Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 25, 2016 | Jun. 30, 2015 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | Diamond Resorts International, Inc. | ||
Entity Central Index Key | 1,566,897 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Common Stock, Shares Outstanding | 69,705,619 | ||
Entity Public Float | $ 1,446,879,088 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Assets: | ||
Cash and cash equivalents | $ 290,510 | $ 255,042 |
Cash in escrow and restricted cash | 98,295 | 68,358 |
Vacation Interests notes receivable, net of allowance of $165,331 and $130,639, respectively | 622,607 | 498,662 |
Due from related parties, net | 42,435 | 51,651 |
Other receivables, net | 55,786 | 59,821 |
Income tax receivable | 147 | 467 |
Deferred tax asset | 577 | 423 |
Prepaid expenses and other assets, net | 100,647 | 86,439 |
Unsold Vacation Interests, net | 358,278 | 262,172 |
Property and equipment, net | 95,361 | 70,871 |
Assets Held-for-sale, Not Part of Disposal Group, Current | 1,672 | 14,452 |
Goodwill | 104,521 | 30,632 |
Other intangible assets, net | 222,190 | 178,786 |
Total assets | 1,993,026 | 1,577,776 |
Liabilities and Stockholders' Equity: | ||
Accounts payable | 15,144 | 14,084 |
Due to related parties, net | 54,778 | 34,768 |
Accrued liabilities | 221,662 | 134,680 |
Income taxes payable | 346 | 108 |
Deferred income taxes | 92,829 | 47,250 |
Deferred revenues | 119,720 | 124,997 |
Senior Credit Facility, net of unamortized original issue discount of $4,735 and $2,055, respectively | 569,931 | 440,720 |
Securitization notes and Funding Facilities, net of unamortized original issue discount of $103 and $156, respectively | 642,758 | 509,208 |
Derivative Liability | 146 | 0 |
Notes payable | 4,750 | 4,612 |
Total liabilities | $ 1,722,064 | $ 1,310,427 |
Commitments and contingencies (see Note 18) | ||
Stockholders' equity: | ||
Common stock $0.01 par value per share; authorized - 250,000,000 shares; issued 71,928,002 and 75,732,088 shares, respectively | $ 719 | $ 757 |
Preferred Stock $0.01 par value per share; authorized - 5,000,000 shares | 0 | 0 |
Additional paid-in capital | 381,475 | 482,732 |
Accumulated deficit | (31,024) | (180,502) |
Accumulated other comprehensive loss | (20,151) | (19,561) |
Subtotal | 331,019 | 283,426 |
Less: Treasury stock at cost; 2,222,383 and 642,900 shares, respectively | (60,057) | (16,077) |
Total stockholders' equity | 270,962 | 267,349 |
Total liabilities and stockholders' equity | $ 1,993,026 | $ 1,577,776 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Assets: | ||
Allowance for Doubtful Accounts Receivable | $ (165,331) | $ (130,639) |
LIABILITIES AND MEMBER CAPITAL (DEFICIT) | ||
Debt Instrument, Unamortized Discount | $ 4,838 | |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 250,000,000 | 250,000,000 |
Common Stock, Shares, Issued | 71,928,002 | 75,732,088 |
Treasury Stock, Shares | 2,222,383 | 642,900 |
senior credit facility [Member] | ||
LIABILITIES AND MEMBER CAPITAL (DEFICIT) | ||
Debt Instrument, Unamortized Discount | $ 4,735 | $ 2,055 |
Senior Notes [Member] | ||
LIABILITIES AND MEMBER CAPITAL (DEFICIT) | ||
Debt Instrument, Unamortized Discount | 0 | 0 |
Secured Debt [Member] | ||
LIABILITIES AND MEMBER CAPITAL (DEFICIT) | ||
Debt Instrument, Unamortized Discount | $ 103 | $ 156 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues: | |||
Management and member services | $ 165,169 | $ 152,201 | $ 131,238 |
Consolidated resort operations | 15,356 | 38,406 | 35,512 |
Vacation Interests sales, net of provision of $80,772, $57,202 and $44,670, respectively | 624,283 | 532,006 | 464,613 |
Interest | 80,319 | 68,398 | 57,044 |
Other | 68,913 | 53,555 | 41,381 |
Total revenues | 954,040 | 844,566 | 729,788 |
Costs and Expenses: | |||
Management and member services | 34,293 | 33,184 | 37,907 |
Consolidated resort operations | 14,535 | 35,409 | 34,333 |
Vacation Interests cost of sales | 28,721 | 63,499 | 56,695 |
Advertising, sales and marketing | 350,411 | 297,095 | 258,451 |
Vacation Interests carrying cost, net | 39,671 | 35,495 | 41,347 |
Loan portfolio | 10,888 | 8,811 | 9,631 |
Other operating | 28,371 | 22,135 | 12,106 |
General and administrative | 112,501 | 102,993 | 145,925 |
Depreciation and amortization | 34,521 | 32,529 | 28,185 |
Interest expense | 48,476 | 56,943 | 88,626 |
Loss on extinguishment of debt | 0 | (46,807) | (15,604) |
Impairments and other write-offs | 12 | 240 | 1,587 |
Gain on disposal of assets | (8) | (265) | (982) |
Gain on bargain purchase from business combinations | 0 | 0 | (2,879) |
Total costs and expenses | 702,392 | 734,875 | 726,536 |
Income before provision for income taxes | 251,648 | 109,691 | 3,252 |
Provision for income taxes | 102,170 | 50,234 | 5,777 |
Net income (loss) | 149,478 | 59,457 | (2,525) |
Other comprehensive income (loss): | |||
Currency translation adjustments, net of tax of $0 | (2,466) | (3,545) | 2,543 |
Post-retirement benefit plan, net of tax of $0 | 1,893 | 171 | (2,064) |
Other Comprehensive Income (Loss), Net of Tax | (17) | (10) | 77 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (590) | (3,384) | 556 |
Comprehensive income (loss) | $ 148,888 | $ 56,073 | $ (1,969) |
Net income (loss) per share: | |||
Basic (usd per share) | $ 2.05 | $ 0.79 | $ (0.04) |
Diluted (usd per share) | $ 1.98 | $ 0.77 | $ (0.04) |
Weighted average common shares outstanding: | |||
Basic (in shares) | 72,881 | 75,466 | 63,704 |
Diluted (in shares) | 75,479 | 76,947 | 63,704 |
Consolidated Statements of Ope5
Consolidated Statements of Operations and Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement [Abstract] | |||
Provision for Vacation Interests sales | $ (80,772) | $ (57,202) | $ (44,670) |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Tax | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent | $ 0 | $ 0 | $ 0 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Deficit) - USD ($) $ in Thousands | Total | Common Stock [Member] | Common stock par value [Member] | Additional Paid-in Capital [Member] | Permanent Capital Accumulated Deficit | Permanent Capital Accumulated Other Comprehensive Income (Loss) | Treasury Stock [Member] | Stockholders' Equity, Total [Member] |
Beginning balance, shares at Dec. 31, 2012 | 54,057,867 | |||||||
Beginning balance at Dec. 31, 2012 | $ 541 | $ 155,027 | $ (237,434) | $ (16,733) | $ 0 | $ (98,599) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Proceeds from Issuance of Common Stock | 161 | 204,171 | 0 | 0 | 0 | 204,332 | ||
Stock Issued During Period, Value, New Issues | 52 | 73,255 | 0 | 0 | 0 | 73,307 | ||
Stock-based compensation, shares | 64,284 | |||||||
Stock-based compensation | 1 | 41,087 | 0 | 0 | 0 | 41,088 | ||
Issuance of common stock in the IPO, net of related costs, shares | 16,100,000 | |||||||
Issuance of common stock in the Island One Acquisition, shares | 5,236,251 | |||||||
Repurchase of outstanding warrants | $ 10,346 | 0 | (10,346) | 0 | 0 | 0 | (10,346) | |
Net income (loss) | (2,525) | 0 | 0 | (2,525) | 0 | 0 | (2,525) | |
Currency translation adjustments, net of tax of $0 | 2,543 | 0 | 0 | 0 | 2,543 | 0 | 2,543 | |
Post-retirement benefit plan, net of tax of $0 | (2,064) | 0 | 0 | 0 | (2,064) | 0 | (2,064) | |
Other Comprehensive Income (Loss), Net of Tax | 77 | 0 | 0 | 0 | 77 | 0 | 77 | |
Ending balance, shares at Dec. 31, 2013 | 75,458,402 | |||||||
Ending balance at Dec. 31, 2013 | 755 | 463,194 | (239,959) | (16,177) | 0 | 207,813 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Exercise of stock options, shares | 227,500 | |||||||
Exercise of stock options | 2 | 3,353 | 0 | 0 | 0 | 3,355 | ||
Stock-based compensation, shares | 46,186 | |||||||
Stock-based compensation | 0 | 16,185 | 0 | 0 | 0 | 16,185 | ||
Purchase of treasure stock, shares | (642,900) | |||||||
Purchase of treasury stock | 0 | 0 | 0 | 0 | (16,077) | (16,077) | ||
Repurchase of outstanding warrants | 0 | |||||||
Net income (loss) | 59,457 | 0 | 0 | 59,457 | 0 | 0 | 59,457 | |
Currency translation adjustments, net of tax of $0 | (3,545) | 0 | 0 | 0 | (3,545) | 0 | (3,545) | |
Post-retirement benefit plan, net of tax of $0 | 171 | 0 | 0 | 0 | 171 | 0 | 171 | |
Other Comprehensive Income (Loss), Net of Tax | (10) | 0 | 0 | 0 | (10) | 0 | (10) | |
Ending balance, shares at Dec. 31, 2014 | 75,089,188 | |||||||
Ending balance at Dec. 31, 2014 | 757 | 482,732 | (180,502) | (19,561) | (16,077) | 267,349 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Exercise of stock options, shares | 188,495 | |||||||
Exercise of stock options | 2 | 2,937 | 0 | 0 | 2,939 | |||
Stock-based compensation, shares | 141,490 | |||||||
Stock-based compensation | 1 | 14,408 | 14,409 | |||||
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | 922 | 922 | ||||||
Purchase of treasure stock, shares | (5,713,554) | |||||||
Purchase of treasury stock | (163,545) | (163,545) | ||||||
Treasury Stock, Retired, Cost Method, Amount | (41) | (119,524) | 119,565 | |||||
Repurchase of outstanding warrants | 0 | |||||||
Net income (loss) | 149,478 | 0 | 0 | 149,478 | 0 | 0 | 149,478 | |
Currency translation adjustments, net of tax of $0 | (2,466) | 0 | 0 | 0 | (2,466) | 0 | (2,466) | |
Post-retirement benefit plan, net of tax of $0 | 1,893 | 1,893 | 1,893 | |||||
Other Comprehensive Income (Loss), Net of Tax | $ (17) | (17) | 0 | (17) | ||||
Ending balance, shares at Dec. 31, 2015 | 69,705,619 | |||||||
Ending balance at Dec. 31, 2015 | $ 719 | $ 381,475 | $ (31,024) | $ (20,151) | $ (60,057) | $ 270,962 |
Consolidated Statements of Sto7
Consolidated Statements of Stockholders' Equity (Deficit) (Parenthetical) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Tax on currency translation adjustment | $ 0 | $ 0 | $ 0 |
Tax on post retirement benefit plan | 0 | 0 | 0 |
Common Stock [Member] | |||
Tax on currency translation adjustment | 0 | 0 | 0 |
Tax on post retirement benefit plan | 0 | 0 | 0 |
Additional Paid-in Capital [Member] | |||
Tax on currency translation adjustment | 0 | 0 | 0 |
Tax on post retirement benefit plan | 0 | 0 | 0 |
Retained Earnings [Member] | |||
Tax on currency translation adjustment | 0 | 0 | 0 |
Tax on post retirement benefit plan | 0 | 0 | 0 |
Permanent Capital Accumulated Other Comprehensive Income (Loss) | |||
Tax on currency translation adjustment | 0 | 0 | 0 |
Tax on post retirement benefit plan | 0 | 0 | 0 |
Treasury Stock [Member] | |||
Tax on currency translation adjustment | 0 | 0 | 0 |
Tax on post retirement benefit plan | $ 0 | $ 0 | $ 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating activities: | |||
Net income (loss) | $ 149,478 | $ 59,457 | $ (2,525) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Provision for uncollectible Vacation Interests sales revenue | 80,772 | 57,202 | 44,670 |
Amortization of capitalized financing costs and original issue discounts | 6,233 | 5,337 | 7,079 |
Amortization of capitalized loan origination costs and net portfolio discounts | 12,713 | 8,918 | 5,955 |
Depreciation and amortization | 34,521 | 32,529 | 28,185 |
Stock-based compensation | 14,948 | 16,202 | 40,533 |
Excess Tax Benefit from Share-based Compensation, Operating Activities | (922) | 0 | 0 |
Non-cash expense related to Alter Ego Suit | 0 | 0 | 5,508 |
Loss on extinguishment of debt | 0 | 46,807 | 15,604 |
Impairments and other write-offs | 12 | 240 | 1,587 |
Gain on disposal of assets | (8) | (265) | (982) |
Gain on bargain purchase from business combinations | 0 | 0 | (2,879) |
Deferred Income Taxes and Tax Credits | 46,146 | 24,424 | 3,264 |
Loss on foreign currency exchange | 1,210 | 362 | 245 |
Gain on mortgage repurchase | (515) | (621) | (111) |
Unrealized loss on derivative instruments | 462 | 0 | 0 |
Unrealized loss on post-retirement benefit plan | 0 | 171 | 887 |
Noncontrolling Interest in Net Income (Loss) Joint Venture Partners, Nonredeemable | 122 | 0 | 0 |
Changes in operating assets and liabilities excluding acquisitions: | |||
Increase (Decrease) in Restricted Cash for Operating Activities | (16,137) | 3,256 | (4,901) |
Vacation Interests notes receivable | (216,954) | (158,842) | (128,803) |
Due from related parties, net | 18,581 | 2,580 | (11,568) |
Other receivables, net | 3,726 | (5,412) | (5,853) |
Prepaid expenses and other assets, net | 10,044 | (16,823) | (6,534) |
Unsold Vacation Interests, net | (59,611) | 22,784 | 7,131 |
Accounts payable | 1,374 | (288) | (6,446) |
Due to related parties, net | 23,084 | (8,413) | (20,842) |
Accrued liabilities | 70,527 | 17,628 | 13,119 |
Increase (Decrease) in Income Taxes Receivable | 558 | (1,402) | 1,247 |
Increase (Decrease) in Deferred Charges | (4,470) | 15,483 | 14,272 |
Net cash provided by (used in) operating activities | 175,894 | 121,314 | (2,158) |
Investing activities: | |||
Property and equipment capital expenditures | (26,325) | (17,950) | (15,150) |
Payments to Acquire Intangible Assets | (8,993) | 0 | 0 |
Proceeds from Divestiture of Interest in Joint Venture | (1,500) | 0 | 0 |
Proceeds from sale of assets | 567 | 850 | 3,933 |
Net cash used in investing activities | (203,685) | (17,100) | (58,065) |
Financing activities: | |||
Changes in cash in escrow and restricted cash | (13,817) | 9,363 | (38,645) |
Proceeds from issuance of securitization notes and Funding Facilities | 147,000 | 442,775 | 0 |
Proceeds from issuance of credit facility | 0 | 0 | 15,000 |
Proceeds from Securitizations of Consumer Loans | 649,159 | 466,325 | 552,677 |
Proceeds from issuance of note payable | 0 | 1,113 | 5,357 |
Payments on Senior Credit Facility | (18,109) | (2,225) | 0 |
Payments on 2013 Revolving Credit Facility | 0 | 0 | (15,000) |
Payments on senior secured notes, including redemption premium | 0 | (404,683) | (56,628) |
Payments on securitization notes and Funding Facilities | (515,728) | (348,454) | (427,472) |
Payments on notes payable | (13,003) | (30,721) | (137,220) |
Payments of debt issuance costs | (11,706) | (15,852) | (9,996) |
Excess Tax Benefit from Share-based Compensation, Financing Activities | 922 | 0 | 0 |
Proceeds from issuance of common and preferred stock, net of related costs | 0 | 0 | 204,332 |
Repurchase of outstanding warrants | 0 | 0 | (10,346) |
Purchase of treasury stock | (163,545) | (16,077) | 0 |
Payments related to early extinguishment of notes payable | 0 | 0 | (2,034) |
Proceeds from exercise of stock options | 2,939 | 3,355 | 0 |
Payments for Derivative Instrument, Financing Activities | (316) | 0 | 0 |
Net cash provided by financing activities | 63,796 | 104,919 | 80,025 |
Net increase in cash and cash equivalents | 36,005 | 209,133 | 19,802 |
Effect of changes in exchange rates on cash and cash equivalents | (537) | (1,167) | 173 |
Cash and cash equivalents, beginning of period | 255,042 | 47,076 | 27,101 |
Cash and cash equivalents, end of period | 290,510 | 255,042 | 47,076 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |||
Cash interest paid on corporate indebtedness | 24,954 | 55,208 | 62,956 |
Cash paid for taxes, net of cash tax refunds | 2,903 | 3,094 | 1,245 |
Goodwill acquired | 73,889 | 30,632 | |
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | |||
Insurance premiums financed through issuance of notes payable | 13,141 | 10,599 | 11,480 |
Assets held for sale reclassified to unsold vacation interests | 12,488 | 0 | 0 |
Unsold Vacation Interests, net reclassified to property and equipment | 0 | 5,995 | 0 |
Unsold Vacation Interests, net reclassified to assets held for sale | 0 | 4,254 | 9,758 |
Information technology software and support financed through issuance of notes payable | 0 | 472 | 0 |
Gold Key Acquisition [Member] | |||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Gain on bargain purchase from business combinations | 0 | ||
Investing activities: | |||
Purchase of assets in connection with acquisition, net of cash acquired | (167,434) | 0 | 0 |
Cash Acquired from Acquisition | 0 | 0 | |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |||
Fair Value of Assets Acquired | 111,722 | ||
Goodwill acquired | 73,879 | ||
Payments to Acquire Businesses, Gross | (167,500) | ||
DRII common stock issued | 0 | ||
Increase (Decrease) in Deferred Liabilities | 0 | 0 | (19,140) |
Liabilities assumed | 18,101 | ||
island One Acquisition [Member] | |||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Gain on bargain purchase from business combinations | 0 | ||
Investing activities: | |||
Cash Acquired from Acquisition | 0 | 0 | 569 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |||
Fair Value of Assets Acquired | 0 | ||
Goodwill acquired | 0 | ||
Payments to Acquire Businesses, Gross | 0 | ||
DRII common stock issued | 0 | ||
Liabilities assumed | 0 | ||
PMR Acquisition [Member] | |||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Gain on bargain purchase from business combinations | (2,879) | ||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |||
Fair Value of Assets Acquired | 134,404 | ||
Payments to Acquire Businesses, Gross | (47,417) | ||
Liabilities assumed | 22,293 | ||
PMR Service Companies Aquisition [Member] | |||
Investing activities: | |||
Purchase of assets in connection with acquisition, net of cash acquired | 0 | 0 | (47,417) |
Cash Acquired from Acquisition | 0 | 0 | 0 |
Securitization Loans and Funding Facilities [Member] | |||
Financing activities: | |||
Payments on securitization notes and Funding Facilities | $ (16,761) | $ (15,068) | (16,597) |
Diamond Resorts International, Inc. [Member] | island One Acquisition [Member] | |||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |||
DRII common stock issued | $ (73,307) |
Consolidated Statements of Cas9
Consolidated Statements of Cash Flows (Parentheticals) - USD ($) $ in Thousands | Oct. 16, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
PMR Service Companies Aquisition [Member] | ||||
Cash Acquired from Acquisition | $ 0 | $ 0 | $ 0 | |
Gold Key Acquisition [Member] | ||||
Cash Acquired from Acquisition | $ 66 | $ 0 | $ 0 |
Background, Business and Basis
Background, Business and Basis of Presentation | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business Description and Basis of Presentation | 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. 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. Except where the context otherwise requires or where otherwise indicated, references in the consolidated financial statements to "the Company" refer to DRP prior to the consummation of the Reorganization Transactions, 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 a worldwide resort network of 379 vacation destinations located in 35 countries throughout the world, including the continental United States ("U.S."), Hawaii, Canada, Mexico, the Caribbean, Central America, South America, Europe, Asia, Australia, New Zealand and Africa (as of January 31, 2016). The Company’s resort network includes 109 resort properties with approximately 12,000 units that are managed by the Company and 250 affiliated resorts and hotels and 20 cruise itineraries, which the Company does not manage and do not carry the Company's brand, but are a part of the Company's resort 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 the homeowners associations (the "HOAs") for resort properties and eight multi-resort trusts and one single-resort trust (collectively, the "Diamond Collections"), operations of the Clubs, food and beverage venues owned and managed by the Company and the provision of other hospitality and management services and (ii) vacation interests ("VOIs" or "Vacation Interests") sales and financing, which includes marketing and sales of VOIs and consumer financing for purchasers of the Company’s VOIs. Historically, we have derived a majority of the Company's total revenue and net income from the vacation interests sales and financing segment. Through December 31, 2014 , hospitality and management services also included operations of two properties located in St. Maarten for which a wholly-owned subsidiary of the Company functioned as the HOA. Effective January 1, 2015, the Company assigned the rights and related obligations associated with assets it previously owned as the HOA for these properties to newly created HOAs (the "St. Maarten HOAs"). Since then, the Company has had no beneficial interest in the St. Maarten HOAs, except through its ownership of VOIs, but continues to serve as the manager of the St. Maarten HOAs pursuant to customary management services agreements. As a result, the operating results and the assets and liabilities of the St. Maarten properties were deconsolidated from the Company's consolidated financial statements effective January 1, 2015 (with the exception of all employee-related liabilities including the post-retirement benefit plan, which were transferred to the St. Maarten HOAs during the quarter ended September 30, 2015, and cash accounts, the majority of which is expected to be transferred to the St. Maarten HOAs during the quarter ending March 31, 2016) (the "St. Maarten Deconsolidation"). On October 16, 2015, the Company completed its acquisition of substantially all of the assets of Ocean Beach Club, LLC, Gold Key Resorts, LLC, Professional Hospitality Resources, Inc., Vacation Rentals, LLC and Resort Promotions, Inc.(collectively, the “Gold Key Companies”) relating to their operation of their vacation ownership business in Virginia Beach, Virginia and the Outer Banks, North Carolina (the "Gold Key Acquisition"). The Company acquired management contracts, real property interests, unsold vacation ownership interests and other assets of the Gold Key Companies, adding six additional managed resorts to the Company’s resort network, in exchange for a cash purchase price of $167.5 million and the assumption of certain non-interest-bearing liabilities. At the closing of the Gold Key Acquisition, an additional $6.2 million was deposited into an escrow account to support the Company’s obligations under the Default Recovery Agreement, which is treated as restricted cash in the accompanying consolidated balance sheet. See " Note 8 — Prepaid expenses and other assets " for further detail on the Default Recovery Agreement. Basis of Presentation Except where the context otherwise requires or where otherwise indicated, the consolidated financial statements and other historical financial data included in this annual report on Form 10-K are (i) those of DRP and its subsidiaries through July 24, 2013, after giving retroactive effect to the Reorganization Transactions and (ii) those of DRII and its subsidiaries after July 24, 2013. The Company has reclassified the amount of cash collected on overnight rental operations (the "Rental Trust Cash Accounts") on its balance sheet as of December 31, 2014 from cash in escrow and restricted cash to cash and cash equivalents. The Company concluded that the majority of the Rental Trust Cash Accounts ultimately belong to the Company, and are available for general corporate use. Consequently, the Company reclassified $12.6 million to cash and cash equivalents as of December 31, 2014 to conform to the current year presentation. In addition, the Company revised its statements of cash flows for the years ended December 31, 2014 and 2013 to reflect these reclassifications. In addition, the Company reclassified certain amounts related to changes in cash in escrow and restricted cash from cash flows from financing activities to cash flows from operating activities in its statements of cash flows for the years ended December 31, 2014 and 2013 to conform to the current period presentation. The revisions and impact on the previously-issued balance sheet and statements of cash flows are not material. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Significant accounting policies are those policies that, in management's view, are most important in the portrayal of the Company's financial condition and results of operations. The methods, estimates and judgments that the Company uses in applying its accounting policies have a significant impact on the results that it reports in the financial statements. Some of these significant accounting policies require the Company to make subjective and complex judgments regarding matters that are inherently uncertain. Those significant accounting policies that require the most significant judgment are discussed further below. Principles of Consolidation — The accompanying consolidated financial statements include all subsidiaries of the Company. All significant intercompany transactions and balances have been eliminated from the accompanying consolidated financial statements. Use of Estimates — The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles ("U.S. GAAP") requires the Company to make difficult and subjective judgments that affect the reported amounts of assets, liabilities, revenues and expenses, often as a result of the need to make estimates regarding matters that are inherently uncertain. The methods, estimates and judgments that the Company uses in applying its accounting policies have a significant impact on the results that the Company reports in its financial statements. On an ongoing basis, the Company evaluates its estimates and assumptions, including those related to revenue, bad debts, unsold Vacation Interests, net, Vacation Interests cost of sales, stock-based compensation expense and income taxes. These estimates are based on historical experience and 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 consolidated financial statements. Significant estimates are also used by the Company to record a provision for uncollectible Vacation Interests notes receivable. This provision is calculated as projected gross losses for originated Vacation Interests notes receivable, taking into account estimated VOI recoveries. The Company applies its historical default percentages based on credit scores of the individual customers to its Vacation Interests notes receivable population and evaluates other factors such as economic conditions, industry trends, defaults and past due agings to analyze the adequacy of the allowance. If actual Vacation Interests notes receivable losses differ materially from these estimates, the Company's future results of operations may be adversely impacted. Significant estimates were used by the Company to estimate the fair value of the assets acquired and liabilities assumed in the acquisition of certain assets in connection with the Gold Key Acquisition. These estimates included projections of future cash flows derived from sales of VOIs, member relationship lists, management services revenue and rental income. Additionally, the Company made significant estimates of costs associated with such projected revenues including but not limited to recoveries and discount rates. The Company also made significant estimates which include: (i) allowance for loan and contract losses and provision for uncollectible Vacation Interests sales revenue; (ii) estimated useful lives of property and equipment; (iii) estimated useful lives of intangible assets acquired; (iv) estimated costs to build or acquire any additional Vacation Interests, estimated total revenues expected to be earned on a project, related estimated provision for uncollectible Vacation Interests sales revenue and sales incentives, estimated projected future cost and volume of recoveries of VOIs, estimated sales price per point and estimated number of points to be sold used to allocate certain unsold Vacation Interests to Vacation Interests cost of sales under the relative sales value method (See "Vacation Interests Cost of Sales" below for further detail on this method); and (v) the valuation allowance recorded against deferred tax assets. It is at least reasonably possible that a material change in one or more of these estimates may occur in the near term and that such change may materially affect actual results. In addition, significant estimates are used by the Company to estimate compensation expense related to employee and non-employee stock options issued by the Company under the Diamond Resorts International, Inc. 2013 Incentive Compensation Plan (the "2013 Plan") and the Company's 2015 Equity Incentive Compensation Plan (the "2015 Plan"). The Company utilizes the Black-Scholes option-pricing model to estimate the fair value of the stock options granted to its employees (including, from an accounting perspective, non-employee directors in their capacity as such) and employees and independent contractors of HM&C through December 31, 2014 and Mr. Lowell D. Kraff, the Vice Chairman of the Board of Directors of the Company (with respect to the stock-based compensation issued to him in connection with the IPO) ("Non-Employees"). The expected volatility is 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 trading prices for the Company's common stock. The average expected option life represents the period of time the stock options are expected to be outstanding at the issuance date based on management’s estimate using the simplified method prescribed under the SEC Staff Accounting Bulletin Topic 14: Share-Based Payment ("SAB 14") for employee grants and the contractual term for Non-Employee grants. The risk-free interest rate is calculated based on U.S. Treasury zero-coupon yield, with a remaining term that approximates the expected option life assumed at the date of issuance. The expected annual dividend per share is 0% based on the Company’s expected dividend rate. See " Note 21 — Stock-Based Compensation" for further detail on the Company's stock options issued under the 2013 Plan and the 2015 Plan. Management and Member Services Revenue Recognition — Management and member services revenue includes resort management fees charged to the HOAs and the Diamond Collections, as well as revenues from the Company's operation of the Clubs. These revenues are recorded and recognized as follows: • Management fee revenues are recognized in accordance with the terms of the Company's management contracts. Under the Company's management agreements, the Company collects management fees from the HOAs and Diamond Collection's non-profit members associations (the "Collection Associations"), which are recognized as revenue ratably throughout the year as earned. The management fees the Company earns are included in the HOAs' and Diamond Collections' operating budgets which, in turn, are used to establish the annual maintenance fees owed by each owner of VOIs. • The Company charges an annual fee for membership in each of the Clubs. In addition to annual dues associated with the Clubs, the Company also earns revenue associated with the legacy owners of deeded intervals at resorts that the Company acquired in its strategic acquisitions exchanging the use of their intervals for points membership in the Clubs, which requires these owners to pay the annual fees associated with Club membership, and the Company generally encourages holders of these deeded intervals to exchange the use of their intervals for points memberships in the Clubs. The Company also earns reservation protection plan revenue, which is an optional fee paid by customers when making a reservation to protect their points should they need to cancel their reservation, and through the Company's provision of other travel and discount related benefits as well as call center services provided to the HOAs and the Diamond Collections. Management and member services revenue also included commissions received under the fee-for-service agreements it had with Island One, Inc. from July 2011 until July 2013, when the Company completed the acquisition of all of the equity interests of Island One, Inc. and Crescent One, LLC in exchange for $73.3 million in shares of the Company's common stock (the "Island One Acquisition"). All of these revenues are allocated to the hospitality and management services business segment. Consolidated Resort Operations Revenue Recognition — Consolidated resort operations revenue consists of the following: • The Company functioned as an HOA for its properties located in St. Maarten through December 31, 2014 . Consolidated resort operations revenue included the maintenance fees billed to owners and the Diamond Collections in connection with the St. Maarten resorts, which were recognized ratably over the year. In addition, the owners were billed for capital project assessments to repair and replace the amenities of these resorts, as well as assessments to reserve the potential out-of-pocket deductibles for hurricanes and other natural disasters. These assessments were deferred until the refurbishment activity occurred, at which time the amounts collected were recognized as consolidated resort operations revenue with offsetting expense recorded under consolidated resort operations expense. See “ Consolidated Resort Operations Expenses ” below for further detail. All operating revenues and expenses associated with these properties were consolidated within the Company's financial statements, except for intercompany transactions, such as maintenance fees for the Company's owned inventory and management fees for the owned inventory, which were eliminated. Revenue associated with these properties historically constituted a majority of the Company's consolidated resort operations revenue. Effective January 1, 2015, however, in conjunction with the St. Maarten Deconsolidation, the consolidated resort operations revenue from the St. Maarten resorts was eliminated from the Company's consolidated statements of operations and comprehensive income (loss). See " Note 1—Background, Business and Basis of Presentation " for further detail on this transaction. The Company also receives: • food and beverage revenue at certain resorts whose restaurants the Company owns and operates; • lease revenue from third parties to which the Company outsources the management of its golf course and food and beverage operations at certain resorts; • revenue from providing cable, telephone and technology services to HOAs; and • other incidental revenues generated at the venues the Company owns and operates, including retail and gift shops, spa services, safe rental and ticket sales. Through December 31, 2013, consolidated resort operations revenue also included greens fees and equipment rental fees at certain golf courses owned and operated by the Company at certain resorts prior to outsourcing the management of these golf courses. All of these revenues are allocated to the hospitality and management services business segment. Vacation Interests Sales Revenue Recognition — With respect to the Company's recognition of revenue from Vacation Interests sales, the Company follows the guidelines included in Accounting Standards Codification ("ASC") 978, “Real Estate-Time-Sharing Activities” ("ASC 978"). Under ASC 978, Vacation Interests sales revenue is divided into separate components that include the revenue earned on the sale of the VOI and the revenue earned on the sales incentive given to the customer as motivation to purchase the VOI. Each component is treated as a separate transaction but both are recorded in Vacation Interests sales line of the Company's statement of operations and comprehensive income (loss). In order to recognize revenue on the sale of VOIs, ASC 978 requires a demonstration of a buyer's commitment (generally a cash payment of 10% of the purchase price plus the value of any sales incentives provided). A buyer's down payment and subsequent mortgage payments are adequate to demonstrate a commitment to pay for the VOI once 10% of the purchase price plus the value of the incentives provided to consummate a VOI transaction has been covered. The Company recognizes sales of VOIs on an accrual basis after (i) a binding sales contract has been executed; (ii) the buyer has adequately demonstrated a commitment to pay for the VOI; (iii) the rescission period required under applicable law has expired; (iv) collectibility of the receivable representing the remainder of the sales price is reasonably assured; and (v) the Company has completed substantially all of its obligations with respect to any development related to the real estate sold (i.e., construction has been substantially completed and certain minimum project sales levels have been met). If the buyer's commitment has not met ASC 978 guidelines, the Vacation Interests sales revenue and related Vacation Interests cost of sales and direct selling costs are deferred and recognized under the installment method until the buyer's commitment is satisfied, at which time the remaining amount of the sale is recognized. The net deferred revenue is recorded as a reduction to Vacation Interests notes receivable on the Company's balance sheet. Under ASC 978, the provision for uncollectible Vacation Interests sales revenue is recorded as a reduction of Vacation Interests sales revenue. Vacation Interests Sales Revenue, Net — Vacation Interests sales revenue, net is comprised of Vacation Interests sales, net of a provision for uncollectible Vacation Interests sales revenue. Vacation Interests 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 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 Interests sales revenue is recorded upon completion of each financed sale. The provision for uncollectible Vacation Interests sales revenue 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. All of the Company's Vacation Interests sales revenue, net is allocated to the Vacation Interests sales and financing business segment. Interest Revenue — The Company's interest revenue consists primarily of interest earned on consumer loans. Interest earned on consumer loans is accrued based on the contractual provisions of the loan documents. Interest accruals on consumer loans are suspended at the earliest of (i) the customer's account becoming over 180 days delinquent, or (ii) the completion of cancellation or foreclosure proceedings. If payments are received while a consumer loan is considered delinquent, interest is recognized on a cash basis. Interest accrual resumes once a customer has made six timely payments on the loan and brought the account current. All interest revenue is allocated to the Vacation Interests sales and financing business segment, with the exception of interest revenue earned on the Company's bank account balances, which is reported in corporate and other. Other Revenue — Other revenue includes (i) collection fees paid by owners when they bring their maintenance fee accounts current after collection efforts have been made by the Company on behalf of the HOAs and Collection Associations; (ii) closing costs paid by purchasers on sales of VOIs; (iii) revenue associated with certain sales incentives given to customers as motivation to purchase a VOI (in an amount equal to the expense associated with such sales incentives), which is recorded upon recognition of the related VOI sales revenue; (iv) late/impound fees assessed on consumer loans; (v) loan servicing fees earned for servicing third-party portfolios; (vi) commission revenue earned from certain third-party lenders that provide consumer financing for sales of the Company's VOIs in Europe; and (vii) revenue recognized when customers' non-refundable deposits are forfeited upon the customers' failure to close on VOI transactions. Revenues associated with item (i) above are allocated to the Company's hospitality and management services business segment. Revenues associated with the remaining items above are allocated to the Company's Vacation Interests sales and financing business segment. Management and Member Services Expense —Substantially all direct expenses related to the provision of services to the HOAs (other than for the Company's St. Maarten resorts, for which the Company functioned as the HOA through December 31, 2014 ) and the Diamond Collections are recovered through the Company's management agreements and, consequently, are not recorded as expenses. The Company passes through to the HOAs and the Collection Associations certain overhead charges incurred to manage the resorts. In accordance with guidance included in ASC 605-45, “Revenue Recognition - Principal Agent Considerations," reimbursements from the HOAs and the Collection Associations relating to pass-through costs are recorded net of the related expenses. These expenses are allocated to the hospitality and management services business segment. Expenses associated with the Company's operation of the Clubs include costs incurred for outsourced (prior to December 31, 2015) and in-house call centers, annual membership fees paid to a third-party exchange company on behalf of members of the Clubs, as applicable, and administrative expenses. These expenses are allocated to the hospitality and management services business segment. Between January 1, 2013 and July 24, 2013, management and member services expenses also included costs incurred under the fee-for-service agreements with Island One, Inc. This arrangement was terminated in conjunction with the Island One Acquisition. These expenses are allocated to the hospitality and management services business segment. Consolidated Resort Operations Expense — Through December 31, 2014, with respect to the two resorts located in St. Maarten, the Company recorded expenses associated with housekeeping, front desk, maintenance, landscaping and other similar activities, which were recovered by the maintenance fees recorded in consolidated resort operations revenue. In addition, for these two properties, the Company also billed the owners for capital project assessments to repair and replace the amenities of these resorts, as well as assessments to reserve the potential out-of-pocket deductibles for hurricanes and other natural disasters. These assessments were deferred until the refurbishment activity occurred, at which time the amounts collected were recognized as consolidated resort operations revenue with offsetting expense recorded under consolidated resort operations expense. The Company's expense associated with the St. Maarten properties historically constituted a majority of the Company's consolidated