Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended |
Sep. 30, 2014 | |
Document and Entity Information [Abstract] | ' |
Entity Registrant Name | 'Diamond Resorts International, Inc. |
Entity Central Index Key | '0001566897 |
Document Type | '10-Q |
Document Period End Date | 30-Sep-14 |
Amendment Flag | 'false |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q3 |
Current Fiscal Year End Date | '--12-31 |
Entity Well-known Seasoned Issuer | 'No |
Entity Voluntary Filers | 'No |
Entity Current Reporting Status | 'Yes |
Entity Filer Category | 'Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | 75,660,588 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $181,923 | $35,945 |
Cash in escrow and restricted cash | 69,707 | 92,231 |
Mortgages and contracts receivable, net of allowance of $121,189 and $105,590, respectively | 464,400 | 405,454 |
Due from related parties, net | 45,213 | 46,262 |
Other receivables, net | 34,030 | 54,588 |
Income tax receivable | 29 | 25 |
Prepaid expenses and other assets, net | 107,048 | 68,258 |
Unsold Vacation Interests, net | 277,066 | 298,110 |
Property and equipment, net | 70,661 | 60,396 |
Assets held for sale | 14,706 | 10,662 |
Goodwill | 30,632 | 30,632 |
Intangible assets, net | 183,493 | 198,632 |
Total assets | 1,478,908 | 1,301,195 |
LIABILITIES AND STOCKHOLDER'S EQUITY | ' | ' |
Accounts payable | 15,754 | 14,629 |
Due to related parties, net | 57,475 | 44,644 |
Accrued liabilities | 106,374 | 117,435 |
Income taxes payable | 1,195 | 1,069 |
Deferred income taxes | 52,865 | 22,404 |
Deferred revenues | 90,670 | 110,892 |
Senior Credit Facility, net of unamortized original issue discount of $2,122 and $0, respectively | 441,766 | 0 |
Senior secured notes, net of unamortized original issue discount of $0 and $6,548, respectively | 0 | 367,892 |
Securitization notes and Funding Facilities, net of unamortized original issue discount of $172 and $226, respectively | 451,441 | 391,267 |
Derivative liabilities | 181 | 0 |
Notes payable | 2,414 | 23,150 |
Total liabilities | 1,220,135 | 1,093,382 |
Stockholders' equity: | ' | ' |
Common stock $0.01 par value per share; authorized - 250,000,000 shares, issued and outstanding - 75,660,588 and 75,458,402 shares, respectively | 757 | 755 |
Additional paid-in capital | 477,867 | 463,194 |
Accumulated deficit | -202,376 | -239,959 |
Accumulated other comprehensive loss | -17,475 | -16,177 |
Total stockholders' equity | 258,773 | 207,813 |
Total liabilities and stockholders' equity | $1,478,908 | $1,301,195 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
LIABILITIES AND STOCKHOLDER'S EQUITY | ' | ' |
Senior secured notes, net of unamortized original issue discount | ($2,122) | $0 |
Stockholders' equity: | ' | ' |
Common Stock, Shares Authorized | 250,000,000 | 250,000,000 |
Common Stock, Shares, Issued | 75,660,588 | 75,458,402 |
Common Stock, Shares, Outstanding | 75,660,588 | 75,458,402 |
Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 |
Securitization notes and funding facilities [Member] | ' | ' |
LIABILITIES AND STOCKHOLDER'S EQUITY | ' | ' |
Senior secured notes, net of unamortized original issue discount | -172 | -226 |
Senior Notes [Member] | ' | ' |
LIABILITIES AND STOCKHOLDER'S EQUITY | ' | ' |
Senior secured notes, net of unamortized original issue discount | 0 | -6,548 |
Restricted Subsidiaries [Member] | ' | ' |
ASSETS | ' | ' |
Time Sharing Transactions, Allowance for Uncollectible Accounts on Receivables Sold with Recourse | -121,189 | -105,590 |
Restricted Subsidiaries [Member] | DROT 2011 Notes [Member] | ' | ' |
LIABILITIES AND STOCKHOLDER'S EQUITY | ' | ' |
Senior secured notes, net of unamortized original issue discount | -172 | -226 |
Restricted Subsidiaries [Member] | Senior Notes [Member] | ' | ' |
LIABILITIES AND STOCKHOLDER'S EQUITY | ' | ' |
Senior secured notes, net of unamortized original issue discount | ' | ($6,548) |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Revenues: | ' | ' | ' | ' |
Management and member services | $37,795 | $33,610 | $115,238 | $96,304 |
Consolidated resort operations | 10,481 | 9,326 | 28,825 | 26,465 |
Vacation Interest sales, net of provision of $15,847, $13,851, $40,123 and $29,731, respectively | 143,180 | 123,708 | 379,082 | 325,815 |
Interest | 17,130 | 14,297 | 49,010 | 41,159 |
Other | 13,379 | 10,661 | 40,049 | 29,184 |
Total revenues | 221,965 | 191,602 | 612,204 | 518,927 |
Costs and Expenses: | ' | ' | ' | ' |
Management and member services | 8,549 | 9,408 | 23,377 | 27,952 |
Consolidated resort operations | 9,216 | 9,602 | 25,662 | 26,169 |
Vacation Interest cost of sales | 16,476 | 18,605 | 44,840 | 45,451 |
Advertising, sales and marketing | 82,308 | 70,714 | 214,190 | 181,668 |
Vacation Interest carrying cost, net | 5,162 | 10,154 | 19,766 | 29,141 |
Loan portfolio | 1,400 | 2,296 | 6,249 | 7,555 |
Other operating | 5,847 | 3,912 | 16,650 | 6,518 |
General and administrative | 26,747 | 61,114 | 74,203 | 105,612 |
Depreciation and amortization | 8,271 | 7,583 | 24,601 | 19,912 |
Interest expense | 11,294 | 20,925 | 45,292 | 70,561 |
Loss on extinguishment of debt | 0 | -13,383 | -46,807 | -13,383 |
Impairments and other write-offs | 11 | 1,200 | 53 | 1,279 |
Loss (gain) on disposal of assets | 224 | -585 | 71 | -673 |
Gain on bargain purchase from business combinations | 0 | 2,756 | 0 | 2,726 |
Total costs and expenses | 175,505 | 225,555 | 541,761 | 531,802 |
Income (loss) before provision (benefit) for income taxes | 46,460 | -33,953 | 70,443 | -12,875 |
Provision (benefit) for income taxes | 20,156 | -7,626 | 32,860 | -6,777 |
Net income (loss) | 26,304 | -26,327 | 37,583 | -6,098 |
Other comprehensive (loss) income: | ' | ' | ' | ' |
Currency translation adjustments, net of tax of $0 | 2,931 | -3,284 | 1,420 | -293 |
Post-retirement benefit plan | 43 | -2,106 | 128 | -2,106 |
Other | -1 | 10 | -6 | 49 |
Total other comprehensive (loss) income, net of tax | -2,889 | 1,188 | -1,298 | -1,764 |
Comprehensive income (loss) | $23,415 | ($25,139) | $36,285 | ($7,862) |
Net income (loss) per share: | ' | ' | ' | ' |
Earnings Per Share, Basic | $0.35 | ($0.37) | $0.50 | ($0.10) |
Earnings Per Share, Diluted | $0.34 | ($0.37) | $0.49 | ($0.10) |
Weighted average common shares outstanding: | ' | ' | ' | ' |
Weighted Average Number of Shares Outstanding, Basic | 75,542 | 70,959 | 75,476 | 59,754 |
Weighted Average Number of Shares Outstanding, Diluted | 77,418 | 70,959 | 76,695 | 59,754 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Operations and Comprehensive Loss (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Consolidated Statements of Operations Parenthetical [Abstract] | ' | ' | ' | ' |
Tax on currency translation adjustment | $0 | $0 | $0 | $0 |
Provision for uncollectible Vacation Interest sales revenue | ($15,847) | ($13,851) | ($40,123) | ($29,731) |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Member Capital (Deficit) (USD $) | 3 Months Ended | 9 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
Shares, Issued | 75,660,588 | 75,660,588 | 75,458,402 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | ' | 156,000 | ' |
Stock Issued During Period, Shares, Share-based Compensation, Gross | ' | 46,186 | ' |
Stock Issued During Period, Value, New Issues | ' | $12,366 | ' |
Net income (loss) | 26,304 | 37,583 | ' |
Currency translation adjustments, net of tax of $0 | 2,931 | 1,420 | ' |
Post-retirement benefit plan | 43 | 128 | ' |
Other | ' | -6 | ' |
Common Stock [Member] | ' | ' | ' |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 757 | 757 | 755 |
Stock Issued During Period, Value, Stock Options Exercised | ' | 2 | ' |
Stock Issued During Period, Value, New Issues | ' | 0 | ' |
Net income (loss) | ' | 0 | ' |
Currency translation adjustments, net of tax of $0 | ' | 0 | ' |
Post-retirement benefit plan | ' | 0 | ' |
Other | ' | 0 | ' |
Additional Paid-in Capital [Member] | ' | ' | ' |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 477,867 | 477,867 | 463,194 |
Stock Issued During Period, Value, Stock Options Exercised | ' | 2,307 | ' |
Stock Issued During Period, Value, New Issues | ' | 12,366 | ' |
Net income (loss) | ' | ' | ' |
Currency translation adjustments, net of tax of $0 | ' | 0 | ' |
Post-retirement benefit plan | ' | 0 | ' |
Other | ' | 0 | ' |
Permanent Capital Accumulated Deficit | ' | ' | ' |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | -202,376 | -202,376 | -239,959 |
Stock Issued During Period, Value, Stock Options Exercised | ' | 0 | ' |
Stock Issued During Period, Value, New Issues | ' | 0 | ' |
Net income (loss) | ' | 37,583 | ' |
Currency translation adjustments, net of tax of $0 | ' | 0 | ' |
Post-retirement benefit plan | ' | 0 | ' |
Other | ' | 0 | ' |
Permanent Capital Accumulated Other Comprehensive Income (Loss) | ' | ' | ' |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | -17,475 | -17,475 | -16,177 |
Stock Issued During Period, Value, Stock Options Exercised | ' | 0 | ' |
Stock Issued During Period, Value, New Issues | ' | 0 | ' |
Net income (loss) | ' | 0 | ' |
Currency translation adjustments, net of tax of $0 | ' | 1,420 | ' |
Post-retirement benefit plan | ' | 128 | ' |
Other | ' | -6 | ' |
Stockholders' Equity, Total [Member] | ' | ' | ' |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 258,773 | 258,773 | 207,813 |
Stock Issued During Period, Value, Stock Options Exercised | ' | $2,309 | ' |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Member Capital (Deficit) (Parenthetical) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Translation Adjustment Functional to Reporting Currency, Tax Benefit (Expense) | ' | $0 |
Accumulated Other Comprehensive Income (Loss) [Member] | ' | ' |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Tax | $0 | $0 |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Operating Activities: | ' | ' |
Net income (loss) | $37,583,000 | ($6,098,000) |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Provision for uncollectible Vacation Interest sales revenue | 40,123,000 | 29,731,000 |
Amortization of capitalized financing costs and original issue discounts | 4,079,000 | 5,607,000 |
Amortization of capitalized loan origination costs and portfolio discounts | 6,555,000 | 4,308,000 |
Depreciation and amortization | 24,601,000 | 19,912,000 |
Stock-based compensation | 12,198,000 | 38,495,000 |
Loss on extinguishment of debt | 46,807,000 | 13,383,000 |
Impairments and other write-offs | 53,000 | 1,279,000 |
Loss (gain) on disposal of assets | 71,000 | -673,000 |
Gain on bargain purchase from business combinations | 0 | -2,726,000 |
Deferred income taxes | 30,461,000 | -8,040,000 |
Loss on foreign currency exchange | 98,000 | 215,000 |
Gain on mortgage repurchase | -519,000 | -71,000 |
Unrealized loss on derivative instruments | -181,000 | -657,000 |
Unrealized loss on post-retirement benefit plan | 128,000 | 774,000 |
Cash to be received on insurance settlements | 0 | -2,876,000 |
Changes in operating assets and liabilities excluding acquisitions: | ' | ' |
Mortgages and contracts receivable | -105,158,000 | -84,469,000 |
Due from related parties, net | 5,786,000 | -9,563,000 |
Other receivables, net | 20,572,000 | 18,806,000 |
Prepaid expenses and other assets, net | -41,500,000 | -28,313,000 |
Unsold Vacation Interests, net | 9,881,000 | 7,370,000 |
Accounts payable | -1,123,000 | 2,417,000 |
Due to related parties, net | 14,400,000 | 17,833,000 |
Accrued liabilities | 11,344,000 | 4,978,000 |
Income taxes payable | 135,000 | 1,294,000 |
Deferred revenues | 19,860,000 | 7,115,000 |
Net cash provided by operating activities | 76,454,000 | 2,325,000 |
Investing activities: | ' | ' |
Property and equipment capital expenditures | -13,846,000 | -12,792,000 |
Cash acquired in connection with the Island One Acquisition | ' | 725,000 |
Purchase of assets in connection with the PMR Service Companies Acquisition, net of cash acquired of $0 and $0, respectively | 0 | -47,758,000 |
Proceeds from sale of assets | 257,000 | 3,126,000 |
Net cash used in investing activities | -13,589,000 | -56,699,000 |
Financing activities: | ' | ' |
Changes in cash in escrow and restricted cash | 22,460,000 | -17,670,000 |
Proceeds from issuance of Senior Credit Facility | 442,775,000 | 0 |
Proceeds from issuance of 2013 Revolving Credit Facility | 0 | 15,000,000 |
Proceeds from issuance of securitization notes and Funding Facilities | 206,325,000 | 265,873,000 |
Proceeds from issuance of notes payable | 1,113,000 | 3,882,000 |
Payments on Senior Credit Facility | -1,112,000 | 0 |
Payments on securitization notes and Funding Facilities | -146,206,000 | -201,584,000 |
Payments on Senior Secured Notes, including redemption premium | -404,683,000 | -56,628,000 |
Payments on notes payable | -28,492,000 | -131,832,000 |
Payments of debt issuance costs | -11,048,000 | -6,163,000 |
Proceeds from Issuance or Sale of Equity | 0 | 204,705,000 |
Proceeds from exercise of stock options | 2,309,000 | 0 |
Repurchase of remaining outstanding warrants | 0 | 10,346,000 |
Payments related to early extinguishment of notes payable | 0 | -2,034,000 |
Net cash provided by financing activities | 83,441,000 | 63,203,000 |
Net increase in cash and cash equivalents | 146,306,000 | 8,829,000 |
Effect of changes in exchange rates on cash and cash equivalents | -328,000 | -14,000 |
Cash and cash equivalents, beginning of period | 35,945,000 | 21,061,000 |
Cash and cash equivalents, end of period | 181,923,000 | 29,876,000 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ' | ' |
Cash paid for taxes, net of tax refunds | 1,972,000 | 12,000 |
Noncash or Part Noncash Acquisition, Value of Assets Acquired | 0 | ' |
Goodwill, Acquired During Period | 0 | ' |
Payments to Acquire Productive Assets | 0 | ' |
Deferred Income Tax Expense (Benefit) | 0 | ' |
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | ' | ' |
Insurance premiums financed through issuance of notes payable | 6,173,000 | 7,822,000 |
Unsold vacation interests reclassified to property plant and equipment | 6,080,000 | 0 |
Unsold vacation interests reclassified to assets held for sale | 4,250,000 | 10,165,000 |
Prepaid expenses and other assets reclassified to property, plant and equipment | 265,000 | 0 |
Island One and PMR Acquisitions [Member] | ' | ' |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Gain on bargain purchase from business combinations | ' | -2,756,000 |
island One Acquisition [Member] | ' | ' |
Investing activities: | ' | ' |
Cash acquired in connection with the Island One Acquisition | 0 | ' |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ' | ' |
Noncash or Part Noncash Acquisition, Value of Assets Acquired | ' | 135,455,000 |
Goodwill, Acquired During Period | ' | 27,665,000 |
Payments to Acquire Productive Assets | ' | -73,307,000 |
Deferred Income Tax Expense (Benefit) | ' | -19,939,000 |
Liabilities Assumed | 0 | 19,360,000 |
PMR Service Companies Aquisition [Member] | ' | ' |
Investing activities: | ' | ' |
Purchase of assets in connection with the PMR Service Companies Acquisition, net of cash acquired of $0 and $0, respectively | 0 | ' |
Corporate Debt Securities [Member] | ' | ' |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ' | ' |
Cash interest paid on corporate indebtedness | 48,877,000 | 61,926,000 |
Securitization notes and funding facilities [Member] | ' | ' |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ' | ' |
Cash interest paid on corporate indebtedness | $10,814,000 | $12,501,000 |
Technology Equipment [Member] | ' | ' |
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | ' | ' |
Other Significant Noncash Transaction, Description | '472 | '0 |
Other_Intangible_Assets_Net_Pa
Other Intangible Assets, Net (Parentheticals) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Accumulated Amortization Other Intangibles | '1288 | '1535 | '4351 | '4356 |
Commitments_and_Contingencies_
Commitments and Contingencies (Parentheticals) (Guarantee of Indebtedness of Others [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Guarantee of Indebtedness of Others [Member] | ' | ' | ' | ' |
Loss Contingencies [Line Items] | ' | ' | ' | ' |
Liabilities for Guarantees on Long-Duration Contracts, Benefits Paid | $0.30 | $0.30 | $0.90 | $0.90 |
Background_Business_and_Basis_
Background, Business and Basis of Presentation | 9 Months Ended | |
Sep. 30, 2014 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |
Background, Business and Basis of Presentation | ' | |
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 with 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 (the "Exchange Act"), 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." | ||
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 described below and was the issuer of the 12.0% senior secured notes due 2018 ("Senior Secured Notes"). On June 9, 2014, DRC redeemed all of the remaining outstanding principal amount under the Senior Secured Notes using a portion of the proceeds from the term loan portion of its $470.0 million Senior Credit Facility entered into on May 9, 2014. See "Note 6—Transactions with Related Parties" for the definition of the Senior Credit Facility and further detail on these transactions. | ||
Except where the context otherwise requires or where otherwise indicated, references in the condensed 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 515,000 owner-families, or members, and a worldwide network of 313 vacation destinations located in 34 countries throughout the world, including 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 214 affiliated resorts and hotels and six 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"), are available for its members to use as vacation destinations. | ||
The Company’s operations consist of two interrelated businesses: (i) hospitality and management services, which includes operations related to the management of resort properties and seven multi-resort trusts (the "Collections"), operations of the Clubs, operations of the properties located in St. Maarten for which the Company functions as the homeowners association (the "HOA" and together with all other homeowners associations managed by the Company, the "HOAs"), food and beverage venues owned and managed by the Company and the provision of other 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. | ||
Basis of Presentation | ||
Except where the context otherwise requires or where otherwise indicated, the condensed consolidated financial statements and other historical financial data included in this Quarterly Report on Form 10-Q 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 weighted average common shares outstanding for the three- and nine-month periods ended September 30, 2013 are based upon the number of Class A and Class B common units of DRP outstanding through July 24, 2013, retroactively adjusted for the exchange thereof for shares of common stock of DRII pursuant to the Reorganization Transactions, and thereafter, based upon the outstanding shares of DRII common stock. | ||
The accompanying condensed consolidated financial statements of Diamond Resorts International, Inc. and its subsidiaries have been prepared in accordance with accounting policies described in the Company's Annual Report on Form 10-K for the year ended December 31, 2013 (the "2013 Form 10-K"). Certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") have been condensed or omitted. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and are of a normal and recurring nature. The accompanying condensed consolidated financial statements should be reviewed in conjunction with the Company's annual consolidated financial statements included in the 2013 Form 10-K. Operating results for the three and nine months ended September 30, 2014 are not necessarily indicative of the results for the full year ending December 31, 2014 or any future period. | ||
The Company’s statement of cash flows for the nine months ended September 30, 2013 was restated for an $8.1 million reclassification between the operating and financing sections to reflect the redemption premium paid in connection with the Tender Offer and exit fees paid in connection with the extinguishment of the Tempus Acquisition Loan and the PMR Acquisition Loan. This change increased cash flow from operating activities by $8.1 million and decreased cash flow from financing activities by the same amount; however, this change had no impact on previously-reported total cash flows, net loss, comprehensive loss, net loss per share, the balance sheet, the statement of operations or covenant compliance as of and for the nine months ended September 30, 2013. See "Note 16—Borrowings" for the definition of and further detail on the Tender Offer, the Tempus Acquisition Loan and the PMR Acquisition Loan. | ||
Strategic Acquisitions | ||
During the past several years, the Company has expanded its business operations by pursuing acquisitions of ongoing businesses in which the Company added locations to its network of available resorts, additional management contracts, new members to its owner base and additional VOI inventory that the Company may sell to existing members and potential customers. | ||
On August 31, 2010, the Company acquired from ILX Resorts Incorporated certain resort management agreements, unsold VOIs and the rights to recover and resell such interests, a portfolio of consumer loans and certain real property, additional owner-families and other assets (the “ILX Acquisition”), which added ten additional resorts to the Company's resort network. | ||
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, additional owner-families and other assets (the “Tempus Resorts Acquisition”), which added two resorts to the Company's resort network. | ||
On May 21, 2012, the Company acquired from Pacific Monarch Resorts, Inc. and its affiliates certain management contracts, unsold VOIs and the rights to recover and resell such interests, a portfolio of consumer loans and certain real property, additional owner-families and other assets (the "PMR Acquisition"), which added nine resorts to the Company's resort network. | ||
On October 5, 2012, the Company acquired all of the issued and outstanding shares of Aegean Blue Holdings Plc, thereby acquiring management contracts, unsold VOIs and the rights to recover and resell such interests, additional owner-families and certain other assets (the “Aegean Blue Acquisition”), which added five resorts located on the Greek Islands of Rhodes and Crete to the Company's resort network. | ||
The above transactions were effected through special-purpose subsidiaries and were structured such that the Company held the acquired assets, and assumed certain related liabilities, through special-purpose subsidiaries. The respective lenders to each special-purpose subsidiary had recourse only to such entity and thus the specific assets that were acquired in each transaction; however, such indebtedness was included in the Company's condensed consolidated balance sheets. On May 9, 2014, all outstanding indebtedness of these special-purpose subsidiaries was repaid in full and these subsidiaries ceased to be special-purpose subsidiaries and became guarantor subsidiaries under the Senior Credit Facility. | ||
On July 24, 2013, concurrent with the closing of the IPO, the Company acquired all of the equity interests 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. See "Note 24—Business Combinations" of the Company's consolidated financial statements included in the 2013 Form 10-K for further detail on the Island One Acquisition. | ||
On July 24, 2013, concurrent with the closing of the IPO, the Company acquired management agreements for certain resorts from Monarch Owner Services, LLC, Resort Services Group, LLC and Monarch Grand Vacations Management, LLC, each of which provided various management services to the resorts and the collection that were added to the Company's network through the PMR Acquisition (the “PMR Service Companies”), for $47.4 million in cash (the “PMR Service Companies Acquisition”). See "Note 24—Business Combinations" of the Company's consolidated financial statements included in the 2013 Form 10-K for further detail on the PMR Service Companies Acquisition. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||||||||
Note 2 — 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 subjective and complex judgments regarding matters that are inherently uncertain. See "Note 2—Summary of Significant Accounting Policies" set forth in the 2013 Form 10-K for a discussion of the Company's significant accounting policies that require significant judgment. | |||||||||||||||||
Principles of Consolidation—The accompanying condensed consolidated financial statements include all subsidiaries of the Company. All significant intercompany transactions and balances have been eliminated from the accompanying condensed consolidated financial statements. | |||||||||||||||||
Use of Estimates—The preparation of financial statements in conformity with 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, unsold Vacation Interests, net, Vacation Interest cost of sales, stock-based compensation 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 analyses 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 condensed consolidated financial statements. | |||||||||||||||||
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 Fair Isaac Corporation ("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 three and nine months ended September 30, 2014 and 2013 (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Vacation Interest sales | $ | 159,027 | $ | 137,559 | $ | 419,205 | $ | 355,546 | |||||||||
Provision for uncollectible Vacation Interest sales revenue | (15,847 | ) | (13,851 | ) | (40,123 | ) | (29,731 | ) | |||||||||
Vacation Interest sales, net of provision | $ | 143,180 | $ | 123,708 | $ | 379,082 | $ | 325,815 | |||||||||
Recently Issued Accounting Pronouncements | |||||||||||||||||
In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers, which supersedes most of the current revenue recognition requirements. The core principle of this guidance is that an entity is required to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. New disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers are also required. This guidance is effective for the Company in its interim period ending March 31, 2017. Early application is not permitted. Entities must adopt the new guidance using one of two retrospective application methods. The Company is currently evaluating the standard to determine the impact of its adoption on its financial statements. | |||||||||||||||||
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 adopted ASU 2014-04 as of its interim period ended March 31, 2014. The adoption of this update did not have a material impact on the Company's financial statements. |
Concentrations_of_Risk
Concentrations of Risk | 9 Months Ended | |
Sep. 30, 2014 | ||
Concentrations of Risk [Abstract] | ' | |
Concentrations of Risk | ' | |
Note 3 | — 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 and the Caribbean. A significant portion of the Company's 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 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 may 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 September 30, 2014, the Company's loans to California, Arizona and Florida residents constituted 31.7%, 8.8% and 5.6%, 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 significant 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 fluctuations 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 one-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 fluctuations 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 one-month floating LIBOR. | ||
On November 20, 2013, the July 2013 Swap and the August 2013 Swap were terminated concurrent with the paydown of the Conduit Facility. A portion of the proceeds from the Diamond Resorts Owner Trust ("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. | ||
On March 20, 2014, as required by the Conduit Facility, the Company entered into an interest rate swap agreement with a notional amount of $20.0 million (the "March 2014 Swap") that is scheduled to mature on March 20, 2024, to manage its exposure to fluctuations in interest rates. The Company pays interest at a fixed rate of 2.65% based on a floating notional amount according to a pre-determined amortization schedule and receives interest based on one-month floating LIBOR. | ||
On April 21, 2014, as required by the Conduit Facility, the Company entered into an interest rate swap agreement with a notional amount of $10.0 million (the "April 2014 Swap") that is scheduled to mature on March 20, 2024, to manage its exposure to fluctuations in interest rates. The Company pays interest at a fixed rate of 2.58% based on a floating notional amount according to a pre-determined amortization schedule and receives interest based on one-month floating LIBOR. | ||
On June 27, 2014, as required by the Conduit Facility, the Company entered into an interest rate swap agreement with a notional amount of $45.0 million (the "June 2014 Swap") that is scheduled to mature on June 20, 2024, to manage its exposure to fluctuations in interest rates. The Company pays interest at a fixed rate of 2.48% based on a floating notional amount according to a pre-determined amortization schedule and receives interest based on one-month floating LIBOR. | ||
On September 30, 2014, as required by the Conduit Facility, the Company entered into an interest rate swap agreement with a notional amount of $55.0 million (the "September 2014 Swap") that is scheduled to mature on September 20, 2024, to manage its exposure to fluctuations in interest rates. The Company pays interest at a fixed rate of 2.67% based on a floating notional amount according to a pre-determined amortization schedule and receives interest based on one-month floating LIBOR. | ||
As of September 30, 2014, the aggregate fair value of the March 2014 Swap, the April 2014 Swap, the June 2014 Swap and the September 2014 Swap was calculated to be $0.2 million based on valuation reports provided by counterparties. | ||
On October 20, 2014, the March 2014 Swap, the April 2014 Swap, the June 2014 Swap and the September 2014 Swap were terminated. Also on October 20, 2014, as required by the Conduit Facility, the Company entered into a new interest rate swap agreement with a notional amount of $112.5 million (the "October 2014 Swap") that is scheduled to mature on October 20, 2024, to manage it's exposure to fluctuation interest rates. The Company pays interest at a fixed rate of 2.45% based on a floating notional amount according to a pre-determined amortization schedule and receives interest based on one-month floating LIBOR. |
Cash_in_Escrow_and_Restricted_
Cash in Escrow and Restricted Cash | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Cash in Escrow and Restricted Cash [Abstract] | ' | ||||||||
Cash in Escrow and Restricted Cash | ' | ||||||||
Note 4 | — Cash in Escrow and Restricted Cash | ||||||||
Cash in escrow and restricted cash as of the dates presented below consisted of the following (in thousands): | |||||||||
September 30, 2014 | December 31, 2013 | ||||||||
Securitization and Funding Facilities collection and reserve cash | $ | 24,674 | $ | 49,987 | |||||
Collected on behalf of HOAs and other | 19,844 | 17,091 | |||||||
Rental trust | 13,562 | 11,131 | |||||||
Escrow | 10,732 | 11,887 | |||||||
Bonds and deposits | 895 | 2,135 | |||||||
Total cash in escrow and restricted cash | $ | 69,707 | $ | 92,231 | |||||
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. As of December 31, 2013, Securitization and Funding Facilities collection and reserve cash included $23.3 million related to the future funding of contracts receivables associated with the DROT 2013-2 Notes that was released to the Company's unrestricted cash account in January 2014. Securitization and Funding Facilities collection and reserve cash as of September 30, 2014 did not include such amount. 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 | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||
Financing Receivable, Net [Abstract] | ' | ||||||||||||||||||
Mortgages and Contracts Receivable and Allowance for Loan and Contract Losses | ' | ||||||||||||||||||
he three and nine months ended September 30, 2013. | |||||||||||||||||||
Mortgages and contracts receivable, net, as of the dates presented below | |||||||||||||||||||
