 194,759 | Consolidated resort operations | 35,512 | — | — | 35,512 | 33,756 | — | — | 33,756 | |||||||||||||||||||||||||||||||||||||
Interest | — | 44,410 | 2,875 | 47,285 | Vacation Interest sales, net of provision of $0, $44,670,$0, $44,670, $0, $25,457, $0, and$25,457, respectively | — | 464,613 | — | 464,613 | — | 293,098 | — | 293,098 | |||||||||||||||||||||||||||||||||||||
Other | 8,079 | 11,699 | — | 19,778 | Interest | — | 55,601 | 1,443 | 57,044 | — | 51,769 | 1,437 | 53,206 | |||||||||||||||||||||||||||||||||||||
Total revenues | 137,278 | 250,868 | 2,875 | 391,021 | Other | 8,673 | 32,708 | — | 41,381 | 4,595 | 24,076 | — | 28,671 | |||||||||||||||||||||||||||||||||||||
Costs and Expenses: | Total revenues | 175,423 | 552,922 | 1,443 | 729,788 | 153,288 | 368,943 | 1,437 | 523,668 | |||||||||||||||||||||||||||||||||||||||||
Management and member services | 27,125 | — | — | 27,125 | ||||||||||||||||||||||||||||||||||||||||||||||
Costs and Expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated resort operations | 27,783 | — | — | 27,783 | Management and member services | 37,907 | — | — | 37,907 | 35,330 | — | — | 35,330 | |||||||||||||||||||||||||||||||||||||
Vacation Interest cost of sales | — | (9,695 | ) | — | (9,695 | ) | Consolidated resort operations | 34,333 | — | — | 34,333 | 30,311 | — | — | 30,311 | |||||||||||||||||||||||||||||||||||
Advertising, sales and marketing | — | 128,717 | — | 128,717 | Vacation Interest cost of sales | — | 56,695 | — | 56,695 | — | 32,150 | — | 32,150 | |||||||||||||||||||||||||||||||||||||
Vacation Interest carrying cost, net | — | 41,331 | — | 41,331 | Advertising, sales and marketing | — | 258,451 | — | 258,451 | — | 178,365 | — | 178,365 | |||||||||||||||||||||||||||||||||||||
Loan portfolio | 1,211 | 7,441 | — | 8,652 | Vacation Interest carrying cost, net | — | 41,347 | — | 41,347 | — | 36,363 | — | 36,363 | |||||||||||||||||||||||||||||||||||||
Other operating | — | 3,399 | — | 3,399 | Loan portfolio | 1,111 | 8,520 | — | 9,631 | 858 | 8,628 | — | 9,486 | |||||||||||||||||||||||||||||||||||||
General and administrative | — | — | 80,412 | 80,412 | Other operating | — | 12,106 | — | 12,106 | — | 8,507 | — | 8,507 | |||||||||||||||||||||||||||||||||||||
Depreciation and amortization | — | — | 13,966 | 13,966 | General and administrative | — | — | 145,925 | 145,925 | — | — | 99,015 | 99,015 | |||||||||||||||||||||||||||||||||||||
Interest expense | — | 18,624 | 63,386 | 82,010 | Depreciation and amortization | — | — | 28,185 | 28,185 | — | — | 18,857 | 18,857 | |||||||||||||||||||||||||||||||||||||
Impairments and other write-offs | — | — | 1,572 | 1,572 | Interest expense | — | 16,411 | 72,215 | 88,626 | — | 18,735 | 77,422 | 96,157 | |||||||||||||||||||||||||||||||||||||
Gain on disposal of assets | — | — | (708 | ) | (708 | ) | Loss on extinguishment of debt | — | — | 15,604 | 15,604 | — | — | — | — | |||||||||||||||||||||||||||||||||||
Gain on bargain purchase from business combinations | — | — | (14,329 | ) | (14,329 | ) | Impairments and other write-offs | — | — | 1,587 | 1,587 | — | — | 1,009 | 1,009 | |||||||||||||||||||||||||||||||||||
Total costs and expenses | 56,119 | 189,817 | 144,299 | 390,235 | Gain on disposal of assets | — | — | (982 | ) | (982 | ) | — | — | (605 | ) | (605 | ) | |||||||||||||||||||||||||||||||||
Income (loss) before benefit for income taxes | 81,159 | 61,051 | (141,424 | ) | 786 | Gain on bargain purchase from business combinations | — | — | (2,879 | ) | (2,879 | ) | — | — | (20,610 | ) | (20,610 | ) | ||||||||||||||||||||||||||||||||
Benefit for income taxes | — | — | (9,517 | ) | (9,517 | ) | Total costs and expenses | 73,351 | 393,530 | 259,655 | 726,536 | 66,499 | 282,748 | 175,088 | 524,335 | |||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 81,159 | $ | 61,051 | $ | (131,907 | ) | $ | 10,303 | Income (loss) before benefit for income taxes | 102,072 | 159,392 | (258,212 | ) | 3,252 | 86,789 | 86,195 | (173,651 | ) | (667 | ) | |||||||||||||||||||||||||||||
Provision (benefit) for income taxes | — | — | 5,777 | 5,777 | — | — | (14,310 | ) | (14,310 | ) | ||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 102,072 | $ | 159,392 | $ | (263,989 | ) | $ | (2,525 | ) | $ | 86,789 | $ | 86,195 | $ | (159,341 | ) | $ | 13,643 | |||||||||||||||||||||||||||||||
Consolidating_Financial_Statem1
Consolidating Financial Statements - Guarantor and Non-guarantor Subsidiaries (Tables) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Consolidating Financial Statements Guarantor and Non-Guarantor [Abstract] | ' | ' | ||||||||||||||||||||||||||||||||||||||||
Consolidating financial statements parent guarantor nonguarantor [Text Block] | ' | ' | ||||||||||||||||||||||||||||||||||||||||
The following consolidating financial statements present, on a supplemental basis, the financial position, results of operations, and statements of cash flow for (i) those subsidiaries of the Company which have been designated "Non-guarantor Subsidiaries" for purposes of the Notes Indenture; and (ii) the Company and all of its other subsidiaries. Please see Exhibit 21.1 for a list of the Company's guarantor subsidiaries as of December 31, 2013. The Company's non-guarantor subsidiaries include | Consolidating Financial Statements - Guarantor and Non-guarantor | |||||||||||||||||||||||||||||||||||||||||
its European subsidiaries, special-purpose subsidiaries and a wholly-owned captive insurance entity. For purposes of the Notes Indenture, the financial position, results of operations, and statements of cash flows of the Company's non-guarantor subsidiaries are excluded from the Company’s financial results to determine whether the Company is in compliance with the financial covenants governing the Senior Secured Notes. Accordingly, management believes that the following presentation is helpful to readers of this annual report. | The following consolidating financial statements present, on a supplemental basis, the financial position, results of operations, and statements of cash flow for (i) those subsidiaries of the Company which have been designated "Non-guarantor Subsidiaries" for purposes of the Notes Indenture; and (ii) the Company and all of its other subsidiaries. Please see Exhibit 21.1 for a list of the Company's guarantor subsidiaries as of December 31, 2013. The Company's non-guarantor subsidiaries include | |||||||||||||||||||||||||||||||||||||||||
its European subsidiaries, special-purpose subsidiaries and a wholly-owned captive insurance entity. For purposes of the Notes Indenture, the financial position, results of operations, and statements of cash flows of the Company's non-guarantor subsidiaries are excluded from the Company’s financial results to determine whether the Company is in compliance with the financial covenants governing the Senior Secured Notes. Accordingly, management believes that the following presentation is helpful to readers of this annual report. | ||||||||||||||||||||||||||||||||||||||||||
CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||||||||||||||||||||||||
31-Dec-13 | CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | 31-Dec-13 | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||
Diamond Resorts International, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | ||||||||||||||||||||||||||||||||||||||
Assets: | Diamond Resorts International, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 12,980 | $ | 22,965 | $ | — | $ | 35,945 | Assets: | |||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 12,980 | $ | 22,965 | $ | — | $ | 35,945 | ||||||||||||||||||||||||||||||||
Cash in escrow and restricted cash | — | 37,571 | 54,660 | — | 92,231 | |||||||||||||||||||||||||||||||||||||
Cash in escrow and restricted cash | — | 37,571 | 54,660 | — | 92,231 | |||||||||||||||||||||||||||||||||||||
Mortgages and contracts receivable, net of allowance of $0, $49,002, $56,588, $0 and $105,590, respectively | — | 47,592 | 357,861 | 1 | 405,454 | |||||||||||||||||||||||||||||||||||||
Mortgages and contracts receivable, net of allowance of $0, $49,002, $56,588, $0 and $105,590, respectively | — | 47,592 | 357,861 | 1 | 405,454 | |||||||||||||||||||||||||||||||||||||
Due from related parties, net | 241,608 | 111,595 | 45,631 | (352,572 | ) | 46,262 | ||||||||||||||||||||||||||||||||||||
Due from related parties, net | 241,608 | 111,595 | 45,631 | (352,572 | ) | 46,262 | ||||||||||||||||||||||||||||||||||||
Other receivables, net | — | 39,152 | 15,436 | — | 54,588 | |||||||||||||||||||||||||||||||||||||
Other receivables, net | — | 39,152 | 15,436 | — | 54,588 | |||||||||||||||||||||||||||||||||||||
Income tax receivable | — | — | 16,890 | (16,865 | ) | 25 | ||||||||||||||||||||||||||||||||||||
Income tax receivable | — | — | 16,890 | (16,865 | ) | 25 | ||||||||||||||||||||||||||||||||||||
Prepaid expenses and other assets, net | 554 | 38,437 | 29,267 | — | 68,258 | |||||||||||||||||||||||||||||||||||||
Prepaid expenses and other assets, net | 554 | 38,437 | 29,267 | — | 68,258 | |||||||||||||||||||||||||||||||||||||
Investment in subsidiaries | 82,982 | 9,675 | — | (92,657 | ) | — | ||||||||||||||||||||||||||||||||||||
Investment in subsidiaries | 82,982 | 9,675 | — | (92,657 | ) | — | ||||||||||||||||||||||||||||||||||||
Unsold Vacation Interests, net | — | 231,478 | 117,988 | (51,356 | ) | 298,110 | ||||||||||||||||||||||||||||||||||||
Unsold Vacation Interests, net | — | 231,478 | 117,988 | (51,356 | ) | 298,110 | ||||||||||||||||||||||||||||||||||||
Property and equipment, net | — | 36,775 | 23,621 | — | 60,396 | |||||||||||||||||||||||||||||||||||||
Property and equipment, net | — | 36,775 | 23,621 | — | 60,396 | |||||||||||||||||||||||||||||||||||||
Assets held for sale | — | — | 10,662 | — | 10,662 | |||||||||||||||||||||||||||||||||||||
Assets held for sale | — | — | 10,662 | — | 10,662 | |||||||||||||||||||||||||||||||||||||
Goodwill | — | 30,632 | — | — | 30,632 | |||||||||||||||||||||||||||||||||||||
Goodwill | — | 30,632 | — | — | 30,632 | |||||||||||||||||||||||||||||||||||||
Other intangible assets, net | — | 75,927 | 122,705 | — | 198,632 | |||||||||||||||||||||||||||||||||||||
Other intangible assets, net | — | 75,927 | 122,705 | — | 198,632 | |||||||||||||||||||||||||||||||||||||
Total assets | $ | 325,144 | $ | 671,814 | $ | 817,686 | $ | (513,449 | ) | $ | 1,301,195 | |||||||||||||||||||||||||||||||
Total assets | $ | 325,144 | $ | 671,814 | $ | 817,686 | $ | (513,449 | ) | $ | 1,301,195 | |||||||||||||||||||||||||||||||
Liabilities and Stockholders' Equity (Deficit): | ||||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | — | $ | 8,589 | $ | 6,040 | $ | — | $ | 14,629 | Liabilities and Stockholders' Equity (Deficit): | |||||||||||||||||||||||||||||||
Accounts payable | $ | — | $ | 8,589 | $ | 6,040 | $ | — | $ | 14,629 | ||||||||||||||||||||||||||||||||
Due to related parties, net | — | 92,573 | 304,643 | (352,572 | ) | 44,644 | ||||||||||||||||||||||||||||||||||||
Due to related parties, net | — | 92,573 | 304,643 | (352,572 | ) | 44,644 | ||||||||||||||||||||||||||||||||||||
Accrued liabilities | — | 75,620 | 41,815 | — | 117,435 | |||||||||||||||||||||||||||||||||||||
Accrued liabilities | — | 75,620 | 41,815 | — | 117,435 | |||||||||||||||||||||||||||||||||||||
Income taxes payable | — | 66 | 1,003 | — | 1,069 | |||||||||||||||||||||||||||||||||||||
Income taxes payable | — | 66 | 1,003 | — | 1,069 | |||||||||||||||||||||||||||||||||||||
Deferred income taxes | — | 27,874 | 11,395 | (16,865 | ) | 22,404 | ||||||||||||||||||||||||||||||||||||
Deferred income taxes | — | 27,874 | 11,395 | (16,865 | ) | 22,404 | ||||||||||||||||||||||||||||||||||||
Deferred revenues | — | 88,921 | 21,971 | — | 110,892 | |||||||||||||||||||||||||||||||||||||
Deferred revenues | — | 88,921 | 21,971 | — | 110,892 | |||||||||||||||||||||||||||||||||||||
Senior Secured Notes, net of unamortized original issue discount of $0, $6,548, $0, $0 and $6,548, respectively | — | 367,892 | — | — | 367,892 | |||||||||||||||||||||||||||||||||||||
Senior Secured Notes, net of unamortized original issue discount of $0, $6,548, $0, $0 and $6,548, respectively | — | 367,892 | — | — | 367,892 | |||||||||||||||||||||||||||||||||||||
Securitization notes and Funding Facilities, net of unamortized original issue discount of $0, $0, $226, $0 and $226, respectively | — | — | 391,267 | — | 391,267 | |||||||||||||||||||||||||||||||||||||
Securitization notes and Funding Facilities, net of unamortized original issue discount of $0, $0, $226, $0 and $226, respectively | — | — | 391,267 | — | 391,267 | |||||||||||||||||||||||||||||||||||||
Notes payable | — | 3,288 | 19,862 | — | 23,150 | |||||||||||||||||||||||||||||||||||||
Notes payable | — | 3,288 | 19,862 | — | 23,150 | |||||||||||||||||||||||||||||||||||||
Total liabilities | — | 664,823 | 797,996 | (369,437 | ) | 1,093,382 | ||||||||||||||||||||||||||||||||||||
Total liabilities | — | 664,823 | 797,996 | (369,437 | ) | 1,093,382 | ||||||||||||||||||||||||||||||||||||
Stockholders' equity: | ||||||||||||||||||||||||||||||||||||||||||
Common stock | 755 | — | — | — | 755 | Stockholders' equity: | ||||||||||||||||||||||||||||||||||||
Common stock | 755 | — | — | — | 755 | |||||||||||||||||||||||||||||||||||||
Additional paid-in capital | 393,646 | 140,056 | 22,149 | (92,657 | ) | 463,194 | ||||||||||||||||||||||||||||||||||||
Additional paid-in capital | 393,646 | 140,056 | 22,149 | (92,657 | ) | 463,194 | ||||||||||||||||||||||||||||||||||||
Accumulated deficit | (69,257 | ) | (112,302 | ) | (7,045 | ) | (51,355 | ) | (239,959 | ) | ||||||||||||||||||||||||||||||||
Accumulated other comprehensive (loss) income | — | (20,763 | ) | 4,586 | — | (16,177 | ) | Accumulated deficit | (69,257 | ) | (112,302 | ) | (7,045 | ) | (51,355 | ) | (239,959 | ) | ||||||||||||||||||||||||
Accumulated other comprehensive (loss) income | — | (20,763 | ) | 4,586 | — | (16,177 | ) | |||||||||||||||||||||||||||||||||||
Total stockholders' equity (deficit) | 325,144 | 6,991 | 19,690 | (144,012 | ) | 207,813 | ||||||||||||||||||||||||||||||||||||
Total stockholders' equity (deficit) | 325,144 | 6,991 | 19,690 | (144,012 | ) | 207,813 | ||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders' equity (deficit) | $ | 325,144 | $ | 671,814 | $ | 817,686 | $ | (513,449 | ) | $ | 1,301,195 | |||||||||||||||||||||||||||||||
Total liabilities and stockholders' equity (deficit) | $ | 325,144 | $ | 671,814 | $ | 817,686 | $ | (513,449 | ) | $ | 1,301,195 | |||||||||||||||||||||||||||||||
CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||||||||||||||||||||||||||
For the Year Ended December 31, 2013 | CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | For the Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||
Diamond Resorts International, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | ||||||||||||||||||||||||||||||||||||||
Revenues: | Diamond Resorts International, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||||||||||||||||||||||||
Management and member services | $ | — | $ | 105,307 | $ | 43,667 | $ | (17,736 | ) | $ | 131,238 | Revenues: | ||||||||||||||||||||||||||||||
Management and member services | $ | — | $ | 105,307 | $ | 43,667 | $ | (17,736 | ) | $ | 131,238 | |||||||||||||||||||||||||||||||
Consolidated resort operations | — | 27,908 | 7,604 | — | 35,512 | |||||||||||||||||||||||||||||||||||||
Consolidated resort operations | — | 27,908 | 7,604 | — | 35,512 | |||||||||||||||||||||||||||||||||||||
Vacation Interest sales, net of provision of $0, $43,347, $1,323, $0 and $44,670, respectively | — | 382,554 | 82,059 | — | 464,613 | |||||||||||||||||||||||||||||||||||||
Vacation Interest sales, net of provision of $0, $43,347, $1,323, $0 and $44,670, respectively | — | 382,554 | 82,059 | — | 464,613 | |||||||||||||||||||||||||||||||||||||
Interest | — | (2,002 | ) | 59,076 | (30 | ) | 57,044 | |||||||||||||||||||||||||||||||||||
Interest | — | (2,002 | ) | 59,076 | (30 | ) | 57,044 | |||||||||||||||||||||||||||||||||||
Other | — | 46,300 | 52,460 | (57,379 | ) | 41,381 | ||||||||||||||||||||||||||||||||||||
Other | — | 46,300 | 52,460 | (57,379 | ) | 41,381 | ||||||||||||||||||||||||||||||||||||
Total revenues | — | 560,067 | 244,866 | (75,145 | ) | 729,788 | ||||||||||||||||||||||||||||||||||||
Total revenues | — | 560,067 | 244,866 | (75,145 | ) | 729,788 | ||||||||||||||||||||||||||||||||||||
Costs and Expenses: | ||||||||||||||||||||||||||||||||||||||||||
Management and member services | — | 35,657 | 16,422 | (14,172 | ) | 37,907 | Costs and Expenses: | |||||||||||||||||||||||||||||||||||
Management and member services | — | 35,657 | 16,422 | (14,172 | ) | 37,907 | ||||||||||||||||||||||||||||||||||||
Consolidated resort operations | — | 27,885 | 6,448 | — | 34,333 | |||||||||||||||||||||||||||||||||||||
Consolidated resort operations | — | 27,885 | 6,448 | — | 34,333 | |||||||||||||||||||||||||||||||||||||
Vacation Interest cost of sales | — | 51,679 | 5,016 | — | 56,695 | |||||||||||||||||||||||||||||||||||||
Vacation Interest cost of sales | — | 51,679 | 5,016 | — | 56,695 | |||||||||||||||||||||||||||||||||||||
Advertising, sales and marketing | — | 209,654 | 52,299 | (3,502 | ) | 258,451 | ||||||||||||||||||||||||||||||||||||
Advertising, sales and marketing | — | 209,654 | 52,299 | (3,502 | ) | 258,451 | ||||||||||||||||||||||||||||||||||||
Vacation Interest carrying cost, net | — | 19,476 | 25,927 | (4,056 | ) | 41,347 | ||||||||||||||||||||||||||||||||||||
Vacation Interest carrying cost, net | — | 19,476 | 25,927 | (4,056 | ) | 41,347 | ||||||||||||||||||||||||||||||||||||
Loan portfolio | — | 8,429 | 11,284 | (10,082 | ) | 9,631 | ||||||||||||||||||||||||||||||||||||
Loan portfolio | — | 8,429 | 11,284 | (10,082 | ) | 9,631 | ||||||||||||||||||||||||||||||||||||
Other operating | — | 12,011 | 14,266 | (14,171 | ) | 12,106 | ||||||||||||||||||||||||||||||||||||
Other operating | — | 12,011 | 14,266 | (14,171 | ) | 12,106 | ||||||||||||||||||||||||||||||||||||
General and administrative | 581 | 119,786 | 25,559 | (1 | ) | 145,925 | ||||||||||||||||||||||||||||||||||||
General and administrative | 581 | 119,786 | 25,559 | (1 | ) | 145,925 | ||||||||||||||||||||||||||||||||||||
Depreciation and amortization | — | 11,380 | 16,805 | — | 28,185 | |||||||||||||||||||||||||||||||||||||
Depreciation and amortization | — | 11,380 | 16,805 | — | 28,185 | |||||||||||||||||||||||||||||||||||||
Interest expense | — | 42,369 | 46,287 | (30 | ) | 88,626 | ||||||||||||||||||||||||||||||||||||
Interest expense | — | 42,369 | 46,287 | (30 | ) | 88,626 | ||||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | — | 8,462 | 7,142 | — | 15,604 | |||||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | — | 8,462 | 7,142 | — | 15,604 | |||||||||||||||||||||||||||||||||||||
Impairments and other write-offs | — | — | 1,587 | — | 1,587 | |||||||||||||||||||||||||||||||||||||
Impairments and other write-offs | — | — | 1,587 | — | 1,587 | |||||||||||||||||||||||||||||||||||||
Loss (gain on) disposal of assets | — | 95 | (1,077 | ) | — | (982 | ) | |||||||||||||||||||||||||||||||||||
Loss (gain on) disposal of assets | — | 95 | (1,077 | ) | — | (982 | ) | |||||||||||||||||||||||||||||||||||
Gain on bargain purchase from business combinations | — | — | (2,879 | ) | — | (2,879 | ) | |||||||||||||||||||||||||||||||||||
Gain on bargain purchase from business combinations | — | — | (2,879 | ) | — | (2,879 | ) | |||||||||||||||||||||||||||||||||||
Total costs and expenses | 581 | 546,883 | 225,086 | (46,014 | ) | 726,536 | ||||||||||||||||||||||||||||||||||||
Total costs and expenses | 581 | 546,883 | 225,086 | (46,014 | ) | 726,536 | ||||||||||||||||||||||||||||||||||||
(Loss) income before provision for income taxes | (581 | ) | 13,184 | 19,780 | (29,131 | ) | 3,252 | |||||||||||||||||||||||||||||||||||
(Loss) income before provision for income taxes | (581 | ) | 13,184 | 19,780 | (29,131 | ) | 3,252 | |||||||||||||||||||||||||||||||||||
Provision for income taxes | — | 2,423 | 3,354 | — | 5,777 | |||||||||||||||||||||||||||||||||||||
Provision for income taxes | — | 2,423 | 3,354 | — | 5,777 | |||||||||||||||||||||||||||||||||||||
Net (loss) income | $ | (581 | ) | $ | 10,761 | $ | 16,426 | $ | (29,131 | ) | $ | (2,525 | ) | |||||||||||||||||||||||||||||
Net (loss) income | $ | (581 | ) | $ | 10,761 | $ | 16,426 | $ | (29,131 | ) | $ | (2,525 | ) | |||||||||||||||||||||||||||||
CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||||||||||||||||||||
For the Year Ended December 31, 2013 | CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | For the Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||
Diamond Resorts International, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | ||||||||||||||||||||||||||||||||||||||
Operating activities: | Diamond Resorts International, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||||||||||||||||||||||||
Net (loss) income | $ | (581 | ) | $ | 10,761 | $ | 16,426 | $ | (29,131 | ) | $ | (2,525 | ) | Operating activities: | ||||||||||||||||||||||||||||
Net (loss) income | $ | (581 | ) | $ | 10,761 | $ | 16,426 | $ | (29,131 | ) | $ | (2,525 | ) | |||||||||||||||||||||||||||||
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | ||||||||||||||||||||||||||||||||||||||||||
Provision for uncollectible Vacation Interest sales revenue | — | 43,347 | 1,323 | — | 44,670 | Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | ||||||||||||||||||||||||||||||||||||
Provision for uncollectible Vacation Interest sales revenue | — | 43,347 | 1,323 | — | 44,670 | |||||||||||||||||||||||||||||||||||||
Amortization of capitalized financing costs and original issue discounts | — | 2,793 | 4,286 | — | 7,079 | |||||||||||||||||||||||||||||||||||||
Amortization of capitalized financing costs and original issue discounts | — | 2,793 | 4,286 | — | 7,079 | |||||||||||||||||||||||||||||||||||||
Amortization of capitalized loan origination costs and net portfolio discounts | — | 5,391 | 564 | — | 5,955 | |||||||||||||||||||||||||||||||||||||
Amortization of capitalized loan origination costs and net portfolio discounts | — | 5,391 | 564 | — | 5,955 | |||||||||||||||||||||||||||||||||||||
Depreciation and amortization | — | 11,380 | 16,805 | — | 28,185 | |||||||||||||||||||||||||||||||||||||
Depreciation and amortization | — | 11,380 | 16,805 | — | 28,185 | |||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | 40,533 | — | — | 40,533 | |||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | 40,533 | — | — | 40,533 | |||||||||||||||||||||||||||||||||||||
Non-cash settlement expense related to Alter Ego Suit | — | — | 6,025 | (517 | ) | 5,508 | ||||||||||||||||||||||||||||||||||||
Non-cash settlement expense related to Alter Ego Suit | — | — | 6,025 | (517 | ) | 5,508 | ||||||||||||||||||||||||||||||||||||
Non-cash expense related to debt extinguishment | — | 2,394 | 5,108 | — | 7,502 | |||||||||||||||||||||||||||||||||||||
Non-cash expense related to debt extinguishment | — | 2,394 | 5,108 | — | 7,502 | |||||||||||||||||||||||||||||||||||||
Impairments and other write-offs | — | — | 1,587 | — | 1,587 | |||||||||||||||||||||||||||||||||||||
Impairments and other write-offs | — | — | 1,587 | — | 1,587 | |||||||||||||||||||||||||||||||||||||
Loss (gain) on disposal of assets | — | 95 | (1,077 | ) | — | (982 | ) | |||||||||||||||||||||||||||||||||||
Loss (gain) on disposal of assets | — | 95 | (1,077 | ) | — | (982 | ) | |||||||||||||||||||||||||||||||||||
Gain on bargain purchase from business combinations | — | — | (2,879 | ) | — | (2,879 | ) | |||||||||||||||||||||||||||||||||||
Gain on bargain purchase from business combinations | — | — | (2,879 | ) | — | (2,879 | ) | |||||||||||||||||||||||||||||||||||
Deferred income taxes | — | 10,471 | 9,658 | (16,865 | ) | 3,264 | ||||||||||||||||||||||||||||||||||||
Deferred income taxes | — | 10,471 | 9,658 | (16,865 | ) | 3,264 | ||||||||||||||||||||||||||||||||||||
Loss on foreign currency exchange | — | — | 245 | — | 245 | |||||||||||||||||||||||||||||||||||||
Loss on foreign currency exchange | — | — | 245 | — | 245 | |||||||||||||||||||||||||||||||||||||
Loss (gain) on mortgage repurchase | — | 7 | (118 | ) | — | (111 | ) | |||||||||||||||||||||||||||||||||||
Loss (gain) on mortgage repurchase | — | 7 | (118 | ) | — | (111 | ) | |||||||||||||||||||||||||||||||||||
Unrealized loss on post-retirement benefit plan | — | 887 | — | — | 887 | |||||||||||||||||||||||||||||||||||||
Unrealized loss on post-retirement benefit plan | — | 887 | — | — | 887 | |||||||||||||||||||||||||||||||||||||
Changes in operating assets and liabilities excluding acquisitions: | ||||||||||||||||||||||||||||||||||||||||||
Mortgages and contracts receivable | — | (48,811 | ) | (80,018 | ) | (5 | ) | (128,834 | ) | Changes in operating assets and liabilities excluding acquisitions: | ||||||||||||||||||||||||||||||||
Mortgages and contracts receivable | — | (48,811 | ) | (80,018 | ) | (5 | ) | (128,834 | ) | |||||||||||||||||||||||||||||||||
Due from related parties, net | (193,833 | ) | 203 | (18,495 | ) | 199,901 | (12,224 | ) | ||||||||||||||||||||||||||||||||||
Due from related parties, net | (193,833 | ) | 203 | (18,495 | ) | 199,901 | (12,224 | ) | ||||||||||||||||||||||||||||||||||
Other receivables, net | — | (6,547 | ) | 639 | — | (5,908 | ) | |||||||||||||||||||||||||||||||||||
Other receivables, net | — | (6,547 | ) | 639 | — | (5,908 | ) | |||||||||||||||||||||||||||||||||||
Prepaid expenses and other assets, net | (138 | ) | 1,289 | (7,671 | ) | — | (6,520 | ) | ||||||||||||||||||||||||||||||||||
Prepaid expenses and other assets, net | (138 | ) | 1,289 | (7,671 | ) | — | (6,520 | ) | ||||||||||||||||||||||||||||||||||
Unsold Vacation Interests, net | — | (6,664 | ) | (15,638 | ) | 29,095 | 6,793 | |||||||||||||||||||||||||||||||||||
Unsold Vacation Interests, net | — | (6,664 | ) | (15,638 | ) | 29,095 | 6,793 | |||||||||||||||||||||||||||||||||||
Accounts payable | — | (5,673 | ) | (758 | ) | — | (6,431 | ) | ||||||||||||||||||||||||||||||||||
Accounts payable | — | (5,673 | ) | (758 | ) | — | (6,431 | ) | ||||||||||||||||||||||||||||||||||
Due to related parties, net | 26 | 31,154 | 147,947 | (199,901 | ) | (20,774 | ) | |||||||||||||||||||||||||||||||||||
Due to related parties, net | 26 | 31,154 | 147,947 | (199,901 | ) | (20,774 | ) | |||||||||||||||||||||||||||||||||||
Accrued liabilities | — | (1,942 | ) | 15,052 | 558 | 13,668 | ||||||||||||||||||||||||||||||||||||
Accrued liabilities | — | (1,942 | ) | 15,052 | 558 | 13,668 | ||||||||||||||||||||||||||||||||||||
Income taxes payable | — | 968 | (16,573 | ) | 16,865 | 1,260 | ||||||||||||||||||||||||||||||||||||
Income taxes payable | — | 968 | (16,573 | ) | 16,865 | 1,260 | ||||||||||||||||||||||||||||||||||||
Deferred revenues | — | 7,127 | 7,516 | — | 14,643 | |||||||||||||||||||||||||||||||||||||
Deferred revenues | — | 7,127 | 7,516 | — | 14,643 | |||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (194,526 | ) | $ | 99,163 | $ | 89,954 | $ | — | $ | (5,409 | ) | ||||||||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (194,526 | ) | $ | 99,163 | $ | 89,954 | $ | — | $ | (5,409 | ) | ||||||||||||||||||||||||||||||
CONSOLIDATING STATEMENT OF CASH FLOWS —Continued | ||||||||||||||||||||||||||||||||||||||||||
For the Year Ended December 31, 2013 | CONSOLIDATING STATEMENT OF CASH FLOWS —Continued | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | For the Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||
Diamond Resorts International, Inc. | Guarantor Subsidiaries | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||||||||||||||||||||
Subsidiaries | Diamond Resorts International, Inc. | Guarantor Subsidiaries | Non-Guarantor | Eliminations | Total | |||||||||||||||||||||||||||||||||||||
Investing activities: | Subsidiaries | |||||||||||||||||||||||||||||||||||||||||
Property and equipment capital expenditures | $ | — | $ | (14,071 | ) | $ | (1,133 | ) | $ | — | $ | (15,204 | ) | Investing activities: | ||||||||||||||||||||||||||||
Property and equipment capital expenditures | $ | — | $ | (14,071 | ) | $ | (1,133 | ) | $ | — | $ | (15,204 | ) | |||||||||||||||||||||||||||||
Cash acquired in connection with the Island One Acquisition | — | 569 | — | — | 569 | |||||||||||||||||||||||||||||||||||||
Cash acquired in connection with the Island One Acquisition | — | 569 | — | — | 569 | |||||||||||||||||||||||||||||||||||||
Purchase of assets in connection with the PMR Service Companies Acquisition, net of $0, $0, $0 and $0 cash acquired, respectively | — | — | (47,417 | ) | — | (47,417 | ) | |||||||||||||||||||||||||||||||||||
Purchase of assets in connection with the PMR Service Companies Acquisition, net of $0, $0, $0 and $0 cash acquired, respectively | — | — | (47,417 | ) | — | (47,417 | ) | |||||||||||||||||||||||||||||||||||
Proceeds from sale of assets | — | 475 | 3,652 | — | 4,127 | |||||||||||||||||||||||||||||||||||||
Proceeds from sale of assets | — | 475 | 3,652 | — | 4,127 | |||||||||||||||||||||||||||||||||||||
Net cash used in investing activities | — | (13,027 | ) | (44,898 | ) | — | (57,925 | ) | ||||||||||||||||||||||||||||||||||
Net cash used in investing activities | — | (13,027 | ) | (44,898 | ) | — | (57,925 | ) | ||||||||||||||||||||||||||||||||||
Financing activities: | ||||||||||||||||||||||||||||||||||||||||||
Changes in cash in escrow and restricted cash | — | (12,679 | ) | (36,046 | ) | — | (48,725 | ) | Financing activities: | |||||||||||||||||||||||||||||||||
Changes in cash in escrow and restricted cash | — | (12,679 | ) | (36,046 | ) | — | (48,725 | ) | ||||||||||||||||||||||||||||||||||
Proceeds from issuance of revolving credit facility | — | 15,000 | — | — | 15,000 | |||||||||||||||||||||||||||||||||||||