resort operations expense. Effective January 1, 2015, however, in conjunction with the St. Maarten Deconsolidation, the consolidated resort operations expense from the St. Maarten resorts was eliminated from the Company's consolidated statements of operations and comprehensive income (loss). See " Note 1—Background, Business and Basis of Presentation " for further detail on the St. Maarten Deconsolidation. Furthermore, consolidated resort operations expense includes the costs related to food and beverage operations at certain resorts whose restaurants the Company operates directly. Similarly, the expenses of operating spas and retail and gift shops are included in consolidated resort operations expense. These expenses are allocated to the hospitality and management services business segment. Through December 31, 2013, consolidated resort operations expense also included costs at certain golf courses owned and operated by the Company at certain resorts prior to outsourcing the management of these golf courses. Vacation Interests Cost of Sales — At the time the Company records Vacation Interests sales revenue, it records the related Vacation Interests cost of sales. The Company records Vacation Interests cost of sales using the relative sales value method in accordance with ASC 978. This method, which was originally designed more for developers of timeshare resorts, requires the Company to make a number of projections and estimates, which are subject to significant uncertainty. In order to determine the amounts that must be expensed for each dollar of Vacation Interests sales with respect to a particular project, the Company is required to prepare a forecast of sales and certain costs for the entire project's life cycle. These forecasts require the Company to estimate, among other things, the costs to acquire (or if applicable, build) additional VOIs, the total revenues expected to be earned on the project (including estimations of sales price per point and the aggregate number of points to be sold), the proper provision for uncollectible Vacation Interests sales revenue, sales incentives, and the projected future cost and volume of recoveries of VOIs. Then, these costs as a percentage of Vacation Interests sales are determined and that percentage is applied retroactively to all prior sales and is applied to sales within the current period and future periods with respect to a particular project. These projections are reviewed on a regular basis, and the relevant estimates used in the projections are revised (if necessary) based upon historical results and management's new estimates. The Company requires a seasoning of pricing strategy changes before such changes fully affect the projections, which generally occurs over a six-month period. If any estimates are revised, the Company is required to adjust its Vacation Interests cost of sales using the revised estimates, and the entire adjustment required to correct Vacation Interests cost of sales over the life of the project to date is taken in the period in which the estimates are revised. Accordingly, small changes in any of the numerous estimates in the model can have a significant financial statement impact, both positively and negatively, due to the retroactive adjustment required by ASC 978. See “ Unsold Vacation Interests, net ” below for further detail. All of these costs are allocated to the Vacation Interests sales and financing business segment. Advertising, Sales and Marketing Costs — Advertising, sales and marketing costs are expensed as incurred, except for costs directly related to VOI sales that are not eligible for revenue recognition under ASC 978, as described in "— Vacation Interests Sales Revenue Recognition ” above, which are deferred along with related revenue until the buyer's commitment requirements are satisfied. Advertising, sales and marketing costs are allocated to the Vacation Interests sales and financing business segment. Advertising expense recognized was $10.3 million , $7.3 million and $6.2 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. Vacation Interests Carrying Cost, Net — The Company is responsible for paying annual maintenance fees and reserves to the HOAs and the Collection Associations on its unsold VOIs. Vacation Interests carrying cost, net also includes amounts paid for delinquent maintenance fees related to VOIs eligible for recovery pursuant to the Company's inventory recovery and assignment agreements ("IRAAs") except for amounts that are capitalized to unsold Vacation Interests, net. See " Note 6 — Transactions with Related Parties — Inventory Recovery and Assignment Agreements" for further detail on IRAAs. To offset the Company's gross Vacation Interests carrying cost, the Company rents VOIs controlled by the Company to third parties on a short-term basis. The Company also generates revenue on sales of sampler programs ("Sampler Packages"), which allow prospective owners to stay at a resort property on a trial basis. This revenue and the associated expenses are deferred until the vacation is used by the customer or the expiration date, whichever is earlier. Revenue from resort rentals and Sampler Packages is recognized as a reduction to Vacation Interests carrying cost, with the exception of revenue from the Company's European sampler product, which has a duration of three years and is treated as Vacation Interests sales revenue. Vacation Interests carrying cost, net is allocated to the Vacation Interests sales and financing business segment. Loan Portfolio Expense — Loan portfolio expense includes payroll and administrative costs of the finance operations and credit card processing fees. These costs are expensed as incurred, with the exception of Vacation Interests notes receivable origination costs, which are capitalized and amortized over the term of the related Vacation Interests notes receivable as an adjustment to interest revenue using the effective interest method in accordance with guidelines issued under ASC 310, “Receivables” ("ASC 310"). These expenses are allocated to the Vacation Interests sales and financing business segment, with the exception of a portion of expenses incurred by the in-house collections department, which are allocated to the hospitality and management services business segment. Other Operating Expenses — Other operating expenses include credit card fees incurred by the Company when customers remit down payments associated with a VOI purchase in the form of credit cards and also include certain sales incentives given to customers as motivation to purchase VOIs, all of which are expensed as the related Vacation Interests sales revenue is recognized. These expenses are allocated to the Company's Vacation Interests sales and financing business segment. General and Administrative Expense — General and administrative expense includes payroll and benefits, legal, audit and other professional services, costs related to mergers and acquisitions, travel costs, technology-related costs, corporate facility expense. In addition, general and administrative expense includes recovery of the Company's expenses incurred on behalf of the HOAs and the Diamond Collections the Company manages in accordance with the Company's management agreements. In accordance with guidance included in ASC 605-45, “Revenue Recognition - Principal Agent Considerations," recovery from the HOAs and the Collection Associations is recorded net of the related expense. General and Administrative expense is not allocated to the Company's business segments, but rather are reported under corporate and other. Depreciation and Amortization — The Company records depreciation expense in connection with depreciable property and equipment it purchased or acquired, including buildings and leasehold improvements, furniture and office equipment, land improvements and computer software and equipment. In addition, the Company records amortization expense on intangible assets with a finite life acquired by the Company, including management contracts, member relationships, distributor relationships and others. Depreciation and amortization expense is not allocated to the Company's business segments, but rather is reported in corporate and other. Interest Expense — Interest expense related to corporate-level indebtedness is reported in corporate and other. Interest expense related to the Company's securitizations and consumer loan financings is allocated to the Vacation Interests sales and financing business segment. Stock-based Compensation Expense —The Company accounts for stock-based compensation in accordance with ASC 718, "Compensation - Stock Compensation" ("ASC 718"). The Company measures stock-based compensation awards using a fair value method and records the related expense in its consolidated statements of operations and comprehensive income (loss). See " Note 21—Stock-Based Compensation " for further detail on the Company's stock-based compensation awards. Income Taxes — The Company is subject to income taxes in the U.S. (including federal and state) and numerous foreign jurisdictions in which the Company operates. The Company records income taxes under the asset and liability method, whereby deferred tax assets and liabilities are recognized based on the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis, and attributable to operating loss and tax credit carry forwards. Accounting standards regarding income taxes require a reduction of the carrying amounts of deferred tax assets by a valuation allowance if, based on the available evidence, it is more likely than not that such assets will not be realized. Accordingly, the need to establish valuation allowances for deferred tax assets is assessed periodically based on a more-likely-than-not realization threshold. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the reversal of existing taxable temporary differences, the duration of statutory carry forward periods, the Company's experience with operating loss and tax credit carry forwards not expiring unused, and tax planning alternatives. The Company recorded a deferred tax asset for its net operating losses, a portion of which the use thereof is subject to limitations. As a result of uncertainties regarding the Company’s ability to utilize such net operating loss carry forwards, the Company maintains a valuation allowance against the deferred tax assets attributable to these net operating losses. Accounting standards regarding uncertainty in income taxes provide a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates it is more likely than not that the position will be sustained on examination, based solely on the technical merits. The second step is to measure the tax benefit as the largest amount which is more than 50% likely of being sustained on examination. The Company considers many factors when evaluating and estimating the Company's tax positions and tax benefits, which may require periodic adjustments and which may not accurately anticipate actual outcomes. Cash and Cash Equivalents — Cash and cash equivalents consist of cash, money market funds, and all highly-liquid investments purchased with an original maturity date of three months or less. Cash in Escrow and Restricted Cash — Cash in escrow consists of deposits received on sales of VOIs that are held in escrow until the legal rescission period has expired. Restricted cash consists primarily of reserve cash held for the benefit of the secured note holders including the prefunding account and cash collections on certain Vacation Interests notes receivable that secure collateralized notes. Vacation Interests notes receivable and related allowance — The Company accounts for Vacation Interests notes receivable in accordance with ASC 310. Vacation Interests notes receivable include mortgages receivable for the financing of previously sold intervals and contracts receivable for the financing of points. Vacation Interests notes receivable that the Company originates or acquires are recorded net of (i) deferred loan and contract costs; (ii) the discount or premium on the acquired mortgage pool; and (iii) the related allowance for loan and contract losses. Loan and contract origination costs incurred in connection with providing financing for VOIs are capitalized and amortized over the term of the related Vacation Interests notes receivable as an adjustment to interest revenue using the effective interest method. Because the Company currently sells VOIs only in t |
Concentrations of Risk
Concentrations of Risk | 12 Months Ended |
Dec. 31, 2015 | |
Concentrations of Risk [Abstract] | |
Concentrations of Risk | Concentrations of Risk Credit Risk —The Company is exposed to on-balance sheet credit risk related to its Vacation Interests notes receivable. The Company offers financing to the buyers of VOIs and 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. 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 Vacation Interests notes 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 Vacation Interests notes 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 —Portions of the Company's consumer loan portfolio are concentrated in certain geographic regions within the U.S. The deterioration of the economic condition and financial well-being of the regions in which the Company has significant loan concentrations could adversely affect the results of operations for its consumer loan portfolio business. 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. As of December 31, 2015 and 2014 , the Company's loans to California residents constituted 33.3% and 32.4% , respectively, of the consumer loan portfolio. No other state or foreign country concentration accounted for more than 10.0% of the portfolio. 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 derivative financial instruments, particularly if sustained, could have an 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. During the years ended December 31, 2015, 2014 and 2013, the Company entered into a series of interest rate cap and swap agreements to manage its exposure to interest rate increases, all of which except the December 2015 Swap (discussed below) were terminated by December 31, 2015. On December 11, 2015, as required by the Company's $200.0 million conduit facility that was most recently amended on July 1, 2015 (the "Conduit Facility"), the Company entered into an interest rate swap agreement to manage its exposure to fluctuations in interest rates, effective December 15, 2015 (the "December 2015 Swap"). The December 2015 Swap has a notional amount of $20.5 million and is scheduled to mature on December 20, 2025 . The Company pays interest at a fixed rate of 2.38% based on a floating notional amount in accordance with a pre-determined amortization schedule, and receives interest based on one-month floating LIBOR. The December 2015 Swap did not qualify for hedge accounting. See " Note 16—Borrowings " for further detail on the Conduit Facility. As of December 31, 2015 , the fair value of the December 2015 Swap was calculated to be $0.1 million based on a valuation report provided by a counterparty. The fair value was recorded as a derivative liability with an offsetting charge to interest expense. |
Cash in Escrow and Restricted C
Cash in Escrow and Restricted Cash | 12 Months Ended |
Dec. 31, 2015 | |
Cash in Escrow and Restricted Cash [Abstract] | |
Restricted Cash and Cash Equivalents | Cash in Escrow and Restricted Cash The nature of selected balances included in cash in escrow and restricted cash includes: Securitization and Funding Facilities collection and reserve cash— prefunding and reserve cash held for the benefit of secured note holders and cash collections on certain Vacation Interests notes receivable that secure collateralized notes. The Conduit Facility and the $100.0 million loan sale facility with Quorum Federal Credit Union (the "Quorum Facility") are collectively referred to as the "Funding Facilities." See "Note 16—Borrowings" for further detail on the Conduit Facility and the Quorum Facility. As of December 31, 2014, Securitization and Funding Facilities collection and reserve cash included $4.4 million related to the future funding of Vacation Interests notes receivable associated with the issuance of $260.0 million of investment-grade rated securities in a securitization transaction completed on November 20, 2014 (the "DROT 2014-1 Notes"). $4.4 million was released to the Company's unrestricted cash account in January 2015. Securitization and Funding Facilities collection and reserve cash as of December 31, 2015 did not include any such amount. Cash in escrow and restricted cash consisted of the following as of December 31 of each of the following years (in thousands): 2015 2014 Securitization and Funding Facilities collection and reserve cash $ 50,943 $ 39,784 Collected on behalf of St. Maarten and other HOAs 18,626 15,970 Escrow 13,423 9,830 Deposits related to Vacation Interests notes receivable servicing agreements 10,680 — Bonds and deposits 883 882 Other 3,740 1,892 Total cash in escrow and restricted cash $ 98,295 $ 68,358 In connection with the Gold Key Acquisition, the Company deposited $6.2 million into an escrow account in connection with required buyouts, upgrade fees and defaulted inventory purchases related to pre-closing Gold Key consumer receivables retained by the seller, and is treated as restricted cash. |
Vacation Interests Notes Receiv
Vacation Interests Notes Receivable and Allowance | 12 Months Ended |
Dec. 31, 2015 | |
Financing Receivable, Net [Abstract] | |
Mortgages and Contracts Receivable and Allowance for Loan and Contract Losses | 799 $ 75,647 $ 751 $ 193 $ 338 $ 204 $ 287 $ 77,420 700 - 799 397,264 7,589 3,497 2,938 1,879 2,533 415,700 600 - 699 213,818 8,444 3,653 3,893 2,841 2,100 234,749 <600 19,393 1,700 881 333 533 465 23,305 No FICO Scores 16,677 674 490 320 286 170 18,617 $ 722,799 $ 19,158 $ 8,714 $ 7,822 $ 5,743 $ 5,555 $ 769,791 As of December 31, 2014 FICO Scores Current 31-60 61-90 91-120 121-150 151-180 Total >799 $ 56,005 $ 487 $ 215 $ 190 $ 143 $ 155 $ 57,195 700 - 799 305,636 4,276 1,338 1,396 1,335 1,050 315,031 600 - 699 178,550 6,313 2,687 2,034 1,891 1,674 193,149 <600 19,992 1,833 895 545 406 450 24,121 No FICO Scores 17,262 817 449 361 230 162 19,281 $ 577,445 $ 13,726 $ 5,584 $ 4,526 $ 4,005 $ 3,491 $ 608,777 The Company captures FICO credit scores when each loan is underwritten. The "No FICO Scores" category in the table above is primarily comprised of customers who live outside of the U.S." id="sjs-B4" xml:space="preserve"> Vacation Interests Notes Receivable and Allowance The Company provides financing to purchasers of VOIs at North American and St. Maarten sales centers that is collateralized by their VOIs. Eligibility for this financing is principally dependent upon the customers’ FICO credit scores and other factors based on review of the customer's credit history. As of December 31, 2015 , the Vacation Interests notes receivable bore interest at fixed rates ranging from 6.0% and 18.0% . The terms of the Vacation Interests notes receivable range from two years to 15 years and may be prepaid at any time without penalty. Vacation Interests notes receivable originated by the Company within the last five years have a term of 10 years. The weighted average interest rate of outstanding Vacation Interests notes receivable was 14.6% and 14.8% as of December 31, 2015 and 2014 , respectively. The Company charges off Vacation Interests notes receivable upon the earliest of (i) the customer's account becoming over 180 days delinquent or (ii) the completion of cancellation or foreclosure proceedings. Once a delinquent customer has brought the account current following the event leading to the charge-off and makes six timely payments, the charge-off is reversed. A default in a customer's initial payment (after unsuccessful collection efforts) results in a cancellation of the sale. All collection and foreclosure costs related to delinquent loans are expensed as incurred. Vacation Interests notes receivable from 91 to 180 days past due as of December 31, 2015 and 2014 were 2.5% and 2.0% of gross Vacation Interests notes receivable, respectively. The Vacation Interests notes receivable, net balance includes deferred origination costs related to Vacation Interests notes receivable originated by the Company, net of the related allowance. Vacation Interests notes receivable origination costs incurred in connection with providing financing for VOIs are capitalized and amortized over the estimated life of the Vacation Interests notes receivable, based on historical prepayments, as a decrease to interest revenue using a method that approximates the effective interest method. Amortization of deferred loan and contract origination costs charged to interest revenue was $12.6 million, $8.9 million and $5.4 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. Gross Vacation Interests notes receivable - securitized were collateralized against the Company’s various borrowings included in "Securitization notes and Funding Facilities" in the accompanying consolidated balance sheets. See " Note 16—Borrowings" for further detail. Gross Vacation Interests notes receivable consisted of the following as of December 31 of each of the following years (in thousands): 2015 2014 Vacation Interests notes receivables - securitized $ 688,777 $ 552,400 Vacation Interests notes receivables - non-securitized 81,014 56,377 Total Vacation Interests notes receivable $ 769,791 $ 608,777 Vacation Interests notes receivable, net consisted of the following as of December 31 of each of the following years (in thousands): 2015 2014 Vacation Interests notes receivable, originated $ 744,532 $ 567,564 Vacation Interests notes receivable, purchased 25,259 41,213 Vacation Interests notes receivable, gross 769,791 608,777 Allowance for loan and contract losses (165,331 ) (130,639 ) Deferred profit on Vacation Interests transactions (1,780 ) (1,625 ) Deferred loan and contract origination costs, net 15,546 12,253 Inventory value of defaulted mortgages that were previously purchased 4,152 9,587 Premium on Vacation Interests notes receivable, net - purchased 229 309 Vacation Interests notes receivable, net $ 622,607 $ 498,662 Deferred profit on Vacation Interests 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 ASC 978. See " Note 2—Summary of Significant Accounting Policies" for a description of revenue recognition criteria. Inventory value of defaulted mortgages that were previously purchased represents the inventory underlying mortgages that have defaulted. Upon recovery of the inventory, the value is transferred to unsold Vacation Interests, net. The following reflects the contractual principal maturities of originated and acquired Vacation Interests notes receivable for each of the following years (in thousands): 2016 $ 65,710 2017 68,169 2018 71,997 2019 76,605 2020 81,810 2021 and thereafter 405,500 $ 769,791 Activity in the allowance associated with Vacation Interests notes receivable consisted of the following for the years ended December 31 (in thousands): 2015 2014 Balance, beginning of year $ 130,639 $ 105,590 Provision for uncollectible Vacation Interests sales (a) 80,380 56,970 Write offs, net (45,688 ) (31,921 ) Balance, end of year $ 165,331 $ 130,639 (a) The provision for uncollectible Vacation Interests sales shows activity in the allowance for loan and contract losses associated with Vacation Interests notes receivable and is exclusive of ASC 978 adjustments related to deferred revenue. A summary of the credit quality and aging consisted of the following as of December 31 of each of the following years (in thousands): As of December 31, 2015 FICO Scores Current 31-60 61-90 91-120 121-150 151-180 Total >799 $ 75,647 $ 751 $ 193 $ 338 $ 204 $ 287 $ 77,420 700 - 799 397,264 7,589 3,497 2,938 1,879 2,533 415,700 600 - 699 213,818 8,444 3,653 3,893 2,841 2,100 234,749 <600 19,393 1,700 881 333 533 465 23,305 No FICO Scores 16,677 674 490 320 286 170 18,617 $ 722,799 $ 19,158 $ 8,714 $ 7,822 $ 5,743 $ 5,555 $ 769,791 As of December 31, 2014 FICO Scores Current 31-60 61-90 91-120 121-150 151-180 Total >799 $ 56,005 $ 487 $ 215 $ 190 $ 143 $ 155 $ 57,195 700 - 799 305,636 4,276 1,338 1,396 1,335 1,050 315,031 600 - 699 178,550 6,313 2,687 2,034 1,891 1,674 193,149 <600 19,992 1,833 895 545 406 450 24,121 No FICO Scores 17,262 817 449 361 230 162 19,281 $ 577,445 $ 13,726 $ 5,584 $ 4,526 $ 4,005 $ 3,491 $ 608,777 The Company captures FICO credit scores when each loan is underwritten. The "No FICO Scores" category in the table above is primarily comprised of customers who live outside of the U.S. |
Transactions with Related Parti
Transactions with Related Parties | 12 Months Ended |
Dec. 31, 2015 | |
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 Collection Associations 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 Collection Associations; and (iii) the recovery of a portion of the Company’s Vacation Interests carrying costs, management and member services, consolidated resort operations, loan portfolio and general and administrative expenses that are incurred on behalf of the HOAs and the Collection Associations according to a pre-determined schedule approved by the board of directors at each HOA and Collection Association. Due to related parties, net, transactions include (i) the amounts due to HOAs and Collection Associations under the IRAAs that the Company enters into regularly with certain HOAs and similar agreements with the Collection Associations, pursuant to which the Company recaptures VOIs, either in the form of vacation points or vacation intervals, and may recover the underlying inventory at a later date; (ii) the maintenance fee and assessment fee liability owed to HOAs and Collection Associations for VOIs owned by the Company (generally this liability is recorded on January 1 of each year for the entire amount of annual maintenance and assessment fees, and is relieved throughout the year by payments remitted to the HOAs and the Collection Associations; these maintenance and assessment fees are also recorded as prepaid expenses and other assets in the accompanying consolidated balance sheets and amortized ratably over the year); (iii) cleaning fees owed to the HOAs for room stays paid by the Company's customers or by a Club on behalf of a member where the frequency of the cleans exceed those covered by the respective maintenance fees; 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 respective HOAs and Collection Associations, the Company evaluates amounts due to and from each HOA and Collection Association 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 Association in accordance with the requirements of ASC 210, "Balance Sheet— Offsetting." Due from related parties, net consisted of the following as of December 31 of each of the following years (in thousands): 2015 2014 Amounts due from HOAs and Collection Associations $ 42,393 $ 51,207 Amounts due from other 42 444 Total due from related parties, net $ 42,435 $ 51,651 Due to related parties, net consisted of the following as of December 31 of each of the following years (in thousands): 2015 2014 Amounts due to HOAs and Collection Associations $ 54,686 $ 34,732 Amounts due to other 92 36 Total due to related parties, net $ 54,778 $ 34,768 Inventory Recovery and Assignment Agreements The Company entered into IRAAs with substantially all HOAs for its managed resorts in North America and similar arrangements with all of the Collection Associations and a majority of its European managed resorts, pursuant to which it recaptures VOIs, either in the form of points or intervals, and brings them into its inventory for sale to customers. Under these agreements, the Company is required to pay between 30% and 100% of the annual maintenance and assessment fees to the HOAs and the Collection Associations for any VOIs that have become eligible for recovery. Generally, these agreements automatically renew for additional one-year terms unless expressly terminated by either party in advance of the agreement expiration period. Such agreements contain provisions for the Company to utilize the VOIs associated with such maintenance fees and to reclaim such VOIs in the future. Generally, the agreements provide for an initial June 30 settlement date and adjustments thereafter for owners that become current subsequent to the June 30 settlement date. Management Services Included within the amounts reported as management and member services revenue are revenues from resort management services provided to the HOAs and the Collection Associations, which totaled $105.5 million , $96.2 million and $81.1 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. See " Note 1 — Background, Business and Basis of Presentation" above for detail of these services performed. Hospitality Management and Consulting Service, LLC ("HM&C") Management Services Agreement (the "HM&C Agreement") HM&C was beneficially owned and controlled by Stephen J. Cloobeck, the Company's Chairman of the Board, and David F. Palmer, the Company's President and Chief Executive Officer, until the consummation of the HM&C Acquisition (as defined and discussed below), effective as of January 1, 2015. Pursuant to the HM&C Agreement, HM&C has provided two categories of management services to the Company: (i) executive and strategic oversight of the services that the Company provides to HOAs and the Collection Associations through the Company’s hospitality and management services operations, for the benefit of the Company, the HOAs and the Collection Associations; and (ii) executive, corporate and strategic oversight of the Company’s operations and certain other administrative services. Prior to the HM&C Acquisition, pursuant to the HM&C Agreement, HM&C was entitled to receive (a) a lump sum annual management fee for providing HOA management services; (b) a lump sum annual management fee for providing corporate management services; (c) a lump sum annual incentive payment based on performance metrics determined by the Compensation Committee of the Company's Board of Directors, subject to certain minimum amounts set forth in the HM&C Agreement; and (d) reimbursement of HM&C's expenses incurred in connection with its activities under the HM&C Agreement. HM&C Acquisition On January 6, 2015, the Company entered into a Membership Interest Purchase Agreement (the "Purchase Agreement"), whereby it acquired from an entity controlled by Mr. Cloobeck and an entity controlled by Mr. Palmer (which entities owned 95% and 5% of the outstanding membership interests of HM&C, respectively) all of the outstanding membership interests in HM&C in exchange for an aggregate purchase price of $10,000 (the "HM&C Acquisition"), which is recorded as goodwill on the Company's consolidated balance sheet. As a result of the HM&C Acquisition, effective January 1, 2015, transactions between the Company and HM&C were fully eliminated from the Company's consolidated balance sheet, as HM&C became a wholly-owned subsidiary of the Company. Master Agreement Concurrent with the Company's entry into the Purchase Agreement, on January 6, 2015, the Company entered into a Master Agreement (the "Master Agreement") with Mr. Cloobeck, HM&C, JHJM Nevada I, LLC ("JHJM") and other entities controlled by Mr. Cloobeck or his immediate family members. Pursuant to the Master Agreement, the parties made certain covenants to and agreements with the other parties, including: (i) the termination, effective as of January 1, 2015, of the services agreement between JHJM and HM&C (the "JHJM Agreement"); (ii) the conveyance to the Company of exclusive rights to market timeshare and vacation ownership properties from a prime location adjacent to Polo Towers on the “Las Vegas Strip,” pursuant to the terms of an Assignment and Assumption Agreement; (iii) Mr. Cloobeck’s agreement to various restrictive covenants, including non-competition, non-solicitation and non-interference covenants; and (iv) Mr. Cloobeck’s grant to the Company of a license to use Mr. Cloobeck’s persona, including his name, likeness and voice. In connection with the transactions contemplated by the Master Agreement, the Company paid Mr. Cloobeck or his designees $16.5 million and incurred $0.3 million in expenses related to this transaction. Of these amounts, $7.8 million was recorded as general and administrative expense in connection with the JHJM Agreement and $9.0 million was capitalized as marketing easement rights and other intangible assets. See " Note 12 — Other Intangible Assets, Net " for further detail on the intangible assets acquired. In addition, in light of the termination of the services agreement between JHJM and HM&C and the existence of a director designation agreement dated July 17, 2013, the Company agreed in the Master Agreement that, at least through December 31, 2017, so long as Mr. Cloobeck is serving as a member of the board of directors of the Company, he will continue to be the Chairman of the Board and, in such capacity, will receive annual compensation equal to two times the compensation generally paid to other non-employee directors, and he, his spouse and children will receive medical insurance coverage. Aircraft Leases In January 2012, the Company entered into an aircraft lease agreement with N702DR, LLC, a limited liability company of which Mr. Cloobeck is a beneficial owner and a controlling party. Pursuant to this lease agreement, the Company leases an aircraft from N702DR, LLC and paid N702DR, LLC $2.4 million for each of the years ended December 31, 2015, 2014 and 2013. In addition, pursuant to the Master Agreement described above, the Company agreed not to terminate this aircraft lease agreement until at least December 31, 2017, subject to certain termination provisions in the aircraft lease agreement. In connection with the Company's lease of another aircraft from Banc of America Leasing & Capital, LLC, Mr. Cloobeck entered into a guarantee in favor of Banc of America Leasing & Capital, LLC. Pursuant to this guarantee, 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 $1.2 million for each of the years ended December 31, 2015, 2014 and 2013, respectively. The Company did not compensate Mr. Cloobeck for providing these guarantees; however, pursuant to the Master Agreement described above, the Company agreed to indemnify and hold harmless Mr. Cloobeck and each of his affiliates from any and all amounts that Mr. Cloobeck is required to pay under the guarantee in favor of Banc of America Leasing & Capital, LLC. In exchange, Mr. Cloobeck agreed to comply with all the covenants and agreements set forth in the guarantee for so long as Mr. Cloobeck or any of his affiliates is subject to the guarantee. Guggenheim Relationship Pursuant to an agreement with the Company, DRP Holdco, LLC (the "Guggenheim Investor"), a significant stockholder of the Company, had the right to nominate two members to the Company's Board of Directors, subject to certain security ownership thresholds. Zachary Warren, a principal of Guggenheim Partners, LLC ("Guggenheim"), an affiliate of the Guggenheim Investor, serves as a member of the Company's Board of Directors as a nominee of the Guggenheim Investor. B. Scott Minerd, also a principal of Guggenheim, served as a member of the Company's Board of Directors until his resignation effective July 28, 2015. Mr Minerd's resignation did not involve a disagreement on any matter relating to the Company's operations, policies, or practices. Affiliates of Guggenheim are currently lenders under the Conduit Facility, the senior secured credit facility originally entered into on May 9, 2014 and subsequently amended on December 22, 2014 and December 3, 2015 (the "Senior Credit Facility") and the $64.5 million securitization transaction completed on April 27, 2011 (the "DROT 2011 Notes"). See " Note 16 — Borrowings" elsewhere in this report for further details on these borrowings. In addition, an affiliate of Guggenheim was an investor in the Company's 12.0% senior secured notes originally due 2018 (the "Senior Secured Notes") that were redeemed on June 9, 2014. March 2015 Secondary Offering On March 10, 2015, Cloobeck Diamond Parent, LLC (an entity beneficially owned and controlled by Mr. Cloobeck), the Guggenheim Investor and Best Amigos Partners, LLC (an entity beneficially owned and controlled by Lowell D. Kraff, the Vice Chairman of the Board of Directors of the Company) (collectively, the "Selling Stockholders") consummated the sale of an aggregate of 6,700,000 shares of common stock of the Company in an underwritten public offering. On March 20, 2015, the Selling Stockholders sold an additional aggregate of 802,316 shares of the Company's common stock to the underwriter pursuant to the underwriting agreement in connection with the underwriter's exercise of its over-allotment option. These transactions are collectively referred to as the "March 2015 Secondary Offering." The Company did not sell any stock in the March 2015 Secondary Offering and did not receive any proceeds from the offering. The Company purchased from the underwriter 1,515,582 shares sold by the Selling Stockholders in the March 2015 Secondary Offering at $32.99 per share (the same price per share at which the underwriter purchased shares from the Selling Stockholders) for a total purchase price of $50.0 million . The Company incurred $0.8 million in expenses related to the March 2015 Secondary Offering, including registration, filing and listing fees, printing fees and legal and accounting expenses, which are included in general and administrative expenses in the accompanying consolidated statements of operations and comprehensive income (loss). Praesumo Agreement In June 2009, the Company entered into an Engagement Agreement for Individual Independent Contractor services 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 August 31, 2015, the Company entered into a fourth extension agreement that extends the agreement through August 31, 2016. In consideration of these services provided pursuant to this agreement, the Company paid to Praesumo Partners, LLC, in the aggregate, $1.8 million , $1.7 million and $2.0 million , in fees and expense reimbursements during the years ended December 31, 2015 , 2014 and 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 provided digital media services. The Company paid Luumena, LLC $0.2 million during the year ended December 31, 2013 . The Company terminated its contract with Luumena during the year ended December 31, 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 provided direct marketing services. The Company paid Technogistics, LLC $1.6 million during the year ended December 31, 2013 . Effective January 1, 2014, Mr. Kraff no longer had any beneficial ownership in Technogistics, LLC. The Company terminated its contract with Technogistics, LLC effective January 1, 2015. 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 $1.0 million during the year ended December 31, 2013 . 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. Through December 30, 2014, Mr. Bentley was also a partner of Mackinac Partners, LLC, a financial advisory firm that provides consulting services to the Company. Effective December 31, 2014, Mr. Bentley withdrew as a partner of Mackinac Partners, LLC. The services provided by Mackinac Partners, LLC to the Company include advisory services relating to mergers and acquisitions, capital formation and corporate finance. In addition to these services, which Mackinac Partners, LLC provided 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 during the term. For the years ended December 31, 2014 and 2013 , the Company paid fees and expense reimbursements to Mackinac Partners, LLC of $1.8 million and $2.2 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. Katten renders legal services to the Company. During the years ended December 31, 2014 and 2013 , the Company paid to Katten fees of $3.4 million and $7.0 million , respectively. Additionally, Richard M. Daley, who is a member of the Board of Directors of the Company, is Of Counsel at Katten. |
Other Receivables, Net
Other Receivables, Net | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Other Receivables, Net | Other Receivables, Net Other receivables, net, consisted of the following as of December 31 of each of the following years (in thousands): 2015 2014 Club dues receivable, net $ 25,028 $ 27,160 Receivables related to Sampler Packages, net 14,723 17,516 Interest receivables associated with Vacation Interests notes receivable 7,919 6,382 Rental receivables and other resort management-related receivables, net 2,737 3,972 Insurance claims receivables 1,262 342 Tax refund receivables — 2,070 Other receivables 4,117 2,379 Total other receivables, net of allowances of $12,300 and $10,052, respectively $ 55,786 $ 59,821 The allowance for doubtful accounts relates primarily to receivables for Club dues and Sampler Packages. The Company considers factors such as economic conditions, industry trends, defaults and past due agings to analyze the adequacy of the allowance. Any adjustments to the allowance are recorded within management and member services revenue or vacation interest carrying cost, net of the Company's consolidated statement of operations and comprehensive income (loss). |
Prepaid Expenses and Other Asse
Prepaid Expenses and Other Assets, Net | 12 Months Ended |