Note 5 — 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 are collateralized by their VOIs. Eligibility for this financing is determined based on the customers’ FICO credit scores. As of September 30, 2014, the mortgages and contracts receivable bore interest at fixed rates between 0.0% and 18.0%. The terms of the mortgages and contracts receivable range from one year to 15 years (with the majority being 10 years) and such financing may be prepaid at any time without penalty. The weighted average interest rate of outstanding mortgages and contracts receivable was 14.9% and 15.1% as of September 30, 2014 and December 31, 2013, 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 related to delinquent loans are expensed as incurred. Mortgages and contracts receivable between 90 and 180 days past due as of September 30, 2014 and December 31, 2013 were 1.9% and 2.5%, 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 $2.4 million and $1.4 million for the three months ended September 30, 2014 and 2013, respectively, and $6.6 million and $3.9 million for the nine months ended September 30, 2014 and 2013, respectively. | |||||||||||||||||||
The Company recorded a $3.3 million discount on April 27, 2007 on the mortgage pool acquired in connection with the acquisition and merger with Sunterra Corporation, which discount was being amortized over the life of the related acquired mortgage pool. This discount was fully amortized during the three months ended March 31, 2014, and, accordingly, as of September 30, 2014 there was no net unamortized discount on this acquired mortgage pool. As of December 31, 2013, the net unamortized discount on this acquired mortgage pool was $0.2 million. During the three months ended September 30, 2013, a de minimis amount of amortization was recorded as an increase to interest income, and during the nine months ended September 30, 2013, amortization of $0.1 million was recorded as an increase to interest income. No amortization was recorded during the three months ended September 30, 2014. During the nine months ended September 30, 2014, $0.2 million of amortization was recorded as an increase to interest income. | |||||||||||||||||||
The Company recorded a $0.8 million premium on July 1, 2011, on the purchased mortgage pool that was part of the Tempus Resorts Acquisition, which was being 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). During the three and nine months ended September 30, 2013, amortization of $0.4 million and $0.5 million, respectively, were 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, which was being amortized over the life of the related acquired mortgage pool. This premium was fully amortized during the year ended December 31, 2013. No amortization was recorded as a decrease to interest revenue during the three and nine months ended September 30, 2013. | |||||||||||||||||||
The Company recorded a $0.6 million premium on July 24, 2013 on the mortgage pool purchased in the Island One Acquisition, which is being amortized over the life of the related acquired mortgage pool. As of September 30, 2014 and December 31, 2013, the net unamortized premium was $0.3 million and $0.5 million, respectively. During the three months ended September 30, 2014, $0.1 million of amortization was recorded as a decrease to interest revenue, and during the nine months ended September 30, 2014, $0.2 million was recorded as a decrease to interest revenue. No amortization was recorded as a decrease to interest revenue during the three and nine months ended September 30, 2013. | |||||||||||||||||||
Mortgages and contracts receivable, net, as of the dates presented below, consisted of the following (in thousands): | |||||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||
Mortgages and contracts receivable, acquired | $ | 44,748 | $ | 77,271 | |||||||||||||||
Mortgages and contracts receivable, contributed | 207 | 443 | |||||||||||||||||
Mortgages and contracts receivable, originated | 521,286 | 417,595 | |||||||||||||||||
Mortgages and contracts receivable, gross | 566,241 | 495,309 | |||||||||||||||||
Allowance for loan and contract losses | (121,189 | ) | (105,590 | ) | |||||||||||||||
Deferred profit on Vacation Interest transactions | (1,890 | ) | (2,197 | ) | |||||||||||||||
Deferred loan and contract origination costs, net of accumulated amortization | 11,236 | 8,223 | |||||||||||||||||
Inventory value of defaulted mortgages that were previously contributed or acquired | 9,668 | 9,411 | |||||||||||||||||
Premium on mortgages and contracts receivable, net of accumulated amortization | 334 | 515 | |||||||||||||||||
Discount on mortgages and contracts receivable, net of accumulated amortization | — | (217 | ) | ||||||||||||||||
Mortgages and contracts receivable, net | $ | 464,400 | $ | 405,454 | |||||||||||||||
As of September 30, 2014 and December 31, 2013, $500.4 million and $404.2 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 condensed 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 Accounting Standards Codification (“ASC”) 978, “Real Estate-Time-Sharing Activities" ("ASC 978"). See "Note 2—Summary of Significant Accounting Policies" set forth in the 2013 Form 10-K 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. | |||||||||||||||||||
Activity in the allowance for loan and contract losses associated with mortgages and contracts receivable as of the dates presented below consisted of the following (in thousands): | |||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Balance, beginning of period | $ | 114,577 | $ | 87,193 | $ | 105,590 | $ | 83,784 | |||||||||||
Provision for uncollectible Vacation Interest sales revenue | 15,882 | 13,659 | 40,175 | 29,128 | (a) | ||||||||||||||
Provision for purchased portfolios | — | 3,972 | — | 3,972 | |||||||||||||||
Mortgages and contracts receivable charged off | (9,972 | ) | (7,617 | ) | (26,709 | ) | (21,486 | ) | |||||||||||
Recoveries | 714 | 925 | 2,136 | 2,757 | |||||||||||||||
Effect of translation rate | (12 | ) | 21 | (3 | ) | (2 | ) | ||||||||||||
Balance, end of period | $ | 121,189 | $ | 98,153 | $ | 121,189 | $ | 98,153 | |||||||||||
_____________ | |||||||||||||||||||
(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 a de minimis amount for the three months ended September 30, 2014 and increased the provision by $0.1 million for the three months ended September 30, 2013. The ASC 978 adjustments increased the provision for uncollectible Vacation Interest sales revenue for the nine months ended September 30, 2014 by a de minimis amount and increased the provision by $0.8 million for the nine months ended September 30, 2013. There were no adjustments for the rescission period for the three and nine months ended September 30, 2014. The adjustments for the rescission period increased the provision for uncollectible Vacation Interest sales revenue by $0.1 million for the three months ended September 30, 2013 and decreased the provision for uncollectible Vacation Interest sales revenue by $0.2 million for the nine months ended September 30, 2013. | |||||||||||||||||||
A summary of credit quality as of the dates presented below is as follows (in thousands): | |||||||||||||||||||
FICO Scores | September 30, 2014 | % | 31-Dec-13 | % | |||||||||||||||
>799 | $ | 50,349 | 9 | % | $ | 45,235 | 9 | % | |||||||||||
700 – 799 | 290,330 | 51 | % | 237,557 | 48 | % | |||||||||||||
600 – 699 | 181,323 | 32 | % | 152,601 | 31 | % | |||||||||||||
<600 | 24,604 | 4 | % | 24,076 | 5 | % | |||||||||||||
No FICO Scores | 19,635 | 4 | % | 35,840 | 7 | % | |||||||||||||
$ | 566,241 | 100 | % | $ | 495,309 | 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, 2014 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. | |||||||||||||||||||
Other receivables, net, as of the dates presented below consisted of the following (in thousands): | |||||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||
Receivables related to mini-vacation and sampler programs, net | $ | 16,279 | $ | 11,844 | |||||||||||||||
Mortgage and contracts interest receivable | 5,307 | 5,025 | |||||||||||||||||
Rental receivables and other resort management-related receivables, net | 5,096 | 3,595 | |||||||||||||||||
Club dues receivable, net | 3,062 | 29,418 | |||||||||||||||||
Value added tax refund receivable | 2,042 | 2,274 | |||||||||||||||||
Owner maintenance fees receivable, net | 479 | 116 | |||||||||||||||||
Insurance claims receivable | 31 | 96 | |||||||||||||||||
Other receivables | 1,734 | 2,220 | |||||||||||||||||
Total other receivables, net | $ | 34,030 | $ | 54,588 | |||||||||||||||
Transactions_with_Related_Part
Transactions with Related Parties | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Related Party Transactions [Abstract] | ' | ||||||||
Transactions with Related Parties | ' | ||||||||
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 and (iii) the allocation of a portion of the Company’s Vacation Interest carrying costs, management and member services, consolidated resort operations, 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 that 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 or Collections for VOIs owned by the Company (this liability is recorded on January 1 of each year for the entire amount of the annual maintenance and assessment fees, and is relieved throughout the year by 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 condensed 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 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 reduce the receivables and the payables on each party's books of record. Any remaining balances are then reclassified 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 as of the dates presented below consisted of the following (in thousands): | |||||||||
September 30, 2014 | December 31, 2013 | ||||||||
Amounts due from HOAs | $ | 38,638 | $ | 36,957 | |||||
Amounts due from Collections | 6,298 | 7,938 | |||||||
Amounts due from other | 277 | 1,367 | |||||||
Total due from related parties, net | $ | 45,213 | $ | 46,262 | |||||
Due to related parties, net as of the dates presented below consisted of the following (in thousands): | |||||||||
September 30, 2014 | December 31, 2013 | ||||||||
Amounts due to HOAs | $ | 20,162 | $ | 16,032 | |||||
Amounts due to Collections | 37,313 | 28,381 | |||||||
Amounts due to other | — | 231 | |||||||
Total due to related parties, net | $ | 57,475 | $ | 44,644 | |||||
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 DRP Holdco, LLC (the "Guggenheim Investor"), a significant investor in the Company. Pursuant to an agreement with the Company, Guggenheim has the right to nominate 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 nominees 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 $64.5 million DROT 2011 Notes issued on April 27, 2011 (the "DROT 2011 Notes") and was an investor in the Company's Senior Secured Notes that were redeemed on June 9, 2014. 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, a subsidiary of the Company, 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 three and nine months ended September 30, 2013, Tempus Acquisition, LLC made an aggregate of approximately $0.3 million and $2.8 million, respectively, in interest payments and approximately $47.5 million and $52.8 million, respectively, in principal payments on the Tempus Acquisition Loan. Tempus Acquisition, LLC also made exit fee payments of approximately $2.7 million in the three and nine months ended September 30, 2013. | |||||||||
In connection with the funding of the Tempus Acquisition Loan (which was entered into in connection with the Tempus Resorts Acquisition) 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, the Company issued a warrant (the “Tempus Warrant”) to Guggenheim Corporate Funding, LLC, as the administrative agent, for the benefit of the lenders, pursuant to a warrant agreement, between the Company and Guggenheim Corporate Funding, LLC. Following the Company's payoff of the Tempus Acquisition Loan in full on July 24, 2013, the Tempus Warrant terminated for no consideration pursuant to the terms of the Tempus Warrant. See "Note 16—Borrowings" for further detail. | |||||||||
On May 21, 2012, the Company completed the PMR Acquisition. In order to fund the PMR Acquisition, DPM Acquisition, LLC, a wholly-owned subsidiary of the Company, and its subsidiaries (collectively, "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 three and nine months ended September 30, 2013, DPMA made an aggregate of approximately $0.4 million and $3.4 million, respectively, in interest payments and approximately $59.3 million and $64.6 million, respectively, in principal payments on the PMR Acquisition Loan. DPMA also made exit fee payments of approximately $3.1 million in the three and nine months ended September 30, 2013. | |||||||||
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 the administrative agent, for the benefit of the lenders, pursuant to a warrant agreement, between the Company and Guggenheim Corporate Funding, LLC. Following the Company's payoff of the PMR Acquisition Loan in full on July 24, 2013, the PMR Warrant terminated for no consideration pursuant to the terms of the PMR Warrant. 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 held by an affiliate of Guggenheim Partners, LLC and another institutional investor, and, substantially concurrently therewith, the Company borrowed approximately $15.0 million under the 2013 Revolving Credit Facility. The affiliate of Guggenheim Partners, LLC that held one of these warrants received approximately $2.8 million in connection with such repurchase. See "Note 16—Borrowings" for definitions of, and more detail on, the 2013 Revolving Credit Facility. | |||||||||
On May 9, 2014, the Company entered into a credit agreement with Credit Suisse AG, acting as the administrative agent and the collateral agent for various lenders (the “Senior Credit Facility Agreement”), including an affiliate of Guggenheim. The Senior Credit Facility Agreement provides for a $470.0 million senior secured credit facility (the “Senior Credit Facility”). Affiliates of Guggenheim (1) received fees of approximately $1.8 million relating to their participation in the Senior Credit Facility, and (2) on behalf of Guggenheim’s investment advisory clients, (i) provided an approximate aggregate principal amount of $111.3 million of the $445.0 million in term loans under the Senior Credit Facility ($110.7 million of the $442.8 million term loan proceeds received by the Company) and (ii) have agreed to provide an approximate aggregate principal amount of $6.3 million in loans under the $25.0 million revolving line of credit. Further, affiliates of Guggenheim held approximately $114.1 million in aggregate principal amount of Senior Secured Notes that were redeemed by DRC on June 9, 2014. See "Note 16—Borrowings" for further detail on the Senior Credit Facility and the redemption of the Senior Secured Notes. | |||||||||
Hospitality Management and Consulting Service, LLC ("HM&C") Management Services Agreement | |||||||||
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 two categories of management services to the Company on a cost-recovery basis: (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 ("HOA Management Services"). The fees for these services are generally included in the determination of the annual budget for the HOAs and the Collections and paid to the Company and (ii) executive, corporate and strategic oversight of the Company’s operations and certain other administrative services. | |||||||||
HM&C provides the Company with the services of Mr. Stephen J. Cloobeck (the Company's founder and Chairman), the Company's three executive officers and approximately 53 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. Pursuant to the HM&C Agreement, 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, although the Company has not paid any such additional fees to HM&C to date. The Company incurred management fees, incentive payments (excluding stock-based compensation) and expense reimbursements in connection with the HM&C Agreement of $7.7 million and $18.1 million for the three and nine months ended September 30, 2014, respectively, and $7.5 million and $20.4 million for the three and nine months ended September 30, 2013, respectively. 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 September 30, 2014 and December 31, 2013, the Company owed HM&C $3.3 million and $7.3 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 $0.6 million for each of the three months ended September 30, 2014 and 2013, and $1.8 million for each of the nine months ended September 30, 2014 and 2013. | |||||||||
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. Lowell D. Kraff, the Vice Chairman of the Board of Directors of the Company, 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 2012, the agreement was renewed for an additional one-year term and the agreement automatically renewed for an additional one-year term in September 2013. In August 2014, the agreement was further amended to extend the term for an additional year, with the term expiring August 31, 2015. In consideration of these services provided pursuant to this agreement, the Company paid to Praesumo Partners, LLC, in the aggregate, $0.4 million and $1.3 million in fees and expense reimbursements for the three and nine months ended September 30, 2014, respectively, and $0.5 million and $1.4 million for the three and nine months ended September 30, 2013, respectively. These amounts do not include certain travel-related costs paid directly by the Company. | |||||||||
Luumena | |||||||||
Mr. Kraff was also a beneficial owner of Luumena, LLC, which provides digital media services. The Company did not pay Luumena, LLC any amount during the three months ended September 30, 2013 and paid Luumena, LLC $0.2 million during the nine months ended September 30, 2013. Effective January 1, 2014, Mr. Kraff no longer had any beneficial ownership in Luumena, LLC. | |||||||||
Technogistics | |||||||||
Mr. Kraff was also a beneficial owner of Technogistics, LLC, which provides direct marketing services. The Company paid Technogistics, LLC $0.4 million and $1.0 million during the three and nine months ended September 30, 2013, respectively. Effective January 1, 2014, Mr. Kraff no longer had any beneficial ownership in 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 the Company, including the development of a new consumer marketing website. The Company paid Trivergance Business Resources, LLC $0.2 million and $0.7 million during the three and nine months ended September 30, 2013, respectively. Effective January 1, 2014, Mr. Kraff no longer had any beneficial ownership in 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 DRP. 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, corporate finance and litigation support. 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 $0.2 million for each three-month period effective January 1, 2013. For the three and nine months ended September 30, 2014, the Company paid fees and expense reimbursements to Mackinac Partners, LLC of $0.2 million and $1.6 million, respectively, and, for the three and nine months ended September 30, 2013, paid fees and expense reimbursements to Mackinac Partners, LLC of $0.3 million and $1.7 million, respectively. | |||||||||
Katten Muchin Rosenman LLP | |||||||||
Mr. Howard S. Lanznar, who joined the Company as the Executive Vice President and Chief Administrative Officer in September 2012, was a partner of the law firm of Katten Muchin Rosenman LLP ("Katten") until August 31, 2014 and is currently Of Counsel at the firm. Additionally, Richard M. Daley, who is a member of the Board of Directors of the Company and the Compensation Committee, is Of Counsel at Katten. Katten renders legal services to the Company. During the three and nine months ended September 30, 2014, the Company paid to Katten fees of $0.8 million and $3.0 million, respectively, and, during the three and nine months ended September 30, 2013, paid fees of $2.2 million and $4.8 million, respectively. |
Other_Receivables_Net
Other Receivables, Net | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Receivables [Abstract] | ' | ||||||||
Other Receivables, Net | ' | ||||||||
Note 7 | — Other Receivables, Net | ||||||||
Other receivables, net, as of the dates presented below consisted of the following (in thousands): | |||||||||
September 30, 2014 | December 31, 2013 | ||||||||
Receivables related to mini-vacation and sampler programs, net | $ | 16,279 | $ | 11,844 | |||||
Mortgage and contracts interest receivable | 5,307 | 5,025 | |||||||
Rental receivables and other resort management-related receivables, net | 5,096 | 3,595 | |||||||
Club dues receivable, net | 3,062 | 29,418 | |||||||
Value added tax refund receivable | 2,042 | 2,274 | |||||||
Owner maintenance fees receivable, net | 479 | 116 | |||||||
Insurance claims receivable | 31 | 96 | |||||||
Other receivables | 1,734 | 2,220 | |||||||
Total other receivables, net | $ | 34,030 | $ | 54,588 | |||||
Prepaid_Expenses_and_Other_Ass
Prepaid Expenses and Other Assets, Net | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | ||||||||
Prepaid Expenses and Other Assets, Net | ' | ||||||||
Note 8 | — Prepaid Expenses and Other Assets, Net | ||||||||
The nature of selected balances included in prepaid expenses and other assets, net, includes: | |||||||||
Vacation Interest purchases in transit—purchases of Vacation Interests from third parties for which the title has 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. | |||||||||
Unamortized maintenance fees—prepaid annual maintenance fees on unsold Vacation Interests owned by the Company billed by the HOAs and the Collections for resorts included in the Company's resort network that are managed by the Company, which are charged to expense ratably over the year. | |||||||||
Deferred commissions—commissions paid to sales agents related to deferred revenue from sales of sampler programs and mini-vacations ("Sampler Packages"), which allow purchasers to stay at a resort property on a trial basis. These amounts are charged to Vacation Interest carrying cost as the associated revenue is recognized. | |||||||||
Prepaid member benefits and affinity programs—usage rights of members of the Clubs can be exchanged for a variety of products and travel services, including airfare, cruises and excursions. Prepaid usage rights are amortized ratably over the year. | |||||||||
Unamortized exchange fees—unamortized portion of the amount paid to Interval International, Inc. ("Interval International"), which provides an external VOI exchange program, for memberships with Interval International. This balance is amortized ratably over the year. | |||||||||
Prepaid rent—portion of rent paid in advance and charged to expense in accordance with lease agreements. | |||||||||
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 expenses and other assets, net, as of the dates presented below consisted of the following (in thousands): | |||||||||
September 30, 2014 | December 31, 2013 | ||||||||
Vacation Interest purchases in transit | $ | 18,259 | $ | 12,495 | |||||
Unamortized maintenance fees | 18,213 | — | |||||||
Debt issuance costs, net | 17,198 | 20,086 | |||||||
Deferred commissions | 17,171 | 13,153 | |||||||
Prepaid member benefits and affinity programs | 6,910 | 2,497 | |||||||
Deferred inventory recovery agreements | 4,539 | — | |||||||
Deposits and advances | 4,235 | 4,068 | |||||||
Other inventory or consumables | 4,202 | 3,028 | |||||||
Prepaid insurance | 3,210 | 2,359 | |||||||
Prepaid sales and marketing costs | 2,403 | 815 | |||||||
Unamortized exchange fees | 1,564 | — | |||||||
Prepaid rent | 1,155 | 344 | |||||||
Prepaid professional fees | 1,064 | 2,207 | |||||||
Prepaid maintenance fees | 874 | 2,501 | |||||||
Assets to be disposed (not actively marketed) | 264 | 537 | |||||||
Other | 5,787 | 4,168 | |||||||
Total prepaid expenses and other assets, net | $ | 107,048 | $ | 68,258 | |||||
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 $1.0 million and $1.5 million for the three months ended September 30, 2014 and 2013, respectively, and $3.5 million and $4.6 million for the nine months ended September 30, 2014 and 2013, respectively. See "Note 16—Borrowings" for more detail. | |||||||||
Debt issuance costs, net of amortization, recorded as of September 30, 2014 were comprised of $10.1 million related to the Senior Credit Facility, $3.0 million related to the DROT 2013-2 Notes, $1.4 million related to the DROT 2013-1 Notes, $0.9 million related to the Tempus 2013 Notes, $0.8 million related to the DROT 2011 Notes and $0.5 million related to the Conduit Facility. See "Note 16—Borrowings" for definitions of these terms and more detail on the Company's borrowings. | |||||||||
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, $1.0 million related to the 2013 Revolving Credit Facility and $0.1 million related to the ILXA loans. See "Note 16—Borrowings" for definitions of these terms and more detail on the Company's borrowings. | |||||||||
Debt issuance costs of $0.1 million were written off in May 2014 in connection with the payoff of the ILX Inventory Loan and the Tempus Inventory Loan using a portion of the proceeds from the term loan portion of the Senior Credit Facility. In addition, debt issuance costs of $0.9 million were written off in May 2014 due to the termination of the 2013 Revolving Credit Facility in connection with the Company's entry into the Senior Credit Facility. Furthermore, debt issuance costs of $9.4 million were written off in connection with the redemption of the Senior Secured Notes in June 2014. The Company recognized a charge of $46.8 million in loss on extinguishment of debt, including the $10.5 million write off of these debt issuance costs, for the nine months ended September 30, 2014. See "Note 16—Borrowings" for more detail on the redemption of the Senior Secured Notes. |
Unsold_Vacation_Interests_Net_
Unsold Vacation Interests, Net Unsold Vacation Properties (Notes) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Unsold Vacation Interests, Net [Abstract] | ' | ||||||||||||||||
Unsold Vacation Interests, Net | ' | ||||||||||||||||
Unsold Vacation Interests, Net | |||||||||||||||||
Unsold Vacation Interests, net as of the dates presented below consisted of the following (in thousands): | |||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||
Completed unsold Vacation Interests, net | $ | 244,835 | $ | 251,688 | |||||||||||||
Undeveloped land | 24,456 | 28,513 | |||||||||||||||
Vacation Interest construction-in-progress | 7,775 | 17,909 | |||||||||||||||
Unsold Vacation Interests, net | $ | 277,066 | $ | 298,110 | |||||||||||||
Activity related to unsold Vacation Interests, net, for the periods presented below consisted of the following (in thousands): | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Balance, beginning of period | $ | 292,248 | $ | 307,613 | $ | 298,110 | $ | 315,867 | |||||||||
Vacation Interest cost of sales | (16,476 | ) | (18,605 | ) | (44,840 | ) | (45,451 | ) | |||||||||
(Reinstatement) recovery of inventory — North America | (1,543 | ) | 179 | 17,037 | 20,127 | ||||||||||||
Purchases in connection with business combinations | — | 4,823 | — | 4,823 | |||||||||||||
Inventory recovery activity — Europe | 367 | 3,086 | 4,084 | 4,478 | |||||||||||||
Open market and bulk purchases | 6,306 | 181 | 7,838 | 1,609 | |||||||||||||
Accrued bulk purchases | — | (804 | ) | 1,810 | 662 | ||||||||||||
Capitalized legal, title and trust fees | 2,192 | (39 | ) | 3,689 | 1,107 | ||||||||||||
Transfer of construction-in-progress to property and equipment, net | — | — | (5,616 | ) | — | ||||||||||||
Construction-in-progress | 104 | 1,387 | 596 | 3,579 | |||||||||||||
Loan default recoveries, net | 1,121 | 612 | 1,970 | 2,572 | |||||||||||||
Transfers to assets held for sale | (4,250 | ) | (14 | ) | (4,250 | ) | (10,165 | ) | |||||||||
Impairment of inventory | — | (1,200 | ) | — | (1,200 | ) | |||||||||||
Effect of foreign currency translation | (2,770 | ) | 2,355 | (1,650 | ) | 1,062 | |||||||||||
Other | (233 | ) | 2,135 | (1,712 | ) | 2,639 | |||||||||||
Balance, end of period | $ | 277,066 | $ | 301,709 | $ | 277,066 | $ | 301,709 | |||||||||
See "Note 2—Summary of Significant Accounting Policies" set forth in the 2013 Form 10-K for discussion on unsold Vacation Interests, net. |
Property_and_Equipment_Net
Property and Equipment, Net | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property and Equipment, Net | ' | ||||||||
Note 10 | — Property and Equipment, Net | ||||||||
Property and equipment, net as of the dates presented below consisted of the following (in thousands): | |||||||||
September 30, 2014 | December 31, 2013 | ||||||||
Land and improvements | $ | 19,298 | $ | 18,606 | |||||
Buildings and leasehold improvements | 43,942 | 35,604 | |||||||
Furniture and office equipment | 20,038 | 18,650 | |||||||
Computer software | 30,916 | 24,488 | |||||||
Computer equipment | 15,672 | 12,521 | |||||||
Construction in progress | 471 | 10 | |||||||
Property and equipment, gross | 130,337 | 109,879 | |||||||
Less accumulated depreciation | (59,676 | ) | (49,483 | ) | |||||
Property and equipment, net | $ | 70,661 | $ | 60,396 | |||||
Depreciation expense related to property and equipment was $3.5 million and $3.0 million for the three months ended September 30, 2014 and 2013, respectively, and $9.8 million and $8.1 million for the nine months ended September 30, 2014 and 2013, 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 40 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. |
Goodwill
Goodwill | 9 Months Ended |
Sep. 30, 2014 | |
Goodwill [Abstract] | ' |
Goodwill | ' |
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, "Intangibles—Goodwill," is below the carrying amount. During the three months ended September 30, 2014, the Company performed its annual evaluation of potential impairment of goodwill as required in the ordinary course of business. The Company assessed various qualitative factors and determined that it was not more likely than not that the fair value of any of its reporting units was below the carrying amount. As such, the Company concluded that the first and second steps of the goodwill impairment test were unnecessary. | |
The balance at September 30, 2014 and December 31, 2013 represents the goodwill recorded in connection with the Island One Acquisition completed on July 24, 2013. | |
See "Note 2—Summary of Significant Accounting Policies" set forth in the 2013 Form 10-K for further detail on the Company's policy related to goodwill impairment testing. |
Intangible_Assets_Net
Intangible Assets, Net | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Other Intangible Assets, Net | ' | ||||||||||||
Note 12 — Other Intangible Assets, Net | |||||||||||||
Other intangible assets, net as of September 30, 2014 consisted of the following (in thousands): | |||||||||||||
Gross Carrying | Accumulated | Net Book | |||||||||||
Cost | Amortization | Value | |||||||||||
Management contracts | $ | 202,456 | $ | (42,173 | ) | $ | 160,283 | ||||||
Member relationships and exchange clubs | 55,936 | (35,874 | ) | 20,062 | |||||||||
Distributor relationships and other | 4,867 | (1,719 | ) | 3,148 | |||||||||
Total other intangible assets | $ | 263,259 | $ | (79,766 | ) | $ | 183,493 | ||||||
Other intangible assets, net as of December 31, 2013 consisted of the following (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 | |||||||||
Total other intangible assets | $ | 263,951 | $ | (65,319 | ) | $ | 198,632 | ||||||
Amortization expense for management contracts is recognized on a straight-line basis over the estimated useful lives of the management contracts, ranging from five to 25 years. Amortization expense for management contracts was $3.5 million and $3.0 million for the three months ended September 30, 2014 and 2013, respectively, and $10.4 million and $7.5 million for the nine months ended September 30, 2014 and 2013, respectively. Amortization expense for member relationships, member exchange clubs, distributor relationships and other is recorded 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 $1.3 million and $1.5 million for the three months ended September 30, 2014 and 2013, respectively, and $4.4 million for each of the nine months ended September 30, 2014 and 2013. 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. See "Note 2—Summary of Significant Accounting Policies" set forth in the 2013 Form 10-K for further detail on the Company's policy related to impairment testing of the Company's intangible assets. | |||||||||||||