Proceeds from issuance of revolving credit facility | — | 15,000 | — | — | 15,000 | |||||||||||||||||||||||||||||||||||||
Proceeds from issuance of securitization notes and Funding Facilities | — | — | 552,677 | — | 552,677 | |||||||||||||||||||||||||||||||||||||
Proceeds from issuance of securitization notes and Funding Facilities | — | — | 552,677 | — | 552,677 | |||||||||||||||||||||||||||||||||||||
Proceeds from issuance of notes payable | — | — | 5,357 | — | 5,357 | |||||||||||||||||||||||||||||||||||||
Proceeds from issuance of notes payable | — | — | 5,357 | — | 5,357 | |||||||||||||||||||||||||||||||||||||
Payments on Revolving Credit Facility | — | (15,000 | ) | — | — | (15,000 | ) | |||||||||||||||||||||||||||||||||||
Payments on Revolving Credit Facility | — | (15,000 | ) | — | — | (15,000 | ) | |||||||||||||||||||||||||||||||||||
Payments on securitization notes and Funding Facilities | — | (4,657 | ) | (422,815 | ) | — | (427,472 | ) | ||||||||||||||||||||||||||||||||||
Payments on securitization notes and Funding Facilities | — | (4,657 | ) | (422,815 | ) | — | (427,472 | ) | ||||||||||||||||||||||||||||||||||
Payments on senior secured notes | — | (50,560 | ) | — | — | (50,560 | ) | |||||||||||||||||||||||||||||||||||
Payments on senior secured notes | — | (50,560 | ) | — | — | (50,560 | ) | |||||||||||||||||||||||||||||||||||
Payments on notes payable | — | (12,106 | ) | (125,116 | ) | — | (137,222 | ) | ||||||||||||||||||||||||||||||||||
Payments on notes payable | — | (12,106 | ) | (125,116 | ) | — | (137,222 | ) | ||||||||||||||||||||||||||||||||||
Payments of debt issuance costs | — | (1,086 | ) | (8,910 | ) | — | (9,996 | ) | ||||||||||||||||||||||||||||||||||
Payments of debt issuance costs | — | (1,086 | ) | (8,910 | ) | — | (9,996 | ) | ||||||||||||||||||||||||||||||||||
Proceeds from issuance of common stock, net of related costs | 204,332 | — | — | — | 204,332 | |||||||||||||||||||||||||||||||||||||
Proceeds from issuance of common stock, net of related costs | 204,332 | — | — | — | 204,332 | |||||||||||||||||||||||||||||||||||||
Repurchase of a portion of outstanding warrants | (10,346 | ) | — | — | — | (10,346 | ) | |||||||||||||||||||||||||||||||||||
Repurchase of a portion of outstanding warrants | (10,346 | ) | — | — | — | (10,346 | ) | |||||||||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | 193,986 | (81,088 | ) | (34,853 | ) | — | 78,045 | |||||||||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | 193,986 | (81,088 | ) | (34,853 | ) | — | 78,045 | |||||||||||||||||||||||||||||||||||
Net (decrease) increase in cash and cash equivalents | (540 | ) | 5,048 | 10,203 | — | 14,711 | ||||||||||||||||||||||||||||||||||||
Net (decrease) increase in cash and cash equivalents | (540 | ) | 5,048 | 10,203 | — | 14,711 | ||||||||||||||||||||||||||||||||||||
Effect of changes in exchange rates on cash and cash equivalents | — | — | 173 | — | 173 | |||||||||||||||||||||||||||||||||||||
Effect of changes in exchange rates on cash and cash equivalents | — | — | 173 | — | 173 | |||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, beginning of period | 540 | 7,932 | 12,589 | — | 21,061 | |||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, beginning of period | 540 | 7,932 | 12,589 | — | 21,061 | |||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | — | $ | 12,980 | $ | 22,965 | $ | — | $ | 35,945 | ||||||||||||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | — | $ | 12,980 | $ | 22,965 | $ | — | $ | 35,945 | ||||||||||||||||||||||||||||||||
CONSOLIDATING STATEMENT OF CASH FLOWS —Continued | ||||||||||||||||||||||||||||||||||||||||||
For the Year Ended December 31, 2013 | CONSOLIDATING STATEMENT OF CASH FLOWS —Continued | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | For the Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||
Diamond Resorts International, Inc. | Guarantor Subsidiaries | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||||||||||||||||||||
Subsidiaries | Diamond Resorts International, Inc. | Guarantor Subsidiaries | Non-Guarantor | Eliminations | Total | |||||||||||||||||||||||||||||||||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | Subsidiaries | |||||||||||||||||||||||||||||||||||||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||||||||||||||||||||||||||||||||||||||||||
Cash paid for interest | $ | — | $ | 46,108 | $ | 33,445 | $ | — | $ | 79,553 | ||||||||||||||||||||||||||||||||
Cash paid for interest | $ | — | $ | 46,108 | $ | 33,445 | $ | — | $ | 79,553 | ||||||||||||||||||||||||||||||||
(Cash tax refunds, net of cash paid for taxes) cash paid for taxes, net of cash tax refunds | $ | — | $ | (831 | ) | $ | 2,172 | $ | — | $ | 1,341 | |||||||||||||||||||||||||||||||
(Cash tax refunds, net of cash paid for taxes) cash paid for taxes, net of cash tax refunds | $ | — | $ | (831 | ) | $ | 2,172 | $ | — | $ | 1,341 | |||||||||||||||||||||||||||||||
Purchase of assets in connection with the Island One Acquisition and the PMR Service Companies Acquisition: | ||||||||||||||||||||||||||||||||||||||||||
Fair value of assets acquired based on valuation reports | $ | — | $ | 81,281 | $ | 52,554 | $ | — | $ | 133,835 | Purchase of assets in connection with the Island One Acquisition and the PMR Service Companies Acquisition: | |||||||||||||||||||||||||||||||
Fair value of assets acquired based on valuation reports | $ | — | $ | 81,281 | $ | 52,554 | $ | — | $ | 133,835 | ||||||||||||||||||||||||||||||||
Goodwill acquired | — | 30,632 | — | 30,632 | ||||||||||||||||||||||||||||||||||||||
Goodwill acquired | — | 30,632 | — | 30,632 | ||||||||||||||||||||||||||||||||||||||
Cash paid | — | 569 | (47,417 | ) | — | (46,848 | ) | |||||||||||||||||||||||||||||||||||
Cash paid | — | 569 | (47,417 | ) | — | (46,848 | ) | |||||||||||||||||||||||||||||||||||
DRII common stock issued | — | (73,307 | ) | — | — | (73,307 | ) | |||||||||||||||||||||||||||||||||||
DRII common stock issued | — | (73,307 | ) | — | — | (73,307 | ) | |||||||||||||||||||||||||||||||||||
Gain on bargain purchase recognized | — | — | (2,879 | ) | — | (2,879 | ) | |||||||||||||||||||||||||||||||||||
Gain on bargain purchase recognized | — | — | (2,879 | ) | — | (2,879 | ) | |||||||||||||||||||||||||||||||||||
Deferred tax liability | — | (17,403 | ) | (1,737 | ) | — | (19,140 | ) | ||||||||||||||||||||||||||||||||||
Deferred tax liability | — | (17,403 | ) | (1,737 | ) | — | (19,140 | ) | ||||||||||||||||||||||||||||||||||
Liabilities assumed | $ | — | $ | 21,772 | $ | 521 | $ | — | $ | 22,293 | ||||||||||||||||||||||||||||||||
Liabilities assumed | $ | — | $ | 21,772 | $ | 521 | $ | — | $ | 22,293 | ||||||||||||||||||||||||||||||||
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||||||||||||||||||||||||||||||||||||||||||
Insurance premiums financed through issuance of notes payable | $ | — | $ | 11,480 | $ | — | $ | — | $ | 11,480 | SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | |||||||||||||||||||||||||||||||
Insurance premiums financed through issuance of notes payable | $ | — | $ | 11,480 | $ | — | $ | — | $ | 11,480 | ||||||||||||||||||||||||||||||||
Unsold Vacation Interests, net, reclassified to assets held for sale | $ | — | $ | — | $ | 9,771 | $ | — | $ | 9,771 | ||||||||||||||||||||||||||||||||
Unsold Vacation Interests, net, reclassified to assets held for sale | $ | — | $ | — | $ | 9,771 | $ | — | $ | 9,771 | ||||||||||||||||||||||||||||||||
CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||||||||||||||||||||||||
31-Dec-12 | CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | 31-Dec-12 | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||
Diamond Resorts International, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | ||||||||||||||||||||||||||||||||||||||
Assets: | Diamond Resorts International, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 540 | $ | 7,932 | $ | 12,589 | $ | — | $ | 21,061 | Assets: | |||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 540 | $ | 7,932 | $ | 12,589 | $ | — | $ | 21,061 | ||||||||||||||||||||||||||||||||
Cash in escrow and restricted cash | — | 23,736 | 18,575 | — | 42,311 | |||||||||||||||||||||||||||||||||||||
Cash in escrow and restricted cash | — | 23,736 | 18,575 | — | 42,311 | |||||||||||||||||||||||||||||||||||||
Mortgages and contracts receivable, net of allowance of $0, $5,814, $77,970, $0 and $83,784, respectively | — | 33,373 | 279,563 | (4 | ) | 312,932 | ||||||||||||||||||||||||||||||||||||
Mortgages and contracts receivable, net of allowance of $0, $5,814, $77,970, $0 and $83,784, respectively | — | 33,373 | 279,563 | (4 | ) | 312,932 | ||||||||||||||||||||||||||||||||||||
Due from related parties, net | 6,687 | 139,720 | 27,083 | (150,495 | ) | 22,995 | ||||||||||||||||||||||||||||||||||||
Due from related parties, net | 6,687 | 139,720 | 27,083 | (150,495 | ) | 22,995 | ||||||||||||||||||||||||||||||||||||
Other receivables, net | — | 30,384 | 15,665 | — | 46,049 | |||||||||||||||||||||||||||||||||||||
Other receivables, net | — | 30,384 | 15,665 | — | 46,049 | |||||||||||||||||||||||||||||||||||||
Income tax receivable | — | 902 | 25 | — | 927 | |||||||||||||||||||||||||||||||||||||
Income tax receivable | — | 902 | 25 | — | 927 | |||||||||||||||||||||||||||||||||||||
Prepaid expenses and other assets, net | 416 | 36,111 | 21,497 | — | 58,024 | |||||||||||||||||||||||||||||||||||||
Prepaid expenses and other assets, net | 416 | 36,111 | 21,497 | — | 58,024 | |||||||||||||||||||||||||||||||||||||
Investment in subsidiaries | 14,182 | 9,675 | — | (23,857 | ) | — | ||||||||||||||||||||||||||||||||||||
Investment in subsidiaries | 14,182 | 9,675 | — | (23,857 | ) | — | ||||||||||||||||||||||||||||||||||||
Unsold Vacation Interests, net | — | 220,499 | 117,629 | (22,261 | ) | 315,867 | ||||||||||||||||||||||||||||||||||||
Unsold Vacation Interests, net | — | 220,499 | 117,629 | (22,261 | ) | 315,867 | ||||||||||||||||||||||||||||||||||||
Property and equipment, net | — | 29,510 | 25,610 | — | 55,120 | |||||||||||||||||||||||||||||||||||||
Property and equipment, net | — | 29,510 | 25,610 | — | 55,120 | |||||||||||||||||||||||||||||||||||||
Assets held for sale | — | — | 5,224 | — | 5,224 | |||||||||||||||||||||||||||||||||||||
Assets held for sale | — | — | 5,224 | — | 5,224 | |||||||||||||||||||||||||||||||||||||
Other intangible assets, net | — | 27,569 | 84,929 | — | 112,498 | |||||||||||||||||||||||||||||||||||||
Other intangible assets, net | — | 27,569 | 84,929 | — | 112,498 | |||||||||||||||||||||||||||||||||||||
Total assets | $ | 21,825 | $ | 559,411 | $ | 608,389 | $ | (196,617 | ) | $ | 993,008 | |||||||||||||||||||||||||||||||
Total assets | $ | 21,825 | $ | 559,411 | $ | 608,389 | $ | (196,617 | ) | $ | 993,008 | |||||||||||||||||||||||||||||||
Liabilities and Stockholders' Equity (Deficit): | ||||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | — | $ | 9,520 | $ | 6,199 | $ | — | $ | 15,719 | Liabilities and Stockholders' Equity (Deficit): | |||||||||||||||||||||||||||||||
Accounts payable | $ | — | $ | 9,520 | $ | 6,199 | $ | — | $ | 15,719 | ||||||||||||||||||||||||||||||||
Due to related parties, net | — | 59,496 | 155,203 | (150,495 | ) | 64,204 | ||||||||||||||||||||||||||||||||||||
Due to related parties, net | — | 59,496 | 155,203 | (150,495 | ) | 64,204 | ||||||||||||||||||||||||||||||||||||
Accrued liabilities | — | 72,396 | 35,120 | (1,065 | ) | 106,451 | ||||||||||||||||||||||||||||||||||||
Accrued liabilities | — | 72,396 | 35,120 | (1,065 | ) | 106,451 | ||||||||||||||||||||||||||||||||||||
Income taxes payable | — | — | 701 | — | 701 | |||||||||||||||||||||||||||||||||||||
Income taxes payable | — | — | 701 | — | 701 | |||||||||||||||||||||||||||||||||||||
Deferred revenues | — | 79,652 | 14,181 | — | 93,833 | |||||||||||||||||||||||||||||||||||||
Deferred revenues | — | 79,652 | 14,181 | — | 93,833 | |||||||||||||||||||||||||||||||||||||
Senior Secured Notes, net of original issue discount of $0,$8,509, $0, $0 and $8,509, respectively | — | 416,491 | — | — | 416,491 | |||||||||||||||||||||||||||||||||||||
Senior Secured Notes, net of original issue discount of $0,$8,509, $0, $0 and $8,509, respectively | — | 416,491 | — | — | 416,491 | |||||||||||||||||||||||||||||||||||||
Securitization notes and Funding Facilities, net of original issue discount of $0, $0, $753, $0 and $753, respectively | — | — | 256,302 | — | 256,302 | |||||||||||||||||||||||||||||||||||||
Securitization notes and Funding Facilities, net of original issue discount of $0, $0, $753, $0 and $753, respectively | — | — | 256,302 | — | 256,302 | |||||||||||||||||||||||||||||||||||||
Notes payable | — | 3,219 | 134,687 | — | 137,906 | |||||||||||||||||||||||||||||||||||||
Notes payable | — | 3,219 | 134,687 | — | 137,906 | |||||||||||||||||||||||||||||||||||||
Total liabilities | — | 640,774 | 602,393 | (151,560 | ) | 1,091,607 | ||||||||||||||||||||||||||||||||||||
Total liabilities | — | 640,774 | 602,393 | (151,560 | ) | 1,091,607 | ||||||||||||||||||||||||||||||||||||
Stockholders' equity (deficit): | ||||||||||||||||||||||||||||||||||||||||||
Common stock | 541 | — | — | — | 541 | Stockholders' equity (deficit): | ||||||||||||||||||||||||||||||||||||
Common stock | 541 | — | — | — | 541 | |||||||||||||||||||||||||||||||||||||
Additional paid-in capital | 89,960 | 62,269 | 26,655 | (23,857 | ) | 155,027 | ||||||||||||||||||||||||||||||||||||
Additional paid-in capital | 89,960 | 62,269 | 26,655 | (23,857 | ) | 155,027 | ||||||||||||||||||||||||||||||||||||
Accumulated deficit | (68,676 | ) | (122,030 | ) | (25,012 | ) | (21,716 | ) | (237,434 | ) | ||||||||||||||||||||||||||||||||
Accumulated other comprehensive (loss) income | — | (21,602 | ) | 4,353 | 516 | (16,733 | ) | Accumulated deficit | (68,676 | ) | (122,030 | ) | (25,012 | ) | (21,716 | ) | (237,434 | ) | ||||||||||||||||||||||||
Accumulated other comprehensive (loss) income | — | (21,602 | ) | 4,353 | 516 | (16,733 | ) | |||||||||||||||||||||||||||||||||||
Total stockholders' (deficit) equity | 21,825 | (81,363 | ) | 5,996 | (45,057 | ) | (98,599 | ) | ||||||||||||||||||||||||||||||||||
Total stockholders' (deficit) equity | 21,825 | (81,363 | ) | 5,996 | (45,057 | ) | (98,599 | ) | ||||||||||||||||||||||||||||||||||
Total liabilities and stockholders' equity (deficit) | $ | 21,825 | $ | 559,411 | $ | 608,389 | $ | (196,617 | ) | $ | 993,008 | |||||||||||||||||||||||||||||||
Total liabilities and stockholders' equity (deficit) | $ | 21,825 | $ | 559,411 | $ | 608,389 | $ | (196,617 | ) | $ | 993,008 | |||||||||||||||||||||||||||||||
CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||||||||||||||||||||||||||
For the Year Ended December 31, 2012 | CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | For the Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||
Diamond Resorts International, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | ||||||||||||||||||||||||||||||||||||||
Revenues: | Diamond Resorts International, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||||||||||||||||||||||||
Management and member services | $ | — | $ | 94,106 | $ | 33,115 | $ | (12,284 | ) | $ | 114,937 | Revenues: | ||||||||||||||||||||||||||||||
Management and member services | $ | — | $ | 94,106 | $ | 33,115 | $ | (12,284 | ) | $ | 114,937 | |||||||||||||||||||||||||||||||
Consolidated resort operations | — | 26,519 | 7,237 | — | 33,756 | |||||||||||||||||||||||||||||||||||||
Consolidated resort operations | — | 26,519 | 7,237 | — | 33,756 | |||||||||||||||||||||||||||||||||||||
Vacation interest sales, net of provision (adjustment) of $27,004, $(1,547), $0 and $25,457, respectively | — | 247,969 | 45,129 | — | 293,098 | |||||||||||||||||||||||||||||||||||||
Vacation interest sales, net of provision (adjustment) of $27,004, $(1,547), $0 and $25,457, respectively | — | 247,969 | 45,129 | — | 293,098 | |||||||||||||||||||||||||||||||||||||
Interest | — | 1,834 | 53,808 | (2,436 | ) | 53,206 | ||||||||||||||||||||||||||||||||||||
Interest | — | 1,834 | 53,808 | (2,436 | ) | 53,206 | ||||||||||||||||||||||||||||||||||||
Other | — | 35,106 | 31,628 | (38,063 | ) | 28,671 | ||||||||||||||||||||||||||||||||||||
Other | — | 35,106 | 31,628 | (38,063 | ) | 28,671 | ||||||||||||||||||||||||||||||||||||
Total revenues | — | 405,534 | 170,917 | (52,783 | ) | 523,668 | ||||||||||||||||||||||||||||||||||||
Total revenues | — | 405,534 | 170,917 | (52,783 | ) | 523,668 | ||||||||||||||||||||||||||||||||||||
Costs and Expenses: | ||||||||||||||||||||||||||||||||||||||||||
Management and member services | — | 31,126 | 14,481 | (10,277 | ) | 35,330 | Costs and Expenses: | |||||||||||||||||||||||||||||||||||
Management and member services | — | 31,126 | 14,481 | (10,277 | ) | 35,330 | ||||||||||||||||||||||||||||||||||||
Consolidated resort operations | — | 24,278 | 6,033 | — | 30,311 | |||||||||||||||||||||||||||||||||||||
Consolidated resort operations | — | 24,278 | 6,033 | — | 30,311 | |||||||||||||||||||||||||||||||||||||
Vacation Interest cost of sales | — | 26,362 | 5,788 | — | 32,150 | |||||||||||||||||||||||||||||||||||||
Vacation Interest cost of sales | — | 26,362 | 5,788 | — | 32,150 | |||||||||||||||||||||||||||||||||||||
Advertising, sales and marketing | — | 152,276 | 28,042 | (1,953 | ) | 178,365 | ||||||||||||||||||||||||||||||||||||
Advertising, sales and marketing | — | 152,276 | 28,042 | (1,953 | ) | 178,365 | ||||||||||||||||||||||||||||||||||||
Vacation Interest carrying cost, net | — | 19,421 | 19,506 | (2,564 | ) | 36,363 | ||||||||||||||||||||||||||||||||||||
Vacation Interest carrying cost, net | — | 19,421 | 19,506 | (2,564 | ) | 36,363 | ||||||||||||||||||||||||||||||||||||
Loan portfolio | — | 8,280 | 10,125 | (8,919 | ) | 9,486 | ||||||||||||||||||||||||||||||||||||
Loan portfolio | — | 8,280 | 10,125 | (8,919 | ) | 9,486 | ||||||||||||||||||||||||||||||||||||
Other operating | — | 10,212 | 5,863 | (7,568 | ) | 8,507 | ||||||||||||||||||||||||||||||||||||
Other operating | — | 10,212 | 5,863 | (7,568 | ) | 8,507 | ||||||||||||||||||||||||||||||||||||
General and administrative | 67 | 61,162 | 37,788 | (2 | ) | 99,015 | ||||||||||||||||||||||||||||||||||||
General and administrative | 67 | 61,162 | 37,788 | (2 | ) | 99,015 | ||||||||||||||||||||||||||||||||||||
Depreciation and amortization | — | 7,662 | 11,195 | — | 18,857 | |||||||||||||||||||||||||||||||||||||
Depreciation and amortization | — | 7,662 | 11,195 | — | 18,857 | |||||||||||||||||||||||||||||||||||||
Interest expense | — | 44,990 | 53,603 | (2,436 | ) | 96,157 | ||||||||||||||||||||||||||||||||||||
Interest expense | — | 44,990 | 53,603 | (2,436 | ) | 96,157 | ||||||||||||||||||||||||||||||||||||
Impairments and other write-offs | — | 201 | 808 | — | 1,009 | |||||||||||||||||||||||||||||||||||||
Impairments and other write-offs | — | 201 | 808 | — | 1,009 | |||||||||||||||||||||||||||||||||||||
Loss (gain) on disposal of assets | — | 16 | (621 | ) | — | (605 | ) | |||||||||||||||||||||||||||||||||||
Loss (gain) on disposal of assets | — | 16 | (621 | ) | — | (605 | ) | |||||||||||||||||||||||||||||||||||
Gain on bargain purchase from business combinations | — | — | (20,610 | ) | — | (20,610 | ) | |||||||||||||||||||||||||||||||||||
Gain on bargain purchase from business combinations | — | — | (20,610 | ) | — | (20,610 | ) | |||||||||||||||||||||||||||||||||||
Total costs and expenses | 67 | 385,986 | 172,001 | (33,719 | ) | 524,335 | ||||||||||||||||||||||||||||||||||||
Total costs and expenses | 67 | 385,986 | 172,001 | (33,719 | ) | 524,335 | ||||||||||||||||||||||||||||||||||||
(Loss) income before benefit for income taxes | (67 | ) | 19,548 | (1,084 | ) | (19,064 | ) | (667 | ) | |||||||||||||||||||||||||||||||||
(Loss) income before benefit for income taxes | (67 | ) | 19,548 | (1,084 | ) | (19,064 | ) | (667 | ) | |||||||||||||||||||||||||||||||||
Benefit for income taxes | — | (884 | ) | (13,426 | ) | — | (14,310 | ) | ||||||||||||||||||||||||||||||||||
Benefit for income taxes | — | (884 | ) | (13,426 | ) | — | (14,310 | ) | ||||||||||||||||||||||||||||||||||
Net (loss) income | $ | (67 | ) | $ | 20,432 | $ | 12,342 | $ | (19,064 | ) | $ | 13,643 | ||||||||||||||||||||||||||||||
Net (loss) income | $ | (67 | ) | $ | 20,432 | $ | 12,342 | $ | (19,064 | ) | $ | 13,643 | ||||||||||||||||||||||||||||||
CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||||||||||||||||||||
For the Year Ended December 31, 2012 | CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | For the Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||
Diamond Resorts International, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | ||||||||||||||||||||||||||||||||||||||
Operating activities: | Diamond Resorts International, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||||||||||||||||||||||||
Net (loss) income | $ | (67 | ) | $ | 20,432 | $ | 12,342 | $ | (19,064 | ) | $ | 13,643 | Operating activities: | |||||||||||||||||||||||||||||
Net (loss) income | $ | (67 | ) | $ | 20,432 | $ | 12,342 | $ | (19,064 | ) | $ | 13,643 | ||||||||||||||||||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||||||||||||||||||||||||||||||||||
Provision (adjustment) for uncollectible Vacation Interest sales revenue | — | 27,004 | (1,547 | ) | — | 25,457 | Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||||||||||||||||||||||||||
Provision (adjustment) for uncollectible Vacation Interest sales revenue | — | 27,004 | (1,547 | ) | — | 25,457 | ||||||||||||||||||||||||||||||||||||
Amortization of capitalized financing costs and original issue discounts | — | 2,410 | 3,883 | — | 6,293 | |||||||||||||||||||||||||||||||||||||
Amortization of capitalized financing costs and original issue discounts | — | 2,410 | 3,883 | — | 6,293 | |||||||||||||||||||||||||||||||||||||
Amortization of capitalized loan origination costs and net portfolio discounts (premiums) | — | 3,117 | (775 | ) | — | 2,342 | ||||||||||||||||||||||||||||||||||||
Amortization of capitalized loan origination costs and net portfolio discounts (premiums) | — | 3,117 | (775 | ) | — | 2,342 | ||||||||||||||||||||||||||||||||||||
Depreciation and amortization | — | 7,662 | 11,195 | — | 18,857 | |||||||||||||||||||||||||||||||||||||
Depreciation and amortization | — | 7,662 | 11,195 | — | 18,857 | |||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | 3,321 | — | — | 3,321 | |||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | 3,321 | — | — | 3,321 | |||||||||||||||||||||||||||||||||||||
Impairments and other write-offs | — | 201 | 808 | — | 1,009 | |||||||||||||||||||||||||||||||||||||
Impairments and other write-offs | — | 201 | 808 | — | 1,009 | |||||||||||||||||||||||||||||||||||||
Loss (gain) on disposal of assets | — | 16 | (621 | ) | — | (605 | ) | |||||||||||||||||||||||||||||||||||
Loss (gain) on disposal of assets | — | 16 | (621 | ) | — | (605 | ) | |||||||||||||||||||||||||||||||||||
Gain on bargain purchase from business combinations | — | — | (20,610 | ) | — | (20,610 | ) | |||||||||||||||||||||||||||||||||||
Gain on bargain purchase from business combinations | — | — | (20,610 | ) | — | (20,610 | ) | |||||||||||||||||||||||||||||||||||
Deferred income taxes | — | — | (13,010 | ) | — | (13,010 | ) | |||||||||||||||||||||||||||||||||||
Deferred income taxes | — | — | (13,010 | ) | — | (13,010 | ) | |||||||||||||||||||||||||||||||||||
Loss on foreign currency exchange | — | — | 113 | — | 113 | |||||||||||||||||||||||||||||||||||||
Loss on foreign currency exchange | — | — | 113 | — | 113 | |||||||||||||||||||||||||||||||||||||
Gain on mortgage repurchase | — | (27 | ) | — | — | (27 | ) | |||||||||||||||||||||||||||||||||||
Gain on mortgage repurchase | — | (27 | ) | — | — | (27 | ) | |||||||||||||||||||||||||||||||||||
Changes in operating assets and liabilities excluding acquisitions: | ||||||||||||||||||||||||||||||||||||||||||
Mortgages and contracts receivable | — | (56,967 | ) | 5,252 | (1 | ) | (51,716 | ) | Changes in operating assets and liabilities excluding acquisitions: | |||||||||||||||||||||||||||||||||
Mortgages and contracts receivable | — | (56,967 | ) | 5,252 | (1 | ) | (51,716 | ) | ||||||||||||||||||||||||||||||||||
Due from related parties, net | 483 | (43,623 | ) | 13,614 | 31,404 | 1,878 | ||||||||||||||||||||||||||||||||||||
Due from related parties, net | 483 | (43,623 | ) | 13,614 | 31,404 | 1,878 | ||||||||||||||||||||||||||||||||||||
Other receivables, net | — | (7,225 | ) | (121 | ) | (410 | ) | (7,756 | ) | |||||||||||||||||||||||||||||||||
Other receivables, net | — | (7,225 | ) | (121 | ) | (410 | ) | (7,756 | ) | |||||||||||||||||||||||||||||||||
Prepaid expenses and other assets, net | (416 | ) | (4,096 | ) | 217 | — | (4,295 | ) | ||||||||||||||||||||||||||||||||||
Prepaid expenses and other assets, net | (416 | ) | (4,096 | ) | 217 | — | (4,295 | ) | ||||||||||||||||||||||||||||||||||
Unsold Vacation Interests, net | — | (23,105 | ) | (19,977 | ) | 19,057 | (24,025 | ) | ||||||||||||||||||||||||||||||||||
Unsold Vacation Interests, net | — | (23,105 | ) | (19,977 | ) | 19,057 | (24,025 | ) | ||||||||||||||||||||||||||||||||||
Accounts payable | — | 1,755 | (2,257 | ) | — | (502 | ) | |||||||||||||||||||||||||||||||||||
Accounts payable | — | 1,755 | (2,257 | ) | — | (502 | ) | |||||||||||||||||||||||||||||||||||
Due to related parties, net | — | 57,001 | (2,576 | ) | (31,404 | ) | 23,021 | |||||||||||||||||||||||||||||||||||
Due to related parties, net | — | 57,001 | (2,576 | ) | (31,404 | ) | 23,021 | |||||||||||||||||||||||||||||||||||
Accrued liabilities | — | 19,201 | 12,567 | 418 | 32,186 | |||||||||||||||||||||||||||||||||||||
Accrued liabilities | — | 19,201 | 12,567 | 418 | 32,186 | |||||||||||||||||||||||||||||||||||||
Income taxes payable | — | (298 | ) | (2,934 | ) | — | (3,232 | ) | ||||||||||||||||||||||||||||||||||
Income taxes payable | — | (298 | ) | (2,934 | ) | — | (3,232 | ) | ||||||||||||||||||||||||||||||||||
Deferred revenues | — | 19,891 | 2,367 | — | 22,258 | |||||||||||||||||||||||||||||||||||||
Deferred revenues | — | 19,891 | 2,367 | — | 22,258 | |||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | — | 26,670 | (2,070 | ) | — | 24,600 | ||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | — | 26,670 | (2,070 | ) | — | 24,600 | ||||||||||||||||||||||||||||||||||||
Investing activities: | ||||||||||||||||||||||||||||||||||||||||||
Property and equipment capital expenditures | — | (13,671 | ) | (664 | ) | — | (14,335 | ) | Investing activities: | |||||||||||||||||||||||||||||||||
Property and equipment capital expenditures | — | (13,671 | ) | (664 | ) | — | (14,335 | ) | ||||||||||||||||||||||||||||||||||
Purchase of assets in connection with the PMR Acquisition, net of $0, $0, $0 and $0 cash acquired, respectively | — | — | (51,635 | ) | — | (51,635 | ) | |||||||||||||||||||||||||||||||||||
Purchase of assets in connection with the PMR Acquisition, net of $0, $0, $0 and $0 cash acquired, respectively | — | — | (51,635 | ) | — | (51,635 | ) | |||||||||||||||||||||||||||||||||||
Purchase of assets in connection with the Aegean Blue Acquisition, net of cash acquired of $0, $2,072, $0 and $2,072, respectively | — | — | (4,471 | ) | — | (4,471 | ) | |||||||||||||||||||||||||||||||||||
Purchase of assets in connection with the Aegean Blue Acquisition, net of cash acquired of $0, $2,072, $0 and $2,072, respectively | — | — | (4,471 | ) | — | (4,471 | ) | |||||||||||||||||||||||||||||||||||
Proceeds from sale of assets | — | 2 | 1,101 | — | 1,103 | |||||||||||||||||||||||||||||||||||||
Proceeds from sale of assets | — | 2 | 1,101 | — | 1,103 | |||||||||||||||||||||||||||||||||||||
Net cash used in by investing activities | $ | — | $ | (13,669 | ) | $ | (55,669 | ) | $ | — | $ | (69,338 | ) | |||||||||||||||||||||||||||||
Net cash used in by investing activities | $ | — | $ | (13,669 | ) | $ | (55,669 | ) | $ | — | $ | (69,338 | ) | |||||||||||||||||||||||||||||
CONSOLIDATING STATEMENT OF CASH FLOWS —Continued | ||||||||||||||||||||||||||||||||||||||||||
For the Year Ended December 31, 2012 | CONSOLIDATING STATEMENT OF CASH FLOWS —Continued | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | For the Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||
Diamond Resorts International, Inc. | Guarantor Subsidiaries | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||||||||||||||||||||
Subsidiaries | Diamond Resorts International, Inc. | Guarantor Subsidiaries | Non-Guarantor | Eliminations | Total | |||||||||||||||||||||||||||||||||||||
Financing activities: | Subsidiaries | |||||||||||||||||||||||||||||||||||||||||
Changes in cash in escrow and restricted cash | $ | — | $ | (6,163 | ) | $ | (218 | ) | $ | — | $ | (6,381 | ) | Financing activities: | ||||||||||||||||||||||||||||
Changes in cash in escrow and restricted cash | $ | — | $ | (6,163 | ) | $ | (218 | ) | $ | — | $ | (6,381 | ) | |||||||||||||||||||||||||||||
Proceeds from issuance of securitization notes and Funding Facilities | — | — | 119,807 | — | 119,807 | |||||||||||||||||||||||||||||||||||||
Proceeds from issuance of securitization notes and Funding Facilities | — | — | 119,807 | — | 119,807 | |||||||||||||||||||||||||||||||||||||
Proceeds from issuance of notes payable | — | 1,124 | 79,541 | — | 80,665 | |||||||||||||||||||||||||||||||||||||
Proceeds from issuance of notes payable | — | 1,124 | 79,541 | — | 80,665 | |||||||||||||||||||||||||||||||||||||
Payments on securitization notes and Funding Facilities | — | — | (114,701 | ) | — | (114,701 | ) | |||||||||||||||||||||||||||||||||||
Payments on securitization notes and Funding Facilities | — | — | (114,701 | ) | — | (114,701 | ) | |||||||||||||||||||||||||||||||||||
Payments on notes payable | — | (10,250 | ) | (21,017 | ) | — | (31,267 | ) | ||||||||||||||||||||||||||||||||||