Dec. 31, 2015 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepaid and Other Assets, Net | Prepaid Expenses and Other Assets, Net The nature of selected balances included in prepaid expenses and other assets, net, includes: Deferred commissions —commissions paid to sales agents related to deferred revenue from sales of Sampler Packages, which allow purchasers to stay at a resort property on a trial basis. These amounts are charged to Vacation Interests carrying cost, net as the associated revenue is recognized. Vacation Interests purchases in transit —purchases of Vacation Interests from third parties for which the titles have not been officially transferred to the Company. These Vacation Interests purchases in transit are reclassified to unsold Vacation Interests, net, upon successful transfer of title. In connection with the Gold Key Acquisition, the Company recorded $15.5 million in prepaid expenses and other assets with an offsetting amount in accrued liabilities related to required buyouts, upgrade fees and defaulted inventory purchases related to pre-closing Vacation Interests notes receivables retained by the seller (the “Default Recovery Agreement”), pursuant to which the Company is required to purchase any Vacation Interests notes receivable that are more than 90 days past due and thus obtains the rights to recover the underlying VOIs. Prepaid maintenance fees —prepaid annual maintenance fees billed by the HOAs at the resorts not managed by the Company on unsold Vacation Interests owned by the Company, which are charged to expense ratably over the year. Prepaid member benefits and affinity programs —usage rights of members of the Clubs 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. Prepaid expenses and other assets, net, consisted of the following as of December 31 of each of the following years (in thousands): 2015 2014 Debt issuance costs, net $ 26,738 $ 20,826 Deferred commissions 17,109 18,492 Vacation Interests purchases in transit 29,323 20,058 Other inventory or consumables 4,767 4,067 Prepaid maintenance fees 3,843 3,317 Prepaid member benefits and affinity programs 2,689 4,362 Prepaid insurance 2,670 2,764 Prepaid sales and marketing costs 2,601 2,393 Deposits and advances 2,635 3,186 Other 8,272 6,974 Total prepaid expenses and other assets, net $ 100,647 $ 86,439 With the exception of Vacation Interests purchases in transit and deposits and advances, prepaid expenses and other assets are amortized as the underlying assets are utilized. Debt issuance costs incurred in connection with obtaining funding for the Company have been capitalized and are being amortized over the lives of the related funding agreements as a component of interest expense using a method which approximates the effective interest method. Amortization of capitalized debt issuance costs included in interest expense was $5.8 million , $4.6 million and $5.8 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. See " Note 16—Borrowings" for more detail. |
Unsold Vacation Interests, Net
Unsold Vacation Interests, Net | 12 Months Ended |
Dec. 31, 2015 | |
Unsold Vacation Interests, Net [Abstract] | |
Unsold Vacation Interests, Net | Unsold Vacation Interests, Net Unsold Vacation Interests, net consisted of the following as of December 31 of each of the following years (in thousands): 2015 2014 Completed unsold Vacation Interests, net $ 298,782 $ 230,137 Undeveloped land 35,974 24,326 Vacation Interests construction in progress 23,522 7,709 Unsold Vacation Interests, net $ 358,278 $ 262,172 Activity related to unsold Vacation Interests, net, consisted of the following for the years ended December 31 of each of the following years (in thousands): 2015 2014 Balance, beginning of year $ 262,172 $ 298,110 Vacation Interests cost of sales (28,721 ) (63,499 ) Purchases in connection with acquisitions 26,481 — Inventory recovery 21,112 20,691 Construction in progress 18,175 3,474 Open market and bulk purchases 9,020 7,973 Capitalized legal, title and trust fees 15,609 5,601 Loan default recoveries related to business combinations 22,413 4,268 Transfers from (to) assets held for sale 12,488 (4,254 ) Effect of foreign currency translation (2,810 ) (3,590 ) Transfer construction in progress to property and equipment — (5,995 ) Impairment of inventory — (181 ) Other 2,339 (426 ) Balance, end of year $ 358,278 $ 262,172 See " Note 2—Summary of Significant Accounting Policies" for discussion on unsold Vacation Interests, net. Included in completed unsold Vacation Interests, net above is certain property at the Cabo Azul Resort located in San Jose Del Cabo, Mexico with a cost basis of $5.7 million , which is subject to an agreement that grants a third-party an option to purchase the property. This property was classified as assets held for sale as of December 31, 2014 but no longer qualified as such as of December 31, 2015 . Similarly, undeveloped land above includes vacant land in Orlando, Florida and Kona, Hawaii that no longer qualified as assets held for sale as of December 31, 2015 . In connection with the Gold Key Acquisition, the Company acquired $26.5 million in unsold Vacation Interests, net based on a preliminary appraisal. See " Note 24—Business Combinations " for further details. At December 31, 2015 , Vacation Interests construction in progress includes costs related to construction of units at the Cabo Azul Resort located in San Jose Del Cabo, Mexico and the development of a new resort in Kona, Hawaii. See "Note 18—Commitments and Contingencies" for additional information regarding the development of the new resort in Kona, Hawaii. Loan default recoveries related to business combinations represent the recovered inventory underlying defaulted Vacation Interests notes receivable that were acquired in connection with the Company's business combinations. |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | Property and Equipment, Net Property and equipment, net consisted of the following as of December 31 of each of the following years (in thousands): 2015 2014 Land and improvements $ 20,219 $ 19,335 Buildings and leasehold improvements 60,281 44,320 Furniture and office equipment 21,845 19,248 Computer software 46,231 33,465 Computer equipment 19,146 15,641 Construction in progress 2,522 271 Property and equipment, gross 170,244 132,280 Less accumulated depreciation (74,883 ) (61,409 ) Property and equipment, net $ 95,361 $ 70,871 Depreciation expense related to property and equipment was $16.2 million , $13.2 million and $11.2 million for the years ended December 31, 2015 , 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 acquisitions. 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. In connection with the Gold Key Acquisition, the Company acquired property and equipment valued at $15.3 million based on a preliminary appraisal. See " Note 24—Business Combinations " for further details. |
Goodwill (Notes)
Goodwill (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill [Abstract] | |
Goodwill Disclosure [Text Block] | Goodwill Goodwill represents the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. As required by ASC 350, the Company does not amortize goodwill, but rather evaluates goodwill by reporting unit 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 is below the carrying amount. The Company performed its annual evaluation of potential impairment of goodwill as required in the ordinary course of business during the fourth quarter of 2015 . The Company assessed various qualitative factors and determined that the fair values of its reporting units were not below their respective carrying value. As such, the Company concluded that the first and second steps of the goodwill impairment tests were unnecessary. See "Note 2 —Summary of Significant Accounting Policies" for further detail on the Company's policy related to goodwill impairment testing. The changes in the carrying amount of goodwill are as follows (in thousands): Hospitality and Management Services Vacation Interests Sales and Financing Total Company Balance as of December 31, 2014 - Island One Acquisition $ 30,165 $ 467 $ 30,632 Goodwill acquired during the year ended December 31, 2015: Gold Key Acquisition 13,777 60,102 73,879 HM&C Acquisition 10 — 10 Total goodwill acquired during the year ended December 31, 2015 13,787 60,102 73,889 Balance as of December 31, 2015 $ 43,952 $ 60,569 $ 104,521 See " Note 6—Transactions with Related Parties—HM&C Acquisition" for further detail on the HM&C Acquisition and "Note 24—Business Combinations" for further detail on the Gold Key Acquisition. |
Other Intangible Assets, Net
Other Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets, Net | Other Intangible Assets, Net Other intangible assets, net consisted of the following as of December 31, 2015 (in thousands): Gross Carrying Cost Accumulated Amortization Net Book Value Management contracts $ 226,515 $ (58,278 ) $ 168,237 Member relationships and the Clubs 55,866 (39,298 ) 16,568 Rental agreements 15,800 (823 ) 14,977 Rights to develop inventory 11,600 (173 ) 11,427 Marketing easement rights 8,717 (436 ) 8,281 Distributor relationships and other 5,096 (2,396 ) 2,700 $ 323,594 $ (101,404 ) $ 222,190 Other intangible assets, net consisted of the following as of December 31, 2014 (in thousands): Gross Carrying Cost Accumulated Amortization Net Book Value Management contracts $ 201,997 $ (45,218 ) $ 156,779 Member relationships and the Clubs 55,784 (36,789 ) 18,995 Distributor relationships and other 4,851 (1,839 ) 3,012 $ 262,632 $ (83,846 ) $ 178,786 Under the terms of the Master Agreement entered into by the Company on January 6, 2015, the Company acquired certain rights from Mr. Cloobeck and entities controlled by Mr. Cloobeck, which were recorded by the Company as intangible assets. See "Note 6—Transactions with Related Parties" for more detail regarding the Master Agreement and related transactions. Intangible assets purchased under the Master Agreement consisted of the following (dollars in thousands): Weighted Average Useful Life Based on Appraisal Marketing easement rights 20 $ 8,717 Other intangibles 3 266 $ 8,983 In connection with the Gold Key Acquisition, which was completed on October 16, 2015, the Company recorded the following intangible assets (dollars in thousands): Weighted Average Useful Life Based on Preliminary Appraisal Management contracts 20 $ 25,300 Rental agreements 4 15,800 Rights to develop inventory 14 11,600 Member relationships 6 360 $ 53,060 See "Note 24—Business Combinations" for more detail regarding the Gold Key Acquisition. Amortization expense for other intangible assets was $18.3 million , $19.3 million and $17.0 million for the years ended December 31, 2015 , 2014 and 2013, respectively. As of December 31, 2015 , the estimated aggregate amortization expense for intangible assets was expected to be $20.7 million , $19.8 million , $19.4 million , $18.6 million and $15.3 million for the years ending December 31, 2016 through 2020, respectively, and an aggregate $128.4 million for the remaining lives of these intangible assets. The Company did not identify any impairment of its intangible assets for the years ended December 31, 2015 , 2014 or 2013 . See "Note 2—Summary of Significant Accounting Policies" for further detail on the Company's policy related to impairment evaluation of the Company's intangible assets. |
Assets Held for Sale
Assets Held for Sale | 12 Months Ended |
Dec. 31, 2015 | |
Assets Held for Sale [Abstract] | |
Assets Held for Sale Disclosure [Text Block] | Assets Held for Sale Assets held for sale are recorded at the lower of cost or their estimated fair value less cost to sell and are not subject to depreciation. Sale of the assets classified as such is probable, and transfer of the assets is expected to qualify for recognition as a completed sale, generally within one year of the balance sheet date. Assets held for sale consisted of the following as of December 31 of each of the following years (in thousands): 2015 2014 Points equivalent of unsold units and resorts in Europe $ 1,518 $ 997 Certain units in San Jose Del Cabo, Mexico 154 5,855 Vacant land in Orlando, Florida — 4,000 Vacant land in Kona, Hawaii — 3,600 Total assets held for sale $ 1,672 $ 14,452 The points equivalent of unsold units and resorts in the Company's European operations as of December 31, 2015 and December 31, 2014 were either held for sale or pending the consummation of sale. The proceeds related to assets pending the consummation of sale are expected to be paid in full by May 2017 and the Company will retain title to the properties until the full amounts due under the sales contracts are received. According to guidance included in ASC 360, "Property, Plant, and Equipment," the sales will not be considered consummated until all consideration has been exchanged. Consequently, the assets pending consummation of sale will continue to be included in assets held for sale until all proceeds are received. As of December 31, 2015 , a vast majority of the completed units in San Jose Del Cabo, Mexico and vacant land in Orlando, Florida and Kona, Hawaii no longer qualified as assets held for sale and were included in unsold Vacation Interests, net. |
Assets Held for Sale | Assets held for sale consisted of the following as of December 31 of each of the following years (in thousands): 2015 2014 Points equivalent of unsold units and resorts in Europe $ 1,518 $ 997 Certain units in San Jose Del Cabo, Mexico 154 5,855 Vacant land in Orlando, Florida — 4,000 Vacant land in Kona, Hawaii — 3,600 Total assets held for sale $ 1,672 $ 14,452 |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Accrued Liabilities Disclosure [Abstract] | |
Accrued Liabilities | Accrued Liabilities The Company records estimated amounts for certain accrued liabilities at each period end. The nature of selected balances included in accrued liabilities of the Company includes: Liability for unrecognized tax benefit —See "Note 17—Income Taxes" for further detail. Gold Key inventory recovery agreement liability —In connection with the Gold Key Acquisition, the Company recorded $15.5 million in prepaid expenses and other assets with an offsetting amount in accrued liabilities in accordance with the Default Recovery Agreement. See "Note 8—Prepaid Expenses and Other Assets" for further detail. Subsequent to the closing of the acquisition and through December 31, 2015, $3.1 million has been paid under this agreement. 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 exchange company fees —estimated liability owed to Interval International for annual dues related to exchange services provided to the Company. Accrued liability related to acquisitions —contingent liability associated with an earn-out clause in connection with a business combination completed in 2012. This liability was subsequently reduced after a negotiated settlement was reached and the reduced amount was paid in full in June 2015. Accrued liabilities consisted of the following as of December 31 of each of the following years (in thousands): 2015 2014 Liability for unrecognized tax benefit $ 75,706 $ 23,857 Accrued payroll and related 37,154 32,925 Accrued marketing expenses 24,885 14,953 Accrued commissions 22,774 17,496 Accrued other taxes 15,525 15,526 Gold Key inventory recovery agreement liability 12,371 — Accrued insurance 7,795 5,703 Accrued professional fees 4,336 2,300 Accrued escrow liability 3,784 3,005 Accrued operating lease liabilities 3,309 3,503 Accrued exchange company fees 2,131 2,169 Accrued liability related to acquisitions — 2,428 Other 11,892 10,815 Total accrued liabilities $ 221,662 $ 134,680 |
Deferred Revenues
Deferred Revenues | 12 Months Ended |
Dec. 31, 2015 | |
Deferred Revenue Disclosure [Abstract] | |
Deferred Revenues | Deferred Revenues The Company records deferred revenues for payments received or billed but not earned for various activities. Deferred 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 Interests carrying cost included in the Company's consolidated statements of operation and comprehensive income (loss) in accordance with ASC 978 (with the exception of the Company's European sampler product, which has a duration of three years and, as such, is treated as Vacation Interests sales revenue). Club deferred revenue —annual membership fees in the Clubs billed to members (offset by an estimated uncollectible amount) and amortized ratably over a one-year period. Accrued guest deposits —amounts received from guests for future rentals, which are recognized as revenue when earned. 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 functioned as the HOA through December 31, 2014 . In addition, the owners were 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 were deferred until the refurbishment activity occurred, at which time the amounts collected were recognized as consolidated resort operations revenue, with an equal amount recognized as consolidated resort operations expense. Deferred maintenance and reserve fee revenue decreased by $7.6 million from December 31, 2014 to December 31, 2015 due to the St. Maarten Deconsolidation. Deferred revenues consisted of the following as of December 31 of each of the following years (in thousands): 2015 2014 Deferred Sampler Packages revenue $ 66,285 $ 64,403 Club deferred revenue 43,890 40,044 Accrued guest deposits 6,631 6,482 Deferred maintenance and reserve fee revenue at our St. Maarten resorts — 7,552 Other 2,914 6,516 Total deferred revenues $ 119,720 $ 124,997 |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Borrowings | Borrowings Senior Credit Facility On May 9, 2014, the Company entered into the Senior Credit Facility Agreement, which originally provided 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 pursuant to the Senior Credit Facility Agreement 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) 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 $5.4 million of cash on hand, to fund the $418.9 million redemption amount for the 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 three inventory loans (previously entered into in connection with various acquisitions). In conjunction with the Company's entry into the Senior Credit Facility Agreement, the Company also terminated its previous revolving credit facility, under which no borrowings were then outstanding. See below for the definition of and further detail on these retired borrowings. On December 22, 2014, the Company entered into a First Amendment to the Senior Credit Facility Agreement (the "First Amendment"), which allowed the Company to accelerate its use of restricted payments for its stock repurchase program. On December 3, 2015, the Company entered into a Second Amendment and First Incremental Assumption Agreement (the “Second Amendment”) to the Senior Credit Facility Agreement. The Second Amendment provides for a $150.0 million incremental term loan that bears the same interest rate and terms as described for the original term loan above. The Company received $147.0 million in proceeds upon the closing of the Incremental Term Loan, which was issued with a 2.0% original issue discount. Other significant terms of the Senior Credit Facility include: (i) quarterly amortization payments of $1.5 million commencing in March 2017; (ii) an excess cash flow sweep that varies depending on the Company's secured leverage ratio (which represents the ratio of (1) secured total debt to (2) Adjusted EBITDA for the most recent four consecutive fiscal quarters for which financial statements have been delivered); the Company is required to pay 50% of its excess cash flow (as defined in the Senior Credit Agreement) if the secured leverage ratio is greater than 2.0 :1, 25% of its excess cash flow if the secured leverage ratio is greater than 1.5 :1, but equal to or less than 2.0 :1, and there is no excess cash flow sweep due when the secured leverage ratio is equal to or less than 1.5 :1; (iii) a soft call provision of 1.01 until June 3, 2016; (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 as of the last day of any fiscal quarter; (v) the availability of additional incremental borrowings subject to 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 the remaining portion of the cash flows that is not used to amortize debt pursuant to the excess cash flow provision described above. At December 31, 2015, the outstanding principal balance under the term loan (including the Incremental Term Loan) was $574.7 million , and no principal balance was outstanding under the revolving line of credit. At December 31, 2015 , the Company was in compliance with all of the Senior Credit Facility covenants. Conduit Facility On February 5, 2015, the Company entered into an amended and restated Conduit Facility agreement that extended the maturity date of the facility to April 10, 2017. The Conduit Facility is renewable for 364 -day periods at the election of the lenders upon maturity. The overall advance rate on loans receivable in the portfolio is limited to 88% of the aggregate face value of eligible loans. The Conduit Facility originally bore interest at LIBOR or the commercial paper rate (having a floor of 0.50% ) plus a usage-fee rate of 2.75% , and has a non-use fee of 0.75% . In connection with the amendment to the Conduit Facility agreement that was entered into on June 26, 2015 ("the June 2015 Amendment"), the usage-fee rate was reduced to 2.25% . The June 2015 Amendment also provides, among other things, (i) that, at any time the outstanding note balance has been reduced to zero in connection with the delivery of a prepayment notice, the first borrowing thereafter must include a minimum of 250 timeshare loans and (ii) for the inclusion of timeshare loans that have been executed through the utilization of electronic signature and electronic vaulting and management services. In accordance with the requirements of the July 2015 Amendment, the Company posted a reserve payment in the amount of $0.4 million against the derivative instruments associated with the Conduit Facility. This reserve payment was refunded to the Company upon the Completion of the DROT 2015-1 Notes (see definition below) in which more than 75% of the outstanding balance under the Conduit Facility was repaid using the proceeds from such securitization or other financing. The Conduit Facility is subject to covenants, including as to the maintenance of specific financial ratios. As of December 31, 2015 , the Company was in compliance with all of these covenants. Securitization Notes On April 27, 2011, the Company issued the DROT 2011 Notes, which mature on March 20, 2023 and carry an interest rate of 4.0% . The net proceeds were used to pay off in full the $36.4 million then-outstanding principal balance under the Conduit Facility, to pay down $7.0 million of the Quorum Facility, to pay requisite accrued interest and fees associated with both facilities, and to pay certain expenses incurred in connection with the issuance of the DROT 2011 Notes, including the funding of a reserve account required thereby. On January 23, 2013, the Company issued the DROT 2013-1 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 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. On November 20, 2013, the Company completed a securitization transaction involving the issuance of $225.0 million of investment-grade rated securities (the "DROT 2013-2 Notes") that included a $44.7 million prefunding account. The DROT 2013-2 Notes consisted of two tranches of vacation ownership loan-backed notes that included $213.2 million of Class A tranche notes and $11.8 million of Class B tranche notes. The interest rates for the Class A tranche notes and the Class B tranche notes are 2.3% and 2.6% , respectively. The overall weighted average interest rate is 2.3% . The initial proceeds were used to pay off the $152.8 million then-outstanding principal balance, accrued interest and fees associated with the Conduit Facility, terminate the two interest rate swap agreements then in effect, pay certain expenses incurred in connection with the issuance of the DROT 2013-2 Notes, and fund related reserve accounts (including the prefunding account) with any remaining proceeds transferred to the Company for general corporate use. As of December 31, 2014 , 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. On November 20, 2014, the Company completed the DROT 2014-1 Notes that included a $51.8 million prefunding account. The DROT 2014-1 Notes consisted of two tranches of vacation ownership loan-backed notes that included $235.6 million of Class A tranche notes and $24.4 million of Class B tranche notes. The interest rates for the Class A tranche notes and the Class B tranche notes are 2.5% and 3.0% , respectively. The overall weighted average interest rate is 2.6% . The initial proceeds were used to pay off the $141.3 million then-outstanding principal balance plus accrued interest and fees associated with the Conduit Facility, pay certain expenses incurred in connection with the issuance of the DROT 2014-1 Notes and fund related reserve accounts (including the prefunding account) with the remaining proceeds transferred to us for general corporate use. As of December 31, 2014, cash in escrow and restricted cash includes $4.4 million related to the prefunding account, all of which was released to the Company's unrestricted cash account in January 2015. On July 29, 2015, the Company completed a securitization involving the issuance of investment-grade rated $170.0 million DROT 2015-1 Notes (the "DROT 2015-1 Notes"). The interest rates for the $158.5 million Class A tranche notes and the $11.5 million Class B tranche notes are 2.7% and 3.2% , respectively. The overall weighted average interest rate is 2.8% . The advance rate for this transaction is 96.0% . The proceeds from the DROT 2015-1 Notes were used to repay all of the outstanding balance plus accrued interest under the Conduit Facility, as well as to pay debt issuance cost related to the DROT 2015-1 Notes, with the remaining proceeds transferred to the Company for general corporate use, and the reserve payment described above was refunded to the Company. On November 17, 2015, the Company completed a securitization involving the issuance of investment-grade rated $180.0 million DROT 2015-2 Notes (the "DROT 2015-2 Notes"). The interest rates for the $159.4 million Class A tranche notes and the $20.6 million Class B tranche notes are 3.0% and 3.5% , respectively. The overall weighted average interest rate is 3.1% . The advance rate for this transaction is 96.0% . The proceeds from the DROT 2015-2 Notes were used to repay all of the outstanding balance plus accrued interest under the Conduit Facility, as well as to pay debt issuance cost related to the DROT 2015-2 Notes with the remaining proceeds transferred to the Company for general corporate use. The DROT 2015-2 Notes initially included $33.6 million related to the future funding of Vacation Interests notes receivable, all of which was released to the Company's unrestricted cash account by December 31, 2015. Quorum Facility The Company's subsidiary, DRI Quorum 2010, LLC, entered into a Loan Sale and Servicing Agreement, dated as of April 30, 2010 with Quorum Federal Credit Union as purchaser. On September 30, 2015, pursuant to a First Amendment to the Amendment and Restated Loan Sale and Servicing Agreement, the Company amended the Quorum Facility to increase the aggregate minimum committed amount from $80.0 million to $100.0 million and to extend the term of the agreement to December 31, 2017, provided that Quorum Federal Credit Union may further extend the term for additional periods by written notice. 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"). The Island One Quorum Funding Facility provides for a purchase period of three years (which was subsequently extended to December 31, 2017) 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 December 31, 2015, the weighted average advance rate Quorum Facility and the Island One Quorum Funding Facility was 86.2% and the weighted average interest rate was 4.6% . Notes Payable During the year ended December 31, 2015, the Company issued three unsecured notes to finance premiums on certain insurance policies. Two of the unsecured notes matured in February 2016 and each of these two notes carried an interest rate of 2.7% per annum. The third unsecured note is scheduled to mature in October 2016 and carries an interest rate of 2.4% per annum. In addition, the Company purchased certain software licenses during the year ended December 31, 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): December 31, 2015 December 31, 2014 Principal Weighted Maturity Gross Amount of Vacation Interests Notes Receivable as Collateral Borrowing / Funding Availability Principal Senior Credit Facility $ 574,666 5.5% 5/9/2021 $ — $ 25,000 $ 442,775 Original Issue discount related to Senior Credit Facilities (4,735 ) (2,055 ) Notes payable-insurance policies 4,586 2.4% Various — — 4,286 Notes payable-other 164 5.0% Various — — 326 Total Corporate Indebtedness 574,681 — 25,000 445,332 Diamond Resorts Owner Trust Series 2015-2 (1) 172,583 3.1% 5/22/2028 180,090 — — Diamond Resorts Owner Trust Series 2014-1 (1) 140,256 2.6% 5/20/2027 151,096 — 247,992 Diamond Resorts Owner Trust Series 2015-1 (1) 126,776 2.8% 7/20/2027 133,860 — — Diamond Resorts Owners Trust 2013-2 (1) 84,659 2.3% 5/20/2026 94,065 — 131,952 Quorum Facility (1) 45,411 4.6% 12/31/2017 45,270 54,589 (2) 52,315 Diamond Resorts Owner Trust 2013-1 (1) 30,681 2.0% 1/20/2025 34,091 — 42,838 Conduit Facility (1) 22,538 2.8% 4/10/2017 24,200 177,462 (2) — Diamond Resorts Owner Trust 2011 (1) 12,073 4.0% 3/20/2023 12,752 — 17,124 Original issue discount related to Diamond Resorts Owner Trust Series 2011 (103 ) — — (156 ) Diamond Resorts Tempus Owner Trust 2013 (1) 7,884 6.0% 12/20/2023 13,353 — 17,143 Total Securitization Notes and Funding Facilities 642,758 688,777 232,051 509,208 Total $ 1,217,439 $ 688,777 $ 257,051 $ 954,540 (1) Non-recourse indebtedness (2) 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, pay dividends and repurchase shares of the Company’s common stock. The Company is also required to maintain certain financial ratios and comply with other financial and performance covenants. The failure of the Company to comply with any of these provisions, or to pay its obligations, could result in foreclosure by the lenders of their security interests in the Company’s assets, and could otherwise have a material adverse effect on the Company. The Company was in compliance with all of the financial covenants as of December 31, 2015 . The anticipated maturities of the Company’s borrowings under the Senior Credit Facility, securitization notes, Funding Facilities and notes payable are as follows (in thousands) and do not include the use of any proceeds from potential debt or equity transactions during 2016 to pay down borrowings: Due in the year ending December 31: 2016 $ 142,590 2017 166,786 2018 81,981 2019 62,943 2020 45,440 2021 and thereafter 722,537 Total contractual obligations 1,222,277 Unamortized original issue discounts, net (4,838 ) Total borrowings as of December 31, 2015 $ 1,217,439 Liquidity Historically, the Company has depended on the availability of credit to finance the consumer loans that it provides to its customers for the purchase of their VOIs. Typically, these loans require a minimum cash down payment of 10% of the purchase price at the time of sale. However, selling, marketing and administrative expenses attributable to VOI sales are primarily cash expenses and often exceed the buyer's minimum down payment requirement. Accordingly, the availability of financing facilities for the sale or pledge of these receivables to generate liquidity is a critical factor in the Company's ability to meet its short-term and long-term cash needs. The Company has historically relied upon its ability to sell receivables in the securitization market in order to generate liquidity and create capacity on its Funding Facilities. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The components of the provision for income taxes are summarized as follows as of December 31 of each of the following years (in thousands): 2015 2014 2013 Current: Federal $ 1,039 $ — $ — State 2,114 393 138 Foreign 926 1,560 2,375 Total current provision for income taxes 4,079 1,953 2,513 Deferred: Federal 40,424 18,227 8,964 State 3,950 4,365 2,859 Foreign (8,838 ) 2,839 (5,518 ) Total deferred provision for income taxes before change in valuation allowance 35,536 25,431 6,305 Increase (decrease) in valuation allowance 8,013 (1,007 ) (3,041 ) Total deferred provision for income taxes 43,549 24,424 3,264 Unrecognized tax benefit 54,542 23,857 — Provision for income taxes $ 102,170 $ 50,234 $ 5,777 Income before income taxes is comprised of the following as of December 31 of each of the following years (in thousands): 2015 2014 2013 Domestic $ 271,441 $ 121,039 $ 4,599 Foreign (19,793 ) (11,348 ) (1,347 ) Income before income taxes $ 251,648 $ 109,691 $ 3,252 The reconciliation between the statutory provision for income taxes and the actual provision for income taxes is shown as follows for the years ended December 31 for each of the following years (in thousands): 2015 2014 2013 Income tax expense at U.S. federal statutory rate of 35% $ 88,077 $ 38,393 $ 1,138 State tax expense, net of federal effect 5,343 3,083 1,315 Tax impact of contributed entities — — 7,877 Stock-based compensation issued to non U.S. recipients 566 219 435 (Income) loss of pass-through entities not taxed at corporate entity level (714 ) (111 ) 1,142 Tax impact of non-U.S. disregarded entities — (1,119 ) (286 ) Rate differences between U.S. and foreign tax jurisdictions 2,807 1,649 2,046 Deferred balance adjustments — 5,381 (390 ) Permanent differences 978 3,746 (3,441 ) Tax effect of gain on bargain purchase from acquisitions — — (1,018 ) Change in valuation allowance 8,013 (1,007 ) (3,041 ) Other (2,900 ) — — Provision for income taxes $ 102,170 $ 50,234 $ 5,777 The company's deferred tax assets and liabilities are as follows as of December 31 of each of the following years (in thousands): 2015 2014 Allowance for losses $ 66,743 $ 54,247 Deferred profit 18,282 22,349 Net Operating Loss carryover 80,832 124,674 Accrued expenses and prepaid assets 31,655 22,740 Minimum tax credit 77,918 25,733 Other 35,836 18,177 Total gross deferred tax assets 311,266 267,920 Valuation allowance (65,893 ) (60,044 ) Total net deferred tax assets 245,373 207,876 Installment sales 243,434 193,106 Intangible assets 32,372 14,072 Unsold Vacation Interests adjustments 53,764 47,525 Other 8,055 — Total deferred tax liability 337,625 254,703 Net deferred tax liability $ (92,252 ) $ (46,827 ) ASC 740, “Income Taxes” ("ASC 740") requires that the tax benefit of net operating losses, temporary differences and credit carry forwards be recorded as an asset to the extent that management assesses that realization is “more likely than not.” Realization of the future tax benefits is dependent on the Company's ability to generate sufficient taxable income within the carry forward period, including the reversal of existing taxable temporary differences. The Company maintains a valuation allowance against its deferred tax assets in foreign jurisdictions, including its branch operations in St. Maarten. Due to the Company's history of operating losses in those locations, management believes that realization of the deferred tax assets arising from the above-mentioned future tax benefits is currently not more likely than not and, accordingly, has provided a valuation allowance. As of December 31, 2015 , the Company had available $137.8 million of unused federal net operating loss (“NOLs”) carry forwards, $159.1 million of unused state NOLs, and $113.0 million of foreign NOLs, with expiration dates from 2021 through 2033 (except for certain foreign NOLs that do not expire) that may be applied against future taxable income subject to certain limitations. As a result of the IPO and the resulting change in ownership, the Company's ability to use its federal NOLs will be limited under Internal Revenue Code Section 382. State NOLs are subject to similar limitations in many cases. No deferred tax liabilities have been provided for U.S. taxes on the undistributed earnings (if any) of foreign subsidiaries as of December 31, 2015 , 2014 and 2013 . Those earnings have been and are expected to be indefinitely reinvested in the foreign subsidiaries. The amount of unrecognized deferred tax liability has not been determined as it is impracticable at this time to determine the amount. ASC 740 clarifies the accounting for uncertainty in income taxes recognized in the Company's financial statements. ASC 740 prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The evaluation of a tax position in accordance with ASC 740 is a two-step process. The first step is recognition: the Company determines whether it is “more-likely-than-not” that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. In evaluating whether a tax position has met the “more-likely-than-not” recognition threshold, the Company presumes that the position will be examined by the appropriate taxing authority that would have full knowledge of all relevant information. The second step is measurement: a tax position that meets the “more-likely-than-not” recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. The tax position is measured at the largest amount of benefit that is greater than 50 percent likely to be realized upon ultimate settlement. The adoption of ASC 740 did not result in a material impact on the Company's financial condition or results of operations. The following table summarizes the activity related to the Company's unrecognized tax benefits (in thousands): Amount Balance as of December 31, 2013 $ — Increases related to tax positions taken during the current period 23,857 Balance as of December 31, 2014 23,857 Increase related to tax positions taken during a prior period 4,125 Increases related to tax positions taken during the current period 49,753 Balance as of December 31, 2015 $ 77,735 The gross amount of the unrecognized tax benefit as of December 31, 2015 that, if recognized, would affect the Company's effective tax rate was $0.4 million . The Company's continuing practice is to recognize potential interest and/or penalties related to income tax matters in income tax provision. The Company has accrued $0.7 million for the payment of interest in the accompanying balance sheet and statement of operations and comprehensive income (loss). It is reasonably possible that the unrecognized tax benefit will increase during the next twelve months, and an estimate of the range is impracticable. The Company operates in multiple tax jurisdictions, both within the U.S. and outside of the U.S. The Company is no longer subject to income tax examinations by tax authorities in its major tax jurisdictions as follows: Tax Jurisdiction Tax Years No Longer Subject to Examination United States 2011 and prior United Kingdom 2012 and prior Spain 2011 and prior |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Lease Agreements The Company conducts a significant portion of its operations from leased facilities, which include regional and global administrative facilities as well as off-premise booths and tour centers near active sales centers. The longest of these obligations extends into 2025. 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 addition, the Company leases equipment under both long-term and short-term lease arrangements, which are generally classified as operating leases. Rental expense recognized for all operating leases during the years ended December 31, 2015 , 2014 and 2013 totaled $25.2 million , $21.8 million and $21.1 million , net of sublease rental revenue of $0.8 million , $0.8 million and $0.8 million , respectively. As of December 31, 2015 , future minimum lease payments on operating leases were as follows (in thousands): Year ending December 31: 2016 $ 15,461 2017 11,184 2018 8,092 2019 3,624 2020 2,802 2021 and thereafter 4,153 $ 45,316 Contractual Obligations The Company has entered into various contractual obligations primarily related to construction of new units at the Cabo Azul Resort in San Jose Del Cabo, Mexico, as well as relating to sales center remodeling, property amenity improvement and corporate office expansion projects. The total remaining commitment was $3.9 million as of December 31, 2015 . Hurricane Odile In September 2014, Hurricane Odile, a category 4 hurricane, inflicted widespread damage on the Baja California peninsula, particularly in San Jose Del Cabo, in which the Cabo Azul Resort, one of the Company's managed resorts, is located. Hurricane Odile caused significant damage to the buildings as well as the facilities and amenities at the Cabo Azul Resort, including unsold Vacation Interests and property and equipment owned by the Company. During the year ended December 31, 2015 , the Company received $5.0 million in proceeds from its insurance carrier for property damage resulting from Hurricane Odile. Management believes the Company has sufficient property insurance to cover the costs incurred by the Company in excess of $5.0 million when the insurance claim is ultimately settled. In addition, the Company has filed a claim under its business interruption insurance policy for business profits lost during the period that the Cabo Azul Resort remained closed as a result for the damage suffered in Hurricane Odile. During the year ended December 31, 2015 , the Company received an aggregate of $6.0 million in installments from its insurance carrier related to such claim, which was recognized as other revenue in the consolidated statement of operations and comprehensive income (loss). The total claim remains under negotiation with the insurance carrier and any further payments will also be recorded in the periods in which they are received. The Cabo Azul Resort and the on-site sales center reopened on September 1, 2015. Kona Agreement On July 28, 2015, the Company entered into an agreement for the purchase and sale of property, which was amended on February 25, 2016 (as amended, the "Kona Agreement") with Hawaii Funding LLC (the "Kona Seller"), an affiliate of Och-Ziff Real Estate. The Kona Agreement relates to the development by the Kona Seller of a new resort, which is expected to consist of 144 units, on property located in Kona, Hawaii to be acquired by the Kona Seller. Pursuant to the Kona Agreement, the Company has agreed to purchase all of the units, subject to the satisfaction of specified conditions including a period of assessment suitability and feasibility, by both parties, of the property for its intended use. The total financial commitment under the Kona Agreement is expected to be finalized in the second quarter of 2016, with the first delivery of units expected in the first half of 2017 continuing through mid-2018, which is subject to various conditions precedent and rights of the parties. Litigation Contingencies From time to time, the Company or its subsidiaries are subject to certain legal proceedings and claims in the ordinary course of business. The Company evaluates these legal proceedings and claims at each balance sheet date to determine the degree of probability of an unfavorable outcome and, when it is probable that a liability has been incurred, the Company's ability to make a reasonable estimate of loss. The Company records a contingent litigation liability when it determines that it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements ASC 820, "Fair Value Measurements" ("ASC 820"), defines fair value, establishes a framework for measuring fair value in accordance with U.S. GAAP, and expands disclosures about fair value measurements. