Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Mar. 07, 2017 | Jun. 30, 2016 | |
Entity Registrant Name | BBX Capital Corp | ||
Entity Central Index Key | 315,858 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 140 | ||
Class A Common Stock [Member] | |||
Entity Common Stock, Shares Outstanding | 85,765,452 | ||
Class B Common Stock [Member] | |||
Entity Common Stock, Shares Outstanding | 16,759,009 |
Consolidated Statements Of Fina
Consolidated Statements Of Financial Condition - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
ASSETS | ||
Cash and cash equivalents | $ 299,861 | $ 198,905 |
Restricted cash ($21,894 in 2016 and $25,358 in 2015 in variable interest entities ("VIEs")) | 46,456 | 59,365 |
Loans held-for-sale | 21,354 | |
Loans receivable, net | 25,521 | 34,035 |
Notes receivable, net ($287,111 and $280,841 in VIEs in 2016 and 2015, respectively) | 430,480 | 415,598 |
Inventory | 253,788 | 220,211 |
Real estate held-for-sale, net | 33,345 | 46,338 |
Real estate held-for-investment | 12,029 | 31,290 |
Investments in unconsolidated real estate joint ventures | 43,374 | 42,962 |
Property and equipment, net | 95,998 | 90,020 |
Goodwill | 6,731 | 7,601 |
Intangible assets, net | 68,455 | 70,188 |
Other assets | 120,030 | 103,093 |
Total assets | 1,436,068 | 1,340,960 |
Liabilities: | ||
Accounts payable | 28,855 | 25,976 |
Deferred income | 37,015 | 28,847 |
Escrow deposits | 20,152 | 24,525 |
Other liabilities | 95,611 | 81,623 |
Receivable-backed notes payable - recourse | 87,631 | 89,888 |
Receivable-backed notes payable - non-recourse, net of unamortized debt issuance cost of $5,190 and $4,905 in 2016 and 2015, respectively (in VIEs) | 327,358 | 314,024 |
Notes and mortgage notes payable and other borrowings, net of unamortized debt issuance costs of $2,892 and $2,011 in 2016 and 2015, respectively | 133,790 | 120,994 |
Junior subordinated debentures, net of unamortized debt issuance costs of $1,730 and $1,822 in 2016 and 2015, respectively | 152,367 | 150,485 |
Deferred income taxes | 44,318 | 8,594 |
Shares subject to mandatory redemption | 13,517 | 13,098 |
Total liabilities | 940,614 | 858,054 |
Commitments and contingencies (See Note 14) | ||
Preferred stock of $.01 par value; authorized 10,000,000 shares: | ||
Redeemable 5% Cumulative Preferred Stock of $.01 par value; authorized 15,000 shares; issued and outstanding 15,000 shares with a stated value of $1,000 per share | ||
Equity: | ||
Additional paid-in capital | 193,347 | 143,231 |
Accumulated earnings | 259,110 | 232,134 |
Accumulated other comprehensive income | 1,167 | 616 |
Total shareholder equity | 454,604 | 376,826 |
Noncontrolling interests | 40,850 | 106,080 |
Total equity | 495,454 | 482,906 |
Total liabilities and equity | 1,436,068 | 1,340,960 |
Class A Common Stock [Member] | ||
Equity: | ||
Common stock | 848 | 732 |
Class B Common Stock [Member] | ||
Equity: | ||
Common stock | $ 132 | $ 113 |
Consolidated Statements Of Fin3
Consolidated Statements Of Financial Condition (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Restricted cash | $ 46,456 | $ 59,365 |
Notes receivable, net | 430,480 | $ 415,598 |
Debt issuance cost | $ 9,812 | |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Redeemable Cumulative Preferred Stock, dividend rate | 5.00% | 5.00% |
Redeemable Cumulative Preferred Stock, par value | $ 0.01 | $ 0.01 |
Redeemable Cumulative Preferred Stock, shares authorized | 15,000 | 15,000 |
Redeemable Cumulative Preferred Stock, shares issued | 15,000 | 15,000 |
Redeemable Cumulative Preferred Stock, shares outstanding | 15,000 | 15,000 |
Stated value of redeemable cumulative preferred stock | $ 1,000 | $ 1,000 |
Class A Common Stock [Member] | ||
Common Stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 84,844,439 | 73,211,519 |
Common stock, shares outstanding | 84,844,439 | 73,211,519 |
Class B Common Stock [Member] | ||
Common Stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 13,184,789 | 11,346,336 |
Common stock, shares outstanding | 13,184,789 | 11,346,336 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Restricted cash | $ 21,894 | $ 25,358 |
Notes receivable, net | 287,111 | 280,841 |
Junior Subordinated Debentures [Member] | ||
Debt issuance cost | 1,730 | 1,822 |
Non-Recourse Receivable Backed Notes Payable [Member] | ||
Debt issuance cost | 5,190 | 4,905 |
Notes And Mortgage Notes Payable And Lines Of Credit [Member] | ||
Debt issuance cost | $ 2,892 | $ 2,011 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations And Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Revenues | ||||
Sales of VOIs | $ 266,142 | $ 259,236 | $ 262,334 | |
Fee-based sales commission revenue | 201,829 | 173,659 | 144,239 | |
Other fee-based services revenue | 103,448 | 97,539 | 92,089 | |
Trade sales | 95,996 | 84,284 | 74,083 | |
Interest income | 85,437 | 88,765 | 86,492 | |
Net gains on sales of assets | 6,076 | 31,092 | 5,527 | |
Other revenue | 5,067 | 5,632 | 7,422 | |
Total revenues | 763,995 | 740,207 | 672,186 | |
Costs and Expenses | ||||
Cost of sales of VOIs | 27,346 | 22,884 | 30,766 | |
Cost of other fee-based services | 64,479 | 60,942 | 56,941 | |
Cost of trade sales | 74,341 | 62,707 | 54,682 | |
Interest expense | 36,037 | 40,408 | 47,402 | |
Recoveries from loan losses, net | (20,508) | (13,457) | (7,155) | |
Impairments of assets, net | 4,656 | 287 | 7,015 | |
Litigation settlement | 36,500 | |||
Selling, general and administrative expenses | 516,757 | 466,700 | 421,649 | |
Total costs and expenses | 703,108 | 676,971 | 611,300 | |
Equity in net earnings (losses) of unconsolidated real estate joint ventures | 13,630 | (1,565) | (573) | |
Foreign exchange gain (loss) | 219 | (1,038) | (715) | |
Other income, net | 3,300 | 4,050 | 4,780 | |
Income before income taxes | 78,036 | 64,683 | 64,378 | |
(Provision) benefit for income taxes (See Note 13) | [1] | (36,379) | 76,596 | (37,073) |
Net income | 41,657 | 141,279 | 27,305 | |
Less: Net income attributable to noncontrolling interests | 13,295 | 18,805 | 13,455 | |
Net income attributable to shareholders | $ 28,362 | $ 122,474 | $ 13,850 | |
Basic earnings per share | $ 0.33 | $ 1.41 | $ 0.16 | |
Diluted earnings per share | $ 0.32 | $ 1.40 | $ 0.16 | |
Basic weighted average number of common shares outstanding | 86,902 | 87,022 | 84,502 | |
Diluted weighted average number of common and common equivalent shares outstanding | 87,492 | 87,208 | 84,761 | |
Other comprehensive income, net of tax: | ||||
Unrealized (losses) gains on securities available for sale net of taxes of $131 provision for 2016, $(16) benefit for 2015 and $0 for 2014 | $ (33) | $ (10) | $ 59 | |
Foreign currency translation adjustments | 584 | 353 | 89 | |
Other comprehensive income, net | 551 | 343 | 148 | |
Comprehensive income, net of tax | 42,208 | 141,622 | 27,453 | |
Less: Comprehensive income attributable to noncontrolling interests | 13,295 | 18,885 | 13,490 | |
Total comprehensive income attributable to shareholders | $ 28,913 | $ 122,737 | $ 13,963 | |
Class A Common Stock [Member] | ||||
Costs and Expenses | ||||
Cash dividends declared per common share | $ 0.015 | $ 0 | $ 0 | |
Class B Common Stock [Member] | ||||
Costs and Expenses | ||||
Cash dividends declared per common share | $ 0.015 | $ 0 | $ 0 | |
[1] | Expected tax is computed based upon income before noncontrolling interests. |
Consolidated Statements Of Ope5
Consolidated Statements Of Operations And Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Consolidated Statements Of Comprehensive Income [Abstract] | |||
Unrealized (losses) gain on securities available for sale, Tax | $ 131 | $ (16) | $ 0 |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Equity - USD ($) $ in Thousands | Total BBX Capital Equity [Member]Class A Common Stock [Member] | Total BBX Capital Equity [Member]Class B Common Stock [Member] | Total BBX Capital Equity [Member] | Common Stock [Member]Class A Common Stock [Member] | Common Stock [Member]Class B Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Earnings [Member]Class A Common Stock [Member] | Accumulated Earnings [Member]Class B Common Stock [Member] | Accumulated Earnings [Member] | Accumulated Other Comprehensive Income [Member] | Non-controlling Interest in Subsidiaries [Member] | Class A Common Stock [Member] | Class B Common Stock [Member] | Total |
Beginning balance at Dec. 31, 2013 | $ 239,421 | $ 713 | $ 73 | $ 142,585 | $ 95,810 | $ 240 | $ 182,975 | $ 422,396 | ||||||
Beginning balance, shares at Dec. 31, 2013 | 71,265,000 | 7,337,000 | ||||||||||||
Net income | 13,850 | 13,850 | 13,455 | 27,305 | ||||||||||
Other comprehensive income | 113 | 113 | 35 | 148 | ||||||||||
Subsidiaries' capital transactions | 500 | 500 | 3,258 | 3,758 | ||||||||||
Distributions to noncontrolling interest | (5,923) | (5,923) | ||||||||||||
Conversion of Common Stock from Class B to Class A, value | $ 4 | $ (4) | ||||||||||||
Conversion of Common Stock from Class B to Class A, shares | 474,000 | (474,000) | ||||||||||||
Repurchase and retirement of Common Stock, value | (4,089) | $ (10) | (4,079) | (4,089) | ||||||||||
Repurchase and retirement of Common Stock, shares | (1,040,000) | |||||||||||||
Issuance of Common Stock from exercise of options, value | 587 | $ 12 | $ 2 | 573 | $ 587 | |||||||||
Issuance of Common Stock from exercise of options, shares | 1,219,000 | 212,000 | 1,428,420 | |||||||||||
Issuance of Common Stock from vesting of restricted stock award, value | $ 14 | (14) | ||||||||||||
Issuance of Common Stock from vesting of restricted stock award, shares | 1,389,000 | |||||||||||||
Issuance of restricted Class B Common Stock, value | $ 31 | (31) | ||||||||||||
Issuance of restricted Class B Common Stock, shares | 3,093,000 | |||||||||||||
Share-based compensation | 2,524 | 2,524 | $ 2,524 | |||||||||||
Ending balance at Dec. 31, 2014 | 252,906 | $ 733 | $ 102 | 142,058 | 109,660 | 353 | 193,800 | 446,706 | ||||||
Ending balance, shares at Dec. 31, 2014 | 73,307,000 | 10,168,000 | ||||||||||||
Net income | 122,474 | 122,474 | 18,805 | 141,279 | ||||||||||
Other comprehensive income | 263 | 263 | 80 | 343 | ||||||||||
Subsidiaries' capital transactions | 1,904 | 1,904 | 1,039 | 2,943 | ||||||||||
Increase in investment in BCC from share exchange agreements | 822 | $ 11 | 811 | (822) | (822) | |||||||||
Increase in investment in BCC from share exchange agreements, shares | 1,218,000 | |||||||||||||
Distributions to noncontrolling interest | (14,059) | (14,059) | ||||||||||||
Net effect of tender offer for BCC attributable to non-controlling interest | 92,763 | 92,763 | (92,763) | |||||||||||
Consideration paid in connection with the tender offer for BCC | (95,424) | (95,424) | (95,424) | |||||||||||
Conversion of Common Stock from Class B to Class A, shares | 40,000 | (40,000) | ||||||||||||
Repurchase and retirement of Common Stock, value | (4,454) | $ (15) | (4,439) | (4,454) | ||||||||||
Repurchase and retirement of Common Stock, shares | (1,549,000) | |||||||||||||
Issuance of Common Stock from exercise of options, value | 10 | 10 | $ 10 | |||||||||||
Issuance of Common Stock from exercise of options, shares | 25,000 | 25,000 | ||||||||||||
Issuance of Common Stock from vesting of restricted stock award, value | $ 14 | (14) | ||||||||||||
Issuance of Common Stock from vesting of restricted stock award, shares | 1,389,000 | |||||||||||||
Share-based compensation | 5,562 | 5,562 | $ 5,562 | |||||||||||
Ending balance at Dec. 31, 2015 | 376,826 | $ 732 | $ 113 | 143,231 | 232,134 | 616 | 106,080 | 482,906 | ||||||
Ending balance, shares at Dec. 31, 2015 | 73,212,000 | 11,346,000 | ||||||||||||
Net income | 28,362 | 28,362 | 13,295 | 41,657 | ||||||||||
Other comprehensive income | 360 | 360 | 360 | |||||||||||
Subsidiaries' capital transactions | 1,608 | 1,608 | 413 | 2,021 | ||||||||||
Increase in investment in BCC from share exchange agreements | 1,116 | $ 15 | 1,101 | (1,116) | (1,116) | |||||||||
Increase in investment in BCC from share exchange agreements, shares | 1,531,000 | |||||||||||||
Issuance of shares for the purchase of non-controlling interest in BBX Capital and net effect attributable to non-controlling interest, value | 48,678 | $ 121 | 48,366 | 191 | (65,572) | (16,894) | ||||||||
Issuance of shares for the purchase of non-controlling interest in BBX Capital and net effect attributable to non-controlling interest, shares | 12,038,000 | |||||||||||||
Distributions to noncontrolling interest | (12,250) | (12,250) | ||||||||||||
Common stock cash dividends declared | $ (1,174) | $ (212) | $ (1,174) | $ (212) | $ (1,174) | $ (212) | ||||||||
Conversion of Common Stock from Class B to Class A, shares | 38,000 | (38,000) | ||||||||||||
Repurchase and retirement of Common Stock, value | (7,320) | $ (19) | $ (2) | (7,299) | (7,320) | |||||||||
Repurchase and retirement of Common Stock, shares | (1,880,000) | (247,000) | ||||||||||||
Issuance of Common Stock from exercise of options, value | 10 | 10 | $ 10 | |||||||||||
Issuance of Common Stock from exercise of options, shares | 48,000 | 50,148 | ||||||||||||
Issuance of Common Stock from vesting of restricted stock award, value | $ 14 | $ 6 | (20) | |||||||||||
Issuance of Common Stock from vesting of restricted stock award, shares | 1,389,000 | 593,000 | ||||||||||||
Share-based compensation | 6,350 | 6,350 | $ 6,350 | |||||||||||
Ending balance at Dec. 31, 2016 | $ 454,604 | $ 848 | $ 132 | $ 193,347 | $ 259,110 | $ 1,167 | $ 40,850 | $ 495,454 | ||||||
Ending balance, shares at Dec. 31, 2016 | 84,845,000 | 13,185,000 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating activities: | |||
Net income | $ 41,657 | $ 141,279 | $ 27,305 |
Adjustment to reconcile net income to net cash provided by operating activities: | |||
Recoveries from loan losses and asset impairments, net | (14,430) | (13,233) | (1,470) |
Provision for notes receivable allowances | 44,337 | 42,063 | 40,164 |
Depreciation, amortization and accretion, net | 8,089 | 10,511 | 9,399 |
Share-based compensation expense | 6,350 | 5,562 | 2,524 |
Share-based compensation expense of subsidiaries | 6,099 | 5,472 | 3,703 |
Net gains on sales of real estate, loans held-for-sale, and properties and equipment | (5,139) | (31,211) | (4,714) |
Gain on bargain purchase | (254) | (1,237) | |
Equity in (earnings) losses of unconsolidated real estate joint ventures | (13,630) | 1,565 | 573 |
Return on investment in unconsolidated real estate joint ventures | 13,267 | ||
Increase (decrease) in deferred income tax | 35,704 | (84,329) | 12,707 |
Interest accretion on shares subject to mandatory redemption | 1,169 | 1,134 | 1,102 |
Decrease (increase) in restricted cash | 10,608 | (2,094) | 10,665 |
Increase in notes receivable | (59,030) | (34,538) | (9,820) |
(Increase) decrease in inventory | (7,794) | (15,685) | 19,048 |
Decrease (increase) in other assets | 2,135 | (13,514) | (3,217) |
Increase (decrease) in other liabilities | 22,379 | (16,473) | 2,405 |
Net cash provided by (used in) operating activities | 91,771 | (3,745) | 109,137 |
Investing activities: | |||
Return of unconsolidated real estate joint venture investment | 3,321 | 510 | 273 |
Investments in unconsolidated real estate joint ventures | (3,370) | (9,687) | (10,074) |
Repayment of loans receivable, net | 46,454 | 30,170 | 42,298 |
Proceeds from the sale of loans receivable | 68 | 9,497 | |
Proceeds from sales of real estate held-for-sale | 23,606 | 72,154 | 33,240 |
Proceeds from contribution of real estate to unconsolidated real estate joint ventures | 701 | 4,086 | |
Additions to real estate held-for-investment | (7,615) | (20,032) | (4,242) |
Additions to real estate held-for-sale | (561) | (10,667) | |
Purchases of property and equipment | (12,939) | (12,810) | (19,453) |
Proceeds from the sale of property and equipment | 2,321 | 372 | 164 |
Cash paid for acquisitions, net of cash received | (10) | (8,844) | |
Purchase of BCC noncontrolling interest | (16,894) | (95,424) | |
Increase (decrease) in cash from other investing activities | 282 | (3,458) | 627 |
Net cash provided by (used in) investing activities | 34,605 | (48,113) | 47,572 |
Financing activities: | |||
Repayment of BB&T preferred interest in Florida Asset Resolution Group, LLC ("FAR") | (12,348) | (56,169) | |
Repayments of notes, mortgage notes payable and other borrowings | (281,177) | (253,615) | (164,074) |
Proceeds from notes, mortgage notes payable and other borrowings | 285,682 | 262,900 | 137,274 |
Payments for debt issuance costs | (4,608) | (3,830) | (1,822) |
Payments of interest on shares subject to mandatory redemption | (750) | (750) | (750) |
Proceeds from the exercise of stock options | 10 | 10 | 586 |
Dividends paid on common stock | (856) | ||
Excess tax benefits from share-based compensation | 2,080 | ||
Retirement of Common Stock | (7,320) | (4,453) | (4,089) |
Retirement of subsidiary's common stock | (4,151) | (2,529) | (2,021) |
Distributions to noncontrolling interest | (12,250) | (14,059) | (5,923) |
Net cash used in financing activities | (25,420) | (28,674) | (94,908) |
Increase (decrease) in cash and cash equivalents | 100,956 | (80,532) | 61,801 |
Cash and cash equivalents at beginning of period | 198,905 | 279,437 | 217,636 |
Cash and cash equivalents at end of period | 299,861 | 198,905 | 279,437 |
Supplemental cash flow information: | |||
Interest paid on borrowings | (32,139) | (35,111) | (41,665) |
Income taxes paid | (2,203) | (26,092) | (26,169) |
Income tax refunded | 2,695 | 309 | 86 |
Supplementary disclosure of non-cash investing and financing activities: | |||
Loans receivable transferred to real estate held-for-sale or real estate held-for-investment | 4,807 | 3,215 | 21,400 |
Loans held-for-sale transferred to loans receivable | 16,078 | 7,365 | |
Loans receivable transferred to loans held-for-sale | 2,299 | ||
Loan receivable increase from sale of real estate held-for-sale | 10,000 | ||
Real estate held-for-investment transferred to inventory | 15,254 | ||
Real estate held-for-investment transferred to investments in unconsolidated real estate joint ventures | 19,448 | 1,920 | |
Real estate held-for-investment transferred to real estate held-for-sale | 11,582 | 41,751 | 28,018 |
Real estate held-for-sale transferred to property and equipment | 6,557 | ||
Increase in real estate held-for-sale from the assumption of other liabilities | 2,879 | ||
Repayment of note payable with restricted time deposit | 995 | ||
Issuance of common stock to acquire BCC noncontrolling interest | 48,487 | ||
Increase in other assets upon issuance of Community Development District Bonds | 20,743 | ||
Issuance of common stock to acquire BCC noncontrolling interest | (1,116) | (822) | |
Net increase in shareholders' equity from the effect of subsidiaries' capital transactions, net of taxes | 1,608 | 1,904 | 500 |
Increase in accumulated other comprehensive income, net of taxes | 551 | 343 | 148 |
Accumulated Other Comprehensive Income [Member] | |||
Supplementary disclosure of non-cash investing and financing activities: | |||
Increase in accumulated other comprehensive income, net of taxes | 551 | 263 | $ 113 |
Additional Paid-In Capital [Member] | |||
Supplementary disclosure of non-cash investing and financing activities: | |||
Issuance of common stock to acquire BCC noncontrolling interest | $ 1,101 | $ 811 |
Basis Of Financial Statement Pr
Basis Of Financial Statement Presentation | 12 Months Ended |
Dec. 31, 2016 | |
Basis Of Financial Statement Presentation [Abstract] | |
Basis Of Financial Statement Presentation | 1. Basis of Financial Statement Presentation BBX Capital Corporation (formerly BFC Financial Corporation) and its subsidiaries (the “Company” or, unless otherwise indicated or the context otherwise requires, “we,” “us,” or “our,”) is a Florida-based diversified holding company. BBX Capital Corporation as a standalone entity without its subsidiaries is referred to as “BBX Capital”. The Company’s core investments include Bluegreen Corporation (“Bluegreen”), real estate and middle market companies. Bluegreen is a sales, marketing and management company focused on the vacation ownership industry. The Company’s real estate investments include the ownership, financing, acquisition, development and management of real estate, including through real estate joint ventures. The Company’s investments in middle market operating businesses include Renin Holdings, LLC (“Renin”), a company that manufactures products for the home improvement industry, and the Company’s investments in sugar and confectionary businesses through its wholly-owned subsidiary, BBX Sweet Holdings, LLC (“BBX Sweet Holdings”). On December 15, 2016 the Company completed the acquisition of all the outstanding shares of the former BBX Capital Corporation (“BCC”) not previously owned by the Company and on January 30, 2017 the Company changed its name from BFC Financial Corporation to BBX Capital Corporation (see Note 3 - Merger). Prior to the acquisition of all the outstanding shares of BCC, the Company had an 82% equity interest in BCC and a direct 54% equity interest in Woodbridge Holdings, LLC (“Woodbridge”), the parent company of Bluegreen. As a result of this acquisition, BCC and Woodbridge are wholly owned by BBX Capital. Cash Tender Offer for BCC’s Class A Common Stock On April 30 , 2015, the Company completed a cash tender offer pursuant to which it purchased from the shareholders of BCC a total of 4,771,221 shares of BCC ’s Class A Common Stock at a purchase price of $20.00 per share , for an aggregate purchase price of approximately $95.4 mil lion . Prior to the tender offer, t he Company owned approximately 51% of the issued and outstanding shares of BCC ’s Class A Common Stock and all of the i ssued and outstanding shares of BCC ’s Class B Common Stock . C ollectively , these shares represented an approximately 51% equity interest and 74% voting interest in BCC. The purchase of BCC’s Class A Common Stock in the tender offer increased the Company’s ownership interest to approximately 81% of the issued and outstanding shares of BCC’ s Class A Common Stock and collectively t he shares of BCC ’s Class A Common Stock and Class B Common Stock owned by the Company subsequent to the tender offer represent ed an approximately 81% equity interest and 90% voting interest in BCC . As a result of the increase in the Company’s ownership interest in BCC , the Company files a consolidated group tax return which includes the operations of BCC, Woodbridge and Bluegreen. See Note 13 for additional information regarding the C ompany’s income taxes . Sale of BankAtlantic BCC’s principal asset until July 31, 2012 was its ownership of BankAtlantic and its subsidiaries (“BankAtlantic”). BankAtlantic was a federal savings bank headquartered in Fort Lauderdale, Florida. On July 31, 2012, BCC completed the sale to BB&T Corporation (“BB&T”) of all of the issued and outstanding shares of capital stock of BankAtlantic (the stock sale and related transactions described herein are collectively referred to as the “BankAtlantic Sale” or the “BB&T Transaction”). Prior to the closing of the BB&T Transaction, BankAtlantic formed two wholly-owned subsidiaries, BBX Capital Asset Management, LLC (“CAM”) and Florida Asset Resolution Group, LLC (“FAR”). Prior to the closing of the BB&T Transaction, BankAtlantic contributed approximately $82 million in cash to CAM and certain non-performing commercial loans, commercial real estate and previously written-off assets that had an aggregate carrying value on BankAtlantic’s balance sheet of $125 million as of July 31, 2012. CAM assumed all liabilities related to these assets. Prior to the closing of the BB&T Transaction, BankAtlantic distributed all of the membership interests in CAM to BCC. CAM remains a wholly-owned subsidiary of the Company. BankAtlantic also contributed to FAR certain performing and non-performing loans and real estate that had an aggregate carrying value on BankAtlantic’s balance sheet of approximately $346 million as of July 31, 2012. FAR assumed all liabilities related to these assets. BankAtlantic also contributed approximately $50 million in cash to FAR on July 31, 2012 and thereafter distributed all of the membership interests in FAR to BCC. At the closing of the BB&T Transaction, BCC transferred to BB&T 95% of the outstanding preferred membership interests in FAR in connection with BB&T’s assumption of BBX Capital’s $285.4 million in principal amount of outstanding trust preferred securities (“TruPS”) obligations. BCC retained the remaining 5% of FAR’s preferred membership interests and all of its common membership interests. Under the terms of the Amended and Restated Limited Liability Company agreement of FAR entered into by BCC and BB&T at the closing, BB&T was entitled to hold its 95% preferred interest in the net cash flows of FAR until it recovered $285 million in preference amount plus a priority return of LIBOR + 2.0% per annum on any unpaid preference amount. On May 6, 2015, BB&T’s preferred interest in FAR was repaid in full and redeemed and FAR is currently a wholly-owned subsidiary of the Company. |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | 2. Summary of Significant Accounting Policies The accounting policies applied by the Company conform to accounting principles generally accepted in the United States of America. Consolidation Policy - The consolidated financial statements include the accounts of all the Company’s wholly-owned subsidiaries, majority owned subsidiaries and other entities in which the Company and its subsidiaries hold controlling financial interests, or variable interest entities (“VIEs”) if the Company or its consolidated subsidiary is deemed the primary beneficiary of the VIE. All significant inter-company accounts and transactions have been eliminated among consolidated entities. Use of Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. On an ongoing basis, management evaluates its estimates, including those that relate to the estimated future sales value of inventory; the recognition of revenue, including revenue recognition under the percentage-of-completion method of accounting; allowance for credit losses; the recovery of the carrying value of real estate inventories; the measuring of assets and liabilities at fair value including business combinations and measuring the fair value on a non-recurring basis of intangible assets, goodwill, real estate held-for-sale and real estate held-for-investment; the amount of the deferred tax valuation allowance, accounting for uncertain tax positions and the estimate of contingent liabilities related to litigation and other claims and assessments. Management bases its estimates on historical experience and on various other assumptions that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ materially from these estimates under different assumptions and conditions. Reclassifications - Certain amounts for prior years have been reclassified to conform to the revised financial statement presentation for 2016. Cash and Cash Equivalents - Cash equivalents consist of cash, demand deposits at financial institutions, money market funds and other short-term investments with original maturities of 90 days or less. Management generally invests cash in excess of its immediate operating requirements in short-term time deposits and money market instruments, typically with original maturities at the date of purchase of three months or