Payments on notes payable | — | (10,250 | ) | (21,017 | ) | — | (31,267 | ) | ||||||||||||||||||||||||||||||||||
Payments of debt issuance costs | — | (76 | ) | (2,507 | ) | — | (2,583 | ) | ||||||||||||||||||||||||||||||||||
Payments of debt issuance costs | — | (76 | ) | (2,507 | ) | — | (2,583 | ) | ||||||||||||||||||||||||||||||||||
Net cash (used in) provided financing activities | — | (15,365 | ) | 60,905 | — | 45,540 | ||||||||||||||||||||||||||||||||||||
Net cash (used in) provided financing activities | — | (15,365 | ) | 60,905 | — | 45,540 | ||||||||||||||||||||||||||||||||||||
Net (decrease) increase in cash and cash equivalents | — | (2,364 | ) | 3,166 | — | 802 | ||||||||||||||||||||||||||||||||||||
Net (decrease) increase in cash and cash equivalents | — | (2,364 | ) | 3,166 | — | 802 | ||||||||||||||||||||||||||||||||||||
Effect of changes in exchange rates on cash and cash equivalents | — | — | 362 | — | 362 | |||||||||||||||||||||||||||||||||||||
Effect of changes in exchange rates on cash and cash equivalents | — | — | 362 | — | 362 | |||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, beginning of period | 540 | 10,296 | 9,061 | — | 19,897 | |||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, beginning of period | 540 | 10,296 | 9,061 | — | 19,897 | |||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 540 | $ | 7,932 | $ | 12,589 | $ | — | $ | 21,061 | ||||||||||||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 540 | $ | 7,932 | $ | 12,589 | $ | — | $ | 21,061 | ||||||||||||||||||||||||||||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||||||||||||||||||||||||||||||||||||||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||||||||||||||||||||||||||||||||||||||||||
Cash paid for interest | $ | — | $ | 50,565 | $ | 29,802 | $ | — | $ | 80,367 | ||||||||||||||||||||||||||||||||
Cash paid for interest | $ | — | $ | 50,565 | $ | 29,802 | $ | — | $ | 80,367 | ||||||||||||||||||||||||||||||||
Cash paid for taxes, net of cash tax refunds | $ | — | $ | (586 | ) | $ | 2,546 | $ | — | $ | 1,960 | |||||||||||||||||||||||||||||||
Cash paid for taxes, net of cash tax refunds | $ | — | $ | (586 | ) | $ | 2,546 | $ | — | $ | 1,960 | |||||||||||||||||||||||||||||||
Purchase of assets in connection with PMR Acquisition and the Aegean Blue Acquisition: | ||||||||||||||||||||||||||||||||||||||||||
Purchase of assets in connection with PMR Acquisition and the Aegean Blue Acquisition: | ||||||||||||||||||||||||||||||||||||||||||
Fair value of assets acquired based on a valuation report | $ | — | $ | — | $ | 103,780 | $ | — | $ | 103,780 | ||||||||||||||||||||||||||||||||
Fair value of assets acquired based on a valuation report | $ | — | $ | — | $ | 103,780 | $ | — | $ | 103,780 | ||||||||||||||||||||||||||||||||
Gain on bargain purchase recognized | — | — | (20,741 | ) | — | (20,741 | ) | |||||||||||||||||||||||||||||||||||
Gain on bargain purchase recognized | — | — | (20,741 | ) | — | (20,741 | ) | |||||||||||||||||||||||||||||||||||
Cash paid | — | — | (56,106 | ) | — | (56,106 | ) | |||||||||||||||||||||||||||||||||||
Cash paid | — | — | (56,106 | ) | — | (56,106 | ) | |||||||||||||||||||||||||||||||||||
Deferred tax liability | — | — | (13,010 | ) | — | (13,010 | ) | |||||||||||||||||||||||||||||||||||
Deferred tax liability | — | — | (13,010 | ) | — | (13,010 | ) | |||||||||||||||||||||||||||||||||||
Liabilities assumed | $ | — | $ | — | $ | 13,923 | $ | — | $ | 13,923 | ||||||||||||||||||||||||||||||||
Liabilities assumed | $ | — | $ | — | $ | 13,923 | $ | — | $ | 13,923 | ||||||||||||||||||||||||||||||||
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||||||||||||||||||||||||||||||||||||||||||
Insurance premiums financed through issuance of notes payable | $ | — | $ | 10,504 | $ | — | $ | — | $ | 10,504 | SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | |||||||||||||||||||||||||||||||
Insurance premiums financed through issuance of notes payable | $ | — | $ | 10,504 | $ | — | $ | — | $ | 10,504 | ||||||||||||||||||||||||||||||||
Other receivables, net reclassified to assets held for sale | $ | — | $ | — | $ | 54 | $ | — | $ | 54 | ||||||||||||||||||||||||||||||||
Other receivables, net reclassified to assets held for sale | $ | — | $ | — | $ | 54 | $ | — | $ | 54 | ||||||||||||||||||||||||||||||||
Management contracts (other intangible assets, net) reclassified to assets held for sale | $ | — | $ | — | $ | 13 | $ | — | $ | 13 | ||||||||||||||||||||||||||||||||
Management contracts (other intangible assets, net) reclassified to assets held for sale | $ | — | $ | — | $ | 13 | $ | — | $ | 13 | ||||||||||||||||||||||||||||||||
Unsold Vacation Interests reclassified to assets held for sale | $ | — | $ | — | $ | 431 | $ | — | $ | 431 | ||||||||||||||||||||||||||||||||
Unsold Vacation Interests reclassified to assets held for sale | $ | — | $ | — | $ | 431 | $ | — | $ | 431 | ||||||||||||||||||||||||||||||||
CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||||||||||||||||||||||||||
For the Year ended December 31, 2011 | ||||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||
Diamond Resorts International, Inc. | Guarantor Subsidiaries | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||||||||||||||||||||
Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||||
Management and member services | $ | — | $ | 81,407 | $ | 23,499 | $ | (5,600 | ) | $ | 99,306 | |||||||||||||||||||||||||||||||
Consolidated resort operations | — | 25,054 | 4,839 | — | 29,893 | |||||||||||||||||||||||||||||||||||||
Vacation Interest sales, net of provision of $0, $15,941, $621, $0 and $16,562, respectively | — | 166,996 | 27,762 | 1 | 194,759 | |||||||||||||||||||||||||||||||||||||
Interest | — | 4,220 | 46,083 | (3,018 | ) | 47,285 | ||||||||||||||||||||||||||||||||||||
Other | — | 25,278 | 7,494 | (12,994 | ) | 19,778 | ||||||||||||||||||||||||||||||||||||
Total revenues | — | 302,955 | 109,677 | (21,611 | ) | 391,021 | ||||||||||||||||||||||||||||||||||||
Costs and Expenses: | ||||||||||||||||||||||||||||||||||||||||||
Management and member services | — | 18,556 | 13,645 | (5,076 | ) | 27,125 | ||||||||||||||||||||||||||||||||||||
Consolidated resort operations | — | 23,642 | 4,141 | — | 27,783 | |||||||||||||||||||||||||||||||||||||
Vacation Interest cost of sales | — | (15,531 | ) | 5,836 | — | (9,695 | ) | |||||||||||||||||||||||||||||||||||
Advertising, sales and marketing | — | 110,523 | 18,718 | (524 | ) | 128,717 | ||||||||||||||||||||||||||||||||||||
Vacation Interest carrying cost, net | — | 27,834 | 14,682 | (1,185 | ) | 41,331 | ||||||||||||||||||||||||||||||||||||
Loan portfolio | — | 7,531 | 7,527 | (6,406 | ) | 8,652 | ||||||||||||||||||||||||||||||||||||
Other operating | — | 4,470 | 1,128 | (2,199 | ) | 3,399 | ||||||||||||||||||||||||||||||||||||
General and administrative | 15 | 54,758 | 25,639 | — | 80,412 | |||||||||||||||||||||||||||||||||||||
Depreciation and amortization | — | 8,249 | 5,717 | — | 13,966 | |||||||||||||||||||||||||||||||||||||
Interest | — | 48,075 | 36,953 | (3,018 | ) | 82,010 | ||||||||||||||||||||||||||||||||||||
Impairments and other write-offs | — | 556 | 1,016 | — | 1,572 | |||||||||||||||||||||||||||||||||||||
Gain on disposal of assets | — | (19 | ) | (689 | ) | — | (708 | ) | ||||||||||||||||||||||||||||||||||
Gain on bargain purchase from business combinations | — | — | (14,329 | ) | — | (14,329 | ) | |||||||||||||||||||||||||||||||||||
Total costs and expenses | 15 | 288,644 | 119,984 | (18,408 | ) | 390,235 | ||||||||||||||||||||||||||||||||||||
(Loss) income before benefit for income taxes | (15 | ) | 14,311 | (10,307 | ) | (3,203 | ) | 786 | ||||||||||||||||||||||||||||||||||
Benefit for income taxes | — | (99 | ) | (9,418 | ) | — | (9,517 | ) | ||||||||||||||||||||||||||||||||||
Net (loss) income | $ | (15 | ) | $ | 14,410 | $ | (889 | ) | $ | (3,203 | ) | $ | 10,303 | |||||||||||||||||||||||||||||
CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||||||||||||||||||||
Year ended December 31, 2011 | ||||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||
Diamond Resorts International, Inc. | Guarantor Subsidiaries | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||||||||||||||||||||
Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||
Operating activities: | ||||||||||||||||||||||||||||||||||||||||||
Net (loss) income | $ | (15 | ) | $ | 14,410 | $ | (889 | ) | $ | (3,203 | ) | $ | 10,303 | |||||||||||||||||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||||||||||||||||||||||||||||
Provision for uncollectible Vacation Interest sales revenue | — | 15,941 | 621 | — | 16,562 | |||||||||||||||||||||||||||||||||||||
Amortization of capitalized financing costs and original issue discounts | — | 2,114 | 4,024 | — | 6,138 | |||||||||||||||||||||||||||||||||||||
Amortization of capitalized loan origination costs and net portfolio discounts | — | 2,449 | 1,113 | — | 3,562 | |||||||||||||||||||||||||||||||||||||
Depreciation and amortization | — | 8,249 | 5,717 | — | 13,966 | |||||||||||||||||||||||||||||||||||||
Impairments and other write-offs | — | 556 | 1,016 | — | 1,572 | |||||||||||||||||||||||||||||||||||||
Gain on disposal of assets | — | (19 | ) | (689 | ) | — | (708 | ) | ||||||||||||||||||||||||||||||||||
Gain on bargain purchase from business combinations | — | — | (14,329 | ) | — | (14,329 | ) | |||||||||||||||||||||||||||||||||||
Deferred income taxes | — | — | (8,567 | ) | — | (8,567 | ) | |||||||||||||||||||||||||||||||||||
Gain on foreign currency exchange | — | — | (72 | ) | — | (72 | ) | |||||||||||||||||||||||||||||||||||
Gain on mortgage repurchase | — | (196 | ) | — | — | (196 | ) | |||||||||||||||||||||||||||||||||||
Unrealized gain on derivative instruments | — | (79 | ) | — | — | (79 | ) | |||||||||||||||||||||||||||||||||||
Gain on insurance settlement | — | (3,535 | ) | — | — | (3,535 | ) | |||||||||||||||||||||||||||||||||||
Changes in operating assets and liabilities excluding acquisitions: | ||||||||||||||||||||||||||||||||||||||||||
Mortgages and contracts receivable | — | 11,832 | (11,834 | ) | (8 | ) | (10 | ) | ||||||||||||||||||||||||||||||||||
Due from related parties, net | (4,874 | ) | (14,591 | ) | (12,141 | ) | 25,339 | (6,267 | ) | |||||||||||||||||||||||||||||||||
Other receivables, net | — | (1,902 | ) | 7,287 | 137 | 5,522 | ||||||||||||||||||||||||||||||||||||
Prepaid expenses and other assets, net | 429 | (2,680 | ) | (4,020 | ) | — | (6,271 | ) | ||||||||||||||||||||||||||||||||||
Unsold Vacation Interests, net | — | (38,228 | ) | (4,305 | ) | 3,204 | (39,329 | ) | ||||||||||||||||||||||||||||||||||
Accounts payable | — | 2,283 | 1,904 | — | 4,187 | |||||||||||||||||||||||||||||||||||||
Due to related parties, net | — | 15,076 | 34,228 | (25,339 | ) | 23,965 | ||||||||||||||||||||||||||||||||||||
Accrued liabilities | — | (479 | ) | 3,197 | (130 | ) | 2,588 | |||||||||||||||||||||||||||||||||||
Income taxes receivable and payable | — | (1,236 | ) | 154 | — | (1,082 | ) | |||||||||||||||||||||||||||||||||||
Deferred revenues | — | 4,404 | (3,032 | ) | — | 1,372 | ||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by operating activities | (4,460 | ) | 14,369 | (617 | ) | — | 9,292 | |||||||||||||||||||||||||||||||||||
Investing activities: | ||||||||||||||||||||||||||||||||||||||||||
Property and equipment capital expenditures | — | (5,042 | ) | (1,234 | ) | — | (6,276 | ) | ||||||||||||||||||||||||||||||||||
Purchase of assets in connection with the Tempus Resorts Acquisition, net of $0, $0, $2,515, $0 and $2,515 cash acquired, respectively | — | — | (102,400 | ) | — | (102,400 | ) | |||||||||||||||||||||||||||||||||||
Disbursement of Tempus Note Receivable | — | — | (3,493 | ) | — | (3,493 | ) | |||||||||||||||||||||||||||||||||||
Proceeds from sale of assets | — | 5 | 2,364 | — | 2,369 | |||||||||||||||||||||||||||||||||||||
Net cash used in investing activities | $ | — | $ | (5,037 | ) | $ | (104,763 | ) | $ | — | $ | (109,800 | ) | |||||||||||||||||||||||||||||
CONSOLIDATING STATEMENT OF CASH FLOWS —Continued | ||||||||||||||||||||||||||||||||||||||||||
Year ended December 31, 2011 | ||||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||
Diamond Resorts International, Inc. | Guarantor Subsidiaries | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||||||||||||||||||||
Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||
Financing activities: | ||||||||||||||||||||||||||||||||||||||||||
Changes in cash in escrow and restricted cash | $ | — | $ | (2,436 | ) | $ | 1,412 | $ | — | $ | (1,024 | ) | ||||||||||||||||||||||||||||||
Proceeds from issuance of securitization notes and Funding Facilities | — | — | 206,817 | — | 206,817 | |||||||||||||||||||||||||||||||||||||
Proceeds from issuance of notes payable | — | — | 48,178 | — | 48,178 | |||||||||||||||||||||||||||||||||||||
Payments on securitization notes and Funding Facilities | — | (2,061 | ) | (136,849 | ) | — | (138,910 | ) | ||||||||||||||||||||||||||||||||||
Payments on notes payable | — | (8,066 | ) | (8,795 | ) | — | (16,861 | ) | ||||||||||||||||||||||||||||||||||
Payments on debt issuance costs | — | (427 | ) | (5,106 | ) | — | (5,533 | ) | ||||||||||||||||||||||||||||||||||
Proceeds from issuance of common and preferred stock, net of issuance cost | 146,651 | — | — | — | 146,651 | |||||||||||||||||||||||||||||||||||||
Repurchase of a portion of outstanding warrants | (16,598 | ) | — | — | — | (16,598 | ) | |||||||||||||||||||||||||||||||||||
Repurchase of a portion of outstanding common stock | (16,352 | ) | — | — | — | (16,352 | ) | |||||||||||||||||||||||||||||||||||
Repurchase of redeemable preferred stock | (108,701 | ) | — | — | — | (108,701 | ) | |||||||||||||||||||||||||||||||||||
Payments of costs related to issuance of common and preferred stock | — | (4,632 | ) | — | — | (4,632 | ) | |||||||||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | 5,000 | (17,622 | ) | 105,657 | — | 93,035 | ||||||||||||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 540 | (8,290 | ) | 277 | — | (7,473 | ) | |||||||||||||||||||||||||||||||||||
Effect of changes in exchange rates on cash and cash equivalents | — | — | 41 | — | 41 | |||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, beginning of period | — | 18,586 | 8,743 | — | 27,329 | |||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 540 | $ | 10,296 | $ | 9,061 | $ | — | $ | 19,897 | ||||||||||||||||||||||||||||||||
CONSOLIDATING STATEMENT OF CASH FLOWS —Continued | ||||||||||||||||||||||||||||||||||||||||||
Year ended December 31, 2011 | ||||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||
Diamond Resorts International, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | ||||||||||||||||||||||||||||||||||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||||||||||||||||||||||||||||||||||||||||||
Cash paid for interest | $ | — | $ | 51,121 | $ | 23,017 | $ | — | $ | 74,138 | ||||||||||||||||||||||||||||||||
Cash paid for taxes, net of cash tax refunds (cash tax refunds, net of cash paid for taxes) | $ | — | $ | 1,138 | $ | (977 | ) | $ | — | $ | 161 | |||||||||||||||||||||||||||||||
Purchase of assets in connection with the Tempus Resorts Acquisition net of $0, $0, $2,515, $0 and $2,515 cash acquired, respectively: | ||||||||||||||||||||||||||||||||||||||||||
Fair value of assets acquired | $ | — | $ | — | $ | 136,316 | $ | — | $ | 136,316 | ||||||||||||||||||||||||||||||||
Gain on bargain purchase recognized | — | — | (14,329 | ) | — | (14,329 | ) | |||||||||||||||||||||||||||||||||||
Cash paid | — | — | (104,917 | ) | — | (104,917 | ) | |||||||||||||||||||||||||||||||||||
Deferred tax liability | — | — | (8,567 | ) | — | (8,567 | ) | |||||||||||||||||||||||||||||||||||
Liabilities assumed | $ | — | $ | — | $ | 8,503 | $ | — | $ | 8,503 | ||||||||||||||||||||||||||||||||
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||||||||||||||||||||||||||||||||||||||||||
Priority returns and redemption premiums on preferred stock | $ | — | $ | 8,412 | $ | — | $ | — | $ | 8,412 | ||||||||||||||||||||||||||||||||
Insurance premiums financed through issuance of notes payable | $ | — | $ | 8,500 | $ | — | $ | — | $ | 8,500 | ||||||||||||||||||||||||||||||||
Assets held for sale reclassified to unsold Vacation Interests, net | $ | — | $ | — | $ | 2,750 | $ | — | $ | 2,750 | ||||||||||||||||||||||||||||||||
Assets held for sale reclassified to management contracts (intangible assets, net) | $ | — | $ | — | $ | 234 | $ | — | $ | 234 | ||||||||||||||||||||||||||||||||
Assets to be disposed but not actively marketed (prepaid expenses and other assets, net) reclassified to unsold Vacation Interests, net | $ | — | $ | — | $ | 1,589 | $ | — | $ | 1,589 | ||||||||||||||||||||||||||||||||
Geographic_Financial_Informati1
Geographic Financial Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Geographic Financial Information [Abstract] | ' | ||||||||||||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | ' | ||||||||||||
The following table reflects total revenue and assets by geographic area for the periods ended on, or as of, the dates presented below (in thousands): | |||||||||||||
For the Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Revenue | |||||||||||||
North America | $ | 647,002 | $ | 476,053 | $ | 346,803 | |||||||
Europe | 82,786 | 47,615 | 44,218 | ||||||||||
Total Revenues | $ | 729,788 | $ | 523,668 | $ | 391,021 | |||||||
December 31, 2013 | December 31, 2012 | ||||||||||||
Mortgages and contracts receivable, net | |||||||||||||
North America | $ | 402,728 | $ | 310,955 | |||||||||
Europe | 2,726 | 1,977 | |||||||||||
Total mortgages and contracts receivable, net | $ | 405,454 | $ | 312,932 | |||||||||
Unsold Vacation Interests, net | |||||||||||||
North America | $ | 250,619 | $ | 275,352 | |||||||||
Europe | 47,491 | 40,515 | |||||||||||
Total unsold Vacation Interests, net | $ | 298,110 | $ | 315,867 | |||||||||
Property and equipment, net | |||||||||||||
North America | $ | 56,043 | $ | 50,643 | |||||||||
Europe | 4,353 | 4,477 | |||||||||||
Total property and equipment, net | $ | 60,396 | $ | 55,120 | |||||||||
Goodwill | |||||||||||||
North America | $ | 30,632 | $ | — | |||||||||
Europe | — | — | |||||||||||
Total goodwill | $ | 30,632 | $ | — | |||||||||
Other intangible assets, net | |||||||||||||
North America | $ | 191,649 | $ | 103,141 | |||||||||
Europe | 6,983 | 9,357 | |||||||||||
Total other intangible assets, net | $ | 198,632 | $ | 112,498 | |||||||||
Total long-term assets, net | |||||||||||||
North America | $ | 931,672 | $ | 740,091 | |||||||||
Europe | 61,553 | 56,326 | |||||||||||
Total long-term assets, net | $ | 993,225 | $ | 796,417 | |||||||||
Loss_on_extinguishment_of_debt1
Loss on extinguishment of debt (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Extinguishment of Debt [Line Items] | ' | ||||
Schedule of Extinguishment of Debt [Table Text Block] | ' | ||||
Loss on extinguishment of debt consisted of the following for the year ended December 31, 2013: | |||||
Year ended | |||||
December 31, 2013 | |||||
Senior Secured Notes | $ | 8,443 | |||
PMR Acquisition Loan | 3,196 | ||||
Diamond Resorts Owner Trust 2009-1 | 2,201 | ||||
Tempus Acquisition Loan | 1,744 | ||||
Island One Notes Payable | 20 | ||||
Total loss on extinguishment of debt | $ | 15,604 | |||
Impairments_and_Other_Writeoff1
Impairments and Other Write-offs Impairments and other write-offs (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | ||||||||||||
Details of Impairment of Long-Lived Assets Held and Used by Asset [Table Text Block] | ' | ||||||||||||
Impairment and other write-offs consist of the following for the year ended December 31 (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Write down of a parcel of real estate acquired in connection with the PMR Acquisition to its fair value | $ | 1,200 | $ | — | $ | — | |||||||
Write off of sales materials due to obsolescence | 307 | — | — | ||||||||||
European resorts held for sale (lower of cost or fair value) | 80 | 494 | 670 | ||||||||||
Intangible assets associated with an unprofitable European golf course | — | 213 | — | ||||||||||
Abandoned information technology projects previously capitalized | — | 183 | 362 | ||||||||||
Slow moving consumables inventory | — | 119 | 192 | ||||||||||
Unrecoverable deposits on open market purchases of Vacation Interest Points | — | — | 181 | ||||||||||
Other | — | — | 167 | ||||||||||
Total impairments and other write-offs | $ | 1,587 | $ | 1,009 | $ | 1,572 | |||||||
Quarterly_results_Tables
Quarterly results (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
Quarterly results [Abstract] | ' | ' | ||||||||||||||||||||||||||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ' | ' | ||||||||||||||||||||||||||||||||||||||||
Three months ended | Year ended | Three months ended | Year ended | |||||||||||||||||||||||||||||||||||||||
31-Mar-13 | 30-Jun-13 | 30-Sep-13 | 31-Dec-13 | 31-Dec-13 | 31-Mar-12 | 30-Jun-12 | 30-Sep-12 | 31-Dec-12 | 31-Dec-12 | |||||||||||||||||||||||||||||||||
( in thousands except share data) | Revenues | $ | 108,950 | $ | 121,444 | $ | 142,712 | $ | 150,562 | $ | 523,668 | |||||||||||||||||||||||||||||||
Revenues | $ | 153,452 | $ | 173,873 | $ | 191,602 | $ | 210,861 | $ | 729,788 | ||||||||||||||||||||||||||||||||
(Loss) income before provision (benefit) for income taxes | $ | (8,600 | ) | $ | 31,943 | $ | (11,305 | ) | $ | (12,705 | ) | $ | (667 | ) | ||||||||||||||||||||||||||||
Income (loss) before provision (benefit) for income taxes | $ | 2,711 | $ | 18,367 | $ | (33,953 | ) | $ | 16,127 | $ | 3,252 | |||||||||||||||||||||||||||||||
Net loss (income) | $ | (9,575 | ) | $ | 46,611 | $ | (11,645 | ) | $ | (11,748 | ) | $ | 13,643 | |||||||||||||||||||||||||||||
Net income (loss) | $ | 2,273 | $ | 17,956 | $ | (26,327 | ) | $ | 3,573 | $ | (2,525 | ) | ||||||||||||||||||||||||||||||
Net (loss) income per share—basic | $ | (0.18 | ) | $ | 0.87 | $ | (0.23 | ) | $ | (0.22 | ) | $ | 0.25 | |||||||||||||||||||||||||||||
Net income (loss) per share—basic | 0.04 | 0.33 | (0.37 | ) | 0.05 | (0.04 | ) | |||||||||||||||||||||||||||||||||||
Net loss (income) per share—diluted | $ | (0.18 | ) | $ | 0.87 | $ | (0.23 | ) | $ | (0.22 | ) | $ | 0.25 | |||||||||||||||||||||||||||||
Net income (loss) per share—diluted | 0.04 | 0.33 | (0.37 | ) | 0.05 | (0.04 | ) | |||||||||||||||||||||||||||||||||||
Background_Business_and_Basis_1
Background, Business and Basis of Presentation (Details) (USD $) | 0 Months Ended | 2 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||
Jul. 24, 2013 | Aug. 14, 2010 | Sep. 30, 2013 | Jun. 30, 2007 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Nov. 05, 2013 | 21-May-12 | Jul. 02, 2011 | Dec. 31, 2010 | Jan. 02, 2010 | Apr. 26, 2007 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jul. 24, 2013 | Dec. 31, 2013 | Aug. 13, 2010 | Jul. 02, 2011 | Aug. 31, 2010 | Jul. 24, 2013 | Oct. 05, 2012 | Oct. 05, 2012 | Jul. 24, 2013 | 21-May-12 | Jun. 30, 2011 | Aug. 31, 2010 | |
St Maarten [Member] | Minimum [Member] | Maximum [Member] | Customer Contracts [Member] | Number of destinations [Domain] | All Countries [Domain] | Branded resort properties [Domain] | Managed Units [Member] | Multi-resorts (the Collections) [Member] | Affiliated Entity [Member] | Cruise Itineraries [Domain] | Diamond Resorts International, Inc. [Member] | Cloobeck Diamond Parent [Member] | Senior Notes [Member] | Senior Notes [Member] | Tempus Acquisition Loan [Member] | ILX Acquisition [Member] | PMR Service Companies Aquisition [Member] | Aegean Blue Acquisition [Member] | Aegean Blue Acquisition [Member] | Island One Companies [Member] | Tempus Acquisition [Member] | Tempus Acquisition [Member] | cash in escrow and restricted cash [Domain] | ||||||||||||||
Tempus Acquisition Loan [Member] | Tempus Acquisition Loan [Member] | ILX Acquisition [Member] | |||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | ' | ' | 17,825,000 | ' | 16,100,000 | ' | 12,865,244 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Shares, Issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,725,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Common Stock | ' | ' | ' | ' | $204,332,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | 10.00% | ' | 12.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12.00% | 12.00% | 18.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance or Sale of Equity | ' | ' | ' | 62,400,000 | 204,332,000 | 0 | 146,651,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Ownership Interests, Contributed Capital | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Priority Returns and Redemption Premiums on Preferred Units | ' | 17.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Par or Stated Value Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Parent Company Disclosures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'two | ' | ' | '527000 | '307 | '33 | '93 | '11000 | 'seven | '210 | 'four | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Termloanseligibletocustomers | ' | ' | ' | ' | '10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property Management Fee, Percent Fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of minimum downpayment for initial investment | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Terms of management contracts European collection | ' | ' | ' | ' | '40 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
PVCpercentageofmembershipinterest | ' | ' | ' | ' | 90.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and Cash Equivalents, at Carrying Value | ' | ' | ' | ' | 35,945,000 | 21,061,000 | 19,897,000 | ' | ' | ' | 27,329,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing Receivable, Credit Quality, Additional Information | ' | ' | ' | ' | '.10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Consideration Transferred | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,879,000 | 6,600,000 | ' | 51,635,000 | 104,900,000 | ' |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 5,236,251 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Cost of Acquired Entity, Purchase Price | 73,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 73,300,000 | ' | ' | ' |
Share Price | $14 | ' | ' | ' | ' | ' | ' | $18.32 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Cost of Acquired Entity, Cash Paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,700,000 | 47,417,000 | 6,543,000 | ' | ' | ' | ' | ' |
Business Acquisition, Purchase Price Allocation, Liabilities Assumed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $521,000 | $8,840,000 | ' | ' | ' | ' | $4,000,000 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Related Party Transaction [Line Items] | ' | ' | ' |
Percentage of minimum downpayment for initial investment | 10.00% | ' | ' |
Advertising Expense | $6,200,000 | $5,400,000 | $4,500,000 |
Time Share Revenue | 509,283,000 | 318,555,000 | 211,321,000 |
Provision for Doubtful Accounts | 44,670,000 | 25,457,000 | 16,562,000 |
Vacation Interest Net | $464,613,000 | $293,098,000 | $194,759,000 |
HM&C Employees [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Entity Number of Employees | 54 | ' | ' |
Minimum [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Managing Member or General Partner, Related Party Fees and Other Arrangements | 'P3Y | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '5 years | ' | ' |
Initiation of cancellation or foreclosure proceedings | '90 | ' | ' |
Maximum [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Managing Member or General Partner, Related Party Fees and Other Arrangements | 'P30Y | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '25 years | ' | ' |
Initiation of cancellation or foreclosure proceedings | '180 | ' | ' |
Concentrations_of_Risk_Details
Concentrations of Risk (Details) (USD $) | 12 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Aug. 20, 2013 | Jul. 20, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Oct. 14, 2011 | Aug. 31, 2010 | Oct. 15, 2009 | Mar. 27, 2009 | Nov. 03, 2008 | |
CALIFORNIA | ARIZONA | FLORIDA | Conduit 2008 [Member] | Conduit 2008 [Member] | Conduit 2008 [Member] | Conduit 2008 [Member] | Conduit 2008 [Member] | ||||
Concentration Risk, Geographic | ' | ' | ' | '0.286 | '0.089 | '0.059 | ' | ' | ' | ' | ' |
Concentration Risk, Market Risk | '.05 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Asset, Notional Amount | ' | $35,000,000 | $55,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Fixed Interest Rate | ' | 2.42% | 2.18% | ' | ' | ' | ' | ' | ' | ' | ' |
Secured Debt | ' | ' | ' | ' | ' | ' | $75,000,000 | $64,600,000 | $73,400,000 | $200,000,000 | $215,400,000 |
Cash_in_Escrow_and_Restricted_2
Cash in Escrow and Restricted Cash (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Cash in Escrow and Restricted Cash [Abstract] | ' | ' |
Funds Held for Clients | $17,091 | $11,617 |
Escrow Deposit | 11,887 | 8,134 |
Cash and Securities Segregated under Other Regulations | 49,987 | 15,416 |
Cash and Cash Equivalents, at Carrying Value | 11,131 | 6,040 |
Restricted Cash and Investments | 2,135 | 1,104 |
Restricted Cash and Cash Equivalents | $92,231 | $42,311 |
Mortgages_and_Contracts_Receiv2
Mortgages and Contracts Receivable and Allowance for Loan and Contract Losses -Narrative (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Apr. 26, 2007 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jul. 03, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | 21-May-12 | Dec. 31, 2011 | Dec. 31, 2013 | Jul. 24, 2013 | |