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets and liabilities carried at fair value are classified and disclosed in one of the following three categories: • Level 1: Quoted prices for identical instruments in active markets. • Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs or significant value drivers are observable. • Level 3: Unobservable inputs used when little or no market data is available. As of December 31, 2015 , the only assets and liabilities of the Company measured at fair value on a recurring basis was the December 2015 Swap. As of December 31, 2015 , the fair value of the December 2015 Swap was based on valuation reports provided by counterparties and was classified as Level 3, based on the fact that the credit risk data used for the valuations were not directly observable and could not 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 the Company's derivative instruments. The following table summarizes the information regarding the Company's derivative instruments as of the dates presented below (in thousands): December 31, 2015 December 31, 2014 Carrying Value Total Estimated Fair Value Carrying Value Total Estimated Fair Value Liabilities: Interest rate swap agreement (a) $ 146 $ 146 $ — $ — Total Liabilities $ 146 $ 146 $ — $ — (a) Values associated with the December 2015 Swap are presented under the derivative liabilities category of the accompanying consolidated balance sheet. As of December 31, 2015 , Vacation Interests notes receivable had a balance of $622.6 million , net of allowance. The allowance for losses against the Vacation Interests notes receivable is derived using a static pool analysis to develop historical default percentages based on FICO credit 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 Vacation Interests notes receivable to management's best estimate of collectability. As a result of such evaluation, the Company believes that the carrying value of the Vacation Interests notes receivable approximated its fair value at December 31, 2015 . These financial assets were classified as Level 3, as there is little market data available. As of December 31, 2015 , the borrowings under the Senior Credit Facility (excluding the Incremental Term Loan) were classified as Level 2 and the Company believes the fair value of the Senior Credit Facility approximated its carrying value at such dates due to the fact that the market for similar instruments remained stable since May 2014, when the Company entered into the Senior Credit Facility. As of December 31, 2015 , the borrowings under the Incremental Term Loan were classified as Level 2 and the Company believes the fair value of the Incremental Term Loan 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 December 31, 2015 , all of the Company’s notes issued in its securitization transactions except the Tempus 2013 Notes were classified as Level 2. The Company believes the fair value of these borrowings, which was determined with the assistance of an investment banking firm, approximated similar instruments in active markets. The Tempus 2013 Notes were classified as Level 2. The Company believes the fair value of the Tempus 2013 Notes approximated their carrying value due to the fact that the market for similar instruments remained stable since September 2013, the issuance date of the Tempus 2013 Notes. Consequently, the Tempus 2013 Notes were classified as Level 2 as of December 31, 2015 . See "Note 16—Borrowings" for further detail on these borrowings. As of December 31, 2015 , the Quorum Facility and a loan sale agreement that the Company assumed in connection with a previous business combination 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, 2015 , 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, 2014 , the Company had no assets or liabilities measured at fair value on a recurring basis. As of December 31, 2014 , Vacation Interests notes receivable had a balance of $498.7 million , net of allowance. The allowance for loan and contract losses against the Vacation Interests notes 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 Vacation Interests notes receivable to management's best estimate of collectability. As a result of such evaluation, the Company believes that the carrying value of the Vacation Interests notes receivable approximated its fair value at December 31, 2014 . These financial assets are classified as Level 3 as there is little market data available. As of December 31, 2014 , the borrowings under 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 December 31, 2014 , all of the Company’s notes issued in the securitization transactions except the Tempus 2013 Notes were classified as Level 2. The fair value of these borrowings 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 the market for similar instruments remained stable since September 2013, the issuance date of the Tempus 2013 Notes. As of December 31, 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 December 31, 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. In accordance with ASC 820, the Company also applied the provisions of fair value measurement to various non-recurring measurements for the Company’s financial and non-financial assets and liabilities and recorded the impairment charges. The Company’s non-financial assets consist of property and equipment, which are recorded at cost, net of depreciation, unless impaired, and assets held for sale, which are recorded at the lower of cost or their estimated fair value less costs to sell. The carrying values and estimated fair values of the Company's financial instruments as of December 31, 2015 were as follows (in thousands): Carrying Value Total Estimated Fair Value Estimated Fair Value (Level 2) Estimated Fair Value (Level 3) Assets: Vacation Interests notes receivable, net $ 622,607 $ 622,607 $ — $ 622,607 Total assets $ 622,607 $ 622,607 $ — $ 622,607 Liabilities: Senior Credit Facility $ 569,931 $ 569,931 $ 569,931 $ — Securitization notes and Funding Facilities, net 642,758 638,420 638,420 — Notes payable 4,750 4,750 4,750 — Total liabilities $ 1,217,439 $ 1,213,101 $ 1,213,101 $ — The carrying values and estimated fair values of the Company's financial instruments as of December 31, 2014 were as follows (in thousands): Carrying Value Total Estimated Fair Value Estimated Fair Value (Level 2) Estimated Fair Value (Level 3) Assets: Vacation Interests notes receivable, net $ 498,662 $ 498,662 $ — $ 498,662 Total assets $ 498,662 $ 498,662 $ — $ 498,662 Liabilities: Senior Credit Facility $ 440,720 $ 440,720 $ 440,720 $ — Securitization notes and Funding Facilities, net 509,208 512,706 512,706 — Notes payable 4,612 4,612 4,612 — Total liabilities $ 954,540 $ 958,038 $ 958,038 $ — |
Stock Repurchase Program
Stock Repurchase Program | 12 Months Ended |
Dec. 31, 2015 | |
Equity, Class of Treasury Stock [Line Items] | |
Stockholders' Equity Note Disclosure [Text Block] | Stock Repurchase Program On October 28, 2014, the Company's Board of Directors authorized a stock repurchase program allowing for the expenditure of up to $100.0 million for the repurchase of the Company's common stock (the "Stock Repurchase Program"). The Stock Repurchase Program was originally announced on October 29, 2014 and has no scheduled expiration date. On July 28, 2015, the Company's Board of Directors authorized an additional $100.0 million for expenditures under the Stock Repurchase Program. The Senior Credit Facility limits the Company's ability to make restricted payments, including the payment of dividends or expenditures for stock repurchases, subject to specified exceptions based upon the Company's excess cash flow sweep determined in accordance with the Senior Credit Facility. As of December 31, 2015, the amount available to repurchase stock as permitted by the Senior Credit Facility was $3.5 million . The following table summarizes stock repurchase activity under the Stock Repurchase Program (cost in thousands): Shares Cost Average Price Per Share From inception through December 31, 2014 642,900 $ 16,077 $ 25.01 For the year ended December 31, 2015 (a) 5,713,554 163,545 $ 28.62 Total from inception through December 31, 2015 (a) 6,356,454 (b) $ 179,622 $ 28.26 (a) Includes the purchase of 1,515,582 shares from the underwriter for $50 million in the March 2015 Secondary Offering at the price of $32.99 per share. (b) Shares of common stock repurchased by the Company pursuant to the Stock Repurchase Program. As of December 31, 2015 , 4,134,071 of the repurchased shares held in treasury at the average price of $28.92 per share had been retired. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Stock-Based Compensation [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Stock-Based Compensation On July 8, 2013, the Board of Directors of the Company approved the 2013 Plan, which authorized the issuance of Company's common stock for awards, including restricted stock, RSUs, stock options, deferred stock or stock appreciation rights, to officers, employees, consultants, advisors and directors of the Company (collectively, the “Eligible Persons”). On May 19, 2015, the Company held its annual meeting of stockholders, at which the Company's stockholders approved the 2015 Plan. The 2015 Plan is a broad-base plan under which 8,500,000 shares of the Company's common stock are authorized for issuance for awards, including restricted stock, RSUs, stock options, deferred stock or stock appreciation rights, to the Eligible Persons. As of December 31, 2015, 7,174,940 shares remained available for issuance as new awards under the 2015 Plan. On July 18, 2013, the Company granted to the former holders of Diamond Resorts Parent, LLC (DRII's predecessor) 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, Palmer, Bentley, Lanznar and two employees of the Company. Through December 31, 2014, Messrs. Cloobeck, Palmer, Bentley and Lanznar were not employed or compensated directly by the Company, but were rather employed or independently contracted and compensated by HM&C. See " Note 6—Transactions with Related Parties " for further detail on the HM&C Agreement. In addition, between July 18, 2013 and December 31, 2014, the Company issued additional non-qualified stock options, exercisable for an aggregate of 4,408,100 shares of common stock, to Eligible Persons (including employees of HM&C), each at an option price equal to the market price on the applicable grant date. 25% of the shares issuable upon the exercise of such non-qualified stock options vested immediately on the grant date and the remaining 75% vest in equal installments on each of the first three anniversaries of the grant date. All of these options expire ten years from the grant date. On May 19, 2015, the Company issued additional non-qualified stock options, exercisable for an aggregate of 1,067,000 shares of common stock, to Eligible Persons, each at an option price equal to the market price on the applicable grant date. 25% of the shares issuable upon exercise of such non-qualified stock options vest in equal installments on each of the first four anniversaries of the grant date. 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. 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 (loss) over the expected term during which the employees (including, from an accounting perspective, non-employee directors in their capacity as such) of the Company provide service in exchange for the award. Through December 31, 2014 and prior to the Company's acquisition of HM&C in January 2015, the Company accounted for its stock-based compensation issued to employees and independent contractors of HM&C in accordance with ASC 505-50, "Equity-Based Payments to Non-Employees" ("ASC 505"). In addition, stock-based compensation issued to Mr. Kraff in connection with the IPO has been accounted for in accordance with ASC 505. Employees and independent contractors of HM&C through December 31, 2014 and Mr. Kraff (with respect to the stock-based compensation issued to him in connection with the IPO) are collectively referred to as the "Non-Employees," and the stock-based compensation issued to the Non-Employees are collectively referred to as the "Non-Employee Grants." Pursuant to ASC 505, the fair value of an equity instrument issued to Non-Employees is initially measured on the grant date by using the stock price and other measurement assumptions and subsequently remeasured at each balance sheet date as (and to the extent) the relevant performance is completed. With respect to the stock-based compensation issued to Mr. Kraff in connection with the IPO, his performance of services was considered completed at the grant date. Effective January 1, 2015, the Company acquired all of the outstanding membership interests in HM&C, which became a wholly-owned subsidiary of the Company. As employees of HM&C became employees of the Company following the HM&C Acquisition, all unvested stock options issued to employees of HM&C were converted to employee grants from an accounting perspective on January 1, 2015. As a result of the HM&C Acquisition, compensation cost attributable to unvested options issued to employees of HM&C was remeasured as if the unvested options were newly granted on January 1, 2015, and the portion of the newly measured cost attributable to the remaining vesting period is being recognized as compensation cost prospectively from January 1, 2015. The Company utilizes the Black-Scholes option-pricing model to estimate the fair value of the stock options granted to its employees (including from an accounting perspective, non-Employee directors in their capacity as such) and Non-Employees. The expected volatility is 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 trading prices of the Company's common stock. The average expected option life represents the period of time the stock options are expected to be outstanding at the issuance date based on management’s estimate using the simplified method prescribed under the Securities and Exchange Commission (the "SEC") SAB 14 for employee grants and the contractual terms for Non-Employee grants. The risk-free interest rate is calculated based on the U.S. Treasury zero-coupon yield, with a remaining term that approximates the expected option life assumed at the date of issuance. The expected annual dividend per share is 0% based on the Company’s expected dividend rate. The 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 and ASC 505, consisted of the following as of December 31, of each of the following years: 2015 2014 2013 Company Employees Non-Employees Company Employees Non-Employees Company Employees Weighted average fair value per share $ 10.2 $ 14.9 $ 8.1 $ 8.9 $ 7.5 Expected stock price volatility 45.7 % 52.8 % 52.8 % 49.8 % 52.9 % Expected option life (years) 5.91 6.00 6.00 9.13 6.51 Risk-free interest rate 1.7 % 1.7 % 1.7 % 2.4 % 1.8 % Expected annual dividend yield — % — % — % — % — % Stock option activity related to stock option grants issued to the employees of the Company during the year ended December 31, 2015 was as follows: Company Employees Options (In thousands) Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (In thousands) Outstanding at January 1, 2015 7,868 $ 15.02 8.8 $ 101,336 Granted 1,117 $ 32.05 Exercised (188 ) $ 15.59 Forfeited (31 ) $ 23.79 Outstanding at December 31, 2015 8,766 $ 17.20 7.9 $ 72,840 Exercisable at December 31, 2015 6,219 $ 14.62 7.6 $ 67,756 The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value that would have been realized by the option holders had all option holders exercised their options on December 31, 2015 . The intrinsic value of a stock option is the excess of the Company’s closing stock price on that date over the exercise price, multiplied by the number of shares subject to the option. The following table summarizes the Company’s unvested stock option activity for the year ended December 31, 2015 : Company Employees Options (In thousands) Weighted-Average Exercise Price (Per Share) Unvested at January 1, 2015 2,536 $ 16.37 Granted 1,117 $ 32.05 Vested (1,075 ) $ 17.32 Forfeited (31 ) $ 23.79 Unvested at December 31, 2015 2,547 $ 23.51 Restricted Stock, RSUs and Deferred Stock Between July 18, 2013 and December 31, 2014, the Company issued restricted 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. On May 19, 2015, the Company issued restricted stock to certain employees of the Company (which vest equally on each of the first four anniversaries of the grant date) and non-employee members of the Board of Directors of the Company (which vest equally on each of the first 12 quarterly anniversaries of the grant date). In addition, on May 19, 2015, the Company issued RSUs to certain employees of the Company (which conditionally vest equally on each of the first four anniversaries of the grant date and fully vest on the fourth anniversary date of the grant date when certain service and performance conditions are met) and to certain non-employee members of the Board of Directors of the Company who elected to receive RSUs in lieu of restricted stock for services rendered (which vested equally on each of the first 12 quarterly anniversaries of the grant date). Furthermore, on May 19, 2015, the Company issued deferred stock to certain non-employee members of the Board of Directors of the Company who elected to receive deferred stock in lieu of cash for services rendered. The deferred stock were fully vested on the grant date. All restricted stock, RSUs and deferred stock issued on May 19, 2015 (the "Stock Unit Issuances") were valued at $32.69 per share (the closing stock price of the Company's common stock on such date). The following table summarizes the activity related to the Stock Unit Issuances during the year ended December 31, 2015 : Restricted Stock Restricted Stock Units Deferred Stock Shares (In thousands) Weighted-Average Exercise Price (Per Share) Units (In thousands) Weighted-Average Exercise Price (Per Share) Units (In thousands) Weighted-Average Exercise Price (Per Share) Unvested at January 1, 2015 44 $ 16.92 — $ — — $ — Granted 157 $ 32.69 86 $ 32.69 12 $ 32.72 Vested/Converted to common stock (25 ) $ 21.19 (8 ) $ 32.69 (12 ) $ 32.72 Forfeited (16 ) $ 28.36 — $ — — $ — Unvested at December 31, 2015 160 $ 30.58 78 $ 32.69 — $ 32.72 Stock-based Compensation Expense The following table summarizes the Company’s stock-based compensation expense for the years ended December 31, 2015 , 2014 and 2013 (in thousands). 2015 2014 2013 Non-employee stock option grants $ — $ 7,619 $ 32,940 Company employee grants 13,623 7,681 7,218 Non-employee director grants 1,325 902 375 Total $ 14,948 $ 16,202 $ 40,533 The tax benefits recognized from stock-based compensation expense were $5.3 million , $5.8 million and $14.7 million for the years ended December 31, 2015, 2014 and 2013, respectively. In accordance with SAB 14, the Company records stock-based compensation expense to the same line item on the statement of operations and comprehensive income (loss) as the grantees' cash compensation. In addition, the Company records stock-based compensation expense to the same business segment 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 expense for the years ended December 31, 2015 and 2014 (in thousands): Year Ended December 31, 2015 Year Ended December 31, 2014 Hospitality and Management Services Vacation Interest Sales and Financing Corporate and Other Total Hospitality and Vacation Corporate and Total Management and member services $ 1,307 $ — $ — $ 1,307 $ 1,613 $ — $ — $ 1,613 Advertising, sales and marketing — 2,440 — 2,440 — 2,198 — 2,198 Vacation Interests carrying cost, net — 232 — 232 — 267 — 267 Loan portfolio — 373 — 373 — 423 — 423 General and administrative — — 10,596 10,596 — — 11,701 11,701 Total $ 1,307 $ 3,045 $ 10,596 $ 14,948 $ 1,613 $ 2,888 $ 11,701 $ 16,202 The following table summarizes the effect of the stock-based compensation expense for the year ended December 31, 2013 (in thousands): Hospitality and Management Services Vacation Interest Sales and Financing Corporate and Other Total Management and member services $ 860 $ — $ — $ 860 Advertising, sales and marketing — 2,105 — 2,105 Vacation Interests carrying cost, net — 208 — 208 Loan portfolio — 316 — 316 General and administrative — — 37,044 37,044 Total $ 860 $ 2,629 $ 37,044 $ 40,533 The following table summarizes the Company’s unrecognized stock-based compensation expense as of December 31, 2015 (dollars in thousands): Options Restricted Stock Restricted Stock Units Deferred Stock Total Unrecognized stock-based compensation expense $ 20,093 $ 3,968 $ 2,247 $ 149 $ 26,457 Weighted-average remaining amortization period (in years) 1.4 2.3 2.4 0.4 1.6 |
Accumulated Other comprehensive
Accumulated Other comprehensive Income | 12 Months Ended |
Dec. 31, 2015 | |
Accumulated Other Comprehensive Income [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | Accumulated Other Comprehensive Income (Loss) The components of accumulated other comprehensive income (loss) are as follows: Cumulative Translation Adjustment Post-retirement Benefit Plan Other Total Balance, December 31, 2012 $ (16,714 ) $ — $ (19 ) $ (16,733 ) Period change 2,543 (2,064 ) 77 556 Balance, December 31, 2013 (14,171 ) (2,064 ) 58 (16,177 ) Period change (3,545 ) 171 (10 ) (3,384 ) Balance, December 31, 2014 (17,716 ) (1,893 ) 48 (19,561 ) Period change (2,466 ) 1,893 (17 ) (590 ) Balance, December 31, 2015 $ (20,182 ) $ — $ 31 $ (20,151 ) The Company has not tax-effected the cumulative translation adjustment since deferred taxes on unremitted foreign earnings are not provided (see " Note 17—Income Taxes ). The balance as of December 31, 2014 related to the post-retirement benefit plan, net of tax, was reduced to zero as of December 31, 2015 due to the St. Maarten Deconsolidation. See "Note 1—Background Business and Basis of Presentation" for further detail on the St. Maarten Deconsolidation. |
Net income (loss) per share
Net income (loss) per share | 12 Months Ended |
Dec. 31, 2015 | |
Net income (loss) per share [Abstract] | |
Earnings Per Share [Text Block] | 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 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 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 are used to repurchase common stock at market value. The amount of shares remaining after the proceeds are exhausted represents the potentially dilutive effect of the securities. For the year ended December 31, 2015 , 0.5 million shares underlying stock options were excluded from the net income per share computation, as their effect would be antidilutive under the treasury stock method. For the year ended December 31, 2013 , 0.2 million and a de minimis amount of shares underlying stock options and restricted stock were excluded from the net loss per share computation, as their effect would be antidilutive due to the net loss reported by the Company. There were no antidilutive stock options or restricted stock for the year ended December 31, 2014. The table below sets forth the computation of basic and diluted net income (loss) per share as of December 31 of each of the following years (in thousands, except per share amounts): 2015 2014 2013 Computation of Basic Net Income (Loss) Per Share: Net income (loss) $ 149,478 $ 59,457 $ (2,525 ) Weighted average shares outstanding 72,881 75,466 63,704 Basic net income (loss) per share $ 2.05 $ 0.79 $ (0.04 ) Computation of Diluted Net Income (Loss) Per Share: Net income (loss) $ 149,478 $ 59,457 $ (2,525 ) Weighted average shares outstanding 72,881 75,466 63,704 Effect of dilutive securities: Restricted stock and RSUs (a) 24 14 — Options to purchase common stock 2,574 1,467 — Shares for diluted net income per share 75,479 76,947 63,704 Diluted net income (loss) per share $ 1.98 $ 0.77 $ (0.04 ) (a) Includes unvested dilutive restricted stock and RSUs that are subject to future forfeitures. |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | Business Combinations On October 16, 2015, the Company completed the Gold Key Acquisition and acquired five management contracts, real property interests, unsold vacation ownership interests to sell to existing members and potential customers and other assets, adding six additional managed resorts to the Company’s resort network and new owner-families to the Company’s owner base, in exchange for a cash purchase price of $167.5 million and the assumption of certain non-interest-bearing liabilities. At the closing of the Gold Key Acquisition, $6.2 million was deposited into an escrow account to support the Company’s obligations under the Default Recovery Agreement, and is classified as restricted cash on the Company’s balance sheet. The Company assumed $15.5 million of contingent consideration in connection the Default Recovery Agreement, which was recorded as accrued liabilities, with an offsetting amount in prepaid expense and other assets. The Company accounted for the Gold Key Acquisition as a business combination in accordance with ASC 805, "Business Combinations" ("ASC 805"). As of December 31, 2015 , the acquisition was recorded based on a preliminary appraisal; accordingly, provisional amounts were assigned to the assets acquired and liabilities assumed. The preliminary appraisal was developed in accordance with the Company's policies, which were also the basis for the valuation of previous business combinations. Since the purchase price exceeded the fair value of identifiable assets, the Company recorded $73.9 million in goodwill in accordance with ASC 805, which is primarily attributable to expected synergies from the operations acquired in connection with the Gold Key Acquisition and the Company's existing operations. The following table summarizes the consideration paid and the amounts of the assets acquired and liabilities assumed from the Gold Key Companies at the acquisition date based on the appraisals as of October 16, 2015 (in thousands): Based on Preliminary Appraisal Consideration: Cash $ 167,500 Fair value of total consideration transferred 167,500 Recognized amounts of identifiable assets acquired and liabilities assumed as of October 16, 2015: Cash and cash equivalents $ 66 Restricted cash 47 Due from related parties, net 766 Other receivables, net 69 Prepaid expenses and other assets, net 15,904 Unsold Vacation Interests 26,481 Property and equipment 15,329 Other intangible assets 53,060 Total assets 111,722 Liabilities assumed 18,101 Total identifiable net assets 93,621 Goodwill $ 73,879 Acquired intangible assets consist of the following (dollar amounts in thousands): Weighted Average Useful Life in Years Based on Preliminary Appraisal Management contracts 20 $ 25,300 Rental agreements 4 15,800 Rights to develop inventory 14 11,600 Member relationships 6 360 Total acquired intangible assets $ 53,060 These notes to the consolidated financial statements do not present supplemental pro forma information to include revenue and earnings of the Gold Key Companies for all periods presented, as the assets acquired and additional earnings generated in connection with the Gold Key Acquisition are not deemed significant to the Company's consolidated financial statements. |
Employee Benefit Plan
Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2015 | |
Post-retirement Benefit Plan [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | Employee Benefit Plans The Company has a qualified retirement plan (the “401(k) Plan”) with a salary deferral feature designed to qualify under Section 401(k) of the Internal Revenue Code of 1986, as amended. Subject to certain limitations, the 401(k) Plan allows participating U.S. employees to defer up to 60.0% of their eligible compensation on a pre-tax basis. The 401(k) Plan allows the Company to make discretionary matching contributions of up to 50.0% of the first 6.0% of employee compensation. During the years ended December 31, 2015 , 2014 and 2013 , the Company made matching contributions to its 401(k) Plan of $3.3 million , $2.2 million and $1.8 million , respectively. In addition, the Company has a self-insured health plan that covers substantially all of its full-time employees in the U.S. The health plan uses employee and employer contributions to pay eligible claims. To supplement this plan, the Company has a stop-loss insurance policy to cover individual claims in excess of $0.3 million . At December 31, 2015 , 2014 and 2013 , the Company accrued $3.5 million , $2.7 million and $2.6 million , respectively, for claims that have been incurred but not reported. This accrual is calculated as the higher of (i) estimated accrual based on Company's historical experience of claim payments and lag period between the service dates and claim payment dates or (ii) two times the average monthly claims paid by the Company during the past fiscal year. The following table sets forth for each of the years ended December 31, 2015 and 2014 , respectively, the amount of claims incurred during such period, changes in accruals during such period for claims incurred during prior periods, and the amount of payments made in such period (in thousands): Balance as of December 31, 2013 $ 2,572 Claims incurred during the current year 16,141 Change in accruals for claims incurred during prior years (2,118 ) Payments made (13,913 ) Balance as of December 31, 2014 2,682 Claims incurred during the current year 18,145 Change in accruals for claims incurred during prior years (2,094 ) Payments made (15,195 ) Balance as of December 31, 2015 $ 3,538 During the years ended December 31, 2015 , 2014 and 2013 , the Company recorded $24.5 million , $20.6 million and $19.6 million , respectively, in expenses associated with its health plans. With certain exceptions, the Company's European subsidiaries do not offer private health plans or retirement plans. The government in each country offers national health services and retirement benefits, which are funded by employee and employer contributions. In 1999, the Company entered into a collective labor agreement with the employees at its resorts in St. Maarten, where the Company functioned as the HOA through December 31, 2014 (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. The employee service allowance was accounted for as a defined benefit plan (the "Defined Benefit Plan") in accordance with the requirements of ASC 715, "Compensation—Retirement Benefits." During the quarter ended September 30, 2015, the Defined Benefit Plan was deconsolidated from the Company's consolidated financial statements in conjunction with the St. Maarten Deconsolidation. See " Note 1—Background Business and Basis of Presentation " for further detail on the St. Maarten Deconsolidation. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | Segment Reporting Business Segment The Company presents its results of operations in two business segments: (i) hospitality and management services, which includes operations related to the management of resort properties and the Diamond Collections, operation of the Clubs, operations of the properties located in St. Maarten for which the Company functioned as the HOA through December 31, 2014, food and beverage venues owned and managed by the Company and the provision of other services and (ii) Vacation Interests 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 (loss) 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. Such allocations involve significant estimates. Certain expense items (principally corporate interest expense, depreciation and amortization and provision for income taxes) 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 recovered from the HOAs and the Collection Associations) 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 performance. Consequently, no balance sheet segment reports have been presented. The following table presents revenues, income before provision for income taxes, interest revenue and interest expense for the Company's reportable segments for the periods presented below (in thousands): For the Years Ended December 31, 2015 2014 2013 Revenues: Hospitality and management services $ 187,747 $ 199,298 $ 175,423 Vacation Interests sales and financing 764,963 643,719 552,922 Corporate and other 1,330 1,549 1,443 Total revenues $ 954,040 $ 844,566 $ 729,788 Income before provision for income taxes Hospitality and management services $ 137,509 $ 129,402 $ 102,072 Vacation Interests sales and financing 291,416 202,915 159,392 Corporate and other (177,277 ) (222,626 ) (258,212 ) Income before provision for income taxes $ 251,648 $ 109,691 $ 3,252 Interest Revenue: Hospitality and management services $ — $ — $ — Vacation Interests sales and financing 78,989 66,849 55,601 Corporate and other 1,330 1,549 1,443 Total interest revenue $ 80,319 $ 68,398 $ 57,044 Interest Expense: Hospitality and management services $ — $ — $ — Vacation Interests sales and financing 16,895 15,072 16,411 Corporate and other 31,581 41,871 72,215 Total interest expense $ 48,476 $ 56,943 $ 88,626 Geographic Segment The geographic segment information presented below is based on the geographic locations of the Company's subsidiaries. The Company’s foreign operations include its operations in Austria, the Caribbean, England, France, Greece, Ireland, Italy, Malta, Mexico, Portugal, Scotland and Spain. No individual foreign country represents 10% or more of the Company's total revenues or long-term assets presented. The following table reflects total revenue and assets by geographic area for the years ended on, or as of, the dates presented below (in thousands): For the Years Ended December 31, 2015 2014 2013 Revenue United States $ 886,721 $ 731,171 $ 610,116 Foreign 67,319 113,395 119,672 Total Revenues $ 954,040 $ 844,566 $ 729,788 As of December 31, 2015 2014 Vacation Interests notes receivable, net United States $ 621,244 $ 496,691 Foreign 1,363 1,971 Total Vacation Interests notes receivable, net $ 622,607 $ 498,662 Unsold Vacation Interests, net United States $ 277,563 $ 198,869 Foreign 80,715 63,303 Total unsold Vacation Interests, net $ 358,278 $ 262,172 Property and equipment, net United States $ 84,408 $ 59,038 Foreign 10,953 11,833 Total property and equipment, net $ 95,361 $ 70,871 Goodwill United States $ 104,521 $ 30,632 Foreign — — Total goodwill $ 104,521 $ 30,632 Other intangible assets, net United States $ 218,990 $ 174,021 Foreign 3,200 4,765 Total other intangible assets, net $ 222,190 $ 178,786 Total long-term assets, net United States $ 1,306,726 $ 959,251 Foreign 96,231 81,872 Total long-term assets, net $ 1,402,957 $ 1,041,123 |
Loss on extinguishment of debt
Loss on extinguishment of debt | 12 Months Ended |
Dec. 31, 2015 | |
Loss on extinguishment of debt [Abstract] | |
Debt Disclosure [Text Block] | Loss on Extinguishment of Debt On May 9, 2014, the Company repaid all outstanding indebtedness under three inventory loans previously entered into in connection with certain acquisitions using a portion of the proceeds from the term loan portion of the Senior Credit Facility. The unamortized debt issuance costs on these inventory loans were recorded as a loss on extinguishment of debt. In addition, on May 9, 2014, the Company terminated its previous 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 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. On July 24, 2013, the Company repaid all outstanding indebtedness under two acquisitions loans previously entered into in connection with certain acquisitions using the proceeds from the IPO. The unamortized debt issuance cost on these acquisition loans and the additional exit fees paid were recorded as loss on extinguishment of debt. In addition, on August 23, 2013, the Company completed the Tender Offer and a pro rata portion of the unamortized debt issuance cost associated with the Senior Secured Notes and the call premium paid upon the completion of the Tender Offer were recorded as loss on extinguishment of debt. On October 21, 2013, the Company redeemed all notes issued under a previous securitization transaction completed in 2009 using proceeds from borrowings under the Conduit Facility. The unamortized debt issuance costs and debt discount were recorded as a loss on extinguishment of debt. Loss on extinguishment of debt consisted of the following as of December 31 of each of the following years (in thousands): Year Ended December 31, 2015 2014 2013 Senior Secured Notes $ — $ 45,767 $ 8,443 Previous revolving credit facility — 932 — Three inventory loans previously entered into in connection with certain acquisitions — 108 — Two acquisition loans previously entered into in connection with certain acquisitions — — 4,940 Redemption of notes issued under a previous securitization transaction completed in 2009 — — 2,201 Miscellaneous notes payable — — 20 Total loss on extinguishment of debt $ — $ 46,807 $ 15,604 |
Impairments and Other Write-off
Impairments and Other Write-offs | 12 Months Ended |
Dec. 31, 2015 | |
Impaired Long-Lived Assets Held and Used [Line Items] | |
Details of Impairment of Long-Lived Assets Held and Used by Asset [Table Text Block] | Impairments and Other Write-offs The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying value amount of the asset may not be fully recoverable. Impairment and other write-offs consisted of the following as of December 31 of each of the following years (in thousands): 2015 2014 2013 Write down of a parcel of real estate acquired in connection with a previous business combination to its fair value based on a market appraisal $ — $ — $ 1,200 Write off of abandoned inventory projects — 181 — Write off of sales materials due to obsolescence — 10 307 Write down of two European resorts held for sale to their fair value based on accepted offers — — 80 Write off of abandoned information technology projects previously capitalized 12 19 — Write off of slow moving consumables inventory — 30 — Total impairments and other write-offs $ 12 $ 240 $ 1,587 |
Quarterly results
Quarterly results | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly results [Abstract] | |
Quarterly Financial Information [Text Block] | Quarterly Results (Unaudited) The following tables present the Company's unaudited quarterly results ($ in thousands except share data). The Company believes that the following information reflects all normal recurring adjustments necessary for a fair presentation of the information for the periods presented. The operating results for any quarter are not necessarily indicative of results for any future period. Three Months Ended Year Ended March 31, 2015 June 30, 2015 September 30, 2015 December 31, 2015 December 31, 2015 Revenues $ 197,520 $ 231,502 $ 251,389 $ 273,629 $ 954,040 Income before provision for income taxes $ 45,500 $ 64,329 $ 62,307 $ 79,512 $ 251,648 Net income $ 25,975 $ 36,870 $ 36,897 $ 49,736 $ 149,478 Net income per share—basic $ 0.35 $ 0.50 $ 0.51 $ 0.70 $ 2.05 Net income per share—diluted $ 0.34 $ 0.49 $ 0.49 $ 0.68 $ 1.98 Three Months Ended Year Ended March 31, 2014 June 30, 2014 September 30, 2014 December 31, 2014 December 31, 2014 Revenues $ 181,225 $ 209,014 $ 221,965 $ 232,362 $ 844,566 Income (loss) before provision (benefit) for income taxes $ 26,057 $ (2,074 ) $ 46,460 $ 39,248 $ 109,691 Net income (loss) $ 14,010 $ (2,731 ) $ 26,304 $ 21,874 $ 59,457 Net income (loss) per share—basic $ 0.19 $ (0.04 ) $ 0.35 $ 0.29 $ 0.79 Net income (loss) per share—diluted $ 0.18 $ (0.04 ) $ 0.34 $ 0.28 $ 0.77 Note: The sum of the net income (loss) per share for the four quarters differs from annual net income (loss) per share due to the required method of computing the weighted average shares in interim periods. |
Subsequent events (Notes)
Subsequent events (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On January 29, 2016, the Company completed its acquisition of the vacation ownership business of Intrawest Resort Club Group from Intrawest Resorts Holdings, Inc., through which the Company acquired management contracts, Vacation Interests notes and other receivables, real property interests, unsold VOIs and other assets in exchange for $85.0 million in cash plus the assumption of certain non-interest-bearing liabilities (the "Intrawest Acquisition"). T he Intrawest Acquisition added nine managed resorts located in the United States, Canada and Mexico to the Company's resort network. Due to the fact that the initial accounting for the Intrawest Acquisition is incomplete, the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed are not yet available. |
Summary of Significant Accoun40