less. Management maintains cash and cash equivalents with various financial institutions located throughout the United States, Canada and Aruba in amounts exceeding the $250,000 federally insured limit. Accordingly, the Company is subject to credit risk. Periodic evaluations of the relative credit standing of financial institutions maintaining the Company’s deposits are performed to evaluate and attempt to mitigate, if necessary, credit risk. Restricted Cash – Restricted cash consists primarily of customer deposits held in escrow accounts and cash collected on pledged/secured notes receivable not yet remitted to lenders. Revenue Recognition – Revenue is recorded for the sale of vacation ownership interests (“VOIs”), net of a provision for credit losses, in accordance with timeshare accounting guidance. In accordance with the requirements of Accounting Standards Codification 970, Real Estate (“ASC 970”), Bluegreen recognizes revenue on VOI sales when a minimum of 10% of the sales price has been received in cash (demonstrating the buyer’s commitment), the legal rescission period has expired, collectibility of the receivable representing the remainder of the sales price is reasonably assured and Bluegreen has completed substantially all of its obligations with respect to any development related to the real estate sold. Bluegreen believes that it uses a reasonably reliable methodology to estimate the collectibility of the receivables representing the remainder of the sales price of real estate sold. Bluegreen’s policies regarding the estimation of credit losses on its notes receivable are discussed in further detail in Note 6 - “Notes Receivable” below. Under timeshare accounting rules, the calculation of the adequacy of a buyer’s commitment for the sale of VOIs requires that cash received towards the purchase of Bluegreen VOIs be reduced by the value of certain incentives provided to the buyer at the time of sale. If after considering the value of the incentives provided, the 10% requirement is not met, the VOI sale, and the related cost and direct selling expenses, are deferred until such time that sufficient cash is received from the customer, generally through receipt of mortgage payments, to meet the 10% threshold. Changes to the quantity, type, or value of sales incentives that Bluegreen provides to buyers of its VOIs may result in additional VOI sales being deferred or extend the period during which a sale is deferred. In cases where construction and development on Bluegreen-owned resorts has not been substantially completed, Bluegreen recognizes revenue in accordance with the percentage-of-completion method of accounting. Should Bluegreen’s estimates of the total anticipated cost of completing any of its projects increase, Bluegreen may be required to defer a greater amount of revenue or may be required to defer revenue for a longer period of time. Under timeshare accounting rules, rental operations, including accommodations provided through the use of Bluegreen’s sampler program, are accounted for as incidental operations whereby incremental carrying costs in excess of incremental revenues are expensed as incurred. Conversely, incremental revenues in excess of incremental carrying costs are recorded as a reduction to the carrying cost of VOI inventory. Incremental carrying costs include costs that have been incurred by Bluegreen during the holding period of unsold VOIs, such as developer subsidies and maintenance fees on unsold VOI inventory. During each of the years presented, all of Bluegreen’s rental revenue and sampler revenue earned was recorded as an offset to cost of other fee-based services as such amounts were less than the incremental carrying cost. In addition to sales of VOIs, Bluegreen also generates revenue from the activities listed below. The table provides a brief description of the applicable revenue recognition policy: Activity Revenue is recognized when: Fee-based sales commissions The sale transaction with the VOI purchaser is consummated in accordance with the terms of the agreement with the third-party developer and the related consumer rescission period has expired. Resort management and service fees Management services are rendered. (1) Resort title fees Escrow amounts are released and title documents are completed. Rental and sampler program Guests complete stays at the resorts. Rental and sampler program proceeds are classified as a reduction to “Cost of other fee-based services” in the consolidated statements of operations and comprehensive income. (1) In connection with Bluegreen’s management property owners’ associations, Bluegreen acts as agent for the property owners’ association to operate the resort as provided under the management agreements. In certain cases, the personnel at the resorts are Bluegreen employees. The property owners’ association bears the costs of such personnel and generally pay Bluegreen in advance of, or simultaneously with, the payment of payroll. In accordance with the accounting guidance for reporting revenues gross versus net, reimbursements from the property owners’ associations relating to direct pass-through costs are recorded net of the related expenses. Bluegreen’s cost of other fee-based services consists of the costs associated with the various activities described above, as well as developer subsidies and maintenance fees on Bluegreen’s unsold VOIs. Revenue is recognized from the sales of real estate held-for-sale and the transfer of real estate to joint ventures when the sales are closed and title passes to the buyer, the buyer’s initial and continuing investment is adequate to demonstrate a commitment to pay for the property, the buyer’s receivable, if applicable, is not subject to future subordination and the Company does not have substantial continuing involvement with the property. Revenues are recognized on trade sales when products are shipped and the customer takes ownership and assumes the risk of loss. R evenues from interest income are recognized on accruing loans when management determines that it is probable that all of the principal and interest will be collected in accordance with the loan’s contractual terms. Interest income is recognized on non-accrual loans on a cash basis. Revenues from real estate operations are generally rental income from properties under operating leases. Rental income is recognized as rents become due and rental payments received in advance are deferred until earned. Loans Receivable - Loans that the Company has the intent and ability to hold for the foreseeable future, or until maturity or payoff, are reported at their outstanding principal balances net of any discounts and allowance for loan losses. Loans that management has the intent to sell are classified as loans held-for-sale and are reported at the lower of aggregate cost or estimated fair value. Discounts on loans held-for-sale are deferred until the related loan is sold and included in gains and losses upon sale. Loans are classified as loans held-for-sale when management decides to sell loans that were not originated or purchased for sale. Transfers of loans between classifications are recorded at the lower of aggregate cost or estimated fair value at the transfer date. A n allowance for loan losses is recorded to reflect management’s reasonable estimate of probable credit losses inherent in the loan portfolio based on its evaluation of credit risk as of period end. Loans are charged off against the allowance when management believes the loan is not collectible. Recoveries are credited to the allowance. Management segregates loans into segments with certain common characteristics so as to form a basis for estimating losses as it relates to the segment. The loan portfolio has the following loan segments: residential, consumer, commercial non-real estate, commercial real estate, and small business loans. Impaired loans are measured based on the fair value of the collateral less costs to sell. Consumer and residential loans past due 120 days or more are evaluated individually for impairment and measured based on the lower of the estimated fair value of the loan’s collateral less cost to sell or the carrying value of the loan. Loans are generally placed on non-accrual status at the earlier of the loan becoming past due 90 days as to either principal or interest or when the borrower has entered bankruptcy proceedings and the loan is delinquent. When a loan is placed on non-accrual, all accrued interest is reversed against interest income. Loans may be restored to accrual status when there has been a satisfactory period of performance and the loan is expected to perform in the future according to its contractual terms. Notes Receivable - Bluegreen’s VOI n otes receivable are carried at amortized cost less an allowance for credit losses. Interest income is suspended, and previously accrued but unpaid interest income is reversed, on all delinquent Bluegreen VOI notes receivable when principal or interest payments are more than 90 days contractually past due, and not resumed until such VOI notes receivable are less than 90 days past due. After 120 days, Bluegreen’s VOI notes receivable are generally written off against the allowance for credit loss. Bluegreen records an estimate of expected uncollectible VOI notes receivable as a reduction of revenue at the time Bluegreen recognizes a VOI sale. Bluegreen estimates of uncollectible VOI notes receivable is based on historical uncollectibles for similar VOI notes receivable. Bluegreen uses a static pool analysis, which tracks uncollectibles for each year’s sales over the entire life of the notes. Bluegreen also considers whether the historical economic conditions are comparable to current economic conditions, as well as variations in underwriting standards. Additionally, no consideration is given for future recoveries of defaulted inventory in the estimate of uncollectible VOI notes receivable. Bluegreen reviews its allowance for credit losses on at least a quarterly basis. Bluegreen’s loan origination costs are deferred and recognized over the life of the related notes receivable. Trade Receivables – Trade receivables are recorded at the invoiced amount and do not bear interest. The Company maintains an allowance for doubtful accounts for estimated losses inherent in its accounts receivable portfolio. In establishing the required allowance, management considers historical losses adjusted to take into account current market conditions and the customers' financial condition, the amount of receivables in dispute, and the current receivables aging and current payment patterns. The Company reviews its allowance for doubtful accounts quarterly. Past due balances over 90 days and over a specified amount are reviewed individually for collectibility. Account balances are charged off against the allowance after all standard means of collection have been exhausted and the potential for recovery is considered remote. Trade receivables are included in other assets in the Company’s Consolidated Statements of Financial Condition. Inventory - The Company’s inventory is primarily comprised of completed VOIs, VOIs under construction, land held for future VOI development and land held for development. VOI completed inventory is carried at the lower of (i) cost, including costs of improvements and amenities incurred subsequent to acquisition, capitalized interest, real estate taxes and other costs incurred during construction, or (ii) estimated fair market value, less costs to sell. VOI inventory and cost of sales are accounted for under timeshare accounting rules, which require the use of a specific method of the relative sales value method for relieving VOI inventory and recording cost of sales. Under the relative sales value method required by timeshare accounting rules, cost of sales is calculated as a percentage of net sales using a cost-of-sales percentage - the ratio of total estimated development costs to total estimated VOI revenue, including the estimated incremental revenue from the resale of VOI inventory repossessed, generally as a result of the default of the related receivable. Also, pursuant to timeshare accounting rules, inventory is not relieved for VOI cost of sales related to anticipated credit losses. Accordingly, no adjustment is made when inventory is reacquired upon default of the related receivable. The Company also periodically evaluates the recoverability of the carrying amount of its land held for future vacation ownership development and land held for development under the accounting guidelines for Property, Plant and Equipment, which provides guidance relating to the accounting for the impairment or disposal of long-lived assets . The inventories of Renin and BBX Sweet Holdings are included in other assets in the Company’s Consolidated Statements of Financial Condition. These inventories are measured at the lower of cost or market. Cost includes all costs of conversions, including materials, direct labor, production overhead, depreciation of equipment and shipping cost. Raw materials are stated at the lower of approximate cost, on a first-in, first-out basis, and market determined by reference to replacement cost. Raw materials are not written down unless the goods in which they are incorporated are expected to be sold for less than cost, in which case, they are written down by reference to replacement cost of the raw materials. Finished goods and work in progress are stated at the lower of cost or market determined on a first-in, first-out basis for Renin’s finished goods inventory and on an average cost basis for BBX Sweet Holdings’ finished goods inventory. Shipping and handling fees billed to the customers were recorded as trade sales and shipping and handling fees paid by Renin and BBX Sweet Holdings were recorded as selling, general, and administrative expenses. Included in the Company’s Consolidated Statements of Operations and Comprehensive Income as selling, general, and administrative expenses for the years ended December 31, 2016 , 2015 and 2014 were $6.0 million, $5.5 million and $5.5 million, respectively, of costs associated with shipping goods to customers. In valuing inventory, the Company makes assumptions regarding the write-downs required for excess and obsolete inventory based on judgments and estimates formulated from available information. Estimates for excess and obsolete inventory are based on historical and forecasted usage. Inventory is also examined for upcoming expiration and write-downs are recorded where appropriate. Real Estate Held-for-Investment and Real Estate Held-for-Sale – From time to time, the Company takes possession or ownership of real estate through foreclosure of the underlying loan collateral or through the purchase of the real estate from third parties. Real estate acquired through foreclosure is measured at the fair value of the collateral and classified as either real estate held-for-sale or real estate held-for-investment. When real estate is classified as held-for-sale, it is initially recorded at fair value less estimated selling costs (cost basis) and subsequently measured at the lower of cost or estimated fair value. When real estate is classified as held-for-investment, it is recorded at fair value and in subsequent periods depreciated over its useful life using the straight line method, if applicable. Impairments required at the time of foreclosure are charged to the allowance for loan losses. Expenditures for capital improvements are generally capitalized. Valuation allowance adjustments are made to reflect any subsequent declines in fair values. The costs of holding real estate are charged to real estate operating expenses as incurred. Changes in the real estate valuation allowance are recorded as asset (recoveries) impairments in the Company’s Consolidated Statement of Operations and Comprehensive Income. Investments in Unconsolidated Real Estate Joint Ventures - The Company follows the equity method of accounting to record its interests in entities in which it does not own the majority of the voting stock or otherwise hold a controlling financial interest and to record its investment in variable interest entities in which it is not the primary beneficiary. Under the equity method, an investment is shown on the Statement of Financial Condition of an investor as a single amount and an investor’s share of earnings or losses from its investment is shown in the Statement of Operations as a single amount. The investment is initially measured at cost and adjusted for the investor’s share of the earnings or losses of the investee as well as dividends received from the investee. The investor recognizes its share of the earnings or losses of the investee in the periods for which they are reported by the investee in its financial statements rather than in the period in which an investee declares a dividend. The Company recognizes earnings or losses on certain equity method investments based on the hypothetical liquidation at book value (“HLBV”) method. Under the HLBV method, earnings or losses are recognized based on how an entity would allocate and distribute its cash if it were to sell all of its assets and settle its liabilities for their carrying amounts and liquidate at the reporting date. The HLBV method is used to calculate earnings or losses for equity method investments when the contractual cash disbursements are different than the investors’ equity interest. Interest expense is capitalized by the Company on investments, advances or loans to real estate equity method companies that began qualifying activities. Total capitalized interest expense cannot exceed interest expense incurred. Interest expense capitalization ceases when the investee completes its qualifying activities. The Company reviews its equity and cost method investments on an ongoing basis for indicators of other-than-temporary impairment. This determination requires significant judgment in which the Company evaluates, among other factors, the fair market value of the investments, general market conditions, the duration and extent to which the fair value of the investment is less than cost, and the Company’s intent and ability to hold the investment until it recovers. The Company also considers specific adverse conditions related to the financial health of and business outlook for the investee, including industry and sector performance, rating agency actions, changes in operations and financing cash flow factors. If a decline in the fair value of the investment is determined to be other-than-temporary, an impairment charge is recorded to reduce the investment to its fair value and a new cost basis in the investment is established. Property and Equipment - Land is carried at cost. Properties and equipment are carried at cost less accumulated depreciation. Depreciation is primarily computed on the straight-line method over the estimated useful lives of the assets which generally range up to 40 years for buildings and building improvements, from 3 to 14 years for office equipment, furniture and fixtures, 5 years for transportation and equipment and from 3 to 14 years for leasehold improvements. The cost of leasehold improvements is amortized using the straight-line method over the shorter of the terms of the related leases or the useful lives of the assets. Expenditures for new properties, leasehold improvements and equipment and major renewals and betterments are capitalized. Expenditures for maintenance and repairs are expensed as incurred, and gains or losses on disposal of assets are reflected in current operations. The cost of software development for internal use is capitalized in accordance with the accounting guidance for costs of computer software developed or obtained for internal use. Capitalization of software developed for internal use commences during the development phase of the project. Software developed or obtained for internal use is generally amortized on a straight-line basis over 3 to 5 years. Goodwill and Intangible Assets – Goodwill is recorded at the acquisition date of a business. The Company tests goodwill for potential impairment annually on December 31 or during interim periods if impairment indicators exist. The Company first assesses qualitatively whether it is necessary to perform the two-step goodwill impairment test. The two-step test is performed when it is more-likely-than-not that the reporting unit’s goodwill fair value is less than its carrying amount. The Company evaluates the following factors in its qualitative assessment: macroeconomic conditions, market considerations, cost factors, financial performance and events affecting the reporting unit. If the Company concludes from the qualitative assessment that further testing is required, the Company performs the two-step goodwill impairment test. The first step of the goodwill impairment test is used to identify potential impairment. This step compares the fair value of a reporting unit with its carrying value. If the fair value of the reporting unit exceeds its carrying value, goodwill is considered not impaired and the second step of the impairment test is not necessary. If the fair value of the reporting unit is less than the carrying value, then the second step of the test is used to measure the amount of goodwill impairment, if any, in the reporting unit. This step compares the current implied goodwill in the reporting unit to its carrying amount. If the carrying amount of the goodwill exceeds the implied goodwill, an impairment is recorded for the excess. The implied goodwill is determined in the same manner as the amount of goodwill recognized in a business combination is determined. Intangible assets consist primarily of indefinite lived management contracts recognized upon the consolidation of Bluegreen during November 2009. The remaining balance in intangible assets consisted of trade names, customer relationships, non-competition agreements and lease premiums that were initially recorded at fair value at the acquisition date of a business and are amortized on a straight-line basis over their respective estimated useful lives. Indefinite lived intangible assets are not amortized and are tested for impairment on at least an annual basis, or more frequently if events and circumstances indicate that the indefinite lived intangible assets may be impaired. The Company evaluates indefinite lived intangible assets for impairment by first qualitatively considering relevant events and circumstances to determine whether it is more-likely-than-not that the fair value of an indefinite-lived intangible asset is less than its carrying value. If it is more-likely-than-not that the fair value of the indefinite-lived intangible asset is greater than it carrying value than the indefinite-lived intangible asset is not impaired. If the Company concludes that further testing is required, the Company calculates the fair value of the indefinite-lived intangible asset and compares the fair value to the carrying value. If the fair value of the indefinite-lived intangible asset is less than the carrying value, an impairment is recognized for the difference. Amortizable intangible assets are tested for recoverability whenever events or changes in circumstances indicate that the carrying amount of the intangible asset may not be recoverable. The carrying amount of an intangible asset is not considered recoverable when the carrying amount exceeds the sum of the undiscounted cash flows expected to result from the use of the intangible asset. The impairment is measured as the amount by which the carrying amount of the intangible asset exceeds its fair value. Deferred Income - Bluegreen defers VOI revenue, net of direct incremental selling expenses, for sales for which the legal rescission period has expired but the required revenue recognition criteria described above has not been met. Additionally, in connection with Bluegreen’s sampler program, Bluegreen defers revenue, net of direct incremental selling expenses, for guest stays not yet completed. Deferred Financing Costs - Deferred financing costs are comprised of costs incurred in connection with obtaining financing from third-party lenders and are capitalized and amortized to interest expense over the terms of the related financing arrangements. Advertising – The Company expenses advertising costs, which are primarily marketing costs, as incurred. Advertising expense is included in selling, general and administrative expenses in the accompanying Consolidated Statements of Operations and Comprehensive Income. Bluegreen has entered into marketing arrangements with various third parties. For the year ended December 31, 2016, sales of VOIs to prospects and leads generated by one marketing arrangement accounted for over 16% of VOI sales volume. There can be no guarantee that Bluegreen will be able to maintain this agreement in accordance with its terms or extend or renew these agreements on similar terms, or at all. Income Taxes – The Company and its subsidiaries in which its owns 80% or more of the subsidiary’s outstanding equity file a consolidated U.S. Federal and Florida income tax return. Other than Florida, the Company and its subsidiaries file separate state income tax returns for each jurisdiction. Subsidiaries in which the Company owns less than 80% of the outstanding equity are not included in the Company’s consolidated U.S. Federal or Florida state income tax return. For years prior to December 31, 2015, BCC and Bluegreen filed separate tax returns with the I nternal R evenue S ervice as the Company owned less than 80% of the outstanding equity of these subsidiaries. Since the increase in the Company’s ownership interest in BCC due to the purchase of additional shares of BCCs Class A Common Stock in the above-described cash tender offer, the Company files a consolidated group tax return which includes the operations of BCC, Woodbridge and Bluegreen for the years ended December 31, 2016 and 2015. See Note 13 for additional information regarding income taxes. The provision for income taxes is based on income before taxes reported for financial statement purposes after adjustment for transactions that do not have tax consequences. Deferred tax assets and liabilities are realized according to the estimated future tax consequences attributable to differences between the carrying value of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using the enacted tax rates as of the date of the Statement of Financial Condition. The effect of a change in tax rates on deferred tax assets and liabilities is reflected in the period that includes the statutory enactment date. A deferred tax asset valuation allowance is recorded when it has been determined that it is more likely than not that deferred tax assets will not be realized. If a valuation allowance is needed, a subsequent change in circumstances that causes a change in judgment about the realization of the related deferred tax amount could result in the reversal of the deferred tax valuation allowance. Additionally, taxable temporary differences that originate from a business combination could result in deferred tax valuation allowance reversals. An uncertain tax position is defined as a position taken or expected to be taken in a tax return that is not based on clear and unambiguous tax law and which is reflected in measuring current or deferred income tax assets and liabilities for interim or annual periods. The Company may recognize the tax benefit from an uncertain tax position only if it believes that it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The Company measures the tax benefits recognized based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution. The Company recognizes interest and penalties related to unrecognized tax benefits in its provision for income taxes. Noncontrolling Interests – Noncontrolling interests reflect third parties’ ownership interests in entities that are consolidated in the Company’s financial statements, but less than 100% owned by the Company. GAAP require that a noncontrolling interest be recognized as equity in the consolidated financial statements and itemized separately from the parent’s equity. In accordance with applicable guidance, a change in the ownership interest in a subsidiary is accounted for as an equity transaction if the parent retains its controlling financial interest in the subsidiary. Accounting for Loss Contingencies – Loss contingencies, including those arising from legal actions, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Earnings Per Share - Basic earnings per share excludes dilution and is computed by dividing net income allocable to common stock by the weighted average number of common shares outstanding for the period. Diluted earnings per share is computed in the same manner as basic earnings per share, but it also reflects potential dilution that could occur if options to acquire common shares or restricted stock awards of the Company were exercised or vest. Common stock options and restricted stock awards, if dilutive, are considered in the weighted average number of dilutive common shares outstanding based on the treasury stock method. Diluted earnings per share also takes into considerati |