The estimated aggregate amortization expense for intangible assets as of September 30, 2014 is expected to be $17.6 million, $14.3 million, $13.5 million, $13.0 million and $12.9 million for the successive 12 month periods ending September 30, 2015 through 2019, respectively, and $112.1 million for the remaining lives of these intangible assets. |
Accrued_Liabilities
Accrued Liabilities | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Accrued Liabilities Disclosure [Abstract] | ' | ||||||||
Accrued Liabilities | ' | ||||||||
Note 14 — 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 escrow liability—deposits in escrow received on Vacation Interests sold. | |||||||||
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. 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. | |||||||||
Accrued contingent litigation liabilities—estimated settlement costs for existing litigation cases. | |||||||||
Accrued liabilities as of the dates presented below consisted of the following (in thousands): | |||||||||
September 30, 2014 | December 31, 2013 | ||||||||
Accrued payroll and related | $ | 26,821 | $ | 32,117 | |||||
Accrued commissions | 18,810 | 16,234 | |||||||
Accrued other taxes | 14,754 | 11,589 | |||||||
Accrued marketing expenses | 13,062 | 11,828 | |||||||
Accrued insurance | 4,286 | 4,418 | |||||||
Accrued escrow liability | 3,939 | 3,210 | |||||||
Accrued operating lease liabilities | 3,656 | 3,580 | |||||||
Accrued liability related to business combinations | 3,258 | 3,550 | |||||||
Accrued exchange company fees | 2,987 | 1,689 | |||||||
Accrued professional fees | 2,695 | 2,100 | |||||||
Accrued call center costs | 2,083 | 1,443 | |||||||
Deposits on pending sale of assets | 1,827 | 1,311 | |||||||
Accrued interest | 425 | 19,084 | |||||||
Accrued contingent litigation liabilities | 8 | 257 | |||||||
Other | 7,763 | 5,025 | |||||||
Total accrued liabilities | $ | 106,374 | $ | 117,435 | |||||
On May 9, 2014, the Company repaid all outstanding indebtedness under the ILXA Inventory Loan, the Tempus Inventory Loan and the DPM Inventory Loan, along with an aggregate of $1.8 million in associated accrued interest and fees, using proceeds from the term loan portion of the Senior Credit Facility. | |||||||||
On June 9, 2014, DRC redeemed all of the remaining outstanding principal amount under the Senior Secured Notes, and paid approximately $14.2 million of accrued interest, using a portion of the proceeds from the term loan portion of the Senior Credit Facility. See "Note 16—Borrowings" for further detail on the Senior Credit Facility and the redemption of the Senior Secured Notes. |
Assets_Held_for_sale_Notes
Assets Held for sale (Notes) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Assets Held for Sale [Abstract] | ' | ||||||||
Assets Held for Sale | ' | ||||||||
Note 13 — Assets Held for Sale | |||||||||
Assets held for sale as of the dates presented below consisted of the following (in thousands): | |||||||||
September 30, 2014 | December 31, 2013 | ||||||||
Certain completed units in Cabo, Mexico | $ | 5,855 | $ | 5,855 | |||||
Vacant land in Orlando, Florida | 4,000 | — | |||||||
Vacant land in Kona, Hawaii | 3,600 | 3,600 | |||||||
Points equivalent of unsold units and resorts in Europe | 1,251 | 1,207 | |||||||
Total assets held for sale | $ | 14,706 | $ | 10,662 | |||||
In July 2014, the Company received, and accepted, a letter of intent from a third party to purchase a certain parcel of vacant land located in Orlando, Florida and reclassified the land value of $4.0 million from unsold Vacation Interests, net to assets held for sale. |
Deferred_Revenues
Deferred Revenues | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Deferred Revenue Disclosure [Abstract] | ' | ||||||||
Deferred Revenues | ' | ||||||||
Note 15 — Deferred Revenues | |||||||||
The Company records deferred revenues for payments received or billed but not earned for various activities. | |||||||||
Deferred Sampler Packages revenue—sold but unused trial VOIs. The Company generates revenue on sales of Sampler Packages. 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). | |||||||||
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. | |||||||||
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. | |||||||||
Accrued guest deposits—amounts received from guests for future rentals recognized as revenue when earned. | |||||||||
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 in which they are 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 was being recognized over the 10-year term of the agreements as a reduction of the costs incurred for the services provided by Interval International. In April 2014, the Company renegotiated the contract with Interval International, relieving the Company from its obligation to repay the unearned portion to Interval International and resulting in the release of this deferred revenue to the statement of operations and comprehensive income (loss) as a reduction of costs incurred for the services provided by Interval International. | |||||||||
Deferred revenues as of the dates presented below consisted of the following (in thousands): | |||||||||
September 30, 2014 | December 31, 2013 | ||||||||
Deferred Sampler Packages revenue | $ | 58,042 | $ | 54,010 | |||||
Deferred maintenance and reserve fee revenue | 14,113 | 12,375 | |||||||
Club deferred revenue | 10,138 | 37,516 | |||||||
Accrued guest deposits | 5,999 | 3,836 | |||||||
Deferred management fees and allocation revenue | 1,155 | 284 | |||||||
Deferred amenity fee revenue | 651 | — | |||||||
Deferred revenue from an exchange company | — | 1,891 | |||||||
Other | 572 | 980 | |||||||
Total deferred revenues | $ | 90,670 | $ | 110,892 | |||||
Borrowings
Borrowings | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||
Borrowings | ' | ||||||||||||||||||||
Note 16 — Borrowings | |||||||||||||||||||||
Senior Credit Facility. On May 9, 2014, the Company entered into the Senior Credit Facility Agreement, which provides for a $470.0 million Senior Credit Facility (including a $445.0 million term loan, issued with 0.5% of original issue discount and having a term of seven years and a $25.0 million revolving line of credit having a term of five years). Borrowings under the Senior Credit Facility bear interest, at the Company's option, at a variable rate equal to LIBOR plus 450 basis points, with a one percent LIBOR floor applicable only to the term loan portion of the Senior Credit Facility, or an alternate base rate plus 350 basis points. | |||||||||||||||||||||
The Company used the proceeds of the term loan portion of the Senior Credit Facility, as well as approximately $5.4 million of cash on hand, to redeem all of the remaining outstanding Senior Secured Notes, including the applicable redemption premium and accrued and unpaid interest up to (but excluding) the June 9, 2014 redemption date, and to repay all outstanding indebtedness, together with accrued interest and fees, under the ILXA Inventory Loan, the Tempus Inventory Loan and the DPM Inventory Loan. In conjunction with the Company's entry into the Senior Credit Facility, the Company also terminated the 2013 Revolving Credit Facility, under which no borrowings were then outstanding. See below for the definition of and further detail on these retired borrowings. | |||||||||||||||||||||
Other significant terms of the Senior Credit Facility include: (i) one percent minimum annual amortization due in quarterly payments of $1.1 million; (ii) an excess cash flow sweep (as defined in the Senior Credit Facility Agreement) beginning in the second quarter of 2015 (for 2015, relating only to the cash generated for the period from July 1, 2014 through December 31, 2014 and, thereafter, based on annual results) of a maximum of 50%, stepping down to a 25% excess cash flow sweep when the secured leverage ratio (which represents the ratio of (1) secured total debt to (2) Adjusted EBITDA for the most recent four fiscal quarters for which financial statements are available) is greater than 1:1, but equal to or less than 1.5:1, and no excess cash flow sweep if the secured leverage ratio is less than or equal to 1:1; (iii) a soft call provision of 1.01 for the first 12 months of the Senior Credit Facility; (iv) no ongoing maintenance financial covenants for the term loan, and a financial covenant calculation required on the revolving line of credit if outstanding loans under the revolving line of credit exceed 25% of the commitment amount at the end of any quarter; (v) a non-committed incremental $150.0 million facility available for borrowing, plus additional amounts greater than $150.0 million, subject in the case of such additional amount only to the Company meeting a required secured leverage ratio and (vi) the Company's ability to make restricted payments, including the payment of dividends or share repurchases, up to an aggregate of $25.0 million over the term of the loan (less certain investment and debt amounts specified under the Senior Credit Facility Agreement), plus the portion of cash flow that is not used to amortize debt pursuant to the excess cash flow provision described above, subject to, among other things, the Company's meeting a required total leverage ratio (which represents the ratio of (a) total debt to (b) Adjusted EBITDA for the most recent four fiscal quarters for which financial statements are available). | |||||||||||||||||||||
At September 30, 2014, the outstanding principal balance under the term loan was $443.9 million, and no principal balance was outstanding under the revolving line of credit. | |||||||||||||||||||||
Senior Secured Notes. The Senior Secured Notes carried an interest rate of 12.0% and were scheduled to mature in August 2018. On August 23, 2013, DRC completed a tender offer to repurchase Senior Secured Notes in an aggregate principal amount of $50.6 million using proceeds from the IPO (the "Tender Offer"), as required by the Notes Indenture in the event of an IPO. Holders that validly tendered their Senior Secured Notes received $1,120 per $1,000 principal amount of Notes, plus accrued and unpaid interest up to (but excluding) August 23, 2013. | |||||||||||||||||||||
On June 9, 2014, DRC redeemed all of the remaining outstanding principal amount under the Senior Secured Notes at a redemption price equal to 108.077% of the face value of the Senior Secured Notes being redeemed (or $1,080.77 per $1,000 in principal amount of the Senior Secured Notes). The total redemption amount paid was $418.9 million, which included $374.4 million in principal amount of outstanding Senior Secured Notes, $30.2 million representing the applicable redemption premium and $14.2 million of accrued and unpaid interest up to (but excluding) June 9, 2014. The redemption of the Senior Secured Notes on June 9, 2014 was paid using a portion of the proceeds from the term loan portion of the Senior Credit Facility. | |||||||||||||||||||||
Conduit Facility. On April 11, 2013, the Company entered into an 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 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. The maximum borrowing capacity was $125.0 million on April 11, 2013 and was subsequently increased to $175.0 million on September 26, 2014, when the Company entered into an amendment to the amended and restated Conduit Facility agreement. | |||||||||||||||||||||
Securitization Notes. On January 23, 2013, the Company completed a securitization transaction and issued the DROT Series 2013-1 Class A and B 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. | |||||||||||||||||||||
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 Tempus 2013 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 (defined below). | |||||||||||||||||||||
On October 21, 2013, the Company redeemed all of the DROT 2009 Class A notes and Class B notes previously issued on October 15, 2009 as part of the 2009 securitization transaction. The aggregate redemption prices were $24.4 million and $1.8 million, respectively, and were funded using the proceeds from borrowings under the Conduit Facility. | |||||||||||||||||||||
On November 20, 2013, the Company completed another securitization transaction that was comprised of AA and A+ rated notes (the "DROT 2013-2 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 the remaining proceeds transferred to the Company for general corporate use. As of December 31, 2013, cash in escrow and restricted cash included $23.3 million related to the prefunding account, all of which was released to the Company's unrestricted cash account in January 2014. | |||||||||||||||||||||
Quorum Facility. The Company's subsidiary, DRI Quorum 2010, LLC, 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, whereby DRI Quorum may sell eligible consumer loans and in-transit loans to Quorum on a nonrecourse, permanent basis, provided that the underlying consumer obligor is a Quorum credit union member. The LSSA was amended and restated as of December 31, 2012 to increase the aggregate minimum committed amount 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. | |||||||||||||||||||||
ILXA Receivables Loan and Inventory Loan. On August 31, 2010, the Company completed the ILX Acquisition through its wholly-owned subsidiary, ILX Acquisition, Inc. ("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 was 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 was a receivables facility with an initial principal amount of $11.9 million at an interest rate of 10% and was collateralized by mortgages and contracts receivable of ILXA. Both loans were scheduled to mature on August 31, 2015. On May 9, 2014, the Company repaid all outstanding indebtedness under the ILXA Inventory Loan in the amount of $8.4 million, along with $0.2 million in accrued interest and $1.5 million in exit fees and other fees, using a portion of the proceeds from the term loan portion of the Senior Credit Facility. On May 9, 2014, the Company repaid all outstanding indebtedness under the ILXA Receivables Loan in the amount of $4.5 million, along with a de minimis amount in accrued interest and other fees, using general corporate funds. | |||||||||||||||||||||
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 the administrative agent for the lenders, which included 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) but was subsequently amended during the year ended December 31, 2012 to allow for additional borrowings. The Tempus Acquisition Loan bore interest at a rate of 18.0% and was scheduled to mature on June 30, 2015. | |||||||||||||||||||||
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 (defined below), 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. | |||||||||||||||||||||
On July 24, 2013, the Company repaid all outstanding indebtedness under the Tempus Acquisition Loan in the 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 (the "Tempus Receivables Loan") with Resort Finance America, LLC ("RFA"). 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. 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 RFA 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 10.0%. | |||||||||||||||||||||
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. | |||||||||||||||||||||
On July 1, 2011, 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 bore interest at a rate equal to the three-month LIBOR (with a floor of 2.0%) plus 5.5% and was scheduled to mature on June 30, 2016, subject to extension to June 30, 2018. | |||||||||||||||||||||
On May 9, 2014, the Company repaid all outstanding indebtedness under the Tempus Inventory Loan in the amount of $2.0 million, along with a de minimis amount in accrued interest and other fees, using a portion of the proceeds from the term loan portion of the Senior Credit Facility. | |||||||||||||||||||||
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 four 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 the administrative agent for the lenders, which included 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, including some of the investors in the Company; and Silver Rock Financial LLC, another one of the investors in 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%, and was scheduled to mature on May 21, 2016. | |||||||||||||||||||||
On July 24, 2013, the Company repaid all outstanding indebtedness under the PMR Acquisition Loan in the principal 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 provided 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 was a variable rate equal to the sum of LIBOR plus 6.0% per annum; provided that LIBOR was never less than 2.0% or greater than 4.0% per annum. | |||||||||||||||||||||
On May 9, 2014, the Company repaid all outstanding indebtedness under the DPM Inventory Loan in the principal amount of $7.3 million, along with $0.1 million in accrued interest and other fees, using a portion of the proceeds from the term loan portion of the Senior Credit Facility. There was no principal balance outstanding under the DPM Inventory Loan as of September 30, 2014; however, the Company has the option of borrowing additional amounts under the DPM Inventory Loan. | |||||||||||||||||||||
2013 Revolving Credit Facility. On September 11, 2013, the Company entered into a $25.0 million revolving credit facility with Credit Suisse AG acting as the administrative agent for a group of lenders (the “2013 Revolving Credit Facility”). The 2013 Revolving Credit Facility provided that, subject to customary borrowing conditions, the Company could, from time to time prior to the fourth anniversary of the effective date of the 2013 Revolving Credit Facility, borrow, repay and re-borrow loans in an aggregate amount outstanding at any time not to exceed $25.0 million, and borrowings under the 2013 Revolving Credit Facility bore 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 3.0% per annum. The repayment of borrowings and certain other obligations under the 2013 Revolving Credit Facility were secured on a pari passu basis by the collateral that secured the Senior Secured Notes. On May 9, 2014, the Company terminated the 2013 Revolving Credit Facility in conjunction with its entry into the Senior Credit Facility, which includes a $25.0 million revolving line of credit. There was no principal balance outstanding under the 2013 Revolving Credit Facility immediately prior to its termination. | |||||||||||||||||||||
Island One Borrowings. In connection with the Island One Acquisition completed on July 24, 2013, the Company assumed the loan sale agreement entered into by a subsidiary of Island One, Inc. 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 the Island One Quorum Funding Facility, eligible consumer loans and in-transit loans are sold to Quorum on a non-recourse, permanent basis, provided that the underlying consumer obligor is, or becomes, 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. As of September 30, 2014, the weighted average purchase price payment of the Quorum Facility and the Island One Quorum Funding Facility was 86.8% of the obligor loan amount and the weighted average program purchase fee was 5.5% of the obligor loan amount. | |||||||||||||||||||||
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 was scheduled to mature on September 30, 2016 (the "Island One Conduit Facility") until it was paid off in full on February 11, 2014, using payments remitted by the Company's customers. The Island One Conduit Facility bore interest at a rate of 7.4% per annum, was secured by certain consumer loan portfolios and was guaranteed by Island One, Inc. The Company was required to make mandatory monthly principal payments based upon the aggregate remaining outstanding principal balance of the eligible underlying collateral. | |||||||||||||||||||||
In the Island One Acquisition, the Company also assumed a note payable in the amount of $0.7 million 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, using the Company's general corporate funds. | |||||||||||||||||||||
Notes Payable. The Company finances premiums on certain insurance policies under two unsecured notes, both of which are scheduled to mature in January 2015 and carry an interest rate of 3.1% per annum. In addition, the Company purchased certain software licenses during the three months ended June 30, 2014, with annual interest-free payments due for the next three years, and this obligation was recorded at fair value using a discount rate of 5.0%. | |||||||||||||||||||||
The following table presents selected information on the Company’s borrowings as of the dates presented below (dollars in thousands): | |||||||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||||
Principal | Weighted | Maturity | Gross Amount of Mortgages and Contracts as Collateral | Borrowing / Funding Availability | Principal | ||||||||||||||||
Balance | Average | Balance | |||||||||||||||||||
Interest | |||||||||||||||||||||
Rate | |||||||||||||||||||||
Senior Credit Facility | $ | 443,888 | 5.50% | 5/9/21 | $ | — | $ | 25,000 | $ | — | |||||||||||
Original issue discount related to Senior Credit | (2,122 | ) | — | — | — | ||||||||||||||||
Facility | |||||||||||||||||||||
Senior Secured Notes | — | — | — | 374,440 | |||||||||||||||||
Original issue discount related to Senior Secured | — | — | — | (6,548 | ) | ||||||||||||||||
Notes | |||||||||||||||||||||
Notes payable-insurance policies (2) | 2,089 | 3.10% | Various | — | — | 3,130 | |||||||||||||||
Notes payable-other (2) | 319 | 5.00% | Various | — | — | 172 | |||||||||||||||
Total Corporate Indebtedness | 444,174 | — | 25,000 | 371,194 | |||||||||||||||||
ILXA Inventory Loan (1)(2)(3) | — | — | — | 11,268 | |||||||||||||||||
DPM Inventory Loan (1)(2)(3) | — | — | — | 6,261 | |||||||||||||||||
Tempus Inventory Loan (1)(2)(3) | — | — | — | 2,308 | |||||||||||||||||
Notes payable-other (1)(2)(3) | 6 | —% | 11/18/15 | — | — | 11 | |||||||||||||||
Total Non-Recourse Indebtedness other than Securitization Notes and Funding Facilities | 6 | — | — | 19,848 | |||||||||||||||||
Conduit Facility (1) | 157,619 | 3.80% | 4/10/15 | 183,747 | 17,381 | -4 | — | ||||||||||||||
Diamond Resorts Owner Trust Series 2013-2 (1) | 148,379 | 2.30% | 5/20/26 | 154,968 | — | 218,235 | |||||||||||||||
DRI Quorum Facility and Island One Quorum Funding Facility(1) | 59,826 | 5.50% | Various | 67,376 | 23,268 | -4 | 51,660 | ||||||||||||||
Diamond Resorts Owner Trust Series 2013-1 (1) | 47,021 | 2.00% | 1/20/25 | 50,652 | — | 63,059 | |||||||||||||||
Diamond Resorts Tempus Owner Trust 2013 (1) | 20,006 | 6.00% | 12/20/23 | 24,416 | — | 28,950 | |||||||||||||||
Diamond Resorts Owner Trust Series 2011-1 (1) | 18,762 | 4.00% | 3/20/23 | 19,196 | — | 24,792 | |||||||||||||||
Original issue discount related to Diamond | (172 | ) | — | — | (226 | ) | |||||||||||||||
Resorts Owner Trust Series 2011-1 | |||||||||||||||||||||
ILXA Receivables Loan (1)(3) | — | — | — | 4,766 | |||||||||||||||||
Island One Conduit Facility (1) | — | — | — | 31 | |||||||||||||||||
Total Securitization Notes and Funding Facilities | 451,441 | 500,355 | 40,649 | 391,267 | |||||||||||||||||
Total | $ | 895,621 | $ | 500,355 | $ | 65,649 | $ | 782,309 | |||||||||||||
(1) Non-recourse indebtedness | |||||||||||||||||||||
(2) Other notes payable | |||||||||||||||||||||
(3) Borrowing through special-purpose subsidiaries only | |||||||||||||||||||||
(4) 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 Credit Facility, securitization notes and the Conduit 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 September 30, 2014. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Note 17 — Income Taxes | |
In accordance with ASC 740-270, Accounting for Income Taxes in Interim Periods, the income tax provision for the three and nine months ended September 30, 2014 was determined using an estimated annual effective tax rate based on estimated income before provision for income taxes for the full year ending December 31, 2014. | |
The income tax provision for the three and nine months ended September 30, 2013 was determined based on pre-tax book income for the three and nine months ended September 30, 2013, which was then adjusted for book-tax differences; however, because the Company included, prior to the Reorganization Transactions, U.S. entities not taxed at the corporate level, non-U.S. disregarded entities, differences in tax rates between the U.S. and foreign jurisdictions, valuation allowances on its foreign and domestic net operating losses and other deferred tax assets, and rate change adjustments in calculating its income tax provision, the Company's estimated effective tax rate differed significantly from the federal statutory rate of 35% for the three and nine months ended September 30, 2013. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Note 18 — 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 at or 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 and pursuant to this lease agreement, the Company paid Banc of America Leasing & Capital, LLC $0.3 million for each of the three months ended September 30, 2014 and 2013, and $0.9 million for each of the nine months ended September 30, 2014 and 2013. The Company did not compensate Mr. Cloobeck for providing such 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. | |
Purchase Obligations | |
The Company has entered into various purchase obligations relating to sales center remodeling, resort amenity improvement and corporate office expansion projects. The total remaining commitment was $1.3 million as of September 30, 2014. | |
Long-Term Incentive Plan | |
During the first quarter of 2014, the Company implemented a long-term incentive plan to retain certain key management personnel (none of whom were executive officers of the Company at the time of grant). All amounts due under this plan are payable in the first quarter of 2016 if certain Company objectives are met and the respective participants are actively employed by the Company at such time. The Company granted a total of $3.5 million in long-term incentives under this plan, which is being expensed ratably over the two-year period ending December 31, 2015. | |
Hurricane Odile | |
In September 2014, Hurricane Odile, a Category 4 hurricane, inflicted widespread damage on the Baja California peninsula, particularly in the state of Baja California Sur, in which the Cabo Azul Resort, one of the Company’s managed resorts, is located. | |
The Company owns unsold Vacation Interests and property and equipment at the Cabo Azul Resort and some of its assets have suffered significant damage. The Cabo Azul Resort will remain closed for the next several months as the property is repaired; however, management believes the Company has sufficient property insurance and business interruption insurance coverage so that damage caused by Hurricane Odile and the subsequent business interruption will not have a material impact on the Company's financial condition or results of operations. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
Note 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 September 30, 2014, the only assets and liabilities of the Company measured at fair value on a recurring basis were its derivative instruments, which consisted of the March 2014 Swap, the April 2014 Swap, the June 2014 Swap and the September 2014 Swap and had an aggregate fair value of $0.2 million 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 swap agreements. | |||||||||||||||||
As of September 30, 2014, mortgages and contracts receivable had a balance of $464.4 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 September 30, 2014. These financial assets were classified as Level 3, as there is little market data available. | |||||||||||||||||
As of September 30, 2014, the borrowings under the Senior Credit Facility were classified as Level 2 based on an internal analysis performed by the Company utilizing the discounted cash flow model. The Company believes the fair value of the Senior Credit Facility approximated its carrying value at such date due to the fact that it was recently issued and, therefore, measured using other significant observable inputs. | |||||||||||||||||
As of September 30, 2014, 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 issued and, therefore measured using other significant observable inputs. | |||||||||||||||||
As of September 30, 2014, the Quorum Facility and the Island One Quorum Funding 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 September 30, 2014, 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, 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 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, 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 issued 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. | |||||||||||||||||
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 September 30, 2014 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 | $ | 464,400 | $ | 464,400 | $ | — | $ | 464,400 | |||||||||
Total assets | $ | 464,400 | $ | 464,400 | $ | — | $ | 464,400 | |||||||||
Liabilities: | |||||||||||||||||
Senior Credit Facility, net | $ | 441,766 | $ | 441,766 | $ | 441,766 | $ | — | |||||||||
Securitization notes and Funding Facilities, net | 451,441 | 454,242 | 454,242 | — | |||||||||||||
Notes payable | 2,414 | 2,414 | 2,414 | — | |||||||||||||
Total liabilities | $ | 895,621 | $ | 898,422 | $ | 898,422 | $ | — | |||||||||
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 | $ | — | |||||||||
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||
Stock-Based Compensation [Abstract] | ' | ||||||||||||||||||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||||||||||||||||||
Note 20 — Stock-Based Compensation | |||||||||||||||||||||||||||||||||
On July 8, 2013, the board of directors of the Company approved the Diamond Resorts International, Inc. 2013 Incentive Compensation Plan (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) consultants or advisors to the Company or any of its subsidiaries (collectively, the “Eligible Persons”). Under the 2013 Plan, a total of 9,733,245 shares of common stock are authorized for issuance. As of September 30, 2014, 1,515,960 shares remained available for issuance under the 2013 Plan. | |||||||||||||||||||||||||||||||||
On July 18, 2013, the Company granted to the former holders of DRP Class B common units ("BCUs") non-qualified stock options, which were immediately vested, exercisable for an aggregate of 3,760,215 shares of common stock, 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. The grantees of these immediately vested options include Messrs. Cloobeck, Kraff, David F. Palmer (President and Chief Executive Officer of the Company), 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 and compensated by HM&C pursuant to the HM&C Agreement. See "Note 6—Transactions with Related Parties" for further detail on the HM&C Agreement. | |||||||||||||||||||||||||||||||||
On July 18, 2013, the Company also issued non-qualified stock options exercisable for an aggregate of 2,672,100 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. | |||||||||||||||||||||||||||||||||
From July 19, 2013 to September 30, 2014, the Company issued additional non-qualified stock options, exercisable for an aggregate of 1,736,000 shares of common stock, to Eligible Persons, each at an option price equal to the market price on the applicable grant date. 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 grant date anniversary dates. All of these options expire ten years from the grant date. | |||||||||||||||||||||||||||||||||
The Company accounts for its stock-based compensation issued to its employees and non-employee directors (in their capacity as such) 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 income over the vesting period during which the employees of the Company provide service in exchange for the award. The Company accounts for stock-based compensation issued to employees and independent contractors of HM&C and Mr. Kraff (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." 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 September 30, 2014, 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 SEC Staff Accounting Bulletin Topic 14 Share-Based Payment ("SAB 14") for employee grants and contractual terms 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. | |||||||||||||||||||||||||||||||||
Nine Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||
September 30, 2014 | 30-Sep-13 | ||||||||||||||||||||||||||||||||
Non-Employees | Company Employees | Non-Employees | Company Employees | ||||||||||||||||||||||||||||||
Weighted average fair value per share | $ | 12.3 | $ | 8.1 | $ | 8.9 | $ | 7.4 | |||||||||||||||||||||||||