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Policy Loans Receivable, Policy [Policy Text Block] | Management and Member Services Revenue Recognition — Management and member services revenue includes resort management fees charged to the HOAs and the Diamond Collections, as well as revenues from the Company's operation of the Clubs. These revenues are recorded and recognized as follows: • Management fee revenues are recognized in accordance with the terms of the Company's management contracts. Under the Company's management agreements, the Company collects management fees from the HOAs and Diamond Collection's non-profit members associations (the "Collection Associations"), which are recognized as revenue ratably throughout the year as earned. The management fees the Company earns are included in the HOAs' and Diamond Collections' operating budgets which, in turn, are used to establish the annual maintenance fees owed by each owner of VOIs. • The Company charges an annual fee for membership in each of the Clubs. In addition to annual dues associated with the Clubs, the Company also earns revenue associated with the legacy owners of deeded intervals at resorts that the Company acquired in its strategic acquisitions exchanging the use of their intervals for points membership in the Clubs, which requires these owners to pay the annual fees associated with Club membership, and the Company generally encourages holders of these deeded intervals to exchange the use of their intervals for points memberships in the Clubs. The Company also earns reservation protection plan revenue, which is an optional fee paid by customers when making a reservation to protect their points should they need to cancel their reservation, and through the Company's provision of other travel and discount related benefits as well as call center services provided to the HOAs and the Diamond Collections. Management and member services revenue also included commissions received under the fee-for-service agreements it had with Island One, Inc. from July 2011 until July 2013, when the Company completed the acquisition of all of the equity interests of Island One, Inc. and Crescent One, LLC in exchange for $73.3 million in shares of the Company's common stock (the "Island One Acquisition"). All of these revenues are allocated to the hospitality and management services business segment. |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation — The accompanying consolidated financial statements include all subsidiaries of the Company. All significant intercompany transactions and balances have been eliminated from the accompanying consolidated financial statements. Consolidated Resort Operations Revenue Recognition — Consolidated resort operations revenue consists of the following: • The Company functioned as an HOA for its properties located in St. Maarten through December 31, 2014 . Consolidated resort operations revenue included the maintenance fees billed to owners and the Diamond Collections in connection with the St. Maarten resorts, which were recognized ratably over the year. In addition, the owners were billed for capital project assessments to repair and replace the amenities of these resorts, as well as assessments to reserve the potential out-of-pocket deductibles for hurricanes and other natural disasters. These assessments were deferred until the refurbishment activity occurred, at which time the amounts collected were recognized as consolidated resort operations revenue with offsetting expense recorded under consolidated resort operations expense. See “ Consolidated Resort Operations Expenses ” below for further detail. All operating revenues and expenses associated with these properties were consolidated within the Company's financial statements, except for intercompany transactions, such as maintenance fees for the Company's owned inventory and management fees for the owned inventory, which were eliminated. Revenue associated with these properties historically constituted a majority of the Company's consolidated resort operations revenue. Effective January 1, 2015, however, in conjunction with the St. Maarten Deconsolidation, the consolidated resort operations revenue from the St. Maarten resorts was eliminated from the Company's consolidated statements of operations and comprehensive income (loss). See " Note 1—Background, Business and Basis of Presentation " for further detail on this transaction. The Company also receives: • food and beverage revenue at certain resorts whose restaurants the Company owns and operates; • lease revenue from third parties to which the Company outsources the management of its golf course and food and beverage operations at certain resorts; • revenue from providing cable, telephone and technology services to HOAs; and • other incidental revenues generated at the venues the Company owns and operates, including retail and gift shops, spa services, safe rental and ticket sales. Through December 31, 2013, consolidated resort operations revenue also included greens fees and equipment rental fees at certain golf courses owned and operated by the Company at certain resorts prior to outsourcing the management of these golf courses. All of these revenues are allocated to the hospitality and management services business segment. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates — The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles ("U.S. GAAP") requires the Company to make difficult and subjective judgments that affect the reported amounts of assets, liabilities, revenues and expenses, often as a result of the need to make estimates regarding matters that are inherently uncertain. The methods, estimates and judgments that the Company uses in applying its accounting policies have a significant impact on the results that the Company reports in its financial statements. On an ongoing basis, the Company evaluates its estimates and assumptions, including those related to revenue, bad debts, unsold Vacation Interests, net, Vacation Interests cost of sales, stock-based compensation expense and income taxes. These estimates are based on historical experience and 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 consolidated financial statements. Significant estimates are also used by the Company to record a provision for uncollectible Vacation Interests notes receivable. This provision is calculated as projected gross losses for originated Vacation Interests notes receivable, taking into account estimated VOI recoveries. The Company applies its historical default percentages based on credit scores of the individual customers to its Vacation Interests notes receivable population and evaluates other factors such as economic conditions, industry trends, defaults and past due agings to analyze the adequacy of the allowance. If actual Vacation Interests notes receivable losses differ materially from these estimates, the Company's future results of operations may be adversely impacted. Significant estimates were used by the Company to estimate the fair value of the assets acquired and liabilities assumed in the acquisition of certain assets in connection with the Gold Key Acquisition. These estimates included projections of future cash flows derived from sales of VOIs, member relationship lists, management services revenue and rental income. Additionally, the Company made significant estimates of costs associated with such projected revenues including but not limited to recoveries and discount rates. The Company also made significant estimates which include: (i) allowance for loan and contract losses and provision for uncollectible Vacation Interests sales revenue; (ii) estimated useful lives of property and equipment; (iii) estimated useful lives of intangible assets acquired; (iv) estimated costs to build or acquire any additional Vacation Interests, estimated total revenues expected to be earned on a project, related estimated provision for uncollectible Vacation Interests sales revenue and sales incentives, estimated projected future cost and volume of recoveries of VOIs, estimated sales price per point and estimated number of points to be sold used to allocate certain unsold Vacation Interests to Vacation Interests cost of sales under the relative sales value method (See "Vacation Interests Cost of Sales" below for further detail on this method); and (v) the valuation allowance recorded against deferred tax assets. It is at least reasonably possible that a material change in one or more of these estimates may occur in the near term and that such change may materially affect actual results. In addition, significant estimates are used by the Company to estimate compensation expense related to employee and non-employee stock options issued by the Company under the Diamond Resorts International, Inc. 2013 Incentive Compensation Plan (the "2013 Plan") and the Company's 2015 Equity Incentive Compensation Plan (the "2015 Plan"). The Company utilizes the Black-Scholes option-pricing model to estimate the fair value of the stock options granted to its employees (including, from an accounting perspective, non-employee directors in their capacity as such) and employees and independent contractors of HM&C through December 31, 2014 and Mr. Lowell D. Kraff, the Vice Chairman of the Board of Directors of the Company (with respect to the stock-based compensation issued to him in connection with the IPO) ("Non-Employees"). The expected volatility is 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 trading prices for the Company's common stock. The average expected option life represents the period of time the stock options are expected to be outstanding at the issuance date based on management’s estimate using the simplified method prescribed under the SEC Staff Accounting Bulletin Topic 14: Share-Based Payment ("SAB 14") for employee grants and the contractual term for Non-Employee grants. The risk-free interest rate is calculated based on U.S. Treasury zero-coupon yield, with a remaining term that approximates the expected option life assumed at the date of issuance. The expected annual dividend per share is 0% based on the Company’s expected dividend rate. See " Note 21 — Stock-Based Compensation" for further detail on the Company's stock options issued under the 2013 Plan and the 2015 Plan. |
Management and member services expense [Policy Text Block] | Management and Member Services Expense —Substantially all direct expenses related to the provision of services to the HOAs (other than for the Company's St. Maarten resorts, for which the Company functioned as the HOA through December 31, 2014 ) and the Diamond Collections are recovered through the Company's management agreements and, consequently, are not recorded as expenses. The Company passes through to the HOAs and the Collection Associations certain overhead charges incurred to manage the resorts. In accordance with guidance included in ASC 605-45, “Revenue Recognition - Principal Agent Considerations," reimbursements from the HOAs and the Collection Associations relating to pass-through costs are recorded net of the related expenses. These expenses are allocated to the hospitality and management services business segment. Expenses associated with the Company's operation of the Clubs include costs incurred for outsourced (prior to December 31, 2015) and in-house call centers, annual membership fees paid to a third-party exchange company on behalf of members of the Clubs, as applicable, and administrative expenses. These expenses are allocated to the hospitality and management services business segment. Between January 1, 2013 and July 24, 2013, management and member services expenses also included costs incurred under the fee-for-service agreements with Island One, Inc. This arrangement was terminated in conjunction with the Island One Acquisition. These expenses are allocated to the hospitality and management services business segment. |
Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy [Policy Text Block] | Consolidated Resort Operations Expense — Through December 31, 2014, with respect to the two resorts located in St. Maarten, the Company recorded expenses associated with housekeeping, front desk, maintenance, landscaping and other similar activities, which were recovered by the maintenance fees recorded in consolidated resort operations revenue. In addition, for these two properties, the Company also billed the owners for capital project assessments to repair and replace the amenities of these resorts, as well as assessments to reserve the potential out-of-pocket deductibles for hurricanes and other natural disasters. These assessments were deferred until the refurbishment activity occurred, at which time the amounts collected were recognized as consolidated resort operations revenue with offsetting expense recorded under consolidated resort operations expense. The Company's expense associated with the St. Maarten properties historically constituted a majority of the Company's consolidated resort operations expense. Effective January 1, 2015, however, in conjunction with the St. Maarten Deconsolidation, the consolidated resort operations expense from the St. Maarten resorts was eliminated from the Company's consolidated statements of operations and comprehensive income (loss). See " Note 1—Background, Business and Basis of Presentation " for further detail on the St. Maarten Deconsolidation. Furthermore, consolidated resort operations expense includes the costs related to food and beverage operations at certain resorts whose restaurants the Company operates directly. Similarly, the expenses of operating spas and retail and gift shops are included in consolidated resort operations expense. These expenses are allocated to the hospitality and management services business segment. Through December 31, 2013, consolidated resort operations expense also included costs at certain golf courses owned and operated by the Company at certain resorts prior to outsourcing the management of these golf courses. |
Revenue Recognition, Interest [Policy Text Block] | Interest Revenue — The Company's interest revenue consists primarily of interest earned on consumer loans. Interest earned on consumer loans is accrued based on the contractual provisions of the loan documents. Interest accruals on consumer loans are suspended at the earliest of (i) the customer's account becoming over 180 days delinquent, or (ii) the completion of cancellation or foreclosure proceedings. If payments are received while a consumer loan is considered delinquent, interest is recognized on a cash basis. Interest accrual resumes once a customer has made six timely payments on the loan and brought the account current. All interest revenue is allocated to the Vacation Interests sales and financing business segment, with the exception of interest revenue earned on the Company's bank account balances, which is reported in corporate and other. |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Intangible assets — Definite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives. Management contracts have estimated useful lives ranging from five to 25 years. Membership relationships and distributor relationships have estimated useful lives ranging from three to 30 years. Marketing easement rights, rights to develop inventory and rental agreements have estimated useful lives of 20 years, 14 years and four years, respectively. The Company reviews definite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the sum of the estimated future cash flows expected to result from the use and eventual disposition of an asset is less than its net book value, an impairment loss is recognized. Measurement of an impairment loss is based on the fair value of the asset. |
vacation interest cost of sales [Policy Text Block] | Vacation Interests Cost of Sales — At the time the Company records Vacation Interests sales revenue, it records the related Vacation Interests cost of sales. The Company records Vacation Interests cost of sales using the relative sales value method in accordance with ASC 978. This method, which was originally designed more for developers of timeshare resorts, requires the Company to make a number of projections and estimates, which are subject to significant uncertainty. In order to determine the amounts that must be expensed for each dollar of Vacation Interests sales with respect to a particular project, the Company is required to prepare a forecast of sales and certain costs for the entire project's life cycle. These forecasts require the Company to estimate, among other things, the costs to acquire (or if applicable, build) additional VOIs, the total revenues expected to be earned on the project (including estimations of sales price per point and the aggregate number of points to be sold), the proper provision for uncollectible Vacation Interests sales revenue, sales incentives, and the projected future cost and volume of recoveries of VOIs. Then, these costs as a percentage of Vacation Interests sales are determined and that percentage is applied retroactively to all prior sales and is applied to sales within the current period and future periods with respect to a particular project. These projections are reviewed on a regular basis, and the relevant estimates used in the projections are revised (if necessary) based upon historical results and management's new estimates. The Company requires a seasoning of pricing strategy changes before such changes fully affect the projections, which generally occurs over a six-month period. If any estimates are revised, the Company is required to adjust its Vacation Interests cost of sales using the revised estimates, and the entire adjustment required to correct Vacation Interests cost of sales over the life of the project to date is taken in the period in which the estimates are revised. Accordingly, small changes in any of the numerous estimates in the model can have a significant financial statement impact, both positively and negatively, due to the retroactive adjustment required by ASC 978. See “ Unsold Vacation Interests, net ” below for further detail. All of these costs are allocated to the Vacation Interests sales and financing business segment. |
Revenue Recognition Accounting Policy, Gross and Net Revenue Disclosure [Policy Text Block] | Vacation Interests Sales Revenue Recognition — With respect to the Company's recognition of revenue from Vacation Interests sales, the Company follows the guidelines included in Accounting Standards Codification ("ASC") 978, “Real Estate-Time-Sharing Activities” ("ASC 978"). Under ASC 978, Vacation Interests sales revenue is divided into separate components that include the revenue earned on the sale of the VOI and the revenue earned on the sales incentive given to the customer as motivation to purchase the VOI. Each component is treated as a separate transaction but both are recorded in Vacation Interests sales line of the Company's statement of operations and comprehensive income (loss). In order to recognize revenue on the sale of VOIs, ASC 978 requires a demonstration of a buyer's commitment (generally a cash payment of 10% of the purchase price plus the value of any sales incentives provided). A buyer's down payment and subsequent mortgage payments are adequate to demonstrate a commitment to pay for the VOI once 10% of the purchase price plus the value of the incentives provided to consummate a VOI transaction has been covered. The Company recognizes sales of VOIs on an accrual basis after (i) a binding sales contract has been executed; (ii) the buyer has adequately demonstrated a commitment to pay for the VOI; (iii) the rescission period required under applicable law has expired; (iv) collectibility of the receivable representing the remainder of the sales price is reasonably assured; and (v) the Company has completed substantially all of its obligations with respect to any development related to the real estate sold (i.e., construction has been substantially completed and certain minimum project sales levels have been met). If the buyer's commitment has not met ASC 978 guidelines, the Vacation Interests sales revenue and related Vacation Interests cost of sales and direct selling costs are deferred and recognized under the installment method until the buyer's commitment is satisfied, at which time the remaining amount of the sale is recognized. The net deferred revenue is recorded as a reduction to Vacation Interests notes receivable on the Company's balance sheet. Under ASC 978, the provision for uncollectible Vacation Interests sales revenue is recorded as a reduction of Vacation Interests sales revenue. Vacation Interests Sales Revenue, Net — Vacation Interests sales revenue, net is comprised of Vacation Interests sales, net of a provision for uncollectible Vacation Interests sales revenue. Vacation Interests 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 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 Interests sales revenue is recorded upon completion of each financed sale. The provision for uncollectible Vacation Interests sales revenue 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. All of the Company's Vacation Interests sales revenue, net is allocated to the Vacation Interests sales and financing business segment. |
vacation interest cost of sales [Policy Text Block] | Other Revenue — Other revenue includes (i) collection fees paid by owners when they bring their maintenance fee accounts current after collection efforts have been made by the Company on behalf of the HOAs and Collection Associations; (ii) closing costs paid by purchasers on sales of VOIs; (iii) revenue associated with certain sales incentives given to customers as motivation to purchase a VOI (in an amount equal to the expense associated with such sales incentives), which is recorded upon recognition of the related VOI sales revenue; (iv) late/impound fees assessed on consumer loans; (v) loan servicing fees earned for servicing third-party portfolios; (vi) commission revenue earned from certain third-party lenders that provide consumer financing for sales of the Company's VOIs in Europe; and (vii) revenue recognized when customers' non-refundable deposits are forfeited upon the customers' failure to close on VOI transactions. Revenues associated with item (i) above are allocated to the Company's hospitality and management services business segment. Revenues associated with the remaining items above are allocated to the Company's Vacation Interests sales and financing business segment. |
Advertising Costs, Policy [Policy Text Block] | Advertising, Sales and Marketing Costs — Advertising, sales and marketing costs are expensed as incurred, except for costs directly related to VOI sales that are not eligible for revenue recognition under ASC 978, as described in "— Vacation Interests Sales Revenue Recognition ” above, which are deferred along with related revenue until the buyer's commitment requirements are satisfied. Advertising, sales and marketing costs are allocated to the Vacation Interests sales and financing business segment. Advertising expense recognized was $10.3 million , $7.3 million and $6.2 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. |
Vacation interest carrying costs, net [Policy Text Block] | Vacation Interests Carrying Cost, Net — The Company is responsible for paying annual maintenance fees and reserves to the HOAs and the Collection Associations on its unsold VOIs. Vacation Interests carrying cost, net also includes amounts paid for delinquent maintenance fees related to VOIs eligible for recovery pursuant to the Company's inventory recovery and assignment agreements ("IRAAs") except for amounts that are capitalized to unsold Vacation Interests, net. See " Note 6 — Transactions with Related Parties — Inventory Recovery and Assignment Agreements" for further detail on IRAAs. To offset the Company's gross Vacation Interests carrying cost, the Company rents VOIs controlled by the Company to third parties on a short-term basis. The Company also generates revenue on sales of sampler programs ("Sampler Packages"), which allow prospective owners to stay at a resort property on a trial basis. This revenue and the associated expenses are deferred until the vacation is used by the customer or the expiration date, whichever is earlier. Revenue from resort rentals and Sampler Packages is recognized as a reduction to Vacation Interests carrying cost, with the exception of revenue from the Company's European sampler product, which has a duration of three years and is treated as Vacation Interests sales revenue. Vacation Interests carrying cost, net is allocated to the Vacation Interests sales and financing business segment. |
Loan Portfolio Expense [Policy Text Block] | Loan Portfolio Expense — Loan portfolio expense includes payroll and administrative costs of the finance operations and credit card processing fees. These costs are expensed as incurred, with the exception of Vacation Interests notes receivable origination costs, which are capitalized and amortized over the term of the related Vacation Interests notes receivable as an adjustment to interest revenue using the effective interest method in accordance with guidelines issued under ASC 310, “Receivables” ("ASC 310"). These expenses are allocated to the Vacation Interests sales and financing business segment, with the exception of a portion of expenses incurred by the in-house collections department, which are allocated to the hospitality and management services business segment. |
Other operating expenses [Policy Text Block] | Other Operating Expenses — Other operating expenses include credit card fees incurred by the Company when customers remit down payments associated with a VOI purchase in the form of credit cards and also include certain sales incentives given to customers as motivation to purchase VOIs, all of which are expensed as the related Vacation Interests sales revenue is recognized. These expenses are allocated to the Company's Vacation Interests sales and financing business segment. |
Selling, General and Administrative Expenses, Policy [Policy Text Block] | General and Administrative Expense — General and administrative expense includes payroll and benefits, legal, audit and other professional services, costs related to mergers and acquisitions, travel costs, technology-related costs, corporate facility expense. In addition, general and administrative expense includes recovery of the Company's expenses incurred on behalf of the HOAs and the Diamond Collections the Company manages in accordance with the Company's management agreements. In accordance with guidance included in ASC 605-45, “Revenue Recognition - Principal Agent Considerations," recovery from the HOAs and the Collection Associations is recorded net of the related expense. General and Administrative expense is not allocated to the Company's business segments, but rather are reported under corporate and other. |
Depreciation, Depletion, and Amortization [Policy Text Block] | Depreciation and Amortization — The Company records depreciation expense in connection with depreciable property and equipment it purchased or acquired, including buildings and leasehold improvements, furniture and office equipment, land improvements and computer software and equipment. In addition, the Company records amortization expense on intangible assets with a finite life acquired by the Company, including management contracts, member relationships, distributor relationships and others. Depreciation and amortization expense is not allocated to the Company's business segments, but rather is reported in corporate and other. |
Interest Expense, Policy [Policy Text Block] | Interest Expense — Interest expense related to corporate-level indebtedness is reported in corporate and other. Interest expense related to the Company's securitizations and consumer loan financings is allocated to the Vacation Interests sales and financing business segment. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-based Compensation Expense —The Company accounts for stock-based compensation in accordance with ASC 718, "Compensation - Stock Compensation" ("ASC 718"). The Company measures stock-based compensation awards using a fair value method and records the related expense in its consolidated statements of operations and comprehensive income (loss). See " Note 21—Stock-Based Compensation " for further detail on the Company's stock-based compensation awards. |
Income Tax, Policy [Policy Text Block] | Income Taxes — The Company is subject to income taxes in the U.S. (including federal and state) and numerous foreign jurisdictions in which the Company operates. The Company records income taxes under the asset and liability method, whereby deferred tax assets and liabilities are recognized based on the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis, and attributable to operating loss and tax credit carry forwards. Accounting standards regarding income taxes require a reduction of the carrying amounts of deferred tax assets by a valuation allowance if, based on the available evidence, it is more likely than not that such assets will not be realized. Accordingly, the need to establish valuation allowances for deferred tax assets is assessed periodically based on a more-likely-than-not realization threshold. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the reversal of existing taxable temporary differences, the duration of statutory carry forward periods, the Company's experience with operating loss and tax credit carry forwards not expiring unused, and tax planning alternatives. The Company recorded a deferred tax asset for its net operating losses, a portion of which the use thereof is subject to limitations. As a result of uncertainties regarding the Company’s ability to utilize such net operating loss carry forwards, the Company maintains a valuation allowance against the deferred tax assets attributable to these net operating losses. Accounting standards regarding uncertainty in income taxes provide a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates it is more likely than not that the position will be sustained on examination, based solely on the technical merits. The second step is to measure the tax benefit as the largest amount which is more than 50% likely of being sustained on examination. The Company considers many factors when evaluating and estimating the Company's tax positions and tax benefits, which may require periodic adjustments and which may not accurately anticipate actual outcomes. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents — Cash and cash equivalents consist of cash, money market funds, and all highly-liquid investments purchased with an original maturity date of three months or less. |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Cash in Escrow and Restricted Cash — Cash in escrow consists of deposits received on sales of VOIs that are held in escrow until the legal rescission period has expired. Restricted cash consists primarily of reserve cash held for the benefit of the secured note holders including the prefunding account and cash collections on certain Vacation Interests notes receivable that secure collateralized notes. |
Mortgages and contracts receivable and allowance for contract losses [Policy Text Block] | Vacation Interests notes receivable and related allowance — The Company accounts for Vacation Interests notes receivable in accordance with ASC 310. Vacation Interests notes receivable include mortgages receivable for the financing of previously sold intervals and contracts receivable for the financing of points. Vacation Interests notes receivable that the Company originates or acquires are recorded net of (i) deferred loan and contract costs; (ii) the discount or premium on the acquired mortgage pool; and (iii) the related allowance for loan and contract losses. Loan and contract origination costs incurred in connection with providing financing for VOIs are capitalized and amortized over the term of the related Vacation Interests notes receivable as an adjustment to interest revenue using the effective interest method. Because the Company currently sells VOIs only in the form of points, the Company originates contracts receivables, and is not currently originating any new mortgages. The Company records a sales provision for estimated mortgage and contracts receivable losses as a reduction to Vacation Interests sales revenue. This provision is calculated as projected gross losses for originated Vacation Interests notes receivable, taking into account estimated VOI recoveries. If actual Vacation Interests notes receivable losses differ materially from these estimates, the Company's future results of operations may be adversely impacted. The Company applies its historical default percentages based on credit scores of the individual customers to its originated and acquired Vacation Interests notes receivable population and evaluates other factors such as economic conditions, industry trends, defaults and past due agings to analyze the adequacy of the allowance. Any adjustments to the allowance for Vacation Interests notes receivable loss are recorded within Vacation Interests sales revenue. The Company charges off Vacation Interests notes receivable upon the earliest of (i) the customer's account becoming over 180 days delinquent or (ii) the completion of cancellation or foreclosure proceedings. Once a delinquent customer has brought the account current following the event leading to the charge-off and makes six timely payments, the charge-off is reversed. A default in a customer's initial payment (after unsuccessful collection efforts) results in a cancellation of the sale. All collection and foreclosure costs related to delinquent loans are expensed as incurred. The Vacation Interests notes receivable acquired in connection with the Company's strategic acquisitions are each accounted for separately as an acquired pool of loans. Any discount or premium associated with each pool of loans is amortized using an amortization method that approximates the effective interest method. |
Due From and Due To Related Parties, net [Policy Text Block] | Due from Related Parties, Net and Due to Related Parties, Net — Amounts due from related parties, net, and due to related parties, net consist primarily of transactions with HOAs or Collection Associations for which the Company acts as the management company. See " Note 6 — Transactions with Related Parties" for further detail. Due to the fact that the right of offset exists between the Company and the respective HOAs and Collection Associations, the Company evaluates amounts due to and from each HOA and Collection Association at each reporting period to present the balances as either a net due to or a net due from related parties in accordance with the requirements of ASC 210, “Balance Sheet—Offsetting.” |
assets held for sale [Policy Text Block] | Assets Held for Sale — Assets held for sale are recorded at the lower of cost or their estimated fair value less costs to sell and are not subject to depreciation. Sale of the assets classified as such is probable, and transfer of the assets is expected to qualify for recognition as a completed sale, generally within one year of the balance sheet date. See " Note 13 — Assets Held for Sale" for further information. |
unsold vacation interests [Policy Text Block] | Unsold Vacation Interests, Net — Unsold VOIs are valued at the lower of cost or fair market value. The cost of unsold VOIs includes acquisition costs, hard and soft construction costs (which are comprised of architectural and engineering costs incurred during construction), the cost incurred to recover inventory and other carrying costs (including interest, real estate taxes and other costs incurred during the construction period). The costs capitalized for recovered intervals differ based on a variety of factors, including the method of recovery and the timing of the original sale or loan origination. Costs are expensed to Vacation Interests cost of sales under the relative sales value method described above. In accordance with ASC 978, under the relative sales value method, cost of sales is calculated as a percentage of Vacation Interests sales revenue using a cost-of-sales percentage ratio of total estimated development costs to total estimated Vacation Interests sales revenue, including estimated future revenue and incorporating factors such as changes in prices and the recovery of VOIs (generally as a result of maintenance fee and Vacation Interests notes receivable defaults). In accordance with ASC 978, the selling, marketing and administrative costs associated with any sale, whether the original sale or subsequent resale of recovered inventory, are expensed as incurred, except for the direct selling costs which are deferred and recognized under the installment method until the buyer's commitment is satisfied, at which time the remaining amount of the sale is recognized. In accordance with ASC 978, on a quarterly basis, the Company recalculates the total estimated Vacation Interests sales revenue and total estimated costs. The effects of changes in these estimates are accounted for as a current period adjustment so that the balance sheet at the end of the period of change and the accounting in subsequent periods are as they would have been if the revised estimates had been the original estimates. These adjustments can be material. In North America, the Company capitalizes all maintenance fees and assessments paid to the HOAs and the Collection Associations related to the IRAAs into unsold Vacation Interests, net for the first two years of a member's maintenance fee delinquency. Following this two-year period, all assessments and maintenance fees paid under these agreements are expensed in Vacation Interests carrying cost, net until such time that the inventory is recovered. No entry is recorded upon the recovery of the delinquent inventory. In Europe, the Company enters into informal inventory recovery arrangements similar to those in North America with the majority of the HOAs and the Collection Association for the European Collection. Accordingly, the Company capitalizes all maintenance fees and assessments paid to the HOAs and the Collection Association for the European Collection related to the inventory recovery arrangements into due from related parties-net for the first two years of a member's maintenance fee delinquency. Following this two-year period, all assessments and maintenance fees paid under these arrangements are expensed in Vacation Interests carrying cost, net until such time that the inventory is recovered. Once the delinquent inventory is recovered, the Company reclassifies the amounts capitalized in due from related parties, net to unsold Vacation Interests, net. |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | 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, "Intangibles—Goodwill" ("ASC 350"), is below the carrying amount. Goodwill is tested using a two-step process. The first step of the goodwill impairment assessment, used to identify potential impairment, compares the fair value of a reporting unit with its carrying amount, including goodwill ("net book value"). If the fair value of a reporting unit exceeds its net book value, goodwill of the reporting unit is considered not impaired; thus, the second step of the impairment test is unnecessary. If net book value of a reporting unit exceeds its fair value, the second step of the goodwill impairment test will be performed to measure the amount of impairment loss, if any. The second step of the goodwill impairment assessment, used to measure the amount of impairment loss, if any, compares the implied fair value of reporting unit goodwill, which is determined in the same manner as the amount of goodwill recognized in a business combination, with the carrying amount of that goodwill. If the carrying amount of reporting unit goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized in an amount equal to that excess. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation — Assets and liabilities in foreign locations are translated into U.S. dollars using rates of exchange in effect at the end of the reporting period. Income and expense accounts are translated into U.S. dollars using average rates of exchange. The net gain or loss is shown as a translation adjustment and is included in other comprehensive income (loss) in the consolidated statements of operations and comprehensive income (loss). Holding gains and losses from foreign currency transactions are also included in the consolidated statements of operations and comprehensive income (loss). |
Comprehensive Income, Policy [Policy Text Block] | Other Comprehensive Income (Loss) — Other comprehensive income (loss) includes all changes in equity from non-owner sources such as foreign currency translation adjustments and, through September 30, 2015, changes in accumulated obligation under the Company's defined benefit plan at its St. Maarten resorts. The defined benefit plan was deconsolidated from the Company's consolidated financial statements in the quarter ended September 30, 2015 in connection with the St. Maarten Deconsolidation. The Company accounts for other comprehensive income (loss) in accordance with ASC 220, "Comprehensive Income." |