Merger
Merger | 12 Months Ended |
Dec. 31, 2016 | |
Merger [Abstract] | |
Merger | 3. Merger On December 15, 2016 the Company acquired all of the outstanding shares of BCC not previously owned by the Company. P ursuant to the terms of the Agreement and Plan of Merger, dated as of July 27, 2016, as amended on October 20, 2016, between BBX Capital , a wholly-owned subsidiary of BBX Capital (“Merger Sub”) , and BCC (the “Merger Agreement”) , BCC merged with and into Merger Sub and BCC is now a wholly owned subsidiary of BBX Capital Corporation. Pursuant to the terms of the Merger Agreement, each share of BCC ’s Class A Common Stock outstanding immediately prior to December 15, 2016 (other than shares held by the Company and shares as to which appraisal rights were exercised in accordance with Florida law) was converted into the right to receive, at the election of the holder thereof, either (i) $20.00 in cash, without interest (the “Cash Consideration”), or (ii) 5.4 shares of the Company ’s Class A Common Stock (the “Stock Consideration” and, collectively with the Cash Consideration, the “Merger Consideration”). Shares of BCC ’s Class A Common Stock which were converted into the right to receive Merger Consideration but as to which no election was made were converted into the right to receive Cash Consideration. Based on the foregoing, the Company paid to BCC ’s shareholders a total of approximately $16.9 million of Cash Consideration and issue d to BCC ’s shareholders a total of approximately 12.0 million shares of the Company ’s Class A Common Stock as Stock Consideration. The merger was accounted for as an equity transaction as the Company increased its ownership interest in BCC and retained its controlling financial interest. The Company held an approximately 82% equity interest in BCC prior to the M erger and, as a result of the M erger, the Company owns 100% of BCC. Accounting for the merger as an equity transaction resulted in n o gain or loss being recognized in the Company ’s C onsolidated S tatements of O perations and Comprehensive Income and the difference between the consideration paid and the amount of noncontrolling interest was recognized in additional paid-in capital . Pursuant to the terms of the Merger Agreement, effective upon consummation of the Merger on December 15, 2016 , the Company adopted and assumed BCC’s 2014 Stock Incentive Plan, as amended, and BCC ’s 2005 Restricted Stock and Option Plan, as amended (collectively, the “B CC Capital Equity Plans”). Options and restricted stock awards granted under the BCC Equity Plans and outstanding at December 15, 2016 , including those held by the Company ’s executive officers, other employees, and directors, were converted into BBX Capital’s options or restricted stock awards, as the case may be. Specifically, each option to acquire shares of BCC ’s Class A Common Stock that was outstanding at December 15, 2016 was converted into an option to acquire shares of BBX Capital ’s Class A Common Stock upon the same terms and conditions as in effect at December 15 , 2016, except that the number of shares which may be acquired upon exercise of the option now equals the number of shares subject to the option at December 15, 2016 multiplied by the Merger exchange ratio of 5.4 shares of BBX Capital ’s Class A Common Stock for each share of BCC ’s Class A Common Stock and the exercise price of the option now equals the exercise price at December 15, 2016 of the Merger divided by 5.4. In addition, each share of BCC ’s Class A Common Stock subject to a restricted stock award outstanding at December 15, 2016 was converted pursuant to the terms of the Merger Agreement into a restricted share of BBX Capital ’s Class A Common Stock, which restricted shares are subject to the same terms and conditions as in effect at December 15, 2016 , except that the number of restricted shares subject to the award has been multiplied by the Merger exchange ratio of 5.4 shares of BBX Capital’s Class A Common Stock for each share of BCC ’s Class A Common Stock. Based on the foregoing, 5,090,354 restricted shares of BBX Capital’s Class A Common Stock awards were issued in exchange for 942,657 restricted shares of BCC’s Class A Common Stock awards outstanding as of December 15, 2016. |
Consolidated Variable Interest
Consolidated Variable Interest Entities | 12 Months Ended |
Dec. 31, 2016 | |
Consolidated Variable Interest Entities [Abstract] | |
Consolidated Variable Interest Entities | 4 . Consolidated Variable Interest Entities Bluegreen Bluegreen sells VOI notes receivable through special purpose finance entities. These transactions are generally structured as non-recourse to Bluegreen, and are designed to provide liquidity for Bluegreen and to transfer the economic risks and certain benefits o f the notes receivable to third parties. In a securitization, various classes of debt securities are issued by the special purpose finance entities that are generally collateralized by a single tranche of transferred assets, which consist of VOI notes receivable. Bluegreen services the securitized notes receivable for a fee pursuant to servicing agreements negotiated with third parties based on market conditions at the time of the securitization. In these securitization s , Bluegreen generally retains a portion of the securities and continues to service the securitized notes receivable. Under these arrangements, the cash payments received from obligors on the receivables sold are generally applied monthly to pay fees to service providers, make interest and principal payments to investors, and fund required reserves, if any, with the remaining balance of such cash retained by Bluegreen; however, to the extent the portfolio of receivables fails to satisfy specified performance criteria (as may occur due to, among other things, an increase in default rates or credit loss severity) or other trigger events occur, the funds received from obligors are distributed on an accelerated basis to investors. Depending on the circumstances and the transaction, the application of the accelerated payment formula may be permanent or temporary until the trigger event is cured. As of December 31 , 201 6 , Bluegreen was in compliance with all applicable terms under its securitization transactions, and no trigger events had occurred. In accordance with applicable accounting guidance for the consolidation of VIEs, Bluegreen analyzes its variable interests, which may consist of loans, servicing rights, guarantees, and equity investments, to determine if an entity in which Bluegreen has a variable interest is a variable interest entity. Bluegreen’s analysis includes a review of both quantitative and qualitative factors . Bluegreen bases its quantitative analysis on the forecasted cash flows of the entity, and bases its qualitative analysis on the design of the entity, its organizational structure, including decision-making ability, and relevant financial agreements. Bluegreen also uses its qualitative analysis to determine if Bluegreen must consolidate a variable interest entity as the primary beneficiary. In accordance with applicable accounting guidance, Bluegreen has determined these securitization entities to be VIEs of which Bluegreen is the primary beneficiary and, therefore, Bluegreen consolidates the entities into its financial statements. As previously described, the Company consolidates Bluegreen and its consolidated subsidiaries and VIEs into its consolidated financial statements. Under the terms of certain of Bluegreen’s timeshare note sales, Bluegreen has the right to repurchase or substitute a limited amount of defaulted mortgage notes receivable for new notes receivable at the outstanding principal balance plus accrued interest. Voluntary repurchases and substitutions by Bluegreen of defaulted notes receivable during 2016, 2015 and 2014 were $6.5 million , $3.3 million and $4.9 mi llion, respectively. Bluegreen’s maximum exposure to loss relating to its non-recourse securitization entities is the difference between the outstanding VOI notes receivable and the notes payable, plus cash reserves and any additional residual interest in future cash flows from collateral. Information related to the assets and liabilities of Bluegreen’s consolidated VIEs included in the Company’s Consolidated S tatements of Financial C ondition is set forth below (in thousands): December 31, 2016 2015 Restricted cash $ 21,894 25,358 Securitized notes receivable, net 287,111 280,841 Receivable backed notes payable - non-recourse 327,358 314,024 The restricted cash and the securitized notes receivable balances disclosed in the table above are restricted to satisfy obligations of the VIEs. JRG/BBX Development, LLC (“North Flagler”) In October 2013, the Company entered into the North Flagler joint venture with JRG USA, and in connection with the formation of the joint venture JRG USA assigned to the joint venture a contract to purchase for $10.8 million a 4.5 acre real estate parcel overlooking the Intracoastal Waterway in West Palm Beach, Florida. The Company was entitled to receive 80% of any joint venture distributions until it received the return of its capital investment and 70% of any joint venture distributions thereafter. The Company was the managing member and had control of all aspects of the operations of the joint venture. The Company analyzed North Flagler’s operating agreement and determined that it was the primary beneficiary of the joint venture and therefore should consolidate North Flagler in its financial statements. This conclusion was based primarily on the determination that the Company absorbed 80% of the losses, was entitled to 70% of the profits and controls all aspects of North Flagler’s operations. In May 2015, the North Flagler joint venture purchased the 4.5 acre parcel for $10.8 million and on the same day sold the property to a third party developer for $20.0 million. Included in the Consolidated Statement of Operations in net gains on sales of assets for the year ended December 31, 2015 is a $7.8 million gain on the property sale. Net sales proceeds in the amount of $2.3 million were distributed to the noncontrolling member. |
Loans Held-For-Sale And Loans R
Loans Held-For-Sale And Loans Receivable | 12 Months Ended |
Dec. 31, 2016 | |
Loans Held-For-Sale And Loans Receivable [abstract] | |
Loans Held-For-Sale And Loans Receivable | 5. Loans Held-for-Sale and Loans Receivable L oan s held-for-sale and loans receivable portfolio s consisted of the following components (in thousands ): December 31, 2016 2015 Loans held-for-sale $ - 21,354 Commercial non-real estate $ 1,169 11,250 Commercial real estate 5,880 16,294 Small business 2,506 4,054 Consumer 1,799 2,368 Residential 14,167 69 Loans receivable, net $ 25,521 34,035 The underlying collateral for the real estate loan portfolio, except residential loans, was located primarily in Florida at December 31, 2016 and 2015. 28% , 26% and 14% of the residential loan portfolio underlying collateral as of December 31, 2016 was located in California, New York and Florida, respectively. As of December 31, 2016, foreclosure proceedings were in process on $9.5 million of residential loans and $66,700 of consumer loans. The total discount on loans receivable was $3.3 million as of December 31, 2016 and 2015, respectively. Loans held-for-sale are reported at the lower of cost or fair value measured on an aggregate basis. As of December 31, 2015 the lower of cost or fair value adjustment on loans held-for-sale was $1.6 million. The Company transfers loans from held-for-sale to loans receivable when, based on the current economic environment and related market conditions, it has the intent to hold those loans for the foreseeable future. As of June 30, 2016, based on then current market conditions and an evaluation of the residential loan portfolio, the Company transferred residential loans held-for-sale with aggregate unpaid principal balances, net of charge-offs, of $17.3 million from loans held-for-sale to loans receivable. The lower of cost or fair value of the residential loans on the transfer date was $16.1 million. Any difference between the lower of cost or fair value of the loan and the unpaid principal balance net of charge-offs was recognized as a discount. In June 2015, small business, residential and second-lien consumer loans were transferred from loans held-for-sale to loans held-for-investment based on the Company’s decision to hold these loans for the foreseeable future as a result of appreciating real estate values and improving economic conditions generally . As a consequence, $2.4 million , $70,000 and $4.9 million of second-lien consumer, residential and small business loans, respectively, were transferred from loans held-for-sale to loans receivable measured at the lower of cost or fair value on the transfer date . Any difference between the carrying amount of the loan and its outstanding principal balance was recognized as a discount. In July 2014, BBX Capital received net proceeds from the sales of its first-lien consumer loan portfolio and certain residential loans of approximately $3.2 million and $6.3 million, respectively. Included in net gains on the sales of assets for the year ended December 31, 2014 was a $0.6 million gain from the sale of these loans. The loan portfolio is segregated into five segments: commercial non-real estate loans, commercial real estate loans, small business loans , consumer loans, and residential loans d escribed below: Commercial non-real estate - represents loans secured by general corporate assets of the borrowers’ business and at December 31, 2015 one $10.0 million unsecured loan made in connection with the sale of land to a developer. Commercial real estate - represents loans for acquisition, development and construction of various types of properties including residential, office buildings, retail shopping centers, and other non-residential properties. Small business – consists of loans originated to businesses in principal amounts that do not generally exceed $2.0 million. The principal source of repayment for these loans is generally from the cash flow of a business. Consumer - consists of loans to individuals originated through BankAtlantic’s branch network. Consumer loans are generally home equity lines of credit secured by a second mortgage on the primary residence of the borrower. Residential – represents loans secured by one to four dwelling units. Credit Quality Information The Company assesses loan credit quality by monitoring delinquencies and current loan to value ratios. The recorded investment (unpaid principal balance less charge-offs and discounts ) in non-accrual loans receivable was as follows (in thousands): December 31, Loan Class 2016 2015 Commercial non-real estate $ 1,169 1,250 Commercial real estate 5,880 9,639 Small business 2,506 4,054 Consumer 1,701 2,368 Residential 12,762 69 Total nonaccrual loans $ 24,018 17,380 An age analysis of the past due recorded investment in loans receivable as of December 31, 2016 and 2015 was as follows (in thousands): Total 31-59 Days 60-89 Days 90 Days Total Loans December 31, 2016 Past Due Past Due or More (1) Past Due Current Receivable Commercial non-real estate $ - - 330 330 839 1,169 Commercial real estate - - 3,986 3,986 1,894 5,880 Small business - - - - 2,506 2,506 Consumer 23 - 467 490 1,309 1,799 Residential 609 231 9,541 10,381 3,786 14,167 Total $ 632 231 14,324 15,187 10,334 25,521 Total 31-59 Days 60-89 Days 90 Days Total Loans December 31, 2015 Past Due Past Due or More (1) Past Due Current Receivable Commercial non-real estate $ - - 329 329 10,921 11,250 Commercial real estate - - 3,986 3,986 12,308 16,294 Small business: - 205 - 205 3,849 4,054 Consumer 316 138 562 1,016 1,352 2,368 Residential - 24 42 66 3 69 Total $ 316 367 4,919 5,602 28,433 34,035 1) There were no loans that were 90 days or more past due and still accruing interest as of December 31, 2016 or 2015 . The activity in the allowance for loan losses for the years ended December 31, 2016, 2015 and 2014 was as follows (in thousands): For the Years Ended December 31, 2016 2015 2014 Allowance for Loan Losses: Beginning balance $ - 977 2,713 Charge-offs: (156) (1,037) (7,189) Recoveries : 20,664 13,517 12,608 Provision : (20,508) (13,457) (7,155) Ending balance $ - - 977 Ending balance individually evaluated for impairment - - - Ending balance collectively evaluated for impairment $ - - 977 Total - - 977 Loans receivable: Ending balance individually evaluated for impairment $ 21,363 12,849 17,045 Ending balance collectively evaluated for impairment 4,158 21,186 10,776 Total 25,521 34,035 27,821 Proceeds from loan sales $ - 68 9,497 Transfer to loans held-for-sale $ - - 2,299 Transfer from loans held-for-sale $ 16,078 7,365 - Impaired Loans Loans are considered impaired when, based on current information and events, management believes it is probable that it will be unable to collect all amounts due according to the contractual terms of the loan agreement. Impairment is evaluated based on past due status for consumer and residential loans. Impairment is evaluated for commercial and small business loans based on payment history, financial strength of the borrower or guarantors and cash flow associated with the collateral or business. Collateral dependent impaired loans are charged down to the fair value of collateral less cost to sell. Inter est payments on impaired loans are recognized on a cash basi s as interest income . Impaired loans, or portions thereof, are charged off when deemed uncollectible. Individually impaired loans as of December 31 , 201 6 and 2015 were as follows (in thousands): As of December 31, 2016 As of December 31, 2015 Unpaid Unpaid Recorded Principal Related Recorded Principal Related Investment Balance Allowance Investment Balance Allowance Total with allowance recorded $ - - - - - - Total with no allowance recorded 24,188 39,901 - 17,380 30,212 - Total $ 24,188 39,901 - 17,380 30,212 - Average recorded investment and interest income recognized on impaired loans for the year s ended December 31 , 201 6 and 2015 were as follows (in thousands): For the Years Ended December 31, 2016 December 31, 2015 Average Recorded Interest Income Average Recorded Interest Income Investment Recognized Investment Recognized Total with allowance recorded $ - - - - Total with no allowance recorded 24,573 657 22,186 1,299 Total $ 24,573 657 22,186 1,299 Individually impaired loans and the average recorded investment and interest income recognized on impaired loans as of December 31, 2014 were as follows (in thousands): For the Year Ended As of December 31, 2014 December 31, 2014 Unpaid Average Recorded Principal Related Recorded Interest Investment Balance Allowance Investment Income Total with allowance recorded $ 735 1,664 735 837 7 Total with no allowance recorded 17,361 35,812 - 23,161 1,111 Total $ 18,096 37,476 735 23,998 1,118 Impaired loans without specific valuation allowances represent loans that were written-down to the fair value of the collateral less cost to sell, loans in which the collateral value less cost to sell was greater than the carrying value of the loan, loans in which the present value of the cash flows discounted at the loans’ effective interest rate was equal to or greater than the carrying value of the loans, or loans that were collectively measured for impairment. There were no co mmitments to lend additional funds on impaired loans as of December 31, 2016. |
Notes Receivable
Notes Receivable | 12 Months Ended |
Dec. 31, 2016 | |
Notes Receivable [Abstract] | |
Notes Receivable | 6 . Notes Receivable The table below provides information relating to Bluegreen’s notes receivable and related allowance for credit losses as of December 31, 2016 and 2015 (in thousands): December 31, 2016 2015 Notes receivable : VOI notes receivable - non-securitized $ 175,123 166,040 VOI notes receivable - securitized 369,259 357,845 Other notes receivable (1) 1,688 2,427 Gross notes receivable 546,070 526,312 Allowance for credit losses (115,590) (110,714) Notes receivable, net $ 430,480 415,598 Allowance as a % of gross notes receivable 21% 21% (1) Notes receivable secured by homesites were originated through a business, substantially all of the assets of which were sold by Bluegreen in 2012. The weighted-average interest rate on Bluegreen’s notes receivable was 15.7% , 15.9% and 16.0% at December 31, 2016, 2015 and 2014, respectively. Bluegreen’s notes receivable bear interest at fixed rates. Bluegreen’s VOI notes receivable are generally secured by property located in Florida, Missouri, Nevada, South Carolina, Tennessee and Wisconsin. Future principal payments due on Bluegreen’s notes receivable (including notes receivable secured by homesites) during each of the five years subsequent to December 31, 2016 and thereafter are set forth below (in thousands): December 31, 2016 2017 $ 72,371 2018 61,717 2019 56,748 2020 58,153 2021 60,522 Thereafter 236,559 $ 546,070 Credit Quality for Financ ed Receivables and the Allowance for Credit Losses Bluegreen holds large amounts of homogeneous VOI notes receivable and assesses uncollectibility based on pools of receivables. In estimating future credit losses, Bluegreen’s management does not use a single primary indicator of credit quality but instead evaluates its VOI notes receivable based upon a static pool analysis that incorporates the aging of the respective receivables, default trends and prepayment rates by origination year, as well as the FICO® scores of the borrowers at the time of origination. The activity in Bluegreen’s allowance for loan losses (including with respect to notes receivable secured by homesites) was as follows (in thousands): For the Years Ended December 31, 2016 2015 2014 Balance, beginning of period $ 110,714 102,566 90,592 Provision for credit losses 44,337 42,062 40,164 Write-offs of uncollectible receivables (39,461) (33,914) (28,190) Balance, end of period $ 115,590 110,714 102,566 The following table shows the delinquency status of Bluegreen’s VOI notes receivable as of December 31 , 201 6 and 2015 (in thousands): December 31, 2016 2015 Current $ 521,536 501,738 31-60 days 6,378 6,889 61-90 days 5,082 4,869 > 90 days (1) 11,386 10,389 Total $ 544,382 523,885 (1) Includes $5.3 million and $5.2 million as of December 31 , 201 6 and 2015 , respectively, relat ed to VOI notes receivable that, as of such date, had defaulted but the related VOI note receivable balance had not yet been charged off in accordance with the provisions of certain of Bluegreen's receivable-backed notes payable transactions. These VOI notes receivable have been reflected in the allowance for credit loss es . |
Inventory
Inventory | 12 Months Ended |
Dec. 31, 2016 | |
Inventory [Abstract] | |
Inventory | 7 . Inventory Inventory consisted of the following (in thousands): December 31, 2016 2015 Completed VOI units $ 163,581 166,781 Construction-in-progress 13,396 10,455 Real estate held for future VOI development 98,453 90,400 Land held for development 15,254 - Purchase accounting adjustment (36,896) (47,425) Total Inventory $ 253,788 220,211 Inventory is primarily comprised of completed VOIs, VOIs under construction, land held for future VOI development and land held for single-family lot development. The Company reviews real estate held for VOI development and land held for development for impairment when events or changes in circumstances indicate that the carrying amount of the assets might not be recoverable. No impairment charges were recorded with respect to inventory during the years ended December 31, 2016, 2015 and 2014. In September 2016, Bluegreen increased the selling price of its VOIs by 5% . As a result of this pricing change, Bluegreen’s management also increased its estimate of total gross margin generated on the sale of its VOI inventory. Under the relative sales value method prescribed for timeshare developers to relieve the cost of VOI inventory, changes to the estimate of gross margin expected to be generated on the sale of VOI inventory are recognized on a retrospective basis in earnings. Accordingly, during 2016, Bluegreen recognized a benefit to cost of VOIs sold of $5.6 million. Interest capitalized to VOI inventory was $0.4 million and $0.7 million during 2016 and 201 5, respectively . The interest expense reflected in the Company’s Consolidated S tatements of Operations and Comprehensive Income is net of capitalized interest. In addition, included in “ other assets” in the Company’s C onsolidated S tatements of Financial C ondition as of December 31, 2016 and 2015 was inventory manufactured by Renin and BBX Sweet Holdings consisting of the following (in thousands): December 31, 2016 2015 Raw materials $ 5,059 5,822 Paper goods and packaging materials 2,090 4,504 Finished goods 7,577 6,021 Total $ 14,726 16,347 Manufactured inventories are stated at the lower of cost or market value. Cost is determined by the first-in, first out method. In valuing inventory, the Company makes assumptions regarding the write-downs required for excess and obsolete inventory based on judgments and estimates formulated from available information. The Company estimates for excess and obsolete inventory are based on historical and forecasted usage. Inventory is also examined for upcoming expiration and is written down where appropriate. Included in costs of goods sold were $4. 7 million, $ 1 .7 million and $0.2 of inventory write-downs for the years ended December 31, 2016, 2015 and 2014, respectively. |
Real Estate Held-For-Investment