Minimum [Member] | Maximum [Member] | Tempus Acquisition [Member] | Tempus Acquisition [Member] | Tempus Acquisition [Member] | Tempus Acquisition [Member] | PMR Acquisition [Member] | PMR Acquisition [Member] | PMR Acquisition [Member] | island One Acquisition [Member] | island One Acquisition [Member] | island One Acquisition [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contract Receivable, Due after One Year, Lowest Interest Rate | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contract Receivable, Due after One Year, Highest Interest Rate | 18.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage Loans on Real Estate, Periodic Payment Terms | ' | ' | ' | ' | 'one | '15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contract Receivable, Due after One Year, Weighted Average Interest Rate | 15.10% | 15.70% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Initiation of cancellation or foreclosure proceedings | ' | ' | ' | ' | '90 | '180 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receivables Greater Than 90 Days | 2.50% | 2.60% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of Deferred Loan Origination Fees, Net | $5,400,000 | $3,300,000 | $2,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receivable with Imputed Interest, Discount | -217,000 | -311,000 | ' | -3,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accretion (Amortization) of Discounts and Premiums, Investments | 100,000 | 200,000 | 300,000 | ' | ' | ' | 500,000 | 200,000 | 1,100,000 | ' | 100,000 | ' | ' | 100,000 | ' | ' |
Receivable with Imputed Interest, Premium | 515,000 | 564,000 | ' | ' | ' | ' | 0 | 500,000 | ' | 800,000 | 0 | 100,000 | 100,000 | ' | 500,000 | 600,000 |
Collateralized Financings | 404,200,000 | 340,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Time Sharing Transactions, Deferred Profit Affect on Provision | 900,000 | 700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Revenue, Additions | $600,000 | $400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transactions_with_Related_Part2
Transactions with Related Parties Related Party Transactions (Details) (USD $) | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 3 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 24, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jul. 24, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 24, 2013 | Jul. 24, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | |
Hospitality and Management Services [Member] | Hospitality and Management Services [Member] | Hospitality and Management Services [Member] | Other Related Parties [Member] | Other Related Parties [Member] | Homeowners' Association [Member] | Homeowners' Association [Member] | Trust [Member] | Trust [Member] | Praesumo Agreement [Member] | Praesumo Agreement [Member] | Praesumo Agreement [Member] | Luumena [Member] | Luumena [Member] | Luumena [Member] | Technogistics [Member] | Technogistics [Member] | Technogistics [Member] | Trivergeance [Member] | Mackinac Partners [Member] | Mackinac Partners [Member] | Mackinac Partners [Member] | Katten Muchin Rosenman LLP [Member] | Katten Muchin Rosenman LLP [Member] | Tempus Acquisition Loan [Member] | Tempus Acquisition Loan [Member] | Tempus Acquisition Loan [Member] | Tempus Acquisition [Member] | Tempus Acquisition [Member] | Tempus Acquisition [Member] | PMR Acquisition [Member] | PMR Acquisition [Member] | PMR Acquisition [Member] | PMR Service Companies Aquisition [Member] | PMR Service Companies Aquisition [Member] | Affiliated Entity [Member] | PMR Acquisition [Member] | PMR Acquisition [Member] | Tempus Acquisition Loan [Member] | HM&C Employees [Member] | ||||
due from related parties [Domain] | |||||||||||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Purchase Price Allocation, Current Assets, Receivables | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $51,080,000 | $123,000 | ' | ' | ' | ' | ' |
Management Fees Revenue | 44,600,000 | 37,900,000 | 33,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property Management Fee Revenue | 37,500,000 | 30,300,000 | 23,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Extinguishment of Debt, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | 62,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Periodic Payment, Interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,400,000 | 4,200,000 | 2,000,000 | ' | 3,400,000 | 3,900,000 | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Exit Fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | 3,100,000 | 0 | 2,700,000 | ' |
Debt Instrument, Periodic Payment, Principal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | 100,000 | 52,800,000 | 9,300,000 | 0 | ' | 64,600,000 | 5,000,000 | ' | ' | ' | ' | ' | ' | ' |
Due from Related Parties | 46,262,000 | 22,995,000 | ' | ' | ' | ' | 1,367,000 | 679,000 | 36,957,000 | 13,346,000 | 7,938,000 | 8,970,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Due to Related Parties | 44,644,000 | 64,204,000 | ' | 7,300,000 | 4,000,000 | ' | 231,000 | 200,000 | 16,032,000 | 33,441,000 | 28,381,000 | 30,563,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments for Repurchase of Warrants | 10,346,000 | 0 | 16,598,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,800,000 | ' | ' | ' | ' |
Entity Number of Employees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 54 |
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | 2,400,000 | ' | ' | 28,100,000 | 19,200,000 | 16,200,000 | ' | ' | ' | ' | ' | ' | 2,000,000 | 1,800,000 | 3,400,000 | 200,000 | 800,000 | 400,000 | 1,600,000 | 1,900,000 | 1,300,000 | 1,000,000 | 2,200,000 | 5,000,000 | 3,800,000 | 7,000,000 | 4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related Party Transaction, Amounts of Transaction | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 66,667 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recapitalization Costs | ' | ' | $4,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgages_and_Contracts_Receiv3
Mortgages and Contracts Receivable and Allowance for Loan and Contract Losses (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Apr. 26, 2007 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jul. 03, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | 21-May-12 | |
FICO Score Greater Than 799 [Member] | FICO Score Greater Than 799 [Member] | FICO Score, 700 to 799 [Member] | FICO Score, 700 to 799 [Member] | FICO Score, 600 to 699 [Member] | FICO Score, 600 to 699 [Member] | FICO Score Less Than 600 [Member] | FICO Score Less Than 600 [Member] | No FICO Score [Member] | No FICO Score [Member] | Acquired Mortgages [Member] | Acquired Mortgages [Member] | Contributed Mortgages [Member] | Contributed Mortgages [Member] | Originated Mortgages [Member] | Originated Mortgages [Member] | Originated Mortgages [Member] | Originated Mortgages [Member] | Purchased Mortgages [Member] | Purchased Mortgages [Member] | Unrestricted Subsidiaries [Member] | Unrestricted Subsidiaries [Member] | Restricted Subsidiaries [Member] | Restricted Subsidiaries [Member] | Tempus Acquisition [Member] | Tempus Acquisition [Member] | Tempus Acquisition [Member] | Tempus Acquisition [Member] | PMR Acquisition [Member] | PMR Acquisition [Member] | PMR Acquisition [Member] | |||||
Restricted Subsidiaries [Member] | Restricted Subsidiaries [Member] | Restricted Subsidiaries [Member] | Restricted Subsidiaries [Member] | Restricted Subsidiaries [Member] | Restricted Subsidiaries [Member] | Unrestricted Subsidiaries [Member] | Unrestricted Subsidiaries [Member] | ||||||||||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of Deferred Loan Origination Fees, Net | $5,400,000 | $3,300,000 | $2,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contractual Obligation, Due in Next Twelve Months | 43,680,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing Receivable, Gross | ' | ' | ' | ' | 45,235,000 | 31,199,000 | 237,557,000 | 181,456,000 | 152,601,000 | 127,423,000 | 24,076,000 | 24,686,000 | 35,840,000 | 22,490,000 | 18,481,000 | 30,721,000 | 443,000 | 1,337,000 | ' | ' | 417,595,000 | 290,264,000 | 58,790,000 | 64,932,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing receivables, gross | 100.00% | 100.00% | ' | ' | 9.13% | 8.06% | 47.96% | 46.86% | 30.81% | 32.90% | 4.86% | 6.37% | 7.24% | 5.81% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financingreceivable,netofallowance | 495,309,000 | 387,254,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowances for Mortgage and Contract Receivables | 105,590,000 | 83,784,000 | 94,478,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Time Sharing Transactions, Deferred Profit | 19,116,000 | 14,273,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,197,000 | 6,113,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Finance Costs, Net | 8,223,000 | 4,810,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defaulted Mortgage inventory Value | 9,411,000 | 10,512,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receivable with Imputed Interest, Premium | 515,000 | 564,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 500,000 | ' | 800,000 | 0 | 100,000 | 100,000 |
Receivable with Imputed Interest, Discount | 217,000 | 311,000 | ' | 3,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accretion (Amortization) of Discounts and Premiums, Investments | 100,000 | 200,000 | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | 200,000 | 1,100,000 | ' | 100,000 | ' | ' |
Mortgages and contracts receivable, net | 405,454,000 | 312,932,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Provision for Doubtful Accounts | 44,670,000 | 25,457,000 | 16,562,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 43,133,000 | 26,539,000 | ' | ' | ' | ' | ' | ' | ' |
Allowance Adjustment For Doubtful Accounts | 3,982,000 | -7,205,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign Currency Transaction Gain (Loss), Unrealized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000 | 19,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for Doubtful Accounts Receivable, Charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -28,882,000 | -37,297,000 | ' | ' | ' | ' | ' | ' | ' |
Valuation Allowances and Reserves, Recoveries | 3,568,000 | 7,250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contractual Obligation, Due in Second Year | 46,627,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contractual Obligation, Due in Third Year | 47,893,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contractual Obligation, Due in Fourth Year | 48,058,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contractual Obligation, Due in Fifth Year | 47,255,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contractual Obligation, Due after Fifth Year | $261,796,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated_Other_comprehensiv2
Accumulated Other comprehensive Income Statement (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | ($14,171) | ($16,714) | ($18,346) | ($17,746) |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | -2,064 | 0 | 0 | 0 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -16,177 | -16,733 | -18,372 | -17,746 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 2,543 | 1,632 | -600 | ' |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 2,064 | 0 | 0 | ' |
Other Comprehensive Income (Loss), Net of Tax | 556 | 1,639 | -626 | ' |
Accumulated Other Comprehensive Income (Loss) [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 58 | -19 | -26 | 0 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 2,543 | 1,632 | -600 | ' |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 2,064 | ' | ' | ' |
Other Comprehensive Income (Loss), Net of Tax | ' | $7 | ' | ' |
Other_Receivables_Net_Other_re
Other Receivables, Net Other receivables (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 24, 2013 | Jul. 24, 2013 | Jul. 24, 2013 |
In Thousands, unless otherwise specified | THE Club dues receivable [Member] | THE Club dues receivable [Member] | Hospitality and Management Services [Member] | Mini-Vacations and Sampler Programs revenue [Member] | Mini-Vacations and Sampler Programs revenue [Member] | Rental receivables [Domain] | Owner maintenance fees for St Maarten [Member] | Owner maintenance fees for St Maarten [Member] | Insurance Claims [Member] | Insurance Claims [Member] | Island One [Member] | PMR Service Companies Aquisition [Member] | PMR Service Companies Aquisition [Member] | ||
Accounts Receivable [Member] | Accounts Receivable [Member] | ||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Purchase Price Allocation, Current Assets, Receivables | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,802 | $51,080 | $1,381 |
Other Receivables | 54,588 | 46,049 | 29,418 | 22,012 | 2,935 | 11,844 | 9,512 | 3,595 | 116 | 2,230 | 96 | 54 | ' | ' | ' |
Value Added Tax Receivable | 2,274 | 2,239 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Receivable | 5,025 | 4,398 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Recivables Gross | $54,588 | $46,049 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prepaid_Expenses_and_Other_Ass2
Prepaid Expenses and Other Assets, Net (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | ' |
Deferred Finance Costs, Current, Net | $20,086 | $22,143 |
Deferred Sales Commission | 13,153 | 8,881 |
Other Inventory, in Transit, Gross | 12,495 | 3,262 |
Prepaid Expense, Current | 2,497 | 3,881 |
Deposits Assets | 4,068 | 3,848 |
Prepaid Insurance | 2,359 | 2,382 |
Advances on Inventory Purchases | 3,028 | 3,299 |
Prepaid professional fees | 2,207 | 1,231 |
Prepaid Advertising | 815 | 798 |
Prepaid Rent | 344 | 296 |
Prepaid maintenance fees | 2,501 | 4,208 |
Assets Held-for-sale, Other, Noncurrent | 537 | 526 |
Other Prepaid Expense, Current | 4,168 | 3,269 |
Prepaid Expense and Other Assets | $68,258 | $58,024 |
Recovered_Sheet1
Other Receivables, Net Other Receivables - Parenthetical (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Mini-Vacations and Sampler Programs receivable [Member] [Domain] | ' | ' |
Allowance for Doubtful Accounts Receivable, Current | $954 | $427 |
Rental receivables [Domain] | ' | ' |
Allowance for Doubtful Accounts Receivable, Current | 806 | 1,210 |
Maintenace and Reserve Fee Receivable [Member] [Domain] | ' | ' |
Allowance for Doubtful Accounts Receivable, Current | 3,622 | 2,993 |
THE Club dues receivable [Member] | ' | ' |
Allowance for Doubtful Accounts Receivable, Current | $16,888 | $15,034 |
Prepaid_Expenses_and_Other_Ass3
Prepaid Expenses and Other Assets, Net (Narrative) (Details) (USD $) | 5 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 5 Months Ended | |||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Jul. 24, 2013 | Dec. 31, 2013 | Jul. 24, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jul. 24, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jul. 24, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jul. 24, 2013 | |
Tempus Inventory Loan [Member] | PMR Acquisition [Member] | PMR Acquisition [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | DROT 2013-2 [Member] | DROT 2009 Notes [Member] | DROT 2009 Notes [Member] | DROT 2009 Notes [Member] | DROT 2013 [Member] | DPM Acquisition Loan [Member] | DROT 2011 Notes [Member] | DROT 2011 Notes [Member] | DRTOT 2013 [Member] | Tempus Acquisition Loan [Member] | Tempus Acquisition Loan [Member] | Tempus Acquisition Loan [Member] | Conduit 2008 [Member] | Conduit 2008 [Member] | ILXA Receivables Loan [Member] | ILXA Receivables Loan [Member] | PMR Service Companies Aquisition [Member] | island One Acquisition [Member] | |||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of Financing Costs | ' | $5,800,000 | $5,000,000 | $5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments of Debt Issuance Costs | ' | 9,996,000 | 2,583,000 | 5,533,000 | 100,000 | 2,000,000 | ' | 1,400,000 | 10,200,000 | 13,200,000 | 3,600,000 | 1,900,000 | ' | 3,300,000 | 1,700,000 | 2,300,000 | 1,100,000 | 1,500,000 | 1,100,000 | 900,000 | ' | 1,200,000 | 1,300,000 | 300,000 | 100,000 | 300,000 | ' | ' |
Gains (Losses) on Extinguishment of Debt | ' | -7,502,000 | 0 | 0 | ' | ' | 3,196,000 | ' | 8,443,000 | ' | ' | ' | 2,201,000 | ' | ' | ' | ' | ' | ' | ' | 1,744,000 | ' | ' | ' | ' | ' | -15,600,000 | ' |
Write off of Deferred Debt Issuance Cost | 6,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Tax Liabilities, Prepaid Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,565,000 |
Unsold_Vacation_Interests_Net_1
Unsold Vacation Interests, Net (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Inventory, Gross | ' | ' | $256,805 |
other | 1,976 | 704 | ' |
Inventory, Net | 298,110 | 315,867 | ' |
Completed unsold Vacation Interests, net | 251,688 | 268,007 | ' |
Undeveloped Land | 28,513 | 38,786 | ' |
Vacation Interest Construction in Progress | 17,909 | 9,074 | ' |
Deferred Inventory Recovery | 4,169 | 3,415 | ' |
Vacationinterestscostofsales | -56,695 | -32,150 | ' |
Purchases in connection with Business combinations | 23,352 | 27,002 | ' |
Open market and bulk purchases | 2,521 | 4,988 | ' |
Accrued Bulk Purchases | 1,488 | 0 | ' |
Interest Costs Capitalized | 897 | 2,830 | ' |
Construction in progress | 8,948 | 2,067 | ' |
Transfers from assets held for sale | -9,770 | -431 | ' |
Loss Contingency, Settlement Agreement, Consideration | -5,289 | 0 | ' |
Impairment of Real Estate | -1,279 | 0 | 0 |
Inventory Write-down | 307 | 0 | 0 |
Asset Impairment Charges | 1,587 | 1,009 | 1,572 |
NORTH AMERICA [Domain] | ' | ' | ' |
Inventory, Net | 250,619 | 275,352 | ' |
Deferred Inventory Recovery | 6,582 | 15,469 | ' |
Europe [Member] | ' | ' | ' |
Inventory, Net | 47,491 | 40,515 | ' |
Deferred Inventory Recovery | 4,823 | 33,888 | ' |
Inventories [Member] | ' | ' | ' |
effect on foreign currency translation | $520 | $1,280 | ' |
Unsold_Vacation_Interests_Net_2
Unsold Vacation Interests, Net (Narrative) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jul. 24, 2013 |
island One Acquisition [Member] | ||||
Activity related to unsold Vacation Interest [Line Items] | ' | ' | ' | ' |
Business Acquisition, Purchase Price Allocation, Current Assets, Inventory | ' | ' | ' | $4,823 |
Asset Impairment Charges | 1,587 | 1,009 | 1,572 | ' |
Impairment of Real Estate | ($1,279) | $0 | $0 | ' |
Property_and_Equipment_Net_Det
Property and Equipment, Net (Details) (USD $) | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jul. 24, 2013 | 22-May-13 | 21-May-12 | |
Land and Land Improvements [Member] | Land and Land Improvements [Member] | Building and Building Improvements [Member] | Building and Building Improvements [Member] | Furniture and office equipment [Domain] | Furniture and office equipment [Domain] | Software [Member] | Software [Member] | Computer Equipment [Member] | Computer Equipment [Member] | Construction in Progress [Member] | Construction in Progress [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | island One Acquisition [Member] | PMR Acquisition [Member] | PMR Acquisition [Member] | ||||
Land, Buildings and Improvements [Member] | Furniture and Fixtures [Member] | Land, Buildings and Improvements [Member] | Furniture and Fixtures [Member] | |||||||||||||||||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Gross | $109,879,000 | $93,693,000 | ' | $18,606,000 | $16,828,000 | $35,604,000 | $32,932,000 | $18,650,000 | $16,180,000 | $24,488,000 | $17,370,000 | $12,521,000 | $10,358,000 | $10,000 | $25,000 | ' | ' | ' | ' | ' | ' | ' |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | -49,483,000 | -38,573,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Net | 60,396,000 | 55,120,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation | 11,200,000 | 8,400,000 | 7,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Estimated Useful Lives | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'four | 'three | 'forty | 'seven | ' | ' | ' |
Business Acquisition, Purchase Price Allocation, Property, Plant and Equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,107,000 | $733,000 | $1,408,000 |
Intangible_Assets_Net_Details
Intangible Assets, Net (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross | $263,951 | $160,555 |
Finite-Lived Intangible Assets, Accumulated Amortization | -65,319 | -48,057 |
Finite-Lived Intangible Assets, Net | 198,632 | 112,498 |
Asset Management [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross | 202,948 | 117,672 |
Finite-Lived Intangible Assets, Accumulated Amortization | -31,905 | -20,931 |
Finite-Lived Intangible Assets, Net | 171,043 | 96,741 |
Customer Relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross | 56,128 | 38,017 |
Finite-Lived Intangible Assets, Accumulated Amortization | -32,090 | -26,348 |
Finite-Lived Intangible Assets, Net | 24,038 | 11,669 |
Distribution Rights [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross | 4,875 | 4,866 |
Finite-Lived Intangible Assets, Accumulated Amortization | -1,324 | -778 |
Finite-Lived Intangible Assets, Net | $3,551 | $4,088 |
Intangible_Assets_Net_Narrativ
Intangible Assets, Net (Narrative) (Details) (USD $) | 12 Months Ended | ||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jul. 24, 2013 | Jul. 24, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Island One [Member] | PMR Service Companies Aquisition [Member] | Asset Management [Member] | Asset Management [Member] | ||||
Goodwill [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Purchase Price Allocation, Amortizable Intangible Assets | ' | ' | ' | $51,850,000 | $51,080,000 | ' | ' |
Finite-Lived Intangible Assets, Gross | 263,951,000 | 160,555,000 | ' | ' | ' | 202,948,000 | 117,672,000 |
Finite-Lived Intangible Assets, Accumulated Amortization | -65,319,000 | -48,057,000 | ' | ' | ' | -31,905,000 | -20,931,000 |
Amortization expense management contracts | '10819 | '6863 | '4699 | ' | ' | ' | ' |
Accumulated Amortization Other Intangibles | '6173 | '3622 | '1890 | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 19,500,000 | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 16,700,000 | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 14,300,000 | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 13,300,000 | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 13,000,000 | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Net | $198,632,000 | $112,498,000 | ' | ' | ' | $171,043,000 | $96,741,000 |
Assets_Held_for_Sale_Details
Assets Held for Sale (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Oct. 15, 2013 |
In Thousands, unless otherwise specified | Pacifir Monarch Resorts [Member] | HAWAII | ||
Long Lived Assets Held-for-sale [Line Items] | ' | ' | ' | ' |
Assets Held-for-sale, Long Lived | $10,662 | $5,224 | $5,900 | $3,600 |
Accrued_Liabilities_Details
Accrued Liabilities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 05, 2012 |
In Thousands, unless otherwise specified | Aegean Blue Acquisition [Member] | ||
Acquired Indefinite-lived Intangible Assets [Line Items] | ' | ' | ' |
Accrued interest | $19,084 | $23,627 | ' |
Accrued payroll and related | 32,117 | 22,313 | ' |
Accrued marketing expenses | 11,828 | 12,189 | ' |
Accrued commissions | 16,234 | 12,021 | ' |
Accrued other taxes | 11,589 | 7,165 | ' |
Accrued professional fees | 2,100 | 5,472 | ' |
Accrued insurance | 4,418 | 4,983 | ' |
Accrued liability related to business combinations | 3,550 | 3,400 | ' |
Accrued operating lease liabilities | 3,580 | 3,438 | ' |
Deposits on pending sale of assets | 1,311 | 2,693 | ' |
Accrued call center costs | 1,443 | 2,060 | ' |
Accrued exchange company fees | 1,689 | 1,209 | ' |
Accrued contingent litigation liabilities | 257 | 1,102 | ' |
Other | 8,235 | 4,779 | ' |
Total accrued liabilities | 117,435 | 106,451 | ' |
Liabilities Assumed | ' | ' | $8,840 |
Deferred_Revenues_Details
Deferred Revenues (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Deferred Revenue Arrangement [Line Items] | ' | ' |
Recognition of Deferred Revenue | $5,000,000 | ' |
Deferred Revenue | 110,892,000 | 93,833,000 |
Mini-Vacations and Sampler Programs revenue [Member] | ' | ' |
Deferred Revenue Arrangement [Line Items] | ' | ' |
Deferred Revenue | 54,010,000 | 33,633,000 |
Maintenace and Reserve Fee Revenue [Member] | ' | ' |
Deferred Revenue Arrangement [Line Items] | ' | ' |
Deferred Revenue | 12,375,000 | 13,335,000 |
Annual Membership Fees [Member] | ' | ' |
Deferred Revenue Arrangement [Line Items] | ' | ' |
Deferred Revenue | 37,516,000 | 41,097,000 |
Deferred Revenue from and Exchange Company [Domain] | ' | ' |
Deferred Revenue Arrangement [Line Items] | ' | ' |
Deferred Revenue | 1,891,000 | 2,350,000 |
Accrued Guest Deposits [Domain] | ' | ' |
Deferred Revenue Arrangement [Line Items] | ' | ' |
Deferred Revenue | 3,836,000 | 2,100,000 |
Unbilled Revenues [Member] | ' | ' |
Deferred Revenue Arrangement [Line Items] | ' | ' |
Deferred Revenue | 980,000 | 958,000 |
Management Fees and Allocation Revenue [Domain] | ' | ' |
Deferred Revenue Arrangement [Line Items] | ' | ' |
Deferred Revenue | $284,000 | $360,000 |
Borrowings_Narrative_Details
Borrowings (Narrative) (Details) (USD $) | 12 Months Ended | 48 Months Ended | 1 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 15 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2015 | Sep. 30, 2013 | Aug. 22, 2013 | 21-May-12 | Jul. 02, 2011 | Jan. 02, 2010 | Dec. 31, 2013 | Jul. 24, 2013 | Oct. 28, 2013 | Jul. 24, 2013 | Aug. 31, 2010 | Dec. 31, 2013 | Oct. 15, 2009 | Apr. 27, 2011 | Dec. 31, 2013 | Aug. 31, 2010 | Jul. 02, 2011 | Dec. 31, 2012 | Apr. 28, 2011 | Dec. 31, 2012 | Apr. 27, 2012 | Apr. 30, 2010 | Jul. 02, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 13, 2010 | Apr. 11, 2013 | Jan. 24, 2013 | Oct. 14, 2011 | Apr. 28, 2011 | Oct. 16, 2009 | Apr. 12, 2014 | Aug. 31, 2010 | Oct. 15, 2009 | Mar. 27, 2009 | Nov. 03, 2008 | Oct. 15, 2009 | Dec. 31, 2013 | Oct. 16, 2009 | Oct. 15, 2009 | 21-May-12 | Jul. 24, 2013 | 21-May-12 | Dec. 31, 2013 | Sep. 11, 2013 | Jul. 02, 2011 | Jul. 02, 2011 | Jul. 24, 2013 | Jul. 02, 2011 | Dec. 31, 2012 | Nov. 20, 2012 | Oct. 05, 2012 | Dec. 31, 2012 | Jul. 02, 2011 | 22-May-13 | 21-May-12 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 24, 2013 | Dec. 31, 2013 | Jul. 24, 2013 | |
Island One Conduit Facility [Member] | Island One Quorum Funding Facility [Member] | Island One Receivables Loan [Member] | Island One Receivables Loan [Member] | ILXA Receivables Loan [Member] | Notes Payable - Property Insurance Policy [Member] | DROT 2009 Notes [Member] | DROT 2011 Notes [Member] | ILXA Inventory Loan [Member] | ILXA Inventory Loan [Member] | Notes Payable-RFA fees [Member] | Notes Payable-RFA fees [Member] | Quorum Facility [Member] | Quorum Facility [Member] | Quorum Facility [Member] | Quorum Facility [Member] | Tempus Inventory Loan [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Conduit 2008 [Member] | Conduit 2008 [Member] | Conduit 2008 [Member] | Conduit 2008 [Member] | Conduit 2008 [Member] | Conduit 2008 [Member] | Conduit 2008 [Member] | Conduit 2008 [Member] | Conduit 2008 [Member] | Conduit 2008 [Member] | 2009 DROT Class A [Member] | Island One Note Payable [Member] | 2009 DROT Class B [Member] | 2009 DROT Class B [Member] | DPM Acquisition Loan [Member] | PMR Acquisition [Member] | RFA DPM Loan [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Tempus Receivables Loan [Member] | Participation loan [Member] | Tempus Guggenheim Loan [Member] | Tempus Guggenheim Loan [Member] | Tempus Acquisition [Member] | Tempus Acquisition [Member] | Tempus Acquisition [Member] | Tempus Acquisition [Member] | Tempus Acquisition [Member] | PMR Acquisition [Member] | PMR Acquisition [Member] | Restricted Subsidiaries [Member] | Restricted Subsidiaries [Member] | Restricted Subsidiaries [Member] | Restricted Subsidiaries [Member] | Restricted Subsidiaries [Member] | Restricted Subsidiaries [Member] | Restricted Subsidiaries [Member] | Restricted Subsidiaries [Member] | Restricted Subsidiaries [Member] | Restricted Subsidiaries [Member] | Restricted Subsidiaries [Member] | Restricted Subsidiaries [Member] | Risk Level, Low [Member] | Risk Level, Low [Member] | Risk Level, Low [Member] | ||||||||||
DROT 2009 Notes [Member] | DROT 2009 Notes [Member] | DROT 2011 Notes [Member] | DROT 2011 Notes [Member] | Quorum Facility [Member] | Quorum Facility [Member] | Senior Notes [Member] | Senior Notes [Member] | Conduit 2008 [Member] | Conduit 2008 [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Island One Quorum Funding Facility [Member] | Island One Receivables Loan [Member] | Island One Receivables Loan [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Requiredpayments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Paid | 79,553,000 | 80,367,000 | 74,138,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 800,000 | ' | ' | ' | ' | ' | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments of Debt Extinguishment Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,100,000 | ' | ' | ' | ' | ' | 2,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Increase, Additional Borrowings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | 2,500,000 | 6,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Exit Fees, Percent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defaulted Timeshare Loans Release Fee, Payment Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '36 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Gross | 789,083,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 425,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 50,025,000 | 24,792,000 | ' | ' | ' | 374,440,000 | 425,000,000 | ' | ' | ' | ' | ' | ' | ' |
Original Debt Discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2.49% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Unamortized Discount | -6,774,000 | -753,000 | ' | ' | -226,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -6,548,000 | -8,509,000 | -10,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -441,000 | -226,000 | -312,000 | ' | ' | ' | -8,509,000 | ' | ' | ' | 0 | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | 10.00% | 10.00% | 12.00% | 7.36% | 6.00% | ' | 5.50% | ' | 3.15% | ' | 4.00% | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | 12.00% | ' | 12.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.31% | 5.00% | ' | 12.00% | 18.00% | ' | ' | ' | ' | ' | ' | ' | 18.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.00% | ' | 7.00% |