New Accounting Pronouncements, Policy [Policy Text Block] | 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 ("ASU No. 2014-09"). The core principle of this guidance is that an entity will be 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 will also be required. Entities must adopt the new guidance using one of two retrospective application methods. The Company will adopt ASU No. 2014-09 as of its quarter ending March 31, 2018. The Company is currently evaluating the standard to determine the impact of the adoption of this guidance on its financial statements. In January 2015, the FASB issued ASU No. 2015-01, "Income Statement—Extraordinary and Unusual Items" ("ASU No. 2015-01"), which eliminates from U.S. GAAP the concept of extraordinary items. Extraordinary items are events and transactions that are distinguished by their unusual nature and by the infrequency of their occurrence. ASU No. 2015-01 simplifies income statement presentation by altogether removing the concept of extraordinary items from consideration. ASU No. 2015-01 is effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. The Company will adopt ASU No. 2015-01 as of its quarter ending March 31, 2016. The Company believes that the adoption of this update will not have a material impact on its financial statements. In February 2015, the FASB issued ASU No. 2015-02, "Consolidation" ("ASU No. 2015-02"), which is intended to respond to stakeholders' concerns about the current accounting guidance for certain legal entities. The amendments update the analysis of consolidation for limited partnerships, contractual fee arrangements and investment funds, as well as include additional guidance on the effect of related parties. The amendments in ASU No. 2015-02 are effective for public business entities for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. The amendments in ASU No. 2015-02 may be applied retrospectively or using a modified retrospective approach by recording a cumulative-effect adjustment to equity as of the beginning of the fiscal year of adoption. The Company will adopt ASU No. 2015-02 as of its quarter ending March 31, 2016. The Company is currently evaluating the standard to determine the impact of its adoption on its financial statements. In April 2015, the FASB issued ASU No. 2015-03, "Interest - Imputation of Interest" ("ASU No. 2015-03"), which is intended to simplify the presentation of debt issuance costs. The amendments in ASU No. 2015-03 require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in ASU No. 2015-03. ASU No. 2015-03 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. The Company will adopt ASU No. 2015-03 as of its quarter ending March 31, 2016. The Company believes that the adoption of this update will result in a reclassification between assets and liabilities but will have no other impact on its financial statements. In April 2015, the FASB issued ASU No. 2015-05, "Intangibles - Goodwill and Other - Internal-Use Software" ("ASU No. 2015-05"), which provides guidance to customers about whether a cloud computing arrangement includes a software license and, if so, how the software license element of the arrangement should be accounted for by the customer. ASU No. 2015-05 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. The Company will adopt ASU No. 2015-05 as of its quarter ending March 31, 2016. The Company believes that the adoption of this update will not have a material impact on its financial statements. In September 2015, the FASB issued ASU No. 2015-16, "Business Combinations - Simplifying the Accounting for Measurement-Period Adjustments" ("ASU No. 2015-16"), which requires that an acquirer in a business combination recognize adjustments to estimated amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. ASU No 2015-16 also requires that the acquirer record, in the current period's financial statements, the effect on earnings of changes in depreciation, amortization or other income effects, if any, as a result of the change to the estimated amounts, calculated as if the accounting had been completed at the acquisition date. ASU No. 2015-16 is effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. The amendments in ASU No. 2015-16 should be applied prospectively to adjustments to provisional amounts that occur after the effective date, with earlier application permitted for financial statements that have not been issued. The Company will adopt ASU No. 2015-16 as of its quarter ending March 31, 2016. The Company believes that the adoption of this update will not have a material impact on its financial statements. In November 2015, the FASB issued ASU No. 2015-17, "Income Taxes - Balance Sheet Classification of Deferred Taxes" ("ASU No. 2015-17"), which eliminates the current requirement for an entity to present deferred income tax assets and liabilities as current and noncurrent in a classified balance sheet. Instead, entities will be required to classify all deferred tax assets and liabilities as noncurrent. The amendments in ASU No. 2015-17 are effective for public business entities for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2016. The amendments may be applied prospectively to all deferred tax assets and liabilities or retrospectively to all periods presented. The Company will adopt ASU No. 2015-17 as of its quarter ending March 31, 2017. The Company believes that the adoption of this update will not have a material impact on its financial statements. In January 2016, the FASB issued ASU No. 2016-01, "Financial Instruments - Recognition and Measurement of Financial Assets and Financial Liabilities" ("ASU No. 2016-01"). The amendments in ASU No. 2016-01 require changes to the measurement and presentation of certain equity investments, as well as to the disclosures pertaining to these equity investments. The amendments in ASU No. 2016-01 are effective for public business entities for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2017. The new guidance permits early adoption of certain provisions in the Update. The Company will adopt ASU No. 2016-01 as of its quarter ending March 31, 2018. The Company is currently evaluating the standard to determine the impact of the adoption of this guidance on its financial statements. In February 2016, the FASB issued ASU No. 2016-02, "Leases" ("ASU No. 2016-02"). The new standard establishes a right-of-use model that requires a lessee to record a right-of-use asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The new guidance is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2018. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is currently evaluating the standard to determine the impact of the adoption of this guidance on its financial statements. |
Concentrations of Risk Concentr
Concentrations of Risk Concentrations of risk (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Concentration Risk [Line Items] | |
Concentration Risk Disclosure [Text Block] | Concentrations of Risk Credit Risk —The Company is exposed to on-balance sheet credit risk related to its Vacation Interests notes receivable. The Company offers financing to the buyers of VOIs and 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. 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 Vacation Interests notes 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 Vacation Interests notes 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 —Portions of the Company's consumer loan portfolio are concentrated in certain geographic regions within the U.S. The deterioration of the economic condition and financial well-being of the regions in which the Company has significant loan concentrations could adversely affect the results of operations for its consumer loan portfolio business. 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. As of December 31, 2015 and 2014 , the Company's loans to California residents constituted 33.3% and 32.4% , respectively, of the consumer loan portfolio. No other state or foreign country concentration accounted for more than 10.0% of the portfolio. 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 derivative financial instruments, particularly if sustained, could have an 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. During the years ended December 31, 2015, 2014 and 2013, the Company entered into a series of interest rate cap and swap agreements to manage its exposure to interest rate increases, all of which except the December 2015 Swap (discussed below) were terminated by December 31, 2015. On December 11, 2015, as required by the Company's $200.0 million conduit facility that was most recently amended on July 1, 2015 (the "Conduit Facility"), the Company entered into an interest rate swap agreement to manage its exposure to fluctuations in interest rates, effective December 15, 2015 (the "December 2015 Swap"). The December 2015 Swap has a notional amount of $20.5 million and is scheduled to mature on December 20, 2025 . The Company pays interest at a fixed rate of 2.38% based on a floating notional amount in accordance with a pre-determined amortization schedule, and receives interest based on one-month floating LIBOR. The December 2015 Swap did not qualify for hedge accounting. See " Note 16—Borrowings " for further detail on the Conduit Facility. As of December 31, 2015 , the fair value of the December 2015 Swap was calculated to be $0.1 million based on a valuation report provided by a counterparty. The fair value was recorded as a derivative liability with an offsetting charge to interest expense. |
Cash in Escrow and Restricted42
Cash in Escrow and Restricted Cash (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Cash in Escrow and Restricted Cash [Abstract] | |
Schedule of Restricted Cash and Cash Equivalents [Table Text Block] | Cash in escrow and restricted cash consisted of the following as of December 31 of each of the following years (in thousands): 2015 2014 Securitization and Funding Facilities collection and reserve cash $ 50,943 $ 39,784 Collected on behalf of St. Maarten and other HOAs 18,626 15,970 Escrow 13,423 9,830 Deposits related to Vacation Interests notes receivable servicing agreements 10,680 — Bonds and deposits 883 882 Other 3,740 1,892 Total cash in escrow and restricted cash $ 98,295 $ 68,358 |
Vacation Interests Notes Rece43
Vacation Interests Notes Receivable and Allowance (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Notes Receivable Balances Net of Reserves [Table Text Block] | were collateralized against the Company’s various borrowings included in "Securitization notes and Funding Facilities" in the accompanying consolidated balance sheets. See " Note 16—Borrowings" for further detail. Gross Vacation Interests notes receivable consisted of the following as of December 31 of each of the following years (in thousands): 2015 2014 Vacation Interests notes receivables - securitized $ 688,777 $ 552,400 Vacation Interests notes receivables - non-securitized 81,014 56,377 Total Vacation Interests notes receivable $ 769,791 $ 608,777 |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Vacation Interests notes receivable, net consisted of the following as of December 31 of each of the following years (in thousands): 2015 2014 Vacation Interests notes receivable, originated $ 744,532 $ 567,564 Vacation Interests notes receivable, purchased 25,259 41,213 Vacation Interests notes receivable, gross 769,791 608,777 Allowance for loan and contract losses (165,331 ) (130,639 ) Deferred profit on Vacation Interests transactions (1,780 ) (1,625 ) Deferred loan and contract origination costs, net 15,546 12,253 Inventory value of defaulted mortgages that were previously purchased 4,152 9,587 Premium on Vacation Interests notes receivable, net - purchased 229 309 Vacation Interests notes receivable, net $ 622,607 $ 498,662 Other receivables, net, consisted of the following as of December 31 of each of the following years (in thousands): 2015 2014 Club dues receivable, net $ 25,028 $ 27,160 Receivables related to Sampler Packages, net 14,723 17,516 Interest receivables associated with Vacation Interests notes receivable 7,919 6,382 Rental receivables and other resort management-related receivables, net 2,737 3,972 Insurance claims receivables 1,262 342 Tax refund receivables — 2,070 Other receivables 4,117 2,379 Total other receivables, net of allowances of $12,300 and $10,052, respectively $ 55,786 $ 59,821 |
Schedule of Financing Receivables, Minimum Payments [Table Text Block] | The following reflects the contractual principal maturities of originated and acquired Vacation Interests notes receivable for each of the following years (in thousands): 2016 $ 65,710 2017 68,169 2018 71,997 2019 76,605 2020 81,810 2021 and thereafter 405,500 $ 769,791 |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | Activity in the allowance associated with Vacation Interests notes receivable consisted of the following for the years ended December 31 (in thousands): 2015 2014 Balance, beginning of year $ 130,639 $ 105,590 Provision for uncollectible Vacation Interests sales (a) 80,380 56,970 Write offs, net (45,688 ) (31,921 ) Balance, end of year $ 165,331 $ 130,639 (a) The provision for uncollectible Vacation Interests sales shows activity in the allowance for loan and contract losses associated with Vacation Interests notes receivable and is exclusive of ASC 978 adjustments related to deferred revenue. |
Financing Receivable Credit Quality Indicators [Table Text Block] | A summary of the credit quality and aging consisted of the following as of December 31 of each of the following years (in thousands): As of December 31, 2015 FICO Scores Current 31-60 61-90 91-120 121-150 151-180 Total >799 $ 75,647 $ 751 $ 193 $ 338 $ 204 $ 287 $ 77,420 700 - 799 397,264 7,589 3,497 2,938 1,879 2,533 415,700 600 - 699 213,818 8,444 3,653 3,893 2,841 2,100 234,749 <600 19,393 1,700 881 333 533 465 23,305 No FICO Scores 16,677 674 490 320 286 170 18,617 $ 722,799 $ 19,158 $ 8,714 $ 7,822 $ 5,743 $ 5,555 $ 769,791 As of December 31, 2014 FICO Scores Current 31-60 61-90 91-120 121-150 151-180 Total >799 $ 56,005 $ 487 $ 215 $ 190 $ 143 $ 155 $ 57,195 700 - 799 305,636 4,276 1,338 1,396 1,335 1,050 315,031 600 - 699 178,550 6,313 2,687 2,034 1,891 1,674 193,149 <600 19,992 1,833 895 545 406 450 24,121 No FICO Scores 17,262 817 449 361 230 162 19,281 $ 577,445 $ 13,726 $ 5,584 $ 4,526 $ 4,005 $ 3,491 $ 608,777 |
Transactions with Related Par44
Transactions with Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions [Table Text Block] | Due from related parties, net consisted of the following as of December 31 of each of the following years (in thousands): 2015 2014 Amounts due from HOAs and Collection Associations $ 42,393 $ 51,207 Amounts due from other 42 444 Total due from related parties, net $ 42,435 $ 51,651 Due to related parties, net consisted of the following as of December 31 of each of the following years (in thousands): 2015 2014 Amounts due to HOAs and Collection Associations $ 54,686 $ 34,732 Amounts due to other 92 36 Total due to related parties, net $ 54,778 $ 34,768 |
Prepaid Expenses and Other As45
Prepaid Expenses and Other Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepaid Expenses and Other Assets, Net | Prepaid expenses and other assets, net, consisted of the following as of December 31 of each of the following years (in thousands): 2015 2014 Debt issuance costs, net $ 26,738 $ 20,826 Deferred commissions 17,109 18,492 Vacation Interests purchases in transit 29,323 20,058 Other inventory or consumables 4,767 4,067 Prepaid maintenance fees 3,843 3,317 Prepaid member benefits and affinity programs 2,689 4,362 Prepaid insurance 2,670 2,764 Prepaid sales and marketing costs 2,601 2,393 Deposits and advances 2,635 3,186 Other 8,272 6,974 Total prepaid expenses and other assets, net $ 100,647 $ 86,439 |
Unsold Vacation Interests, Net
Unsold Vacation Interests, Net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Unsold Vacation Interests, Net [Abstract] | |
Unsold Vacation Interests [Table Text Block] | Unsold Vacation Interests, net consisted of the following as of December 31 of each of the following years (in thousands): 2015 2014 Completed unsold Vacation Interests, net $ 298,782 $ 230,137 Undeveloped land 35,974 24,326 Vacation Interests construction in progress 23,522 7,709 Unsold Vacation Interests, net $ 358,278 $ 262,172 |
Activity Related to unsold Vacation Interests [Table Text Block] | Activity related to unsold Vacation Interests, net, consisted of the following for the years ended December 31 of each of the following years (in thousands): 2015 2014 Balance, beginning of year $ 262,172 $ 298,110 Vacation Interests cost of sales (28,721 ) (63,499 ) Purchases in connection with acquisitions 26,481 — Inventory recovery 21,112 20,691 Construction in progress 18,175 3,474 Open market and bulk purchases 9,020 7,973 Capitalized legal, title and trust fees 15,609 5,601 Loan default recoveries related to business combinations 22,413 4,268 Transfers from (to) assets held for sale 12,488 (4,254 ) Effect of foreign currency translation (2,810 ) (3,590 ) Transfer construction in progress to property and equipment — (5,995 ) Impairment of inventory — (181 ) Other 2,339 (426 ) Balance, end of year $ 358,278 $ 262,172 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Property and equipment, net consisted of the following as of December 31 of each of the following years (in thousands): 2015 2014 Land and improvements $ 20,219 $ 19,335 Buildings and leasehold improvements 60,281 44,320 Furniture and office equipment 21,845 19,248 Computer software 46,231 33,465 Computer equipment 19,146 15,641 Construction in progress 2,522 271 Property and equipment, gross 170,244 132,280 Less accumulated depreciation (74,883 ) (61,409 ) Property and equipment, net $ 95,361 $ 70,871 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill [Line Items] | |
Schedule of Goodwill [Table Text Block] | The changes in the carrying amount of goodwill are as follows (in thousands): Hospitality and Management Services Vacation Interests Sales and Financing Total Company Balance as of December 31, 2014 - Island One Acquisition $ 30,165 $ 467 $ 30,632 Goodwill acquired during the year ended December 31, 2015: Gold Key Acquisition 13,777 60,102 73,879 HM&C Acquisition 10 — 10 Total goodwill acquired during the year ended December 31, 2015 13,787 60,102 73,889 Balance as of December 31, 2015 $ 43,952 $ 60,569 $ 104,521 |
Other Intangible Assets, Net (T
Other Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Other intangible assets, net consisted of the following as of December 31, 2015 (in thousands): Gross Carrying Cost Accumulated Amortization Net Book Value Management contracts $ 226,515 $ (58,278 ) $ 168,237 Member relationships and the Clubs 55,866 (39,298 ) 16,568 Rental agreements 15,800 (823 ) 14,977 Rights to develop inventory 11,600 (173 ) 11,427 Marketing easement rights 8,717 (436 ) 8,281 Distributor relationships and other 5,096 (2,396 ) 2,700 $ 323,594 $ (101,404 ) $ 222,190 Other intangible assets, net consisted of the following as of December 31, 2014 (in thousands): Gross Carrying Cost Accumulated Amortization Net Book Value Management contracts $ 201,997 $ (45,218 ) $ 156,779 Member relationships and the Clubs 55,784 (36,789 ) 18,995 Distributor relationships and other 4,851 (1,839 ) 3,012 $ 262,632 $ (83,846 ) $ 178,786 |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | Intangible assets purchased under the Master Agreement consisted of the following (dollars in thousands): Weighted Average Useful Life Based on Appraisal Marketing easement rights 20 $ 8,717 Other intangibles 3 266 $ 8,983 In connection with the Gold Key Acquisition, which was completed on October 16, 2015, the Company recorded the following intangible assets (dollars in thousands): Weighted Average Useful Life Based on Preliminary Appraisal Management contracts 20 $ 25,300 Rental agreements 4 15,800 Rights to develop inventory 14 11,600 Member relationships 6 360 $ 53,060 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Accrued Liabilities Disclosure [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | Accrued liabilities consisted of the following as of December 31 of each of the following years (in thousands): 2015 2014 Liability for unrecognized tax benefit $ 75,706 $ 23,857 Accrued payroll and related 37,154 32,925 Accrued marketing expenses 24,885 14,953 Accrued commissions 22,774 17,496 Accrued other taxes 15,525 15,526 Gold Key inventory recovery agreement liability 12,371 — Accrued insurance 7,795 5,703 Accrued professional fees 4,336 2,300 Accrued escrow liability 3,784 3,005 Accrued operating lease liabilities 3,309 3,503 Accrued exchange company fees 2,131 2,169 Accrued liability related to acquisitions — 2,428 Other 11,892 10,815 Total accrued liabilities $ 221,662 $ 134,680 |
Deferred Revenues (Tables)
Deferred Revenues (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Deferred Revenue Disclosure [Abstract] | |
Deferred Revenue, by Arrangement, Disclosure [Table Text Block] | Deferred revenues consisted of the following as of December 31 of each of the following years (in thousands): 2015 2014 Deferred Sampler Packages revenue $ 66,285 $ 64,403 Club deferred revenue 43,890 40,044 Accrued guest deposits 6,631 6,482 Deferred maintenance and reserve fee revenue at our St. Maarten resorts — 7,552 Other 2,914 6,516 Total deferred revenues $ 119,720 $ 124,997 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | The following table presents selected information on the Company’s borrowings as of the dates presented below (dollars in thousands): December 31, 2015 December 31, 2014 Principal Weighted Maturity Gross Amount of Vacation Interests Notes Receivable as Collateral Borrowing / Funding Availability Principal Senior Credit Facility $ 574,666 5.5% 5/9/2021 $ — $ 25,000 $ 442,775 Original Issue discount related to Senior Credit Facilities (4,735 ) (2,055 ) Notes payable-insurance policies 4,586 2.4% Various — — 4,286 Notes payable-other 164 5.0% Various — — 326 Total Corporate Indebtedness 574,681 — 25,000 445,332 Diamond Resorts Owner Trust Series 2015-2 (1) 172,583 3.1% 5/22/2028 180,090 — — Diamond Resorts Owner Trust Series 2014-1 (1) 140,256 2.6% 5/20/2027 151,096 — 247,992 Diamond Resorts Owner Trust Series 2015-1 (1) 126,776 2.8% 7/20/2027 133,860 — — Diamond Resorts Owners Trust 2013-2 (1) 84,659 2.3% 5/20/2026 94,065 — 131,952 Quorum Facility (1) 45,411 4.6% 12/31/2017 45,270 54,589 (2) 52,315 Diamond Resorts Owner Trust 2013-1 (1) 30,681 2.0% 1/20/2025 34,091 — 42,838 Conduit Facility (1) 22,538 2.8% 4/10/2017 24,200 177,462 (2) — Diamond Resorts Owner Trust 2011 (1) 12,073 4.0% 3/20/2023 12,752 — 17,124 Original issue discount related to Diamond Resorts Owner Trust Series 2011 (103 ) — — (156 ) Diamond Resorts Tempus Owner Trust 2013 (1) 7,884 6.0% 12/20/2023 13,353 — 17,143 Total Securitization Notes and Funding Facilities 642,758 688,777 232,051 509,208 Total $ 1,217,439 $ 688,777 $ 257,051 $ 954,540 (1) Non-recourse indebtedness (2) Borrowing / funding availability is calculated as the difference between the maximum commitment amount and the outstanding principal balance; however, the actual availability is dependent on the amount of eligible loans that serve as the collateral for such borrowings. |
Schedule of Maturities of Long-term Debt [Table Text Block] | The anticipated maturities of the Company’s borrowings under the Senior Credit Facility, securitization notes, Funding Facilities and notes payable are as follows (in thousands) and do not include the use of any proceeds from potential debt or equity transactions during 2016 to pay down borrowings: Due in the year ending December 31: 2016 $ 142,590 2017 166,786 2018 81,981 2019 62,943 2020 45,440 2021 and thereafter 722,537 Total contractual obligations 1,222,277 Unamortized original issue discounts, net (4,838 ) Total borrowings as of December 31, 2015 $ 1,217,439 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Contingency [Line Items] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The components of the provision for income taxes are summarized as follows as of December 31 of each of the following years (in thousands): 2015 2014 2013 Current: Federal $ 1,039 $ — $ — State 2,114 393 138 Foreign 926 1,560 2,375 Total current provision for income taxes 4,079 1,953 2,513 Deferred: Federal 40,424 18,227 8,964 State 3,950 4,365 2,859 Foreign (8,838 ) 2,839 (5,518 ) Total deferred provision for income taxes before change in valuation allowance 35,536 25,431 6,305 Increase (decrease) in valuation allowance 8,013 (1,007 ) (3,041 ) Total deferred provision for income taxes 43,549 24,424 3,264 Unrecognized tax benefit 54,542 23,857 — Provision for income taxes $ 102,170 $ 50,234 $ 5,777 |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Income before income taxes is comprised of the following as of December 31 of each of the following years (in thousands): 2015 2014 2013 Domestic $ 271,441 $ 121,039 $ 4,599 Foreign (19,793 ) (11,348 ) (1,347 ) Income before income taxes $ 251,648 $ 109,691 $ 3,252 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The reconciliation between the statutory provision for income taxes and the actual provision for income taxes is shown as follows for the years ended December 31 for each of the following years (in thousands): 2015 2014 2013 Income tax expense at U.S. federal statutory rate of 35% $ 88,077 $ 38,393 $ 1,138 State tax expense, net of federal effect 5,343 3,083 1,315 Tax impact of contributed entities — — 7,877 Stock-based compensation issued to non U.S. recipients 566 219 435 (Income) loss of pass-through entities not taxed at corporate entity level (714 ) (111 ) 1,142 Tax impact of non-U.S. disregarded entities — (1,119 ) (286 ) Rate differences between U.S. and foreign tax jurisdictions 2,807 1,649 2,046 Deferred balance adjustments — 5,381 (390 ) Permanent differences 978 3,746 (3,441 ) Tax effect of gain on bargain purchase from acquisitions — — (1,018 ) Change in valuation allowance 8,013 (1,007 ) (3,041 ) Other (2,900 ) — — Provision for income taxes $ 102,170 $ 50,234 $ 5,777 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The company's deferred tax assets and liabilities are as follows as of December 31 of each of the following years (in thousands): 2015 2014 Allowance for losses $ 66,743 $ 54,247 Deferred profit 18,282 22,349 Net Operating Loss carryover 80,832 124,674 Accrued expenses and prepaid assets 31,655 22,740 Minimum tax credit 77,918 25,733 Other 35,836 18,177 Total gross deferred tax assets 311,266 267,920 Valuation allowance (65,893 ) (60,044 ) Total net deferred tax assets 245,373 207,876 Installment sales 243,434 193,106 Intangible assets 32,372 14,072 Unsold Vacation Interests adjustments 53,764 47,525 Other 8,055 — Total deferred tax liability 337,625 254,703 Net deferred tax liability $ (92,252 ) $ (46,827 ) |
Summary of Positions for which Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Table Text Block] | The following table summarizes the activity related to the Company's unrecognized tax benefits (in thousands): Amount Balance as of December 31, 2013 $ — Increases related to tax positions taken during the current period 23,857 Balance as of December 31, 2014 23,857 Increase related to tax positions taken during a prior period 4,125 Increases related to tax positions taken during the current period 49,753 Balance as of December 31, 2015 $ 77,735 |
Commitments and Contingencies C
Commitments and Contingencies Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Loss Contingencies [Line Items] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | As of December 31, 2015 , future minimum lease payments on operating leases were as follows (in thousands): Year ending December 31: 2016 $ 15,461 2017 11,184 2018 8,092 2019 3,624 2020 2,802 2021 and thereafter 4,153 $ 45,316 |
Fair Value Measurements Estimat
Fair Value Measurements Estimated fair values (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Measurements [Abstract] | |
Schedule of Derivative Instruments [Table Text Block] | The following table summarizes the information regarding the Company's derivative instruments as of the dates presented below (in thousands): December 31, 2015 December 31, 2014 Carrying Value Total Estimated Fair Value Carrying Value Total Estimated Fair Value Liabilities: Interest rate swap agreement (a) $ 146 $ 146 $ — $ — Total Liabilities $ 146 $ 146 $ — $ — (a) Values associated with the December 2015 Swap are presented under the derivative liabilities category of the accompanying consolidated balance sheet. |
Fair Value, by Balance Sheet Grouping [Table Text Block] | The carrying values and estimated fair values of the Company's financial instruments as of December 31, 2014 were as follows (in thousands): Carrying Value Total Estimated Fair Value Estimated Fair Value (Level 2) Estimated Fair Value (Level 3) Assets: Vacation Interests notes receivable, net $ 498,662 $ 498,662 $ — $ 498,662 Total assets $ 498,662 $ 498,662 $ — $ 498,662 Liabilities: Senior Credit Facility $ 440,720 $ 440,720 $ 440,720 $ — Securitization notes and Funding Facilities, net 509,208 512,706 512,706 — Notes payable 4,612 4,612 4,612 — Total liabilities $ 954,540 $ 958,038 $ 958,038 $ — The carrying values and estimated fair values of the Company's financial instruments as of December 31, 2015 were as follows (in thousands): Carrying Value Total Estimated Fair Value Estimated Fair Value (Level 2) Estimated Fair Value (Level 3) Assets: Vacation Interests notes receivable, net $ 622,607 $ 622,607 $ — $ 622,607 Total assets $ 622,607 $ 622,607 $ — $ 622,607 Liabilities: Senior Credit Facility $ 569,931 $ 569,931 $ 569,931 $ — Securitization notes and Funding Facilities, net 642,758 638,420 638,420 — Notes payable 4,750 4,750 4,750 — Total liabilities $ 1,217,439 $ 1,213,101 $ 1,213,101 $ — |
Stock Repurchase Program (Table
Stock Repurchase Program (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity, Class of Treasury Stock [Line Items] | |
Class of Treasury Stock [Table Text Block] | The following table summarizes stock repurchase activity under the Stock Repurchase Program (cost in thousands): Shares Cost Average Price Per Share From inception through December 31, 2014 642,900 $ 16,077 $ 25.01 For the year ended December 31, 2015 (a) 5,713,554 163,545 $ 28.62 Total from inception through December 31, 2015 (a) 6,356,454 (b) $ 179,622 $ 28.26 (a) Includes the purchase of 1,515,582 shares from the underwriter for $50 million in the March 2015 Secondary Offering at the price of $32.99 per share. (b) Shares of common stock repurchased by the Company pursuant to the Stock Repurchase Program. As of December 31, 2015 , 4,134,071 of the repurchased shares held in treasury at the average price of $28.92 per share had been retired. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Stock-Based Compensation [Abstract] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The 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 and ASC 505, consisted of the following as of December 31, of each of the following years: 2015 2014 2013 Company Employees Non-Employees Company Employees Non-Employees Company Employees Weighted average fair value per share $ 10.2 $ 14.9 $ 8.1 $ 8.9 $ 7.5 Expected stock price volatility 45.7 % 52.8 % 52.8 % 49.8 % 52.9 % Expected option life (years) 5.91 6.00 6.00 9.13 6.51 Risk-free interest rate 1.7 % 1.7 % 1.7 % 2.4 % 1.8 % Expected annual dividend yield — % — % — % — % — % |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | Stock option activity related to stock option grants issued to the employees of the Company during the year ended December 31, 2015 was as follows: Company Employees Options (In thousands) Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (In thousands) Outstanding at January 1, 2015 7,868 $ 15.02 8.8 $ 101,336 Granted 1,117 $ 32.05 Exercised (188 ) $ 15.59 Forfeited (31 ) $ 23.79 Outstanding at December 31, 2015 8,766 $ 17.20 7.9 $ 72,840 Exercisable at December 31, 2015 6,219 $ 14.62 7.6 $ 67,756 |
Schedule of Nonvested Share Activity [Table Text Block] | The following table summarizes the Company’s unvested stock option activity for the year ended December 31, 2015 : Company Employees Options (In thousands) Weighted-Average Exercise Price (Per Share) Unvested at January 1, 2015 2,536 $ 16.37 Granted 1,117 $ 32.05 Vested (1,075 ) $ 17.32 Forfeited (31 ) $ 23.79 Unvested at December 31, 2015 2,547 $ 23.51 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | The following table summarizes the activity related to the Stock Unit Issuances during the year ended December 31, 2015 : Restricted Stock Restricted Stock Units Deferred Stock Shares (In thousands) Weighted-Average Exercise Price (Per Share) Units (In thousands) Weighted-Average Exercise Price (Per Share) Units (In thousands) Weighted-Average Exercise Price (Per Share) Unvested at January 1, 2015 44 $ 16.92 — $ — — $ — Granted 157 $ 32.69 86 $ 32.69 12 $ 32.72 Vested/Converted to common stock (25 ) $ 21.19 (8 ) $ 32.69 (12 ) $ 32.72 Forfeited (16 ) $ 28.36 — $ — — $ — Unvested at December 31, 2015 160 $ 30.58 78 $ 32.69 — $ 32.72 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | The following table summarizes the effect of the stock-based compensation expense for the year ended December 31, 2013 (in thousands): Hospitality and Management Services Vacation Interest Sales and Financing Corporate and Other Total Management and member services $ 860 $ — $ — $ 860 Advertising, sales and marketing — 2,105 — 2,105 Vacation Interests carrying cost, net — 208 — 208 Loan portfolio — 316 — 316 General and administrative — — 37,044 37,044 Total $ 860 $ 2,629 $ 37,044 $ 40,533 The following table summarizes the Company’s stock-based compensation expense for the years ended December 31, 2015 , 2014 and 2013 (in thousands). 2015 2014 2013 Non-employee stock option grants $ — $ 7,619 $ 32,940 Company employee grants 13,623 7,681 7,218 Non-employee director grants 1,325 902 375 Total $ 14,948 $ 16,202 $ 40,533 The following table summarizes the effect of the stock-based compensation expense for the years ended December 31, 2015 and 2014 (in thousands): Year Ended December 31, 2015 Year Ended December 31, 2014 Hospitality and Management Services Vacation Interest Sales and Financing Corporate and Other Total Hospitality and Vacation Corporate and Total Management and member services $ 1,307 $ — $ — $ 1,307 $ 1,613 $ — $ — $ 1,613 Advertising, sales and marketing — 2,440 — 2,440 — 2,198 — 2,198 Vacation Interests carrying cost, net — 232 — 232 — 267 — 267 Loan portfolio — 373 — 373 — 423 — 423 General and administrative — — 10,596 10,596 — — 11,701 11,701 Total $ 1,307 $ 3,045 $ 10,596 $ 14,948 $ 1,613 $ 2,888 $ 11,701 $ 16,202 |
Deferred Charges, Policy [Policy Text Block] | The following table summarizes the Company’s unrecognized stock-based compensation expense as of December 31, 2015 (dollars in thousands): Options Restricted Stock Restricted Stock Units Deferred Stock Total Unrecognized stock-based compensation expense $ 20,093 $ 3,968 $ 2,247 $ 149 $ 26,457 Weighted-average remaining amortization period (in years) 1.4 2.3 2.4 0.4 1.6 |
Accumulated Other comprehensi58
Accumulated Other comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accumulated Other Comprehensive Income [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The components of accumulated other comprehensive income (loss) are as follows: Cumulative Translation Adjustment Post-retirement Benefit Plan Other Total Balance, December 31, 2012 $ (16,714 ) $ — $ (19 ) $ (16,733 ) Period change 2,543 (2,064 ) 77 556 Balance, December 31, 2013 (14,171 ) (2,064 ) 58 (16,177 ) Period change (3,545 ) 171 (10 ) (3,384 ) Balance, December 31, 2014 (17,716 ) (1,893 ) 48 (19,561 ) Period change (2,466 ) 1,893 (17 ) (590 ) Balance, December 31, 2015 $ (20,182 ) $ — $ 31 $ (20,151 ) |
Net income (loss) per share Net
Net income (loss) per share Net income (loss) per share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Net income (loss) per share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The table below sets forth the computation of basic and diluted net income (loss) per share as of December 31 of each of the following years (in thousands, except per share amounts): 2015 2014 2013 Computation of Basic Net Income (Loss) Per Share: Net income (loss) $ 149,478 $ 59,457 $ (2,525 ) Weighted average shares outstanding 72,881 75,466 63,704 Basic net income (loss) per share $ 2.05 $ 0.79 $ (0.04 ) Computation of Diluted Net Income (Loss) Per Share: Net income (loss) $ 149,478 $ 59,457 $ (2,525 ) Weighted average shares outstanding 72,881 75,466 63,704 Effect of dilutive securities: Restricted stock and RSUs (a) 24 14 — Options to purchase common stock 2,574 1,467 — Shares for diluted net income per share 75,479 76,947 63,704 Diluted net income (loss) per share $ 1.98 $ 0.77 $ (0.04 ) (a) Includes unvested dilutive restricted stock and RSUs that are subject to future forfeitures. |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The following table summarizes the consideration paid and the amounts of the assets acquired and liabilities assumed from the Gold Key Companies at the acquisition date based on the appraisals as of October 16, 2015 (in thousands): Based on Preliminary Appraisal Consideration: Cash $ 167,500 Fair value of total consideration transferred 167,500 Recognized amounts of identifiable assets acquired and liabilities assumed as of October 16, 2015: Cash and cash equivalents $ 66 Restricted cash 47 Due from related parties, net 766 Other receivables, net 69 Prepaid expenses and other assets, net 15,904 Unsold Vacation Interests 26,481 Property and equipment 15,329 Other intangible assets 53,060 Total assets 111,722 Liabilities assumed 18,101 Total identifiable net assets 93,621 Goodwill $ 73,879 |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | Acquired intangible assets consist of the following (dollar amounts in thousands): Weighted Average Useful Life in Years Based on Preliminary Appraisal Management contracts 20 $ 25,300 Rental agreements 4 15,800 Rights to develop inventory 14 11,600 Member relationships 6 360 Total acquired intangible assets $ 53,060 |
Employee Benefit Plan (Tables)
Employee Benefit Plan (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Post-retirement Benefit Plan [Abstract] | |
Compensation and Employee Benefit Plans [Text Block] | The following table sets forth for each of the years ended December 31, 2015 and 2014 , respectively, the amount of claims incurred during such period, changes in accruals during such period for claims incurred during prior periods, and the amount of payments made in such period (in thousands): Balance as of December 31, 2013 $ 2,572 Claims incurred during the current year 16,141 Change in accruals for claims incurred during prior years (2,118 ) Payments made (13,913 ) Balance as of December 31, 2014 2,682 Claims incurred during the current year 18,145 Change in accruals for claims incurred during prior years (2,094 ) Payments made (15,195 ) Balance as of December 31, 2015 $ 3,538 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | The following table reflects total revenue and assets by geographic area for the years ended on, or as of, the dates presented below (in thousands): For the Years Ended December 31, 2015 2014 2013 Revenue United States $ 886,721 $ 731,171 $ 610,116 Foreign 67,319 113,395 119,672 Total Revenues $ 954,040 $ 844,566 $ 729,788 As of December 31, 2015 2014 Vacation Interests notes receivable, net United States $ 621,244 $ 496,691 Foreign 1,363 1,971 Total Vacation Interests notes receivable, net $ 622,607 $ 498,662 Unsold Vacation Interests, net United States $ 277,563 $ 198,869 Foreign 80,715 63,303 Total unsold Vacation Interests, net $ 358,278 $ 262,172 Property and equipment, net United States $ 84,408 $ 59,038 Foreign 10,953 11,833 Total property and equipment, net $ 95,361 $ 70,871 Goodwill United States $ 104,521 $ 30,632 Foreign — — Total goodwill $ 104,521 $ 30,632 Other intangible assets, net United States $ 218,990 $ 174,021 Foreign 3,200 4,765 Total other intangible assets, net $ 222,190 $ 178,786 Total long-term assets, net United States $ 1,306,726 $ 959,251 Foreign 96,231 81,872 Total long-term assets, net $ 1,402,957 $ 1,041,123 |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The following table presents revenues, income before provision for income taxes, interest revenue and interest expense for the Company's reportable segments for the periods presented below (in thousands): For the Years Ended December 31, 2015 2014 2013 Revenues: Hospitality and management services $ 187,747 $ 199,298 $ 175,423 Vacation Interests sales and financing 764,963 643,719 552,922 Corporate and other 1,330 1,549 1,443 Total revenues $ 954,040 $ 844,566 $ 729,788 Income before provision for income taxes Hospitality and management services $ 137,509 $ 129,402 $ 102,072 Vacation Interests sales and financing 291,416 202,915 159,392 Corporate and other (177,277 ) (222,626 ) (258,212 ) Income before provision for income taxes $ 251,648 $ 109,691 $ 3,252 Interest Revenue: Hospitality and management services $ — $ — $ — Vacation Interests sales and financing 78,989 66,849 55,601 Corporate and other 1,330 1,549 1,443 Total interest revenue $ 80,319 $ 68,398 $ 57,044 Interest Expense: Hospitality and management services $ — $ — $ — Vacation Interests sales and financing 16,895 15,072 16,411 Corporate and other 31,581 41,871 72,215 Total interest expense $ 48,476 $ 56,943 $ 88,626 |
Loss on extinguishment of debt
Loss on extinguishment of debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Extinguishment of Debt [Line Items] | |
Schedule of Extinguishment of Debt [Table Text Block] | Loss on extinguishment of debt consisted of the following as of December 31 of each of the following years (in thousands): Year Ended December 31, 2015 2014 2013 Senior Secured Notes $ — $ 45,767 $ 8,443 Previous revolving credit facility — 932 — Three inventory loans previously entered into in connection with certain acquisitions — 108 — Two acquisition loans previously entered into in connection with certain acquisitions — — 4,940 Redemption of notes issued under a previous securitization transaction completed in 2009 — — 2,201 Miscellaneous notes payable — — 20 Total loss on extinguishment of debt $ — $ 46,807 $ 15,604 |
Impairments and Other Write-o64
Impairments and Other Write-offs (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring Cost and Reserve [Line Items] | |