Expected stock price volatility | 52.8 | % | 52.8 | % | 49.8 | % | 52.9 | % | |||||||||||||||||||||||||
Expected option life (years) | 6 | 6 | 9.13 | 6.55 | |||||||||||||||||||||||||||||
Risk-free interest rate | 1.7 | % | 1.71 | % | 2.4 | % | 1.8 | % | |||||||||||||||||||||||||
Expected annual dividend yield | — | % | — | % | — | % | — | % | |||||||||||||||||||||||||
Stock option activity related to stock option grants issued to the Non-Employees and employees of the Company during the nine months ended September 30, 2014 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, 2014 | 4,458 | $ | 14 | 9.5 | $ | 19,882 | 2,128 | $ | 14.34 | 9.5 | $ | 8,776 | |||||||||||||||||||||
Granted | 550 | 18.6 | 9.4 | 1,020 | 18.96 | ||||||||||||||||||||||||||||
Exercised | — | — | (156 | ) | 14.81 | ||||||||||||||||||||||||||||
Forfeited | — | — | (50 | ) | 16.09 | ||||||||||||||||||||||||||||
Outstanding at | 5,008 | $ | 14.51 | 8.8 | $ | 41,339 | 2,942 | $ | 15.88 | 9.7 | $ | 20,228 | |||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||||||||||
Exercisable at | 4,111 | $ | 14.15 | 8.8 | $ | 35,377 | 1,251 | $ | 16.85 | 8.9 | $ | 7,389 | |||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||||||||||
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 September 30, 2014. The intrinsic value of a stock option on any date 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. | |||||||||||||||||||||||||||||||||
The following table summarizes the Company’s unvested stock option activity for the nine months ended September 30, 2014: | |||||||||||||||||||||||||||||||||
Non-Employees | Company Employees | ||||||||||||||||||||||||||||||||
Options | Weighted-Average Exercise Price | Options | Weighted-Average Exercise Price | ||||||||||||||||||||||||||||||
(In thousands) | (Per Share) | (In thousands) | (Per Share) | ||||||||||||||||||||||||||||||
Unvested at January 1, 2014 | 727 | $ | 14 | 1,389 | $ | 14.39 | |||||||||||||||||||||||||||
Granted | 550 | 18.6 | 1,020 | 18.96 | |||||||||||||||||||||||||||||
Vested | (379 | ) | 15.67 | (648 | ) | 16.02 | |||||||||||||||||||||||||||
Forfeited or expired | — | — | (50 | ) | 16.09 | ||||||||||||||||||||||||||||
Unvested at September 30, 2014 | 898 | $ | 16.11 | 1,711 | $ | 16.51 | |||||||||||||||||||||||||||
During the nine months ended September 30, 2014, the Company issued restricted common stock to certain non-employee members of the board of directors of the Company, which vest equally on each of the first three anniversary dates from the grant date. The following table summarizes the Company’s unvested restricted stock activity for the nine months ended September 30, 2014: | |||||||||||||||||||||||||||||||||
Shares | Weighted-Average Exercise Price | ||||||||||||||||||||||||||||||||
(In thousands) | (Per Share) | ||||||||||||||||||||||||||||||||
Unvested at January 1, 2014 | 32 | $ | 14.46 | ||||||||||||||||||||||||||||||
Granted | 23 | 19.16 | |||||||||||||||||||||||||||||||
Vested | (11 | ) | 14.46 | ||||||||||||||||||||||||||||||
Forfeited or expired | — | — | |||||||||||||||||||||||||||||||
Unvested at September 30, 2014 | 44 | $ | 16.92 | ||||||||||||||||||||||||||||||
During the nine months ended September 30, 2014, the Company also issued unrestricted shares of common stock to the members of the board of directors of the Company (other than Messrs. Cloobeck, Palmer and Kraff) in lieu of cash | |||||||||||||||||||||||||||||||||
retainers for service on the Company's board of directors and applicable board committees, the values of which were measured at the trading prices of the Company's common stock on the issuance dates. The value of the restricted shares of common stock is being amortized on a straight-line basis over its three-year vesting period and the value of the unrestricted shares of common stock is being amortized on a straight-line basis through December 31, 2014. | |||||||||||||||||||||||||||||||||
The following table summarizes the Company’s stock-based compensation expense for the three and nine months ended September 30, 2014 and 2013 (in thousands). Stock options issued to employees of HM&C are deemed Non-Employee Grants. | |||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||
Non-Employee stock option grants | $ | 1,241 | $ | 32,283 | $ | 5,312 | $ | 32,283 | |||||||||||||||||||||||||
Company employee grants | 1,909 | 6,041 | 6,171 | 6,041 | |||||||||||||||||||||||||||||
Common stock and restricted stock grants | 186 | 171 | 715 | 171 | |||||||||||||||||||||||||||||
issued to members of the board of directors | |||||||||||||||||||||||||||||||||
Total | $ | 3,336 | $ | 38,495 | $ | 12,198 | $ | 38,495 | |||||||||||||||||||||||||
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 three months ended September 30, 2014 and 2013 (in thousands): | |||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2014 | Three Months Ended September 30, 2013 | ||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||
Management and member services | $ | 350 | $ | — | $ | — | $ | 350 | $ | 718 | $ | — | $ | — | $ | 718 | |||||||||||||||||
Advertising, sales and marketing | — | 537 | — | 537 | — | 1,950 | — | 1,950 | |||||||||||||||||||||||||
Vacation Interest carrying cost, net | — | 65 | — | 65 | — | 174 | — | 174 | |||||||||||||||||||||||||
Loan portfolio | — | 102 | — | 102 | — | 264 | — | 264 | |||||||||||||||||||||||||
General and Administrative | — | — | 2,282 | 2,282 | — | — | 35,389 | 35,389 | |||||||||||||||||||||||||
Total | $ | 350 | $ | 704 | $ | 2,282 | $ | 3,336 | $ | 718 | $ | 2,388 | $ | 35,389 | $ | 38,495 | |||||||||||||||||
The following table summarizes the effect of the stock-based compensation for the nine months ended September 30, 2014 and 2013 (in thousands): | |||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2014 | Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||
Management and member services | $ | 1,314 | $ | — | $ | — | $ | 1,314 | $ | 718 | $ | — | $ | — | $ | 718 | |||||||||||||||||
Advertising, sales and marketing | — | 1,804 | — | 1,804 | — | 1,950 | — | 1,950 | |||||||||||||||||||||||||
Vacation Interest carrying cost, net | — | 212 | — | 212 | — | 174 | — | 174 | |||||||||||||||||||||||||
Loan portfolio | — | 338 | — | 338 | — | 264 | — | 264 | |||||||||||||||||||||||||
General and Administrative | — | — | 8,530 | 8,530 | — | — | 35,389 | 35,389 | |||||||||||||||||||||||||
Total | $ | 1,314 | $ | 2,354 | $ | 8,530 | $ | 12,198 | $ | 718 | $ | 2,388 | $ | 35,389 | $ | 38,495 | |||||||||||||||||
The following table summarizes the Company’s unrecognized stock-based compensation expense as of September 30, 2014 (dollars in thousands): | |||||||||||||||||||||||||||||||||
Non-Employees Grants | Company Employees Grants | Director Common Stock and Restricted Stock Grants | Total | ||||||||||||||||||||||||||||||
Unrecognized stock-based compensation expense | $ | 10,429 | $ | 11,933 | $ | 750 | $ | 23,112 | |||||||||||||||||||||||||
Weighted-average remaining amortization period | 2.1 | 2.1 | 1.5 | 2 | |||||||||||||||||||||||||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss (Notes) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Accumulated Other Comprehensive Income (loss) [Abstract] | ' | ||||||||||||||||
Accumulated Other Comprehensive Loss | ' | ||||||||||||||||
Note 21 — Accumulated Other Comprehensive Loss | |||||||||||||||||
The components of accumulated other comprehensive loss are as follows: | |||||||||||||||||
Cumulative Translation Adjustment | Post-retirement Benefit Plan | Other | Total | ||||||||||||||
Balance, December 31, 2013 | $ | (14,171 | ) | $ | (2,064 | ) | $ | 58 | $ | (16,177 | ) | ||||||
Period change | (1,420 | ) | 128 | (6 | ) | (1,298 | ) | ||||||||||
Balance, September 30, 2014 | $ | (15,591 | ) | $ | (1,936 | ) | $ | 52 | $ | (17,475 | ) | ||||||
Net_income_loss_per_share
Net income (loss) per share | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Net income (loss) per share [Abstract] | ' | ||||||||||||||||
Net Income (Loss) per Share | ' | ||||||||||||||||
Note 22 — Net income (loss) per share | |||||||||||||||||
The Company calculates net income per share in accordance with ASC Topic 260, "Earnings Per Share." Basic net income (loss) 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 (loss) per common share is calculated by dividing net income (loss) 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 both the three and nine months ended September 30, 2013, the potentially dilutive stock options and restricted stock excluded from the net income (loss) per share computation were 33,561 and 1,103, respectively, as their effect would be antidilutive due to the net loss reported by the Company. | |||||||||||||||||
The table below sets forth the computation of basic and diluted net income (loss) per share (in thousands, except per share amounts): | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Computation of Basic Net Income (Loss) Per Share: | |||||||||||||||||
Net income (loss) | $ | 26,304 | $ | (26,327 | ) | $ | 37,583 | $ | (6,098 | ) | |||||||
Weighted average shares outstanding | 75,542 | 70,959 | 75,476 | 59,754 | |||||||||||||
Basic net income (loss) per share | $ | 0.35 | $ | (0.37 | ) | $ | 0.5 | $ | (0.10 | ) | |||||||
Computation of Diluted Net Income (Loss) Per Share: | |||||||||||||||||
Net income (loss) | $ | 26,304 | $ | (26,327 | ) | $ | 37,583 | $ | (6,098 | ) | |||||||
Weighted average shares outstanding | 75,542 | 70,959 | 75,476 | 59,754 | |||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Restricted stock (a) | 22 | — | 13 | — | |||||||||||||
Options to purchase common stock | 1,854 | — | 1,206 | — | |||||||||||||
Shares for diluted net income (loss) per share | 77,418 | 70,959 | 76,695 | 59,754 | |||||||||||||
Diluted net income (loss) per share | $ | 0.34 | $ | (0.37 | ) | $ | 0.49 | $ | (0.10 | ) | |||||||
(a) Includes unvested dilutive restricted stock which are subject to future forfeitures. |
Postretirement_Benefit_Plan
Post-retirement Benefit Plan | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Post-retirement Benefit Plan [Abstract] | ' | ||||||||||||||||
Post-retirement Benefit Plan | ' | ||||||||||||||||
Note 23 — 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 currently 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 the 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 unfunded pension liability of $2.9 million as of September 30, 2014; (ii) service costs, interest costs and amortized prior service costs of $0.1 million and $0.3 million for the three and nine months ended September 30, 2014 and $0.8 million for both the three and nine months ended September 30, 2013 and (iii) other comprehensive loss of $2.0 million for the accumulated benefit obligation of the Defined Benefit Plan related to the years prior to January 1, 2012. During the three months ended September 30, 2014, $0.1 million of benefits were paid to employees in accordance with the Defined Benefit Plan. During the nine months ended September 30, 2014, benefits totaling $0.2 million, were 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): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
30-Sep-14 | 30-Sep-14 | ||||||||||||||||
Projected obligations at the beginning of the period | $ | 2,920 | $ | 2,910 | |||||||||||||
Service costs | 42 | 126 | |||||||||||||||
Interest costs | 25 | 74 | |||||||||||||||
Benefits paid | (62 | ) | (185 | ) | |||||||||||||
Projected obligations at September 30, 2014 | $ | 2,925 | $ | 2,925 | |||||||||||||
At September 30, 2014 and December 31, 2013, the Company had no plan assets. The benefit obligation and plan assets as of September 30, 2014 and December 31, 2013 were as follows (in thousands): | |||||||||||||||||
30-Sep-14 | 31-Dec-13 | ||||||||||||||||
Fair value of plan assets | $ | — | $ | — | |||||||||||||
Benefit obligation | (2,925 | ) | (2,910 | ) | |||||||||||||
Unfunded obligation | $ | (2,925 | ) | $ | (2,910 | ) | |||||||||||
Weighted-average assumptions used to determine net periodic benefit cost for the three and nine months ended September 30, 2014 and 2013 were as follows: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Settlement (discount) rate | 4.11 | % | 3.31 | % | 4.11 | % | 3.31 | % | |||||||||
Increase in future compensation | 3 | % | 3 | % | 3 | % | 3 | % | |||||||||
Amounts recognized in accumulated other comprehensive loss as of September 30, 2014 and December 31, 2013 consisted of the following (in thousands): | |||||||||||||||||
30-Sep-14 | 31-Dec-13 | ||||||||||||||||
Net loss | $ | 223 | $ | 223 | |||||||||||||
Prior year service cost | 1,713 | 1,841 | |||||||||||||||
Total amounts included in accumulated other comprehensive loss | $ | 1,936 | $ | 2,064 | |||||||||||||
Components of net periodic benefit costs for the three and nine months ended September 30, 2014 and 2013 were as follows (in thousands): | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Service cost | $ | 42 | $ | 322 | $ | 126 | $ | 322 | |||||||||
Interest cost | 25 | 153 | 74 | 153 | |||||||||||||
Amortization of prior service costs | 43 | 299 | 128 | 299 | |||||||||||||
Net pension cost | $ | 110 | $ | 774 | $ | 328 | $ | 774 | |||||||||
Other changes in plan assets and projected benefit obligations recognized in other comprehensive loss for the three and nine months ended September 30, 2014 and 2013 were as follows (in thousands): | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net loss | $ | — | $ | 223 | $ | — | $ | 223 | |||||||||
Amortization of prior service costs | (43 | ) | 299 | (128 | ) | 299 | |||||||||||
Total recognized in other comprehensive loss | (43 | ) | 522 | (128 | ) | 522 | |||||||||||
Net pension cost | 110 | 774 | 328 | 774 | |||||||||||||
Total recognized in net pension cost and other comprehensive loss | $ | 67 | $ | 1,296 | $ | 200 | $ | 1,296 | |||||||||
Segment_Reporting
Segment Reporting | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||||||||||
Segment Reporting | ' | ||||||||||||||||||||||||||||||||
Note 24 — 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, operations of the Clubs, operations of the properties located in St. Maarten for which the Company functions as the HOA, food and beverage venues owned and managed by the Company and the provision of other hospitality and management 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 (which exclude Hospitality and Management Services related overhead that is allocated to the HOAs and Collections) 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: | |||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS BY BUSINESS SEGMENT | |||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, 2014 and 2013 | |||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2014 | Three Months Ended September 30, 2013 | ||||||||||||||||||||||||||||||||
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 | $ | 37,795 | $ | — | $ | — | $ | 37,795 | $ | 33,610 | $ | — | $ | — | $ | 33,610 | |||||||||||||||||
Consolidated resort operations | 10,481 | — | — | 10,481 | 9,326 | — | — | 9,326 | |||||||||||||||||||||||||
Vacation Interest sales, net of provision of $0, $15,847, $0, $15,847, $0, $13,851, $0, and $13,851, respectively | — | 143,180 | — | 143,180 | — | 123,708 | — | 123,708 | |||||||||||||||||||||||||
Interest | — | 16,783 | 347 | 17,130 | — | 13,971 | 326 | 14,297 | |||||||||||||||||||||||||
Other | 2,018 | 11,361 | — | 13,379 | 1,227 | 9,434 | — | 10,661 | |||||||||||||||||||||||||
Total revenues | 50,294 | 171,324 | 347 | 221,965 | 44,163 | 147,113 | 326 | 191,602 | |||||||||||||||||||||||||
Costs and Expenses: | |||||||||||||||||||||||||||||||||
Management and member services | 8,549 | — | — | 8,549 | 9,408 | — | — | 9,408 | |||||||||||||||||||||||||
Consolidated resort operations | 9,216 | — | — | 9,216 | 9,602 | — | — | 9,602 | |||||||||||||||||||||||||
Vacation Interest cost of sales | — | 16,476 | — | 16,476 | — | 18,605 | — | 18,605 | |||||||||||||||||||||||||
Advertising, sales and marketing | — | 82,308 | — | 82,308 | — | 70,714 | — | 70,714 | |||||||||||||||||||||||||
Vacation Interest carrying cost, net | — | 5,162 | — | 5,162 | — | 10,154 | — | 10,154 | |||||||||||||||||||||||||
Loan portfolio | 385 | 1,015 | — | 1,400 | 278 | 2,018 | — | 2,296 | |||||||||||||||||||||||||
Other operating | — | 5,847 | — | 5,847 | — | 3,912 | — | 3,912 | |||||||||||||||||||||||||
General and administrative | — | — | 26,747 | 26,747 | — | — | 61,114 | 61,114 | |||||||||||||||||||||||||
Depreciation and amortization | — | — | 8,271 | 8,271 | — | — | 7,583 | 7,583 | |||||||||||||||||||||||||
Interest expense | — | 3,866 | 7,428 | 11,294 | — | 4,267 | 16,658 | 20,925 | |||||||||||||||||||||||||
Loss on extinguishment of debt | — | — | — | — | — | — | 13,383 | 13,383 | |||||||||||||||||||||||||
Impairments and other write-offs | — | — | 11 | 11 | — | — | 1,200 | 1,200 | |||||||||||||||||||||||||
Loss (gain) on disposal of assets | — | — | 224 | 224 | — | — | (585 | ) | (585 | ) | |||||||||||||||||||||||
Gain on bargain purchase from business combinations | — | — | — | — | — | — | (2,756 | ) | (2,756 | ) | |||||||||||||||||||||||
Total costs and expenses | 18,150 | 114,674 | 42,681 | 175,505 | 19,288 | 109,670 | 96,597 | 225,555 | |||||||||||||||||||||||||
Income (loss) before provision (benefit) for income taxes | 32,144 | 56,650 | (42,334 | ) | 46,460 | 24,875 | 37,443 | (96,271 | ) | (33,953 | ) | ||||||||||||||||||||||
Provision (benefit) for income taxes | — | — | 20,156 | 20,156 | — | — | (7,626 | ) | (7,626 | ) | |||||||||||||||||||||||
Net income (loss) | $ | 32,144 | $ | 56,650 | $ | (62,490 | ) | $ | 26,304 | $ | 24,875 | $ | 37,443 | $ | (88,645 | ) | $ | (26,327 | ) | ||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS BY BUSINESS SEGMENT | |||||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2014 and 2013 | |||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2014 | Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||||||||||
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 | $ | 115,238 | $ | — | $ | — | $ | 115,238 | $ | 96,304 | $ | — | $ | — | $ | 96,304 | |||||||||||||||||
Consolidated resort operations | 28,825 | — | — | 28,825 | 26,465 | — | — | 26,465 | |||||||||||||||||||||||||
Vacation Interest sales, net of provision of $0, $40,123, $0, $40,123, $0, $29,731, $0, and $29,731, respectively | — | 379,082 | — | 379,082 | — | 325,815 | — | 325,815 | |||||||||||||||||||||||||
Interest | — | 47,798 | 1,212 | 49,010 | — | 40,021 | 1,138 | 41,159 | |||||||||||||||||||||||||
Other | 7,352 | 32,697 | — | 40,049 | 7,535 | 21,649 | — | 29,184 | |||||||||||||||||||||||||
Total revenues | 151,415 | 459,577 | 1,212 | 612,204 | 130,304 | 387,485 | 1,138 | 518,927 | |||||||||||||||||||||||||
Costs and Expenses: | |||||||||||||||||||||||||||||||||
Management and member services | 23,377 | — | — | 23,377 | 27,952 | — | — | 27,952 | |||||||||||||||||||||||||
Consolidated resort operations | 25,662 | — | — | 25,662 | 26,169 | — | — | 26,169 | |||||||||||||||||||||||||
Vacation Interest cost of sales | — | 44,840 | — | 44,840 | — | 45,451 | — | 45,451 | |||||||||||||||||||||||||
Advertising, sales and marketing | — | 214,190 | — | 214,190 | — | 181,668 | — | 181,668 | |||||||||||||||||||||||||
Vacation Interest carrying cost, net | — | 19,766 | — | 19,766 | — | 29,141 | — | 29,141 | |||||||||||||||||||||||||
Loan portfolio | 895 | 5,354 | — | 6,249 | 782 | 6,773 | — | 7,555 | |||||||||||||||||||||||||
Other operating | — | 16,650 | — | 16,650 | — | 6,518 | — | 6,518 | |||||||||||||||||||||||||
General and administrative | — | — | 74,203 | 74,203 | — | — | 105,612 | 105,612 | |||||||||||||||||||||||||
Depreciation and amortization | — | — | 24,601 | 24,601 | — | — | 19,912 | 19,912 | |||||||||||||||||||||||||
Interest expense | — | 10,790 | 34,502 | 45,292 | — | 12,451 | 58,110 | 70,561 | |||||||||||||||||||||||||
Loss on extinguishment of debt | — | — | 46,807 | 46,807 | — | — | 13,383 | 13,383 | |||||||||||||||||||||||||
Impairments and other write-offs | — | — | 53 | 53 | — | — | 1,279 | 1,279 | |||||||||||||||||||||||||
Loss (gain) on disposal of assets | — | — | 71 | 71 | — | — | (673 | ) | (673 | ) | |||||||||||||||||||||||
Gain on bargain purchase from business combinations | — | — | — | — | — | — | (2,726 | ) | (2,726 | ) | |||||||||||||||||||||||
Total costs and expenses | 49,934 | 311,590 | 180,237 | 541,761 | 54,903 | 282,002 | 194,897 | 531,802 | |||||||||||||||||||||||||
Income (loss) before provision (benefit) for income taxes | 101,481 | 147,987 | (179,025 | ) | 70,443 | 75,401 | 105,483 | (193,759 | ) | (12,875 | ) | ||||||||||||||||||||||
Provision (benefit) for income taxes | — | — | 32,860 | 32,860 | — | — | (6,777 | ) | (6,777 | ) | |||||||||||||||||||||||
Net income (loss) | $ | 101,481 | $ | 147,987 | $ | (211,885 | ) | $ | 37,583 | $ | 75,401 | $ | 105,483 | $ | (186,982 | ) | $ | (6,098 | ) | ||||||||||||||
Loss_on_extinguishment_of_debt
Loss on extinguishment of debt (Notes) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Loss on extinguishment of debt [Abstract] | ' | ||||||||||||||||
Loss on Extinguishment of Debt | ' | ||||||||||||||||
Note 25 — Loss on Extinguishment of Debt | |||||||||||||||||
On May 9, 2014, the Company repaid all outstanding indebtedness under the ILXA Inventory Loan, the Tempus Inventory Loan and the DPM Inventory Loan using a portion of the proceeds from the term loan portion of the Senior Credit Facility. The unamortized debt issuance costs on the ILX Inventory Loan and the Tempus Inventory Loan were recorded as a loss on extinguishment of debt. | |||||||||||||||||
In addition, on May 9, 2014, the Company terminated the 2013 Revolving Credit Facility in conjunction with its entry into the Senior Credit Facility and recorded the unamortized debt issuance costs as a loss on extinguishment of debt. | |||||||||||||||||
On June 9, 2014, the Company redeemed all of the remaining outstanding principal amount under the Senior Secured Notes using a portion of the proceeds from the term loan portion of the Senior Credit Facility. As a result, $30.2 million of redemption premium, $9.4 million of unamortized debt issuance cost and $6.1 million unamortized debt discount were recorded as a loss on extinguishment of debt. See "Note 16—Borrowings" for further detail on these transactions. | |||||||||||||||||
Loss on extinguishment of debt consisted of the following for the three and nine months ended September 30, 2014 and 2013 (in thousands): | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Senior Secured Notes | $ | — | $ | 8,443 | $ | 45,767 | $ | 8,443 | |||||||||
2013 Revolving Credit Facility | — | — | 932 | — | |||||||||||||
ILXA Inventory Loan | — | — | 83 | — | |||||||||||||
Tempus Inventory Loan | — | — | 25 | — | |||||||||||||
PMR Acquisition Loan | — | 3,196 | — | 3,196 | |||||||||||||
Tempus Acquisition Loan | — | 1,744 | — | 1,744 | |||||||||||||
Total loss on extinguishment of debt | $ | — | $ | 13,383 | $ | 46,807 | $ | 13,383 | |||||||||
Subsequent_events_Subsequent_e
Subsequent events Subsequent events (Notes) | 9 Months Ended |
Sep. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Note 26 — Subsequent Events | |
On October 20, 2014, the March 2014 Swap, the April 2014 Swap, the June 2014 Swap and the September 2014 Swap were terminated. Also on October 20, 2014, as required by the Conduit Facility, the Company entered into the October 2014 Swap with a notional amount of $112.5 million that is scheduled to mature on October 20, 2024, to manage it's exposure to fluctuation interest rates. The Company pays interest at a fixed rate of 2.45% based on a floating notional amount according to a pre-determined amortization schedule and receives interest based on one-month floating LIBOR. | |
On October 28, 2014, the Board of Directors of the Company authorized a share repurchase program allowing for the expenditure of up to $100.0 million for the repurchase of the Company’s common stock. Repurchases will be made from time to time in accordance with applicable securities laws in the open market and/or in privately negotiated transactions, and may include repurchases pursuant to trading plans under Rule 10b5-1 of the Exchange Act). The repurchase program does not obligate the Company to acquire any particular amount of common stock or to acquire shares on any particular timetable, and the program may be suspended at any time at the Company’s discretion. The timing and amount of share repurchases will be determined by the Company’s management based on its evaluation of market conditions, the trading price of the stock, applicable legal requirements, compliance with the provisions of the Company’s credit agreement, and other factors. | |
The Company has evaluated all events or transactions that occurred after September 30, 2014 up to the filing date and did not identify any other subsequent events, the effects of which would require disclosure or adjustment to condensed consolidated balance sheets or condensed consolidated statements of operations and comprehensive income. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Principles of Consolidation | ' |
Principles of Consolidation—The accompanying condensed consolidated financial statements include all subsidiaries of the Company. All significant intercompany transactions and balances have been eliminated from the accompanying condensed consolidated financial statements. | |
Use of Estimates | ' |
Use of Estimates—The preparation of financial statements in conformity with 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, unsold Vacation Interests, net, Vacation Interest cost of sales, stock-based compensation 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 analyses 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 condensed consolidated financial statements. | |
Vacation Interest Sales Revenue, Net | ' |
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 Fair Isaac Corporation ("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. | |
Recently Issued Accounting Pronouncements | ' |
Recently Issued Accounting Pronouncements | |
In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers, which supersedes most of the current revenue recognition requirements. The core principle of this guidance is that an entity is required to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. New disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers are also required. This guidance is effective for the Company in its interim period ending March 31, 2017. Early application is not permitted. Entities must adopt the new guidance using one of two retrospective application methods. The Company is currently evaluating the standard to determine the impact of its adoption on its financial statements. | |
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 adopted ASU 2014-04 as of its interim period ended March 31, 2014. The adoption of this update did not have a material impact on the Company's financial statements. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Vacation interest sales, net of provision | ' | ||||||||||||||||
Vacation Interest sales, net of provision, consists of the following for the three and nine months ended September 30, 2014 and 2013 (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Vacation Interest sales | $ | 159,027 | $ | 137,559 | $ | 419,205 | $ | 355,546 | |||||||||
Provision for uncollectible Vacation Interest sales revenue | (15,847 | ) | (13,851 | ) | (40,123 | ) | (29,731 | ) | |||||||||
Vacation Interest sales, net of provision | $ | 143,180 | $ | 123,708 | $ | 379,082 | $ | 325,815 | |||||||||
Cash_in_Escrow_and_Restricted_1
Cash in Escrow and Restricted Cash (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Cash in Escrow and Restricted Cash [Abstract] | ' | ||||||||
Schedule of Restricted Cash and Cash Equivalents | ' | ||||||||
Cash in escrow and restricted cash as of the dates presented below consisted of the following (in thousands): | |||||||||
September 30, 2014 | December 31, 2013 | ||||||||
Securitization and Funding Facilities collection and reserve cash | $ | 24,674 | $ | 49,987 | |||||
Collected on behalf of HOAs and other | 19,844 | 17,091 | |||||||
Rental trust | 13,562 | 11,131 | |||||||
Escrow | 10,732 | 11,887 | |||||||
Bonds and deposits | 895 | 2,135 | |||||||
Total cash in escrow and restricted cash | $ | 69,707 | $ | 92,231 | |||||
Mortgages_and_Contracts_Receiv1
Mortgages and Contracts Receivable and Allowance for Loan and Contract Losses (Tables) | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||
Financing Receivable, Net [Abstract] | ' | ||||||||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable | ' | ||||||||||||||||||
he three and nine months ended September 30, 2013. | |||||||||||||||||||
Mortgages and contracts receivable, net, as of the dates presented below | |||||||||||||||||||
Note 5 — 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 are collateralized by their VOIs. Eligibility for this financing is determined based on the customers’ FICO credit scores. As of September 30, 2014, the mortgages and contracts receivable bore interest at fixed rates between 0.0% and 18.0%. The terms of the mortgages and contracts receivable range from one year to 15 years (with the majority being 10 years) and such financing may be prepaid at any time without penalty. The weighted average interest rate of outstanding mortgages and contracts receivable was 14.9% and 15.1% as of September 30, 2014 and December 31, 2013, 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 related to delinquent loans are expensed as incurred. Mortgages and contracts receivable between 90 and 180 days past due as of September 30, 2014 and December 31, 2013 were 1.9% and 2.5%, 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 $2.4 million and $1.4 million for the three months ended September 30, 2014 and 2013, respectively, and $6.6 million and $3.9 million for the nine months ended September 30, 2014 and 2013, respectively. | |||||||||||||||||||
The Company recorded a $3.3 million discount on April 27, 2007 on the mortgage pool acquired in connection with the acquisition and merger with Sunterra Corporation, which discount was being amortized over the life of the related acquired mortgage pool. This discount was fully amortized during the three months ended March 31, 2014, and, accordingly, as of September 30, 2014 there was no net unamortized discount on this acquired mortgage pool. As of December 31, 2013, the net unamortized discount on this acquired mortgage pool was $0.2 million. During the three months ended September 30, 2013, a de minimis amount of amortization was recorded as an increase to interest income, and during the nine months ended September 30, 2013, amortization of $0.1 million was recorded as an increase to interest income. No amortization was recorded during the three months ended September 30, 2014. During the nine months ended September 30, 2014, $0.2 million of amortization was recorded as an increase to interest income. | |||||||||||||||||||
The Company recorded a $0.8 million premium on July 1, 2011, on the purchased mortgage pool that was part of the Tempus Resorts Acquisition, which was being 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). During the three and nine months ended September 30, 2013, amortization of $0.4 million and $0.5 million, respectively, were 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, which was being amortized over the life of the related acquired mortgage pool. This premium was fully amortized during the year ended December 31, 2013. No amortization was recorded as a decrease to interest revenue during the three and nine months ended September 30, 2013. | |||||||||||||||||||
The Company recorded a $0.6 million premium on July 24, 2013 on the mortgage pool purchased in the Island One Acquisition, which is being amortized over the life of the related acquired mortgage pool. As of September 30, 2014 and December 31, 2013, the net unamortized premium was $0.3 million and $0.5 million, respectively. During the three months ended September 30, 2014, $0.1 million of amortization was recorded as a decrease to interest revenue, and during the nine months ended September 30, 2014, $0.2 million was recorded as a decrease to interest revenue. No amortization was recorded as a decrease to interest revenue during the three and nine months ended September 30, 2013. | |||||||||||||||||||
Mortgages and contracts receivable, net, as of the dates presented below, consisted of the following (in thousands): | |||||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||
Mortgages and contracts receivable, acquired | $ | 44,748 | $ | 77,271 | |||||||||||||||