debt instrument closing fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Time Sharing Transactions, Stated Interest Rates for Notes Receivable, Minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 70.00% | ' |
Time Sharing Transactions, Stated Interest Rates for Notes Receivable, Maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 90.00% | ' |
Debt Instrument, Fee Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Extinguishment of debt - payment of principal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 58,300,000 | ' | ' | ' | ' | ' | 46,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Secured Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,000,000 | ' | ' | ' | 64,600,000 | 73,400,000 | 200,000,000 | 215,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 47,824,000 | 52,417,000 | ' | ' | 0 | 75,000,000 | ' | ' | ' | ' | ' |
Debt Instrument, Maturity Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '18 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Renewal Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '364 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Quorum Facility Minimum Aggregate Loan Sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80,000,000 | 60,000,000 | 40,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Gross | ' | ' | ' | ' | ' | 1,000 | ' | ' | ' | ' | 15,000,000 | ' | ' | 11,900,000 | ' | 182,000,000 | 64,500,000 | ' | 23,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 169,200,000 | ' | ' | 12,800,000 | 71,300,000 | ' | ' | ' | ' | 74,500,000 | ' | ' | 41,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Long-term Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 181,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt | 782,309,000 | 810,699,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 61,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | 5,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Advance Rate for Securitization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% | ' | 75.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 71,300,000 | ' | 36,400,000 | 148,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Participating Interest in Tempus Receivables Loan | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value Inputs, Discount Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.50% | ' | ' | ' | 3.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.00% | ' | ' | 7.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Cost of Acquired Entity, Cash Paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51,635,000 | 51,635,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Long-term Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LIBOR Floor | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% | ' | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing Receivable, Credit Quality, Additional Information | '.10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Payment Terms | ' | ' | ' | '.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Periodic Payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowings_Details
Borrowings (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 1 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Aug. 01, 2014 | Sep. 30, 2013 | Sep. 11, 2013 | Aug. 22, 2013 | 21-May-12 | Jul. 02, 2011 | Jan. 02, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 13, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 28, 2013 | Sep. 11, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Aug. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 02, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | 21-May-12 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 24, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 02, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 02, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 11, 2013 | Jan. 24, 2013 | Oct. 14, 2011 | Apr. 28, 2011 | Oct. 16, 2009 | Aug. 31, 2010 | Oct. 15, 2009 | Mar. 27, 2009 | Nov. 03, 2008 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 11, 2013 | Dec. 31, 2013 | Jan. 23, 2013 | Dec. 31, 2012 | Jan. 23, 2013 | Nov. 21, 2013 | Dec. 31, 2013 | Nov. 20, 2013 | Dec. 31, 2013 | Nov. 20, 2013 | Apr. 28, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 27, 2012 | Apr. 30, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Sep. 20, 2013 | Sep. 20, 2013 | Dec. 31, 2013 | Oct. 15, 2009 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Apr. 27, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Jul. 24, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 28, 2013 | Dec. 31, 2013 | Jul. 24, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 02, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 02, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Notes Payable - General Liability Insurance Policy [Member] | Notes Payable - Property Insurance Policy [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Notes Payable Insurance Policies [Member] | Notes Payable Insurance Policies [Member] | Notes Payable, Other Payables [Member] | Notes Payable, Other Payables [Member] | Notes Payable, Other Payables [Member] | ILXA Inventory Loan [Member] | ILXA Inventory Loan [Member] | ILXA Inventory Loan [Member] | ILXA Inventory Loan [Member] | ILXA Receivables Loan [Member] | ILXA Receivables Loan [Member] | DPM Inventory Loan [Member] | DPM Inventory Loan [Member] | Tempus Inventory Loan [Member] | Tempus Inventory Loan [Member] | Tempus Inventory Loan [Member] | Capital Lease Obligations [Member] | Capital Lease Obligations [Member] | DPM Acquisition Loan [Member] | DPM Acquisition Loan [Member] | DPM Acquisition Loan [Member] | Tempus Acquisition Loan [Member] | Tempus Acquisition Loan [Member] | Tempus Acquisition Loan [Member] | Tempus Acquisition Loan [Member] | Tempus Acquisition Loan [Member] | Tempus Acquisition Loan [Member] | Notes Payable-RFA fees [Member] | Notes Payable-RFA fees [Member] | Notes Payable-RFA fees [Member] | Conduit 2008 [Member] | Conduit 2008 [Member] | Conduit 2008 [Member] | Conduit 2008 [Member] | Conduit 2008 [Member] | Conduit 2008 [Member] | Conduit 2008 [Member] | Conduit 2008 [Member] | Conduit 2008 [Member] | Conduit 2008 [Member] | Conduit 2008 [Member] | Conduit 2008 [Member] | DROT 2013 [Member] | DROT 2013 [Member] | DROT 2013 [Member] | DROT 2013 [Member] | DROT 2013-2 [Member] | DROT 2013-2 [Member] | DROT 2013-2 [Member] | prefunding account [Member] | prefunding account [Member] | Quorum Facility [Member] | Quorum Facility [Member] | Quorum Facility [Member] | Quorum Facility [Member] | Quorum Facility [Member] | Quorum Facility [Member] | Quorum Facility [Member] | DRTOT 2013 [Member] | DRTOT 2013 [Member] | DRTOT 2013 [Member] | DRTOT 2013 [Member] | DROT 2009 Notes [Member] | DROT 2009 Notes [Member] | DROT 2009 Notes [Member] | DROT 2009 Notes [Member] | DROT 2011 Notes [Member] | DROT 2011 Notes [Member] | DROT 2011 Notes [Member] | DROT 2011 Notes [Member] | DROT 2011 Notes [Member] | Island One Quorum Funding Facility [Member] | Island One Quorum Funding Facility [Member] | Island One Quorum Funding Facility [Member] | Island One Quorum Funding Facility [Member] | Island One Receivables Loan [Member] | Island One Receivables Loan [Member] | Island One Receivables Loan [Member] | Island One Receivables Loan [Member] | Island One Receivables Loan [Member] | Island One Conduit Facility [Member] | Island One Conduit Facility [Member] | Island One Conduit Facility [Member] | Tempus Receivables Loan [Member] | Tempus Receivables Loan [Member] | Tempus Receivables Loan [Member] | Tempus Receivables Loan -Payments In Transit [Member] | Tempus Receivables Loan -Payments In Transit [Member] | Participation loan [Member] | Participation loan [Member] | Participation loan [Member] | |||||||||||
Restricted Subsidiaries [Member] | Restricted Subsidiaries [Member] | Restricted Subsidiaries [Member] | Restricted Subsidiaries [Member] | Restricted Subsidiaries [Member] | Restricted Subsidiaries [Member] | Restricted Subsidiaries [Member] | Restricted Subsidiaries [Member] | Unrestricted Subsidiaries [Member] | Unrestricted Subsidiaries [Member] | Unrestricted Subsidiaries [Member] | Unrestricted Subsidiaries [Member] | Unrestricted Subsidiaries [Member] | Unrestricted Subsidiaries [Member] | Unrestricted Subsidiaries [Member] | Unrestricted Subsidiaries [Member] | Unrestricted Subsidiaries [Member] | Unrestricted Subsidiaries [Member] | Unrestricted Subsidiaries [Member] | Unrestricted Subsidiaries [Member] | Unrestricted Subsidiaries [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Restricted Subsidiaries [Member] | Restricted Subsidiaries [Member] | Minimum [Member] | Restricted Subsidiaries [Member] | Restricted Subsidiaries [Member] | Restricted Subsidiaries [Member] | Issuance of Debt [Member] | Restricted Subsidiaries [Member] | Issuance of Debt [Member] | Restricted Subsidiaries [Member] | Restricted Subsidiaries [Member] | Restricted Subsidiaries [Member] | Restricted Subsidiaries [Member] | Issuance of Debt [Member] | Restricted Subsidiaries [Member] | Restricted Subsidiaries [Member] | Restricted Subsidiaries [Member] | Restricted Subsidiaries [Member] | Fair Value, Inputs, Level 2 [Member] | Unrestricted Subsidiaries [Member] | Unrestricted Subsidiaries [Member] | Unrestricted Subsidiaries [Member] | Unrestricted Subsidiaries [Member] | Unrestricted Subsidiaries [Member] | Unrestricted Subsidiaries [Member] | Unrestricted Subsidiaries [Member] | Unrestricted Subsidiaries [Member] | Unrestricted Subsidiaries [Member] | Unrestricted Subsidiaries [Member] | Unrestricted Subsidiaries [Member] | Unrestricted Subsidiaries [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $112,869,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Paid | 79,553,000 | 80,367,000 | 74,138,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments of Debt Extinguishment Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Advance Rate for Securitization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% | ' | 75.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Participating Interest in Tempus Receivables Loan | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Extinguishment of debt - payment of principal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 46,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Gross | 789,083,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 425,000,000 | 374,440,000 | 425,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 63,059,000 | ' | 0 | ' | ' | 218,235,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 28,950,000 | ' | ' | ' | ' | 0 | 50,025,000 | ' | ' | 24,792,000 | ' | ' | ' | ' | 3,836,000 | ' | ' | ' | ' | 0 | ' | ' | 31,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Unamortized Discount | -6,774,000 | -753,000 | ' | ' | -226,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -6,548,000 | -8,509,000 | -10,600,000 | ' | -8,509,000 | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -441,000 | ' | ' | -226,000 | -312,000 | ' | ' | ' | ' | 0 | ' | ' | ' | ' | 0 | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate at Period End | ' | ' | ' | 106.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit, Current | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Long-term Lines of Credit | 50,560,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -15,000,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
SEniorSecuredNotes-RedemptionPrice | ' | ' | ' | ' | ' | ' | 1,120 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Secured Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,268,000 | 15,939,000 | ' | ' | 6,261,000 | 1,267,000 | ' | ' | ' | ' | ' | ' | 0 | 62,211,000 | ' | ' | ' | ' | 0 | 50,846,000 | ' | ' | ' | ' | ' | 75,000,000 | ' | ' | 64,600,000 | 73,400,000 | 200,000,000 | 215,400,000 | 0 | 75,000,000 | 125,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 47,824,000 | 52,417,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 44,027,000 | 0 | -1,150,000 | 7,500,000 | 0 | -5,945,000 |
Other Long-term Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,766,000 | 5,832,000 | ' | ' | ' | ' | 4,300,000 | 2,308,000 | 2,992,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes Payable | 23,150,000 | 137,906,000 | ' | ' | ' | ' | ' | ' | ' | ' | 23,095,000 | 137,769,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,130,000 | 2,366,000 | ' | 172,000 | 872,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,000 | 18,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 1,395,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt | 782,309,000 | 810,699,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 61,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | 10.00% | 10.00% | 12.00% | ' | ' | ' | ' | 3.25% | 3.15% | 12.00% | ' | 12.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | 7.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18.00% | ' | ' | ' | ' | ' | 18.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% | 4.00% | ' | ' | ' | 6.00% | ' | ' | ' | ' | 5.50% | ' | ' | 7.36% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | 1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23,000,000 | ' | ' | 11,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | 71,300,000 | ' | ' | ' | ' | ' | 41,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 93,600,000 | ' | ' | 225,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31,000,000 | ' | 182,000,000 | ' | ' | ' | 64,500,000 | ' | ' | ' | ' | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 74,500,000 | ' | ' | ' | ' | ' | ' | ' |
Restricted Cash and Investments | 2,135,000 | 1,104,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 44,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 71,300,000 | ' | 36,400,000 | 148,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 152,800,000 | ' | ' | ' | ' | 7,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted Cash and Cash Equivalents | 92,231,000 | 42,311,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Original Issue Discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Original Debt Discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.49% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Long-term Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 180,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt, Weighted Average Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.20% | ' | ' | 5.50% | ' | ' | ' | ' | ' | ' | ' | 8.00% | ' | ' | 7.50% | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | 2.00% | ' | ' | ' | 2.30% | ' | ' | ' | ' | ' | ' | ' | ' | 5.90% | ' | ' | 6.00% | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.00% | ' | ' | ' | ' | ' | ' | ' | ' | 7.40% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans Pledged as Collateral | -404,194,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | ' | 0 | ' | ' | ' | 0 | ' | ' | -2,340,000 | 0 | ' | ' | 0 | ' | 0 | ' | ' | 0 | ' | ' | ' | ' | ' | 0 | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | -65,791,000 | ' | ' | ' | ' | -220,034,000 | ' | ' | ' | ' | ' | ' | ' | ' | -51,755,000 | ' | ' | -33,668,000 | ' | ' | 0 | ' | 0 | ' | 0 | ' | -25,190,000 | ' | ' | ' | ' | -4,697,000 | ' | ' | ' | ' | 0 | ' | ' | -719,000 | ' | ' | 0 | ' | 0 | ' | ' | 0 | ' |
Line of Credit Facility, Remaining Borrowing Capacity | 0 | ' | ' | ' | ' | -25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | -25,000,000 | ' | 0 | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | 0 | ' | ' | 0 | ' | 0 | ' | ' | 0 | ' | ' | ' | ' | ' | 0 | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -125,000,000 | ' | ' | 0 | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | -32,176,000 | ' | ' | 0 | ' | ' | ' | ' | 0 | ' | ' | ' | 0 | ' | ' | ' | ' | 0 | ' | ' | ' | ' | 0 | ' | ' | 0 | ' | ' | 0 | ' | 0 | ' | ' | 0 | ' |
Notes Payable, Fair Value Disclosure | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 36,849,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Unused Borrowing Capacity, Amount | 182,176,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Quorum Facility Minimum Aggregate Loan Sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80,000,000 | 60,000,000 | 40,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Quorum Purchase Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 88.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Periodic Payment, Principal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | 40,533,000 | 3,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value Inputs, Discount Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.70% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LIBOR Floor | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.00% | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 122,580,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 47,531,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 31,957,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 393,432,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 80,714,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contractual Obligation | $782,309,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2012 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 31, 2010 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | Dec. 31, 2008 | Dec. 31, 2007 | Oct. 31, 2010 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | Dec. 31, 2008 | Dec. 31, 2007 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
UNITED STATES | UNITED STATES | UNITED STATES | UNITED STATES | UNITED STATES | UNITED STATES | UNITED KINGDOM | UNITED KINGDOM | UNITED KINGDOM | UNITED KINGDOM | UNITED KINGDOM | UNITED KINGDOM | Yearlyincrease [Member] | interest [Member] | interest [Member] | interest [Member] | interest [Member] | foreign currency and rate change adjustment [Member] [Member] | foreign currency and rate change adjustment [Member] [Member] | foreign currency and rate change adjustment [Member] [Member] | foreign [Member] | Federal [Member] | State and Local Jurisdiction [Member] | income pass thru entities not taxed at corporate entity [Member] | income pass thru entities not taxed at corporate entity [Member] | income pass thru entities not taxed at corporate entity [Member] | tax impact of non U.S. disregarded entities [Member] | tax impact of non U.S. disregarded entities [Member] | tax impact of non U.S. disregarded entities [Member] | foreign currency and rate change adjustment [Member] | foreign currency and rate change adjustment [Member] | foreign currency and rate change adjustment [Member] | Alternative minimum tax [Member] | Alternative minimum tax [Member] | Alternative minimum tax [Member] | tax effect of gain on bargain purchase [Member] | tax effect of gain on bargain purchase [Member] | tax effect of gain on bargain purchase [Member] | Increase (decrease) in valuation allowance [Member] | Increase (decrease) in valuation allowance [Member] | Increase (decrease) in valuation allowance [Member] | |||||||||||||
UNITED STATES | UNITED STATES | UNITED KINGDOM | UNITED KINGDOM | ||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (Loss) from Continuing Operations before Income Taxes, Domestic | $9,993,000 | ' | ' | ' | ' | ' | ' | ' | ' | $4,599,000 | ' | $5,836,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current Federal Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -1,090,000 | -98,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Valuation Allowance [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 39.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | 7,900,000 | ' | ' | ' | ' | 7,900,000 | ' | ' | ' | ' | 7,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for Doubtful Accounts Receivable, Current | 31,007,000 | 40,979,000 | ' | ' | ' | 31,007,000 | ' | ' | ' | 40,979,000 | 31,007,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Time Sharing Transactions, Deferred Profit | 14,273,000 | 19,116,000 | ' | ' | ' | 14,273,000 | ' | ' | ' | 19,116,000 | 14,273,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Tax Assets, Operating Loss Carryforwards | 158,337,000 | 170,568,000 | ' | ' | ' | 158,337,000 | ' | ' | ' | 170,568,000 | 158,337,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 335.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 331.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 128.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities | 16,985,000 | 16,620,000 | ' | ' | ' | 16,985,000 | ' | ' | ' | 16,620,000 | 16,985,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Tax Assets, Other | 9,416,000 | 20,155,000 | ' | ' | ' | 9,416,000 | ' | ' | ' | 20,155,000 | 9,416,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Tax Assets, Gross | 230,018,000 | 267,438,000 | ' | ' | ' | 230,018,000 | ' | ' | ' | 267,438,000 | 230,018,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Tax Assets, Valuation Allowance | -83,596,000 | -80,555,000 | ' | ' | ' | -83,596,000 | ' | ' | ' | -80,555,000 | -83,596,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Tax Assets, Net of Valuation Allowance | 146,422,000 | 186,883,000 | ' | ' | ' | 146,422,000 | ' | ' | ' | 186,883,000 | 146,422,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Tax Liabilities, Tax Deferred Income | 100,763,000 | 143,225,000 | ' | ' | ' | 100,763,000 | ' | ' | ' | 143,225,000 | 100,763,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Tax Liabilities, Intangible Assets | 19,484,000 | 17,671,000 | ' | ' | ' | 19,484,000 | ' | ' | ' | 17,671,000 | 19,484,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Tax Assets, Inventory | 23,999,000 | 48,391,000 | ' | ' | ' | 23,999,000 | ' | ' | ' | 48,391,000 | 23,999,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Tax Liabilities, Other | 2,176,000 | 0 | ' | ' | ' | 2,176,000 | ' | ' | ' | 0 | 2,176,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Tax Liabilities, Gross | 146,422,000 | 209,287,000 | ' | ' | ' | 146,422,000 | ' | ' | ' | 209,287,000 | 146,422,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Tax Liabilities, Net | 0 | -22,404,000 | ' | ' | ' | 0 | ' | ' | ' | -22,404,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
FederalNOLavailableforunlimiteduse | ' | 13,100,000 | ' | ' | ' | ' | ' | ' | ' | 13,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain Contingency, Unrecorded Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,700,000 | ' | ' | ' | ' | ' | 7,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Taxes Receivable | 927,000 | ' | ' | ' | ' | 927,000 | ' | ' | ' | ' | 927,000 | ' | ' | ' | ' | ' | 3.5 | ' | ' | ' | ' | ' | 2.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Income Tax Refunds | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.2 | 3,000,000 | 3.2 | 1.6 | ' | ' | 2 | 1,900,000 | 2 | 1 | ' | ' | ' | 1,400,000 | 0.6 | 900,000 | 0.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Refund Received Related to Revenue from Different Year, Year Revenue Recognized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1.0 | ' | ' | ' | ' | ' | '0.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Tax Reconciliation, Other Reconciling Items | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,644,000 | 1,594,000 | -4,201,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,877,000 | 0 | 0 | ' | ' | ' | 1,142,000 | 3,298,000 | 5,075,000 | -286,000 | -282,000 | -1,125,000 | 0 | 186,000 | -179,000 | 0 | -1,090,000 | -161,000 | -1,018,000 | -6,972,000 | -5,015,000 | ' | ' | ' |
Income Tax Reconciliation, Change in Deferred Tax Assets Valuation Allowance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,041,000 | -12,746,000 | -4,726,000 |
Income Tax Reconciliation, Income Tax Expense (Benefit), at Federal Statutory Income Tax Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,138,000 | -233,000 | 275,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (Loss) from Continuing Operations before Income Taxes, Foreign | -10,660,000 | ' | ' | ' | ' | ' | ' | ' | ' | -1,347,000 | ' | -5,050,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current Foreign Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,375,000 | -416,000 | -851,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current State and Local Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 138,000 | 206,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current Income Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,513,000 | -1,300,000 | -949,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Federal Income Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,964,000 | 7,546,000 | -491,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred State and Local Income Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,859,000 | -2,761,000 | 1,155,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Foreign Income Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | -5,518,000 | -5,049,000 | -4,506,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred income tax expense (benefit) before increase (decrease) in valuation allowance | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,305,000 | -264,000 | -3,842,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Valuation Allowance, Deferred Tax Asset, Change in Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,041,000 | -12,746,000 | -4,726,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Income Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,264,000 | -13,010,000 | -8,568,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,777,000 | -14,310,000 | -9,517,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | -667,000 | 16,127,000 | -33,953,000 | 18,367,000 | 2,711,000 | -12,705,000 | -11,305,000 | 31,943,000 | -8,600,000 | 3,252,000 | -667,000 | 786,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Tax Reconciliation, State and Local Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,315,000 | -9,000 | 1,554,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Tax Reconciliation, Nondeductible Expense, Share-based Compensation Cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | 435,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Tax Reconciliation, Foreign Income Tax Rate Differential | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,046,000 | 1,388,000 | -1,221,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Tax Reconciliation, Nondeductible Expense, Meals and Entertainment | ' | ' | ' | ' | ' | ' | ' | ' | ' | $813,000 | $556,000 | $207,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||
Oct. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | 21-May-12 | Jul. 02, 2011 | Jan. 02, 2010 | Dec. 31, 2011 | Feb. 11, 2011 | Feb. 11, 2011 | 31-May-13 | Dec. 31, 2013 | Nov. 15, 2013 | Feb. 11, 2011 | 31-May-13 | |
Insurance-related Assessments [Member] | Pending Litigation 2 [Member] | Pending Litigation 1 [Member] | HAWAII | Mexican Land [Member] | Mexican Land [Member] | St Maarten [Member] | Diamond Resorts International, Inc. [Member] | ||||||||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt and Capital Lease Obligations | ' | $1,200,000 | $1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets, Fair Value Disclosure | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,700,000 | ' | ' |
Gain (Loss) Related to Litigation Settlement | ' | 10,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | ' | 11,544,000 | 11,544,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Leases, Rent Expense, Net | ' | ' | 21,100,000 | 18,700,000 | 14,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Leases, Income Statement, Sublease Revenue | ' | ' | -800,000 | -700,000 | -800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Leases, Future Minimum Payments Receivable, Current | ' | 100,000 | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase Commitment, Remaining Minimum Amount Committed | ' | 2,300,000 | 2,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss Contingency, Damages Sought, Value | ' | ' | ' | ' | ' | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | 10.00% | 10.00% | 12.00% | ' | ' | ' | ' | ' | ' | 12.00% | ' |
Litigation Settlement, Expense | ' | ' | ' | ' | ' | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Customer Refund Liability, Noncurrent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,300,000 | 1,200,000 | ' | ' | ' | ' | ' |
Loss Contingency, Pending Claims, Number | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,700,000 | ' | ' | ' | ' | ' | ' | ' |
Environmental Remediation Expense | 65,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss Contingency, Discounted Amount of Insurance-related Assessment Liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60,900,000 | ' | ' | ' | 700,000 |
Operating Leases, Future Minimum Payments, Due in Two Years | ' | 7,755,000 | 7,755,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Leases, Future Minimum Payments, Due in Three Years | ' | 7,158,000 | 7,158,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Leases, Future Minimum Payments, Due in Four Years | ' | 6,826,000 | 6,826,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Leases, Future Minimum Payments, Due in Five Years | ' | 4,801,000 | 4,801,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Leases, Future Minimum Payments, Due Thereafter | ' | 530,000 | 530,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Leases, Future Minimum Payments Due | ' | 38,614,000 | 38,614,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Litigation Settlement, Gross | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset Retirement Obligation, Liabilities Settled | ' | ' | ($5,289,000) | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5,300,000 | ' | ' | ' |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | ' | $0 |