Real Estate Held-For-Investment And Real Estate Held-For-Sale | 12 Months Ended |
Dec. 31, 2016 | |
Real Estate Held-For-Investment And Real Estate Held-For-Sale [Abstract] | |
Real Estate Held-For-Investment And Real Estate Held-For-Sale | 8 . Real Estate Held-For-Investment and Real Estate Held-For-Sale Real estate held-for-investment and real estate held-for-sale consists of property acquired primarily through foreclosure s, settlements, or deeds in lieu of foreclosure . Upon acquisition real estate is classified as real estate held-for-sale or real estate held-for investment. Real estate is classified as held-for-sale when the property is a vailable for immediate sale in i t s present condition, management commits to a plan to sell the property, an active program to locate a buyer has been initiated, the property is being marketed at a price that is reasonable in relation to its current fair value and it is likely that a sale will be completed within one year. When the property does not meet the real estate held-for-sale criteria, the real estate is classified as held-for-investment. The following table presents real estate held-for-sale grouped in the following classifications (in thousands ): December 31, 2016 2015 Real estate held-for-sale Land $ 28,701 25,994 Rental properties 1,748 17,162 Residential single-family 2,896 2,924 Other - 258 Total real estate held-for-sale $ 33,345 46,338 The following table presents real estate held-for-investment grouped in the following classifications (in thousands): December 31, 2016 2015 Real estate held-for-investment Land $ 11,149 30,369 Other 880 921 Total real estate held-for-investment $ 12,029 31,290 The amount of interest capitalized to land held-for-investment associated with real estate development for the years ended December 31, 2016 and 2015 were $0 and $706,000 respectively. The following table s present the activity in real estate held-for-sale and held-for-investment for the years ended December 31, 2016, 2015 and 2014 (in thousands): For the Years Ended December 31, 2016 2015 Real Estate Real Estate Held-for-Sale Held-for-Investment Held-for-Sale Held-for-Investment Beginning of period, net $ 46,338 31,290 41,733 76,552 Acquired through foreclosure 4,807 - 3,215 - Transfers 11,582 (11,582) 41,751 (41,751) Purchases - - 10,667 - Transfers to inventory - (15,254) - - Transfers to property and equipment (6,557) - - - Improvements 561 7,615 3,261 16,771 Accumulated depreciation - (40) - (468) Sales (19,823) - (51,040) - Property contributed to joint ventures - - - (19,448) Impairments, net (3,563) - (3,249) (366) End of period, net $ 33,345 12,029 46,338 31,290 For the Year Ended December 31, 2014 Real Estate Held-for-Sale Held-for-Investment Beginning of period, net $ 33,971 107,336 Acquired through foreclosure 5,300 16,100 Transfers 28,018 (28,018) Purchases 2,313 1,977 Improvements - 3,824 Accumulated depreciation - (462) Sales (26,973) (16,200) Impairments, net (896) (8,005) End of period, net $ 41,733 76,552 The following table presents the real estate held-for-sale valuation allowance activity for the years ended December 31, 2016, 2015 and 2014 (in thousands): For the Years Ended December 31, 2016 2015 2014 Beginning of period $ 4,400 2,940 4,818 Transfer to held-for-investment - (93) - Impairments, net (1) 3,563 3,089 896 Sales (2,723) (1,536) (2,774) End of period $ 5,240 4,400 2,940 (1) Tax certificate impairments are not included . Net real estate income (loss) included in the Consolidated Statements of Operations and Comprehensive Income were as follows (in thousands): For the Years Ended December 31, 2016 2015 2014 Real estate acquired in settlement of loans and tax certificates: Income from real estate operations $ 2,589 3,887 5,516 Real estate operating expenses (2,903) (4,773) (6,296) Impairment of real estate (3,563) (3,615) (8,901) Net gains on the sales of real estate 5,487 31,114 4,677 Net real estate income (losses) $ 1,610 26,613 (5,004) 0 |
Investments In Unconsolidated R
Investments In Unconsolidated Real Estate Joint Ventures | 12 Months Ended |
Dec. 31, 2016 | |
Investments In Unconsolidated Real Estate Joint Ventures [Abstract] | |
Investments In Unconsolidated Real Estate Joint Ventures | 9 . Investment s in Unconsolidated Real Estate Joint Ventures As of December 31, 2016, the Company had equity interests in 13 unconsolidated real estate joint ventures that develop single-family master planned communities, multifamily apartment facilities and retail centers. Investments in unconsolidated real estate joint ventures are unconsolidated variable interest entities. See Note 4 for information regarding the Company’s investments in consolidated variable interest entities. The Company had the following investments in unconsolidated real estate joint ventures (in thousands): December 31, BBX Capital Investment in unconsolidated real estate joint ventures 2016 2015 % Ownership Altis at Kendall Square, LLC $ 154 764 20.24 % Altis at Lakeline - Austin Investors LLC 5,165 5,210 33.74 New Urban/BBX Development, LLC 907 864 50.00 Sunrise and Bayview Partners, LLC 1,574 1,577 50.00 Hialeah Communities, LLC 2,641 4,569 57.00 PGA Design Center Holdings, LLC 1,904 1,911 40.00 CCB Miramar, LLC 875 875 35.00 Centra Falls, LLC 595 727 7.14 The Addison on Millenia Investment, LLC 5,935 5,778 48.00 BBX/S Millenia Blvd Investments, LLC 5,095 4,905 90.00 Altis at Bonterra - Hialeah, LLC 17,626 15,782 95.00 Altis at Shingle Creek Manager, LLC 332 - 2.50 Centra Falls II, LLC 571 - 7.14 Investments in unconsolidated real estate joint ventures $ 43,374 42,962 The Company analyzed the respective operating agreements governing its investments in unconsolidated real estate joint ventures and determined that it is not the primary beneficiary and therefore the investments in the real estate joint ventures are accounted for under the equity method of accounting. The conclusions were based primarily on the determination that the Company does not have the power to direct activities of the joint ventures that most significantly affect the joint venture’s economic performance as the Company only has limited protective rights under the operating agreements, is not the manager of the joint ventures and does not have day-to-day decision making authority. Additionally, in the majority of the joint ventures the managing member guarantees the indebtedness of the joint venture and in certain joint ventures the managing member is responsible for construction cost overruns. The Company’s maximum loss exposure in unconsolidated real estate joint ventures was $49.0 million as of December 31, 2016. In certain joint ventures the Company transferred land to the joint venture as an initial capital contribution resulting in deferred gains and joint venture basis adjustments. The Company accounted for the contribution of land to the joint ventures on the cost recovery method. Included in other liabilities in the Company’s Consolidated Statements of Financial Condition as of December 31, 2016 and 2015 was $0.9 million and $3.2 million, respectively, of deferred gains. During the year ended December 31, 2016, the Company recognized $2.3 million of deferred gains upon sales by joint ventures of single-family homes and a multifamily apartment facility. Differences between the net investments in unconsolidated real estate joint ventures and the underlying equity in the net assets of the joint ventures result from basis adjustments and the capitalization of interest. The aggregate amount of interest capitalized associated with land development activities of the real estate joint ventures was $0.9 million and $0.5 million for the years ended December 31, 2016 and 2015, respectively. There was no interest capitalized during the year ended December 31, 2014. The aggregate amount of real estate joint venture basis adjustments was $7.6 million and $9.3 million as of December 31, 2016 and 2015, respectively. Included in the Company’s Consolidated Statement of Operations and Comprehensive Income was $1.5 million of equity earnings associated with basis adjustments from joint ventures arising from sales by joint ventures of single-family homes. There were no real estate joint venture basis adjustments in equity earnings for the years ended December 31, 2015 or 2014. The equity earnings of unconsolidated real estate joint ventures was $13.6 million for the year ended December 31, 2016 of which $9.5 million was equity earnings from the Hialeah Communities real estate joint venture. The condensed Statements of Financial Condition as of December 31, 2016 and 2015, and the condensed Statements of Operations for the years ended December 31, 2016, 2015 and 2014 for the Hialeah Communities joint venture was as follows (in thousands): December 31, 2016 2015 Assets Cash $ 2,719 6,960 Real estate inventory 28,246 31,251 Properties and equipment 439 60 Other assets 1,387 6,839 Total assets $ 32,791 45,110 Liabilities and Equity Notes payable $ 16,278 22,351 Other liabilities 8,628 11,456 Total liabilities 24,906 33,807 Total equity 7,885 11,303 Total liabilities and equity $ 32,791 45,110 For the Years Ended December 31, 2016 2015 2014 Total revenues $ 84,860 17 - Costs of sales (62,315) - - Other expenses (4,562) (1,340) (419) Net earnings (loss) $ 17,983 (1,323) (419) Equity in net earnings (losses) of unconsolidated real estate joint ventures $ 9,547 (747) (239) |
Property And Equipment
Property And Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Property And Equipment [Abstract] | |
Property And Equipment | 10. Property and Equipment Property and equipment was comprised of (in thousands): December 31, 2016 2015 Land, building and building improvements $ 73,883 68,915 Leasehold improvements 11,912 9,611 Office equipment, furniture and fixtures 65,284 59,696 Transportation 453 379 151,532 138,601 Accumulated depreciation (55,534) (48,581) Property and equipment, net $ 95,998 90,020 Included in selling, general and administrative expenses in the Company’s Consolidated Statements of Operations and Comprehensive Income was approximately $12.4 million, $11.4 million and $10.6 million of depreciation expense for the years ended December 31, 2016, 2015 and 2014, respectively. |
Goodwill And Intangible Assets
Goodwill And Intangible Assets | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill And Intangible Assets [Abstract] | |
Goodwill And Intangible Assets | 1 1 . Goodwill and Intangible Assets Goodwill The Company tests goodwill for potential impairment annually or during interim periods if impairment indicators exist. The Company’s goodwill of $6.7 million at December 31, 2016 and $7.6 million at December 31, 2015 is associated with BBX Sweet Holdings acquisitions during 2015 and 2014 , respectively. The Company’s goodwill was tested for impairment on December 31, 2016 (annual testing date) and the goodwill assigned to one of BBX Sweet Holdings reporting units was determined to be impaired. The goodwill assigned to another BBX Sweet Holdings reporting unit was determined not to be impaired. If BBX Sweet Holdings’ reporting units do not meet expectations or if there is a downturn in the sugar and confectionery industry, the Company may recognize goodwill impairment charges in future periods. As of December 31, 2016 the estimated fair value of BBX Sweet Holdings impaired reporting unit was less than the estimated fair value of its underlying assets and the Company recognized an impairment loss of $0.9 million. Cumulative goodwill impairment losses were $0.9 million as of December 31, 2016 and $0 as of December 31, 2015. There were no goodwill impairments during the years ended December 31, 2015 or 2014. Changes to BBX Sweet Holdings strategic plan implemented by its new management team resulted in the goodwill impairment loss at the BBX Sweet Holdings reporting unit. The process of evaluating goodwill for impairment involves the determination of the fair value of the Company’s reporting units. Inherent in such fair value determinations are certain judgments and estimates relating to future cash flows, including the Company’s interpretation of current economic indicators and market valuations, and assumptions about the Company’s strategic plans with regard to its operations. Due to the uncertainties associated with such evaluations, actual results could differ materially from such estimates. Intangible Assets I ntangible assets are as follows (in thousands): December 31, Class 2016 2015 Intangible assets: Management contracts $ 61,293 61,293 Trademarks 5,215 5,965 Customer Relationships 1,620 2,691 Lease premium 2,411 2,411 Area development contracts 660 - Other 126 246 71,325 72,606 Accumulated amortization (2,870) (2,418) Total intangibles assets $ 68,455 70,188 M anagement contracts are indefinite lived intangible assets and are not amortized. Trademarks, customer relationships and non-competition agreements are amortized using the straight-line method over their expected useful lives of 4 years to 20 years. For the year ended December 31, 2016 , the Company entered into area development agreements with a franchisor. The area development agreements are amortized using the straight-line method over their expected lives of 7 years . A mortization expense of intangible assets included in selling general and administrative expenses for the years ended December 31, 2016, 2015 and 2014 was approximately $0.9 million, $0.9 million and $0.6 million, respectively. The lease premiums are amortized using the straight-line method over their expected useful lives of 5 to 9 years. The Company tests intangible assets for recoverability whenever events or changes in circumstances indicate the carrying value of an asset group may not be recoverable. Due to the change in management at BBX Sweet Holdings, the Company tested BBX Sweet Holdings asset groups for recoverability for the year ended December 31, 2016. Based on the Company’s evaluation the carrying amounts of certain asset groups exceeded their undiscounted future cash flows. As a result, the Company recognized a $1.5 million intangible asset impairment loss included in impairment of assets, net in the Statements of Operations and Comprehensive Income. The impairment loss was measured as the amount by which the carrying amount of the intangible asset s exceed ed fair value. T here were no impair ment losses during the years ended December 31, 201 5 or 201 4. The Company utilizes discounted cash flow methodology to determine the fair value of its goodwill and intangible assets. The discounted cash flow methodology establishes fair value by estimating the present value of the projected future cash flows to be generated from reporting units or asset groups. The discount rate applied to the projected future cash flows to arrive at the present value is intended to reflect all risks of ownership and the associated risks of realizing the stream of projected future cash flows. The Company generally used a five year period in computing discounted cash flow values. The most significant assumptions used in the discounted cash flow methodology are the discount rate, the terminal value and the forecast of future cash flows. The estimated aggregate amortization expense of intangible assets for each of the five succeeding years is as follows (in thousands): Years Ending December 31, Total 2017 $ 812 2018 790 2019 548 2020 504 2021 501 Included in other liabilities was a $225,000 lease discount intangible liability associated with the Anastasia acquisition. The lease discount is amortized using the straight-line method over the lease term of five years. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2016 | |
Debt [Abstract] | |
Debt | 12. Debt Notes Payable and Other Borrowings Contractual minimum principal payments of debt outstanding for each of the five years subsequent to December 31, 20 16 and thereafter are shown below (in thousands): Notes and Recourse Non-recourse Mortgage Notes Receivable Receivable Junior Payable and Backed Backed Subordinated Lines of Credit Notes Payable Notes Payable Debentures Total 2017 $ 9,966 - - - 9,966 2018 22,270 - - - 22,270 2019 36,753 5,125 - - 41,878 2020 8,317 41,385 31,417 - 81,119 2021 37,297 32,247 - - 69,544 Thereafter 22,079 8,874 301,131 195,879 527,963 136,682 87,631 332,548 195,879 752,740 Unamortized debt issuance costs (2,892) - (5,190) (1,730) (9,812) Purchase Accounting - - - (41,782) (41,782) Total Debt $ 133,790 87,631 327,358 152,367 701,146 The minimum contractual payments set forth in the table above may differ from actual payments due to the timing of principal payments required upon (1) the sale of real estate assets that serve as collateral on certain debt (release payments) and (2) cash collections of pledged or transferred notes receivable. The table below sets forth information regarding the lines-of-credit and notes payable facilities (other than receivable-backed notes payable) of the Company as of December 31, 2016 and 2015 (dollars in thousands): December 31, 2016 December 31, 2015 Carrying Carrying Amount of Amount of Debt Interest Pledged Debt Interest Pledged Balance Rate Assets Balance Rate Assets Bluegreen: 2013 Notes Payable $ 52,500 5.50% 29,349 58,500 8.05% 30,411 Pacific Western Term Loan 1,727 6.02% 8,963 3,791 5.68% 10,868 Fifth Third Bank Note 4,326 3.62% 9,157 4,572 3.50% 9,336 NBA Line of Credit 2,006 5.00% 8,230 9,721 5.50% 24,246 Fifth Third Syndicated Line of Credit 15,000 3.46% 60,343 25,000 3.11% 54,312 Fifth Third Syndicated Term Loan 25,000 3.46% 20,114 - - - Unamortized debt issuance costs (2,177) - - (1,975) - - Total Bluegreen $ 98,382 $ 136,156 $ 99,609 $ 129,173 Other Notes Payable: Community Development District Obligations $ 21,435 4.50 -6.00 % $ 20,744 $ - - $ - Wells Fargo Capital Finance 9,692 (1) (2) 8,071 (1) (2) Anastasia Note 3,417 5.00% (2) 5,330 5.00% (2) Iberia Line of Credit - 3.37% (2) 4,997 3.18% (2) Other 1,579 5.25% 2,044 3,023 2.35% - 5.25% 3,089 Unamortized debt issuance costs (715) (36) Total Other Notes Payable $ 35,408 $ 21,385 Total Notes Payable $ 133,790 $ 120,994 (1) The term loan and revolving advance facility bear interest at the Bank Prime Interest Rate or the daily three month LIBOR interest rate plus a margin specified in the credit agreement ranging from 0.5% to 3.25% per annum. (2) The collateral is a blanket lien on the respective company’s assets. Bluegreen 2013 Notes Payable - In March 2013, Bluegreen issued $75.0 million of senior secured notes (the “2013 Notes Payable”) in a private financing transaction. The 2013 Notes Payable are secured by certain of Bluegreen’s assets, including primarily the cash flows from the residual interests relating to term securitizations and the VOI inventory in the BG Club 36 resort in Las Vegas, Nevada. Pursuant to the terms of the 2013 Notes Payable, Bluegreen is required to periodically pledge reacquired VOI inventory in the BG Club 36 resort. Bluegreen may also pledge additional residual interests from other term securitizations. In September 2016, the 2013 Notes Payable were amended to reduce the interest rate from 8.05% to 5.50% . The 2013 Notes Payable mature in March 2020, with certain required amortization during the seven -year term. The terms of the 2013 Notes Payable include certain covenants and events of default, which Bluegreen’s management considers to be customary for transactions of this type. The proceeds from the 2013 Notes Payable were used to fund a portion of the merger consideration paid to Bluegreen’s former shareholders in connection with the closing of Woodbridge’s April 2013 acquisition of Bluegreen. Pacific Western Term Loan - Bluegreen has a non-revolving term loan (the “Pacific Western Term Loan”) with Pacific Western Bank, as successor by merger to CapitalSource Bank, secured by unsold inventory and undeveloped land at the Bluegreen Odyssey Dells Resort. The Pacific Western Term Loan matures in June 2019 and bears interest at 30 -day LIBOR plus 5.25% ( 6.02% at December 31, 2016). Interest payments are paid monthly. Principal payments are effected through release payments upon sales of the timeshare interests in the Bluegreen Odyssey Dells Resort that serve as collateral for the Pacific Western Term Loan, subject to mandatory principal reductions pursuant to the terms of the loan agreement. The Pacific Western Term Loan is cross-collateralized and is subject to cross-default with the Pacific Western Facility described below under “Receivable-Backed Notes Payable.” Fifth Third Bank Note Payable - In April 2008, Bluegreen entered into a note payable with Fifth Third Bank to finance an acquisition of real estate. The Fifth Third Bank Note Payable matures in August 2021. Principal and interest on amounts outstanding under the Fifth Third Bank Note Payable are payable monthly through maturity. The interest rate under the note equals the 30-day LIBOR plus 3.00% , with a 0.125% roundup provision ( 3.62% as of December 31, 2016). NBA Line of Credi t - Since December 2013, Bluegreen/Big Cedar Vacations has had a revolving line of credit with National Bank of Arizona (the “NBA Line of Credit”). The NBA Line of Credit is secured by unsold inventory and VOIs under construction at Bluegreen/Big Cedar Vacation’s Paradise Point Resort. The NBA Line of Credit has a borrowing limit of $15.0 million, which is included in the $45.0 million of availability under the NBA Receivables Facility discussed below. The revolving advance period expires in June 2018 and the maturity is June 2020. The NBA Line of Credit bears interest at the 30-day LIBOR plus 3.50% (with an interest rate floor of 5.00%) in connection with the final funding of the construction loan for the Paradise Point Resort. Interest payments are paid monthly. Principal payments are effected through release payments upon sales of the timeshare interests in the Paradise Point Resort that serve as collateral for the NBA Line of Credit, subject to mandatory principal reductions. The NBA Line of Credit is cross-collateralized and is subject to cross-default with the NBA Receivables Facility described below under “Receivable-Backed Notes Payable.” Fifth Third Syndicated Line-of-Credit and Fifth Third Syndicated Term Loan - In November 2014, Bluegreen entered into a $25.0 million revolving credit facility with Fifth Third Bank as administrative agent and lead arranger and certain other bank participants as lenders. The facility was secured by certain of Bluegreen’s sales centers, certain VOI inventory and specified non-consumer receivables and was guaranteed by certain of Bluegreen’s subsidiaries. In December 2016, Bluegreen amended and restated the credit and security agreement. The amended and restated facility is a $100.0 million syndicated credit facility with Fifth Third, as administrative agent and lead arranger and certain other bank participants. The amended and restated facility includes a $25.0 million term loan (the “Fifth Third Syndicated Term Loan”) with quarterly amortization requirements and a $75.0 million revolving line of credit (the “Fifth Third Syndicated Line-of-Credit”). Amounts borrowed under the facility generally bear interest at LIBOR plus 2.75% - 3.75% depending on Bluegreen’s leverage ratio, are collateralized by certain of Bluegreen’s VOI inventory, sales center buildings and short-ter m receivables, and will mature i n December 2021. The facility contains covenants and conditions which Bluegreen considers to be customary for transactions of this type. Borrowings are used by Bluegreen for general corporate purposes. As of December 31, 2016, outstanding borrowings under the facility totaled $40.0 million, including the $25.0 million Fifth Third Syndicated Term Loan and $15.0 million of borrowings under the Fifth Third Syndicated Line-of-Credit. As of December 31, 2016, the interest rate under the Fifth Third Syndicated Term Loan and the Fifth Third Syndicated Line-of-Credit was 3.46% . Other Notes Payable Community Development District Obligations - A community development district or similar development authority (“CDD”) is a unit of local government created under various state and/or local statutes to encourage planned community development and allow for the construction of infrastructure improvements through alternative financing sources, including the tax-exempt bond markets. A CDD is generally created through the approval of the local city or county in which the CDD is located and is controlled by a Board of Supervisors representing the landowners within the CDD. In connection with the development of the Beacon Lakes C ommunit y , The Meadow View at Twin Creeks CDD was formed by St. Johns County, Florida to use bond financing to fund construction of infrastructure improvements at the Beacon Lakes C ommunit y . The CDD assesses the property owners benefiting from the improvements financed by the bond offerings. The obligation to pay principal and interest on the bonds issued by the CDD is assigned to each parcel within the CDD and the CDD has a lien on each parcel. If the owner of the parcel does not pay this obligation, the CDD can foreclose on the lien. The CDD bond obligations , including interest and the associated lien on the property are typically payable, secured and satisfied by revenues, fees or assessments levied on the property benefited. The total amount of CDD bond obligations outstanding with respect to the Beacon Lake Community was $ 21.4 million as of December 31, 201 6 . The assessments to be levied by the CDD are fixed or determinable amounts. The CDD bond obligations outstanding as of December 31, 201 6 have fixed interest rates ranging from 4.5% to 6.00% and mature at various times during the years 201 7 through 20 47 . The Company at its option has the ability to repay a specified portion of the bonds at the time of each lot closing . The Company records an obligation for the CDD bond upon issuance with a corresponding increase in other assets. The CDD bonds are secured by a lien on the Beacon Lake property with a carrying amount of $15.3 million as of December 31, 2016. The Company relieves the CDD bond obligation associated with a particular parcel when the purchaser of the property assumes the obligation which occurs automatically upon such purchaser’s acquisition of the property or upon repayment by the Company. Included in other assets in the Company’s Consolidated Statement of Financial Condition as of December 31, 2016 was $20.7 million of funds that the Company does not have the right of setoff on the Company’s CDD bond obligations. Other assets associated with the CDD bond obligations are reduced with a corresponding increase in land development when the CDD disburses the funds to contractors for the construction of infrastructure improvements. Wells Fargo Capital Finance - On June 11, 2014, Renin entered into a credit agreement (the “WF Credit Agreement”) with Wells Fargo Capital Finance Corporation (“Wells Fargo”). Under the terms and conditions of the WF Credit Agreement, Wells Fargo made a $1.5 million term loan to Renin. The WF Credit Agreement also includes a revolving advance facility pursuant to which Wells Fargo agreed to make loans to Renin on a revolving basis up to a maximum of approximately $18.0 million or, if lower, the Borrowing Base (as defined in the WF Credit Agreement), subject to Renin’s compliance with the terms and conditions of the WF Credit Agreement, including certain specific financial covenants as discussed below. Amounts outstanding under the term loan and loans made under the revolving advance facility bear interest at the Canadian Prime Rate or the daily three month LIBOR rate plus a margin specified in the WF Credit Agreement at various rates between 0.5% per annum and 3.25% per annum. The revolving advance facility also includes a 0.25% per annum fee charged on the amount of unused commitment. The term loan and borrowings under the revolving advance facility require monthly interest payments. In addition, beginning on October 1, 2014, the term loan requires quarterly principal repayments of $75,000 . The maturity date under the WF Credit Agreement with respect to the term loan and all loans made pursuant to the revolving advance facility is June 11, 2019. The amount outstanding under the term loan and revolving advance facility were $0.8 million and $ 8 . 