Mortgages and contracts receivable, contributed | 207 | 443 | |||||||||||||||||
Mortgages and contracts receivable, originated | 521,286 | 417,595 | |||||||||||||||||
Mortgages and contracts receivable, gross | 566,241 | 495,309 | |||||||||||||||||
Allowance for loan and contract losses | (121,189 | ) | (105,590 | ) | |||||||||||||||
Deferred profit on Vacation Interest transactions | (1,890 | ) | (2,197 | ) | |||||||||||||||
Deferred loan and contract origination costs, net of accumulated amortization | 11,236 | 8,223 | |||||||||||||||||
Inventory value of defaulted mortgages that were previously contributed or acquired | 9,668 | 9,411 | |||||||||||||||||
Premium on mortgages and contracts receivable, net of accumulated amortization | 334 | 515 | |||||||||||||||||
Discount on mortgages and contracts receivable, net of accumulated amortization | — | (217 | ) | ||||||||||||||||
Mortgages and contracts receivable, net | $ | 464,400 | $ | 405,454 | |||||||||||||||
As of September 30, 2014 and December 31, 2013, $500.4 million and $404.2 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 condensed 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 Accounting Standards Codification (“ASC”) 978, “Real Estate-Time-Sharing Activities" ("ASC 978"). See "Note 2—Summary of Significant Accounting Policies" set forth in the 2013 Form 10-K 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. | |||||||||||||||||||
Activity in the allowance for loan and contract losses associated with mortgages and contracts receivable as of the dates presented below consisted of the following (in thousands): | |||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Balance, beginning of period | $ | 114,577 | $ | 87,193 | $ | 105,590 | $ | 83,784 | |||||||||||
Provision for uncollectible Vacation Interest sales revenue | 15,882 | 13,659 | 40,175 | 29,128 | (a) | ||||||||||||||
Provision for purchased portfolios | — | 3,972 | — | 3,972 | |||||||||||||||
Mortgages and contracts receivable charged off | (9,972 | ) | (7,617 | ) | (26,709 | ) | (21,486 | ) | |||||||||||
Recoveries | 714 | 925 | 2,136 | 2,757 | |||||||||||||||
Effect of translation rate | (12 | ) | 21 | (3 | ) | (2 | ) | ||||||||||||
Balance, end of period | $ | 121,189 | $ | 98,153 | $ | 121,189 | $ | 98,153 | |||||||||||
_____________ | |||||||||||||||||||
(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 a de minimis amount for the three months ended September 30, 2014 and increased the provision by $0.1 million for the three months ended September 30, 2013. The ASC 978 adjustments increased the provision for uncollectible Vacation Interest sales revenue for the nine months ended September 30, 2014 by a de minimis amount and increased the provision by $0.8 million for the nine months ended September 30, 2013. There were no adjustments for the rescission period for the three and nine months ended September 30, 2014. The adjustments for the rescission period increased the provision for uncollectible Vacation Interest sales revenue by $0.1 million for the three months ended September 30, 2013 and decreased the provision for uncollectible Vacation Interest sales revenue by $0.2 million for the nine months ended September 30, 2013. | |||||||||||||||||||
A summary of credit quality as of the dates presented below is as follows (in thousands): | |||||||||||||||||||
FICO Scores | September 30, 2014 | % | 31-Dec-13 | % | |||||||||||||||
>799 | $ | 50,349 | 9 | % | $ | 45,235 | 9 | % | |||||||||||
700 – 799 | 290,330 | 51 | % | 237,557 | 48 | % | |||||||||||||
600 – 699 | 181,323 | 32 | % | 152,601 | 31 | % | |||||||||||||
<600 | 24,604 | 4 | % | 24,076 | 5 | % | |||||||||||||
No FICO Scores | 19,635 | 4 | % | 35,840 | 7 | % | |||||||||||||
$ | 566,241 | 100 | % | $ | 495,309 | 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, 2014 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. | |||||||||||||||||||
Other receivables, net, as of the dates presented below consisted of the following (in thousands): | |||||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||
Receivables related to mini-vacation and sampler programs, net | $ | 16,279 | $ | 11,844 | |||||||||||||||
Mortgage and contracts interest receivable | 5,307 | 5,025 | |||||||||||||||||
Rental receivables and other resort management-related receivables, net | 5,096 | 3,595 | |||||||||||||||||
Club dues receivable, net | 3,062 | 29,418 | |||||||||||||||||
Value added tax refund receivable | 2,042 | 2,274 | |||||||||||||||||
Owner maintenance fees receivable, net | 479 | 116 | |||||||||||||||||
Insurance claims receivable | 31 | 96 | |||||||||||||||||
Other receivables | 1,734 | 2,220 | |||||||||||||||||
Total other receivables, net | $ | 34,030 | $ | 54,588 | |||||||||||||||
Allowance for Credit Losses on Financing Receivables | ' | ||||||||||||||||||
Activity in the allowance for loan and contract losses associated with mortgages and contracts receivable as of the dates presented below consisted of the following (in thousands): | |||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Balance, beginning of period | $ | 114,577 | $ | 87,193 | $ | 105,590 | $ | 83,784 | |||||||||||
Provision for uncollectible Vacation Interest sales revenue | 15,882 | 13,659 | 40,175 | 29,128 | (a) | ||||||||||||||
Provision for purchased portfolios | — | 3,972 | — | 3,972 | |||||||||||||||
Mortgages and contracts receivable charged off | (9,972 | ) | (7,617 | ) | (26,709 | ) | (21,486 | ) | |||||||||||
Recoveries | 714 | 925 | 2,136 | 2,757 | |||||||||||||||
Effect of translation rate | (12 | ) | 21 | (3 | ) | (2 | ) | ||||||||||||
Balance, end of period | $ | 121,189 | $ | 98,153 | $ | 121,189 | $ | 98,153 | |||||||||||
_____________ | |||||||||||||||||||
(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 a de minimis amount for the three months ended September 30, 2014 and increased the provision by $0.1 million for the three months ended September 30, 2013. The ASC 978 adjustments increased the provision for uncollectible Vacation Interest sales revenue for the nine months ended September 30, 2014 by a de minimis amount and increased the provision by $0.8 million for the nine months ended September 30, 2013. There were no adjustments for the rescission period for the three and nine months ended September 30, 2014. The adjustments for the rescission period increased the provision for uncollectible Vacation Interest sales revenue by $0.1 million for the three months ended September 30, 2013 and decreased the provision for uncollectible Vacation Interest sales revenue by $0.2 million for the nine months ended September 30, 2013 | |||||||||||||||||||
Financing Receivable Credit Quality Indicators | ' | ||||||||||||||||||
and decreased the provision for uncollectible Vacation Interest sales revenue by $0.2 million for the nine months ended September 30, 2013. | |||||||||||||||||||
A summary of credit quality as of the dates presented below is as follows (in thousands): | |||||||||||||||||||
FICO Scores | September 30, 2014 | % | 31-Dec-13 | % | |||||||||||||||
>799 | $ | 50,349 | 9 | % | $ | 45,235 | 9 | % | |||||||||||
700 – 799 | 290,330 | 51 | % | 237,557 | 48 | % | |||||||||||||
600 – 699 | 181,323 | 32 | % | 152,601 | 31 | % | |||||||||||||
<600 | 24,604 | 4 | % | 24,076 | 5 | % | |||||||||||||
No FICO Scores | 19,635 | 4 | % | 35,840 | 7 | % | |||||||||||||
$ | 566,241 | 100 | % | $ | 495,309 | 100 | % | ||||||||||||
Transactions_with_Related_Part1
Transactions with Related Parties (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Related Party Transactions [Abstract] | ' | ||||||||
Schedule of Related Party Transactions | ' | ||||||||
Due from related parties, net as of the dates presented below consisted of the following (in thousands): | |||||||||
September 30, 2014 | December 31, 2013 | ||||||||
Amounts due from HOAs | $ | 38,638 | $ | 36,957 | |||||
Amounts due from Collections | 6,298 | 7,938 | |||||||
Amounts due from other | 277 | 1,367 | |||||||
Total due from related parties, net | $ | 45,213 | $ | 46,262 | |||||
Due to related parties, net as of the dates presented below consisted of the following (in thousands): | |||||||||
September 30, 2014 | December 31, 2013 | ||||||||
Amounts due to HOAs | $ | 20,162 | $ | 16,032 | |||||
Amounts due to Collections | 37,313 | 28,381 | |||||||
Amounts due to other | — | 231 | |||||||
Total due to related parties, net | $ | 57,475 | $ | 44,644 | |||||
Prepaid_Expenses_and_Other_Ass1
Prepaid Expenses and Other Assets, Net (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | ||||||||
Other Assets Disclosure | ' | ||||||||
Prepaid expenses and other assets, net, as of the dates presented below consisted of the following (in thousands): | |||||||||
September 30, 2014 | December 31, 2013 | ||||||||
Vacation Interest purchases in transit | $ | 18,259 | $ | 12,495 | |||||
Unamortized maintenance fees | 18,213 | — | |||||||
Debt issuance costs, net | 17,198 | 20,086 | |||||||
Deferred commissions | 17,171 | 13,153 | |||||||
Prepaid member benefits and affinity programs | 6,910 | 2,497 | |||||||
Deferred inventory recovery agreements | 4,539 | — | |||||||
Deposits and advances | 4,235 | 4,068 | |||||||
Other inventory or consumables | 4,202 | 3,028 | |||||||
Prepaid insurance | 3,210 | 2,359 | |||||||
Prepaid sales and marketing costs | 2,403 | 815 | |||||||
Unamortized exchange fees | 1,564 | — | |||||||
Prepaid rent | 1,155 | 344 | |||||||
Prepaid professional fees | 1,064 | 2,207 | |||||||
Prepaid maintenance fees | 874 | 2,501 | |||||||
Assets to be disposed (not actively marketed) | 264 | 537 | |||||||
Other | 5,787 | 4,168 | |||||||
Total prepaid expenses and other assets, net | $ | 107,048 | $ | 68,258 | |||||
Unsold_Vacation_Interests_Net_1
Unsold Vacation Interests, Net (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Unsold Vacation Interests, Net [Abstract] | ' | ||||||||||||||||
Inventory Disclosure | ' | ||||||||||||||||
Unsold Vacation Interests, Net | |||||||||||||||||
Unsold Vacation Interests, net as of the dates presented below consisted of the following (in thousands): | |||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||
Completed unsold Vacation Interests, net | $ | 244,835 | $ | 251,688 | |||||||||||||
Undeveloped land | 24,456 | 28,513 | |||||||||||||||
Vacation Interest construction-in-progress | 7,775 | 17,909 | |||||||||||||||
Unsold Vacation Interests, net | $ | 277,066 | $ | 298,110 | |||||||||||||
Activity related to unsold Vacation Interests, net, for the periods presented below consisted of the following (in thousands): | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Balance, beginning of period | $ | 292,248 | $ | 307,613 | $ | 298,110 | $ | 315,867 | |||||||||
Vacation Interest cost of sales | (16,476 | ) | (18,605 | ) | (44,840 | ) | (45,451 | ) | |||||||||
(Reinstatement) recovery of inventory — North America | (1,543 | ) | 179 | 17,037 | 20,127 | ||||||||||||
Purchases in connection with business combinations | — | 4,823 | — | 4,823 | |||||||||||||
Inventory recovery activity — Europe | 367 | 3,086 | 4,084 | 4,478 | |||||||||||||
Open market and bulk purchases | 6,306 | 181 | 7,838 | 1,609 | |||||||||||||
Accrued bulk purchases | — | (804 | ) | 1,810 | 662 | ||||||||||||
Capitalized legal, title and trust fees | 2,192 | (39 | ) | 3,689 | 1,107 | ||||||||||||
Transfer of construction-in-progress to property and equipment, net | — | — | (5,616 | ) | — | ||||||||||||
Construction-in-progress | 104 | 1,387 | 596 | 3,579 | |||||||||||||
Loan default recoveries, net | 1,121 | 612 | 1,970 | 2,572 | |||||||||||||
Transfers to assets held for sale | (4,250 | ) | (14 | ) | (4,250 | ) | (10,165 | ) | |||||||||
Impairment of inventory | — | (1,200 | ) | — | (1,200 | ) | |||||||||||
Effect of foreign currency translation | (2,770 | ) | 2,355 | (1,650 | ) | 1,062 | |||||||||||
Other | (233 | ) | 2,135 | (1,712 | ) | 2,639 | |||||||||||
Balance, end of period | $ | 277,066 | $ | 301,709 | $ | 277,066 | $ | 301,709 | |||||||||
See "Note 2—Summary of Significant Accounting Policies" set forth in the 2013 Form 10-K for discussion on unsold Vacation Interests, net. | |||||||||||||||||
Schedule of Inventory, Current [Table Text Block] | ' | ||||||||||||||||
Unsold Vacation Interests, net as of the dates presented below consisted of the following (in thousands): | |||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||
Completed unsold Vacation Interests, net | $ | 244,835 | $ | 251,688 | |||||||||||||
Undeveloped land | 24,456 | 28,513 | |||||||||||||||
Vacation Interest construction-in-progress | 7,775 | 17,909 | |||||||||||||||
Unsold Vacation Interests, net | $ | 277,066 | $ | 298,110 | |||||||||||||
Activity Related to unsold Vacation Interests | ' | ||||||||||||||||
Activity related to unsold Vacation Interests, net, for the periods presented below consisted of the following (in thousands): | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Balance, beginning of period | $ | 292,248 | $ | 307,613 | $ | 298,110 | $ | 315,867 | |||||||||
Vacation Interest cost of sales | (16,476 | ) | (18,605 | ) | (44,840 | ) | (45,451 | ) | |||||||||
(Reinstatement) recovery of inventory — North America | (1,543 | ) | 179 | 17,037 | 20,127 | ||||||||||||
Purchases in connection with business combinations | — | 4,823 | — | 4,823 | |||||||||||||
Inventory recovery activity — Europe | 367 | 3,086 | 4,084 | 4,478 | |||||||||||||
Open market and bulk purchases | 6,306 | 181 | 7,838 | 1,609 | |||||||||||||
Accrued bulk purchases | — | (804 | ) | 1,810 | 662 | ||||||||||||
Capitalized legal, title and trust fees | 2,192 | (39 | ) | 3,689 | 1,107 | ||||||||||||
Transfer of construction-in-progress to property and equipment, net | — | — | (5,616 | ) | — | ||||||||||||
Construction-in-progress | 104 | 1,387 | 596 | 3,579 | |||||||||||||
Loan default recoveries, net | 1,121 | 612 | 1,970 | 2,572 | |||||||||||||
Transfers to assets held for sale | (4,250 | ) | (14 | ) | (4,250 | ) | (10,165 | ) | |||||||||
Impairment of inventory | — | (1,200 | ) | — | (1,200 | ) | |||||||||||
Effect of foreign currency translation | (2,770 | ) | 2,355 | (1,650 | ) | 1,062 | |||||||||||
Other | (233 | ) | 2,135 | (1,712 | ) | 2,639 | |||||||||||
Balance, end of period | $ | 277,066 | $ | 301,709 | $ | 277,066 | $ | 301,709 | |||||||||
Property_and_Equipment_Net_Tab
Property and Equipment, Net (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment | ' | ||||||||
Property and equipment, net as of the dates presented below consisted of the following (in thousands): | |||||||||
September 30, 2014 | December 31, 2013 | ||||||||
Land and improvements | $ | 19,298 | $ | 18,606 | |||||
Buildings and leasehold improvements | 43,942 | 35,604 | |||||||
Furniture and office equipment | 20,038 | 18,650 | |||||||
Computer software | 30,916 | 24,488 | |||||||
Computer equipment | 15,672 | 12,521 | |||||||
Construction in progress | 471 | 10 | |||||||
Property and equipment, gross | 130,337 | 109,879 | |||||||
Less accumulated depreciation | (59,676 | ) | (49,483 | ) | |||||
Property and equipment, net | $ | 70,661 | $ | 60,396 | |||||
Other_Intangible_Assets_Net_Ta
Other Intangible Assets, Net (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Schedule of Finite-Lived Intangible Assets | ' | ||||||||||||
Other intangible assets, net as of September 30, 2014 consisted of the following (in thousands): | |||||||||||||
Gross Carrying | Accumulated | Net Book | |||||||||||
Cost | Amortization | Value | |||||||||||
Management contracts | $ | 202,456 | $ | (42,173 | ) | $ | 160,283 | ||||||
Member relationships and exchange clubs | 55,936 | (35,874 | ) | 20,062 | |||||||||
Distributor relationships and other | 4,867 | (1,719 | ) | 3,148 | |||||||||
Total other intangible assets | $ | 263,259 | $ | (79,766 | ) | $ | 183,493 | ||||||
Other intangible assets, net as of December 31, 2013 consisted of the following (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 | |||||||||
Total other intangible assets | $ | 263,951 | $ | (65,319 | ) | $ | 198,632 | ||||||
Accrued_Liabilities_Tables
Accrued Liabilities (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Accrued Liabilities Disclosure [Abstract] | ' | ||||||||
Schedule of Accrued Liabilities | ' | ||||||||
Accrued liabilities as of the dates presented below consisted of the following (in thousands): | |||||||||
September 30, 2014 | December 31, 2013 | ||||||||
Accrued payroll and related | $ | 26,821 | $ | 32,117 | |||||
Accrued commissions | 18,810 | 16,234 | |||||||
Accrued other taxes | 14,754 | 11,589 | |||||||
Accrued marketing expenses | 13,062 | 11,828 | |||||||
Accrued insurance | 4,286 | 4,418 | |||||||
Accrued escrow liability | 3,939 | 3,210 | |||||||
Accrued operating lease liabilities | 3,656 | 3,580 | |||||||
Accrued liability related to business combinations | 3,258 | 3,550 | |||||||
Accrued exchange company fees | 2,987 | 1,689 | |||||||
Accrued professional fees | 2,695 | 2,100 | |||||||
Accrued call center costs | 2,083 | 1,443 | |||||||
Deposits on pending sale of assets | 1,827 | 1,311 | |||||||
Accrued interest | 425 | 19,084 | |||||||
Accrued contingent litigation liabilities | 8 | 257 | |||||||
Other | 7,763 | 5,025 | |||||||
Total accrued liabilities | $ | 106,374 | $ | 117,435 | |||||
Assets_Held_for_sale_Tables
Assets Held for sale (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Assets Held for Sale [Abstract] | ' | ||||||||
Disclosure of Long Lived Assets Held-for-sale | ' | ||||||||
Assets held for sale as of the dates presented below consisted of the following (in thousands): | |||||||||
September 30, 2014 | December 31, 2013 | ||||||||
Certain completed units in Cabo, Mexico | $ | 5,855 | $ | 5,855 | |||||
Vacant land in Orlando, Florida | 4,000 | — | |||||||
Vacant land in Kona, Hawaii | 3,600 | 3,600 | |||||||
Points equivalent of unsold units and resorts in Europe | 1,251 | 1,207 | |||||||
Total assets held for sale | $ | 14,706 | $ | 10,662 | |||||
Deferred_Revenues_Tables
Deferred Revenues (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Deferred Revenue Disclosure [Abstract] | ' | ||||||||
Deferred Revenue, by Arrangement, Disclosure | ' | ||||||||
Deferred revenues as of the dates presented below consisted of the following (in thousands): | |||||||||
September 30, 2014 | December 31, 2013 | ||||||||
Deferred Sampler Packages revenue | $ | 58,042 | $ | 54,010 | |||||
Deferred maintenance and reserve fee revenue | 14,113 | 12,375 | |||||||
Club deferred revenue | 10,138 | 37,516 | |||||||
Accrued guest deposits | 5,999 | 3,836 | |||||||
Deferred management fees and allocation revenue | 1,155 | 284 | |||||||
Deferred amenity fee revenue | 651 | — | |||||||
Deferred revenue from an exchange company | — | 1,891 | |||||||
Other | 572 | 980 | |||||||
Total deferred revenues | $ | 90,670 | $ | 110,892 | |||||
Borrowings_Tables
Borrowings (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||
Schedule of Long-term Debt Instruments | ' | ||||||||||||||||||||
he following table presents selected information on the Company’s borrowings as of the dates presented below (dollars in thousands): | |||||||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||||
Principal | Weighted | Maturity | Gross Amount of Mortgages and Contracts as Collateral | Borrowing / Funding Availability | Principal | ||||||||||||||||
Balance | Average | Balance | |||||||||||||||||||
Interest | |||||||||||||||||||||
Rate | |||||||||||||||||||||
Senior Credit Facility | $ | 443,888 | 5.50% | 5/9/21 | $ | — | $ | 25,000 | $ | — | |||||||||||
Original issue discount related to Senior Credit | (2,122 | ) | — | — | — | ||||||||||||||||
Facility | |||||||||||||||||||||
Senior Secured Notes | — | — | — | 374,440 | |||||||||||||||||
Original issue discount related to Senior Secured | — | — | — | (6,548 | ) | ||||||||||||||||
Notes | |||||||||||||||||||||
Notes payable-insurance policies (2) | 2,089 | 3.10% | Various | — | — | 3,130 | |||||||||||||||
Notes payable-other (2) | 319 | 5.00% | Various | — | — | 172 | |||||||||||||||
Total Corporate Indebtedness | 444,174 | — | 25,000 | 371,194 | |||||||||||||||||
ILXA Inventory Loan (1)(2)(3) | — | — | — | 11,268 | |||||||||||||||||
DPM Inventory Loan (1)(2)(3) | — | — | — | 6,261 | |||||||||||||||||
Tempus Inventory Loan (1)(2)(3) | — | — | — | 2,308 | |||||||||||||||||
Notes payable-other (1)(2)(3) | 6 | —% | 11/18/15 | — | — | 11 | |||||||||||||||
Total Non-Recourse Indebtedness other than Securitization Notes and Funding Facilities | 6 | — | — | 19,848 | |||||||||||||||||
Conduit Facility (1) | 157,619 | 3.80% | 4/10/15 | 183,747 | 17,381 | -4 | — | ||||||||||||||
Diamond Resorts Owner Trust Series 2013-2 (1) | 148,379 | 2.30% | 5/20/26 | 154,968 | — | 218,235 | |||||||||||||||
DRI Quorum Facility and Island One Quorum Funding Facility(1) | 59,826 | 5.50% | Various | 67,376 | 23,268 | -4 | 51,660 | ||||||||||||||
Diamond Resorts Owner Trust Series 2013-1 (1) | 47,021 | 2.00% | 1/20/25 | 50,652 | — | 63,059 | |||||||||||||||
Diamond Resorts Tempus Owner Trust 2013 (1) | 20,006 | 6.00% | 12/20/23 | 24,416 | — | 28,950 | |||||||||||||||
Diamond Resorts Owner Trust Series 2011-1 (1) | 18,762 | 4.00% | 3/20/23 | 19,196 | — | 24,792 | |||||||||||||||
Original issue discount related to Diamond | (172 | ) | — | — | (226 | ) | |||||||||||||||
Resorts Owner Trust Series 2011-1 | |||||||||||||||||||||
ILXA Receivables Loan (1)(3) | — | — | — | 4,766 | |||||||||||||||||
Island One Conduit Facility (1) | — | — | — | 31 | |||||||||||||||||
Total Securitization Notes and Funding Facilities | 451,441 | 500,355 | 40,649 | 391,267 | |||||||||||||||||
Total | $ | 895,621 | $ | 500,355 | $ | 65,649 | $ | 782,309 | |||||||||||||
(1) Non-recourse indebtedness | |||||||||||||||||||||
(2) Other notes payable | |||||||||||||||||||||
(3) Borrowing through special-purpose subsidiaries only | |||||||||||||||||||||
(4) 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. |
Fair_Value_Measurements_Estima
Fair Value Measurements Estimated fair values (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value, by Balance Sheet Grouping | ' | ||||||||||||||||
The carrying values and estimated fair values of the Company's financial instruments as of September 30, 2014 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 | $ | 464,400 | $ | 464,400 | $ | — | $ | 464,400 | |||||||||
Total assets | $ | 464,400 | $ | 464,400 | $ | — | $ | 464,400 | |||||||||
Liabilities: | |||||||||||||||||
Senior Credit Facility, net | $ | 441,766 | $ | 441,766 | $ | 441,766 | $ | — | |||||||||
Securitization notes and Funding Facilities, net | 451,441 | 454,242 | 454,242 | — | |||||||||||||
Notes payable | 2,414 | 2,414 | 2,414 | — | |||||||||||||
Total liabilities | $ | 895,621 | $ | 898,422 | $ | 898,422 | $ | — | |||||||||
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 | $ | — | |||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||
Stock-Based Compensation [Abstract] | ' | ||||||||||||||||||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | ' | ||||||||||||||||||||||||||||||||
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. | |||||||||||||||||||||||||||||||||
Nine Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||
September 30, 2014 | 30-Sep-13 | ||||||||||||||||||||||||||||||||
Non-Employees | Company Employees | Non-Employees | Company Employees | ||||||||||||||||||||||||||||||
Weighted average fair value per share | $ | 12.3 | $ | 8.1 | $ | 8.9 | $ | 7.4 | |||||||||||||||||||||||||
Expected stock price volatility | 52.8 | % | 52.8 | % | 49.8 | % | 52.9 | % | |||||||||||||||||||||||||
Expected option life (years) | 6 | 6 | 9.13 | 6.55 | |||||||||||||||||||||||||||||
Risk-free interest rate | 1.7 | % | 1.71 | % | 2.4 | % | 1.8 | % | |||||||||||||||||||||||||
Expected annual dividend yield | — | % | — | % | — | % | — | % | |||||||||||||||||||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range | ' | ||||||||||||||||||||||||||||||||
Stock option activity related to stock option grants issued to the Non-Employees and employees of the Company during the nine months ended September 30, 2014 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, 2014 | 4,458 | $ | 14 | 9.5 | $ | 19,882 | 2,128 | $ | 14.34 | 9.5 | $ | 8,776 | |||||||||||||||||||||
Granted | 550 | 18.6 | 9.4 | 1,020 | 18.96 | ||||||||||||||||||||||||||||
Exercised | — | — | (156 | ) | 14.81 | ||||||||||||||||||||||||||||
Forfeited | — | — | (50 | ) | 16.09 | ||||||||||||||||||||||||||||
Outstanding at | 5,008 | $ | 14.51 | 8.8 | $ | 41,339 | 2,942 | $ | 15.88 | 9.7 | $ | 20,228 | |||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||||||||||
Exercisable at | 4,111 | $ | 14.15 | 8.8 | $ | 35,377 | 1,251 | $ | 16.85 | 8.9 | $ | 7,389 | |||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||||||||||
Schedule of Nonvested Share Activity | ' | ||||||||||||||||||||||||||||||||
The following table summarizes the Company’s unvested stock option activity for the nine months ended September 30, 2014: | |||||||||||||||||||||||||||||||||
Non-Employees | Company Employees | ||||||||||||||||||||||||||||||||
Options | Weighted-Average Exercise Price | Options | Weighted-Average Exercise Price | ||||||||||||||||||||||||||||||
(In thousands) | (Per Share) | (In thousands) | (Per Share) | ||||||||||||||||||||||||||||||
Unvested at January 1, 2014 | 727 | $ | 14 | 1,389 | $ | 14.39 | |||||||||||||||||||||||||||
Granted | 550 | 18.6 | 1,020 | 18.96 | |||||||||||||||||||||||||||||
Vested | (379 | ) | 15.67 | (648 | ) | 16.02 | |||||||||||||||||||||||||||
Forfeited or expired | — | — | (50 | ) | 16.09 | ||||||||||||||||||||||||||||
Unvested at September 30, 2014 | 898 | $ | 16.11 | 1,711 | $ | 16.51 | |||||||||||||||||||||||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | ' | ||||||||||||||||||||||||||||||||
The following table summarizes the Company’s unvested restricted stock activity for the nine months ended September 30, 2014: | |||||||||||||||||||||||||||||||||
Shares | Weighted-Average Exercise Price | ||||||||||||||||||||||||||||||||
(In thousands) | (Per Share) | ||||||||||||||||||||||||||||||||
Unvested at January 1, 2014 | 32 | $ | 14.46 | ||||||||||||||||||||||||||||||
Granted | 23 | 19.16 | |||||||||||||||||||||||||||||||
Vested | (11 | ) | 14.46 | ||||||||||||||||||||||||||||||
Forfeited or expired | — | — | |||||||||||||||||||||||||||||||
Unvested at September 30, 2014 | 44 | $ | 16.92 | ||||||||||||||||||||||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | ' | ||||||||||||||||||||||||||||||||
The following table summarizes the effect of the stock-based compensation for the three months ended September 30, 2014 and 2013 (in thousands): | |||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2014 | Three Months Ended September 30, 2013 | ||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||
Management and member services | $ | 350 | $ | — | $ | — | $ | 350 | $ | 718 | $ | — | $ | — | $ | 718 | |||||||||||||||||
Advertising, sales and marketing | — | 537 | — | 537 | — | 1,950 | — | 1,950 | |||||||||||||||||||||||||
Vacation Interest carrying cost, net | — | 65 | — | 65 | — | 174 | — | 174 | |||||||||||||||||||||||||
Loan portfolio | — | 102 | — | 102 | — | 264 | — | 264 | |||||||||||||||||||||||||
General and Administrative | — | — | 2,282 | 2,282 | — | — | 35,389 | 35,389 | |||||||||||||||||||||||||
Total | $ | 350 | $ | 704 | $ | 2,282 | $ | 3,336 | $ | 718 | $ | 2,388 | $ | 35,389 | $ | 38,495 | |||||||||||||||||
The following table summarizes the Company’s stock-based compensation expense for the three and nine months ended September 30, 2014 and 2013 (in thousands). Stock options issued to employees of HM&C are deemed Non-Employee Grants. | |||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||
Non-Employee stock option grants | $ | 1,241 | $ | 32,283 | $ | 5,312 | $ | 32,283 | |||||||||||||||||||||||||
Company employee grants | 1,909 | 6,041 | 6,171 | 6,041 | |||||||||||||||||||||||||||||
Common stock and restricted stock grants | 186 | 171 | 715 | 171 | |||||||||||||||||||||||||||||
issued to members of the board of directors | |||||||||||||||||||||||||||||||||
Total | $ | 3,336 | $ | 38,495 | $ | 12,198 | $ | 38,495 | |||||||||||||||||||||||||
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | ' | ||||||||||||||||||||||||||||||||
The following table summarizes the effect of the stock-based compensation for the nine months ended September 30, 2014 and 2013 (in thousands): | |||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2014 | Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||
Management and member services | $ | 1,314 | $ | — | $ | — | $ | 1,314 | $ | 718 | $ | — | $ | — | $ | 718 | |||||||||||||||||
Advertising, sales and marketing | — | 1,804 | — | 1,804 | — | 1,950 | — | 1,950 | |||||||||||||||||||||||||
Vacation Interest carrying cost, net | — | 212 | — | 212 | — | 174 | — | 174 | |||||||||||||||||||||||||
Loan portfolio | — | 338 | — | 338 | — | 264 | — | 264 | |||||||||||||||||||||||||
General and Administrative | — | — | 8,530 | 8,530 | — | — | 35,389 | 35,389 | |||||||||||||||||||||||||
Total | $ | 1,314 | $ | 2,354 | $ | 8,530 | $ | 12,198 | $ | 718 | $ | 2,388 | $ | 35,389 | $ | 38,495 | |||||||||||||||||
Deferred Charges, Policy | ' | ||||||||||||||||||||||||||||||||
The following table summarizes the Company’s unrecognized stock-based compensation expense as of September 30, 2014 (dollars in thousands): | |||||||||||||||||||||||||||||||||
Non-Employees Grants | Company Employees Grants | Director Common Stock and Restricted Stock Grants | Total | ||||||||||||||||||||||||||||||
Unrecognized stock-based compensation expense | $ | 10,429 | $ | 11,933 | $ | 750 | $ | 23,112 | |||||||||||||||||||||||||
Weighted-average remaining amortization period | 2.1 | 2.1 | 1.5 | 2 | |||||||||||||||||||||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Accumulated Other Comprehensive Income (loss) [Abstract] | ' | ||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||||
The components of accumulated other comprehensive loss are as follows: | |||||||||||||||||
Cumulative Translation Adjustment | Post-retirement Benefit Plan | Other | Total | ||||||||||||||
Balance, December 31, 2013 | $ | (14,171 | ) | $ | (2,064 | ) | $ | 58 | $ | (16,177 | ) | ||||||
Period change | (1,420 | ) | 128 | (6 | ) | (1,298 | ) | ||||||||||
Balance, September 30, 2014 | $ | (15,591 | ) | $ | (1,936 | ) | $ | 52 | $ | (17,475 | ) | ||||||
Net_income_loss_per_share_Net_
Net income (loss) per share Net Income (loss) per share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Net income (loss) per share [Abstract] | ' | ||||||||||||||||
Schedule of Earnings Per Share, Basic, by Common Class, Including Two Class Method | ' | ||||||||||||||||
The table below sets forth the computation of basic and diluted net income (loss) per share (in thousands, except per share amounts): | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Computation of Basic Net Income (Loss) Per Share: | |||||||||||||||||
Net income (loss) | $ | 26,304 | $ | (26,327 | ) | $ | 37,583 | $ | (6,098 | ) | |||||||
Weighted average shares outstanding | 75,542 | 70,959 | 75,476 | 59,754 | |||||||||||||
Basic net income (loss) per share | $ | 0.35 | $ | (0.37 | ) | $ | 0.5 | $ | (0.10 | ) | |||||||
Computation of Diluted Net Income (Loss) Per Share: | |||||||||||||||||
Net income (loss) | $ | 26,304 | $ | (26,327 | ) | $ | 37,583 | $ | (6,098 | ) | |||||||
Weighted average shares outstanding | 75,542 | 70,959 | 75,476 | 59,754 | |||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Restricted stock (a) | 22 | — | 13 | — | |||||||||||||
Options to purchase common stock | 1,854 | — | 1,206 | — | |||||||||||||
Shares for diluted net income (loss) per share | 77,418 | 70,959 | 76,695 | 59,754 | |||||||||||||
Diluted net income (loss) per share | $ | 0.34 | $ | (0.37 | ) | $ | 0.49 | $ | (0.10 | ) | |||||||
Postretirement_Benefit_Plan_Ta
Post-retirement Benefit Plan (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Post-retirement Benefit Plan [Abstract] | ' | ||||||||||||||||
Schedule of Changes in Projected Benefit Obligations | ' | ||||||||||||||||
A summary of benefit obligations, fair value of plan assets and funded status is as follows (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
30-Sep-14 | 30-Sep-14 | ||||||||||||||||
Projected obligations at the beginning of the period | $ | 2,920 | $ | 2,910 | |||||||||||||
Service costs | 42 | 126 | |||||||||||||||
Interest costs | 25 | 74 | |||||||||||||||
Benefits paid | (62 | ) | (185 | ) | |||||||||||||
Projected obligations at September 30, 2014 | $ | 2,925 | $ | 2,925 | |||||||||||||
Schedule of Defined Benefit Plans Disclosures | ' | ||||||||||||||||