Details of Impairment of Long-Lived Assets Held and Used by Asset [Table Text Block] | Impairment and other write-offs consisted of the following as of December 31 of each of the following years (in thousands): 2015 2014 2013 Write down of a parcel of real estate acquired in connection with a previous business combination to its fair value based on a market appraisal $ — $ — $ 1,200 Write off of abandoned inventory projects — 181 — Write off of sales materials due to obsolescence — 10 307 Write down of two European resorts held for sale to their fair value based on accepted offers — — 80 Write off of abandoned information technology projects previously capitalized 12 19 — Write off of slow moving consumables inventory — 30 — Total impairments and other write-offs $ 12 $ 240 $ 1,587 |
Quarterly results (Tables)
Quarterly results (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly results [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | Three Months Ended Year Ended March 31, 2014 June 30, 2014 September 30, 2014 December 31, 2014 December 31, 2014 Revenues $ 181,225 $ 209,014 $ 221,965 $ 232,362 $ 844,566 Income (loss) before provision (benefit) for income taxes $ 26,057 $ (2,074 ) $ 46,460 $ 39,248 $ 109,691 Net income (loss) $ 14,010 $ (2,731 ) $ 26,304 $ 21,874 $ 59,457 Net income (loss) per share—basic $ 0.19 $ (0.04 ) $ 0.35 $ 0.29 $ 0.79 Net income (loss) per share—diluted $ 0.18 $ (0.04 ) $ 0.34 $ 0.28 $ 0.77 Note: The sum of the net income (loss) per share for the four quarters differs from annual net income (loss) per share due to the required method of computing the weighted average shares in interim periods. The following tables present the Company's unaudited quarterly results ($ in thousands except share data). The Company believes that the following information reflects all normal recurring adjustments necessary for a fair presentation of the information for the periods presented. The operating results for any quarter are not necessarily indicative of results for any future period. Three Months Ended Year Ended March 31, 2015 June 30, 2015 September 30, 2015 December 31, 2015 December 31, 2015 Revenues $ 197,520 $ 231,502 $ 251,389 $ 273,629 $ 954,040 Income before provision for income taxes $ 45,500 $ 64,329 $ 62,307 $ 79,512 $ 251,648 Net income $ 25,975 $ 36,870 $ 36,897 $ 49,736 $ 149,478 Net income per share—basic $ 0.35 $ 0.50 $ 0.51 $ 0.70 $ 2.05 Net income per share—diluted $ 0.34 $ 0.49 $ 0.49 $ 0.68 $ 1.98 |
Background, Business and Basi66
Background, Business and Basis of Presentation (Details) $ / shares in Units, $ in Thousands | Oct. 16, 2015USD ($) | Jul. 24, 2013$ / sharesshares | Dec. 31, 2015USD ($)shares | Dec. 31, 2015USD ($)resort_trustshares | Dec. 31, 2014USD ($)shares | Dec. 31, 2013USD ($) | May. 19, 2015$ / shares |
Stock Issued During Period, Shares, New Issues | shares | 17,825,000 | ||||||
Share Price | $ / shares | $ 14 | $ 32.69 | |||||
Proceeds from issuance of common and preferred stock, net of related costs | $ 0 | $ 0 | $ 204,332 | ||||
Common Stock, Shares, Issued | shares | 71,928,002 | 71,928,002 | 75,732,088 | ||||
Number Of Multi-Resort Trusts | resort_trust | 1 | ||||||
Escrow | $ 13,423 | $ 13,423 | $ 9,830 | ||||
Cash Equivalents, at Carrying Value | $ 12,600 | $ 12,600 | |||||
Location [Domain] | |||||||
Other Parent Company Disclosures | 35 | ||||||
Number of destinations [Domain] | |||||||
Other Parent Company Disclosures | 379 | ||||||
Branded resort properties [Domain] | |||||||
Other Parent Company Disclosures | 109 | ||||||
Managed Units [Member] | |||||||
Other Parent Company Disclosures | 12,000 | ||||||
Affiliated Entity [Member] | |||||||
Other Parent Company Disclosures | 250 | ||||||
Cruise Itineraries [Domain] | |||||||
Other Parent Company Disclosures | 20 | ||||||
Multi-resort trust [Member] | |||||||
Number Of Multi-Resort Trusts | resort_trust | 8 | ||||||
Diamond Resorts International, Inc. [Member] | |||||||
Stock Issued During Period, Shares, New Issues | shares | 16,100,000 | ||||||
Cloobeck Diamond Parent [Member] | |||||||
Common Stock, Shares, Issued | shares | 1,725,000 | ||||||
Gold Key Acquisition [Member] | |||||||
Business Combination, Contingent Consideration, Liability | $ 15,500 | ||||||
Payments to Acquire Businesses, Gross | 167,500 | $ 167,500 | |||||
Escrow | $ 6,200 | ||||||
Gold Key Acquisition [Member] | Number of resorts acquired [Domain] | |||||||
Other Parent Company Disclosures | six |
Summary of Significant Accoun67
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | 12 Months Ended | 25 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jul. 31, 2013 | |
Related Party Transaction [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | |||
Percentage of minimum downpayment for initial investment | 10.00% | |||
Advertising Expense | $ 10,300 | $ 7,300 | $ 6,200 | |
Maximum [Member] | ||||
Related Party Transaction [Line Items] | ||||
Initiation of cancellation or foreclosure proceedings | 180 days | |||
Minimum [Member] | ||||
Related Party Transaction [Line Items] | ||||
Initiation of cancellation or foreclosure proceedings | 91 days | |||
island One Acquisition [Member] | ||||
Related Party Transaction [Line Items] | ||||
Business Acquisition, Cost of Acquired Entity, Purchase Price | $ 0 | |||
island One Acquisition [Member] | Diamond Resorts International, Inc. [Member] | ||||
Related Party Transaction [Line Items] | ||||
Business Acquisition, Cost of Acquired Entity, Purchase Price | $ 73,307 | $ 73,300 | ||
management contracts [Member] | Maximum [Member] | ||||
Related Party Transaction [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 25 years | |||
management contracts [Member] | Minimum [Member] | ||||
Related Party Transaction [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 5 years | |||
Customer Relationships [Member] | Maximum [Member] | ||||
Related Party Transaction [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 30 years | |||
Customer Relationships [Member] | Minimum [Member] | ||||
Related Party Transaction [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 3 years | |||
Marketing Easement Rights [Member] | ||||
Related Party Transaction [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 20 years | |||
Rights to Develop Inventory [Member] | ||||
Related Party Transaction [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 14 years | |||
Rental Agreements [Member] | ||||
Related Party Transaction [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 4 years |
Concentrations of Risk (Details
Concentrations of Risk (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 15, 2015 | Dec. 11, 2015 | Dec. 03, 2015 | |
Debt Instrument, Face Amount | $ 150 | ||||
Conduit 2008 [Member] | |||||
Debt Instrument, Face Amount | $ 200 | ||||
December 2015 swap [Member] | |||||
Derivative, Notional Amount | $ 20.5 | ||||
Derivative, Fixed Interest Rate | 2.38% | ||||
Derivative Liability, Fair Value, Gross Liability | $ 0.1 | ||||
Consumer Portfolio Segment [Member] | |||||
Concentration Risk, Market Risk | 0.1 | ||||
Consumer Portfolio Segment [Member] | CALIFORNIA | |||||
Concentration Risk, Geographic | 0.3326 | 0.324 |
Cash in Escrow and Restricted69
Cash in Escrow and Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 03, 2015 | Oct. 16, 2015 | Sep. 30, 2015 | Dec. 31, 2014 | Nov. 20, 2014 | May. 09, 2014 | Dec. 31, 2012 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 445,000 | |||||||
Debt Instrument, Face Amount | $ 150,000 | |||||||
Securitization and Funding Facilities collection and reserve cash | $ 50,943 | $ 39,784 | ||||||
Collected on behalf of St. Maarten and other HOAs | 18,626 | 15,970 | ||||||
Escrow | 13,423 | 9,830 | ||||||
Deposits related to Vacation Interest notes receivable servicing agreements | 10,680 | 0 | ||||||
Bonds and deposits | 883 | 882 | ||||||
Other | 3,740 | 1,892 | ||||||
Restricted Cash and Cash Equivalents | 98,295 | 68,358 | ||||||
Quorum Facility [Member] | ||||||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 100,000 | $ 100,000 | $ 80,000 | |||||
DROT 2014-1 [Member] | ||||||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||||||
Cash Reserve Deposit Required and Made | $ 4,400 | |||||||
Debt Instrument, Face Amount | $ 260,000 | |||||||
Gold Key Acquisition [Member] | ||||||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||||||
Escrow | $ 6,200 |
Vacation Interests Notes Rece70
Vacation Interests Notes Receivable and Allowance -Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | 60 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Provision for Vacation Interests sales | $ (80,772) | $ (57,202) | $ (44,670) | |
Contract Receivable, Due after One Year, Lowest Interest Rate | 6.00% | 6.00% | ||
Contract Receivable, Due after One Year, Highest Interest Rate | 18.00% | 18.00% | ||
Contract Receivable, Due after One Year, Weighted Average Interest Rate | 14.60% | 14.80% | 14.60% | |
Receivables Greater Than 90 Days | 2.50% | 2.00% | 2.50% | |
Amortization of Deferred Loan Origination Fees, Net | $ 0 | $ 8,900 | $ 5,400 | |
Minimum [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage Loans on Real Estate, Periodic Payment Terms | P2Y | |||
Initiation of cancellation or foreclosure proceedings | 91 days | |||
Maximum [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage Loans on Real Estate, Periodic Payment Terms | P15Y | P10Y | ||
Initiation of cancellation or foreclosure proceedings | 180 days | |||
Uncollectible Receivables [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Provision for Vacation Interests sales | $ (80,380) | (56,970) | ||
Write offs [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Provision for Vacation Interests sales | $ (45,688) | $ (31,921) |
Vacation Interests Notes Rece71
Vacation Interests Notes Receivable and Allowance (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Gross | $ 769,791 | $ 608,777 | |
Allowance for Doubtful Accounts Receivable | 165,331 | 130,639 | |
Time Sharing Transactions, Deferred Profit | (18,282) | (22,349) | |
Deferred Finance Costs, Net | 15,546 | 12,253 | |
Defaulted Mortgage inventory Value | 4,152 | 9,587 | |
Receivable with Imputed Interest, Premium | 229 | 309 | |
Financing Receivable, Net | 622,607 | 498,662 | |
Contract Receivable, Due in Next Twelve Months | 65,710 | ||
Contract Receivable, Due in Year Two | 68,169 | ||
Contract Receivable, Due in Year Three | 71,997 | ||
Contract Receivable, Due in Year Four | 76,605 | ||
Contract Receivable, Due in Year Five | 81,810 | ||
Contract Receivable, Due after Year Five | 405,500 | ||
Allowances for Mortgage and Contract Receivables | 165,331 | 130,639 | $ 105,590 |
Provision for Doubtful Accounts | 80,772 | 57,202 | $ 44,670 |
Financing Receivable, Recorded Investment, Current | 722,799 | 577,445 | |
Originated Mortgages [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Gross | 744,532 | 567,564 | |
Time Sharing Transactions, Deferred Profit | (1,780) | (1,625) | |
Purchased Mortgages [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Gross | 25,259 | 41,213 | |
Greater than 799 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Gross | 77,420 | 57,195 | |
Financing Receivable, Recorded Investment, Current | 75,647 | 56,005 | |
700 to 799 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Gross | 415,700 | 315,031 | |
Financing Receivable, Recorded Investment, Current | 397,264 | 305,636 | |
600 to 699 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Gross | 234,749 | 193,149 | |
Financing Receivable, Recorded Investment, Current | 213,818 | 178,550 | |
Less Than 600 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Gross | 23,305 | 24,121 | |
Financing Receivable, Recorded Investment, Current | 19,393 | 19,992 | |
No FICO Score [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Gross | 18,617 | 19,281 | |
Financing Receivable, Recorded Investment, Current | 16,677 | 17,262 | |
31-60 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 19,158 | 13,726 | |
31-60 [Member] | Greater than 799 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 751 | 487 | |
31-60 [Member] | 700 to 799 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 7,589 | 4,276 | |
31-60 [Member] | 600 to 699 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 8,444 | 6,313 | |
31-60 [Member] | Less Than 600 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 1,700 | 1,833 | |
31-60 [Member] | No FICO Score [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 674 | 817 | |
61-90 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 8,714 | 5,584 | |
61-90 [Member] | Greater than 799 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 193 | 215 | |
61-90 [Member] | 700 to 799 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 3,497 | 1,338 | |
61-90 [Member] | 600 to 699 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 3,653 | 2,687 | |
61-90 [Member] | Less Than 600 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 881 | 895 | |
61-90 [Member] | No FICO Score [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 490 | 449 | |
91-120 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 7,822 | 4,526 | |
91-120 [Member] | Greater than 799 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 338 | 190 | |
91-120 [Member] | 700 to 799 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 2,938 | 1,396 | |
91-120 [Member] | 600 to 699 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 3,893 | 2,034 | |
91-120 [Member] | Less Than 600 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 333 | 545 | |
91-120 [Member] | No FICO Score [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 320 | 361 | |
121-150 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 5,743 | 4,005 | |
121-150 [Member] | Greater than 799 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 204 | 143 | |
121-150 [Member] | 700 to 799 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 1,879 | 1,335 | |
121-150 [Member] | 600 to 699 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 2,841 | 1,891 | |
121-150 [Member] | Less Than 600 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 533 | 406 | |
121-150 [Member] | No FICO Score [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 286 | 230 | |
151-180 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 5,555 | 3,491 | |
151-180 [Member] | Greater than 799 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 287 | 155 | |
151-180 [Member] | 700 to 799 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 2,533 | 1,050 | |
151-180 [Member] | 600 to 699 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 2,100 | 1,674 | |
151-180 [Member] | Less Than 600 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 465 | 450 | |
151-180 [Member] | No FICO Score [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 170 | 162 | |
Securitized interest notes receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Gross | 688,777 | 552,400 | |
Vacation Interest Notes Receivable - Non Securitized [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Gross | $ 81,014 | $ 56,377 |
Transactions with Related Par72
Transactions with Related Parties Related Party Transactions (Details) - USD ($) | Mar. 11, 2015 | Mar. 10, 2015 | Jan. 06, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 03, 2015 | Oct. 16, 2015 | May. 19, 2015 | Mar. 21, 2015 | Jun. 09, 2014 | Jul. 24, 2013 | Apr. 27, 2011 |
Related Party Transaction [Line Items] | |||||||||||||
Due from Related Parties | $ 42,435,000 | $ 51,651,000 | |||||||||||
Due to Related Parties | 54,778,000 | 34,768,000 | |||||||||||
Management Fees Revenue | 105,500,000 | 96,200,000 | $ 81,100,000 | ||||||||||
Goodwill | 104,521,000 | 30,632,000 | |||||||||||
Finite-Lived Intangible Assets, Gross | 323,594,000 | 262,632,000 | $ 53,060,000 | ||||||||||
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | 2,400,000 | 2,400,000 | 2,400,000 | ||||||||||
Debt and Capital Lease Obligations | $ 1,200,000 | $ 1,178,000 | 1,178,000 | ||||||||||
Debt Instrument, Face Amount | $ 150,000,000 | ||||||||||||
Common Stock, Shares, Issued | 71,928,002 | 75,732,088 | |||||||||||
Share Price | $ 32.69 | $ 14 | |||||||||||
Payments for Repurchase of Common Stock | $ 163,545,000 | $ 16,077,000 | 0 | ||||||||||
DROT 2011 Notes [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Debt Instrument, Face Amount | $ 64,500,000 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | 4.00% | |||||||||||
Senior Notes [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 12.00% | ||||||||||||
HM&C [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 5.00% | ||||||||||||
HM&C Acquisition [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Goodwill | $ 10,000 | ||||||||||||
Homeowners' Association [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Due from Related Parties | $ 42,393,000 | 51,207,000 | |||||||||||
Due to Related Parties | 54,686,000 | 34,732,000 | |||||||||||
Other Related Parties [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Due from Related Parties | 42,000 | 444,000 | |||||||||||
Due to Related Parties | 92,000 | 36,000 | |||||||||||
Praesumo Agreement [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | $ 1,800,000 | 1,700,000 | 2,000,000 | ||||||||||
Luumena [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | 200,000 | ||||||||||||
Technogistics [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | 1,600,000 | ||||||||||||
Trivergeance [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | 1,000,000 | ||||||||||||
Mackinac Partners [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | 1,800,000 | 2,200,000 | |||||||||||
Related Party Transaction, Amounts of Transaction | 0 | 0 | |||||||||||
Katten Muchin Rosenman LLP [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | $ 3,400,000 | $ 7,000,000 | |||||||||||
March 2015 offering [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | $ 800,000 | ||||||||||||
Common Stock, Shares, Issued | 6,700,000 | 802,316 | |||||||||||
Treasury Stock, Shares, Acquired | 1,515,582 | 1,515,582 | |||||||||||
Share Price | $ 32.99 | ||||||||||||
Payments for Repurchase of Common Stock | $ 50,000,000 | $ 50,000,000 | |||||||||||
Master Agreement [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Business Combination, Acquisition Related Costs | 300,000 | ||||||||||||
Master Agreement [Member] | Board of Directors Chairman [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Related Party Transaction, Purchases from Related Party | 16,500,000 | ||||||||||||
Finite-Lived Intangible Assets, Gross | 8,983,000 | ||||||||||||
Master Agreement [Member] | General and Administrative Expense [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Business Combination, Acquisition Related Costs | $ 7,800,000 | ||||||||||||
Board of Directors Chairman [Member] | HM&C [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 95.00% | ||||||||||||
Minimum [Member] | Annual maintenance and assessment fees to HOAs and Collection Associations [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Property Management Fee, Percent Fee | 30.00% | ||||||||||||
Maximum [Member] | Annual maintenance and assessment fees to HOAs and Collection Associations [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Property Management Fee, Percent Fee | 100.00% | ||||||||||||
Hurricane [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Insurance Recoveries | $ 5,000,000 |
Other Receivables, Net Other re
Other Receivables, Net Other receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Other receivables, net | $ 55,786 | $ 59,821 |
Interest Receivable | 7,919 | 6,382 |
Insurance Settlements Receivable | 1,262 | 342 |
Other receivables, gross | 4,117 | 2,379 |
Other Receivables, net of allowance | 55,786 | 59,821 |
THE Club dues receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Other receivables, net | 25,028 | 27,160 |
Mini-Vacations and Sampler Programs revenue [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Other receivables, net | 14,723 | 17,516 |
Owner maintenance fees for St Maarten [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Other receivables, net | 2,737 | 3,972 |
Tax Refund Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Value Added Tax Receivable | $ 0 | $ 2,070 |
Other Receivables, Net (Details
Other Receivables, Net (Details 2) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Other Receivables [Abstract] | ||
Allowance for Doubtful Accounts, Premiums and Other Receivables | $ 12,300 | $ 24,064 |
Prepaid Expenses and Other As75
Prepaid Expenses and Other Assets, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Line Items] | |||
Deferred Finance Costs, Current, Net | $ 26,738 | $ 20,826 | |
Deferred Sales Commission | 17,109 | 18,492 | |
Other Inventory, in Transit, Gross | 29,323 | 20,058 | |
Advances on Inventory Purchases | 4,767 | 4,067 | |
Prepaid maintenance fees | 3,843 | 3,317 | |
Prepaid Expense, Current | 2,689 | 4,362 | |
Prepaid Insurance | 2,670 | 2,764 | |
Prepaid Advertising | 2,601 | 2,393 | |
Deposits Assets | 2,635 | 3,186 | |
Other Prepaid Expense, Current | 8,272 | 6,974 | |
Prepaid Expense and Other Assets | 100,647 | 86,439 | |
Amortization of Financing Costs | $ 5,800 | $ 4,600 | $ 5,800 |
Unsold Vacation Interests, Ne76
Unsold Vacation Interests, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Oct. 16, 2015 | Dec. 31, 2013 | |
Completed unsold Vacation Interests, net | $ 298,782 | $ 230,137 | ||
Undeveloped Land | 35,974 | 24,326 | ||
Vacation Interest Construction in Progress | 23,522 | 7,709 | ||
Inventory, Net | 358,278 | 262,172 | $ 298,110 | |
Vacationinterestscostofsales | (28,721) | (63,499) | ||
Deferred Inventory Recovery | 21,112 | 20,691 | ||
Construction in progress | 18,175 | 3,474 | ||
Open market and bulk purchases | 9,020 | 7,973 | ||
Interest Costs Capitalized | 15,609 | 5,601 | ||
Allowance for Doubtful Accounts Receivable, Recoveries | 22,413 | 4,268 | ||
Transfers from assets held for sale | 12,488 | (4,254) | ||
Property, Plant and Equipment, Transfers and Changes | 0 | (5,995) | ||
Impairment of Real Estate | 0 | (181) | ||
Other | 2,339 | (426) | ||
Cabo, Mexico [Member] | ||||
Completed unsold Vacation Interests, net | 5,700 | |||
Inventories [Member] | ||||
Effect on foreign currency translation | (2,810) | (3,590) | ||
Gold Key Acquisition [Member] | ||||
Purchases in connection with Business combinations | $ 26,481 | $ 0 | ||
Business Acquisition, Purchase Price Allocation, Current Assets, Inventory | $ 26,481 |
Property and Equipment, Net (De
Property and Equipment, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Oct. 16, 2015 | |
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Gross | $ 170,244 | $ 132,280 | ||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | (74,883) | (61,409) | ||
Property, Plant and Equipment, Net | 95,361 | 70,871 | ||
Depreciation | 16,200 | 13,200 | $ 11,200 | |
Land and Land Improvements [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Gross | 20,219 | 19,335 | ||
Building and Building Improvements [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Gross | 60,281 | 44,320 | ||
Furniture and office equipment [Domain] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Gross | 21,845 | 19,248 | ||
Software [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Gross | 46,231 | 33,465 | ||
Computer Equipment [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Gross | 19,146 | 15,641 | ||
Construction in Progress [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Gross | $ 2,522 | $ 271 | ||
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 | |||
Gold Key Acquisition [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 15,329 |
Goodwill (Details)
Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill [Line Items] | |||
Goodwill | $ 104,521 | $ 30,632 | |
Goodwill acquired | 73,889 | $ 30,632 | |
Hospitality and Management Services [Member] | |||
Goodwill [Line Items] | |||
Goodwill | 43,952 | ||
Goodwill acquired | 13,787 | ||
Vacation Interest Sales and Financing [Member] | |||
Goodwill [Line Items] | |||
Goodwill | 60,569 | ||
Goodwill acquired | 60,102 | ||
island One Acquisition [Member] | |||
Goodwill [Line Items] | |||
Goodwill acquired | 0 | ||
island One Acquisition [Member] | Hospitality and Management Services [Member] | |||
Goodwill [Line Items] | |||
Goodwill | 30,165 | ||
island One Acquisition [Member] | Vacation Interest Sales and Financing [Member] | |||
Goodwill [Line Items] | |||
Goodwill | $ 467 | ||
Gold Key Acquisition [Member] | |||
Goodwill [Line Items] | |||
Goodwill acquired | 73,879 | ||
Gold Key Acquisition [Member] | Hospitality and Management Services [Member] | |||
Goodwill [Line Items] | |||
Goodwill acquired | 13,777 | ||
Gold Key Acquisition [Member] | Vacation Interest Sales and Financing [Member] | |||
Goodwill [Line Items] | |||
Goodwill acquired | 60,102 | ||
HM&C Acquisition [Member] | |||
Goodwill [Line Items] | |||
Goodwill acquired | 10 | ||
HM&C Acquisition [Member] | Hospitality and Management Services [Member] | |||
Goodwill [Line Items] | |||
Goodwill acquired | 10 | ||
HM&C Acquisition [Member] | Vacation Interest Sales and Financing [Member] | |||
Goodwill [Line Items] | |||
Goodwill acquired | $ 0 |
Other Intangible Assets, Net (D
Other Intangible Assets, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Oct. 16, 2015 | Jan. 06, 2015 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | $ 323,594 | $ 262,632 | $ 53,060 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (101,404) | (83,846) | |||
Finite-Lived Intangible Assets, Net | 222,190 | 178,786 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 53,060 | ||||
Amortization of Intangible Assets | 18,300 | 19,300 | $ 17,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 20,700 | ||||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 19,800 | ||||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 19,400 | ||||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 18,600 | ||||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 15,300 | ||||
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | 128,400 | ||||
Servicing Contracts [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 226,515 | 201,997 | |||
Finite-Lived Intangible Assets, Accumulated Amortization | (58,278) | (45,218) | |||
Finite-Lived Intangible Assets, Net | 168,237 | 156,779 | |||
Customer Relationships [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 55,866 | 55,784 | |||
Finite-Lived Intangible Assets, Accumulated Amortization | (39,298) | (36,789) | |||
Finite-Lived Intangible Assets, Net | 16,568 | 18,995 | |||
Rental Agreements [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 15,800 | ||||
Finite-Lived Intangible Assets, Accumulated Amortization | (823) | ||||
Finite-Lived Intangible Assets, Net | $ 14,977 | ||||
Finite-Lived Intangible Asset, Useful Life | 4 years | ||||
Rights to Develop Inventory [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | $ 11,600 | ||||
Finite-Lived Intangible Assets, Accumulated Amortization | (173) | ||||
Finite-Lived Intangible Assets, Net | $ 11,427 | ||||
Finite-Lived Intangible Asset, Useful Life | 14 years | ||||
Contractual Rights [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | $ 8,717 | ||||
Finite-Lived Intangible Assets, Accumulated Amortization | (436) | ||||
Finite-Lived Intangible Assets, Net | 8,281 | ||||
Distribution Rights [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 5,096 | 4,851 | |||
Finite-Lived Intangible Assets, Accumulated Amortization | (2,396) | (1,839) | |||
Finite-Lived Intangible Assets, Net | $ 2,700 | $ 3,012 | |||
HM&C Acquisition [Member] | Contractual Rights [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 8,717 | ||||
HM&C Acquisition [Member] | Other Intangible Assets [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 266 | ||||
HM&C Acquisition [Member] | Weighted Average [Member] | Contractual Rights [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | 20 years | ||||
HM&C Acquisition [Member] | Weighted Average [Member] | Other Intangible Assets [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | 3 years | ||||
Gold Key Acquisition [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 53,060 | ||||
Gold Key Acquisition [Member] | Customer Relationships [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 360 | ||||
Gold Key Acquisition [Member] | Rental Agreements [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 15,800 | ||||
Gold Key Acquisition [Member] | management contracts [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 25,300 | ||||
Gold Key Acquisition [Member] | Developer rights [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 11,600 | ||||
Gold Key Acquisition [Member] | Weighted Average [Member] | Customer Relationships [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | 6 years | ||||
Gold Key Acquisition [Member] | Weighted Average [Member] | Rental Agreements [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | 4 years | ||||
Gold Key Acquisition [Member] | Weighted Average [Member] | Rights to Develop Inventory [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | 14 years | ||||
Gold Key Acquisition [Member] | Weighted Average [Member] | management contracts [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | 20 years | ||||
Master Agreement [Member] | Board of Directors Chairman [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | $ 8,983 |
Assets Held for Sale (Details)
Assets Held for Sale (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Long Lived Assets Held-for-sale [Line Items] | ||
Assets Held-for-sale, Not Part of Disposal Group, Current | $ 1,672 | $ 14,452 |
points equivalent to unsold units [Member] | Europe [Member] | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Disposal Group, Including Discontinued Operation, Inventory | 1,518 | 997 |
completed units [Member] | MEXICO | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Real Estate Held-for-sale | 154 | 5,855 |
Land [Member] | FLORIDA | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Inventory, Land Held-for-sale | 0 | 4,000 |
Land [Member] | HAWAII | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Inventory, Land Held-for-sale | $ 0 | $ 3,600 |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Thousands | 2 Months Ended | ||
Dec. 31, 2015 | Oct. 16, 2015 | Dec. 31, 2014 | |
Accrued liabilities Line Items] | |||
Liability for Uncertain Tax Positions, Noncurrent | $ 75,706 | $ 23,857 | |
Accrued payroll and related | 37,154 | 32,925 | |
Accrued marketing expenses | 24,885 | 14,953 | |
Accrued commissions | 22,774 | 17,496 | |
Accrued other taxes | 15,525 | 15,526 | |
Business Combination, Separately Recognized Transactions, Liabilities Recognized | 12,371 | 0 | |
Accrued insurance | 7,795 | 5,703 | |
Accrued professional fees | 4,336 | 2,300 | |
Escrow Liability | 3,784 | 3,005 | |
Accrued operating lease liabilities | 3,309 | 3,503 | |
Accrued exchange company fees | 2,131 | 2,169 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 0 | 2,428 | |
Other | 11,892 | 10,815 | |
Total accrued liabilities | 221,662 | $ 134,680 | |
Gold Key Acquisition [Member] | |||
Accrued liabilities Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | $ 15,500 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | $ 18,101 | ||
Loss Contingency Accrual, Payments | $ 3,100 |
Deferred Revenues (Details)
Deferred Revenues (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred Revenue Arrangement [Line Items] | ||
Deferred Revenue | $ 119,720 | $ 124,997 |
Mini-Vacations and Sampler Programs revenue [Member] | ||
Deferred Revenue Arrangement [Line Items] | ||
Deferred Revenue | 66,285 | 64,403 |
Annual Membership Fees [Member] | ||
Deferred Revenue Arrangement [Line Items] | ||
Deferred Revenue | 43,890 | 40,044 |
Accrued Guest Deposits [Domain] | ||
Deferred Revenue Arrangement [Line Items] | ||
Deferred Revenue | 6,631 | 6,482 |
Maintenace and Reserve Fee Revenue [Member] | ||
Deferred Revenue Arrangement [Line Items] | ||
Deferred Revenue | 0 | 7,552 |
Unbilled Revenues [Member] | ||
Deferred Revenue Arrangement [Line Items] | ||
Deferred Revenue | $ 2,914 | $ 6,516 |
Borrowings (Narrative) (Details
Borrowings (Narrative) (Details) $ in Thousands | Dec. 03, 2015USD ($) | Jun. 26, 2015USD ($)loan | Feb. 05, 2015 | Nov. 20, 2014USD ($) | Jun. 09, 2014USD ($) | May. 09, 2014USD ($) | Nov. 20, 2013USD ($) | Sep. 28, 2013 | Jan. 24, 2013USD ($) | Apr. 28, 2011USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2015USD ($) | Dec. 11, 2015USD ($) | Sep. 30, 2015USD ($) | Dec. 31, 2013USD ($) | Sep. 20, 2013USD ($) | Jan. 23, 2013USD ($) | Dec. 31, 2012USD ($) | Apr. 27, 2011USD ($) |
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage Rate Range, Maximum | 8.00% | ||||||||||||||||||
Long-term Debt, Gross | $ 150,000 | ||||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 2.00% | 0.50% | |||||||||||||||||
Long-term Debt, Description | P7Y | ||||||||||||||||||
Line of Credit Facility, Expiration Period | 5 years | ||||||||||||||||||
Debt Instrument, Interest Rate Terms | one | ||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 45000.00% | ||||||||||||||||||
Early Repayment of Senior Debt | $ 5,400 | ||||||||||||||||||
Debt Instrument, Restrictive Covenants | 0.25 | ||||||||||||||||||
Cash and Cash Equivalents, at Carrying Value | $ 255,042 | $ 290,510 | $ 47,076 | $ 27,101 | |||||||||||||||
Restricted Cash and Cash Equivalents | 68,358 | 98,295 | |||||||||||||||||
Bonds and deposits | 882 | 883 | |||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 445,000 | ||||||||||||||||||
Long-term Debt, Gross | 445,332 | ||||||||||||||||||
Debt Instrument, Unamortized Discount | (4,838) | ||||||||||||||||||
Long-term Line of Credit | 440,720 | 569,931 | |||||||||||||||||
Debt Instrument, Unused Borrowing Capacity, Amount | 257,051 | ||||||||||||||||||
Long-term Debt | 954,540 | $ 1,217,439 | |||||||||||||||||
Financing Receivable, Credit Quality, Additional Information | .10 | ||||||||||||||||||
Senior Credit Facility Agreement [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument, Periodic Payment | $ 1,500 | ||||||||||||||||||
Debt Instrument, Covenant, Initial Excess Cash Flow Sweep, Percentage | 50.00% | ||||||||||||||||||
Step down excess cash flow sweep, percent | 25.00% | ||||||||||||||||||
Debt Instrument, Covenant, Maximum Secured Leverage Ratio For No Excess Cash Flow Sweep | 1.5 | ||||||||||||||||||
Soft call provision | 1.01 | ||||||||||||||||||
Revolving Credit Facility [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 25,000 | ||||||||||||||||||
Senior Notes [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Early Repayment of Senior Debt | $ 418,900 | ||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 12.00% | ||||||||||||||||||
Debt Instrument, Unamortized Discount | 0 | 0 | |||||||||||||||||
Conduit 2008 [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Long-term Debt, Gross | $ 200,000 | ||||||||||||||||||
Derivative, Floor Interest Rate | 0.50% | ||||||||||||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.75% | ||||||||||||||||||
Derivative, Basis Spread on Variable Rate | 2.25% | 2.75% | |||||||||||||||||
Number Of Timeshare Loans | loan | 250 | ||||||||||||||||||
Repayments of Debt | $ 71,300 | $ 36,400 | |||||||||||||||||
Advance Rate for Securitization | 88.00% | ||||||||||||||||||
Debt Instrument, Renewal Period | 364 days | ||||||||||||||||||
Loans Pledged as Collateral | 24,200 | ||||||||||||||||||
Secured Debt | 0 | $ 22,538 | |||||||||||||||||
Debt, Weighted Average Interest Rate | 2.80% | ||||||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 177,462 | ||||||||||||||||||
June 2015 Cap [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Restricted Cash and Cash Equivalents | $ 400 | ||||||||||||||||||
Percentage of total | 75.00% | ||||||||||||||||||
DROT 2011 Notes [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Long-term Debt, Gross | $ 64,500 | ||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | 4.00% | |||||||||||||||||
Long-term Debt, Gross | 17,124 | $ 12,073 | |||||||||||||||||
Debt Instrument, Unamortized Discount | (156) | (103) | |||||||||||||||||
Loans Pledged as Collateral | 12,752 | ||||||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 0 | ||||||||||||||||||
DROT 2013 [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Long-term Debt, Gross | $ 93,600 | ||||||||||||||||||
Long-term Debt, Gross | 42,838 | 30,681 | |||||||||||||||||
Loans Pledged as Collateral | $ 34,091 | ||||||||||||||||||
Debt, Weighted Average Interest Rate | 2.00% | 2.00% | |||||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 0 | ||||||||||||||||||
DRTOT 2013 [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Long-term Debt, Gross | $ 31,000 | ||||||||||||||||||
Long-term Debt, Gross | 17,143 | 7,884 | |||||||||||||||||
Loans Pledged as Collateral | $ 13,353 | ||||||||||||||||||
Debt, Weighted Average Interest Rate | 6.00% | 6.00% | |||||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 0 | ||||||||||||||||||
DROT 2013-2 [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Long-term Debt, Gross | $ 225,000 | ||||||||||||||||||
Repayments of Debt | $ 152,800 | ||||||||||||||||||
Restricted Cash and Cash Equivalents | $ 23,300 | ||||||||||||||||||
Long-term Debt, Gross | 84,659 | ||||||||||||||||||
Loans Pledged as Collateral | $ 94,065 | ||||||||||||||||||
Debt, Weighted Average Interest Rate | 2.29% | 2.30% | |||||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 131,952 | $ 0 | |||||||||||||||||
prefunding account [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Bonds and deposits | $ 51,800 | $ 44,700 | |||||||||||||||||
DROT 2014 [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Repayments of Debt | 141,300 | ||||||||||||||||||
Long-term Debt, Gross | 140,256 | ||||||||||||||||||
Loans Pledged as Collateral | $ 151,096 | ||||||||||||||||||
Debt, Weighted Average Interest Rate | 2.60% | ||||||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 247,992 | $ 0 | |||||||||||||||||
DROT 2014-1 [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Long-term Debt, Gross | $ 260,000 | ||||||||||||||||||
Debt, Weighted Average Interest Rate | 2.58% | ||||||||||||||||||
DROT 2014-1 Class A [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.50% | ||||||||||||||||||
Asset-Backed Securities, at Carrying Value | $ 235,600 | ||||||||||||||||||
DROT 2014-1 Class B [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.00% | ||||||||||||||||||
Asset-Backed Securities, at Carrying Value | $ 24,400 | ||||||||||||||||||
Quorum Facility [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Repayments of Debt | $ 7,000 | ||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 100,000 | $ 100,000 | $ 80,000 | ||||||||||||||||
Advance Rate for Securitization | 86.20% | ||||||||||||||||||
Loans Pledged as Collateral | $ 45,270 | ||||||||||||||||||
Secured Debt | $ 52,315 | $ 45,411 | |||||||||||||||||
Debt, Weighted Average Interest Rate | 4.60% | ||||||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 54,589 | ||||||||||||||||||
Notes Payable Insurance Policies [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.70% | ||||||||||||||||||
Loans Pledged as Collateral | $ 0 | ||||||||||||||||||
Debt, Weighted Average Interest Rate | 2.40% | ||||||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 0 | ||||||||||||||||||
Notes Payable, Other Payables [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.38% | ||||||||||||||||||
Loans Pledged as Collateral | $ 0 | ||||||||||||||||||
Debt, Weighted Average Interest Rate | 5.00% | ||||||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 0 | ||||||||||||||||||
Notes payable software licenses [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Fair Value Inputs, Discount Rate | 5.00% | ||||||||||||||||||
Variable Income Interest Rate [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 35000.00% | ||||||||||||||||||
Maximum [Member] | Senior Credit Facility Agreement [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument, Covenant, Secured Leverage Ratio For Decreased Cash Flow Sweep | 2 | ||||||||||||||||||
Minimum [Member] | Senior Credit Facility Agreement [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument, Covenant, Secured Leverage Ratio For Decreased Cash Flow Sweep | 1.50 | ||||||||||||||||||
senior credit facility [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Long term line of credit, amount outstanding, gross | $ 442,775 | $ 574,666 |
Borrowings (Details)
Borrowings (Details) - USD ($) $ in Thousands | Dec. 03, 2015 | Nov. 17, 2015 | Jul. 29, 2015 | Feb. 05, 2015 | May. 09, 2014 | Sep. 28, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 11, 2015 | Sep. 30, 2015 | Jun. 26, 2015 | Nov. 20, 2014 | Jun. 09, 2014 | Nov. 20, 2013 | Sep. 20, 2013 | Jan. 23, 2013 | Dec. 31, 2012 | Apr. 27, 2011 |
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument, Face Amount | $ 150,000 | ||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 445,000 | ||||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 2.00% | 0.50% | |||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 45000.00% | ||||||||||||||||||
Proceeds from issuance of note payable | $ 147,000 | $ 0 | $ 1,113 | $ 5,357 | |||||||||||||||
Bonds and deposits | 883 | 882 | |||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage Rate Range, Minimum | 6.00% | ||||||||||||||||||
Long-term Debt, Gross | 445,332 | ||||||||||||||||||
Debt Instrument, Unused Borrowing Capacity, Amount | 257,051 | ||||||||||||||||||
Securitization Notes and Funding Facilities | 642,758 | 509,208 | |||||||||||||||||
Notes payable | 4,750 | 4,612 | |||||||||||||||||
Contractual Obligation, Due in Second Year | 142,590 | ||||||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 166,786 | ||||||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 81,981 | ||||||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 62,943 | ||||||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 45,440 | ||||||||||||||||||
Contractual Obligation | 1,222,277 | ||||||||||||||||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 722,537 | ||||||||||||||||||
Debt Instrument, Unamortized Discount | (4,838) | ||||||||||||||||||
Long-term Debt | 1,217,439 | ||||||||||||||||||