9 million , respectively, as of December 31, 2016. The amount outstanding under the term loan and revolving advance facility were $1.1 million and $7.0 million , respectively, as of December 31, 2015. Under the terms and conditions of the WF Credit Agreement, Renin is required to comply with certain financial covenants including a monthly Fixed Charge Coverage Ratio (as defined in the amended WF Credit Agreement) measured on a trailing twelve-month basis. The WF Credit Agreement also contains customary affirmative and negative covenants, including those that, among other things, limit the ability of Renin to incur liens or engage in certain asset dispositions, mergers or consolidations, dissolutions, liquidations or winding up of its businesses. The loans are collateralized by all of Renin’s assets. Renin was in compliance with the WF Credit Agreement financial covenants as of December 31, 2016. Anastasia Note - In October 2014, BBX Sweet Holdings acquired the outstanding common shares of Anastasia. A portion of the purchase consideration was a $7.5 million promissory note. The promissory note bears interest at 5% per annum and the Company made two annual principal payments of $2.0 million on the promissory note plus accrued interest on October 1, 2016 and 2015. The remaining $3.5 million balance of the promissory note is payable in two annual payments of principal and accrued interest as follows: $2.0 million plus accrued interest on October 1, 2017, and the final payment of $1.5 million plus accrued interest on October 1, 2018. The repayment of the promissory note is guaranteed by the Company and secured by the common stock of Anastasia. The Anastasia note payable was recorded at a $0.3 million discount to reflect the fair value of the note payable at the acquisition date. Iberia Line of Credit - On August 7, 2015, BBX Sweet Holdings entered into a Loan and Security Agreement and related agreements with Iberiabank, which provides for borrowings by BBX Sweet Holdings of up to $5.0 million on a revolving basis. Amounts borrowed under this facility accrue interest at a floating rate of thirty day LIBOR plus 2.75% . Payments of interest only are payable monthly. The facility matures, and all outstanding principal and interest will be payable, on August 4, 2017, with one twelve month renewal option at BBX Sweet Holdings’ request, subject to satisfaction of certain conditions. The loan documents include a number of covenants, including financial covenants relating to BBX Sweet Holdings’ debt service coverage ratio. The facility is secured by the assets of BBX Sweet Holdings and its subsidiaries and is guaranteed by the Company. BBX Sweet Holdings was in compliance with the Iberiabank loan financial covenants as of December 31, 2016. Other – Other notes payable includes a term loan to BBX Sweet Holdings with an outstanding balance of $1.6 million as of December 31, 2016 and 2015 collateralized by land and buildings with a carrying value of $2.0 million as of December 31, 2016 . The Company is the guarantor on this note payable. The remaining other notes payable as of December 31, 2015 consisted of purchase consideration notes payable in connection with BBX Sweet Holdings acquisitions. The purchase consideration notes payable were repaid during the year ended December 31, 2016. Receivable-Backed Notes Payable The table below sets forth information regarding Bluegreen’s receivable-backed notes payable facilities (dollars in thousands): December 31, 2016 December 31, 2015 Principal Principal Balance of Balance of Pledged/ Pledged/ Debt Interest Secured Debt Interest Secured Balance Rate Receivables Balance Rate Receivables Recourse receivable-backed notes payable: Liberty Bank Facility $ 32,674 4.25% $ 41,357 $ 46,547 4.00% $ 56,815 NBA Receivables Facility 34,164 3.50 - 4.0% 40,763 24,860 4.00 - 4.50% 29,947 Pacific Western Facility 20,793 5.14% 27,712 18,481 4.93% 23,596 Total $ 87,631 $ 109,832 $ 89,888 $ 110,358 Non-recourse receivable-backed notes payable: BB&T/DZ Purchase Facility $ 31,417 3.67% $ 41,388 $ 38,228 3.33% $ 50,224 Quorum Purchase Facility 23,981 4.75 -6.90% 26,855 28,500 4.75 -6.90% 32,303 2007 Term Securitization - - - 17,642 7.32% 18,720 2008 Term Securitization - - - 7,227 7.88% 7,726 2010 Term Securitization 13,163 5.54% 16,191 24,074 5.54% 28,159 2012 Term Securitization 32,929 2.94% 36,174 44,603 2.94% 49,091 2013 Term Securitization 48,514 3.20% 51,157 62,670 3.20% 66,020 2015 Term Securitization 75,011 3.02% 78,980 95,985 3.02% 100,142 2016 Term Securitization 107,533 3.35% 117,249 - - - Unamortized debt issuance costs (5,190) - - (4,905) - - Total $ 327,358 $ 367,994 $ 314,024 $ 352,385 Total receivable-backed debt $ 414,989 $ 477,826 $ 403,912 $ 462,743 Liberty Bank Facility - Since 2008, Bluegreen has maintained a revolving timeshare receivables hypothecation facility (the “Liberty Bank Facility”) with Liberty Bank which provides for advances on eligible receivables pledged under the Liberty Bank Facility, subject to specified terms and conditions, during a revolving credit period. Pursuant to the terms of the agreement, as amended in November 2015, the aggregate maximum outstanding borrowings are $50.0 million and the revolving credit period will expire in November 2017. The Liberty Bank Facility allows future advances of (i) 85% of the unpaid principal balance of Qualified Timeshare Loans assigned to agent, and (ii) 60% of the unpaid principal balance of Non-Conforming Qualified Timeshare Loans assigned to agent, all of which bear interest at the WSJ Prime Rate plus 0.50% per annum subject to a 4.00% floor. Principal and interest are required to be paid as cash is collected on the pledged receivables, with all outstanding amounts being due in November 2020. In March 2016, Bluegreen repaid $24.2 million, including accrued interest, under the facility in connection with the 2016 Term Securitization described below. NBA Receivables Facility - Bluegreen/Big Cedar Vacations has a revolving timeshare hypothecation facility with National Bank of Arizona (the “NBA Receivables Facility”). The NBA Receivables Facility provides for advances at a rate of 85% on eligible receivables pledged under the facility up to a maximum of $45.0 million of outstanding borrowings (inclusive of outstanding borrowings under the NBA Line of Credit discussed above), subject to eligible collateral and specified terms and conditions, during a revolving credit period which expires in June 2018. In September 2016, NBA agreed to advance eligible timeshare receivables through December 16, 2016 in a minimum amount of $15.0 million, but not to exceed $45.0 million of outstanding borrowings and subject to certain conditions and other terms of the facility at a reduced interest rate equal to 30-day LIBOR plus 2.75% (with an interest rate floor of 3.50% ). Amounts outstanding under the NBA Receivables Facility for borrowings made prior to the September 2016 amendment accrue interest at the previously prevailing rates of 30-day LIBOR plus 3.25% (with an interest rate floor of 4.00% ) . Except as described above, all other future borrowings will accrue interest at a rate equal to the 30-day LIBOR plus 3.25% (with an interest rate floor of 4.00%) . Principal repayments and interest on borrowings under the NBA Receivables Facility are paid as cash is collected on the pledged receivables, subject to future required decreases in the advance rates after the expiration of the revolving advance period, with the remaining outstanding balance maturing in December 2022. As of December 31, 2016, $14.1 million of the outstanding balance bears interest at 4.0% and $20.1 million of the outstanding balance bears interest at 3.50% . All principal and interest payments received on pledged receivables are applied to principal and interest due under the facility. The NBA Receivables Facility is cross-collateralized and is subject to cross-default with the NBA Line of Credit described above. Pacific Western Facility - Bluegreen has a revolving timeshare receivables hypothecation facility (the “Pacific Western Facility”) with Pacific Western Bank, as successor-by-merger to CapitalSource Bank, which provides for advances on eligible receivables pledged under the facility, subject to specified terms and conditions, during a revolving credit period. Maximum outstanding borrowings under the Pacific Western Facility are $40.0 million (inclusive of outstanding borrowings under the Pacific Western Term Loan discussed above), subject to eligible collateral and other terms and conditions. The revolving advance period expiration date is September 2018, subject to an additional 12 -month extension at the option of Pacific Western Bank. Eligible “A” receivables that meet certain eligibility and FICO® score requirements, which Bluegreen’s management believes are typically consistent with loans originated under Bluegreen’s current credit underwriting standards, are subject to an 85% advance rate. The Pacific Western Facility also allows for certain eligible “B” receivables (which have less stringent FICO® score requirements) to be funded at a 53% advance rate. Borrowings under the Pacific Western Facility accrue interest at 30-day LIBOR plus 4.50% , except that the interest rate on a portion of future borrowings under the Pacific Western Facility, to the extent such borrowings are in excess of established debt minimums, will accrue interest at 30-day LIBOR plus 4.00% . Principal repayments and interest on borrowings under the Pacific Western Facility are paid as cash is collected on the pledged receivables, subject to future required decreases in the advance rates after the end of the revolving advance period, with the remaining outstanding balance maturing in September 2021, subject to an additional 12-month extension at the option of Pacific Western Bank. As of December 31, 2016, the interest rate on the facility was 5.1% . The Pacific Western Facility is cross-collateralized and is subject to cross-default with the Pacific Western Term Loan. BB&T/DZ Purchase Facility - Bluegreen has a timeshare notes receivable purchase facility (the “BB&T/DZ Purchase Facility”) with Branch Banking and Trust Company (“BB&T”) and DZ Bank AG Deutsche Zentral-Genossenschaftsbank, Frankfurt AM Main (“DZ”), which permits maximum outstanding financings of $80.0 million. Availability under the BB&T/DZ Purchase Facility is on a revolving basis through December 2017, and amounts financed are secured by timeshare receivables at an advance rate of 75% , subject to eligible collateral and other terms of the facility, which Bluegreen believes to be customary for financing arrangements of this type. The facility will mature and all outstanding amounts will become due thirty-six months after the revolving advance period has expired, or earlier under certain circumstances set forth in the facility. Interest on amounts outstanding under the facility is tied to an applicable index rate of the LIBOR rate, in the case of amounts funded by BB&T, and a cost of funds rate or commercial paper rates, in the case of amounts funded by or through DZ. The interest rate under the facility equals the applicable index rate plus 2.9% until the expiration of the revolving advance period and thereafter will equal the applicable index rate plus 4.9% . Subject to the terms of the facility, Bluegreen will receive the excess cash flows generated by the receivables sold (excess meaning after payments of customary fees, interest and principal under the facility) until the expiration of the receivables advance period, at which point all of the excess cash flow will be paid to the note holders until the outstanding balance is reduced to zero . In March 2016, Bluegreen repaid $49.0 million, including accrued interest, under the facility in connection with the 2016 Term Securitization described below. While ownership of the timeshare receivables included in the facility is transferred and sold for legal purposes, the transfer of these timeshare receivables is accounted for as a secured borrowing for financial reporting purposes. The facility is nonrecourse and is not guaranteed by Bluegreen. Quorum Purchase Facility - Bluegreen and Bluegreen/Big Cedar Vacations have a timeshare notes receivable purchase facility (the “Quorum Purchase Facility”) with Quorum Federal Credit Union (“Quorum”). In October 2015, Quorum agreed to purchase on a revolving basis through June 30, 2017, eligible timeshare receivables in an amount of up to an aggregate $ 50.0 million purchase price, subject to certain conditions precedent and other terms of the facility. In October 2016, the Quorum Purchase Facility was amended and the advance period was extended through June 30, 2018. The interest rate on future advances made under the Quorum Purchase Facility will be set at the time of funding based on rates mutually agreed upon by all parties. Amounts currently outstanding under the Quorum Purchase Facility accrue interest at interest rates ranging from 4.75% to 6.90% per annum. The Quorum Purchase Facility provides for an 85% advance rate on eligible receivables sold under the facility. Future advances are also subject to a loan purchase fee of 0.50% . The Quorum Purchase Facility becomes due in December 2030. Eligibility requirements for receivables sold include, among others, that the obligors under the timeshare notes receivable sold be members of Quorum at the time of the note sale. Subject to performance of the collateral, Bluegreen or Bluegreen/Big Cedar Vacations, as applicable, will receive any excess cash flows generated by the receivables transferred to Quorum under the facility (excess meaning after payments of customary fees, interest, and principal under the facility) on a pro-rata basis as borrowers make payments on their timeshare loans. While ownership of the timeshare receivables included in the Quorum Purchase Facility is transferred and sold for legal purposes, the transfer of these timeshare receivables is accounted for as a secured borrowing for financial reporting purposes. The facility is nonrecourse and is not guaranteed by Bluegreen. 2016 Term Securitization - On March 17, 2016, Bluegreen completed a private offering and sale of $130.5 million of investment-grade, timeshare receivable-backed notes (the “2016 Term Securitization”). The 2016 Term Securitization consisted of the issuance of two tranches of timeshare receivable-backed notes (the “Notes”): $95.7 million of Class A and $34.8 million of Class B notes with note interest rates of 3.17% and 3.86% , respectively, which blended to an overall weighted-average note interest rate of 3.35% . The gross advance rate for this transaction was 90% . The Notes mature in July 2031. The amount of the timeshare receivables sold to BXG Receivable Note Trust 2016 (the “2016 Trust”) was $145.0 million, $122.3 million of which was sold to the 2016 Trust at closing and $22.7 million of which was subsequently sold to the 2016 Trust. The gross proceeds of such sales to the 2016 Trust were $130.5 million. A portion of the proceeds were used to: repay the BB&T/DZ Purchase Facility a total of $49.0 million, representing all amounts then outstanding under the facility (including accrued interest); repay $24.2 million under the Liberty Bank Facility, which includes accrued interest; capitalize a reserve fund; and pay fees and expenses associated with the transaction. Prior to the closing of the 2016 Term Securitization, Bluegreen, as servicer, funded $11.3 million in connection with the servicer redemption of the notes related to BXG Receivables Note Trust 2007-A, and certain of the timeshare loans in such trust were sold to the 2016 Trust in connection with the 2016 Term Securitization. In April 2016, Bluegreen, as servicer, funded $6.1 million in connection with the servicer redemption of the notes related to the BXG Receivables Note Trust 2008-A, and certain of the timeshare loans in such trust were sold to the 2016 Trust in connection with the 2016 Term Securitization. The remainder of the net proceeds from the 2016 Term Securitization of $36.0 million were used by Bluegreen for general corporate purposes. While ownership of the timeshare receivables included in the 2016 Term Securitization was transferred and sold for legal purposes, the transfer of these timeshare receivables was accounted for as a secured borrowing for financial accounting purposes. Accordingly, no gain or loss was recognized as a result of this transaction. Subject to the performance of the collateral, Bluegreen will receive any excess cash flows generated by the receivables transferred under the 2016 Term Securitization (excess meaning after payments of customary fees, interest, and principal under the 2016 Term Securitization) on a pro-rata basis as borrowers make payments on their timeshare loans. Other Non-Recourse Receivable-Backed Notes Payable - In addition to the above described facilities, Bluegreen has a number of other nonrecourse receivable-backed notes payable facilities, as set forth in the table above. During 2016, Bluegreen repaid $82.6 million under these additional receivable-backed notes payable facilities, including the payment in full of the notes payable issued in connection with the 2007 and 2008 Term Securitizations. During 2016, Bluegreen wrote off the related unamortized 2007 and 2008 Term Securitization debt issuance costs totaling approximately $0.5 million. As of December 31, 2016 , Bluegreen was in compliance with all financial debt covenants under its debt instruments. Junior Subordinated Debentures Junior subordinated debentures outstanding at December 31, 2016 and 2015 were as follows (in thousands): December 31, Beginning 2016 2015 Optional Issue Outstanding Outstanding Interest Maturity Redemption Junior Subordinated Debentures Date Amount Amount Rate (1) Date Date Levitt Capital Trust I ("LCT I") 03/15/2005 $ 23,196 23,196 LIBOR + 3.85% 03/01/2035 03/15/2010 Levitt Capital Trust II ("LCT II") 05/04/2005 30,928 30,928 LIBOR + 3.80% 06/30/2035 06/30/2010 Levitt Capital Trust III ("LCT III") 06/01/2006 15,464 15,464 LIBOR + 3.80% 06/30/2036 06/30/2011 Levitt Capital Trust IV ("LCTIV") 07/18/2006 15,464 15,464 LIBOR + 3.80% 09/30/2036 09/30/2011 Total Woodbridge Holdings 85,052 85,052 Bluegreen Statutory Trust I 03/15/2005 23,196 23,196 LIBOR + 4.90% 3/30/2035 03/30/2010 Bluegreen Statutory Trust II 05/04/2005 25,774 25,774 LIBOR + 4.85% 7/30/2035 07/30/2010 Bluegreen Statutory Trust III 05/10/2005 10,310 10,310 LIBOR + 4.85% 7/30/2035 07/30/2010 Bluegreen Statutory Trust IV 04/24/2006 15,464 15,464 LIBOR + 4.85% 6/30/2036 06/30/2011 Bluegreen Statutory Trust V 07/21/2006 15,464 15,464 LIBOR + 4.85% 9/30/2036 09/30/2011 Bluegreen Statutory Trust VI 02/26/2007 20,619 20,619 LIBOR + 4.80% 4/30/2037 04/30/2012 Total Bluegreen Corporation 110,827 110,827 Unamortized debt issuance costs (1,730) (1,822) Purchase accounting adjustment (41,782) (43,572) Total Junior Subordinated Debentures $ 152,367 150,485 (1) LIBOR interest rates are indexed to three-month LIBOR and adjust quarterly. Woodbridge and Bluegreen have each formed statutory business trusts (collectively, the “Trusts”) each of which issued trust preferred securities and invested the proceeds thereof in junior subordinated debentures of Woodbridge and Bluegreen, respectively. The Trusts are variable interest entities in which Woodbridge and Bluegreen, as applicable, are not the primary beneficiaries as defined by the accounting guidance for the consolidation of variable interest entities. Accordingly, the Company and its subsidiaries do not consolidate the operations of these Trusts; instead, the beneficial interests in the Trusts a |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Taxes [Abstract] | |
Income Taxes | 1 3 . Income Taxes The Company’s United States and foreign components of income before income taxes are as follows (in thousands): For the Years Ended December 31, 2016 2015 2014 U.S. $ 77,629 67,272 67,553 Foreign 407 (2,589) (3,175) Total $ 78,036 64,683 64,378 The provision for income taxes consisted of (in thousands): For the Years Ended December 31, 2016 2015 2014 Current: Federal $ (339) 5,288 20,756 State 1,014 2,445 3,904 675 7,733 24,660 Deferred: Federal 36,393 (74,189) 11,001 State (689) (10,140) 1,412 35,704 (84,329) 12,413 Provision (benefit) for income taxes $ 36,379 (76,596) 37,073 The Company's actual provision for income taxes differs from the expected Federal income tax provision as follows (dollars in thousands): For the Years Ended December 31, 2016 (1) 2015 (1) 2014 (1) Income tax provision at expected federal income tax rate of 35% $ 27,313 35.00 % $ 22,639 35.00 % $ 22,532 35.00 % Increase (decrease) resulting from: Benefit for state taxes, net of federal effect 527 0.68 9,029 13.96 6,120 9.51 Taxes related to subsidiaries not consolidated for income tax purposes (3,432) (4.40) (4,842) (7.49) 1,124 1.75 Nondeductible executive compensation 5,833 7.47 5,524 8.54 4,993 7.76 Bluegreen settlement - - 12,820 19.82 - - SEC penalty - - 1,243 1.92 - - Increase/(decrease) in valuation allowance 5,275 6.76 (127,835) (197.63) 1,294 2.01 Other – net 863 1.11 4,826 7.46 1,010 1.57 Provision (benefit) for income taxes $ 36,379 46.62 % $ (76,596) (118.42) % $ 37,073 57.60 % (1) Expected tax is computed based upon income before noncontrolling interests. The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and tax liabilities were (in thousands): December 31, 2016 2015 2014 Deferred tax assets: Allowance for loan losses, tax certificate losses and write-downs for financial statement purposes $ 42,008 41,832 38,771 Federal and State NOL and tax credit carryforward 218,609 237,820 270,331 Capital loss carryover - 15 766 Real estate valuation 16,828 33,505 42,278 Share based compensation 3,626 3,097 5,742 Income recognized for tax purposes and deferred for financial statement purposes - 103 103 Investment in unconsolidated affiliates 828 828 828 Property and equipment 3,015 588 1,056 Other 10,355 5,685 11,467 Total gross deferred tax assets 295,269 323,473 371,342 Valuation allowance (135,121) (129,846) (257,681) Total deferred tax assets 160,148 193,627 113,661 Deferred tax liabilities: Installment sales treatment of notes 152,074 150,237 152,419 Intangible assets 24,501 25,368 26,467 Junior subordinated debentures 16,349 17,205 18,700 Deferral of VOI sales and costs under timeshare accounting 8,718 9,222 8,554 Investment in securities 116 96 112 Other 2,708 93 18 Total gross deferred tax liabilities 204,466 202,221 206,270 Net deferred tax liability (44,318) (8,594) (92,609) Less net deferred tax liability at beginning of period 8,594 92,609 77,089 Net deferred tax liabilities from acquisitions - 329 3,107 Less change in net deferred tax liability for amounts included in other comprehensive income 20 (15) - (Provision) benefit for deferred income taxes $ (35,704) 84,329 (12,413) Activity in the deferred tax asset valuation allowance was (in thousands): For the Years Ended December 31, 2016 2015 2014 Balance, beginning of period $ 129,846 257,681 256,410 Increase (decrease) in deferred tax valuation allowance 5,275 (127,835) 1,294 Other comprehensive loss - - (23) Balance, end of period $ 135,121 129,846 257,681 The Company evaluates its deferred tax assets to determine if valuation allowances are required. In the evaluation, management considers net operating loss (“NOL”) carry-back availability, expectations of sufficient future taxable income, trends in earnings, existence of taxable income in recent years, the future reversal of temporary differences, and available tax planning strategies that could be implemented, if required. V aluation allowances are established based on the consideration of all available evidence using a more likely than not standard. Based on the Company’s evaluations, which are discussed in further detail below, the deferred tax valuation allowances increased by $5.3 million and $1.3 million for the years ended December 31, 2016 and 2014, respectively, and decreased by $ 127.8 million for the year ended December 31, 2015. The Company evaluated all positive and negative evidence available as of the reporting date, including tax planning strategies, the ability to file a consolidated return with its subsidiaries, the expected future reversal of existing taxable temporary differences, and expected future taxable income (primarily of Bluegreen) exclusive of reversing temporary differences and carry forwards. Based on this evaluation, the Company has determined that it is more likely than not that it will be able to realize certain deferred tax assets against which it had previously carried a valuation allowance. At December 31, 2014, the Company had maintained a valuation allowance against deferred tax assets of $257.7 million as the Company, BCC and Bluegreen filed separate group federal and state tax returns. A substantial portion of these deferred tax assets were attributable to federal and state net operating loss carry forwards. As a separate tax return filer, the Company maintained a full valuation allowance against certain deferred tax assets based on the Company’s determination that it was more likely than not that these deferred tax assets would not be realized. As a result of the increase in the company’s ownership interest in BCC completed on April 30, 2015 ( as discussed in Note 1 ), the Company currently files a consolidated group tax return with all of its U.S. subsidiaries from May 1, 2015 forward. As a consequence, a substantial portion of the Company’s net operating losses and other deductible temporary differences may be utilized in the consolidated return without limitation. The Company will continue to evaluate the positive and negative evidence available in subsequent periods and adjust its remaining valuation allowance to reflect the amount of net deferred tax assets it determines are more likely than not to be realized. At December 31, 2016, the Company had estimated federal and Florida net operating loss carryforwards of approximately $436.0 million and $958.4 million, respectively (which expire from 2023 through 2034). As described below, the Company’s ability to utilize a portion of these NOLs to offset future taxable income is subject to significant limitations as a result of the 2009 Woodbridge merger and the 2015 BCC tender offer. In addition, the Company has non-Florida state NOLs of $280.7 million, which expire from 2017 through 2036. The Company’s NOL carryforwards also include federal and Florida NOLs of approximately $19.7 million and $16.1 million, respectively, that are