At September 30, 2014 and December 31, 2013, the Company had no plan assets. The benefit obligation and plan assets as of September 30, 2014 and December 31, 2013 were as follows (in thousands): | |||||||||||||||||
30-Sep-14 | 31-Dec-13 | ||||||||||||||||
Fair value of plan assets | $ | — | $ | — | |||||||||||||
Benefit obligation | (2,925 | ) | (2,910 | ) | |||||||||||||
Unfunded obligation | $ | (2,925 | ) | $ | (2,910 | ) | |||||||||||
Schedule of Assumptions Used | ' | ||||||||||||||||
Weighted-average assumptions used to determine net periodic benefit cost for the three and nine months ended September 30, 2014 and 2013 were as follows: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Settlement (discount) rate | 4.11 | % | 3.31 | % | 4.11 | % | 3.31 | % | |||||||||
Increase in future compensation | 3 | % | 3 | % | 3 | % | 3 | % | |||||||||
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | ' | ||||||||||||||||
Other changes in plan assets and projected benefit obligations recognized in other comprehensive loss for the three and nine months ended September 30, 2014 and 2013 were as follows (in thousands): | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net loss | $ | — | $ | 223 | $ | — | $ | 223 | |||||||||
Amortization of prior service costs | (43 | ) | 299 | (128 | ) | 299 | |||||||||||
Total recognized in other comprehensive loss | (43 | ) | 522 | (128 | ) | 522 | |||||||||||
Net pension cost | 110 | 774 | 328 | 774 | |||||||||||||
Total recognized in net pension cost and other comprehensive loss | $ | 67 | $ | 1,296 | $ | 200 | $ | 1,296 | |||||||||
Amounts recognized in accumulated other comprehensive loss as of September 30, 2014 and December 31, 2013 consisted of the following (in thousands): | |||||||||||||||||
30-Sep-14 | 31-Dec-13 | ||||||||||||||||
Net loss | $ | 223 | $ | 223 | |||||||||||||
Prior year service cost | 1,713 | 1,841 | |||||||||||||||
Total amounts included in accumulated other comprehensive loss | $ | 1,936 | $ | 2,064 | |||||||||||||
Schedule of Net Benefit Costs | ' | ||||||||||||||||
Components of net periodic benefit costs for the three and nine months ended September 30, 2014 and 2013 were as follows (in thousands): | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Service cost | $ | 42 | $ | 322 | $ | 126 | $ | 322 | |||||||||
Interest cost | 25 | 153 | 74 | 153 | |||||||||||||
Amortization of prior service costs | 43 | 299 | 128 | 299 | |||||||||||||
Net pension cost | $ | 110 | $ | 774 | $ | 328 | $ | 774 | |||||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | ' | ||||||||||||||||||||||||||||||||
Information about the Company’s operations in different business segments for the periods presented below is as follows: | |||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS BY BUSINESS SEGMENT | |||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, 2014 and 2013 | |||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2014 | Three Months Ended September 30, 2013 | ||||||||||||||||||||||||||||||||
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 | $ | 37,795 | $ | — | $ | — | $ | 37,795 | $ | 33,610 | $ | — | $ | — | $ | 33,610 | |||||||||||||||||
Consolidated resort operations | 10,481 | — | — | 10,481 | 9,326 | — | — | 9,326 | |||||||||||||||||||||||||
Vacation Interest sales, net of provision of $0, $15,847, $0, $15,847, $0, $13,851, $0, and $13,851, respectively | — | 143,180 | — | 143,180 | — | 123,708 | — | 123,708 | |||||||||||||||||||||||||
Interest | — | 16,783 | 347 | 17,130 | — | 13,971 | 326 | 14,297 | |||||||||||||||||||||||||
Other | 2,018 | 11,361 | — | 13,379 | 1,227 | 9,434 | — | 10,661 | |||||||||||||||||||||||||
Total revenues | 50,294 | 171,324 | 347 | 221,965 | 44,163 | 147,113 | 326 | 191,602 | |||||||||||||||||||||||||
Costs and Expenses: | |||||||||||||||||||||||||||||||||
Management and member services | 8,549 | — | — | 8,549 | 9,408 | — | — | 9,408 | |||||||||||||||||||||||||
Consolidated resort operations | 9,216 | — | — | 9,216 | 9,602 | — | — | 9,602 | |||||||||||||||||||||||||
Vacation Interest cost of sales | — | 16,476 | — | 16,476 | — | 18,605 | — | 18,605 | |||||||||||||||||||||||||
Advertising, sales and marketing | — | 82,308 | — | 82,308 | — | 70,714 | — | 70,714 | |||||||||||||||||||||||||
Vacation Interest carrying cost, net | — | 5,162 | — | 5,162 | — | 10,154 | — | 10,154 | |||||||||||||||||||||||||
Loan portfolio | 385 | 1,015 | — | 1,400 | 278 | 2,018 | — | 2,296 | |||||||||||||||||||||||||
Other operating | — | 5,847 | — | 5,847 | — | 3,912 | — | 3,912 | |||||||||||||||||||||||||
General and administrative | — | — | 26,747 | 26,747 | — | — | 61,114 | 61,114 | |||||||||||||||||||||||||
Depreciation and amortization | — | — | 8,271 | 8,271 | — | — | 7,583 | 7,583 | |||||||||||||||||||||||||
Interest expense | — | 3,866 | 7,428 | 11,294 | — | 4,267 | 16,658 | 20,925 | |||||||||||||||||||||||||
Loss on extinguishment of debt | — | — | — | — | — | — | 13,383 | 13,383 | |||||||||||||||||||||||||
Impairments and other write-offs | — | — | 11 | 11 | — | — | 1,200 | 1,200 | |||||||||||||||||||||||||
Loss (gain) on disposal of assets | — | — | 224 | 224 | — | — | (585 | ) | (585 | ) | |||||||||||||||||||||||
Gain on bargain purchase from business combinations | — | — | — | — | — | — | (2,756 | ) | (2,756 | ) | |||||||||||||||||||||||
Total costs and expenses | 18,150 | 114,674 | 42,681 | 175,505 | 19,288 | 109,670 | 96,597 | 225,555 | |||||||||||||||||||||||||
Income (loss) before provision (benefit) for income taxes | 32,144 | 56,650 | (42,334 | ) | 46,460 | 24,875 | 37,443 | (96,271 | ) | (33,953 | ) | ||||||||||||||||||||||
Provision (benefit) for income taxes | — | — | 20,156 | 20,156 | — | — | (7,626 | ) | (7,626 | ) | |||||||||||||||||||||||
Net income (loss) | $ | 32,144 | $ | 56,650 | $ | (62,490 | ) | $ | 26,304 | $ | 24,875 | $ | 37,443 | $ | (88,645 | ) | $ | (26,327 | ) | ||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS BY BUSINESS SEGMENT | |||||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2014 and 2013 | |||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2014 | Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||||||||||
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 | $ | 115,238 | $ | — | $ | — | $ | 115,238 | $ | 96,304 | $ | — | $ | — | $ | 96,304 | |||||||||||||||||
Consolidated resort operations | 28,825 | — | — | 28,825 | 26,465 | — | — | 26,465 | |||||||||||||||||||||||||
Vacation Interest sales, net of provision of $0, $40,123, $0, $40,123, $0, $29,731, $0, and $29,731, respectively | — | 379,082 | — | 379,082 | — | 325,815 | — | 325,815 | |||||||||||||||||||||||||
Interest | — | 47,798 | 1,212 | 49,010 | — | 40,021 | 1,138 | 41,159 | |||||||||||||||||||||||||
Other | 7,352 | 32,697 | — | 40,049 | 7,535 | 21,649 | — | 29,184 | |||||||||||||||||||||||||
Total revenues | 151,415 | 459,577 | 1,212 | 612,204 | 130,304 | 387,485 | 1,138 | 518,927 | |||||||||||||||||||||||||
Costs and Expenses: | |||||||||||||||||||||||||||||||||
Management and member services | 23,377 | — | — | 23,377 | 27,952 | — | — | 27,952 | |||||||||||||||||||||||||
Consolidated resort operations | 25,662 | — | — | 25,662 | 26,169 | — | — | 26,169 | |||||||||||||||||||||||||
Vacation Interest cost of sales | — | 44,840 | — | 44,840 | — | 45,451 | — | 45,451 | |||||||||||||||||||||||||
Advertising, sales and marketing | — | 214,190 | — | 214,190 | — | 181,668 | — | 181,668 | |||||||||||||||||||||||||
Vacation Interest carrying cost, net | — | 19,766 | — | 19,766 | — | 29,141 | — | 29,141 | |||||||||||||||||||||||||
Loan portfolio | 895 | 5,354 | — | 6,249 | 782 | 6,773 | — | 7,555 | |||||||||||||||||||||||||
Other operating | — | 16,650 | — | 16,650 | — | 6,518 | — | 6,518 | |||||||||||||||||||||||||
General and administrative | — | — | 74,203 | 74,203 | — | — | 105,612 | 105,612 | |||||||||||||||||||||||||
Depreciation and amortization | — | — | 24,601 | 24,601 | — | — | 19,912 | 19,912 | |||||||||||||||||||||||||
Interest expense | — | 10,790 | 34,502 | 45,292 | — | 12,451 | 58,110 | 70,561 | |||||||||||||||||||||||||
Loss on extinguishment of debt | — | — | 46,807 | 46,807 | — | — | 13,383 | 13,383 | |||||||||||||||||||||||||
Impairments and other write-offs | — | — | 53 | 53 | — | — | 1,279 | 1,279 | |||||||||||||||||||||||||
Loss (gain) on disposal of assets | — | — | 71 | 71 | — | — | (673 | ) | (673 | ) | |||||||||||||||||||||||
Gain on bargain purchase from business combinations | — | — | — | — | — | — | (2,726 | ) | (2,726 | ) | |||||||||||||||||||||||
Total costs and expenses | 49,934 | 311,590 | 180,237 | 541,761 | 54,903 | 282,002 | 194,897 | 531,802 | |||||||||||||||||||||||||
Income (loss) before provision (benefit) for income taxes | 101,481 | 147,987 | (179,025 | ) | 70,443 | 75,401 | 105,483 | (193,759 | ) | (12,875 | ) | ||||||||||||||||||||||
Provision (benefit) for income taxes | — | — | 32,860 | 32,860 | — | — | (6,777 | ) | (6,777 | ) | |||||||||||||||||||||||
Net income (loss) | $ | 101,481 | $ | 147,987 | $ | (211,885 | ) | $ | 37,583 | $ | 75,401 | $ | 105,483 | $ | (186,982 | ) | $ | (6,098 | ) | ||||||||||||||
Loss_on_extinguishment_of_debt1
Loss on extinguishment of debt (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Loss on extinguishment of debt [Abstract] | ' | ||||||||||||||||
Schedule of Extinguishment of Debt | ' | ||||||||||||||||
Loss on extinguishment of debt consisted of the following for the three and nine months ended September 30, 2014 and 2013 (in thousands): | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Senior Secured Notes | $ | — | $ | 8,443 | $ | 45,767 | $ | 8,443 | |||||||||
2013 Revolving Credit Facility | — | — | 932 | — | |||||||||||||
ILXA Inventory Loan | — | — | 83 | — | |||||||||||||
Tempus Inventory Loan | — | — | 25 | — | |||||||||||||
PMR Acquisition Loan | — | 3,196 | — | 3,196 | |||||||||||||
Tempus Acquisition Loan | — | 1,744 | — | 1,744 | |||||||||||||
Total loss on extinguishment of debt | $ | — | $ | 13,383 | $ | 46,807 | $ | 13,383 | |||||||||
Background_Business_and_Basis_1
Background, Business and Basis of Presentation (Details) (USD $) | 0 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | |||||||||||||||||||||||||
Jul. 24, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | 9-May-14 | Dec. 31, 2013 | Jul. 24, 2013 | Dec. 31, 2012 | Jul. 24, 2013 | Jul. 24, 2013 | Sep. 30, 2014 | Jun. 09, 2014 | Aug. 22, 2013 | Jul. 02, 2011 | Jul. 24, 2013 | Jul. 24, 2013 | Jul. 24, 2013 | 21-May-12 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Aug. 31, 2010 | Oct. 05, 2012 | Jul. 24, 2013 | Jul. 01, 2011 | 21-May-12 | |
Diamond Resorts International, Inc. [Member] | Cloobeck Diamond Parent [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Tempus Acquisition Loan [Member] | Island One [Member] | PMR Service Companies Aquisition [Member] | Island One Companies [Member] | PMR Acquisition [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] | Number of resorts acquired [Domain] | Number of resorts acquired [Domain] | Number of resorts acquired [Domain] | Number of resorts acquired [Domain] | Number of resorts acquired [Domain] | ||||||||
ILX Acquisition [Member] | Aegean Blue Acquisition [Member] | island One Acquisition [Member] | Tempus Acquisition [Member] | Pacifir Monarch Resorts [Member] | ||||||||||||||||||||||||||
Common Stock, Shares, Issued | ' | ' | 75,660,588 | ' | 75,458,402 | 17,825,000 | ' | 16,100,000 | 1,725,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share Price | ' | ' | ' | ' | ' | $14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Common Stock | $204,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12.00% | ' | ' | 18.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | 470,000,000 | ' | ' | ' | ' | ' | ' | 1,000 | 1,000 | 41,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Par or Stated Value Per Share | ' | ' | $0.01 | ' | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Parent Company Disclosures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '515000 | '313 | '34 | '93 | '11000 | 'seven | '214 | 'six | ' | ' | ' | ' | ' |
Prior Period Reclassification Adjustment | ' | 8,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Name of Acquired Entity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'ten | 'five | 'eight | 'two | 'nine |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,236,251 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and Cash Equivalents, at Carrying Value | ' | 29,876,000 | 181,923,000 | ' | 35,945,000 | ' | 21,061,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 73,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Cost of Acquired Entity, Cash Paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 47,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $51,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Provision for uncollectible Vacation Interest sales revenue | ($15,847) | ($13,851) | ($40,123) | ($29,731) |
Vacation Interest sales, net of provision | 143,180 | 123,708 | 379,082 | 325,815 |
Vacation Interest Sales and Financing [Member] | ' | ' | ' | ' |
Vacation Interest sales | 159,027 | 137,559 | 419,205 | 355,546 |
Provision for uncollectible Vacation Interest sales revenue | ($15,847) | ($13,851) | ($40,123) | ($29,731) |
Concentrations_of_Risk_Details
Concentrations of Risk (Details) (USD $) | 9 Months Ended | 9 Months Ended | ||||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Jun. 27, 2014 | Apr. 21, 2014 | Mar. 20, 2014 | Aug. 20, 2013 | Jul. 20, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Oct. 20, 2014 |
CALIFORNIA | ARIZONA | FLORIDA | Subsequent Event [Member] | |||||||
Concentration Risk, Geographic | ' | ' | ' | ' | ' | ' | '0.3172 | '0.088 | '0.0558 | ' |
Concentration Risk, Market Risk | '0.05 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Asset, Notional Amount | ' | ' | ' | ' | $35 | $55 | ' | ' | ' | ' |
Derivative, Fixed Interest Rate | 2.67% | 2.48% | 2.58% | 2.65% | 2.42% | 2.18% | ' | ' | ' | 2.45% |
Derivative, Notional Amount | 55 | 45 | 10 | 20 | ' | ' | ' | ' | ' | 112.5 |
Derivative Liability, Fair Value, Gross Liability | $0.20 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash_in_Escrow_and_Restricted_2
Cash in Escrow and Restricted Cash (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Cash in Escrow and Restricted Cash [Abstract] | ' | ' |
Securities Reserve Deposit Required and Made | $24,674 | $49,987 |
Funds Held for Clients | 19,844 | 17,091 |
Assets Held-in-trust, Current | 13,562 | 11,131 |
Escrow Deposit | 10,732 | 11,887 |
Security Deposit | 895 | 2,135 |
Restricted Cash and Cash Equivalents | 69,707 | 92,231 |
DROT 2013-2 [Member] | ' | ' |
Cash in Escrow and Restricted Cash [Abstract] | ' | ' |
Restricted Cash and Cash Equivalents | ' | $23,300 |
Mortgages_and_Contracts_Receiv2
Mortgages and Contracts Receivable and Allowance for Loan and Contract Losses -Narrative (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Apr. 26, 2007 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2013 | Jul. 03, 2011 | 21-May-12 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | |
Minimum [Member] | Maximum [Member] | Tempus Acquisition [Member] | Tempus Acquisition [Member] | Tempus Acquisition [Member] | PMR Acquisition [Member] | Restricted Subsidiaries [Member] | Restricted Subsidiaries [Member] | Acquired Mortgages [Member] | Acquired Mortgages [Member] | Contributed Mortgages [Member] | Contributed Mortgages [Member] | Originated Mortgages [Member] | Originated Mortgages [Member] | |||||||
Restricted Subsidiaries [Member] | Restricted Subsidiaries [Member] | Restricted Subsidiaries [Member] | Restricted Subsidiaries [Member] | Restricted Subsidiaries [Member] | Restricted Subsidiaries [Member] | |||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contract Receivable, Due after One Year, Lowest Interest Rate | 0.00% | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contract Receivable, Due after One Year, Highest Interest Rate | 18.00% | ' | 18.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage Loans on Real Estate, Periodic Payment Terms | ' | ' | ' | ' | ' | ' | 'one | '15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contract Receivable, Due after One Year, Weighted Average Interest Rate | 14.90% | ' | 14.90% | ' | 15.10% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Initiation of cancellation or foreclosure proceedings | ' | ' | ' | ' | ' | ' | '90 days | '180 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receivables Greater Than 90 Days | 1.90% | ' | 1.90% | ' | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of Deferred Loan Origination Fees, Net | $2,400,000 | $1,400,000 | $6,600,000 | $3,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of Receivable Discount (Premium) | ' | ' | 200,000 | 100,000 | ' | ' | ' | ' | 400,000 | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing Receivable, Gross | 566,241,000 | ' | 566,241,000 | ' | 495,309,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 44,748,000 | 77,271,000 | 207,000 | 443,000 | 521,286,000 | 417,595,000 |
Time Sharing Transactions, Allowance for Uncollectible Accounts on Receivables Sold with Recourse | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 121,189,000 | 105,590,000 | ' | ' | ' | ' | ' | ' |
Time Sharing Transactions, Deferred Profit | 1,890,000 | ' | 1,890,000 | ' | 2,197,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Finance Costs, Net | 11,236,000 | ' | 11,236,000 | ' | 8,223,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defaulted Mortgage inventory Value | 9,668,000 | ' | 9,668,000 | ' | 9,411,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receivable with Imputed Interest, Premium | 334,000 | ' | 334,000 | ' | 515,000 | ' | ' | ' | ' | ' | 800,000 | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Receivable with Imputed Interest, Discount | 0 | ' | 0 | ' | 217,000 | 3,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Collateralized Financings | 500,400,000 | ' | 500,400,000 | ' | 404,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Provision for uncollectible Vacation Interest sales revenue | 15,847,000 | 13,851,000 | 40,123,000 | 29,731,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance Adjustment For Doubtful Accounts | 0 | 3,972,000 | 0 | 3,972,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for Doubtful Accounts Receivable, Write-offs | 9,972,000 | 7,617,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Valuation Allowances and Reserves, Recoveries | 714,000 | 925,000 | 2,136,000 | 2,757,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign Currency Transaction Gain (Loss), Unrealized | -12,000 | 21,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financingreceivablenetofallowance | $566,241,000 | ' | $566,241,000 | ' | $495,309,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgages_and_Contracts_Receiv3
Mortgages and Contracts Receivable and Allowance for Loan and Contract Losses (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||||||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Apr. 26, 2007 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jul. 03, 2011 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Jul. 24, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | |
Restricted Subsidiaries [Member] | Restricted Subsidiaries [Member] | Acquired Mortgages [Member] | Acquired Mortgages [Member] | Contributed Mortgages [Member] | Contributed Mortgages [Member] | Originated Mortgages [Member] | Originated Mortgages [Member] | Tempus Acquisition [Member] | Tempus Acquisition [Member] | Tempus Acquisition [Member] | Island One [Member] | Island One [Member] | Island One [Member] | Island One [Member] | FICO Score Greater Than 799 [Member] | 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, 700 to 799 [Member] | FICO Score, 600 to 699 [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] | FICO Score Less Than 600 [Member] | No FICO Score [Member] | No FICO Score [Member] | No FICO Score [Member] | ||||||
Restricted Subsidiaries [Member] | Restricted Subsidiaries [Member] | Restricted Subsidiaries [Member] | Restricted Subsidiaries [Member] | Restricted Subsidiaries [Member] | Restricted Subsidiaries [Member] | ||||||||||||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Time Sharing Transactions, Direct Write-offs Charged Against Allowance on Receivables Sold with Recourse | ' | ' | $200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Time Sharing Transactions, Deferred Profit Affect on Provision | 100,000 | ' | 800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing Receivable, Gross | ' | 566,241,000 | ' | 495,309,000 | ' | ' | ' | 44,748,000 | 77,271,000 | 207,000 | 443,000 | 521,286,000 | 417,595,000 | ' | ' | ' | ' | ' | ' | ' | 50,349,000 | 45,235,000 | ' | 290,330,000 | 237,557,000 | ' | 181,323,000 | 152,601,000 | ' | 24,604,000 | 24,076,000 | ' | 19,635,000 | 35,840,000 | ' |
Time Sharing Transactions, Allowance for Uncollectible Accounts on Receivables Sold with Recourse | ' | ' | ' | ' | ' | 121,189,000 | 105,590,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Time Sharing Transactions, Deferred Profit | ' | 1,890,000 | ' | 2,197,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Finance Costs, Net | ' | 11,236,000 | ' | 8,223,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defaulted Mortgage inventory Value | ' | 9,668,000 | ' | 9,411,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receivable with Imputed Interest, Premium | ' | 334,000 | ' | 515,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 800,000 | 300,000 | 300,000 | 500,000 | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receivable with Imputed Interest, Discount | ' | 0 | ' | 217,000 | 3,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgages and contracts receivable, net | ' | 464,400,000 | ' | 405,454,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of total | 100.00% | 100.00% | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.89% | ' | 9.13% | 51.27% | ' | 47.96% | 32.02% | ' | 30.81% | 4.35% | ' | 4.86% | 4.00% | ' | 7.24% |
Amortization of Receivable Discount (Premium) | ' | $200,000 | $100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $400,000 | $500,000 | ' | $100,000 | $200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgages_and_Contracts_Receiv4
Mortgages and Contracts Receivable and Allowance for Loan and Contract Losses Allowance Rollforward (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | ' | ' | ' | ' |
Allowances for Mortgage and Contract Receivables, Beginning Balance | $114,577,000 | $87,193,000 | $105,590,000 | $83,784,000 |
Provision for uncollectible Vacation Interest sales revenue | 15,847,000 | 13,851,000 | 40,123,000 | 29,731,000 |
Allowance for Doubtful Accounts Receivable, Charge-offs | -9,972,000 | -7,617,000 | ' | ' |
Valuation Allowances and Reserves, Recoveries | 714,000 | 925,000 | 2,136,000 | 2,757,000 |
Foreign Currency Transaction Gain (Loss), Unrealized | -12,000 | 21,000 | ' | ' |
Allowances for Mortgage and Contract Receivables, Ending Balance | 121,189,000 | 98,153,000 | 121,189,000 | 98,153,000 |
Time Sharing Transactions, Deferred Profit Affect on Provision | ' | 100,000 | ' | 800,000 |
Time Sharing Transactions, Direct Write-offs Charged Against Allowance on Receivables Sold with Recourse | ' | ' | ' | 200,000 |
Restricted Subsidiaries [Member] | ' | ' | ' | ' |
Allowance for Doubtful Accounts Receivable [Roll Forward] | ' | ' | ' | ' |
Provision for uncollectible Vacation Interest sales revenue | 15,882,000 | 13,659,000 | 40,175,000 | 29,128,000 |
Allowance for Doubtful Accounts Receivable, Charge-offs | ' | ' | -26,709,000 | -21,486,000 |
Unrestricted Subsidiaries [Member] | ' | ' | ' | ' |
Allowance for Doubtful Accounts Receivable [Roll Forward] | ' | ' | ' | ' |
Foreign Currency Transaction Gain (Loss), Unrealized | ' | ' | ($3,000) | ($2,000) |
Transactions_with_Related_Part2
Transactions with Related Parties Related Party Transactions (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 0 Months Ended | 9 Months Ended | |||||||||||||||||||||||||||||||||||
Jun. 09, 2014 | 9-May-14 | Sep. 27, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 26, 2014 | 9-May-14 | Dec. 31, 2013 | Sep. 11, 2013 | Apr. 11, 2013 | 9-May-14 | 9-May-14 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Apr. 27, 2011 | Jul. 24, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jul. 02, 2011 | Sep. 30, 2013 | Sep. 30, 2013 | Jul. 24, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | 9-May-14 | Sep. 30, 2014 | 9-May-14 | Sep. 11, 2013 | Jun. 09, 2014 | Aug. 22, 2013 | Jun. 09, 2014 | Sep. 27, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | |
Guggengeim [Member] | Guggengeim [Member] | HM&C Management & Services Agreement [Member] | HM&C Management & Services Agreement [Member] | HM&C Management & Services Agreement [Member] | HM&C Management & Services Agreement [Member] | HM&C Management & Services Agreement [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] | Praesumo Agreement [Member] | Luumena [Member] | Technogistics [Member] | Technogistics [Member] | Trivergeance [Member] | Trivergeance [Member] | Mackinac Partners [Member] | Mackinac Partners [Member] | Mackinac Partners [Member] | Mackinac Partners [Member] | Katten Muchin Rosenman LLP [Member] | Katten Muchin Rosenman LLP [Member] | Katten Muchin Rosenman LLP [Member] | Katten Muchin Rosenman LLP [Member] | DROT 2011 Notes [Member] | Tempus Acquisition Loan [Member] | Tempus Acquisition Loan [Member] | Tempus Acquisition Loan [Member] | Tempus Acquisition Loan [Member] | Tempus Acquisition [Member] | Tempus Acquisition [Member] | PMR Acquisition [Member] | PMR Acquisition [Member] | PMR Acquisition [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Affiliated Entity [Member] | HM&C Employees [Member] | Executive Officer [Member] | |||||||||||||
Guggengeim [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Due from Related Parties | ' | ' | ' | $45,213,000 | ' | $45,213,000 | ' | ' | ' | $46,262,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $277,000 | $1,367,000 | $38,638,000 | $36,957,000 | $6,298,000 | $7,938,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Due to Related Parties | ' | ' | ' | 57,475,000 | ' | 57,475,000 | ' | ' | ' | 44,644,000 | ' | ' | ' | ' | 3,300,000 | ' | 3,300,000 | ' | 7,300,000 | 0 | 231,000 | 20,162,000 | 16,032,000 | 37,313,000 | 28,381,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | ' | ' | 470,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 64,500,000 | ' | ' | ' | 41,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000 | 1,000 | ' | ' | ' | ' |
Extinguishment of Debt, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | 62,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Periodic Payment, Interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | 2,800,000 | ' | 400,000 | 3,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Exit Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,700,000 | 2,700,000 | ' | 3,100,000 | 3,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Periodic Payment, Principal | ' | ' | ' | ' | ' | 1,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 47,500,000 | 52,800,000 | ' | ' | ' | ' | 59,300,000 | 64,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchase of remaining outstanding warrants | ' | ' | 10,300,000 | ' | ' | 0 | 10,346,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior Credit Facility, net of unamortized original issue discount of $2,122 and $0, respectively | ' | ' | ' | 441,766,000 | ' | 441,766,000 | ' | ' | 442,800,000 | 0 | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Warrant Exercises | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,800,000 | ' | ' |
Debt Instrument, Fee Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Secured Notes Payable | ' | 110,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 111,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | 175,000,000 | 445,000,000 | 0 | ' | 125,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,500,000 | ' | ' | ' | ' | ' | ' | 25,000,000 | 25,000,000 | 25,000,000 | ' | ' | ' | ' | ' | ' |
Long-term Debt, Gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | 371,194,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Notes Payable | ' | ' | ' | ' | ' | 1,113,000 | 3,882,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Early Repayment of Senior Debt | 5,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 114,100,000 | ' | ' | ' |
Entity Number of Employees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 53 | ' |
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | ' | ' | ' | 600,000 | ' | 1,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | 7,700,000 | 7,500,000 | 18,100,000 | 20,400,000 | ' | ' | ' | ' | ' | ' | ' | 400,000 | 500,000 | 1,300,000 | 1,400,000 | 0 | 400,000 | 1,000,000 | 200,000 | 700,000 | 200,000 | 300,000 | 1,600,000 | 1,700,000 | 800,000 | 2,200,000 | 3,000,000 | 4,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related Party Transaction, Amounts of Transaction | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of Financing Costs | ' | ' | ' | $1,000,000 | $1,500,000 | $3,500,000 | $4,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Nature of Common Ownership or Management Control Relationships | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'three |
Transactions_with_Related_Part3
Transactions with Related Parties Transactions with Related Parties (Parenthetical) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
PMR Acquisition [Member] | PMR Acquisition [Member] | Tempus Acquisition [Member] | Tempus Acquisition [Member] | |||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' |
Business Exit Costs | ' | ' | $3.10 | $3.10 | $2.70 | $2.70 |
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | $0.60 | $1.80 | ' | ' | ' | ' |
Other_Receivables_Net_Other_re
Other Receivables, Net Other receivables (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Other receivables, net | $34,030 | $54,588 |
Interest Receivable | 5,307 | 5,025 |
Income Taxes Receivable | 2,042 | 2,274 |
Other Receivables, Gross, Current | 1,734 | 2,220 |
Mini-Vacations and Sampler Programs revenue [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Other receivables, net | 16,279 | 11,844 |
THE Club dues receivable [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Other receivables, net | 3,062 | 29,418 |
Rental receivables [Domain] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Other receivables, net | 5,096 | 3,595 |
Owner maintenance fees for St Maarten [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Other receivables, net | 479 | 116 |
Insurance Claims [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Other receivables, net | $31 | $96 |
Prepaid_Expenses_and_Other_Ass2
Prepaid Expenses and Other Assets, Net (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | ' |
Other Inventory, in Transit, Gross | $18,259 | $12,495 |
Unamortized maintenance fees | 18,213 | 0 |
Deferred Finance Costs, Current, Net | 17,198 | 20,086 |
Deferred Sales Commission | 17,171 | 13,153 |
Prepaid Expense, Current | 6,910 | 2,497 |
Deferred inventory recovery agreements | 4,539 | 0 |
Deposits Assets | 4,235 | 4,068 |
Advances on Inventory Purchases | 4,202 | 3,028 |
Prepaid Insurance | 3,210 | 2,359 |
Prepaid Advertising | 2,403 | 815 |
Unamortized Exchange Fees | 1,564 | 0 |
Prepaid Rent | 1,155 | 344 |
Prepaid professional fees | 1,064 | 2,207 |
Prepaid maintenance fees | 874 | 2,501 |
Assets Held-for-sale, Other, Noncurrent | 264 | 537 |
Other Prepaid Expense, Current | 5,787 | 4,168 |
Prepaid Expense and Other Assets | $107,048 | $68,258 |
Prepaid_Expenses_and_Other_Ass3
Prepaid Expenses and Other Assets, Net (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | |||||||||||||||||||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | 9-May-14 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | 9-May-14 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jun. 09, 2014 | |