Mortgages and contracts receivable, net | 405,454,000 | 312,932,000 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Mortgages and contracts receivable, net | 405,454,000 | 312,932,000 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Mortgages and contracts receivable, net | 0 | 0 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Mortgages and contracts receivable, net | 405,454,000 | 312,932,000 |
Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Mortgages and contracts receivable, net | $405,454,000 | $312,932,000 |
Senior Notes [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair Value Inputs, Quoted Price | 110.5 | 109 |
Notes Payable-RFA fees [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt, Weighted Average Interest Rate | ' | 0.00% |
Fair_Value_Measurements_Fair_V
Fair Value Measurements Fair Value Measurements (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Mortgages and contracts receivable, net | $405,454 | $312,932 |
Senior Secured Notes, net | 367,892 | 416,491 |
Securitization notes and Funding Facilities, net | 391,267 | 256,302 |
Notes Payable | 23,150 | 137,906 |
Total liabilities | 1,093,382 | 1,091,607 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Mortgages and contracts receivable, net | 405,454 | 312,932 |
Senior Secured Notes, net | 367,892 | 416,491 |
Securitization notes and Funding Facilities, net | 391,267 | 256,302 |
Notes Payable | 23,150 | 137,906 |
Total liabilities | 782,309 | 810,699 |
Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Mortgages and contracts receivable, net | 405,454 | 312,932 |
Senior Secured Notes, net | 413,756 | 463,250 |
Securitization notes and Funding Facilities, net | 392,317 | 270,392 |
Notes Payable | 23,095 | 137,769 |
Total liabilities | 829,168 | 871,411 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Mortgages and contracts receivable, net | 0 | 0 |
Senior Secured Notes, net | 413,756 | 463,250 |
Securitization notes and Funding Facilities, net | 392,317 | 270,392 |
Notes Payable | 23,095 | 137,769 |
Total liabilities | 829,168 | 871,411 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Mortgages and contracts receivable, net | 405,454 | 312,932 |
Senior Secured Notes, net | 0 | 0 |
Securitization notes and Funding Facilities, net | 0 | 0 |
Notes Payable | 0 | 0 |
Total liabilities | 0 | 0 |
Notes Payable-RFA fees [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt, Weighted Average Interest Rate | ' | 0.00% |
Notes Payable | $0 | $1,395 |
Equity_Transactions_Details
Equity Transactions (Details) (USD $) | 0 Months Ended | 12 Months Ended | 15 Months Ended | 15 Months Ended | 0 Months Ended | ||||||||||||||||
Jul. 24, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Jul. 18, 2013 | Oct. 15, 2012 | Jun. 30, 2011 | Apr. 26, 2007 | Oct. 15, 2012 | Dec. 31, 2012 | Jun. 30, 2011 | 21-May-12 | Oct. 15, 2012 | Oct. 15, 2012 | Jul. 24, 2013 | Dec. 31, 2013 | Sep. 28, 2013 | Oct. 15, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | |
Common Class B [Member] | Weighted Average [Member] | tempus warrant [Member] | PMR warrant [Member] [Member] | Stock Compensation Plan [Member] | Stock Compensation Plan [Member] | Island One [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Antidilutive Securities, Name [Domain] | Scenario, Actual [Member] | Pro Forma [Member] | ||||||||||
Common Class B [Member] | Stock Compensation Plan [Member] | ||||||||||||||||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Par or Stated Value Per Share | ' | ' | ' | ' | ' | ' | ' | ' | $16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0.01 |
Common Stock, Value, Issued | ' | $755,000 | $541,000 | ' | $541,000 | ' | ' | ' | ' | ' | ' | $0 | $0.00 | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants issued | ' | ' | ' | ' | ' | ' | ' | '60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Shares Authorized | ' | ' | ' | ' | ' | ' | ' | ' | ' | 112.2 | ' | ' | ' | 389,905 | 66.3 | ' | ' | ' | ' | 0 | 250,000,000 |
Common Stock, Shares, Issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | 103.8 | ' | ' | ' | 360,465 | ' | ' | ' | ' | 230,180 | ' | ' |
Class B Units percentage vested | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | ' | 40,533,000 | 3,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 32,008 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share Price | ' | ' | ' | ' | 9.21 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 5,236,251 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,236,251 | ' | ' | ' | ' | ' |
Payments for Repurchase of Warrants | ' | 10,346,000 | 0 | 16,598,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Amount Outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $15,000,000 | ' | ' | ' |
Shares, Issued | ' | ' | ' | ' | ' | -6,432,315 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 75,394,118 |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 05, 2013 | Jul. 24, 2013 | Jul. 18, 2013 | Jan. 02, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 02, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Jan. 02, 2013 | Oct. 15, 2012 | Dec. 31, 2013 | Jul. 08, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jul. 18, 2013 | Nov. 05, 2013 | Jul. 18, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Company employees [Member] | Company employees [Member] | Company employees [Member] | Company employees [Member] | Parent Company [Member] | HM&C Employees [Member] | HM&C Employees [Member] | HM&C Employees [Member] | Stock Compensation Plan [Member] | 2013 Plan [Member] | 2013 Plan [Member] | Director [Member] | Parent Company [Member] | HM&C Employees [Member] | Hospitality and Management Services [Member] | Vacation Interest Sales and Financing [Member] | Corporate and Other [Member] | Former holders of DRP BCU [Member] | Certain Eligible Persons [Member] | Certain Eligible Persons [Member] | Management and member services [Member] | Management and member services [Member] | Management and member services [Member] | Management and member services [Member] | Advertising Expense [Member] | Advertising Expense [Member] | Advertising Expense [Member] | Advertising Expense [Member] | Vacation interest carrying costs, net [Member] | Vacation interest carrying costs, net [Member] | Vacation interest carrying costs, net [Member] | Vacation interest carrying costs, net [Member] | Loan Portfolio Expense [Member] | Loan Portfolio Expense [Member] | Loan Portfolio Expense [Member] | Loan Portfolio Expense [Member] | General and Administrative Expense [Member] | General and Administrative Expense [Member] | General and Administrative Expense [Member] | General and Administrative Expense [Member] | HM&C Employees [Member] | granted [Member] | granted [Member] | exercised [Member] | exercised [Member] | forfeited [Member] | forfeited [Member] | ||||||||
Restricted Stock [Member] | Hospitality and Management Services [Member] | Vacation Interest Sales and Financing [Member] | Corporate and Other [Member] | Hospitality and Management Services [Member] | Vacation Interest Sales and Financing [Member] | Corporate and Other [Member] | Hospitality and Management Services [Member] | Vacation Interest Sales and Financing [Member] | Corporate and Other [Member] | Hospitality and Management Services [Member] | Vacation Interest Sales and Financing [Member] | Corporate and Other [Member] | Hospitality and Management Services [Member] | Vacation Interest Sales and Financing [Member] | Corporate and Other [Member] | Company employees [Member] | HM&C Employees [Member] | Company employees [Member] | HM&C Employees [Member] | Company employees [Member] | HM&C Employees [Member] | |||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Shares Authorized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 389,905 | ' | 9,733,245 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Capital Shares Reserved for Future Issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,082,646 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | ' | ' | ' | ' | ' | ' | ' | 2,140,000 | ' | ' | ' | ' | ' | 4,458,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | ' | ' | ' | ' | ' | ' | ' | ' | -12,000 | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,731 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' | ' | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | ' | ' | ' | ' | ' | ' | ' | 8,776 | 8,776 | ' | ' | ' | ' | 19,882 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | 15,396 | 15,396 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 554 | 7,196 | 7,646 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | ' | $40,533 | $3,300 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $375 | $7,218 | $32,939 | $860 | $2,629 | $37,044 | ' | ' | ' | $860 | $860 | $0 | $0 | $2,105 | $0 | $2,105 | $0 | $208 | $0 | $208 | $0 | $316 | $0 | $316 | $0 | $37,044 | $0 | $0 | $37,044 | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Restricted Stock Award, Gross | ' | 32,000 | ' | ' | ' | ' | ' | ' | 2,140,000 | ' | ' | ' | ' | 4,458,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | ' | ' | ' | ' | ' | ' | ' | 2,128,000 | 2,128,000 | ' | ' | ' | ' | 4,458,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | ' | ' | ' | ' | ' | ' | ' | $14.34 | $14.34 | ' | ' | ' | ' | $14 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $7.50 | ' | $8.90 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 52.90% | ' | 49.80% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 years 6 months 4 days | ' | '9 years 1 month 17 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.80% | ' | 2.40% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | ' | $14 | ' | ' | ' | ' | ' | ' | $14.34 | ' | ' | ' | ' | $14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $14.34 | $14 | $0 | $0 | $14 | $0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | ' | 0 | ' | ' | ' | ' | ' | ' | -739,000 | ' | ' | ' | ' | -3,731,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share Price | ' | ' | ' | $18.32 | $14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Entity Number of Employees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 54 | ' | ' | ' | ' | ' | ' |
Percentage shares vested | ' | ' | ' | 25.00% | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares, Issued | ' | ' | ' | ' | ' | -6,432,315 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,760,215 | -166,000 | 2,672,100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Shares, Issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 360,465 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | ' | 0 | ' | ' | ' | ' | ' | ' | -12,000 | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | ' | $0 | ' | ' | ' | ' | ' | ' | $14 | ' | ' | ' | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | ' | '2 years 6 months | ' | ' | ' | ' | ' | ' | '9 years 6 months | '0 days | ' | ' | '9 years 6 months | '0 days | ' | ' | ' | ' | '1 year 4 months 24 days | '2 years 7 months 6 days | '2 years 6 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 75.00% | 75.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | ' | $14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares, Outstanding | 32,000 | 32,000 | ' | ' | ' | ' | 0 | 1,389,000 | 1,389,000 | ' | 0 | ' | ' | 727,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $14 | $14 | ' | ' | ' | ' | $0 | $14.39 | $14.39 | ' | $0 | ' | ' | $14 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net_income_loss_per_share_Deta
Net income (loss) per share (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Net income (loss) per share [Abstract] | ' |
Earnings Per Share, Potentially Dilutive Securities | '186235 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,349 |
Business_Combinations_Details
Business Combinations (Details) (USD $) | 0 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 72 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 5 Months Ended | 0 Months Ended | 5 Months Ended | 12 Months Ended | 3 Months Ended | 5 Months Ended | 0 Months Ended | 5 Months Ended | 5 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Jul. 24, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Nov. 05, 2013 | 21-May-12 | Jul. 02, 2011 | Jan. 02, 2010 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 05, 2012 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | 21-May-13 | Dec. 31, 2012 | Dec. 31, 2011 | 23-May-18 | 22-May-13 | 21-May-12 | Jul. 02, 2010 | Dec. 31, 2013 | 21-May-13 | Dec. 31, 2012 | Dec. 31, 2011 | 21-May-12 | Jul. 24, 2013 | Jul. 24, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jul. 24, 2013 | Dec. 31, 2013 | Jul. 24, 2013 | 21-May-12 | Jul. 24, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 05, 2012 | Jul. 24, 2013 | Jul. 24, 2013 | 21-May-12 | Jul. 24, 2013 | Jul. 24, 2013 | Sep. 30, 2013 | Jul. 24, 2013 | Dec. 31, 2013 | Jul. 24, 2013 | Dec. 31, 2013 | Jul. 24, 2013 | Dec. 31, 2013 | Jul. 24, 2013 | Jul. 24, 2013 | Dec. 31, 2013 | Jul. 24, 2013 | Dec. 31, 2013 | Jul. 24, 2013 | 21-May-13 | 22-May-13 | 21-May-12 | Dec. 31, 2012 | Oct. 05, 2012 | 21-May-13 | 22-May-13 | 21-May-12 | Dec. 31, 2012 | Dec. 31, 2012 | Oct. 05, 2012 | 21-May-13 | 22-May-13 | 21-May-12 | Dec. 31, 2012 | Dec. 31, 2012 | 21-May-13 | 22-May-13 | 21-May-12 | 21-May-13 | 22-May-13 | 21-May-12 | Oct. 05, 2012 | 21-May-13 | 22-May-13 | 21-May-12 | Oct. 05, 2012 | 21-May-13 | 22-May-13 | Oct. 05, 2012 | 21-May-12 | 21-May-12 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jul. 24, 2013 | Jul. 24, 2013 | Dec. 31, 2013 | |
Aegean Blue Acquisition [Member] | Aegean Blue Acquisition [Member] | Aegean Blue Acquisition [Member] | Aegean Blue Acquisition [Member] | Aegean Blue Acquisition [Member] | PMR Acquisition [Member] | PMR Acquisition [Member] | PMR Acquisition [Member] | PMR Acquisition [Member] | PMR Acquisition [Member] | PMR Acquisition [Member] | PMR Acquisition [Member] | PMR Acquisition [Member] | PMR Acquisition [Member] | PMR Acquisition [Member] | Tempus Acquisition [Member] | Tempus Acquisition [Member] | Tempus Acquisition [Member] | Tempus Acquisition [Member] | Tempus Acquisition [Member] | Island One Companies [Member] | Island One [Member] | Island One [Member] | Club Navigo [Member] | Club Navigo [Member] | PMR Acquisition [Member] | PMR Acquisition [Member] | PMR Acquisition [Member] | PMR Service Companies Aquisition [Member] | PMR Service Companies Aquisition [Member] | PMR Service Companies Aquisition [Member] | PMR Service Companies Aquisition [Member] | cash in escrow and restricted cash [Domain] | Cash and Cash Equivalents [Member] | Mortgages [Member] | Accounts Receivable [Member] | Accounts Receivable [Member] | Accounts Receivable [Member] | management contracts [Member] | management contracts [Member] | management contracts [Member] | management contracts [Member] | Member Exchange Club [Member] | Member Exchange Club [Member] | Customer Lists [Member] | Customer Lists [Member] | due from related parties [Domain] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Other Contract [Member] | Other Contract [Member] | Other Contract [Member] | Other Contract [Member] | Customer Lists [Member] | Customer Lists [Member] | Customer Lists [Member] | Customer Lists [Member] | Customer Lists [Member] | Customer Lists [Member] | management contracts [Member] | management contracts [Member] | management contracts [Member] | management contracts [Member] | management contracts [Member] | management contracts [Member] | Inventories [Member] | Inventories [Member] | Inventories [Member] | due from related parties [Domain] | due from related parties [Domain] | due from related parties [Domain] | Mortgages [Member] | Mortgages [Member] | Mortgages [Member] | Mortgages [Member] | Other Assets [Member] | Other Assets [Member] | Other Assets [Member] | Other Assets [Member] | Other Assets [Member] | Other Assets [Member] | Year one [Member] | Year one [Member] | Year two [Member] | Year two [Member] | Year three [Member] | Year three [Member] | present value [Member] | present value [Member] | Notes Payable - General Liability Insurance Policy [Member] | |||||||||
Aegean Blue Acquisition [Member] | PMR Acquisition [Member] | PMR Acquisition [Member] | Aegean Blue Acquisition [Member] | Island One [Member] | PMR Service Companies Aquisition [Member] | Island One [Member] | Island One [Member] | PMR Acquisition [Member] | PMR Service Companies Aquisition [Member] | Island One [Member] | Island One [Member] | PMR Service Companies Aquisition [Member] | PMR Acquisition [Member] | PMR Acquisition [Member] | PMR Acquisition [Member] | PMR Acquisition [Member] | PMR Acquisition [Member] | Weighted Average [Member] | Aegean Blue Acquisition [Member] | PMR Acquisition [Member] | PMR Acquisition [Member] | PMR Acquisition [Member] | Weighted Average [Member] | Weighted Average [Member] | Aegean Blue Acquisition [Member] | PMR Acquisition [Member] | PMR Acquisition [Member] | PMR Acquisition [Member] | Weighted Average [Member] | Weighted Average [Member] | PMR Acquisition [Member] | PMR Acquisition [Member] | PMR Acquisition [Member] | PMR Acquisition [Member] | PMR Acquisition [Member] | PMR Acquisition [Member] | Aegean Blue Acquisition [Member] | PMR Acquisition [Member] | PMR Acquisition [Member] | PMR Acquisition [Member] | Aegean Blue Acquisition [Member] | PMR Acquisition [Member] | PMR Acquisition [Member] | PMR Acquisition [Member] | PMR Acquisition [Member] | Nonperforming Financing Receivable [Member] | PMR Acquisition [Member] | PMR Acquisition [Member] | PMR Acquisition [Member] | PMR Acquisition [Member] | PMR Acquisition [Member] | PMR Acquisition [Member] | Club Navigo [Member] | PMR Acquisition [Member] | ||||||||||||||||||||||||||||||||||||||||||||||
PMR Acquisition [Member] | Aegean Blue Acquisition [Member] | PMR Acquisition [Member] | Aegean Blue Acquisition [Member] | PMR Acquisition [Member] | PMR Acquisition [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | 10.00% | 10.00% | 12.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.25% |
Attrition Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prepayment rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.40% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Default Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 39.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Upgrade rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | 50.00% | 25.00% | 25.00% | 12.50% | 12.50% | ' | ' | ' |
Business Combination, Acquired Receivables, Description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Projected growth rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventorytobesoldfollowingyearofacquisition-period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
present value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Advertising, sales and marketing cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 58.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Corporate tax rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 39.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | '25 years | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | '3 years | '3 years | ' | ' | ' | ' | '15 years | '15 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Separately Recognized Transactions, Revenues and Gains Recognized | ' | ' | ' | ' | ' | ' | ' | ' | $89,000 | ' | ' | ' | ' | $22,880,000 | ' | ' | $20,622,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Businesscombinationgainonbargainpurchase-adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,258,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '15 years | '15 years | '20 years | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Pro Forma Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 752,871,000 | 556,683 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 5,236,251 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,236,251 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share Price | $14 | ' | ' | ' | $18.32 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to Acquire Businesses, Net of Cash Acquired | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | 0 | 4,471,000 | 0 | ' | ' | ' | 0 | ' | 51,635,000 | 0 | ' | ' | ' | ' | 0 | ' | 0 | 102,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 47,417,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Cost of Acquired Entity, Purchase Price | 73,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 73,300,000 | ' | ' | ' | ' | ' | 73,307,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Consideration Transferred | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,879,000 | ' | ' | ' | ' | ' | ' | ' | 51,635,000 | ' | ' | ' | ' | ' | ' | 51,635,000 | ' | ' | ' | ' | ' | ' | 73,307,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Purchase Price Allocation, Current Assets, Cash and Cash Equivalents | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,072,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,925,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Businessacquisitionconsiderationtransferedadjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Cost of Acquired Entity, Cash Paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,543,000 | ' | ' | ' | ' | ' | ' | ' | 51,635,000 | 51,635,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 569,000 | ' | 47,417,000 | ' | ' | ' | ' | 1,156,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Contingent Consideration, Potential Cash Payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,336,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Businessacquisitioncashacquiredadjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Purchase Price Allocation, Current Assets, Receivables | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,790,000 | ' | 51,080,000 | ' | ' | ' | ' | ' | 14,188,000 | ' | 1,802,000 | 1,381,000 | ' | ' | ' | ' | ' | ' | ' | ' | 123,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,408,000 | 36,221,000 | ' | 2,067,000 | 2,067,000 | 4,070,000 | ' | 1,664,000 | 1,677,000 | ' | ' | 2,869,000 | ' | ' | 2,916,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Businessacquisitionunsoldvacationinterestadjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -5,813,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Businessacquisitionmortgagesreceivableadjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -13,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition other receivables net adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -47,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Businessacquisitionduefromrelatedpartiesadjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Purchase Price Allocation, Current Assets, Inventory | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,450,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,823,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Purchase Price Allocation, Property, Plant and Equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 388,000 | ' | ' | ' | ' | ' | ' | ' | 733,000 | 1,408,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,107,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Purchase Price Allocation, Property, Plant and Equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 months | ' | '40 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Businessacquisitionpropertyandequipmentadjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -675,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Purchase Price Allocation, Amortizable Intangible Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,901,000 | ' | ' | ' | ' | ' | ' | ' | 48,933,000 | 45,100,000 | ' | ' | ' | ' | ' | ' | ' | 51,850,000 | ' | ' | ' | ' | ' | ' | 51,080,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33,860,000 | ' | ' | ' | 16,370,000 | ' | 1,620,000 | ' | ' | ' | ' | ' | ' | 3,833,000 | 0 | ' | 1,778,000 | ' | 6,800,000 | 6,800,000 | ' | ' | 4,123,000 | ' | 38,300,000 | 38,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Businessacquisitionintangibleassetsadjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,833,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,833,000 | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Purchase Price Allocation, Assets Acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 81,850,000 | ' | ' | ' | ' | ' | ' | 52,584,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,808,000 | ' | 87,014,000 | ' | 89,704,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Businessacquisitionassetsacquiredadjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,690,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Purchase Price Allocation, Deferred Taxes Asset (Liability), Net, Noncurrent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,010,000 | 13,453,000 | ' | ' | ' | ' | ' | ' | ' | 17,403,000 | ' | ' | ' | ' | ' | ' | 1,737,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Businessacquisitiondeferredtaxeliabilityadjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -443,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Purchase Price Allocation, Liabilities Assumed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,840,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,772,000 | ' | ' | ' | ' | ' | ' | 521,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 42,675,000 | ' | ' | ' | ' | ' | ' | 50,326,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Purchase Price Allocation, Goodwill Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,632,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,300,000 | ' | ' | ' | 2,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,500,000 | ' | ' | ' | 4,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Acquisition Related Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Bargain Purchase, Gain Recognized, Amount | ' | 2,879,000 | 20,610,000 | 14,329,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,879,000 | ' | 20,741,000 | 14,329,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,909,000 | 2,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Pro Forma Net Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -5,619,000 | 19,632 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Pro Forma Earnings Per Share, Diluted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($80) | $330 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Number of Shares Outstanding, Basic and Diluted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 66,631 | 59,010 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Purchase Price Allocation, Current Assets, Prepaid Expense and Other Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 55,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 947,000 | ' | 340,000 | ' | 315,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Businessacquisitionprepaidexpensesadjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Purchase Price Allocation, Assets Acquired (Liabilities Assumed), Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,747,000 | 1,736,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 72,257,000 | 9,968,000 | 74,515,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value Inputs, Long-term Revenue Growth Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of Weighted Average Cost Inventory | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.50% | ' | 67.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11.00% | 11.00% | ' |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | ' | 39.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition Purchase Price Allocation assets acquired liabilities assumed net adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($2,258,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weightedaveragecoupon | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14.40% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.60% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan Servicing Fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee_Benefit_Plan_Details
Employee Benefit Plan (Details) (USD $) | 12 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 02, 2013 | Dec. 31, 2010 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' | ' |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Accumulated Benefit Obligation | $2,100,000 | ' | ' | ' | ' |
Defined Contribution Plan, Maximum Annual Contribution Per Employee, Percent | 0.00% | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Net of Tax | 556,000 | 1,639,000 | -626,000 | ' | ' |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Prior Service Cost (Credit), before Tax | 1,841,000 | ' | ' | ' | ' |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.31% | ' | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ' | ' | ' | ' |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Projected Benefit Obligation | 2,910,000 | ' | ' | 2,183,000 | ' |
Defined Benefit Plan, Service Cost | 370,000 | ' | ' | ' | ' |
Defined Benefit Plan, Interest Cost | 174,000 | ' | ' | ' | ' |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 343,000 | ' | ' | ' | ' |
Interest Paid | 79,553,000 | 80,367,000 | 74,138,000 | ' | ' |
Defined Benefit Plan, Amortization of Net Gains (Losses) | 223,000 | ' | ' | ' | ' |
Defined Benefit Plan, Benefits Paid | -40,000 | ' | ' | ' | ' |
Defined Benefit Plan, Benefit Obligation | -2,910,000 | ' | ' | ' | ' |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 3.00% | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -16,177,000 | -16,733,000 | -18,372,000 | ' | -17,746,000 |