attributed to the exercise of stock options and the vesting of restricted stock awards. These tax benefits will not be recognized in the financial statements until such deductions are utilized to reduce taxes payable. As of December 31, 2016, the Company had alternative minimum tax credit carryforwards of $25.6 million, which do not expire. The Company’s NOLs and tax credits at December 31, 2016 include federal and Florida NOL carryforwards and federal tax credit carryforwards that can only be utilized if the Company has separate company taxable income. These NOL carryforwards cannot be utilized against most of the Company’s subsidiaries’ taxable income, including Bluegreen. As such, a full valuation allowance has been established for these NOL carryforwards and tax credits. The aggregate amount of these federal and Florida NOLs and federal tax credit carry-forwards as of December 31, 2016 was $227.6 million, $749.2 million and $2.1 million, respectively. These Federal and Florida NOL carryforwards expire from 2025 through 2035. The federal tax credit carryforwards expire from 2025 through 2031. In addition, as a result of the Company’s merger with Woodbridge in September 2009, the Company experienced a “change of ownership” as that term is defined in the Internal Revenue Code. This change of ownership resulted in a significant limitation of the amount of the Company’s pre-merger net operating losses that can be utilized by the Company annually. Of the total federal and Florida net operating loss carryforwards, approximately $74.5 million and $64.9 million, respectively, were generated by the Company prior to the merger with Woodbridge. As a result, a valuation allowance has been established for these NOLs to the extent that they may expire before they can be utilized. These Federal and Florida NOL carryforwards expire from 2021 through 2029. Canadian income tax NOL carryforwards were $3.3 million and expire from 2033 to 2036. As the Canadian operations have had taxable losses in recent years, a full valuation allowance has been applied to these NOL carryforwards. On September 21, 2009, the Company adopted a shareholder rights agreement aimed at protecting its ability to use available NOLs to offset future taxable income . See Note 18 for additional information regarding the Company’s rights agreement. The Company evaluates its tax positions based upon guidelines of ASC 740-10, Income Tax, which clarifies the accounting for uncertainty in tax positions. Based on an evaluation of uncertain tax provisions, the Company is required to measure tax benefits based on the largest amount of benefit that is greater than 50% likely of being realized upon settlement. There were no unrecognized tax benefits at December 31, 2016, 2015 or 2014. The Company is no longer subject to federal or Florida income tax examinations by tax authorities for tax years before 2013. Several of the Company’s subsidiaries are no longer subject to income tax examinations in certain state, local and non-U.S. jurisdictions for tax years before 2012. In August 2015, Bluegreen received notice from the Internal Revenue Service that its Income Tax Return for the year ended December 31, 2013 was selected for examination. In September 2015, the examination was extended to include the tax year ended December 31, 2012. In May 2016, Bluegreen received notification from the Internal Revenue Service that the examination for the tax years ended December 2013 and December 2012 was closed with no adjustments. Certain of the Company’s state income tax filings are under routine examination. While there is no assurance as to the results of these audits, the Company does not currently anticipate any material adjustments in connection with these examinations. |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 1 4 . Commitments and Contingencies The Company and its subsidiaries are lessees under various operating leases for real estate and equipment. At December 31, 2016, the approximate minimum future rental payments under such leases for the periods shown are (in thousands): Year Ending December 31, Amount 2017 $ 12,687 2018 9,363 2019 6,489 2020 5,515 2021 5,153 Thereafter 21,802 Total $ 61,009 The Company and its subsidiaries incurred rent expense as follows (in thousands): For the Years Ended December 31, 2016 2015 2014 Rental expense for premises and equipment $ 15,905 13,745 12,943 In the ordinary course of business, the Company and its subsidiaries are parties to lawsuits as plaintiff or defendant involving its operations and activities. Reserves are accrued for matters in which management believes it is probable that a loss will be incurred and the amount of such loss can be reasonably estimated. There were no reserves accrued by the Company with respect to legal proceedings as of December 31, 2016. As of December 31, 2015 , the Company accrued $ 0.1 million for pending legal proceedings . In certain matters, management is unable to estimate the loss or reasonable range of loss until additional developments provide information sufficient to support an assessment of the loss or range of loss. Frequently in these matters, the claims are broad and the plaintiffs have not quantified or factually supported their claim. Litigation is inherently uncertain and adverse judgements and the costs of defending or resolving legal claims may be substantial and may have a material adverse impact on the Company’s results of operations or financial condition. The following is a description of certain ongoing litigation matters: Securities and Exchange Commission Complaint On January 18, 2012, the SEC brought an action in the United States District Court for the Southern District of Florida against BCC and Alan B. Levan, BCC’s Chairman and Chief Executive Officer, alleging that they violated securities laws by not timely disclosing known adverse trends in BCC’s commercial real estate loans, selectively disclosing problem loans and engaging in improper accounting treatment of certain specific loans which may have resulted in a material understatement of its net loss in BCC’s Annual Report on Form 10-K for the year ended December 31, 2007. Further, the complaint alleged that Mr. Alan B. Levan intentionally misled investors in related earnings calls. The Court denied summary judgment as to most issues, but granted the SEC’s motion for partial summary judgment that certain statements in one of Alan Levan’s answers on a July 25, 2007 investor conference call were false. On December 15, 2014, after a six-week trial, the jury found in favor of BCC and Alan B. Levan with respect to the disclosures made during an April 2007 earnings conference call and in BCC’s quarterly reports on Form 10-Q for the 2007 first and second quarters, but found that they had engaged in an act of fraud or deceit toward shareholders or prospective investors by making materially false statements knowingly or with severe recklessness (1) with respect to three statements in the July 25, 2007 conference call referenced above, and (2) in their decision to sell certain loans in the fourth quarter of 2007 and failing to classify the loans as held-for sale in the 2007 Annual Report on Form 10-K. The jury also found that Mr. Levan made or caused to be made false statements to the independent accountants regarding the held for sale issue. On September 24, 2015, the court entered a final judgment denying the SEC’s request for a permanent bar from Mr. Levan serving as an officer or director of any public company, but instead ordered Mr. Levan barred from serving as an officer or director of any public company for a period of two years commencing on December 23, 2015. The court also imposed monetary penalties against BCC in the amount of $4,550,000 and monetary penalties against Mr. Levan in the amount of $1,300,000 . BCC and Mr. Alan Levan appealed the district court’s judgment to the Eleventh Circuit Court of Appeals. On September 28, 2016, the Eleventh Circuit Court of Appeals reversed the pretrial summary judgments and set aside the judgment of the district court. The reversal, which became final on January 31, 2017, terminated the financial penalties and set aside the two year officer and director bar imposed against Mr. Alan Levan. Mr. Alan Levan was reappointed as Chairman of the Board and Chief Executive Officer of the Company. The court remanded the case for a new trial on the disclosure and accounting claims stripped of the summary judgments. The trial is scheduled to begin in March 2017. BBX Capital received reimbursements of legal fees and costs from its insurance carrier of approximately $5.8 million in connection with this matter. In February 2017, BBX Capital received an additional $5.1 million of reimbursements. The insurance carrier has communicated that it reserves all rights and defenses with respect to such reimbursed amounts. The legal fees and costs reimbursements as well as the release of the $4,550,000 penalty, which were received in February 2017, are not reflected in the Company’s consolidated financial statements as of December 31, 2016. In Re BCC Merger Shareholder Litigation On August 10, 2016, Shiva Stein filed a lawsuit against the Company, BBX Merger Sub, LLC, BCC and the members of BCC’s board of directors, which seeks to establish a class of BCC’s shareholders and challenges the Merger. The plaintiff asserts that the Merger consideration undervalues BCC and is unfair to BCC’s public shareholders, that the sales process was unfair and that BCC’s directors breached their fiduciary duties of care, loyalty and candor owed to the public shareholders of BCC because, among other reasons, they failed to take steps to maximize the value of BCC to its public shareholders and instead diverted consideration to themselves. The lawsuit also alleges that BBX Capital, as the controlling shareholder of BCC, breached its fiduciary duties of care, loyalty and candor owed to the public shareholders of BCC by utilizing confidential, non-public information to formulate the Merger consideration and not acting in the best interests of BCC’s public shareholders. In addition, the lawsuit includes a cause of action against BCC, the Company and Merger Sub for aiding and abetting the alleged breaches of fiduciary duties. The lawsuit request ed that the court grant an injunction blocking the proposed Merger or, if the proposed Merger is completed, rescind the transaction or award damages as determined by the court. On September 15, 2016, Defendants filed a Motion to Dismiss the amended complaint. On November 21, 2016, the Court issued an order granting the Motion to Dismiss with prejudice. On December 21, 2016, Plaintiff filed a Notice of Appeal with the Fourth District Court of Appeals. The Company believes that the appeal is without merit and intends to continue vigorously defending the action. The following is a description of certain commitments and guarantees: In lieu of paying maintenance fees for unsold VOI inventory, Bluegreen provides subsidies to certain property owners’ associations to provide for funds necessary to operate and maintain vacation ownership properties in excess of assessments collected from owners of the VOIs . During 2016 and 2015, respectively, Bluegreen made payments related to subsidies of $13.9 million and $15.8 million. As of December 31, 2016 and December 31, 2015, Bluegreen had no liability for such subsidies. As of December 31, 2016, Bluegreen was providing subsidies to nine property owners’ associations. In October 2013, Bluegreen entered into an agreement to purchase from an unaffiliated third party completed VOI inventory at the Lake Eve Resort in Orlando, Florida over a five -year period. The total purchase commitment was $35.1 million, of which $5.4 million, $5.0 million and $7.2 million of inventory was purchased in 2016, 2015 and 2014, respectively. As of December 31, 2016, $13.5 million of the Lake Eve Resort purchase commitment remained. During 2016, the Company entered into a severance arrangement with an executive. Under the terms of the arrangement the executive will receive $ 3.7 million over a three year period. In June 2015, Bluegreen entered into a severance and consulting agreement with its former CEO. Under the agreement the former CEO will be paid a total of $2.9 million over two years. As of December 31, 2016, $3.9 million was left to be paid on the above arrangements. The Company guarantees certain obligations of its wholly-owned subsidiaries and unconsolidated real estate joint ventures as follows: · During the year ended December 31, 2016 , the Sunrise and Bayview Partners, LLC joint venture owned 50% by Procacci Bayview, LLC and 50% by CAM refinanced its land acquisition loan with a financial institution. The Company provided the financial institution with a guarantee of 50% of the outstanding balance of the joint venture’s loan which had an outstanding balance of $5.0 million as of December 31, 2016 . · In July 2014, the Company entered into the Hialeah Communities joint venture with CC Bonterra to develop approximately 394 homes in a portion of the newly proposed Bonterra community in Hialeah Florida. The Company transferred approximately 50 acres of land at an agreed upon value of approximately $15.6 million subject to an $8.3 million mortgage which was assumed by the joint venture. In March 2015, the joint venture refinanced the $8.3 million mortgage loan into a $31.0 million acquisition and development loan. In March 2016, the loan was modified reducing the loan balance from $31.0 million to $26.5 million. The Company is a guarantor of up to $3.2 million of the joint venture’s $26.5 million acquisition and development loan. · The Company is a guarantor on a $3.5 million note payable of Anastasia owed to the seller. The Anastasia note payable is also secured by the common stock of Anastasia. · BBX Sweet Holdings and the Company are guarantors of a $1.6 million note payable of Hoffman’s owed to Centennial Bank. This note is secured by $2.0 million of properties and equipment. |
Stock Incentive Plans
Stock Incentive Plans | 12 Months Ended |
Dec. 31, 2016 | |
Stock Incentive Plans [Abstract] | |
Stock Incentive Plans | 15. Stock Incentive Plans Restricted Stock and Stock Options Plans The Company has four share-based compensation plans as of December 31, 2016: the BFC Financial Corporation 2014 Stock Incentive Plan (the “2014 Plan”) the BFC Financial Corporation 2005 Stock Incentive Plan (the “2005 Plan”), the BBX Capital 2005 Restricted Stock and Option Plan, and the BBX Capital 2014 Stock Incentive Plan. The BBX Capital 2005 Restricted Stock and Option Plan and the BBX Capital 2014 Stock Incentive Plan are collectively referred to as the “BCC Equity Compensation Plans”. The 2014 Plan initially permitted the issuance of up to 500,000 shares of the Company’s Class A Common Stock and up to 4,500,000 shares of the Company’s Class B Common Stock pursuant to restricted stock awards or stock options granted under the 2014 Plan. On May 19, 2015, the shareholders of the Company approved an amendment to the 2014 Plan to increase the maximum number of shares of the Company’s Class B Common Stock available under the 2014 Plan from 4,500,000 shares to 8,500,000 shares. At December 31, 2016, 1,228,802 shares remained available for grants of awards under the 2014 Plan. There are no shares available for grant under the 2005 Plan. The Company assumed the BCC Equity Compensation Plans upon consummation of the Merger on December 15, 2016 (see Note 3 – Merger). Pursuant to the Merger Agreement, awards outstanding under the BCC Equity Compensation Plan at December 15, 2016 continue to be outstanding and governed by the BCC Equity Compensation Plans, except that such awards were converted into awards that are eligible to be settled in shares of the Company’s Class A Common Stock resulting in the issuance of 5,090,354 of restricted shares of the Company’s Class A Common Stock and non-qualifying stock options to acquire 35,716 shares of the Company’s Class A Common Stock at December 15, 2016. No further awards will be granted under the BCC Equity Compensation Plans. The maximum term of incentive and non-qualifying stock options issuable under the 2014 Plan is ten years. Vesting is established by the Compensation Committee of the Board of Directors in connection with each grant of options or restricted stock award. Compensation expense for stock options and restricted common stock awards is based on the fair value of the award on the measurement date, which is generally the grant date. The fair value of the Company’s stock options is estimated using the Black-Scholes option-pricing model. The Company recognizes compensation costs on a straight-line basis over the requisite service period of the awards. There were no options granted to employees or non-employee directors during the three year period ended December 31, 2016. As described below, the Company issued restricted stock awards to certain officers for each of the years in the three year period ended December 31, 2016. The following table sets forth information on outstanding options: Weighted Weighted Average Average Aggregate Outstanding Exercise Remaining Intrinsic Options Price Contractual Term Value ($000) Outstanding at December 31, 2013 1,654,643 $ 0.41 1.91 $ 4,104 Exercised (1,428,420) 0.41 5,038 Forfeited - 0.00 Expired - 0.00 Granted - 0.00 Outstanding at December 31, 2014 226,223 $ 0.41 2.66 $ 631 Exercised (25,000) 0.41 85 Forfeited - 0.00 Expired - 0.00 Granted - 0.00 Outstanding at December 31, 2015 201,223 $ 0.41 1.93 $ 600 Exercised (50,148) 0.41 143 Forfeited - 0.00 Expired - 0.00 Assumed pursuant to the merger agreement (1) 35,716 17.05 - Outstanding at December 31, 2016 186,791 $ 3.59 1.24 $ 675 Exercisable at December 31, 2016 186,791 $ 3.59 1.24 $ 675 Available for grant at December 31, 2016 1,228,802 (1) BCC o ptions to acquire 6,614 of BCC Class A Common Stock were exchanged for options to acquire 35,716 shares of the Company's Class A Common Stock pursuant to the terms of the Merger Agreement . There is no unearned compensation cost related to the Company’s stock options as all options were vested as of December 31, 2016. During the years ended December 31, 2016, 2015 and 2014, the Company received net proceeds of approximately $21,000 , $10,000 and $586,000 , respectively, upon the exercise of stock options. The total intrinsic value of options exercised during the years ended December 31, 2016, 2015 and 2014 was $143,000, $85,000 and $5.0 million, respectively. The following is a summary of the Company’s non-vested restricted stock activity: Weighted Non-vested Average Restricted Grant Date Stock Fair Value Outstanding at December 31, 2013 6,330,695 $ 0.78 Granted 3,575,041 3.80 Vested (1,389,072) 0.79 Forfeited - - Outstanding at December 31, 2014 8,516,664 $ 2.05 Granted 2,372,592 3.16 Vested (3,915,749) 1.19 Forfeited - - Outstanding at December 31, 2015 6,973,507 $ 2.90 Granted 1,823,565 4.30 Assumed pursuant to the Merger Agreement (1) 5,090,354 2.74 Vested (2,755,430) 2.14 Forfeited - - Outstanding at December 31, 2016 11,131,996 $ 2.74 (1) 942,658 of BCC’s restricted stock units were exchanged for approximately 5.1 million of the Company's restricted Class A Common S tock units. On December 22, 2016, the Company’s Compensation Committee approved the grant of 1,823,565 restricted shares of the Company’s Class B Common Stock to the Company’s executive officers under the 2014 Plan. The restricted Class B common shares had an aggregate fair value of $7.8 million on the grant date. The restricted shares vest ratable in annual installments of approximately 456,000 shares over four years beginning on October 1, 2017. On September 30, 2016, a total of 1,389,076 shares of restricted Class A common stock and 773,205 shares of restricted Class B common stock granted by the Company to its executive officers in November 2012 and October 2014, respectively, vested. The executive officers surrendered a total of 880,051 shares of the Company’s Class A common stock to the Company to satisfy the $3.4 million tax withholding obligation associated with the vesting of these shares. The Company retired the surrendered shares. Between October 1, 2016 and October 5, 2016, a total of 593,148 shares of restricted Class B common stock granted by the Company to its executive officers in September 2015 vested. The employees surrendered a total of 247,405 shares of the Company’s Class B common stock to the Company to satisfy the $0.9 million tax withholding obligation associated with the vesting of these shares. The Company retired the surrendered shares. On September 1, 2015, the Company ’s Compensation Committee granted a total of 2,372,592 restricted shares of the Company’s Class B Common Stock to its executive officers under the 2014 Plan. The restricted Class B common share s had an aggregate fair value of $7.5 million on the grant date. The restricted shares vest ratably in annual installments of approximately 593,000 shares over four years beginning in October 2016. On October 6, 2014, the Company’s Compensation Committee approved the grant of an aggregate of 3,092,817 shares of restricted Class B Common Stock to the Company’s executive officers. The fair value of approximately $11.8 million was calculated based on the closing price of the Company’s Class B Common Stock on the date of grant. The cost is being recognized over a four year service period. The restricted shares vest ratably in annual installments of approximately 773,000 shares over four years with the first installment of 773,000 shares vesting on September 30, 2015. On October 7, 2013, the Company’s Compensation Committee approved the grant of an aggregate of 892,224 shares of restricted Class A Common Stock to the Comp any’s executive officers. 410,000 of these restricted stock awards were granted under the Company’s 2005 Stock Incentive Plan and will vest four years from the grant date on October 7, 2017. The fair value of those 410,000 shares of restricted stock was approximately $1.0 million. The grant of the balance of 482,224 of those restricted shares was subject to the approval of the 2014 Plan by the Company’s shareholders. Upon approval of the 2014 Plan at the Company’s 2014 Annual Meeting of Shareholders, the remaining 482,224 restricted shares were granted under the 2014 Plan. The fair value of those 482,224 shares of restricted stock was approximately $1.8 million based on the closing price of the Company’s Class A Common Stock on June 12, 2014. The fair value of shares of the Company’s restricted stock awards which vested during the years ended December 31, 2016, 2015 and 2014 was $ 10. 3 m illion, $10.7 million and $5.5 million, respectively. The Company recognized restricted stock compensation expense of approximately $6.4 million, $5.6 million and $2.5 million for the years ended December 31, 2016, 2015 and 2014, respectively. As of December 31, 2016, the total unrecognized compensation cost related to the Company’s non-vested restricted stock compensation was approximately $27.0 million. The cost is expected to be recognized over a weighted-average period of approximately 2.82 years. BCC Equity Compensation Plans As noted above, the Company assumed and adopted the BCC Equity Compensation Plans as of December 15, 2016. The maximum term of incentive stock options and non-qualifying stock options issuable under each of these plans was ten years. Vesting was established by BCC’s Compensation Committee of its Board of Directors (“BCC Compensation Committee”) in connection with each grant of options or restricted stock. The BBX Capital 2005 Restricted Stock and Option Plan provided that up to 1,875,000 shares of BCC’s Class A common stock may be issued. The BBX Capital 2014 Stock Incentive Plan provided that up to 2,000,000 shares of BCC’s Class A common stock may be issued. No further awards will be granted under the BCC Equity Compensation Plans. In March 2015, BCC’s Board of Directors approved an amendment to both the BCC Equity Compensation Plans. The amendment to each Plan authorized the Compensation Committee to issue restricted stock awards in the form of restricted stock units rather than directly in restricted stock. Following the amendment, BCC and its then executive officers agreed to retire any shares of BCC’s outstanding restricted Class A common stock awards previously issued in the name of the Compensation Committee and subject to forfeiture until vested in exchange for BCC issuing to the then executive officers restricted BCC Class A common stock units (“RSUs”). This exchange resulted in the retirement of 1,391,282 BCC Class A common shares. Pursuant to the terms of the RSUs, BCC promised to issue BCC Class A common stock at the time the underlying units vest. The BCC RSUs issued have the same terms, and cover the same number of underlying shares of BCC Class A common stock, as the BCC restricted stock awards that were retired. The following is a summary of BCC’s non-vested restricted Class A common share activity: Class A Weighted Non-vested Average Restricted Grant date Stock Fair Value Outstanding at December 31, 2013 1,310,302 $ 8.76 Vested (315,102) 6.52 Forfeited - - Granted 396,082 16.58 Outstanding at December 31, 2014 1,391,282 $ 11.50 Vested (381,622) 9.13 Forfeited - - Granted 419,492 15.60 Outstanding at December 31, 2015 1,429,152 $ 13.33 Vested (486,494) 10.52 Forfeited - - Granted - - RSUs exchanged (1) (942,658) 14.78 Outstanding at December 31, 2016 - $ - (1) 942,658 of BCC’s restricted stock units were exchanged for approximately 5.1 million of the Company Class A restricted Common Stock units on December 15, 2016 pursuant to the Merger Agreement . On September 30, 2016, 381,622 of restricted BCC Class A common stock units granted to executive officers in September 2012 and September 2014 vested. BCC repurchased and retired an aggregate of 158,024 shares of BCC Class A common stock to satisfy the $3.2 million withholding tax obligations associated with the vesting of these units. Between October 1, 2016 and October 5, 2016 104,872 of restricted BCC Class A common stock units granted to executive officers in September 2015 vested. BCC repurchased and retired an aggregate of 43,749 shares of BCC Class A common stock to satisfy the $0.9 million withholding tax obligations associated with the vesting of these units. On September 1, 2015, BCC’s Compensation Committee granted in the aggregate 419,492 of BCC restricted Class A common stock units to its executive officers under the BBX Capital 2014 Stock Incentive Plan. These RSUs had a $6.5 million fair value on the grant date and vest ratably each year over the 4 year service period beginning in October 2016. The grant date fair value was calculated based on the closing price of BCC’s Class A common stock on the grant date. BCC recognized the compensation costs based on the straight-line method over the vesting period. In October 2014, BCC’s Compensation Committee granted in the aggregate 396,082 shares of BCC restricted Class A common stock (“RSAs”) under the BBX Capital 2014 Stock Incentive Plan to its executive officers. These RSAs had a $6. 6 million fair value on the grant date and vest ratably each year over the 4 year service period beginning in September 2015. The grant date fair value was calculated based on the closing price of BCC’s Class A common stock on the grant date. In October 2013, BCC’s Compensation Committee granted in the aggregate 430,000 RSAs under the BBX Capital 2005 Restricted Stock and Option Plan. These RSAs had a $ 5.7 million fair value on the grant date. The grant date fair value was calculated based on the closing price of BCC’s Class A common stock on the grant date. The RSAs vest four years from the grant date or October 8, 2017. The fair value of restricted shares of BCC’s stock vested during the years ended December 31, 2016, 2015 and 2014 was $ 10.0 m illion, $6.0 million and $ 5 .5 million , respectively. BCC recognized stock based compensation costs based on the grant date fair value. The grant date fair value for stock options was calculated using the Black-Scholes option pricing model incorporating an estimated forfeiture rate and recognized the compensation costs for those shares vesting on a straight-line basis over the requisite service period of the award, which was generally the option vesting term of five years. The following is a summary of BCC’s Class A common stock option activity: Weighted Weighted Class A Average Average Aggregate Outstanding Exercise Remaining Intrinsic Options Price Contractual Term Value ($000) Outstanding at December 31, 2013 21,282 $ 289.17 2.5 - Exercised - - Forfeited - - Expired (5,801) 455.00 Granted - - Outstanding at December 31, 2014 15,481 $ 227.03 2.3 - Exercised - - Forfeited (3,307) 92.09 Expired (5,158) 475.12 Granted - - Outstanding at December 31, 2015 7,016 $ 108.24 1.6 $ - Exercised - - Forfeited - - Expired (402) 374.00 Granted - - Stock options exchanged (1) (6,614) 92.09 1.2 - Outstanding at December 31, 2016 - $ - - $ - (1) O ptions to acquire 6,614 shares of BCC Class A Common Stock were exchanged for options to acquire 35,716 shares of the Company's Class A Common Stock on December 15, 2016 . There were no BCC options granted or exercised during any of the years in the three year period ended December 31, 2016. Included in the Company’s Consolidated Statements of Operations and Comprehensive Income is $6.1 million, $5.5 million and $3.7 million of share-based compensation expense related to BCC for the years ended December 31, 2016, 2015 and 2014, respectively. There were no recognized tax benefit associated with the compensation expense for the years ended December 31, 2016, 2015 and 2014 as it was not more likely than not that BCC would realize the tax benefits associated with the share based compensation expense. |