Tempus Inventory Loan [Member] | Tempus Inventory Loan [Member] | Tempus Inventory Loan [Member] | Tempus Inventory Loan [Member] | PMR Acquisition [Member] | PMR Acquisition [Member] | PMR Acquisition [Member] | PMR Acquisition [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | DROT 2013-2 [Member] | DROT 2013-2 [Member] | DROT 2013-1 [Member] | DROT 2013-1 [Member] | DROT 2011 Notes [Member] | DROT 2011 Notes [Member] | DRTOT 2013 [Member] | DRTOT 2013 [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] | Tempus Acquisition Loan [Member] | Tempus Acquisition Loan [Member] | Tempus Acquisition Loan [Member] | Tempus Acquisition Loan [Member] | Conduit 2008 [Member] | Conduit 2008 [Member] | ILXA Receivables Loan [Member] | ILXA Inventory Loan [Member] | ILXA Inventory Loan [Member] | ILXA Inventory Loan [Member] | ILXA Inventory Loan [Member] | ILXA Inventory Loan [Member] | Senior Subordinated Notes [Member] | |||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of Financing Costs | $1,000,000 | $1,500,000 | $3,500,000 | $4,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unamortized Debt Issuance Expense | 10,100,000 | ' | 10,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,200,000 | 3,000,000 | 3,600,000 | 1,400,000 | 1,700,000 | 800,000 | 1,100,000 | 900,000 | 1,100,000 | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | 500,000 | 1,300,000 | 100,000 | ' | ' | ' | ' | ' | ' |
Write off of Deferred Debt Issuance Cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | 9,400,000 |
Loss on extinguishment of debt | $0 | ($13,383,000) | ($46,807,000) | ($13,383,000) | $0 | $0 | $25,000 | $0 | $0 | $3,196,000 | $0 | $3,196,000 | $0 | ($8,443,000) | ($45,767,000) | ($8,443,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | $932,000 | $0 | ' | $0 | $1,744,000 | $0 | $1,744,000 | ' | ' | ' | ' | $0 | $0 | $83,000 | $0 | ' |
Unsold_Vacation_Interests_Net_2
Unsold Vacation Interests, Net - Activity Related to Unsold Vacation Interests (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||||||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||||||||||||||
Unsold Vacation Interests, Net [Abstract] | ' | ' | ' | ' | ||||||||||||||||
Unsold Vacation Interests, Net | ' | ' | ' | ' | ||||||||||||||||
Unsold Vacation Interests, Net | ||||||||||||||||||||
Unsold Vacation Interests, net as of the dates presented below consisted of the following (in thousands): | ||||||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||||||
Completed unsold Vacation Interests, net | $ | 244,835 | $ | 251,688 | ||||||||||||||||
Undeveloped land | 24,456 | 28,513 | ||||||||||||||||||
Vacation Interest construction-in-progress | 7,775 | 17,909 | ||||||||||||||||||
Unsold Vacation Interests, net | $ | 277,066 | $ | 298,110 | ||||||||||||||||
Activity related to unsold Vacation Interests, net, for the periods presented below consisted of the following (in thousands): | ||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Balance, beginning of period | $ | 292,248 | $ | 307,613 | $ | 298,110 | $ | 315,867 | ||||||||||||
Vacation Interest cost of sales | (16,476 | ) | (18,605 | ) | (44,840 | ) | (45,451 | ) | ||||||||||||
(Reinstatement) recovery of inventory — North America | (1,543 | ) | 179 | 17,037 | 20,127 | |||||||||||||||
Purchases in connection with business combinations | — | 4,823 | — | 4,823 | ||||||||||||||||
Inventory recovery activity — Europe | 367 | 3,086 | 4,084 | 4,478 | ||||||||||||||||
Open market and bulk purchases | 6,306 | 181 | 7,838 | 1,609 | ||||||||||||||||
Accrued bulk purchases | — | (804 | ) | 1,810 | 662 | |||||||||||||||
Capitalized legal, title and trust fees | 2,192 | (39 | ) | 3,689 | 1,107 | |||||||||||||||
Transfer of construction-in-progress to property and equipment, net | — | — | (5,616 | ) | — | |||||||||||||||
Construction-in-progress | 104 | 1,387 | 596 | 3,579 | ||||||||||||||||
Loan default recoveries, net | 1,121 | 612 | 1,970 | 2,572 | ||||||||||||||||
Transfers to assets held for sale | (4,250 | ) | (14 | ) | (4,250 | ) | (10,165 | ) | ||||||||||||
Impairment of inventory | — | (1,200 | ) | — | (1,200 | ) | ||||||||||||||
Effect of foreign currency translation | (2,770 | ) | 2,355 | (1,650 | ) | 1,062 | ||||||||||||||
Other | (233 | ) | 2,135 | (1,712 | ) | 2,639 | ||||||||||||||
Balance, end of period | $ | 277,066 | $ | 301,709 | $ | 277,066 | $ | 301,709 | ||||||||||||
See "Note 2—Summary of Significant Accounting Policies" set forth in the 2013 Form 10-K for discussion on unsold Vacation Interests, net. | ||||||||||||||||||||
Unsold Vacation Interests, Net [Roll Forward] | ' | ' | ' | ' | ||||||||||||||||
Inventory, Net (period start) | $292,248 | $307,613 | $298,110 | $315,867 | ||||||||||||||||
Vacationinterestscostofsales | 16,476 | 18,605 | 44,840 | 45,451 | ||||||||||||||||
Open market and bulk purchases | 6,306 | 181 | 7,838 | 1,609 | ||||||||||||||||
Accrued Bulk Purchases | 0 | -804 | 1,810 | 662 | ||||||||||||||||
Real Estate Inventory, Capitalized Interest Costs Incurred | 2,192 | -39 | 3,689 | 1,107 | ||||||||||||||||
Transfer of construction-in-progress to property, plant and equipment | 0 | 0 | -5,616 | 0 | ||||||||||||||||
Construction in progress | 104 | 1,387 | 596 | 3,579 | ||||||||||||||||
Allowance for Doubtful Accounts Receivable, Recoveries | 1,121 | 612 | 1,970 | 2,572 | ||||||||||||||||
Transfers from assets held for sale | 4,250 | 14 | 4,250 | 10,165 | ||||||||||||||||
Inventory Write-down | 0 | -1,200 | 0 | -1,200 | ||||||||||||||||
other | -233 | 2,135 | -1,712 | 2,639 | ||||||||||||||||
Inventory, Net (period end) | $277,066 | $301,709 | $277,066 | $301,709 |
Unsold_Vacation_Interests_Net_3
Unsold Vacation Interests, Net (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
Completed unsold Vacation Interests, net | $244,835 | ' | $244,835 | ' | ' | $251,688 | ' | ' |
Undeveloped Land | 24,456 | ' | 24,456 | ' | ' | 28,513 | ' | ' |
Vacation Interest Construction in Progress | 7,775 | ' | 7,775 | ' | ' | 17,909 | ' | ' |
Inventory, Net | 277,066 | 301,709 | 277,066 | 301,709 | 292,248 | 298,110 | 307,613 | 315,867 |
Vacationinterestscostofsales | -16,476 | -18,605 | -44,840 | -45,451 | ' | ' | ' | ' |
Open market and bulk purchases | 6,306 | 181 | 7,838 | 1,609 | ' | ' | ' | ' |
Accrued Bulk Purchases | 0 | -804 | 1,810 | 662 | ' | ' | ' | ' |
Real Estate Inventory, Capitalized Interest Costs Incurred | 2,192 | -39 | 3,689 | 1,107 | ' | ' | ' | ' |
Construction in progress | 104 | 1,387 | 596 | 3,579 | ' | ' | ' | ' |
Allowance for Doubtful Accounts Receivable, Recoveries | 1,121 | 612 | 1,970 | 2,572 | ' | ' | ' | ' |
Transfers from assets held for sale | -4,250 | -14 | -4,250 | -10,165 | ' | ' | ' | ' |
other | -233 | 2,135 | -1,712 | 2,639 | ' | ' | ' | ' |
Asset Impairment Charges | 11 | 1,200 | 53 | 1,279 | ' | ' | ' | ' |
North America | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Inventory Recovery | -1,543 | 179 | 17,037 | 20,127 | ' | ' | ' | ' |
Europe [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Inventory Recovery | 367 | 3,086 | 4,084 | 4,478 | ' | ' | ' | ' |
Inventories [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
effect on foreign currency translation | -2,770 | 2,355 | -1,650 | 1,062 | ' | ' | ' | ' |
island One Acquisition [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Purchases in connection with Business combinations | $0 | $4,823 | $0 | $4,823 | ' | ' | ' | ' |
Unsold_Vacation_Interests_Net_4
Unsold Vacation Interests, Net (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Activity related to unsold Vacation Interest [Line Items] | ' | ' | ' | ' |
Asset Impairment Charges | $11 | $1,200 | $53 | $1,279 |
Property_and_Equipment_Net_Det
Property and Equipment, Net (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Gross | $130,337,000 | ' | $130,337,000 | ' | $109,879,000 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | -59,676,000 | ' | -59,676,000 | ' | -49,483,000 |
Property, Plant and Equipment, Net | 70,661,000 | ' | 70,661,000 | ' | 60,396,000 |
Depreciation | 3,500,000 | 3,000,000 | 9,800,000 | 8,100,000 | ' |
Land and Land Improvements [Member] | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Gross | 19,298,000 | ' | 19,298,000 | ' | 18,606,000 |
Building and Building Improvements [Member] | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Gross | 43,942,000 | ' | 43,942,000 | ' | 35,604,000 |
Furniture and office equipment [Domain] | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Gross | 20,038,000 | ' | 20,038,000 | ' | 18,650,000 |
Software [Member] | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Gross | 30,916,000 | ' | 30,916,000 | ' | 24,488,000 |
Computer Equipment [Member] | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Gross | 15,672,000 | ' | 15,672,000 | ' | 12,521,000 |
Construction in Progress [Member] | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Gross | $471,000 | ' | $471,000 | ' | $10,000 |
Minimum [Member] | Land, Buildings and Improvements [Member] | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Estimated Useful Lives | ' | ' | 'four | ' | ' |
Minimum [Member] | Furniture and Fixtures [Member] | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Estimated Useful Lives | ' | ' | 'three | ' | ' |
Maximum [Member] | Land, Buildings and Improvements [Member] | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Estimated Useful Lives | ' | ' | 'P40Y | ' | ' |
Maximum [Member] | Furniture and Fixtures [Member] | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Estimated Useful Lives | ' | ' | 'seven | ' | ' |
Other_Intangible_Assets_Net_De
Other Intangible Assets, Net (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross | $263,259 | $263,951 |
Finite-Lived Intangible Assets, Accumulated Amortization | -79,766 | -65,319 |
Finite-Lived Intangible Assets, Net | 183,493 | 198,632 |
management contracts [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross | 202,456 | 202,948 |
Finite-Lived Intangible Assets, Accumulated Amortization | -42,173 | -31,905 |
Finite-Lived Intangible Assets, Net | 160,283 | 171,043 |
Customer Relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross | 55,936 | 56,128 |
Finite-Lived Intangible Assets, Accumulated Amortization | -35,874 | -32,090 |
Finite-Lived Intangible Assets, Net | 20,062 | 24,038 |
Distribution Rights [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross | 4,867 | 4,875 |
Finite-Lived Intangible Assets, Accumulated Amortization | -1,719 | -1,324 |
Finite-Lived Intangible Assets, Net | $3,148 | $3,551 |
Other_Intangible_Assets_Net_Na
Other Intangible Assets, Net (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Goodwill [Line Items] | ' | ' | ' | ' |
Amortization expense management contracts | '3476 | '3047 | '10438 | '7473 |
Accumulated Amortization Other Intangibles | '1288 | '1535 | '4351 | '4356 |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $17.60 | ' | $17.60 | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 14.3 | ' | 14.3 | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 13.5 | ' | 13.5 | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 13 | ' | 13 | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 12.9 | ' | 12.9 | ' |
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | $112.10 | ' | $112.10 | ' |
Minimum [Member] | management contracts [Member] | ' | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | ' | ' | '5 years | ' |
Minimum [Member] | Distribution Rights [Member] | ' | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | ' | ' | '3 years | ' |
Maximum [Member] | management contracts [Member] | ' | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | ' | ' | '25 years | ' |
Maximum [Member] | Distribution Rights [Member] | ' | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | ' | ' | '30 years | ' |
Accrued_Liabilities_Details
Accrued Liabilities (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Acquired Indefinite-lived Intangible Assets [Line Items] | ' | ' |
Accrued payroll and related | $26,821 | $32,117 |
Accrued commissions | 18,810 | 16,234 |
Accrued other taxes | 14,754 | 11,589 |
Accrued marketing expenses | 13,062 | 11,828 |
Accrued insurance | 4,286 | 4,418 |
Liabilities Subject to Compromise, Accounts Payable and Accrued Liabilities | 3,939 | 3,210 |
Accrued operating lease liabilities | 3,656 | 3,580 |
Business Combination, Contingent Consideration, Liability | 3,258 | 3,550 |
Accrued exchange company fees | 2,987 | 1,689 |
Accrued professional fees | 2,695 | 2,100 |
Accrued Liabilities and Other Liabilities | 2,083 | 1,443 |
Deposits on pending sale of assets | 1,827 | 1,311 |
Accrued interest | 425 | 19,084 |
Accrued contingent litigation liabilities | 8 | 257 |
Other | 7,763 | 5,025 |
Total accrued liabilities | $106,374 | $117,435 |
Assets_Held_for_sale_Details
Assets Held for sale (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Assets Held-for-sale, Long Lived | $14,706 | $10,662 |
Cabo, mexico [Member] | Completed units [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Assets Held-for-sale, Long Lived | 5,855 | 5,855 |
FLORIDA | Land [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Assets Held-for-sale, Long Lived | 4,000 | 0 |
HAWAII | Land [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Assets Held-for-sale, Long Lived | 3,600 | 3,600 |
Europe [Member] | Points equivalent to unsold units [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Assets Held-for-sale, Long Lived | $1,251 | $1,207 |
Accrued_Liabilities_Accrued_li
Accrued Liabilities Accrued liabilities (Details) (USD $) | 0 Months Ended | |
In Millions, unless otherwise specified | 9-May-14 | Jun. 09, 2014 |
Accrued interest and fees [Domain] | Accrued Liabilities [Member] | |
Extinguishment of Debt [Line Items] | ' | ' |
Extinguishment of Debt, Amount | $1.80 | $14.20 |
Deferred_Revenues_Details
Deferred Revenues (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Dec. 31, 2013 | |
Deferred Revenue Arrangement [Line Items] | ' | ' |
Recognition of Deferred Revenue | $5,000,000 | ' |
Deferred revenues | 90,670,000 | 110,892,000 |
Mini-Vacations and Sampler Programs revenue [Member] | ' | ' |
Deferred Revenue Arrangement [Line Items] | ' | ' |
Deferred revenues | 58,042,000 | 54,010,000 |
Maintenace and Reserve Fee Revenue [Member] | ' | ' |
Deferred Revenue Arrangement [Line Items] | ' | ' |
Deferred revenues | 14,113,000 | 12,375,000 |
Annual Membership Fees [Member] | ' | ' |
Deferred Revenue Arrangement [Line Items] | ' | ' |
Deferred revenues | 10,138,000 | 37,516,000 |
Accrued Guest Deposits [Domain] | ' | ' |
Deferred Revenue Arrangement [Line Items] | ' | ' |
Deferred revenues | 5,999,000 | 3,836,000 |
Management Fees and Allocation Revenue [Domain] | ' | ' |
Deferred Revenue Arrangement [Line Items] | ' | ' |
Deferred revenues | 1,155,000 | 284,000 |
Amenity Fee Revenue [Domain] | ' | ' |
Deferred Revenue Arrangement [Line Items] | ' | ' |
Deferred revenues | 651,000 | 0 |
Deferred Revenue from and Exchange Company [Domain] | ' | ' |
Deferred Revenue Arrangement [Line Items] | ' | ' |
Deferred revenues | 0 | 1,891,000 |
Unbilled Revenues [Member] | ' | ' |
Deferred Revenue Arrangement [Line Items] | ' | ' |
Deferred revenues | $572,000 | $980,000 |
Borrowings_Narrative_Details
Borrowings (Narrative) (Details) (USD $) | 0 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 3 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 9 Months Ended | 9 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Jun. 09, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 26, 2014 | Jun. 09, 2014 | 9-May-14 | Dec. 31, 2013 | Apr. 11, 2013 | 21-May-12 | Jun. 09, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Jun. 09, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jun. 09, 2014 | Dec. 31, 2013 | Aug. 22, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Aug. 22, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | 9-May-14 | 9-May-14 | Aug. 31, 2010 | Sep. 30, 2014 | Dec. 31, 2013 | Aug. 31, 2010 | 9-May-14 | Sep. 30, 2014 | Dec. 31, 2013 | 9-May-14 | Jul. 02, 2011 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Jul. 02, 2011 | Dec. 31, 2012 | 21-May-12 | Jul. 24, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jul. 02, 2011 | Nov. 20, 2013 | Jul. 24, 2013 | Sep. 30, 2014 | 9-May-14 | Dec. 31, 2013 | Sep. 11, 2013 | 21-May-12 | Jul. 24, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Apr. 11, 2013 | Jan. 23, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Apr. 11, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2012 | Apr. 30, 2010 | Sep. 30, 2014 | Dec. 31, 2013 | Nov. 20, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Nov. 20, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Jul. 24, 2013 | Jul. 24, 2013 | Sep. 20, 2013 | Jan. 23, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Jan. 23, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 20, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Apr. 27, 2011 | Sep. 30, 2014 | Dec. 31, 2013 | 9-May-14 | Dec. 31, 2013 | Aug. 31, 2010 | Sep. 30, 2014 | Dec. 31, 2013 | Oct. 28, 2013 | Jul. 24, 2013 | Sep. 30, 2014 | Jul. 24, 2013 | Sep. 30, 2014 | Feb. 11, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Jul. 02, 2011 | Jul. 02, 2011 | Jul. 02, 2011 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 09, 2014 | Jun. 09, 2014 | Aug. 22, 2013 | Jun. 09, 2014 | Jun. 09, 2014 | Jun. 09, 2014 | Jun. 09, 2014 | Jul. 02, 2011 | |
PMR Acquisition [Member] | Variable Income Interest Rate [Member] | Secured Debt [Member] | Secured Debt [Member] | Corporate Debt Securities [Member] | Corporate Debt Securities [Member] | Securitization notes and funding facilities [Member] | Securitization notes and funding facilities [Member] | Capital Lease Obligations [Member] | Senior Notes [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [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 Inventory Loan [Member] | ILXA Inventory Loan [Member] | DPM Inventory Loan [Member] | DPM Inventory Loan [Member] | DPM Inventory Loan [Member] | Tempus Inventory Loan [Member] | Tempus Inventory Loan [Member] | Tempus Inventory Loan [Member] | Tempus Inventory Loan [Member] | Capital Lease Obligations [Member] | Capital Lease Obligations [Member] | Notes Payable-RFA fees [Member] | Notes Payable-RFA fees [Member] | DPM Acquisition Loan [Member] | Tempus Guggenheim Loan [Member] | Tempus Guggenheim Loan [Member] | Tempus Guggenheim Loan [Member] | Tempus Guggenheim Loan [Member] | prefunding account [Member] | island One Acquisition [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | RFA DPM Loan [Member] | PMR Acquisition [Member] | PMR Acquisition [Member] | PMR Acquisition [Member] | Island One Note Payable [Member] | Conduit 2008 [Member] | Conduit 2008 [Member] | Conduit 2008 [Member] | Conduit 2008 [Member] | Conduit 2008 [Member] | Conduit 2008 [Member] | Conduit 2008 [Member] | DRI Quorum Facility and Island One Quorum Funding Facility [Member] | Quorum Facility [Member] | Quorum Facility [Member] | Quorum Facility [Member] | Quorum Facility [Member] | Quorum Facility [Member] | DROT 2013-2 [Member] | DROT 2013-2 [Member] | DROT 2013-2 [Member] | DROT 2013-2 [Member] | DROT 2013-2 [Member] | DROT 2013-2 [Member] | Island One Quorum Funding Facility [Member] | Island One Quorum Funding Facility [Member] | DROT 2013 [Member] | DROT 2013 [Member] | DROT 2013 [Member] | DROT 2013 [Member] | DROT 2013 [Member] | DRTOT 2013 [Member] | DRTOT 2013 [Member] | DRTOT 2013 [Member] | DRTOT 2013 [Member] | DRTOT 2013 [Member] | DROT 2011 Notes [Member] | DROT 2011 Notes [Member] | DROT 2011 Notes [Member] | DROT 2011 Notes [Member] | DROT 2011 Notes [Member] | ILXA Receivables Loan [Member] | ILXA Receivables Loan [Member] | ILXA Receivables Loan [Member] | ILXA Receivables Loan [Member] | ILXA 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 Receivables Loan [Member] | Island One Conduit Facility [Member] | Island One Conduit Facility [Member] | Island One Conduit Facility [Member] | Participation loan [Member] | Tempus Receivables Loan [Member] | Tempus Receivables Loan [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Debt instrument redemption price of face value [Domain] | Debt instrument redemption price [Domain] | Debt instrument redemption price [Domain] | Redemption amount [Domain] | Redemption premium [Domain] | Redemption premium [Domain] | interest [Member] | Interest Rate Contract [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] | 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] | 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] | Risk Level, Low [Member] | Risk Level, Low [Member] | Risk Level, High [Member] | Unrestricted Subsidiaries [Member] | Unrestricted Subsidiaries [Member] | DROT 2011 Notes [Member] | Tempus Guggenheim Loan [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Gross | ' | ' | ' | ' | ' | $470,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,000 | ' | $1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $23,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $71,300,000 | ' | ' | ' | $41,100,000 | ' | $700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $80,000,000 | $40,000,000 | ' | ' | ' | ' | ' | $225,000,000 | ' | ' | $15,000,000 | ' | $31,000,000 | $93,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $64,500,000 | ' | ' | ' | ' | $11,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $74,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Effective Percentage | ' | ' | ' | ' | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Description | ' | 'P7Y | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Amount Outstanding | ' | 443,888,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Expiration Period | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35000.00% | ' | ' | ' | ' | ' | ' | ' | ' | 45000.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate Terms | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'one | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Early Repayment of Senior Debt | 5,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 418,900,000 | ' | 30,200,000 | 14,200,000 | ' |
Percentage of minimum annual repayment | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Periodic Payment, Principal | ' | 1,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 47,500,000 | 52,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 59,300,000 | 64,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Covenant, Excess Cash Flow Seep, Period 1 | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Covenant, Excess Cash Flow Sweep, Period 2 | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Covenant, Adjusted EBITDA, Minimum | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Covenant, Adjusted EBITDA, Maximum | ' | 1.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Covenant, Leverage Ratio, Maximum | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Call Feature | ' | '0.0101 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Unused Borrowing Capacity, Amount | ' | 65,649,000 | ' | ' | ' | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend Payments Restrictions Schedule, Statutory Capital and Surplus | ' | ' | ' | ' | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12.00% | ' | ' | ' | ' | ' | ' | ' | ' | 3.10% | ' | ' | ' | ' | ' | ' | ' | 7.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18.00% | ' | ' | ' | 18.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | 7.36% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% |
Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior Notes | ' | 0 | ' | ' | ' | ' | 367,892,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 374,440,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 413,756,000 | ' | 1.08077 | 1,080.77 | 1,120 | ' | 374,400,000 | ' | ' | ' |
Securitization notes and Funding Facilities, net of unamortized original issue discount of $172 and $226, respectively | ' | 451,441,000 | ' | ' | ' | ' | 391,267,000 | ' | ' | ' | 6,000 | 19,848,000 | ' | ' | 451,441,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 11,268,000 | ' | ' | 0 | 6,261,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 157,619,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,500,000 | ' | ' | 454,242,000 | 392,317,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Renewal Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '364 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Floor Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | 3.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Advance Rate for Securitization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt, Weighted Average Interest Rate | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.10% | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.80% | ' | 5.50% | ' | ' | ' | 5.50% | ' | ' | ' | ' | ' | 2.30% | ' | ' | ' | ' | ' | 2.00% | ' | 2.00% | ' | ' | 6.00% | ' | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Long-term Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,400,000 | ' | ' | ' | ' | ' | 7,300,000 | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 46,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 58,300,000 | ' | ' | ' | ' | 71,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted Cash and Investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 44,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Long-term Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 180,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 152,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 48,877,000 | 61,926,000 | 10,814,000 | 12,501,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments of Debt Extinguishment Costs | ' | 0 | 2,034,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defaulted Timeshare Loans Release Fee, Payment Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '36 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value Inputs, Discount Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Long-term Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,300,000 | 0 | 2,308,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 4,766,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LIBOR Floor | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | ' | ' | ' | ' | ' | ' | ' | ' | 51,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt | ' | 895,621,000 | ' | ' | ' | ' | 782,309,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 61,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | 175,000,000 | ' | 445,000,000 | 0 | 125,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | 5,500,000 | ' | ' | 25,000,000 | 25,000,000 | ' | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Lower Range of Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Variable Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unamortized Debt Issuance Expense | ' | 10,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | 1,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | 3,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 900,000 | 1,100,000 | ' | ' | ' | 800,000 | 1,100,000 | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Unamortized Discount | ' | -2,122,000 | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | -6,548,000 | ' | ' | -6,548,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -172,000 | -226,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Time Sharing Transactions, Stated Interest Rates for Notes Receivable, Minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 70.00% | ' | 90.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Gross | ' | ' | ' | ' | ' | ' | 371,194,000 | ' | ' | ' | ' | ' | 444,174,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 59,826,000 | ' | ' | ' | ' | 51,660,000 | ' | ' | ' | ' | 148,379,000 | 218,235,000 | ' | ' | ' | ' | 47,021,000 | 63,059,000 | ' | ' | ' | 20,006,000 | 28,950,000 | ' | ' | ' | ' | 18,762,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 31,000 | ' | ' | ' | ' | ' | 24,792,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Quorum Purchase Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 86.80% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Average Fixed Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted Cash and Cash Equivalents | ' | 69,707,000 | ' | ' | ' | ' | 92,231,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Fixed Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans Pledged as Collateral | ' | 500,355,000 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | 500,355,000 | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | 0 | ' | ' | 0 | ' | ' | 0 | ' | ' | ' | ' | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 183,747,000 | ' | 67,376,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 154,968,000 | ' | ' | ' | ' | ' | 50,652,000 | ' | ' | ' | ' | 24,416,000 | ' | ' | 0 | ' | ' | 19,196,000 | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Remaining Borrowing Capacity | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 25,000,000 | ' | 40,649,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | 0 | ' | ' | 0 | ' | ' | ' | ' | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,381,000 | ' | 23,268,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes Payable | ' | $2,414,000 | ' | ' | ' | ' | $23,150,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,089,000 | $3,130,000 | ' | $319,000 | $172,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6,000 | $11,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,414,000 | $23,095,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowings_Details
Borrowings (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 0 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 26, 2014 | Jun. 09, 2014 | 9-May-14 | Dec. 31, 2013 | Sep. 11, 2013 | Apr. 11, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | 21-May-12 | Jun. 09, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jun. 09, 2014 | Dec. 31, 2013 | Aug. 22, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Oct. 21, 2013 | Sep. 30, 2014 | 9-May-14 | Sep. 11, 2013 | Sep. 20, 2013 | Jan. 23, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Jan. 23, 2013 | Apr. 11, 2013 | Jan. 23, 2013 | Apr. 11, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Oct. 21, 2013 | |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Senior Notes [Member] | Capital Lease Obligations [Member] | Corporate Debt Securities [Member] | Corporate Debt Securities [Member] | Secured Debt [Member] | Secured Debt [Member] | Securitization notes and funding facilities [Member] | Securitization notes and funding facilities [Member] | PMR Acquisition [Member] | Senior Notes [Member] | London Interbank Offered Rate (LIBOR) [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | 2009 DROT Class B [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | DROT 2013 [Member] | DROT 2013 [Member] | DROT 2013 [Member] | DROT 2013 [Member] | DROT 2013 [Member] | Conduit 2008 [Member] | Conduit 2008 [Member] | Conduit 2008 [Member] | Conduit 2008 [Member] | Conduit 2008 [Member] | 2009 DROT Class A [Member] | |||||||||||
Restricted Subsidiaries [Member] | Restricted Subsidiaries [Member] | Restricted Subsidiaries [Member] | Restricted Subsidiaries [Member] | Restricted Subsidiaries [Member] | Restricted Subsidiaries [Member] | Restricted Subsidiaries [Member] | ||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility amount outstanding, gross | $443,888,000 | ' | $443,888,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior Credit Facility, net of unamortized original issue discount of $2,122 and $0, respectively | 441,766,000 | ' | 441,766,000 | ' | ' | ' | 442,800,000 | 0 | 15,000,000 | ' | 441,766,000 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate Terms | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'one | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted Cash and Cash Equivalents | 69,707,000 | ' | 69,707,000 | ' | ' | ' | ' | 92,231,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior Notes | 0 | ' | 0 | ' | ' | ' | ' | 367,892,000 | ' | ' | ' | 413,756,000 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 374,440,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Floor Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | ' | ' | ' |
Derivative, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% | ' | ' | ' | ' | ' | ' | ' | 3.25% | ' | ' | ' |
Derivative, Average Fixed Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 48,877,000 | 61,926,000 | ' | ' | 10,814,000 | 12,501,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments of Debt Extinguishment Costs | ' | ' | 0 | 2,034,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Advance Rate for Securitization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% | ' | ' | ' | ' | ' |
Long-term Debt, Gross | ' | ' | ' | ' | ' | ' | ' | 371,194,000 | ' | ' | ' | ' | ' | ' | ' | ' | 444,174,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 47,021,000 | 63,059,000 | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Unamortized Discount | -2,122,000 | ' | -2,122,000 | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -6,100,000 | ' | 0 | ' | -6,548,000 | ' | ' | -6,548,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit, Current | ' | ' | ' | ' | 175,000,000 | ' | 445,000,000 | 0 | ' | 125,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000,000 | 25,000,000 | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Securitization notes and Funding Facilities, net of unamortized original issue discount of $172 and $226, respectively | 451,441,000 | ' | 451,441,000 | ' | ' | ' | ' | 391,267,000 | ' | ' | 454,242,000 | 392,317,000 | 0 | 0 | ' | ' | ' | ' | 6,000 | 19,848,000 | 451,441,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 157,619,000 | 0 | ' |