Defined Benefit Plan, Net Periodic Benefit Cost | 887,000 | 0 | 0 | ' | ' |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized (Gain) Loss Arising During Period, Tax | 1,453,000 | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 2,064,000 | 0 | 0 | ' | ' |
Defined Contribution Plan, Employer Matching Contribution, Percent | 50.00% | ' | ' | ' | ' |
Defined Contribution Plan, Cost Recognized | 1,800,000 | 1,300,000 | 1,000,000 | ' | ' |
Stop-loss insurance coverage | '250000 | ' | ' | ' | ' |
Employee-related Liabilities, Current | 2,572,000 | 1,917,000 | 1,522,000 | ' | ' |
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims | 17,918,000 | 13,186,000 | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense, Amount | -1,471,000 | -1,291,000 | ' | ' | ' |
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid | -15,792,000 | -11,500,000 | ' | ' | ' |
General Insurance Expense | 19,600,000 | 14,700,000 | 10,800,000 | ' | ' |
NORTH AMERICA [Domain] | ' | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' | ' |
Defined Contribution Plan, Maximum Annual Contribution Per Employee, Percent | 60.00% | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Report Line [Domain] | ' | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 2,064,000 | ' | ' | ' | ' |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ' | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Net of Tax | 566,000 | ' | ' | ' | ' |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' | ' |
Interest Paid | $174,000 | ' | ' | ' | ' |
Segment_Reporting_Details
Segment Reporting (Details) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2012 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Hospitality and Management Services [Member] | Hospitality and Management Services [Member] | Hospitality and Management Services [Member] | Hospitality and Management Services [Member] | Vacation Interest Sales and Financing [Member] | Vacation Interest Sales and Financing [Member] | Vacation Interest Sales and Financing [Member] | Vacation Interest Sales and Financing [Member] | Corporate and Other [Member] | Corporate and Other [Member] | Corporate and Other [Member] | |||||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Provision for Doubtful Accounts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($44,670,000) | ($25,457,000) | ($16,562,000) | ' | $0 | $0 | $0 | ' | ($44,670,000) | ($25,457,000) | ($16,562,000) | $0 | $0 | $0 |
Management and member services | ' | ' | ' | ' | ' | ' | ' | ' | ' | 131,238,000 | 114,937,000 | 99,306,000 | ' | 131,238,000 | 114,937,000 | 99,306,000 | ' | 0 | 0 | 0 | 0 | 0 | 0 |
Consolidated Resort Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35,512,000 | 33,756,000 | 29,893,000 | ' | 35,512,000 | 33,756,000 | 29,893,000 | ' | 0 | 0 | 0 | 0 | 0 | 0 |
Time Share Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | 509,283,000 | 318,555,000 | 211,321,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Provision for Uncollectible Vacation Interest Sales Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | 44,670,000 | 25,457,000 | 16,562,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vacation Interest Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | 464,613,000 | 293,098,000 | 194,759,000 | ' | 0 | 0 | 0 | ' | 464,613,000 | 293,098,000 | 194,759,000 | 0 | 0 | 0 |
Interest Income, Operating | ' | ' | ' | ' | ' | ' | ' | ' | ' | 57,044,000 | 53,206,000 | 47,285,000 | ' | 0 | 0 | 0 | ' | 55,601,000 | 51,769,000 | 44,410,000 | 1,443,000 | 1,437,000 | 2,875,000 |
Other Operating Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 41,381,000 | 28,671,000 | 19,778,000 | ' | 8,673,000 | 4,595,000 | 8,079,000 | ' | 32,708,000 | 24,076,000 | 11,699,000 | 0 | 0 | 0 |
Revenues | ' | 210,861,000 | 191,602,000 | 173,873,000 | 153,452,000 | 150,562,000 | 142,712,000 | 121,444,000 | 108,950,000 | 729,788,000 | 523,668,000 | 391,021,000 | ' | 175,423,000 | 153,288,000 | 137,278,000 | ' | 552,922,000 | 368,943,000 | 250,868,000 | 1,443,000 | 1,437,000 | 2,875,000 |
Management and member services costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | 37,907,000 | 35,330,000 | 27,125,000 | 27,125,000 | 37,907,000 | 35,330,000 | ' | 0 | 0 | 0 | ' | 0 | 0 | 0 |
Consolidated Resort Operations Costs and Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | 34,333,000 | 30,311,000 | 27,783,000 | 27,783,000 | 34,333,000 | 30,311,000 | ' | 0 | 0 | 0 | ' | 0 | 0 | 0 |
Time Share Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | 56,695,000 | 32,150,000 | -9,695,000 | 0 | 0 | 0 | ' | -9,695,000 | 56,695,000 | 32,150,000 | ' | 0 | 0 | 0 |
Marketing and Advertising Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 258,451,000 | 178,365,000 | 128,717,000 | 0 | 0 | 0 | ' | 128,717,000 | 258,451,000 | 178,365,000 | ' | 0 | 0 | 0 |
Vacation Interest Carrying Cost Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | 41,347,000 | 36,363,000 | 41,331,000 | 0 | 0 | 0 | ' | 41,331,000 | 41,347,000 | 36,363,000 | ' | 0 | 0 | 0 |
Loan Portfolio Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,631,000 | 9,486,000 | 8,652,000 | 1,211,000 | 1,111,000 | 858,000 | ' | 7,441,000 | 8,520,000 | 8,628,000 | ' | 0 | ' | 0 |
Other Cost and Expense, Operating | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,106,000 | 8,507,000 | 3,399,000 | 0 | 0 | 0 | ' | 3,399,000 | 12,106,000 | 8,507,000 | ' | 0 | 0 | 0 |
General and Administrative Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 145,925,000 | 99,015,000 | 80,412,000 | 0 | 0 | 0 | ' | 0 | 0 | 0 | ' | 145,925,000 | 99,015,000 | 80,412,000 |
Depreciation, Depletion and Amortization, Nonproduction | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28,185,000 | 18,857,000 | 13,966,000 | 0 | 0 | 0 | ' | 0 | 0 | 0 | ' | 28,185,000 | 18,857,000 | 13,966,000 |
Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 88,626,000 | 96,157,000 | 82,010,000 | 0 | 0 | 0 | ' | 18,624,000 | 16,411,000 | 18,735,000 | ' | 72,215,000 | 77,422,000 | 63,386,000 |
Extinguishment of Debt, Gain (Loss), Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,604,000 | 0 | 0 | ' | 0 | 0 | ' | ' | 0 | 0 | ' | 15,604,000 | 0 | ' |
Asset Impairment Charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,587,000 | 1,009,000 | 1,572,000 | ' | 0 | 0 | 0 | ' | 0 | 0 | 0 | 1,587,000 | 1,009,000 | 1,572,000 |
Gain (Loss) on Disposition of Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | -982,000 | -605,000 | -708,000 | 0 | 0 | 0 | ' | 0 | 0 | 0 | ' | -982,000 | -605,000 | -708,000 |
Business Combination, Bargain Purchase, Gain Recognized, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,879,000 | -20,610,000 | -14,329,000 | ' | 0 | 0 | 0 | ' | 0 | 0 | 0 | -2,879,000 | -20,610,000 | -14,329,000 |
Costs and Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | 726,536,000 | 524,335,000 | 390,235,000 | ' | 73,351,000 | 66,499,000 | 56,119,000 | ' | 393,530,000 | 282,748,000 | 189,817,000 | 259,655,000 | 175,088,000 | 144,299,000 |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | -667,000 | 16,127,000 | -33,953,000 | 18,367,000 | 2,711,000 | -12,705,000 | -11,305,000 | 31,943,000 | -8,600,000 | 3,252,000 | -667,000 | 786,000 | ' | 102,072,000 | 86,789,000 | 81,159,000 | ' | 159,392,000 | 86,195,000 | 61,051,000 | -258,212,000 | -173,651,000 | -141,424,000 |
Income Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,777,000 | -14,310,000 | -9,517,000 | ' | 0 | 0 | 0 | ' | 0 | 0 | 0 | 5,777,000 | -14,310,000 | -9,517,000 |
Net income (loss) | ' | $3,573,000 | ($26,327,000) | $17,956,000 | $2,273,000 | ($11,748,000) | ($11,645,000) | $46,611,000 | ($9,575,000) | ($2,525,000) | $13,643,000 | $10,303,000 | ' | $102,072,000 | $86,789,000 | $81,159,000 | ' | $159,392,000 | $86,195,000 | $61,051,000 | ($263,989,000) | ($159,341,000) | ($131,907,000) |
Consolidating_Financial_Statem2
Consolidating Financial Statements - Guarantor and Non-guarantor Subsidiaries (Details) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 5 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2012 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Jun. 30, 2007 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Aug. 22, 2013 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jul. 24, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Mar. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Dec. 31, 2010 | Dec. 31, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Dec. 31, 2010 | Mar. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Dec. 31, 2010 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jul. 24, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 13, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Island One and PMR Acquisitions [Member] | PMR Acquisition [Member] | PMR Acquisition [Member] | PMR Acquisition [Member] | island One Acquisition [Member] | island One Acquisition [Member] | island One Acquisition [Member] | Tempus Acquisition [Member] | Tempus Acquisition [Member] | Tempus Acquisition [Member] | PMR Service Companies Aquisition [Member] | PMR Service Companies Aquisition [Member] | PMR Service Companies Aquisition [Member] | Aegean Blue Acquisition [Member] | Aegean Blue Acquisition [Member] | Aegean Blue Acquisition [Member] | Parent and Guarantor Subsidiaries [Member] | Parent [Member] | Parent [Member] | Parent [Member] | Parent [Member] | Parent [Member] | Parent [Member] | Parent [Member] | Parent [Member] | Parent [Member] | Guarantor Subsidiaries [Member] | Guarantor Subsidiaries [Member] | Guarantor Subsidiaries [Member] | Guarantor Subsidiaries [Member] | Guarantor Subsidiaries [Member] | Guarantor Subsidiaries [Member] | Guarantor Subsidiaries [Member] | Guarantor Subsidiaries [Member] | Guarantor Subsidiaries [Member] | Guarantor Subsidiaries [Member] | Guarantor Subsidiaries [Member] | Consolidation, Eliminations [Member] | Consolidation, Eliminations, Guarantor [Member] | Consolidation, Eliminations, Guarantor [Member] | Consolidation, Eliminations, Guarantor [Member] | Consolidation, Eliminations, Guarantor [Member] | Consolidation, Eliminations, Guarantor [Member] | Consolidation, Eliminations, Guarantor [Member] | Consolidation, Eliminations, Guarantor [Member] | Consolidation, Eliminations, Guarantor [Member] | Consolidation, Eliminations, Guarantor [Member] | Consolidation, Eliminations, Guarantor [Member] | Consolidation, Eliminations, Guarantor [Member] | Non-Guarantor Subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | Hospitality and Management Services [Member] | Hospitality and Management Services [Member] | Hospitality and Management Services [Member] | Hospitality and Management Services [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Consolidation, Eliminations [Member] | Consolidation, Eliminations [Member] | Non-Guarantor Subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | Guarantor Subsidiaries [Member] | Alter Ego Suit [Member] | Alter Ego Suit [Member] | Alter Ego Suit [Member] | Alter Ego Suit [Member] | Alter Ego Suit [Member] | Alter Ego Suit [Member] | ||||||||||||||||
Island One and PMR Acquisitions [Member] | PMR Acquisition [Member] | PMR Acquisition [Member] | PMR Acquisition [Member] | Aegean Blue Acquisition [Member] | PMR Acquisition [Member] | island One Acquisition [Member] | island One Acquisition [Member] | PMR Service Companies Aquisition [Member] | Aegean Blue Acquisition [Member] | island One Acquisition [Member] | PMR Acquisition [Member] | PMR Acquisition [Member] | island One Acquisition [Member] | PMR Service Companies Aquisition [Member] | Aegean Blue Acquisition [Member] | PMR Acquisition [Member] | island One Acquisition [Member] | PMR Service Companies Aquisition [Member] | Aegean Blue Acquisition [Member] | Parent [Member] | Parent [Member] | Guarantor Subsidiaries [Member] | Guarantor Subsidiaries [Member] | Consolidation, Eliminations, Guarantor [Member] | Consolidation, Eliminations, Guarantor [Member] | Non-Guarantor Subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | Guarantor Subsidiaries [Member] | Consolidation, Eliminations, Guarantor [Member] | Non-Guarantor Subsidiaries [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for Doubtful Accounts Receivable | ($83,784,000) | ($105,590,000) | ' | ' | ' | ($83,784,000) | ' | ' | ' | ' | ($105,590,000) | ($83,784,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ($49,002,000) | ($5,814,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($56,588,000) | ($77,970,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noncash or Part Noncash Acquisition, Value of Assets Acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 103,780,000 | 136,316,000 | ' | ' | 133,835,000 | 133,835,000 | 103,780,000 | 136,316,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | 0 | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | 81,281,000 | ' | ' | 0 | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 103,780,000 | 136,316,000 | ' | ' | ' | ' | 52,554,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill, Acquired During Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,632,000 | 0 | 0 | ' | ' | 30,632,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,632,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, New Issues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -73,307,000 | ' | -149,404,000 | ' | ' | -73,307,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 73,307,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase Decrease in Escrow and Restricted Cash | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -48,725,000 | -6,381,000 | -1,024,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | 0 | ' | ' | ' | -12,679,000 | -6,163,000 | -2,436,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | -36,046,000 | -218,000 | 1,412,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Lines of Credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Time Share Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 509,283,000 | 318,555,000 | 211,321,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and Cash Equivalents, at Carrying Value | 21,061,000 | 35,945,000 | ' | ' | ' | 21,061,000 | ' | ' | ' | ' | 35,945,000 | 21,061,000 | 19,897,000 | ' | 27,329,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 540,000 | 540,000 | 0 | ' | ' | 540,000 | 540,000 | ' | ' | 12,980,000 | 7,932,000 | 10,296,000 | ' | 18,586,000 | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | 22,965,000 | 12,589,000 | 9,061,000 | ' | 8,743,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted Cash and Cash Equivalents | 42,311,000 | 92,231,000 | ' | ' | ' | 42,311,000 | ' | ' | ' | ' | 92,231,000 | 42,311,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 37,571,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23,736,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 54,660,000 | 18,575,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgages and contracts receivable, net | 312,932,000 | 405,454,000 | ' | ' | ' | 312,932,000 | ' | ' | ' | ' | 405,454,000 | 312,932,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 47,592,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33,373,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000 | -4,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 357,861,000 | 279,563,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Due from Related Parties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -12,224,000 | 1,878,000 | -6,267,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -193,833,000 | 483,000 | -4,874,000 | ' | ' | ' | ' | ' | ' | ' | 203,000 | -43,623,000 | -14,591,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 199,901,000 | 31,404,000 | 25,339,000 | ' | ' | ' | ' | ' | ' | ' | ' | -18,495,000 | 13,614,000 | -12,141,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Taxes Receivable, Current | 927,000 | 25,000 | ' | ' | ' | 927,000 | ' | ' | ' | ' | 25,000 | 927,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -16,865,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,890,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prepaid Expense and Other Assets | 58,024,000 | 68,258,000 | ' | ' | ' | 58,024,000 | ' | ' | ' | ' | 68,258,000 | 58,024,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 38,437,000 | 554,000 | 416,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 36,111,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29,267,000 | 21,497,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 0 | 0 | ' | ' | ' | 0 | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,675,000 | 82,982,000 | 14,182,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,675,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -92,657,000 | -23,857,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory, Net | 315,867,000 | 298,110,000 | ' | ' | ' | 315,867,000 | ' | ' | ' | ' | 298,110,000 | 315,867,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 231,478,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 220,499,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -51,356,000 | -22,261,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 117,988,000 | 117,629,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Net | 55,120,000 | 60,396,000 | ' | ' | ' | 55,120,000 | ' | ' | ' | ' | 60,396,000 | 55,120,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 36,775,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29,510,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23,621,000 | 25,610,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets Held-for-sale, Long Lived | 5,224,000 | 10,662,000 | ' | ' | ' | 5,224,000 | ' | ' | ' | ' | 10,662,000 | 5,224,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,224,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets Held-for-sale, at Carrying Value | ' | 10,662,000 | ' | ' | ' | ' | ' | ' | ' | ' | 10,662,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,662,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | 0 | 30,632,000 | ' | ' | ' | 0 | ' | ' | ' | ' | 30,632,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,632,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible Assets, Net (Excluding Goodwill) | 112,498,000 | 198,632,000 | ' | ' | ' | 112,498,000 | ' | ' | ' | ' | 198,632,000 | 112,498,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,927,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27,569,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 122,705,000 | 84,929,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets | 993,008,000 | 1,301,195,000 | ' | ' | ' | 993,008,000 | ' | ' | ' | ' | 1,301,195,000 | 993,008,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 671,814,000 | 325,144,000 | 21,825,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 559,411,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -513,449,000 | -196,617,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 817,686,000 | 608,389,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts payable | 15,719,000 | 14,629,000 | ' | ' | ' | 15,719,000 | ' | ' | ' | ' | 14,629,000 | 15,719,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 8,589,000 | 9,520,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,040,000 | 6,199,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Due to related parties, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -20,774,000 | 23,021,000 | 23,965,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | 31,154,000 | 57,001,000 | 15,076,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -199,901,000 | -31,404,000 | -25,339,000 | ' | ' | ' | ' | ' | ' | ' | ' | 147,947,000 | -2,576,000 | 34,228,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued Liabilities | 106,451,000 | 117,435,000 | ' | ' | ' | 106,451,000 | ' | ' | ' | ' | 117,435,000 | 106,451,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 75,620,000 | 72,396,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -1,065,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 41,815,000 | 35,120,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued Income Taxes | 701,000 | 1,069,000 | ' | ' | ' | 701,000 | ' | ' | ' | ' | 1,069,000 | 701,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 66,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,003,000 | 701,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Tax Assets, Deferred Income | 0 | 22,404,000 | ' | ' | ' | 0 | ' | ' | ' | ' | 22,404,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -27,874,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,865,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -11,395,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Revenue | 93,833,000 | 110,892,000 | ' | ' | ' | 93,833,000 | ' | ' | ' | ' | 110,892,000 | 93,833,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 88,921,000 | 79,652,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,971,000 | 14,181,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior Secured Notes, net | 416,491,000 | 367,892,000 | ' | ' | ' | 416,491,000 | ' | ' | ' | ' | 367,892,000 | 416,491,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 367,892,000 | 416,491,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Securitization notes and Funding Facilities, net | 256,302,000 | 391,267,000 | ' | ' | ' | 256,302,000 | ' | ' | ' | ' | 391,267,000 | 256,302,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 391,267,000 | 256,302,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes Payable | 137,906,000 | 23,150,000 | ' | ' | ' | 137,906,000 | ' | ' | ' | ' | 23,150,000 | 137,906,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 3,288,000 | 3,219,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,862,000 | 134,687,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liabilities | 1,091,607,000 | 1,093,382,000 | ' | ' | ' | 1,091,607,000 | ' | ' | ' | ' | 1,093,382,000 | 1,091,607,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 664,823,000 | 640,774,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -369,437,000 | -151,560,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 797,996,000 | 602,393,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Value, Issued | 541,000 | 755,000 | ' | ' | ' | 541,000 | ' | ' | ' | ' | 755,000 | 541,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 755,000 | 541,000 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital Units, Value | 155,027,000 | 463,194,000 | ' | ' | ' | 155,027,000 | ' | ' | ' | ' | 463,194,000 | 155,027,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 393,646,000 | 89,960,000 | ' | ' | ' | ' | ' | ' | ' | ' | 140,056,000 | 62,269,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -92,657,000 | -23,857,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22,149,000 | 26,655,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Retained Earnings (Accumulated Deficit) | -237,434,000 | -239,959,000 | ' | ' | ' | -237,434,000 | ' | ' | ' | ' | -239,959,000 | -237,434,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -69,257,000 | -68,676,000 | ' | ' | ' | ' | ' | ' | ' | ' | -112,302,000 | -122,030,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -51,355,000 | -21,716,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -7,045,000 | -25,012,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -16,733,000 | -16,177,000 | ' | ' | ' | -16,733,000 | ' | ' | ' | ' | -16,177,000 | -16,733,000 | -18,372,000 | ' | -17,746,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | -20,763,000 | -21,602,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 516,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,586,000 | 4,353,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital | -98,599,000 | 207,813,000 | ' | ' | ' | -98,599,000 | ' | ' | ' | ' | 207,813,000 | -98,599,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 325,144,000 | 21,825,000 | ' | ' | ' | ' | ' | ' | ' | ' | 6,991,000 | -81,363,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -144,012,000 | -45,057,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,690,000 | 5,996,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liabilities and Member Capital | 993,008,000 | 1,301,195,000 | ' | ' | ' | 993,008,000 | ' | ' | ' | ' | 1,301,195,000 | 993,008,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 325,144,000 | 21,825,000 | ' | ' | ' | ' | ' | ' | ' | ' | 671,814,000 | 559,411,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -513,449,000 | -196,617,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 817,686,000 | 608,389,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vacation Interest Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 464,613,000 | 293,098,000 | 194,759,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | 382,554,000 | 247,969,000 | 166,996,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 1,000 | ' | ' | ' | ' | ' | ' | ' | ' | 82,059,000 | 45,129,000 | 27,762,000 | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Management and member services | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 131,238,000 | 114,937,000 | 99,306,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | 105,307,000 | 94,106,000 | 81,407,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -17,736,000 | -12,284,000 | -5,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | 43,667,000 | 33,115,000 | 23,499,000 | ' | ' | ' | ' | ' | ' | ' | 131,238,000 | 114,937,000 | 99,306,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated Resort Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35,512,000 | 33,756,000 | 29,893,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | 27,908,000 | 26,519,000 | 25,054,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 7,604,000 | 7,237,000 | 4,839,000 | ' | ' | ' | ' | ' | ' | ' | 35,512,000 | 33,756,000 | 29,893,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Income, Operating | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 57,044,000 | 53,206,000 | 47,285,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | -2,002,000 | 1,834,000 | 4,220,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -30,000 | -2,436,000 | -3,018,000 | ' | ' | ' | ' | ' | ' | ' | ' | 59,076,000 | 53,808,000 | 46,083,000 | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Operating Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 41,381,000 | 28,671,000 | 19,778,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | 46,300,000 | 35,106,000 | 25,278,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -57,379,000 | -38,063,000 | -12,994,000 | ' | ' | ' | ' | ' | ' | ' | ' | 52,460,000 | 31,628,000 | 7,494,000 | ' | ' | ' | ' | ' | ' | ' | 8,673,000 | 4,595,000 | 8,079,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | 210,861,000 | 191,602,000 | 173,873,000 | 153,452,000 | 150,562,000 | 142,712,000 | 121,444,000 | 108,950,000 | ' | 729,788,000 | 523,668,000 | 391,021,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | 560,067,000 | 405,534,000 | 302,955,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -75,145,000 | -52,783,000 | -21,611,000 | ' | ' | ' | ' | ' | ' | ' | ' | 244,866,000 | 170,917,000 | 109,677,000 | ' | ' | ' | ' | ' | ' | ' | 175,423,000 | 153,288,000 | 137,278,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Time Share Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 56,695,000 | 32,150,000 | -9,695,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | 51,679,000 | 26,362,000 | -15,531,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 5,016,000 | 5,788,000 | 5,836,000 | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Marketing and Advertising Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 258,451,000 | 178,365,000 | 128,717,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | 209,654,000 | 152,276,000 | 110,523,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,502,000 | -1,953,000 | -524,000 | ' | ' | ' | ' | ' | ' | ' | ' | 52,299,000 | 28,042,000 | 18,718,000 | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vacation Interest Carrying Cost Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 41,347,000 | 36,363,000 | 41,331,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | 19,476,000 | 19,421,000 | 27,834,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,056,000 | -2,564,000 | -1,185,000 | ' | ' | ' | ' | ' | ' | ' | ' | 25,927,000 | 19,506,000 | 14,682,000 | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Management and member services costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 37,907,000 | 35,330,000 | 27,125,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | 35,657,000 | 31,126,000 | 18,556,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -14,172,000 | -10,277,000 | -5,076,000 | ' | ' | ' | ' | ' | ' | ' | ' | 16,422,000 | 14,481,000 | 13,645,000 | ' | ' | ' | ' | ' | ' | 27,125,000 | 37,907,000 | 35,330,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated Resort Operations Costs and Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 34,333,000 | 30,311,000 | 27,783,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | 27,885,000 | 24,278,000 | 23,642,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 6,448,000 | 6,033,000 | 4,141,000 | ' | ' | ' | ' | ' | ' | 27,783,000 | 34,333,000 | 30,311,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan Portfolio Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,631,000 | 9,486,000 | 8,652,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | 8,429,000 | 8,280,000 | 7,531,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -10,082,000 | -8,919,000 | -6,406,000 | ' | ' | ' | ' | ' | ' | ' | ' | 11,284,000 | 10,125,000 | 7,527,000 | ' | ' | ' | ' | ' | ' | 1,211,000 | 1,111,000 | 858,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Cost and Expense, Operating | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,106,000 | 8,507,000 | 3,399,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | 12,011,000 | 10,212,000 | 4,470,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -14,171,000 | -7,568,000 | -2,199,000 | ' | ' | ' | ' | ' | ' | ' | ' | 14,266,000 | 5,863,000 | 1,128,000 | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