Employee Benefit Plans And Ince
Employee Benefit Plans And Incentive Compensation Program | 12 Months Ended |
Dec. 31, 2016 | |
Employee Benefit Plans And Incentive Compensation Program [Abstract] | |
Employee Benefit Plans And Incentive Compensation Program | 16. Employee Benefit Plans and Incentive Compensation Program Defined Contribution 401(k) Plan The Company’s Employee Retirement Plan, is an Internal Revenue Code Section 401(k) Retirement Savings Plan. Employees who have completed 90 days of service and have reached the age of 18 are eligible to participate in the 401(k) plan. For the year ending December 31, 2016, an eligible employee under the plan was entitled to contribute up to $18,000 , while an eligible employe e over 50 years of age was entitled to contribute up to $24,000 . During the years ended December 31, 2016, 2015 and 2014, the Company matched 100% of the first 3% of employee contributions and 50% of the next 2% of employee contributions. The match amounts vest immediately. For the years ended December 31, 2016, 2015 and 2014, the Company recorded expense for its contributions to the 401(k) plan totaling approximately $0.5 million , $0.4 million and $0.3 million, respectively. Deferred Retirement Agreement On September 13, 2005, the Company entered into an agreement with Glen R. Gilbert, the Company’s former Chief Financial Officer, pursuant to which the Company agreed to pay him a monthly retirement benefit of $5,449 beginning January 1, 2010. During the third quarter of 2005, the Company recorded the present value of the retirement benefit payment, as actuarially determined, in the amount of $482,444 , payable as a life annuity with 120 payments at 6.5% interest. The interest on the retirement benefit is recognized monthly as compensation expense. At December 31, 2016 and 2015, the deferred retirement obligation balance was approximately $423,000 and $459,000 , respectively, which represents the present value of accumulated benefit related obligation and is included in other liabilities in the Company’s Consolidated Statements of Financial Condition. The related compensation expense for the years ended December 31, 2016, 2015 and 2014 was approximately $29,000 , $31,000 and $33,000 , respectively. Incentive Compensation Program On September 29, 2008, Woodbridge’s Board of Directors approved the terms of an incentive program for certain employees, including certain executive officers, pursuant to which a portion of their compensation may be based on the cash returns realized on investments held by individual limited partnerships or other legal entities. Certain of the participants in this incentive program are also employees and executive officers of the Company. This incentive program qualifies as a liability-based plan and, accordingly, the components of the program are required to be evaluated in order to determine the estimated fair value of the liability, if any, to be recorded. Based on the evaluation there was no liabilities recognized under the program at December 31, 2016 and 2015. Bluegreen Bluegreen’s Employee Retirement Plan (the “Bluegreen Retirement Plan”) is an Internal Revenue Code Section 401(k) Retirement Savings Plan. Historically, all U.S.-based employees at least 21 years of age with at least three months of employment with Bluegreen are eligible to participate in the Bluegreen Retirement Plan. The Bluegreen Retirement Plan provides for an annual employer discretionary matching contribution. Bluegreen matches 100% of each participant’s contributions not exceeding 3% of each participant’s compensation, plus 50% of the participant’s contributions in excess of 3% but not in excess of 5% of the participant’s compensation. Further, Bluegreen may make additional discretionary matching contributions not to exceed 4% of each participant’s compensation. During the years ended December 31, 2016, 2015 and 2014, expenses recorded for Bluegreen’s contributions to the Bluegreen Retirement Plan tota led $5.0 million, $4.8 million and $4.6 millio n, respectively. |
Shares Subject To Mandatory Red
Shares Subject To Mandatory Redemption | 12 Months Ended |
Dec. 31, 2016 | |
Shares Subject To Mandatory Redemption [Abstract] | |
Shares Subject To Mandatory Redemption | 17. Shares Subject to Mandatory Redemption On June 7, 2004, the Company’s board of directors designated 15,000 shares of the Company’s preferred stock as 5% Cumulative Preferred Stock . On June 21, 2004, the Company sold all 15,000 shares of the 5% Cumulative Preferred Stock to an investor group in a private offering. The Company’s 5% Cumulative Preferred Stock has a stated value of $1,000 per share. The shares of 5% Cumulative Preferred Stock are redeemable at the option of the Company, from time to time, at a redemption price of $1,000 per share. In addition, the Company is required to redeem the preferred shares in $5.0 million annual payments in each of the years in the three year period ending December 31, 2020. The 5% Cumulative Preferred Stock’s liquidation preference is equal to its stated value of $1,000 per share plus any accumulated and unpaid dividends or an amount equal to the applicable redemption price in a voluntary liquidation or winding up of the Company. Holders of the 5% Cumulative Preferred Stock have no voting rights, except as provided by Florida law, and are entitled to receive, when and as declared by the Company’s board of directors , cumulative quarterly cash dividends on each such share at a rate per annum of 5% of the stated value from the date of issuance. The Company pays quarterly dividends on the 5% Cumulative Preferred Stock totaling $187,500 . The 5% Cumulative Preferred Stock is mandator il y redeemable and classified as a liability in the Company’s Consolidated S tatement s of Financial C ondition as of December 31, 2016 and 2015 . For the years ended December 31, 201 6 , 201 5 and 201 4 , t he Company recorded interest expense in its Consolidated Statements of Operations and Comprehensive Income of $1.2 million, $1.1 million and $1.1 million, respectively, of which $750,000 was paid during each of these three years as dividends on the 5% Cumulative Preferred Stock . During December 2013, the Company made a $5 million loan to the holders of its 5% Cumulative Preferred Stock. The loan is secured by 5,000 shares of 5% Cumulative Preferred Stock, accrues interest at a rate of 5% per annum and provides for payments of interest only on a quarterly basis during the term of the loan, with all outstanding amounts being due and payable at maturity in December 2018. |
Common Stock, Preferred Stock A
Common Stock, Preferred Stock And Dividends | 12 Months Ended |
Dec. 31, 2016 | |
Common Stock, Preferred Stock And Dividends [Abstract] | |
Common Stock, Preferred Stock And Dividends | 18. Common Stock, Preferred Stock and Dividends Common Stock The Company’s Articles of Incorporation authorize the Company to issue both Class A Common Stock, par value $.01 per share, and Class B Common Stock, par value $.01 per share. Under Florida law and the Company’s Articles of Incorporation, holders of the Company’s Class A Common Stock and Class B Common Stock vote together as a single class on most matters presented to a vote of the Company’s shareholders. On such matters, holders of the Company’s Class A Common Stock are entitled to one vote for each share held, with all holders of Class A Common Stock possessing in the aggregate 22% of the total voting power. Holders of Class B Common Stock possess the remaining 78% of the total voting power. If the number of shares of Class B Common Stock outstanding decreases to 1,800,000 shares, the Class A Common Stock’s aggregate voting power will increase to 40% and the Class B Common Stock will have the remaining 60% . If the number of shares of Class B Common Stock outstanding decreases to 1,400,000 shares, the Class A Common Stock’s aggregate voting power will increase to 53% and the Class B Common Stock will have the remaining 47% . These relative voting percentages will remain fixed unless the number of shares of Class B Common Stock outstanding decreases to 500,000 shares or less, at which time the fixed voting percentages will be eliminated, and holders of Class A Common Stock and holders of Class B Common Stock would then each be entitled to one vote per share held. Each share of Class B Common Stock is convertible at the option of the holder thereof into one share of Class A Common Stock. On September 21, 2009, the Company adopted a rights agreement (“Rights Agreement”) designed to preserve shareholder value and protect our ability to use available net operating loss carryforwards to offset future taxable income. The Rights Agreement provides a deterrent to shareholders from acquiring a 5% or greater ownership interest in the Company’s Class A Common Stock and Class B Common Stock, taken as a whole, without the prior approval of the Board of Directors. Shareholders of the Company at September 21, 2009 were not required to divest any shares. On September 21, 2009, the Board of Directors approved a share repurchase program which authorizes the repurchase of up to 20,000,000 shares of Class A and Class B Common Stock at an aggregate cost of no more than $10.0 million. The share repurchase program authorizes management, at its discretion, to repurchase shares from time to time subject to market conditions and other factors. As part of the share repurchase program, the Company entered into a Rule 10b5-1 Repurchase Plan (the “Repurchase Plan”) during March 2016, which authorized the Company’s designated broker to repurchase up to 1.0 million shares of the Company’s Class A Common Stock in the open market or through privately negotiated transactions in accordance with the terms, and subject to the limitations, including price limitations and limitations under Rule 10b-18 under the Securities Exchange Act of 1934, as amended, specified in the Repurchase Plan. During April 2016, the Company repurchased 1.0 million shares of its Class A Common Stock under the Repurchase Plan for approximately $3.0 million. On September 4, 2015, the Company entered into Share Exchange Agreements with Alan B. Levan, John E. Abdo, Jarett S. Levan and Seth M. Wise as holders of restricted stock units of Class A Common Stock of BCC. See Note 2 2 for information regarding the options exercised by the Company and the share exchanges consummated under the S hare Exchange Agreements during 2015 and 2016. Upon the Company’s adoption of the BCC Equity Compensation Plans in connection with the Merger Agreement on December 15, 2016, the Share E xchange A greements were terminated. Preferred Stock The Company’s authorized capital stock includes 10 million shares of preferred stock, par value of $.01 per share. See Note 17 for further information regarding the Company’s outstanding 5% Cumulative Preferred Stock. Dividends Prior to June 2016, the Company had never paid cash dividends on its common stock. In June 2016, September 2016 and December 2016 the Company’s Board of Directors declared quarterly cash dividends on the Company’s Class A Common Stock and Class B Common Stock as follows: Per Common Share Record Payment Distribution Date Date Amount June 6/20/2016 7/20/2016 $ 0.005 September 9/23/2016 10/20/2016 0.005 December 12/19/2016 1/20/2017 0.005 Total for 2016 $ 0.015 Future declaration and payment of cash dividends with respect to the Company’s common stock, if any, will be determined in light of the then-current financial condition of the Company and other factors deemed relevant by the board of directors. See Note 17 for information regarding dividends paid by the Company with respect to its 5% Cumulative Preferred Stock. |
Noncontrolling Interests
Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2016 | |
Noncontrolling Interests [Abstract] | |
Noncontrolling Interests | 19 . Noncontrolling Interests The following table summarizes the noncontrolling interests in the Company’s subsidiaries at December 31, 2016 and 2015 (in thousands): December 31, 2016 2015 BCC $ - 62,728 Joint ventures and other 40,850 43,352 Total noncontrolling interests $ 40,850 106,080 The following table summarizes the income recognized with respect to the Company’s subsidiaries attributable to noncontrolling interests for the years ended December 31, 2016, 201 5 and 2014 (in thousands): For the Years Ended December 31, 2016 2015 2014 BCC $ 3,489 4,964 2,040 Joint ventures and other 9,806 13,841 11,415 Net income attributable to noncontrolling interests $ 13,295 18,805 13,455 |
Earnings Per Common Share
Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Common Share [Abstract] | |
Earnings Per Common Share | 20. Earnings Per Common Share The following table presents the computation of basic and diluted earnings per common share attributable to shareholders for the years ended December 31, 2016, 2015 and 2014 (in thousands, except per share data): For the Years Ended December 31, 2016 2015 2014 Basic earnings per common share Numerator: Net income $ 41,657 141,279 27,305 Less: Noncontrolling interests net income 13,295 18,805 13,455 Net income available to common shareholders $ 28,362 122,474 13,850 Denominator: Basic weighted average number of of common shares outstanding 86,902 87,022 84,502 Basic earnings per common share $ 0.33 1.41 0.16 Diluted earnings per common share Numerator: Net income available to common shareholders $ 28,362 122,474 13,850 Denominator: Basic weighted average number of common shares outstanding 86,902 87,022 84,502 Effect of dilutive stock-based compensation 590 186 259 Diluted weighted average number of common shares outstanding 87,492 87,208 84,761 Diluted earnings per common share $ 0.32 1.40 0.16 During the year ending December 31, 2016, approximately 55,000 restricted stock awards and options to acquire 35,716 shares of Class A common stock were anti-dilutive. During each of the years ended December 31, 2015 and 2014, there were no restricted stock awards or options to acquire shares of common stock that were anti-dilutive. |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Measurement [Abstract] | |
Fair Value Measurement | 21 . Fair Value Measurement Fair value is defined as the price that would be received on the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. There are three main valuation techniques to measure the fair value of assets and liabilities: the market approach, the income approach and the cost approach. The accounting literature defines an input fair value hierarchy that has three broad levels and gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The valuation techniques are summarized below: The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. The income approach uses financial models to convert future amounts to a single present amount. These valuation techniques include present value and option-pricing models. The cost approach is based on the amount that currently would be required to replace the service capacity of an asset. This technique is often referred to as current replacement cost. The input fair value hierarchy is summarized below: Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at each reporting date. An active market for the asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. A quoted price in an active market provides the most reliable evidence of fair value and is used to measure fair value whenever available. Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. If the asset or liability has a specified (contractual) term, a Level 2 input must be observable for substantially the full term of the asset or liability. Level 2 inputs include: quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active, that is, markets in which there are few transactions for the asset or liability, the prices are not current, or price quotations vary substantially either over time or among market makers (for example, some brokered markets), or in which little information is released publicly (for example, a principal-to-principal market); inputs other than quoted prices that are observable for the asset or liability (for example, interest rates and yield curves observable at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates). Level 3 inputs are unobservable inputs for the asset or liability. Unobservable inputs are only used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. Assets and liabilities on a recurring basis There were no assets or liabilities measured at fair value on a recurring basis in the Company’s consolidated financial statements as of December 31 , 201 6 or 2015 . Assets on a non-recurring basis The following table presents major categories of assets measured at fair value on a non-recurring basis as of December 31, 2016 (in thousands): Fair Value Measurements Using Carrying Quoted prices in Significant Total Amount Active Markets Other Significant Impairments (1) As of for Identical Observable Unobservable For the December 31, Assets Inputs Inputs Year Ended Description 2016 (Level 1) (Level 2) (Level 3) December 31, 2016 Loans measured for impairment using the fair value of the underlying collateral $ 5,759 - - 5,759 101 Impaired real estate held-for-sale 5,456 - - 5,456 3,271 Total $ 11,215 - - 11,215 3,372 (1) Total impairments represent the amount of losses recognized during the year ended December 31, 2016 on assets that were held and measured at fair value as of December 31, 2016. Quantitative information about significant unobservable inputs within Level 3 on major categories of assets measured at fair-value on a non-recurring basis is as follows (Fair Value in thousands): As of December 31, 2016 Fair Valuation Unobservable Description Value Technique Inputs Range (Average) (1)(2) Loans measured for impairment using the fair value Fair Value of Discount Rates and Appraised of the underlying collateral $ 5,759 Collateral Value less Cost to Sell $0.1 - $0.7 million ( $0.3 million) Impaired real estate Fair Value of held-for-sale 5,456 Property Asset Purchase Agreements $0.1 - $1.4 million ( $0.5 million) Total $ 11,215 and appraisals (1) Range and average appraised values were reduced by estimated costs to sell. (2) Average was computed by dividing the aggregate appraisal amounts by the number of appraisals. The following table presents major categories of assets measured at fair value on a non-recurring basis as of December 31, 2015 (in thousands): Fair Value Measurements Using Carrying Quoted prices in Significant Total Amount Active Markets Other Significant Impairments (1) As of for Identical Observable Unobservable For the December 31, Assets Inputs Inputs Year Ended Description 2015 (Level 1) (Level 2) (Level 3) December 31, 2015 Loans measured for impairment using the fair value of the underlying collateral $ 186 - - 186 120 Impaired real estate held-for-sale and held-for-investment 13,257 - - 13,257 3,000 Impaired loans held-for-sale 5,856 - - 5,856 740 Total $ 19,299 - - 19,299 3,860 (1) Total impairments represent the amount of losses recognized during the year ended December 31, 2015 on assets that were held and measured at fair value as of December 31, 2015. Quantitative information about significant unobservable inputs within Level 3 on major categories of assets measured at fair value on a non-recurring basis was as follows (Fair Value in thousands): As of December 31, 2015 Fair Valuation Unobservable Description Value Technique Inputs Range (Average) (1)(2) Loans measured for impairment Discount Rates and using the fair value of the Fair Value of Appraised Value underlying collateral $ 186 Collateral less Cost to Sell $0.2 - $0.4 million ( $0.3 million) Impaired real estate held-for- Fair Value of Discount Rates and Appraised sale and held-for-investment 13,257 Property Value less Cost to Sell $0.3 - $11.0 million ( $2.0 million) Fair Value of Discount Rates and Appraised Impaired loans held-for-sale 5,856 Collateral Value less Cost to Sell $0.1 - $0.5 million ( $0.2 million) Total $ 19,299 (1) Range and average appraised values were reduced by costs to sell. (2) Average was computed by dividing the aggregate appraisal amounts by the number of appraisals. Liabilities on a non-recurring basis There were no liabilities measured at fair value on a non-recurring basis in the Company’s consolidated financial statements as of December 31, 2016 or 2015. Loans Measured For Impairment Impaired loans are generally valued based on the fair value of the underlying collateral less cost to sell as the majority of the Company’s loans are collateral dependent. The fair value of the Company’s loans may significantly increase or decrease based on changes in property values as its loans are primarily secured by real estate. The Company primarily uses third party appraisals to assist in measuring non-homogenous impaired loans and broker price opinions to assist in measuring homogeneous impaired loans. The appraisals generally use the market or income approach valuation technique and use market observable data to formulate an estimate of the fair value of the loan’s collateral. However, the appraiser uses professional judgment in determining the fair value of the collateral, and the Company may also adjust these values for changes in market conditions subsequent to the appraisal date. When current appraisals are not available for certain loans, the Company uses its judgment on market conditions to adjust the most current appraisal. As a consequence, the calculation of the fair value of the collateral is considered a Level 3 input. The Company generally recognizes impairment losses based on third party broker price opinions when impaired homogeneous loans become 120 days delinquent. These third party valuations from real estate professionals also use Level 3 inputs in determining fair values. The observable market inputs used to fair value loans include comparable property sales, rent rolls, market capitalization rates on income producing properties, risk adjusted discount rates and foreclosure time frames and exposure periods. Real Estate Held-for-Sale and Held-for-Investment Real estate is generally valued using third party appraisals or broker price opinions. These appraisals generally use the market approach valuation technique and use market observable data to formulate an estimate of the fair value of the properties. The market observable data typically consists of comparable property sales, rent rolls, market capitalization rates on income producing properties and risk adjusted discount rates. The above inputs are considered Level 3 inputs as the appraiser uses professional judgement in the calculation of the fair value of the properties. Loans Held-for-Sale Loans held-for-sale are valued using an income approach with Level 3 inputs as market quotes or sale transactions of similar loans are generally not available. The fair value is estimated by discounting forecasted cash flows, using a discount rate that reflects the risks inherent in the loans held-for-sale portfolio. For non-performing loans held-for-sale, the forecasted cash flows are based on the estimated fair value of the collateral less cost to sell adjusted for foreclosure expenses and other operating expenses of the underlying collateral until foreclosure or sale. Financial Disclosures about Fair Value of Financial Instruments The following tables present information for consolidated financial instruments at December 31 , 201 6 and 2015 (in thousands): Fair Value Measurements Using Quoted prices Carrying in Active Significant Amount Fair Value Markets Other Significant As of As of for Identical Observable Unobservable December 31, December 31, Assets Inputs Inputs 2016 2016 (Level 1) (Level 2) (Level 3) Financial assets: Cash and interest bearing deposits in banks $ 299,861 299,861 299,861 - - Restricted cash 46,456 46,456 46,456 - - Loans receivable including loans held- for-sale, net $ 25,521 27,904 - - 27,904 Notes receivable, net 430,480 545,000 - - 545,000 Notes receivable from preferred shareholders (1) 5,063 4,900 - - 4,900 Financial liabilities: Receivable-backed notes payable $ 414,989 420,400 - - 420,400 Notes and mortgage notes payable and other borrowings 133,790 135,404 - - 135,404 Junior subordinated debentures 152,367 149,200 - - 149,200 Shares subject to mandatory redemption 13,517 13,600 - - 13,600 Fair Value Measurements Using Quoted prices Carrying in Active Significant Amount Fair Value Markets Other Significant As of As of for Identical Observable Unobservable December 31, December 31, Assets Inputs Inputs 2015 2015 (Level 1) (Level 2) (Level 3) Financial assets: Cash and interest bearing deposits in banks $ 198,905 198,905 198,905 - - Restricted cash 59,365 59,365 59,365 - - Loans receivable including loans held- for-sale, net $ 55,389 63,668 - - 63,668 Notes receivable, net 415,598 495,000 - - 495,000 Notes receivable from preferred shareholders (1) 5,063 4,500 - - 4,500 Financial liabilities: Receivable-backed notes payable $ 403,912 406,600 - - 406,600 Notes and mortgage notes payable and other borrowings 120,994 124,456 - - 124,456 Junior subordinated debentures 150,485 116,500 - - 116,500 Shares subject to mandatory redemption 13,098 11,900 - - 11,900 (1) Notes receivable from preferred shareholders is included in other assets i n the Company’s Consolidated S tatements of Financial C ondition as of December 31, 2016 and 2015 . M anagement has made estimates of fair value that it believes to be reasonable. However, because there is no active market for many of these financial instruments, the fair value of these financial instruments has been derived using the income approach technique with Level 3 unobservable inputs. Estimates used in net present value financial models rely on assumptions and judgments regarding issues where the outcome is unknown and actual results or values may differ significantly from these estimates. These fair value estimates do not consider the tax effect that would be associated with the disposition of the assets or liabilities at their fair value estimates. As such, the estimated value upon sale or disposition of the asset may not be received and the estimated value upon disposition of the liability in advance of its scheduled maturity may not be paid. T he fair value of the Company ’s accruing loans is calculated using an income approach with Level 3 inputs by discounting forecasted cash flows using estimated market discount rates that reflect the interest rate and credit risk inherent in the loan portfolio. The Company ’s management assigns a credit risk premium and an illiquidity adjustment to these loans based on delinquency status. The fair value of non-accruing collateral dependent loans is estimated using an income approach with Level 3 inputs utilizing the fair value of the collateral adjusted for operating and selling expenses and discounted over the estimated holding period based on the market risk inherent in the property. The fair value of notes receivable and note receivable from preferred shareholders are estimated using Level 3 inputs and is based on estimated future cash flows considering contractual payments and estimates of prepayments and defaults, discounted at a market rate. The fair value of the 5% Cumulative Preferred Stock, which is subject to mandatory redemption , is calculated using the income approach with Level 3 inputs by discounting the estimated cash flows at a market discount rate. The amounts reported in the consolidated statements of financial condition relating to Bluegreen’s notes and mortgage notes payable and other borrowings, including receivable-backed notes payable, approximate fair value for indebtedness that provides for variable interest rates. The fair value of Bluegreen’s fixed rate , receivable-backed notes payable was determined using Level 3 inputs by discounting the net cash outflows estimated to be used to repay the debt. These obligations are to be satisfied using the proceeds from the consumer loans that secure the obligations. The fair value of other borrowings is measured using the income approach with Level 3 inputs obtained by discounting the forecasted cash flows based on estimated market rates. The fair value of Community Development Bonds is measured using the market approach with level 3 inputs obtained based on estimated market prices of similar financial instruments. The fair value of junior subordinated debentures is estimated using Level 3 inputs based on the contractual cash flows discounted at a market rate or based on market price quotes from the over-the-counter bond market. |