Senior Notes [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 12.00% | ||||||||||||||||||
Debt Instrument, Unamortized Discount | 0 | 0 | |||||||||||||||||
Senior Credit Facility Agreement [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument, Periodic Payment | $ 1,500 | ||||||||||||||||||
Debt Instrument, Covenant, Initial Excess Cash Flow Sweep, Percentage | 50.00% | ||||||||||||||||||
Step down excess cash flow sweep, percent | 25.00% | ||||||||||||||||||
senior credit facility [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt, Weighted Average Interest Rate | 5.50% | ||||||||||||||||||
Debt Instrument, Unamortized Discount | $ (4,735) | (2,055) | |||||||||||||||||
Conduit 2008 [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument, Face Amount | $ 200,000 | ||||||||||||||||||
Debt Instrument, Renewal Period | 364 days | ||||||||||||||||||
Advance Rate for Securitization | 88.00% | ||||||||||||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.75% | ||||||||||||||||||
Derivative, Basis Spread on Variable Rate | 2.75% | 2.25% | |||||||||||||||||
Secured Debt | 22,538 | 0 | |||||||||||||||||
Loans Pledged as Collateral | $ (24,200) | ||||||||||||||||||
Debt, Weighted Average Interest Rate | 2.80% | ||||||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ (177,462) | ||||||||||||||||||
DROT 2011 Notes [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument, Face Amount | $ 64,500 | ||||||||||||||||||
Long-term Debt, Gross | $ 12,073 | 17,124 | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | 4.00% | |||||||||||||||||
Loans Pledged as Collateral | $ (12,752) | ||||||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 0 | ||||||||||||||||||
Debt Instrument, Unamortized Discount | (103) | (156) | |||||||||||||||||
Quorum Facility [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 100,000 | $ 100,000 | $ 80,000 | ||||||||||||||||
Advance Rate for Securitization | 86.20% | ||||||||||||||||||
Secured Debt | $ 45,411 | 52,315 | |||||||||||||||||
Loans Pledged as Collateral | $ (45,270) | ||||||||||||||||||
Debt, Weighted Average Interest Rate | 4.60% | ||||||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ (54,589) | ||||||||||||||||||
Revolving Credit Facility [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 25,000 | ||||||||||||||||||
Line of Credit Facility, Fair Value of Amount Outstanding | $ 15,000 | ||||||||||||||||||
DROT 2013 [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument, Face Amount | $ 93,600 | ||||||||||||||||||
Long-term Debt, Gross | 30,681 | 42,838 | |||||||||||||||||
Loans Pledged as Collateral | $ (34,091) | ||||||||||||||||||
Debt, Weighted Average Interest Rate | 2.00% | 2.00% | |||||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 0 | ||||||||||||||||||
DRTOT 2013 [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument, Face Amount | $ 31,000 | ||||||||||||||||||
Long-term Debt, Gross | 7,884 | 17,143 | |||||||||||||||||
Loans Pledged as Collateral | $ (13,353) | ||||||||||||||||||
Debt, Weighted Average Interest Rate | 6.00% | 6.00% | |||||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 0 | ||||||||||||||||||
DROT 2013-2 Class B [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Asset-Backed Securities, at Carrying Value | $ 11,800 | ||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.60% | ||||||||||||||||||
DROT 2013-2 [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument, Face Amount | $ 225,000 | ||||||||||||||||||
Long-term Debt, Gross | 84,659 | ||||||||||||||||||
Loans Pledged as Collateral | $ (94,065) | ||||||||||||||||||
Debt, Weighted Average Interest Rate | 2.30% | 2.29% | |||||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 0 | (131,952) | |||||||||||||||||
DROT 2013-2 Class A [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Asset-Backed Securities, at Carrying Value | $ 213,200 | ||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.30% | ||||||||||||||||||
DROT 2014-1 Class A [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Asset-Backed Securities, at Carrying Value | $ 235,600 | ||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.50% | ||||||||||||||||||
DROT 2014-1 Class B [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Asset-Backed Securities, at Carrying Value | $ 24,400 | ||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.00% | ||||||||||||||||||
DROT 2014 [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Long-term Debt, Gross | 140,256 | ||||||||||||||||||
Loans Pledged as Collateral | $ (151,096) | ||||||||||||||||||
Debt, Weighted Average Interest Rate | 2.60% | ||||||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 0 | (247,992) | |||||||||||||||||
DROT 2014-1 [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument, Face Amount | $ 260,000 | ||||||||||||||||||
Debt, Weighted Average Interest Rate | 2.58% | ||||||||||||||||||
DROT 2015-1 [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument, Face Amount | $ 170,000 | ||||||||||||||||||
Advance Rate for Securitization | 96.00% | ||||||||||||||||||
Long-term Debt, Gross | 126,776 | 0 | |||||||||||||||||
Loans Pledged as Collateral | $ (133,860) | ||||||||||||||||||
Debt, Weighted Average Interest Rate | 2.80% | 2.80% | |||||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 0 | ||||||||||||||||||
DROT 2015-2 [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument, Face Amount | $ 180,000 | ||||||||||||||||||
Advance Rate for Securitization | 96.00% | ||||||||||||||||||
Bonds and deposits | $ 33,600 | ||||||||||||||||||
Long-term Debt, Gross | 172,583 | 0 | |||||||||||||||||
Loans Pledged as Collateral | $ (180,090) | ||||||||||||||||||
Debt, Weighted Average Interest Rate | 3.05% | 3.10% | |||||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 0 | ||||||||||||||||||
prefunding account [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Bonds and deposits | $ 51,800 | $ 44,700 | |||||||||||||||||
Notes Payable Insurance Policies [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.70% | ||||||||||||||||||
Loans Pledged as Collateral | $ 0 | ||||||||||||||||||
Debt, Weighted Average Interest Rate | 2.40% | ||||||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 0 | ||||||||||||||||||
Notes payable | $ 4,586 | 4,286 | |||||||||||||||||
Notes Payable, Other Payables [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.38% | ||||||||||||||||||
Loans Pledged as Collateral | $ 0 | ||||||||||||||||||
Debt, Weighted Average Interest Rate | 5.00% | ||||||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 0 | ||||||||||||||||||
Notes payable | 164 | 326 | |||||||||||||||||
senior credit facility [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | (25,000) | ||||||||||||||||||
DROT 2015 Class A [Member] | DROT 2015-1 [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument, Face Amount | $ 158,500 | ||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.70% | ||||||||||||||||||
DROT 2015 Class A [Member] | DROT 2015-2 [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument, Face Amount | $ 159,400 | ||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.00% | ||||||||||||||||||
DROT 2015 Class B [Member] | DROT 2015-1 [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument, Face Amount | $ 11,500 | ||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.20% | ||||||||||||||||||
DROT 2015 Class B [Member] | DROT 2015-2 [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument, Face Amount | $ 20,600 | ||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.50% | ||||||||||||||||||
Corporate Debt Securities [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Long-term Debt, Gross | 574,681 | ||||||||||||||||||
Loans Pledged as Collateral | 0 | ||||||||||||||||||
Securitization Loans and Funding Facilities [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Loans Pledged as Collateral | (688,777) | ||||||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | (232,051) | ||||||||||||||||||
Securitization Notes and Funding Facilities | 642,758 | ||||||||||||||||||
Senior Credit Facility Agreement [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument, Face Amount | $ 470,000 | ||||||||||||||||||
senior credit facility [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Long term line of credit, amount outstanding, gross | $ 574,666 | $ 442,775 | |||||||||||||||||
Maximum [Member] | Senior Credit Facility Agreement [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument, Secured Leverage Ratio For Decreased Cash Flow Sweep | 2 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||||||||||
Current Federal Tax Expense (Benefit) | $ 1,039 | $ 0 | $ 0 | ||||||||
Current State and Local Tax Expense (Benefit) | 2,114 | 393 | 138 | ||||||||
Current Foreign Tax Expense (Benefit) | 926 | 1,560 | 2,375 | ||||||||
Current Income Tax Expense (Benefit) | 4,079 | 1,953 | 2,513 | ||||||||
Deferred Federal Income Tax Expense (Benefit) | 40,424 | 18,227 | 8,964 | ||||||||
Deferred State and Local Income Tax Expense (Benefit) | 3,950 | 4,365 | 2,859 | ||||||||
Deferred Foreign Income Tax Expense (Benefit) | (8,838) | 2,839 | (5,518) | ||||||||
Deferred income tax expense (benefit) before increase (decrease) in valuation allowance | 35,536 | 25,431 | 6,305 | ||||||||
Valuation Allowance, Deferred Tax Asset, Change in Amount | 8,013 | (1,007) | (3,041) | ||||||||
Deferred Income Tax Expense (Benefit) | 43,549 | 24,424 | 3,264 | ||||||||
Unrecognized Tax Benefits, Period Increase (Decrease) | 54,542 | 23,857 | 0 | ||||||||
Income Tax Expense (Benefit) | 102,170 | 50,234 | 5,777 | ||||||||
Income (Loss) from Continuing Operations before Income Taxes, Domestic | 271,441 | 121,039 | 4,599 | ||||||||
Income (Loss) from Continuing Operations before Income Taxes, Foreign | (19,793) | (11,348) | (1,347) | ||||||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | $ 79,512 | $ 62,307 | $ 64,329 | $ 45,500 | $ 39,248 | $ 46,460 | $ (2,074) | $ 26,057 | 251,648 | 109,691 | $ 3,252 |
Valuation Allowance [Line Items] | |||||||||||
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Allowance for Doubtful Accounts | 66,743 | 54,247 | 66,743 | 54,247 | |||||||
Time Sharing Transactions, Deferred Profit | 18,282 | 22,349 | 18,282 | 22,349 | |||||||
Deferred Tax Assets, Operating Loss Carryforwards | 80,832 | 124,674 | 80,832 | 124,674 | |||||||
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities | 31,655 | 22,740 | 31,655 | 22,740 | |||||||
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax | 77,918 | 25,733 | 77,918 | 25,733 | |||||||
Deferred Tax Assets, Other | 35,836 | 18,177 | 35,836 | 18,177 | |||||||
Deferred Tax Assets, Gross | 311,266 | 267,920 | 311,266 | 267,920 | |||||||
Deferred Tax Assets, Valuation Allowance | (65,893) | (60,044) | (65,893) | (60,044) | |||||||
Deferred Tax Assets, Net of Valuation Allowance | 245,373 | 207,876 | 245,373 | 207,876 | |||||||
Deferred Tax Liabilities, Tax Deferred Income | 243,434 | 193,106 | 243,434 | 193,106 | |||||||
Deferred Tax Liabilities, Intangible Assets | 32,372 | 14,072 | 32,372 | 14,072 | |||||||
Deferred Tax Assets, Inventory | 53,764 | 47,525 | 53,764 | 47,525 | |||||||
Deferred Tax Liabilities, Other | 8,055 | 0 | 8,055 | 0 | |||||||
Deferred Tax Liabilities, Gross | 337,625 | 254,703 | 337,625 | 254,703 | |||||||
Deferred Tax Liabilities, Net | 92,252 | $ 46,827 | 92,252 | $ 46,827 | |||||||
Federal [Member] | |||||||||||
Valuation Allowance [Line Items] | |||||||||||
Deferred Tax Assets, Operating Loss Carryforwards | 137,800 | 137,800 | |||||||||
State and Local Jurisdiction [Member] | |||||||||||
Valuation Allowance [Line Items] | |||||||||||
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | 159,100 | 159,100 | |||||||||
foreign [Member] | |||||||||||
Valuation Allowance [Line Items] | |||||||||||
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | $ 113,000 | $ 113,000 |
Income Taxes Income Taxes (Deta
Income Taxes Income Taxes (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | ||
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | $ 88,077,000 | $ 38,393,000 | $ 1,138,000 |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount | 5,343,000 | 3,083,000 | 1,315,000 |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Compensation Cost, Amount | 566,000 | 219,000 | 435,000 |
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount | 0 | 5,381,000 | (390,000) |
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount | 2,807,000 | 1,649,000 | 2,046,000 |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Meals and Entertainment, Amount | 978,000 | 3,746,000 | (3,441,000) |
Income Tax Expense (Benefit) | 102,170,000 | 50,234,000 | 5,777,000 |
Unrecognized Tax Benefits | 77,735,000 | 23,857,000 | 0 |
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | 4,125,000 | ||
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions | 49,753,000 | 23,857,000 | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 0 | ||
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 700,000 | ||
foreign currency and rate change adjustment [Member] [Member] | |||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |||
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount | 0 | 0 | 7,877,000 |
income pass thru entities not taxed at corporate entity [Member] | |||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |||
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount | (714,000) | (111,000) | 1,142,000 |
tax impact of non U.S. disregarded entities [Member] | |||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |||
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount | 0 | (1,119,000) | (286,000) |
tax effect of gain on bargain purchase [Member] | |||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |||
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount | 0 | 0 | (1,018,000) |
Increase (decrease) in valuation allowance [Member] | |||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | 8,013,000 | (1,007,000) | (3,041,000) |
Other [Member] | |||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |||
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount | $ (2,900,000) | $ 0 | $ 0 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Thousands | Jul. 29, 2015resort_unit | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Loss Contingencies [Line Items] | ||||
Operating Leases, Rent Expense, Net | $ 25,200 | $ 21,800 | $ 21,100 | |
Operating Leases, Income Statement, Sublease Revenue | (800) | $ (800) | $ (800) | |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 15,461 | |||
Operating Leases, Future Minimum Payments, Due in Two Years | 11,184 | |||
Operating Leases, Future Minimum Payments, Due in Three Years | 8,092 | |||
Operating Leases, Future Minimum Payments, Due in Four Years | 3,624 | |||
Operating Leases, Future Minimum Payments, Due in Five Years | 2,802 | |||
Operating Leases, Future Minimum Payments, Due Thereafter | 4,153 | |||
Operating Leases, Future Minimum Payments Due | 45,316 | |||
Purchase Commitment, Remaining Minimum Amount Committed | 3,900 | |||
Hurricane [Member] | ||||
Loss Contingencies [Line Items] | ||||
Insurance Recoveries | 5,000 | |||
Kona, Hawaii Property [Member] | ||||
Loss Contingencies [Line Items] | ||||
Number Of Resort Units | resort_unit | 144 | |||
Installments [Member] | Hurricane [Member] | ||||
Loss Contingencies [Line Items] | ||||
Insurance Recoveries | $ 6,000 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 15, 2015 | Dec. 31, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Financing Receivable, Net | $ 622,607 | $ 498,662 | |
Notes payable | 4,750 | 4,612 | |
Total liabilities | 1,722,064 | 1,310,427 | |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Financing Receivable, Net | 622,607 | 498,662 | |
Long-term Line of Credit, Noncurrent | 569,931 | 440,720 | |
Securitization notes and Funding Facilities, net | 642,758 | 509,208 | |
Notes payable | 4,750 | 4,612 | |
Total liabilities | 1,217,439 | 954,540 | |
Estimate of Fair Value, Fair Value Disclosure [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Financing Receivable, Net | 622,607 | 498,662 | |
Long-term Line of Credit, Noncurrent | 569,931 | ||
Securitization notes and Funding Facilities, net | 638,420 | 512,706 | |
Notes payable | 4,750 | 4,612 | |
Total liabilities | 1,213,101 | 958,038 | |
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Financing Receivable, Net | 0 | 0 | |
Long-term Line of Credit, Noncurrent | 569,931 | 440,720 | |
Securitization notes and Funding Facilities, net | 638,420 | 512,706 | |
Notes payable | 4,750 | 4,612 | |
Total liabilities | 1,213,101 | 958,038 | |
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Financing Receivable, Net | 622,607 | 498,662 | |
Long-term Line of Credit, Noncurrent | 0 | 0 | |
Securitization notes and Funding Facilities, net | 0 | 0 | |
Notes payable | 0 | 0 | |
Total liabilities | 0 | 0 | |
December 2015 swap [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative Liability, Fair Value, Gross Liability | $ 100 | ||
December 2015 swap [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative Liability, Fair Value, Gross Liability | 146 | 0 | |
Total liabilities | 146 | 0 | |
December 2015 swap [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative Liability, Fair Value, Gross Liability | 146 | 0 | |
Total liabilities | $ 146 | $ 0 |
Stock Repurchase Program (Detai
Stock Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Thousands | 2 Months Ended | 12 Months Ended | 13 Months Ended | ||||||
Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Jul. 28, 2015 | May. 19, 2015 | Oct. 28, 2014 | Jul. 24, 2013 | |
Class of Stock [Line Items] | |||||||||
Stock Repurchase Program, Authorized Amount | $ 100,000 | $ 100,000 | |||||||
Treasury Stock Acquired, Average Cost Per Share | $ 25.01 | $ 28.62 | $ 28.26 | ||||||
Payments for Repurchase of Common Stock | $ 163,545 | $ 16,077 | $ 0 | ||||||
Share Price | $ 32.69 | $ 14 | |||||||
Treasury Stock, Shares, Retired | 4,134,071 | ||||||||
Revolving Credit Facility [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 3,500 | $ 3,500 | |||||||
Price of repurchased shares held in treasury [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Share Price | $ 29 | $ 29 | |||||||
Stock Repurchase Program [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Payments for Repurchase of Common Stock | $ 16,077 | $ 163,545 | $ 179,622 | ||||||
Treasury Stock, Value, Acquired, Cost Method | 642,900 | 5,713,554 | 6,356,454 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands | May. 19, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Jan. 02, 2015 | Jul. 24, 2013 | Jul. 19, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Common Stock, Shares Authorized | 250,000,000 | 250,000,000 | 250,000,000 | |||||
Percentage shares vested | 25.00% | |||||||
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, Fair Value Assumptions, Expected Dividend Rate | 0.00% | |||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 32.69 | |||||||
Share Price | $ 32.69 | $ 14 | ||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 157,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (25,000) | |||||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 16,000 | |||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | $ 28.36 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 21.19 | |||||||
Shares, Outstanding | 160,000 | 44,000 | 44,000 | |||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ 30.58 | $ 16.92 | $ 16.92 | |||||
Allocated Share-based Compensation Expense | $ 14,948 | $ 16,202 | $ 40,533 | |||||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 5,300 | $ 5,800 | $ 14,700 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 26,457 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 1 year 7 months 6 days | |||||||
Company employees [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1,117,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 6,219,000 | 7,868,000 | 7,868,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | (188,000) | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | (31,000) | |||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 32.05 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 72,840 | $ 101,336 | $ 101,336 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 67,756 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 14.62 | $ 15.02 | $ 15.02 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 7 years 7 months 6 days | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 17.20 | |||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 1,117,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 8,766,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (1,075,000) | |||||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | (31,000) | |||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | $ 23.79 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 17.32 | |||||||
Shares, Outstanding | 2,547,000 | 2,536,000 | ||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ 23.51 | $ 16.37 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 7 years 10 months 24 days | 8 years 9 months 18 days | ||||||
Parent Company [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 10.2 | $ 8.1 | $ 7.5 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 45.70% | 52.80% | 52.90% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 5 years 10 months 28 days | 6 years | 6 years 6 months 4 days | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.70% | 1.70% | 1.80% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | 0.00% | 0.00% | |||||
HM&C Employees [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 14.9 | $ 8.9 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 52.80% | 49.80% | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 6 years | 9 years 1 month 17 days | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.70% | 2.40% | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | 0.00% | ||||||
2015 Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Common Stock, Shares Authorized | 8,500,000 | |||||||
Common Stock, Capital Shares Reserved for Future Issuance | 7,174,940 | |||||||
Company employees [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Allocated Share-based Compensation Expense | $ 13,623 | $ 7,681 | $ 7,218 | |||||
Board of Directors Chairman [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Allocated Share-based Compensation Expense | 1,325 | 902 | 375 | |||||
HM&C Employees [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Allocated Share-based Compensation Expense | 0 | 7,619 | 32,940 | |||||
Hospitality and Management Services [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Allocated Share-based Compensation Expense | 1,307 | 1,613 | 860 | |||||
Vacation Interest Sales and Financing [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Allocated Share-based Compensation Expense | 3,045 | 2,888 | 2,629 | |||||
Corporate and Other [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Allocated Share-based Compensation Expense | 10,596 | 11,701 | 37,044 | |||||
Former holders of DRP BCU [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares, Issued | 3,760,215 | |||||||
Certain Eligible Persons [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1,067,000 | 4,408,100 | ||||||
Management and member services [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Allocated Share-based Compensation Expense | 1,307 | 1,613 | 860 | |||||
Management and member services [Member] | Hospitality and Management Services [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Allocated Share-based Compensation Expense | 1,307 | 1,613 | 860 | |||||
Management and member services [Member] | Vacation Interest Sales and Financing [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Allocated Share-based Compensation Expense | 0 | 0 | 0 | |||||
Management and member services [Member] | Corporate and Other [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Allocated Share-based Compensation Expense | 0 | 0 | 0 | |||||
7310 Services, Advertising [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Allocated Share-based Compensation Expense | 2,440 | 2,198 | 2,105 | |||||
7310 Services, Advertising [Member] | Hospitality and Management Services [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Allocated Share-based Compensation Expense | 0 | 0 | 0 | |||||
7310 Services, Advertising [Member] | Vacation Interest Sales and Financing [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Allocated Share-based Compensation Expense | 2,440 | 2,198 | 2,105 | |||||
7310 Services, Advertising [Member] | Corporate and Other [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Allocated Share-based Compensation Expense | 0 | 0 | 0 | |||||
Vacation interest carrying costs, net [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Allocated Share-based Compensation Expense | 232 | 267 | 208 | |||||
Vacation interest carrying costs, net [Member] | Hospitality and Management Services [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Allocated Share-based Compensation Expense | 0 | 0 | 0 | |||||
Vacation interest carrying costs, net [Member] | Vacation Interest Sales and Financing [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Allocated Share-based Compensation Expense | 232 | 267 | 208 | |||||
Vacation interest carrying costs, net [Member] | Corporate and Other [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Allocated Share-based Compensation Expense | 0 | 0 | 0 | |||||
Consumer Portfolio Segment [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Allocated Share-based Compensation Expense | 373 | 423 | 316 | |||||
Consumer Portfolio Segment [Member] | Hospitality and Management Services [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Allocated Share-based Compensation Expense | 0 | 0 | 0 | |||||
Consumer Portfolio Segment [Member] | Vacation Interest Sales and Financing [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Allocated Share-based Compensation Expense | 373 | 423 | 316 | |||||
Consumer Portfolio Segment [Member] | Corporate and Other [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Allocated Share-based Compensation Expense | 0 | 0 | 0 | |||||
General and Administrative Expense [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Allocated Share-based Compensation Expense | 10,596 | 11,701 | 37,044 | |||||
General and Administrative Expense [Member] | Hospitality and Management Services [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Allocated Share-based Compensation Expense | 0 | 0 | 0 | |||||
General and Administrative Expense [Member] | Vacation Interest Sales and Financing [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Allocated Share-based Compensation Expense | 0 | 0 | 0 | |||||
General and Administrative Expense [Member] | Corporate and Other [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Allocated Share-based Compensation Expense | $ 10,596 | $ 11,701 | $ 37,044 | |||||
granted [Member] | Company employees [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 32.05 | |||||||
exercised [Member] | Company employees [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | 15.59 | |||||||
forfeited [Member] | Company employees [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 23.79 | |||||||
Employee Stock Option [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 | $ 20,093 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 1 year 4 months 24 days | |||||||
Restricted Stock Units (RSUs) [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 86,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 0 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 32.69 | $ 0 | $ 0 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $ 0 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 78,000 | 0 | 0 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (8,000) | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 32.69 | |||||||
Deferred Compensation, Share-based Payments [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 12,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 0 | |||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 32.72 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | 32.72 | $ 0 | $ 0 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $ 0 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 0 | 0 | 0 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (12,000) | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 32.72 | |||||||
Director [Member] | Restricted Stock [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 | $ 3,968 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 2 years 3 months 18 days | |||||||
Director [Member] | Restricted Stock Units (RSUs) [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 2,247 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 2 years 4 months 24 days | |||||||
Director [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 Cost Not yet Recognized | $ 149 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 4 months 24 days |
Accumulated Other comprehensi91
Accumulated Other comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | $ (17,716) | $ (14,171) | ||
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | (1,893) | (2,064) | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (20,151) | (19,561) | (16,177) | $ (16,733) |
Currency translation adjustments, net of tax of $0 | (2,466) | (3,545) | 2,543 | |
Post-retirement benefit plan, net of tax of $0 | 1,893 | 171 | (2,064) | |
Other Comprehensive Income (Loss), Net of Tax | (17) | (10) | 77 | |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (590) | (3,384) | 556 | |
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | (20,182) | (16,714) | ||
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | 0 | 0 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 31 | 48 | 58 | $ (19) |
Currency translation adjustments, net of tax of $0 | (2,466) | (3,545) | 2,543 | |
Post-retirement benefit plan, net of tax of $0 | 1,893 | 171 | (2,064) | |
Other Comprehensive Income (Loss), Net of Tax | $ (17) | $ (10) | $ 77 |
Net income (loss) per share (De
Net income (loss) per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net income (loss) per share [Abstract] | |||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 500 | 200 | |||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||
Net Income (Loss) Attributable to Parent | $ 49,736 | $ 36,897 | $ 36,870 | $ 25,975 | $ 21,874 | $ 26,304 | $ (2,731) | $ 14,010 | $ 149,478 | $ 59,457 | $ (2,525) |
Weighted Average Number of Shares Outstanding, Basic | 72,881 | 75,466 | 63,704 | ||||||||
Earnings Per Share, Basic | $ 0.70 | $ 0.51 | $ 0.50 | $ 0.35 | $ 0.29 | $ 0.35 | $ (0.04) | $ 0.19 | $ 2.05 | $ 0.79 | $ (0.04) |
Weighted Average Number of Shares Outstanding, Diluted | 75,479 | 76,947 | 63,704 | ||||||||
Earnings Per Share, Diluted | $ 0.68 | $ 0.49 | $ 0.49 | $ 0.34 | $ 0.28 | $ 0.34 | $ (0.04) | $ 0.18 | $ 1.98 | $ 0.77 | $ (0.04) |
Restricted Stock [Member] | |||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||
Dilutive securities | 24 | 14 | 0 | ||||||||
Stock Option [Member] | |||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||
Dilutive securities | 2,574 | 1,467 | 0 |
Business Combinations (Details)
Business Combinations (Details) - USD ($) $ in Thousands | Oct. 16, 2015 | Dec. 31, 2015 | Dec. 31, 2014 |
Business Acquisition [Line Items] | |||
Escrow | $ 13,423 | $ 9,830 | |
Due from Related Parties | 42,435 | 51,651 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 53,060 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 0 | $ 2,428 | |
Gold Key Acquisition [Member] | |||
Business Acquisition [Line Items] | |||
Payments to Acquire Businesses, Gross | 167,500 | $ 167,500 | |
Escrow | 6,200 | ||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 73,879 | ||
Business Combination, Contingent Consideration, Liability | 15,500 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 66 | ||
Restricted Cash and Investments, Current | 47 | ||
Due from Related Parties | 766 | ||
Business Combination, Acquired Receivables, Gross Contractual Amount | 69 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | 15,904 | ||
Business Acquisition, Purchase Price Allocation, Current Assets, Inventory | 26,481 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 15,329 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 53,060 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 111,722 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 18,101 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 93,621 | ||
Gold Key Acquisition [Member] | Number of resorts acquired [Domain] | |||
Business Acquisition [Line Items] | |||
Other Parent Company Disclosures | six | ||
management contracts [Member] | Gold Key Acquisition [Member] | |||
Business Acquisition [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 25,300 | ||
Rental Agreements [Member] | |||
Business Acquisition [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 4 years | ||
Rental Agreements [Member] | Gold Key Acquisition [Member] | |||
Business Acquisition [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 15,800 | ||
Rights to Develop Inventory [Member] | |||
Business Acquisition [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 14 years | ||
Developer rights [Member] | Gold Key Acquisition [Member] | |||
Business Acquisition [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 11,600 | ||
Customer Relationships [Member] | Gold Key Acquisition [Member] | |||
Business Acquisition [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 360 | ||
Weighted Average [Member] | management contracts [Member] | Gold Key Acquisition [Member] | |||
Business Acquisition [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 20 years | ||
Weighted Average [Member] | Rental Agreements [Member] | Gold Key Acquisition [Member] | |||
Business Acquisition [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 4 years | ||
Weighted Average [Member] | Rights to Develop Inventory [Member] | Gold Key Acquisition [Member] | |||
Business Acquisition [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 14 years | ||
Weighted Average [Member] | Customer Relationships [Member] | Gold Key Acquisition [Member] | |||
Business Acquisition [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 6 years |
Employee Benefit Plan (Details)
Employee Benefit Plan (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent | 50.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 6.00% | ||
Defined Contribution Plan, Maximum Annual Contribution Per Employee, Percent | 60.00% | ||
Defined Contribution Plan, Cost Recognized | $ 3,300 | $ 2,200 | $ 1,800 |
Stop-loss insurance coverage | 300 | ||
Employee-related Liabilities, Current | $ 3,538 | 2,682 | 2,572 |
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims | 18,145 | 16,141 | |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense, Amount | (2,094) | (2,118) | |
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid | (15,195) | (13,913) | |
General Insurance Expense | $ 24,500 | $ 20,600 | $ 19,600 |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 273,629 | $ 251,389 | $ 231,502 | $ 197,520 | $ 232,362 | $ 221,965 | $ 209,014 | $ 181,225 | $ 954,040 | $ 844,566 | $ 729,788 |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 79,512 | $ 62,307 | $ 64,329 | $ 45,500 | 39,248 | $ 46,460 | $ (2,074) | $ 26,057 | 251,648 | 109,691 | 3,252 |
Interest Income, Operating | 80,319 | 68,398 | 57,044 | ||||||||
Interest Expense | $ 48,476 | 56,943 | 88,626 | ||||||||
Entity-Wide Disclosure on Geographic Areas, Basis for Attributing Revenue to Countries | 0.1 | ||||||||||
Financing Receivable, Net | 622,607 | 498,662 | $ 622,607 | 498,662 | |||||||
Inventory, Net | 358,278 | 262,172 | 358,278 | 262,172 | 298,110 | ||||||
Property, Plant and Equipment, Net | 95,361 | 70,871 | 95,361 | 70,871 | |||||||
Goodwill | 104,521 | 30,632 | 104,521 | 30,632 | |||||||
Intangible Assets, Net (Excluding Goodwill) | 222,190 | 178,786 | 222,190 | 178,786 | |||||||
Assets, Noncurrent | 1,402,957 | 1,041,123 | 1,402,957 | 1,041,123 | |||||||
Hospitality and Management Services [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 187,747 | 199,298 | 175,423 | ||||||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 137,509 | 129,402 | 102,072 | ||||||||
Interest Income, Operating | 0 | 0 | 0 | ||||||||
Interest Expense | 0 | 0 | 0 | ||||||||
Goodwill | 43,952 | 43,952 | |||||||||
Vacation Interest Sales and Financing [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 643,719 | 764,963 | 552,922 | ||||||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 291,416 | 202,915 | 159,392 | ||||||||
Interest Income, Operating | 78,989 | 66,849 | 55,601 | ||||||||
Interest Expense | 16,895 | 15,072 | 16,411 | ||||||||
Goodwill | 60,569 | 60,569 | |||||||||
Corporate and Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 1,549 | 1,330 | 1,443 | ||||||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | (177,277) | (222,626) | (258,212) | ||||||||
Interest Income, Operating | 1,330 | 1,549 | 1,443 | ||||||||
Interest Expense | 31,581 | 41,871 | 72,215 | ||||||||
UNITED STATES | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 886,721 | 731,171 | 610,116 | ||||||||
Financing Receivable, Net | 621,244 | 496,691 | 621,244 | 496,691 | |||||||
Inventory, Net | 277,563 | 198,869 | 277,563 | 198,869 | |||||||
Property, Plant and Equipment, Net | 84,408 | 59,038 | 84,408 | 59,038 | |||||||
Goodwill | 104,521 | 30,632 | 104,521 | 30,632 | |||||||
Intangible Assets, Net (Excluding Goodwill) | 218,990 | 174,021 | 218,990 | 174,021 | |||||||
Assets, Noncurrent | 1,306,726 | 959,251 | 1,306,726 | 959,251 | |||||||
foreign [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 67,319 | 113,395 | $ 119,672 | ||||||||
Financing Receivable, Net | 1,363 | 1,971 | 1,363 | 1,971 | |||||||
Inventory, Net | 80,715 | 63,303 | 80,715 | 63,303 | |||||||
Property, Plant and Equipment, Net | 10,953 | 11,833 | 10,953 | 11,833 | |||||||
Goodwill | 0 | 0 | 0 | 0 | |||||||
Intangible Assets, Net (Excluding Goodwill) | 3,200 | 4,765 | 3,200 | 4,765 | |||||||
Assets, Noncurrent | $ 96,231 | $ 81,872 | $ 96,231 | $ 81,872 |
Segment Reporting Segment Repor
Segment Reporting Segment Reporting - Additional (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||
Provision for Doubtful Accounts | $ 80,772 | $ 57,202 | $ 44,670 |
Hospitality and Management Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Provision for Doubtful Accounts | 0 | 0 | 0 |
Vacation Interest Sales and Financing [Member] | |||
Segment Reporting Information [Line Items] | |||
Provision for Doubtful Accounts | 80,772 | 57,202 | 44,670 |
Corporate and Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Provision for Doubtful Accounts | $ 0 | $ 0 | $ 0 |
Loss on extinguishment of deb97
Loss on extinguishment of debt (Details) - USD ($) $ in Thousands | Jun. 09, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Extinguishment of Debt [Line Items] | ||||
Loss on extinguishment of debt | $ 0 | $ 46,807 | $ 15,604 | |
Debt Instrument, Unamortized Discount | 4,838 | |||
Senior Notes [Member] | ||||
Extinguishment of Debt [Line Items] | ||||
Loss on extinguishment of debt | $ (30,200) | |||
Unamortized Debt Issuance Expense | 9,400 | |||
Debt Instrument, Unamortized Discount | $ 6,100 | |||
Senior Notes [Member] | ||||
Extinguishment of Debt [Line Items] | ||||
Loss on extinguishment of debt | 0 | 45,767 | 8,443 | |
Debt Instrument, Unamortized Discount | 0 | 0 | ||
2013 Revolving Credit Facility [Member] | ||||
Extinguishment of Debt [Line Items] | ||||
Loss on extinguishment of debt | 0 | 932 | 0 | |
ILXA Inventory Loan [Member] | ||||
Extinguishment of Debt [Line Items] | ||||
Loss on extinguishment of debt | 0 | 108 | 0 | |
DROT 2009 Notes [Member] | ||||
Extinguishment of Debt [Line Items] | ||||
Loss on extinguishment of debt | 0 | 0 | 4,940 | |
Tempus Acquisition Loan [Member] | ||||
Extinguishment of Debt [Line Items] | ||||
Loss on extinguishment of debt | 0 | 0 | 2,201 | |
Island one warehouse [Member] | ||||
Extinguishment of Debt [Line Items] | ||||
Loss on extinguishment of debt | $ 0 | $ 0 | $ 20 |
Impairments and Other Write-o98
Impairments and Other Write-offs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Impairment of Real Estate | $ 0 | $ 181 | |
Inventory Write-down | 0 | 181 | $ 0 |
Impairment of Long-Lived Assets Held-for-use | 0 | 0 | 80 |
Capitalized Computer Software, Impairments | 12 | 19 | |
Other Asset Impairment Charges | 0 | 30 | 0 |
Asset Impairment Charges | 12 | 240 | 1,587 |
Europe [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Capitalized Computer Software, Impairments | 0 | ||
541870 Advertising Material Distribution Services [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Inventory Write-down | 0 | 10 | 307 |
PMR Acquisition [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Impairment of Real Estate | $ 0 | $ 0 | $ 1,200 |
Quarterly results (Details)
Quarterly results (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues | $ 273,629 | $ 251,389 | $ 231,502 | $ 197,520 | $ 232,362 | $ 221,965 | $ 209,014 | $ 181,225 | $ 954,040 | $ 844,566 | $ 729,788 |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 79,512 | 62,307 | 64,329 | 45,500 | 39,248 | 46,460 | (2,074) | 26,057 | 251,648 | 109,691 | 3,252 |
Net income (loss) | $ 49,736 | $ 36,897 | $ 36,870 | $ 25,975 | $ 21,874 | $ 26,304 | $ (2,731) | $ 14,010 | $ 149,478 | $ 59,457 | $ (2,525) |
Earnings Per Share, Basic | $ 0.70 | $ 0.51 | $ 0.50 | $ 0.35 | $ 0.29 | $ 0.35 | $ (0.04) | $ 0.19 | $ 2.05 | $ 0.79 | $ (0.04) |
Earnings Per Share, Diluted | $ 0.68 | $ 0.49 | $ 0.49 | $ 0.34 | $ 0.28 | $ 0.34 | $ (0.04) | $ 0.18 | $ 1.98 | $ 0.77 | $ (0.04) |
Subsequent events (Details)
Subsequent events (Details) $ in Millions | Jan. 29, 2016USD ($) |
Intrawest Acquisition [Member] | Subsequent Event [Member] | |
Subsequent Event [Line Items] | |
Payments to Acquire Businesses, Gross | $ 85 |