General and Administrative Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 145,925,000 | 99,015,000 | 80,412,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 581,000 | 67,000 | 15,000 | ' | ' | ' | ' | ' | ' | ' | 119,786,000 | 61,162,000 | 54,758,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,000 | -2,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 25,559,000 | 37,788,000 | 25,639,000 | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation, Depletion and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28,185,000 | 18,857,000 | 13,966,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | 11,380,000 | 7,662,000 | 8,249,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 16,805,000 | 11,195,000 | 5,717,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 41,088,000 | 3,321,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,321,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,533,000 | 3,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,533,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 860,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset Impairment Charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,587,000 | 1,009,000 | 1,572,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | 201,000 | 556,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 1,587,000 | 808,000 | 1,016,000 | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Noncash Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,508,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,508,000 | 0 | 0 | 0 | -517,000 | 6,025,000 |
Gains (Losses) on Extinguishment of Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,502,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,394,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,108,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -8,443,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation, Depletion and Amortization, Nonproduction | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28,185,000 | 18,857,000 | 13,966,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 88,626,000 | 96,157,000 | 82,010,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | 42,369,000 | 44,990,000 | 48,075,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -30,000 | -2,436,000 | -3,018,000 | ' | ' | ' | ' | ' | ' | ' | ' | 46,287,000 | 53,603,000 | 36,953,000 | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Extinguishment of Debt, Gain (Loss), Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,604,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,462,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,142,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (Loss) on Disposition of Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -982,000 | -605,000 | -708,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | 95,000 | -16,000 | -19,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | -1,077,000 | -621,000 | -689,000 | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Bargain Purchase, Gain Recognized, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,879,000 | -20,610,000 | -14,329,000 | ' | ' | 2,879,000 | -2,879,000 | -20,741,000 | -14,329,000 | ' | ' | ' | ' | ' | ' | -2,909,000 | -2,900,000 | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | 0 | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | 0 | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | 0 | ' | ' | ' | ' | ' | -2,879,000 | -20,610,000 | -14,329,000 | ' | ' | ' | 2,879,000 | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Deferred Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,264,000 | -13,010,000 | -8,567,000 | ' | ' | -19,140,000 | -19,140,000 | -13,010,000 | -8,567,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | 0 | ' | 0 | ' | ' | ' | 10,471,000 | 0 | 0 | ' | ' | ' | ' | -17,403,000 | ' | ' | ' | ' | -16,865,000 | 0 | 0 | ' | ' | ' | ' | 0 | ' | ' | ' | 9,658,000 | 13,010,000 | -8,567,000 | ' | ' | ' | ' | -1,737,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on Purchase of Business | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -20,741,000 | 14,329,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | 0 | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -20,741,000 | 14,329,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to Acquire Productive Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -56,106,000 | -104,917,000 | ' | ' | 46,848,000 | -46,848,000 | -56,106,000 | -104,917,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | 0 | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | -569,000 | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | 0 | ' | ' | ' | ' | -56,106,000 | -104,917,000 | ' | ' | ' | ' | 47,417,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liabilities Assumed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,923,000 | 8,503,000 | ' | ' | 22,293,000 | 22,293,000 | 13,923,000 | 8,503,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | 0 | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | 21,772,000 | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | 0 | ' | ' | ' | ' | 13,923,000 | 8,503,000 | ' | ' | ' | ' | 521,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Priority Returns and Redemption Premiums on Preferred Units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 8,412,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,412,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 726,536,000 | 524,335,000 | 390,235,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 581,000 | 67,000 | 15,000 | ' | ' | ' | ' | ' | ' | ' | 546,883,000 | 385,986,000 | 288,644,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -46,014,000 | -33,719,000 | -18,408,000 | ' | ' | ' | ' | ' | ' | ' | ' | 225,086,000 | 172,001,000 | 119,984,000 | ' | ' | ' | ' | ' | ' | ' | 73,351,000 | 66,499,000 | 56,119,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | -667,000 | 16,127,000 | -33,953,000 | 18,367,000 | 2,711,000 | -12,705,000 | -11,305,000 | 31,943,000 | -8,600,000 | ' | 3,252,000 | -667,000 | 786,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -581,000 | -67,000 | -15,000 | ' | ' | ' | ' | ' | ' | ' | 13,184,000 | 19,548,000 | 14,311,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -29,131,000 | -19,064,000 | -3,203,000 | ' | ' | ' | ' | ' | ' | ' | ' | 19,780,000 | -1,084,000 | -10,307,000 | ' | ' | ' | ' | ' | ' | ' | 102,072,000 | 86,789,000 | 81,159,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,777,000 | -14,310,000 | -9,517,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | 2,423,000 | -884,000 | -99,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 3,354,000 | -13,426,000 | -9,418,000 | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of Financing Costs and Discounts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,079,000 | 6,293,000 | 6,138,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | 2,793,000 | 2,410,000 | 2,114,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 4,286,000 | 3,883,000 | 4,024,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of Loan Origination Costs and Discounts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,955,000 | 2,342,000 | 3,562,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | 5,391,000 | 3,117,000 | 2,449,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 564,000 | -775,000 | 1,113,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign Currency Transaction Gain (Loss), Realized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 245,000 | 113,000 | -72,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 245,000 | 113,000 | -72,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain Loss on Mortgage Repurchase | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -111,000 | -27,000 | -196,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | 7,000 | -27,000 | -196,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | -118,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Insurance Settlement, Operating Activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,535,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,535,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized Gain (Loss) on Derivatives | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -79,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined Benefit Plan, Net Periodic Benefit Cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 887,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | 887,000 | ' | ' | ' | ' | ' | ' |
Increase Decrease in Mortgages and Contracts Receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -128,834,000 | -51,716,000 | -10,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | -48,811,000 | -56,967,000 | 11,832,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -5,000 | -1,000 | -8,000 | ' | ' | ' | ' | ' | ' | ' | ' | -80,018,000 | 5,252,000 | -11,834,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Other Receivables | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -5,908,000 | -7,756,000 | 5,522,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | -6,547,000 | -7,225,000 | -1,902,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -410,000 | 137,000 | ' | ' | ' | ' | ' | ' | ' | ' | 639,000 | -121,000 | 7,287,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Prepaid Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -6,520,000 | -4,295,000 | -6,271,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -138,000 | -416,000 | 429,000 | ' | ' | ' | ' | ' | ' | ' | 1,289,000 | -4,096,000 | -2,680,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | -7,671,000 | 217,000 | -4,020,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Inventories | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,793,000 | -24,025,000 | -39,329,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | -6,664,000 | -23,105,000 | -38,228,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29,095,000 | 19,057,000 | 3,204,000 | ' | ' | ' | ' | ' | ' | ' | ' | -15,638,000 | -19,977,000 | -4,305,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Accounts Payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -6,431,000 | -502,000 | 4,187,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | -5,673,000 | 1,755,000 | 2,283,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | -758,000 | -2,257,000 | 1,904,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Accrued Liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,668,000 | 32,186,000 | 2,588,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | -1,942,000 | 19,201,000 | -479,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 558,000 | 418,000 | -130,000 | ' | ' | ' | ' | ' | ' | ' | ' | 15,052,000 | 12,567,000 | 3,197,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Income Taxes Payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,260,000 | -3,232,000 | -1,082,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | 968,000 | -298,000 | -1,236,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,865,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | -16,573,000 | -2,934,000 | 154,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Deferred Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,643,000 | 22,258,000 | 1,372,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | 7,127,000 | 19,891,000 | 4,404,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 7,516,000 | 2,367,000 | -3,032,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash provided by operating activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -5,409,000 | 24,600,000 | 9,292,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -194,526,000 | 0 | -4,460,000 | ' | ' | ' | ' | ' | ' | ' | 99,163,000 | 26,670,000 | 14,369,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 89,954,000 | -2,070,000 | -617,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to Acquire Property, Plant, and Equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -15,204,000 | -14,335,000 | -6,276,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | -14,071,000 | -13,671,000 | -5,042,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | -1,133,000 | -664,000 | -1,234,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash Acquired from Acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 569,000 | ' | ' | ' | ' | ' | ' | ' | ' | 569,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 569,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to Acquire Businesses, Net of Cash Acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | 0 | -51,635,000 | 0 | ' | ' | ' | 0 | 0 | -102,400,000 | ' | ' | -47,417,000 | 0 | -4,471,000 | 0 | ' | 0 | ' | 0 | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | 0 | ' | ' | 0 | ' | ' | 0 | 0 | ' | ' | ' | ' | 0 | ' | ' | ' | 0 | ' | 0 | 0 | ' | ' | ' | -102,400,000 | ' | ' | -51,635,000 | ' | -47,417,000 | -4,471,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments for Disbursement of Tempus Acquisition Note Receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -3,493,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,493,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Sale of Productive Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,127,000 | 1,103,000 | 2,369,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | 475,000 | 2,000 | 5,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 3,652,000 | 1,101,000 | 2,364,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash used in investing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -57,925,000 | -69,338,000 | -109,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | -13,027,000 | -13,669,000 | -5,037,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | -44,898,000 | -55,669,000 | -104,763,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of securitization notes and Funding Facilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 552,677,000 | 119,807,000 | 206,817,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 552,677,000 | 119,807,000 | 206,817,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments on Securitization Notes and Conduit Facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -427,472,000 | -114,701,000 | -138,910,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | 0 | ' | ' | ' | -4,657,000 | 0 | -2,061,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | -422,815,000 | -114,701,000 | -136,849,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Long-term Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -50,560,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -50,560,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Notes Payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -137,222,000 | -31,267,000 | -16,861,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | 0 | ' | ' | ' | -12,106,000 | -10,250,000 | -8,066,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | -125,116,000 | -21,017,000 | -8,795,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments of Debt Issuance Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -9,996,000 | -2,583,000 | -5,533,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | 0 | ' | ' | ' | -1,086,000 | -76,000 | -427,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | -8,910,000 | -2,507,000 | -5,106,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,400,000 | -10,200,000 | -13,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Common and Preferred Units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 146,651,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 146,651,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Common Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 204,332,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 204,332,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments for Repurchase of Warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -10,346,000 | 0 | -16,598,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -10,346,000 | ' | -16,598,000 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchase of Portion of Outstanding Common Units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -16,352,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -16,352,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments for Repurchase of Redeemable Preferred Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -108,701,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 108,701,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchase Of Redeemable Preferred Units Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -18,540,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Costs Related To Issuance Of Common And Preferred Units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,632,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,632,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance or Sale of Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | 62,400,000 | 204,332,000 | 0 | 146,651,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments of Stock Issuance Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -4,632,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash provided by financing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 78,045,000 | 45,540,000 | 93,035,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 193,986,000 | ' | 5,000,000 | ' | ' | ' | 0 | ' | ' | ' | -81,088,000 | -15,365,000 | -17,622,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | -34,853,000 | 60,905,000 | 105,657,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and Cash Equivalents, Period Increase (Decrease) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,711,000 | 802,000 | -7,473,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -540,000 | ' | 540,000 | ' | ' | ' | 0 | ' | ' | ' | 5,048,000 | -2,364,000 | -8,290,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 10,203,000 | 3,166,000 | 277,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effect of Exchange Rate on Cash and Cash Equivalents | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 173,000 | 362,000 | 41,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 173,000 | 362,000 | 41,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 79,553,000 | 80,367,000 | 74,138,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | 0 | ' | ' | ' | 46,108,000 | 50,565,000 | 51,121,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 33,445,000 | 29,802,000 | 23,017,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Taxes Paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,341,000 | 1,960,000 | 161,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | 0 | ' | ' | ' | -831,000 | -586,000 | 1,138,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 2,172,000 | 2,546,000 | -977,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Insurance Premiums Financed Through Issuance of Note Payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,480,000 | 10,504,000 | 8,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | 0 | ' | ' | ' | 11,480,000 | 10,504,000 | 8,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets Held for Sale Reclassified to Unsold Vacation Interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 2,750,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,750,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Due from Related Parties | 22,995,000 | 46,262,000 | ' | ' | ' | 22,995,000 | ' | ' | ' | ' | 46,262,000 | 22,995,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 111,595,000 | 241,608,000 | 6,687,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 139,720,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -352,572,000 | -150,495,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45,631,000 | 27,083,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Receivables | 46,049,000 | 54,588,000 | ' | ' | ' | 46,049,000 | ' | ' | ' | ' | 54,588,000 | 46,049,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 39,152,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,384,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,436,000 | 15,665,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Taxes Receivable | 927,000 | ' | ' | ' | ' | 927,000 | ' | ' | ' | ' | ' | 927,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 902,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Due to Related Parties | 64,204,000 | 44,644,000 | ' | ' | ' | 64,204,000 | ' | ' | ' | ' | 44,644,000 | 64,204,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 92,573,000 | 59,496,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -352,572,000 | -150,495,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 304,643,000 | 155,203,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on Business Interruption Insurance Recovery | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -3,535,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unsold vacation interests reclassified to assets held for sale | ' | ' | ' | ' | ' | ' | ' | ' | 431,000 | ' | 9,771,000 | 431,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 431,000 | 9,771,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Unamortized Discount | -753,000 | -6,774,000 | -226,000 | ' | ' | -753,000 | ' | ' | ' | ' | -6,774,000 | -753,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | -753,000 | ' | -226,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -6,548,000 | -8,509,000 | -10,600,000 | 0 | 0 | -6,548,000 | -8,509,000 | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Provision for Doubtful Accounts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -44,670,000 | -25,457,000 | -16,562,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | -43,347,000 | -27,004,000 | -15,941,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | -1,323,000 | 1,547,000 | -621,000 | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Notes Payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,357,000 | 80,665,000 | 48,178,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 1,124,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 5,357,000 | 79,541,000 | 48,178,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | ' | 3,573,000 | -26,327,000 | 17,956,000 | 2,273,000 | -11,748,000 | -11,645,000 | 46,611,000 | -9,575,000 | ' | -2,525,000 | 13,643,000 | 10,303,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -581,000 | -67,000 | -15,000 | ' | ' | ' | ' | ' | ' | ' | 10,761,000 | 20,432,000 | 14,410,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -29,131,000 | -19,064,000 | -3,203,000 | ' | ' | ' | ' | ' | ' | ' | ' | 16,426,000 | 12,342,000 | -889,000 | ' | ' | ' | ' | ' | ' | ' | 102,072,000 | 86,789,000 | 81,159,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Provision for Uncollectible Vacation Interest Sales Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 44,670,000 | 25,457,000 | 16,562,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | 43,347,000 | 27,004,000 | 15,941,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 1,323,000 | -1,547,000 | 621,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
assets held for sale reclassified to management contracts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 234,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 234,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transfers from assets to be disposed but not actively marketed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 1,589,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,589,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
other receivables reclassified to assets held for sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 54,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 54,000 | ' | ' | ' | ' | ' | ' | ' |
Managementcontractsreclassifiedtoassetsheldforsale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $13,000 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' | ' | ' | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' | $13,000 | ' | ' | ' | ' | ' | ' | ' |
Geographic_Financial_Informati2
Geographic Financial Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $210,861 | $191,602 | $173,873 | $153,452 | $150,562 | $142,712 | $121,444 | $108,950 | $729,788 | $523,668 | $391,021 |
Mortgages and contracts receivable, net | 405,454 | ' | ' | ' | 312,932 | ' | ' | ' | 405,454 | 312,932 | ' |
Inventory, Net | 298,110 | ' | ' | ' | 315,867 | ' | ' | ' | 298,110 | 315,867 | ' |
Property, Plant and Equipment, Net | 60,396 | ' | ' | ' | 55,120 | ' | ' | ' | 60,396 | 55,120 | ' |
Goodwill | 30,632 | ' | ' | ' | 0 | ' | ' | ' | 30,632 | 0 | ' |
Intangible Assets, Net (Excluding Goodwill) | 198,632 | ' | ' | ' | 112,498 | ' | ' | ' | 198,632 | 112,498 | ' |
Assets, Noncurrent | 993,225 | ' | ' | ' | 796,417 | ' | ' | ' | 993,225 | 796,417 | ' |
NORTH AMERICA [Domain] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 647,002 | 476,053 | 346,803 |
Mortgages and contracts receivable, net | 402,728 | ' | ' | ' | 310,955 | ' | ' | ' | 402,728 | 310,955 | ' |
Inventory, Net | 250,619 | ' | ' | ' | 275,352 | ' | ' | ' | 250,619 | 275,352 | ' |
Property, Plant and Equipment, Net | 56,043 | ' | ' | ' | 50,643 | ' | ' | ' | 56,043 | 50,643 | ' |
Goodwill | 30,632 | ' | ' | ' | 0 | ' | ' | ' | 30,632 | 0 | ' |
Intangible Assets, Net (Excluding Goodwill) | 191,649 | ' | ' | ' | 103,141 | ' | ' | ' | 191,649 | 103,141 | ' |
Assets, Noncurrent | 931,672 | ' | ' | ' | 740,091 | ' | ' | ' | 931,672 | 740,091 | ' |
Europe [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 82,786 | 47,615 | 44,218 |
Mortgages and contracts receivable, net | 2,726 | ' | ' | ' | 1,977 | ' | ' | ' | 2,726 | 1,977 | ' |
Inventory, Net | 47,491 | ' | ' | ' | 40,515 | ' | ' | ' | 47,491 | 40,515 | ' |
Property, Plant and Equipment, Net | 4,353 | ' | ' | ' | 4,477 | ' | ' | ' | 4,353 | 4,477 | ' |
Goodwill | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' |
Intangible Assets, Net (Excluding Goodwill) | 6,983 | ' | ' | ' | 9,357 | ' | ' | ' | 6,983 | 9,357 | ' |
Assets, Noncurrent | $61,553 | ' | ' | ' | $56,326 | ' | ' | ' | $61,553 | $56,326 | ' |
Loss_on_extinguishment_of_debt2
Loss on extinguishment of debt (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Extinguishment of Debt [Line Items] | ' | ' | ' |
Gains (Losses) on Extinguishment of Debt | ($7,502) | $0 | $0 |
Extinguishment of Debt, Gain (Loss), Net of Tax | 15,604 | 0 | 0 |
Senior Notes [Member] | ' | ' | ' |
Extinguishment of Debt [Line Items] | ' | ' | ' |
Gains (Losses) on Extinguishment of Debt | 8,443 | ' | ' |
PMR Acquisition [Member] | ' | ' | ' |
Extinguishment of Debt [Line Items] | ' | ' | ' |
Gains (Losses) on Extinguishment of Debt | 3,196 | ' | ' |
DROT 2009 Notes [Member] | ' | ' | ' |
Extinguishment of Debt [Line Items] | ' | ' | ' |
Gains (Losses) on Extinguishment of Debt | 2,201 | ' | ' |
Tempus Acquisition Loan [Member] | ' | ' | ' |
Extinguishment of Debt [Line Items] | ' | ' | ' |
Gains (Losses) on Extinguishment of Debt | 1,744 | ' | ' |
Island one warehouse [Member] | ' | ' | ' |
Extinguishment of Debt [Line Items] | ' | ' | ' |
Gains (Losses) on Extinguishment of Debt | $20 | ' | ' |
Impairments_and_Other_Writeoff2
Impairments and Other Write-offs Details (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Impaired Long-Lived Assets Held and Used [Line Items] | ' | ' | ' |
Impairment of Real Estate | ($1,279) | $0 | $0 |
Impairment of Intangible Assets, Finite-lived | 0 | 119 | 192 |
Capitalized Computer Software, Impairments | 0 | 183 | 362 |
Impairment of Long-Lived Assets Held-for-use | 80 | 494 | 670 |
Other than Temporary Impairment Losses, Investments | 0 | 0 | 181 |
Inventory Write-down | 307 | 0 | 0 |
Other Asset Impairment Charges | 0 | 0 | 167 |
Asset Impairment Charges | 1,587 | 1,009 | 1,572 |
Europe [Member] | ' | ' | ' |
Impaired Long-Lived Assets Held and Used [Line Items] | ' | ' | ' |
Impairment of Intangible Assets, Finite-lived | 0 | 213 | 0 |
PMR Acquisition [Member] | ' | ' | ' |
Impaired Long-Lived Assets Held and Used [Line Items] | ' | ' | ' |
Impairment of Real Estate | $1,200 | ' | ' |
Quarterly_results_Details
Quarterly results (Details) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues | ' | $210,861 | $191,602 | $173,873 | $153,452 | $150,562 | $142,712 | $121,444 | $108,950 | $729,788 | $523,668 | $391,021 |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | -667 | 16,127 | -33,953 | 18,367 | 2,711 | -12,705 | -11,305 | 31,943 | -8,600 | 3,252 | -667 | 786 |
Costs and Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | 726,536 | 524,335 | 390,235 |
Net income (loss) | ' | $3,573 | ($26,327) | $17,956 | $2,273 | ($11,748) | ($11,645) | $46,611 | ($9,575) | ($2,525) | $13,643 | $10,303 |
Earnings Per Share, Basic | ' | $0.05 | ($0.37) | $0.33 | $0.04 | ($0.22) | ($0.23) | $0.87 | ($0.18) | ($0.04) | $0.25 | $0.22 |
Earnings Per Share, Diluted | ' | $0.05 | ($0.37) | $0.33 | $0.04 | ($0.22) | ($0.23) | $0.87 | ($0.18) | ($0.04) | $0.25 | $0.22 |
Subsequent_events
Subsequent events (USD $) | Oct. 21, 2013 | Oct. 21, 2013 | Dec. 31, 2013 | Oct. 28, 2013 |
In Millions, unless otherwise specified | 2009 DROT Class A [Member] | 2009 DROT Class B [Member] | Revolving Credit Facility [Member] | Island One Receivables Loan [Member] |
Subsequent Event [Line Items] | ' | ' | ' | ' |
Financial Instruments Subject to Mandatory Redemption, Settlement Terms, Share Value, Amount | $24.40 | $1.80 | ' | ' |
Repayments of Debt | ' | ' | $15 | $4.10 |