Notes Payable | 2,414,000 | ' | 2,414,000 | ' | ' | ' | ' | 23,150,000 | ' | ' | 2,414,000 | 23,095,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt | 895,621,000 | ' | 895,621,000 | ' | ' | ' | ' | 782,309,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Long-term Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 71,300,000 | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | 470,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000 | ' | 1,000 | ' | ' | ' | ' | ' | ' | 31,000,000 | 93,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial Instruments Subject to Mandatory Redemption, Settlement Terms, Share Value, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24,400,000 |
Debt, Weighted Average Interest Rate | 0.00% | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | 2.00% | ' | ' | ' | 3.80% | ' | ' |
Loans Pledged as Collateral | -500,355,000 | ' | -500,355,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | 0 | ' | -500,355,000 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | -50,652,000 | ' | ' | ' | ' | ' | -183,747,000 | ' | ' |
Line of Credit Facility, Remaining Borrowing Capacity | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000,000 | ' | 0 | ' | 40,649,000 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | 17,381,000 | ' | ' |
Debt Instrument, Unused Borrowing Capacity, Amount | 65,649,000 | ' | 65,649,000 | ' | ' | ' | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend Payments Restrictions Schedule, Statutory Capital and Surplus | ' | ' | ' | ' | ' | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Periodic Payment, Principal | ' | ' | 1,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | 3,336,000 | 38,495,000 | 12,198,000 | 38,495,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $51,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.75% | ' | ' | ' | ' | ' |
Debt Instrument, Maturity Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'P24M | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Effective Percentage | ' | ' | ' | ' | ' | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income_Taxes_Details
Income Taxes (Details) | 9 Months Ended |
Sep. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Corporate tax rate | 35.00% |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | Sep. 30, 2014 | Apr. 01, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
In Millions, unless otherwise specified | Guarantee of Indebtedness of Others [Member] | Guarantee of Indebtedness of Others [Member] | Guarantee of Indebtedness of Others [Member] | Guarantee of Indebtedness of Others [Member] | ||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' |
Liabilities for Guarantees on Long-Duration Contracts, Benefits Paid | ' | ' | $0.30 | $0.30 | $0.90 | $0.90 |
Purchase Commitment, Remaining Minimum Amount Committed | 1.3 | ' | ' | ' | ' | ' |
Purchase Obligation, Due after Fifth Year | ' | $3.50 | ' | ' | ' | ' |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Sep. 30, 2014 | 9-May-14 | Dec. 31, 2013 | Sep. 11, 2013 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Derivative Liability, Fair Value, Gross Liability | $200,000 | ' | ' | ' |
Mortgages and contracts receivable, net | 464,400,000 | ' | 405,454,000 | ' |
Senior Notes | 0 | ' | 367,892,000 | ' |
Debt, Weighted Average Interest Rate | 0.00% | ' | ' | ' |
Senior Credit Facility, net of unamortized original issue discount of $2,122 and $0, respectively | 441,766,000 | 442,800,000 | 0 | 15,000,000 |
Securitization notes and Funding Facilities, net of unamortized original issue discount of $172 and $226, respectively | 451,441,000 | ' | 391,267,000 | ' |
Notes Payable | 2,414,000 | ' | 23,150,000 | ' |
Total liabilities | 1,220,135,000 | ' | 1,093,382,000 | ' |
Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Mortgages and contracts receivable, net | 464,400,000 | ' | 405,454,000 | ' |
Senior Notes | ' | ' | 0 | ' |
Senior Credit Facility, net of unamortized original issue discount of $2,122 and $0, respectively | 0 | ' | ' | ' |
Securitization notes and Funding Facilities, net of unamortized original issue discount of $172 and $226, respectively | 0 | ' | 0 | ' |
Notes Payable | 0 | ' | 0 | ' |
Total liabilities | 0 | ' | 0 | ' |
Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Mortgages and contracts receivable, net | 0 | ' | 0 | ' |
Senior Notes | ' | ' | 413,756,000 | ' |
Senior Credit Facility, net of unamortized original issue discount of $2,122 and $0, respectively | 441,766,000 | ' | ' | ' |
Securitization notes and Funding Facilities, net of unamortized original issue discount of $172 and $226, respectively | 454,242,000 | ' | 392,317,000 | ' |
Notes Payable | 2,414,000 | ' | 23,095,000 | ' |
Total liabilities | 898,422,000 | ' | 829,168,000 | ' |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Mortgages and contracts receivable, net | 464,400,000 | ' | 405,454,000 | ' |
Senior Notes | ' | ' | 367,892,000 | ' |
Senior Credit Facility, net of unamortized original issue discount of $2,122 and $0, respectively | 441,766,000 | ' | ' | ' |
Securitization notes and Funding Facilities, net of unamortized original issue discount of $172 and $226, respectively | 451,441,000 | ' | 391,267,000 | ' |
Notes Payable | 2,414,000 | ' | 23,150,000 | ' |
Total liabilities | 895,621,000 | ' | 782,309,000 | ' |
Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Mortgages and contracts receivable, net | 464,400,000 | ' | 405,454,000 | ' |
Senior Notes | ' | ' | 413,756,000 | ' |
Senior Credit Facility, net of unamortized original issue discount of $2,122 and $0, respectively | 441,766,000 | ' | ' | ' |
Securitization notes and Funding Facilities, net of unamortized original issue discount of $172 and $226, respectively | 454,242,000 | ' | 392,317,000 | ' |
Notes Payable | 2,414,000 | ' | 23,095,000 | ' |
Total liabilities | 898,422,000 | ' | 829,168,000 | ' |
Senior Notes [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | ' | ' | $110.50 | ' |
Fair_Value_Measurements_Fair_V
Fair Value Measurements Fair Value Measurements (Details) (USD $) | Sep. 30, 2014 | 9-May-14 | Dec. 31, 2013 | Sep. 11, 2013 |
In Thousands, unless otherwise specified | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Mortgages and contracts receivable, net | $464,400 | ' | $405,454 | ' |
Senior Credit Facility, net of unamortized original issue discount of $2,122 and $0, respectively | 441,766 | 442,800 | 0 | 15,000 |
Securitization notes and Funding Facilities, net of unamortized original issue discount of $172 and $226, respectively | 451,441 | ' | 391,267 | ' |
Notes Payable | 2,414 | ' | 23,150 | ' |
Total liabilities | 1,220,135 | ' | 1,093,382 | ' |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Mortgages and contracts receivable, net | 464,400 | ' | 405,454 | ' |
Senior Credit Facility, net of unamortized original issue discount of $2,122 and $0, respectively | 441,766 | ' | ' | ' |
Securitization notes and Funding Facilities, net of unamortized original issue discount of $172 and $226, respectively | 451,441 | ' | 391,267 | ' |
Notes Payable | 2,414 | ' | 23,150 | ' |
Total liabilities | 895,621 | ' | 782,309 | ' |
Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Mortgages and contracts receivable, net | 464,400 | ' | 405,454 | ' |
Senior Credit Facility, net of unamortized original issue discount of $2,122 and $0, respectively | 441,766 | ' | ' | ' |
Securitization notes and Funding Facilities, net of unamortized original issue discount of $172 and $226, respectively | 454,242 | ' | 392,317 | ' |
Notes Payable | 2,414 | ' | 23,095 | ' |
Total liabilities | 898,422 | ' | 829,168 | ' |
Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Mortgages and contracts receivable, net | 0 | ' | 0 | ' |
Senior Credit Facility, net of unamortized original issue discount of $2,122 and $0, respectively | 441,766 | ' | ' | ' |
Securitization notes and Funding Facilities, net of unamortized original issue discount of $172 and $226, respectively | 454,242 | ' | 392,317 | ' |
Notes Payable | 2,414 | ' | 23,095 | ' |
Total liabilities | 898,422 | ' | 829,168 | ' |
Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Mortgages and contracts receivable, net | 464,400 | ' | 405,454 | ' |
Senior Credit Facility, net of unamortized original issue discount of $2,122 and $0, respectively | 0 | ' | ' | ' |
Securitization notes and Funding Facilities, net of unamortized original issue discount of $172 and $226, respectively | 0 | ' | 0 | ' |
Notes Payable | 0 | ' | 0 | ' |
Total liabilities | $0 | ' | $0 | ' |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Feb. 27, 2014 | Jan. 02, 2014 | Dec. 31, 2013 | Jul. 24, 2013 | Jul. 19, 2013 | Jan. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Jan. 02, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Jan. 31, 2014 | Sep. 30, 2014 | Jan. 02, 2014 | Sep. 30, 2014 | Jul. 08, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jul. 19, 2013 | Sep. 30, 2014 | Jul. 19, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 |
HM&C Employees [Member] | HM&C Employees [Member] | HM&C Employees [Member] | HM&C Employees [Member] | Parent Company [Member] | Parent Company [Member] | Company employees [Member] | Company employees [Member] | Company employees [Member] | 2013 Plan [Member] | 2013 Plan [Member] | Director [Member] | Director [Member] | Director [Member] | Director [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | HM&C Employees [Member] | HM&C Employees [Member] | HM&C Employees [Member] | HM&C Employees [Member] | 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] | Corporate and Other [Member] | Former holders of DRP BCU [Member] | Certain Eligible Persons [Member] | Certain Eligible Persons [Member] | granted [Member] | granted [Member] | forfeited [Member] | forfeited [Member] | exercised [Member] | exercised [Member] | advertising sales and marketing [Member] | advertising sales and marketing [Member] | advertising sales and marketing [Member] | advertising sales and marketing [Member] | advertising sales and marketing [Member] | advertising sales and marketing [Member] | advertising sales and marketing [Member] | advertising sales and marketing [Member] | advertising sales and marketing [Member] | advertising sales and marketing [Member] | advertising sales and marketing [Member] | advertising sales and marketing [Member] | advertising sales and marketing [Member] | advertising sales and marketing [Member] | advertising sales and marketing [Member] | advertising sales and marketing [Member] | Management and member services [Member] | Management and member services [Member] | Management and member services [Member] | Management and member services [Member] | Management and member services [Member] | Management and member services [Member] | Management and member services [Member] | Management and member services [Member] | Management and member services [Member] | Management and member services [Member] | Management and member services [Member] | Management and member services [Member] | Management and member services [Member] | Management and member services [Member] | Management and member services [Member] | Management and member services [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] | Vacation interest carrying costs, net [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] | Vacation interest carrying costs, net [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] | Vacation interest carrying costs, net [Member] | Vacation interest carrying costs, net [Member] | loan portfolio [Member] | loan portfolio [Member] | loan portfolio [Member] | loan portfolio [Member] | loan portfolio [Member] | loan portfolio [Member] | loan portfolio [Member] | loan portfolio [Member] | loan portfolio [Member] | loan portfolio [Member] | loan portfolio [Member] | loan portfolio [Member] | loan portfolio [Member] | loan portfolio [Member] | loan portfolio [Member] | loan portfolio [Member] | General and Administrative Expense [Member] | General and Administrative Expense [Member] | General and Administrative Expense [Member] | General and Administrative Expense [Member] | General and Administrative Expense [Member] | General and Administrative Expense [Member] | General and Administrative Expense [Member] | General and Administrative Expense [Member] | General and Administrative Expense [Member] | General and Administrative Expense [Member] | General and Administrative Expense [Member] | General and Administrative Expense [Member] | General and Administrative Expense [Member] | General and Administrative Expense [Member] | General and Administrative Expense [Member] | General and Administrative Expense [Member] | Weighted Average [Member] | ||||||||||
Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Deferred Compensation, Share-based Payments [Member] | Deferred Compensation, Share-based Payments [Member] | Deferred Compensation, Share-based Payments [Member] | Deferred Compensation, Share-based Payments [Member] | HM&C Employees [Member] | Company employees [Member] | HM&C Employees [Member] | Company employees [Member] | HM&C Employees [Member] | Company employees [Member] | 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] | Corporate and Other [Member] | 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] | Corporate and Other [Member] | 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] | Corporate and Other [Member] | 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] | Corporate and Other [Member] | 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] | Corporate and Other [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Compensation, Share-based Payments [Member] | Deferred Compensation, Share-based Payments [Member] | Deferred Compensation, Share-based Payments [Member] | Deferred Compensation, Share-based Payments [Member] | Deferred Compensation, Share-based Payments [Member] | Deferred Compensation, Share-based Payments [Member] | Deferred Compensation, Share-based Payments [Member] | Deferred Compensation, Share-based Payments [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $23,112 | ' | $23,112 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $750 | ' | $750 | ' | $11,933 | ' | $11,933 | ' | $10,429 | ' | $10,429 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Shares Authorized | 250,000,000 | ' | 250,000,000 | ' | ' | ' | 250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,733,245 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Capital Shares Reserved for Future Issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,515,960 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares, Issued | 75,660,588 | ' | 75,660,588 | ' | ' | ' | 75,458,402 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,760,215 | 1,736,000 | 2,672,100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share Price | ' | ' | ' | ' | ' | ' | ' | $14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35,377 | ' | ' | ' | ' | ' | 7,389 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 41,339 | ' | 19,882 | ' | ' | ' | 20,228 | 8,776 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,111,000 | ' | ' | ' | ' | ' | 1,251,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 550,000 | ' | ' | ' | ' | ' | 1,020,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | $3,336 | $38,495 | $12,198 | $38,495 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $186 | $171 | $715 | $171 | $1,909 | $6,041 | $6,171 | $6,041 | $1,241 | $32,283 | $5,312 | $32,283 | $350 | $718 | $1,314 | $718 | $704 | $2,388 | $2,354 | $2,388 | $2,282 | $35,389 | $8,530 | $35,389 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $537 | $1,950 | $1,804 | $1,950 | $0 | $0 | $0 | $0 | $537 | $1,950 | $1,804 | $1,950 | $0 | $0 | $0 | $0 | $350 | $718 | $1,314 | $718 | $350 | $718 | $1,314 | $718 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $65 | $174 | $212 | $174 | $0 | $0 | $0 | $0 | $65 | $174 | $212 | $174 | $0 | $0 | $0 | $0 | $102 | $264 | $338 | $264 | $0 | $0 | $0 | $0 | $102 | $264 | $338 | $264 | $0 | $0 | $0 | $0 | $2,282 | $35,389 | $8,530 | $35,389 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $2,282 | $35,389 | $8,530 | $35,389 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | ' | ' | -156,000 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | -156,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Restricted Stock Award, Gross | ' | ' | 23,000 | ' | ' | ' | ' | ' | ' | ' | 550,000 | ' | ' | ' | ' | ' | 1,020,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,008,000 | ' | 4,458,000 | ' | ' | ' | 2,942,000 | 2,128,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $14.51 | ' | $14 | ' | ' | ' | $15.88 | $14.34 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $14.15 | ' | ' | ' | ' | ' | $16.85 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | '9 years 6 months | ' | ' | ' | ' | ' | ' | '8 years 9 months 50 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '8 years 9 months |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $12.30 | $8.90 | ' | $8.10 | $7.40 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 52.80% | 49.80% | ' | 52.80% | 52.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 years | '9 years 1 month 17 days | ' | '6 years | '6 years 6 months 18 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.70% | 2.40% | ' | 1.71% | 1.80% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | ' | ' | $19.16 | ' | ' | ' | ' | ' | ' | ' | $18.60 | ' | ' | ' | ' | ' | $18.96 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $18.60 | $18.96 | $0 | $16.09 | $0 | $14.81 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | -50,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | ' | ' | -11,000 | ' | ' | ' | ' | ' | ' | ' | -379,000 | ' | ' | ' | ' | ' | -648,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage shares vested | ' | ' | ' | ' | 25.00% | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Shares, Issued | 75,660,588 | ' | 75,660,588 | ' | ' | ' | 75,458,402 | 17,825,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | ' | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | 0.00% | 0.00% | ' | 0.00% | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | -50,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | ' | ' | $0 | ' | ' | ' | ' | ' | ' | ' | $0 | ' | ' | ' | ' | ' | $16.09 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | ' | ' | '2 years | ' | ' | ' | ' | ' | ' | ' | '8 years 9 months | ' | ' | ' | ' | '9 years 6 months | '9 years 8 months | ' | ' | ' | ' | ' | '1 year 6 months | ' | ' | ' | '2 years 1 month | ' | ' | ' | '2 years 1 month | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | ' | ' | 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 | ' | ' | $14.46 | ' | ' | ' | ' | ' | ' | ' | $15.67 | ' | ' | ' | ' | ' | $16.02 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares, Outstanding | 44,000 | ' | 44,000 | ' | ' | 32,000 | ' | ' | ' | ' | 898,000 | ' | 727,000 | ' | ' | ' | 1,711,000 | 1,389,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $16.92 | ' | $16.92 | ' | ' | $14.46 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Exercise Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $16.11 | ' | $14 | ' | ' | ' | $16.51 | $14.39 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '9 years 5 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | ($15,591) | ' | ($15,591) | ' | ($14,171) |
Other Comprehensive Income (Loss), Net of Tax | -1 | 10 | -6 | 49 | ' |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | -2,889 | 1,188 | -1,298 | -1,764 | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -17,475 | ' | -17,475 | ' | -16,177 |
Accumulated Other Comprehensive Income (Loss) [Member] | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Net of Tax | ' | ' | 6 | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | $52 | ' | $52 | ' | $58 |
Net_income_loss_per_share_Deta
Net income (loss) per share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Earnings Per Share, Potentially Dilutive Securities | ' | '33561 | ' | '33561 |
Weighted Average Number of Shares Outstanding, Basic | 75,542,000 | 70,959,000 | 75,476,000 | 59,754,000 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | ' | 1,103 | ' | 1,103 |
Earnings Per Share, Basic | $0.35 | ($0.37) | $0.50 | ($0.10) |
Net income (loss) | $26,304 | ($26,327) | $37,583 | ($6,098) |
Weighted Average Number of Shares Outstanding, Diluted | 77,418,000 | 70,959,000 | 76,695,000 | 59,754,000 |
Earnings Per Share, Diluted | $0.34 | ($0.37) | $0.49 | ($0.10) |
Restricted Stock [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 22,000 | 0 | 13,000 | 0 |
Employee Stock Option [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,854,000 | 0 | 1,206,000 | 0 |
Postretirement_Benefit_Plan_De
Post-retirement Benefit Plan (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2011 |
Post-retirement Benefit Plan [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Defined Benefit Plan, Amortization of Gains (Losses) | $0 | $223 | $223 | $0 | $223 | ' | ' |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.11% | 3.31% | 4.11% | 3.31% | ' | ' | ' |
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year | 3.00% | 3.00% | 3.00% | 3.00% | ' | ' | ' |
Other Comprehensive Income (Loss), Net of Tax | -1 | 10 | -6 | 49 | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | 1,936 | ' | 1,936 | ' | 2,064 | ' | -2,000 |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Prior Service Cost (Credit), before Tax | 1,713 | ' | 1,713 | ' | 1,841 | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ' | 0 | ' | 0 | ' | ' |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Projected Benefit Obligation | 2,925 | ' | 2,925 | ' | 2,910 | 2,920 | ' |
Defined Benefit Plan, Service Cost | 42 | 322 | 126 | 322 | ' | ' | ' |
Defined Benefit Plan, Interest Cost | 25 | 153 | 74 | 153 | ' | ' | ' |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 43 | 299 | 128 | 299 | ' | ' | ' |
Amount Recognized in Net Periodic Benefit Cost and Other Comprehensive Income (Loss), before Tax | -43 | 522 | -128 | 522 | ' | ' | ' |
Defined Benefit Plan, Benefits Paid | -62 | ' | -185 | ' | ' | ' | ' |
Defined Benefit Plan, Benefit Obligation | -2,925 | ' | -2,925 | ' | -2,910 | ' | ' |
Defined Benefit Plan, Net Periodic Benefit Cost | 110 | 774 | 328 | 774 | ' | ' | ' |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized (Gain) Loss Arising During Period, Tax | $67 | $1,296 | $200 | $1,296 | ' | ' | ' |
Segment_Reporting_Details
Segment Reporting (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Management and member services | $37,795,000 | $33,610,000 | $115,238,000 | $96,304,000 |
Consolidated Resort Operations | 10,481,000 | 9,326,000 | 28,825,000 | 26,465,000 |
Provision for uncollectible Vacation Interest sales revenue | -15,847,000 | -13,851,000 | -40,123,000 | -29,731,000 |
Vacation Interest sales, net of provision of $0, $15,847, $0, $15,847, $0, $13,851, $0, and $13,851, respectively | 143,180,000 | 123,708,000 | 379,082,000 | 325,815,000 |
Interest | 17,130,000 | 14,297,000 | 49,010,000 | 41,159,000 |
Other | 13,379,000 | 10,661,000 | 40,049,000 | 29,184,000 |
Total revenues | 221,965,000 | 191,602,000 | 612,204,000 | 518,927,000 |
Management and member services | 8,549,000 | 9,408,000 | 23,377,000 | 27,952,000 |
Consolidated resort operations | 9,216,000 | 9,602,000 | 25,662,000 | 26,169,000 |
Vacation Interest cost of sales | 16,476,000 | 18,605,000 | 44,840,000 | 45,451,000 |
Advertising, sales and marketing | 82,308,000 | 70,714,000 | 214,190,000 | 181,668,000 |
Vacation Interest carrying cost, net | 5,162,000 | 10,154,000 | 19,766,000 | 29,141,000 |
Loan portfolio | 1,400,000 | 2,296,000 | 6,249,000 | 7,555,000 |
Other operating | 5,847,000 | 3,912,000 | 16,650,000 | 6,518,000 |
General and administrative | 26,747,000 | 61,114,000 | 74,203,000 | 105,612,000 |
Depreciation and amortization | 8,271,000 | 7,583,000 | 24,601,000 | 19,912,000 |
Interest Expense | 11,294,000 | 20,925,000 | 45,292,000 | 70,561,000 |
Loss on extinguishment of debt | 0 | 13,383,000 | 46,807,000 | 13,383,000 |
Impairments and other write-offs | 11,000 | 1,200,000 | 53,000 | 1,279,000 |
Asset Impairment Charges | 11,000 | 1,200,000 | 53,000 | 1,279,000 |
Loss (gain) on disposal of assets | 224,000 | -585,000 | 71,000 | -673,000 |
Gain on bargain purchase from business combinations | 0 | -2,756,000 | 0 | -2,726,000 |
Costs and Expenses | 175,505,000 | 225,555,000 | 541,761,000 | 531,802,000 |
Income (loss) before provision (benefit) for income taxes | 46,460,000 | -33,953,000 | 70,443,000 | -12,875,000 |
Provision (benefit) for income taxes | 20,156,000 | -7,626,000 | 32,860,000 | -6,777,000 |
Net income (loss) | 26,304,000 | -26,327,000 | 37,583,000 | -6,098,000 |
Hospitality and Management Services [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Management and member services | 37,795,000 | 33,610,000 | 115,238,000 | 96,304,000 |
Consolidated Resort Operations | 10,481,000 | 9,326,000 | 28,825,000 | 26,465,000 |
Provision for uncollectible Vacation Interest sales revenue | 0 | 0 | 0 | 0 |
Vacation Interest sales, net of provision of $0, $15,847, $0, $15,847, $0, $13,851, $0, and $13,851, respectively | 0 | 0 | 0 | 0 |
Interest | 0 | 0 | 0 | 0 |
Other | 2,018,000 | 1,227,000 | 7,352,000 | 7,535,000 |
Total revenues | 50,294,000 | 44,163,000 | 151,415,000 | 130,304,000 |
Management and member services | 8,549,000 | 9,408,000 | 23,377,000 | 27,952,000 |
Consolidated resort operations | 9,216,000 | 9,602,000 | 25,662,000 | 26,169,000 |
Vacation Interest cost of sales | 0 | 0 | 0 | 0 |
Advertising, sales and marketing | 0 | 0 | 0 | 0 |
Vacation Interest carrying cost, net | 0 | 0 | 0 | 0 |
Loan portfolio | 385,000 | 278,000 | 895,000 | 782,000 |
Other operating | 0 | 0 | 0 | 0 |
General and administrative | 0 | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Interest Expense | 0 | 0 | 0 | 0 |
Loss on extinguishment of debt | 0 | 0 | 0 | 0 |
Impairments and other write-offs | 0 | 0 | 0 | 0 |
Loss (gain) on disposal of assets | 0 | 0 | 0 | 0 |
Gain on bargain purchase from business combinations | 0 | 0 | 0 | 0 |
Costs and Expenses | 18,150,000 | 19,288,000 | 49,934,000 | 54,903,000 |
Income (loss) before provision (benefit) for income taxes | 32,144,000 | 24,875,000 | 101,481,000 | 75,401,000 |
Provision (benefit) for income taxes | 0 | 0 | 0 | 0 |
Net income (loss) | 32,144,000 | 24,875,000 | 101,481,000 | 75,401,000 |
Vacation Interest Sales and Financing [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Management and member services | 0 | 0 | 0 | 0 |
Consolidated Resort Operations | 0 | 0 | 0 | 0 |
Provision for uncollectible Vacation Interest sales revenue | -15,847,000 | -13,851,000 | -40,123,000 | -29,731,000 |
Vacation Interest sales, net of provision of $0, $15,847, $0, $15,847, $0, $13,851, $0, and $13,851, respectively | 143,180,000 | 123,708,000 | 379,082,000 | 325,815,000 |
Interest | 16,783,000 | 13,971,000 | 47,798,000 | 40,021,000 |
Other | 11,361,000 | 9,434,000 | 32,697,000 | 21,649,000 |
Total revenues | 171,324,000 | 147,113,000 | 459,577,000 | 387,485,000 |
Management and member services | 0 | 0 | 0 | 0 |
Consolidated resort operations | 0 | 0 | 0 | 0 |
Vacation Interest cost of sales | 16,476,000 | 18,605,000 | 44,840,000 | 45,451,000 |
Advertising, sales and marketing | 82,308,000 | 70,714,000 | 214,190,000 | 181,668,000 |
Vacation Interest carrying cost, net | 5,162,000 | 10,154,000 | 19,766,000 | 29,141,000 |
Loan portfolio | 1,015,000 | 2,018,000 | 5,354,000 | 6,773,000 |
Other operating | 5,847,000 | 3,912,000 | 16,650,000 | 6,518,000 |
General and administrative | 0 | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Interest Expense | 3,866,000 | 4,267,000 | 10,790,000 | 12,451,000 |
Loss on extinguishment of debt | 0 | 0 | 0 | 0 |
Impairments and other write-offs | 0 | 0 | 0 | 0 |
Loss (gain) on disposal of assets | 0 | 0 | 0 | 0 |
Gain on bargain purchase from business combinations | 0 | 0 | 0 | 0 |
Costs and Expenses | 114,674,000 | 109,670,000 | 311,590,000 | 282,002,000 |
Income (loss) before provision (benefit) for income taxes | 56,650,000 | 37,443,000 | 147,987,000 | 105,483,000 |
Provision (benefit) for income taxes | 0 | 0 | 0 | 0 |
Net income (loss) | 56,650,000 | 37,443,000 | 147,987,000 | 105,483,000 |
Corporate and Other [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Management and member services | 0 | 0 | 0 | 0 |
Consolidated Resort Operations | 0 | 0 | 0 | 0 |
Provision for uncollectible Vacation Interest sales revenue | 0 | 0 | 0 | 0 |
Vacation Interest sales, net of provision of $0, $15,847, $0, $15,847, $0, $13,851, $0, and $13,851, respectively | 0 | 0 | 0 | 0 |
Interest | 347,000 | 326,000 | 1,212,000 | 1,138,000 |
Other | 0 | 0 | 0 | 0 |
Total revenues | 347,000 | 326,000 | 1,212,000 | 1,138,000 |
Management and member services | 0 | 0 | 0 | 0 |
Consolidated resort operations | 0 | 0 | 0 | 0 |
Vacation Interest cost of sales | 0 | 0 | 0 | 0 |
Advertising, sales and marketing | 0 | 0 | 0 | 0 |
Vacation Interest carrying cost, net | 0 | 0 | 0 | 0 |
Loan portfolio | 0 | 0 | 0 | 0 |
Other operating | 0 | 0 | 0 | 0 |
General and administrative | 26,747,000 | 61,114,000 | 74,203,000 | 105,612,000 |
Depreciation and amortization | 8,271,000 | 7,583,000 | 24,601,000 | 19,912,000 |
Interest Expense | 7,428,000 | 16,658,000 | 34,502,000 | 58,110,000 |
Loss on extinguishment of debt | 0 | 13,383,000 | 46,807,000 | 13,383,000 |
Impairments and other write-offs | 11,000 | 1,200,000 | 53,000 | 1,279,000 |
Loss (gain) on disposal of assets | 224,000 | -585,000 | 71,000 | -673,000 |
Gain on bargain purchase from business combinations | 0 | -2,756,000 | 0 | -2,726,000 |
Costs and Expenses | 42,681,000 | 96,597,000 | 180,237,000 | 194,897,000 |
Income (loss) before provision (benefit) for income taxes | -42,334,000 | -96,271,000 | -179,025,000 | -193,759,000 |
Provision (benefit) for income taxes | 20,156,000 | -7,626,000 | 32,860,000 | -6,777,000 |
Net income (loss) | ($62,490,000) | ($88,645,000) | ($211,885,000) | ($186,982,000) |
Loss_on_extinguishment_of_debt2
Loss on extinguishment of debt (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | ||||||||||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jun. 09, 2014 | Jun. 09, 2014 | |
Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | ILXA Inventory Loan [Member] | ILXA Inventory Loan [Member] | ILXA Inventory Loan [Member] | ILXA Inventory Loan [Member] | Tempus Inventory Loan [Member] | Tempus Inventory Loan [Member] | Tempus Inventory Loan [Member] | Tempus Inventory Loan [Member] | PMR Acquisition [Member] | PMR Acquisition [Member] | PMR Acquisition [Member] | PMR Acquisition [Member] | Tempus Acquisition Loan [Member] | Tempus Acquisition Loan [Member] | Tempus Acquisition Loan [Member] | Tempus Acquisition Loan [Member] | Senior Notes [Member] | Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on extinguishment of debt | $0 | $13,383,000 | $46,807,000 | $13,383,000 | ' | $0 | $0 | ($932,000) | $0 | ' | $0 | $8,443,000 | $45,767,000 | $8,443,000 | ' | $0 | $0 | ($83,000) | $0 | $0 | $0 | ($25,000) | $0 | $0 | ($3,196,000) | $0 | ($3,196,000) | $0 | ($1,744,000) | $0 | ($1,744,000) | ($30,200,000) | ' |
Unamortized Debt Issuance Expense | 10,100,000 | ' | 10,100,000 | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | 10,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,400,000 |
Debt Instrument, Unamortized Discount | $2,122,000 | ' | $2,122,000 | ' | $0 | ' | ' | ' | ' | ' | $0 | ' | $0 | ' | $6,548,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6,100,000 |
Subsequent_events_Subsequent_e1
Subsequent events Subsequent events (Details) (USD $) | Sep. 30, 2014 | Jun. 27, 2014 | Apr. 21, 2014 | Mar. 20, 2014 | Aug. 20, 2013 | Jul. 20, 2013 | Oct. 28, 2014 | Oct. 20, 2014 |
In Millions, unless otherwise specified | Subsequent Event [Member] | Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Repurchase Program, Authorized Amount | ' | ' | ' | ' | ' | ' | $100 | ' |
Derivative, Notional Amount | $55 | $45 | $10 | $20 | ' | ' | ' | $112.50 |
Derivative, Fixed Interest Rate | 2.67% | 2.48% | 2.58% | 2.65% | 2.42% | 2.18% | ' | 2.45% |