Certain Relationships And Relat
Certain Relationships And Related Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Certain Relationships And Related Party Transactions [Abstract] | |
Certain Relationships And Related Party Transactions | 22. Certain Relationships and Related Party Transactions The Company may be deemed to be controlled by Alan B. Levan, the Company’s Chairman and Chief Executive Officer, and John E. Abdo, Vice Chairman of the Company. Together, Mr. Alan Levan and Mr. Abdo may be deemed to beneficially own shares of the Company’s Class A Common Stock and Class B Common Stock representing approximately 76 % of the Company’s total voting power. Mr. Abdo was Vice Chairman of BCC prior to the Merger. Mr. Abdo became Chairman of Bluegreen during December 2015 following Mr. Alan Levan’s resignation from such position (as described below) after previously serving as Bluegreen’s Vice Chairman. In December 2015, Mr. Alan Levan resigned as Chairman, Chief Executive Officer and President of the Company , as Chairman and Chief Executive Officer of BCC and as chairman of Bluegreen. Jarett S. Levan, Executive Vice President of the Company, and President of BCC and son of Alan B. Levan, was appointed Acting Chairman of the Board and Chief Executive Officer and President of the Company and Acting Chairman and Chief Executive Officer of BCC. Further, Seth M. Wise is an executive officer and director of the Company, and Raymond S. Lopez is an executive officer of the Company , and were each executive officers of BCC. The Company and BCC own ed 54 % and 46 %, respectively , of Woodbridge prior to the merger. Currently, Woodbridge is a wholly-owned subsidiary of the Company and Woodbridge is the sole shareholder of Bluegreen. See Note 3 – Merger for a description of the BCC Merger in which BCC merged with and into a wholly owned subsidiary of the Company. On February 7, 2017, the Company’s Board of Directors reappointed Alan B. Levan as Chairman of the Board and Chief Executive Officer of the Company. Jarett S. Levan, who was serving as Acting Chairman, Chief Executive Officer and President of the Company, will continue to serve as President of the Company. On May 8, 2015, the Company , BCC , Woodbridge, Bluegreen and their respective subsidiaries entered into an Agreement to Allocate Consolidated Income Tax Liability and Benefits pursuant to which, among other customary terms and conditions, the parties agreed to file consolidated federal tax returns. The parties calculate their respective income tax liabilities and attributes as if each of them were a separate filer. If any tax attributes are used by another party to the agreement to offset its tax liability, the party providing the benefit will receive an amount for the tax benefits realized . Bluegreen paid the Company $26.2 million and $19.2 million during the years ended December 31, 2016 and 2015, respectively, pursuant to the Agreement to Allocate Consolidated Income Tax Liability and Benefits. On September 4, 2015, the Company entered into Share Exchange Agreements with Alan B. Levan, John E. Abdo, Jarett S. Levan and Seth M. Wise (collectively, the “ B CC R SU Holders”) as holders of restricted stock units of Class A Common Stock of BCC (“ B CC RSUs”). Pursuant to the Share Exchange Agreements, (a) each B CC RSU Holder granted the Company the option to acquire, simultaneously with the vesting of each BCC RSU, some or all of the shares of BCC’s Class A Common Stock which, absent the Share Exchange Agreement, would (after withholding) have been received by the BCC RSU Holder upon the vesting of the BCC RSU s and (b) the Company agreed to issue to the BCC RSU Holder shares of the Company’s Class A Common Stock or Class B Common Stock having an aggregate market value equal to the aggregate market value of the shares of BCC’s Class A Common Stock acquired by the Company upon the option exercise. Pursuant to the Share Exchange Agreements, the market value of the shares of the Company ’s Class A Common Stock and Class B Common Stock and of the BCC ’s Class A Common Stock is the closing price of the applicable company’s class of stock on the trading day immediately preceding the date of closing of the share exchange. On September 1, 2015, the Company’s Board of Directors approved (a) the exercise in full of the Company’s options with respect to all of the BCC RSUs held by the BCC RSU Holders which vest ed on September 30, 2015 and (b) the issuance of shares of the Company’s Class B Common Stock in exchange therefor. In connection with this option exercise, on September 30, 2015, the Company issued a total of 1,218,476 shares of its Class B Common Stock to the BCC RSU Holders and received a total of 221,821 shares of BCC’s Class A Common Stock in exchange therefor. The share exchanges were effected simultaneously with the vesting of the applicable BCC RSUs on September 30, 2015 and were based on the closing prices of the Company’s Class B Common Stock and BCC ’s Class A Common Stock on September 29, 2015 of $2.88 per share and $15.82 per share, respectively. The following table sets forth the number of shares issued and exchanged in the September 2015 transaction described above. BBX Capital RSU Holder Number of Shares of the Company’s Class B Common Stock Issued to the BCC R SU Holder Number of Shares of BCC’s Class A Common Stock Received by the Company Alan B. Levan 405,624 73,843 John E. Abdo 405,624 73,843 Jarett S. Levan 204,413 37,213 Seth M. Wise 202,815 36,922 Total 1,218,476 221,821 On September 12, 2016, the Board of Directors approved (a) the exercise in full of the Company’s options with respect to all of the BCC RSUs held by the BCC RSU Holders which were scheduled to vest between September 30, 2016 and October 4, 2016 and (b) the issuance of shares of the Company’s Class B Common Stock in exchange therefor. In addition, during September 2016, each BCC RSU Holder agreed, as a result of the Company’s entry into the Merger Agreement on July 27, 2016 and the 5.4 exchange ratio contemplated thereby, to receive no more than 5.4 shares of the Company’s Class A Common Stock or Class B Common Stock for each share of BCC’s Class A Common Stock subject to vested BCC RSUs with respect to any share exchanges effected during the pendency of the Merger Agreement. Between September 30, 2016 and October 4, 2016, the Company issued a total of 1,530,822 shares of its Class B Common Stock to the BCC RSU Holders and received a total of 283,486 shares of BCC’s Class A Common Stock in exchange therefor. Because the exchange ratio calculated by dividing the closing price of BCC’s Class A Common Stock on each relevant date by the closing price of the Company’s Class B Common Stock on each such date exceeded 5.4, the Company issued 5.4 shares of its Class B Common Stock for each share of BCC’s Class A Common Stock received by it between September 30, 2016 and October 4, 2016. Upon the Company’s adoption of the BCC Equity Compensation Plans on December 15, 2016, the share exchange agreements were terminated. The following table sets forth the number of shares issued and exchanged in the 2016 transaction described above. Individual Reporting Person Date of Share Exchange Number of Shares of the Company’s Class B Common Stock Issued to the BCC RSU Holder Number of Shares of BCC’s Class A Common Stock Received by the Company Alan B. Levan 9/30/2016 398,752 73,843 10/1/2016 107,800 19,963 John E. Abdo 9/30/2016 398,752 73,843 10/2/2016 107,800 19,963 Jarett S. Levan 9/30/2016 204,962 37,956 10/3/2016 53,897 9,981 Seth M. Wise 9/30/2016 204,962 37,956 10/4/2016 53,897 9,981 Total 1,530,822 283,486 During each of the years ended December 31, 2016, 2015 and 2014, the Company paid Abdo Companies, Inc. approximately $306,000 in exchange for certain management services. John E. Abdo, the Company’s Vice Chairman, is the principal shareholder and Chief Executive Officer of Abdo Companies, Inc. Certain of the Company’s affiliates, including its executive officers, have independently made investments with their own funds in investments that the Company has sponsored and in which the Company holds investments. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting | 2 3 . Segment Reporting Operating segments are defined as components of an enterprise about which separate financial information is available that is regularly reviewed by the chief operating decision maker in assessing performance and deciding how to allocate resources. Reportable segments consist of one or more operating segments with similar economic characteristics, products and services, production processes, type of customer, distribution system or regulatory environment. The information provided for segment reporting is obtained from internal reports utilized by management of the Company and its subsidiaries. The presentation and allocation of assets and results of operations may not reflect the actual economic costs of the segments as standalone businesses. If a different basis of allocation were utilized, the relative contributions of the segments might differ but the relative trends in the segments’ operating results would, in management ’ s view, likely not be impacted. From time to time, we revise the identification of our segments and/or the measurement of each segment ’ s operating results. These revisions are generally the result of changes in the alignment of segment operations or changes in how our management reviews and assesses profitability and allocates resources to each segment. The Chief Operating Decision Maker (“CODM”) views the Company and its organizational structure based on the Company’s investments in its major operating companies. For the years ended December 31, 2015 and 2014 the Company reported its results of operations through two reportable segments: Bluegreen and BCC, the Company’s then major operating companies. During the fourth quarter of 2016, the Company completed the acquisition of all outstanding shares of BCC not previously owned by the Company. As a consequence, the Company will no longer maintain discrete financial information for BCC and BCC will no longer be a reportable segment. As a result of the changes in its organizational structure, the Company determined that it was appropriate to report its results of operations through three reportable segments: Bluegreen , BBX Capital Real Estate and Renin . For the years ended December 31, 201 5 and 201 4 segment information was changed retrospectively to conform to 2016 presentation . In the table for the year s ended December 31, 2016, 2015 and 2014 amounts set forth in the column entitled “ Corporate Expenses & Other” include the operations of BBX Sweet Holdings, interest expense associated with Woodbridge’s trust preferred securities (“TruPs”), and corporate overhead. BBX Sweet Holdings consists of the results of acquired businesses in the sugar and confectionary industry. The operations of BBX Sweet Holdings were evaluated and management concluded that this operating segment did not warrant separate presentation as a reportable segment and therefore was aggregated into the “Corporate Expenses & Other” category. The Company evaluates segment performance based on segment income before income taxes . Set forth below is summary information regarding the Company ’ s reportable segments: Bluegreen Bluegreen markets, sells and manages real estate-based VOIs in resorts generally located in popular, high-volume, “drive-to” vacation destinations, which were developed or acquired by Bluegreen or are owned by others in which case Bluegreen earns fees for providing these services. Bluegreen also earns fees by providing club and property owners’ association management services, mortgage servicing, VOI title services, reservation services, and construction design and development services. In addition, Bluegreen provides financing to credit-qualified individual purchasers of VOIs, which provides significant interest income. BBX Capital Real Estate BBX Capital Real Estate activities include the acquisition, ownership and management of real estate, and real estate development projects as well as investments in real estate joint ventures. BBX Capital Real Estate also manages the legacy assets acquired in the BB&T Transaction. The legacy assets include portfolios of loans receivable, real estate properties and previously charged-off BankAtlantic loans. Renin Renin manufactures interior closet doors, wall décor, hardware and fabricated glass products and operates through its headquarters in Canada and two manufacturing, assembly and distribution facilities in Canada and the United States. During 2016, total revenues for the Renin reportable segment include $30.4 million of trade sales to two major customers and their affiliates. Renin’s revenues and properties and equipment located outside the United States totaled $19.8 million and $1.6 million, respectively. The table below sets forth the Company’s segment information as of and for the year ended December 31, 201 6 (in thousands): Reportable Segments BBX Capital Corporate Real Expenses & Segment Bluegreen Estate Renin Other Eliminations Total Revenues: Sales of VOIs $ 266,142 - - - - 266,142 Fee-based sales commission revenue 201,829 - - - - 201,829 Other fee-based services revenue 103,448 - - - - 103,448 Trade sales - - 65,225 30,771 - 95,996 Interest income 89,510 3,606 - 321 (8,000) 85,437 Net gains on sales of assets - 6,076 - - - 6,076 Other revenue - 5,067 - - - 5,067 Total revenues 660,929 14,749 65,225 31,092 (8,000) 763,995 Costs and Expenses: Cost of sales of VOIs 27,346 - - - - 27,346 Cost of other fee-based services 64,479 - - - - 64,479 Cost of trade sales - - 47,088 27,253 - 74,341 Interest expense 30,853 - 313 12,871 (8,000) 36,037 Recoveries from loan losses, net - (20,508) - - - (20,508) Asset impairments, net - 2,304 - 2,352 - 4,656 Selling, general and administrative expenses 415,027 11,864 17,186 73,651 (971) 516,757 Total costs and expenses 537,705 (6,340) 64,587 116,127 (8,971) 703,108 Equity in net earnings of unconsolidated real estate joint ventures - 13,630 - - - 13,630 Foreign exchange gain - - 219 - - 219 Other income 1,724 - - 2,547 (971) 3,300 Income (loss) before income taxes $ 124,948 34,719 857 (82,488) - 78,036 Total assets $ 1,128,630 179,856 28,913 723,214 (624,545) 1,436,068 Equity method investments included in total assets $ - 43,374 - - - 43,374 Expenditures for segment fixed assets $ 9,605 266 1,718 1,350 - 12,939 Depreciation and amortization $ 4,534 603 901 2,051 - 8,089 Goodwill $ - - - 6,731 - 6,731 The table below sets forth the Company’s segment information as of and for the year ended December 31, 2015 (in thousands): Reportable Segments BBX Capital Corporate Real Expenses & Segment Bluegreen Estate Renin Other Eliminations Total Revenues: Sales of VOIs $ 259,236 - - - - 259,236 Fee-based sales commission revenue 173,659 - - - - 173,659 Other fee-based services revenue 97,539 - - - - 97,539 Trade sales - - 56,461 27,823 - 84,284 Interest income 84,331 9,921 - 135 (5,622) 88,765 Net gains (losses) on sales of assets - 31,181 - (89) - 31,092 Other revenue - 5,540 - 511 (419) 5,632 Total revenues 614,765 46,642 56,461 28,380 (6,041) 740,207 Costs and Expenses: Cost of sales of VOIs 22,884 - - - - 22,884 Cost of other fee-based services 60,942 - - - - 60,942 Cost of trade sales - - 42,123 20,584 - 62,707 Interest expense 35,698 - 309 10,441 (6,040) 40,408 Recoveries from loan losses, net - (13,457) - - - (13,457) Impairment of assets, net - 287 - - - 287 Litigation settlement - - - 36,500 - 36,500 Selling, general and administrative expenses 373,804 12,773 15,049 66,134 (1,060) 466,700 Total costs and expenses 493,328 (397) 57,481 133,659 (7,100) 676,971 Equity in net losses of unconsolidated real estate joint ventures - (1,565) - - - (1,565) Foreign exchange loss - - (1,038) - - (1,038) Other income, net 2,883 - - 2,226 (1,059) 4,050 Income (loss) before taxes 124,320 45,474 (2,058) (103,053) - 64,683 Total assets $ 1,083,151 204,787 22,778 548,332 (518,088) 1,340,960 Equity method investments included in total assets $ - 42,962 - - - 42,962 Expenditures for segment fixed assets $ 9,176 4 92 3,538 - 12,810 Depreciation and amortization $ 6,940 810 643 2,118 - 10,511 Goodwill $ - - - 7,601 - 7,601 The table below sets forth the Company’s segment information as of and for the year ended December 31, 2014 (in thousands): Reportable Segments BBX Capital Corporate Real Expenses & Segment Bluegreen Estate Renin Other Eliminations Total Revenues: Sales of VOIs $ 262,334 - - - - 262,334 Fee-based sales commission revenue 144,239 - - - - 144,239 Other fee-based services revenue 92,089 - - - - 92,089 Interest income 81,666 5,072 - 92 (338) 86,492 Trade sales - - 57,839 16,245 (1) 74,083 Net gains on sales of assets - 5,527 - - - 5,527 Other revenue - 7,414 - 456 (448) 7,422 Total revenues 580,328 18,013 57,839 16,793 (787) 672,186 Costs and Expenses: Cost of sales of VOIs 30,766 - - - - 30,766 Cost of other fee-based services 56,941 - - - - 56,941 Cost of trade sales - - 43,888 10,794 - 54,682 Interest expense 41,324 1,002 551 5,449 (924) 47,402 Recoveries from loan losses, net - (7,155) - - - (7,155) Impairment of assets, net - 7,015 - - - 7,015 Selling, general and administrative expenses 345,191 16,121 14,729 46,756 (1,148) 421,649 Total costs and expenses 474,222 16,983 59,168 62,999 (2,072) 611,300 Equity in net loss from unconsolidated real estate joint ventures - (559) - (14) - (573) Foreign exchange loss - - (715) - - (715) Other income, net 3,388 - - 2,677 (1,285) 4,780 Income (loss) before income taxes $ 109,494 471 (2,044) (43,543) - 64,378 Total assets $ 1,045,498 216,101 23,661 456,386 (330,350) 1,411,296 Equity method investments included in total assets $ - 16,065 - - - 16,065 Expenditures for segment fixed assets $ 18,049 996 93 315 - 19,453 Depreciation and amortization $ 6,909 802 602 1,086 - 9,399 Goodwill $ - - - 7,377 - 7,377 |
Selected Quarterly Results
Selected Quarterly Results | 12 Months Ended |
Dec. 31, 2016 | |
Selected Quarterly Results [Abstract] | |
Selected Quarterly Results | 24. Selected Quarterly Results (Unaudited) The following tables summarize the results of operations for each fiscal quarter during the years ended December 31, 2016 and 2015 (in thousands except for per share data): First Second Third Fourth 2016 Quarter Quarter Quarter Quarter Total Revenues $ 165,639 192,965 208,236 197,155 763,995 Costs and expenses 153,310 192,616 171,685 185,497 703,108 12,329 349 36,551 11,658 60,887 Equity in net (losses) earnings of unconsolidated real estate joint ventures (342) 1,655 4,480 7,837 13,630 Foreign exchange gains (losses) 210 110 5 (106) 219 Other income, net 263 189 1,459 1,389 3,300 Income before income taxes 12,460 2,303 42,495 20,778 78,036 (Provision) benefit for income taxes (5,107) 368 (19,118) (12,522) (36,379) Net income 7,353 2,671 23,377 8,256 41,657 Less: Net income attributable to noncontrolling interests 1,871 2,427 5,602 3,395 13,295 Net income to common shareholders 5,482 244 17,775 4,861 28,362 Basic earnings per common share $ 0.06 0.00 0.21 0.05 0.33 Diluted earnings per common share $ 0.06 0.00 0.21 0.05 0.32 Basic weighted average number of common shares outstanding 86,839 85,946 85,864 88,949 86,902 Diluted weighted average number of common and common equivalent shares outstanding 87,013 86,145 86,573 89,961 87,492 First Second Third Fourth 2015 Quarter Quarter Quarter Quarter Total Revenues $ 149,893 190,971 199,291 200,052 740,207 Costs and expenses 136,587 191,605 175,218 173,561 676,971 13,306 (634) 24,073 26,491 63,236 Equity in net losses of unconsolidated real estate joint ventures (304) (291) (158) (812) (1,565) Foreign exchange (losses) gains (469) 70 (236) (403) (1,038) Other income, net 1,248 1,114 1,205 483 4,050 Income before income taxes 13,781 259 24,884 25,759 64,683 (Provision) benefit for income taxes (8,609) 90,353 (4,213) (935) 76,596 Net income 5,172 90,612 20,671 24,824 141,279 Less: Net income attributable to noncontrolling interests 3,286 6,317 4,313 4,889 18,805 Net income to common shareholders 1,886 84,295 16,358 19,935 122,474 Basic earnings per common share $ 0.02 0.97 0.19 0.23 1.41 Diluted earnings per common share $ 0.02 0.97 0.19 0.23 1.40 Basic weighted average number of common shares outstanding 87,136 87,093 87,023 86,839 87,022 Diluted weighted average number of common and common equivalent shares outstanding 87,332 87,286 87,174 87,175 87,208 |
Real Estate Investments And Acc
Real Estate Investments And Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2016 | |
Real Estate Investments And Accumulated Depreciation [Abstract] | |
Real Estate Investments And Accumulated Depreciation | Schedule III – Real Estate Investments and Accumulated Depreciation BBX Capital Corporation As of December 31, 2016 (Dollars in thousands) Capitalized Initial Costs Costs Depreciable Building and Subsequent to Total Accumulated Year of Foreclosure Lives Property Land Improvements Acquisition Other Cost (1) Depreciation Construction Month/Year (Years) RoboVault $ 1,590 6,310 - - 7,900 1,207 2009 4/2013 40 Villas San Michele 880 5,260 - - 6,140 115 2008 9/2013 40 $ 2,470 11,570 - - 14,040 1,322 (1) The aggregate cost for federal income tax purposes is $19.5 million. The following table presents the changes in BBX Capital’s real estate investments for the year ended December 31, 2016: Total Accumulated (in thousands) Costs Depreciation Balance at December 31, 2015 $ 7,900 840 Depreciation - 367 Transfer to property and equipment 6,140 115 Balance at December 31, 2016 $ 14,040 1,322 |
Mortgage Loans On Real Estate
Mortgage Loans On Real Estate | 12 Months Ended |
Dec. 31, 2016 | |
Mortgage Loans On Real Estate [Abstract] | |
Mortgage Loans On Real Estate | Schedule IV – Mortgage Loans on Real Estate BBX Capital Corporation As of December 31, 201 6 (Dollars in thousands) Principal Amount of Loans Subject Number Interest Final Periodic Face Carrying to Delinquent of Rate Maturity Payment Prior Amount Amount of Principal Loans Description (1) Date (2) Terms Liens of Loans Loans (3) or Interest 71 First-lien 1-4 Family (4) 5.30% 11/9/2033 Monthly $ - 23,079 14,167 16,726 43 Second lien -Consumer 3.99% 12/14/2017 Monthly 8,468 4,466 1,800 841 12 Small Business Real Estate 6.79% 5/11/2025 Monthly - 2,724 2,284 - Large Balance Commercial Real Estate Loans 1 Marina 2.45% 1/1/2018 Monthly - 4,189 1,894 - 1 Land 4.00% 12/31/2016 Maturity - 3,985 3,985 3,985 Total Mortgage Loans $ 8,468 38,443 24,130 21,552 (1) Represents weighted average interest rates for mortgage loans grouped by category when there is more than one loan in the category. (2) Represents weighted average maturity dates for mortgage loans grouped by category when there is more than one loan in the category. (3) The aggregate cost for federal income tax purposes was $27.4 million. (4) The Company does not own the servicing on these loans. The following table presents the changes in the Company’s mortgage loans for the year ended December 31, 2015 (in thousands): Balance at December 31, 2015 $ 43,545 Advances on existing mortgages - Collections of principal (14,761) Foreclosures (4,807) Costs of mortgages sold - Balance at December 31, 2016 $ 23,977 |
Summary Of Significant Accoun34
Summary Of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Summary Of Significant Accounting Policies [Abstract] | |
Basis Of Financial Statement Presentation | The accounting policies applied by the Company conform to accounting principles generally accepted in the United States of America. |
Consolidation Policy | Consolidation Policy - The consolidated financial statements include the accounts of all the Company’s wholly-owned subsidiaries, majority owned subsidiaries and other entities in which the Company and its subsidiaries hold controlling financial interests, or variable interest entities (“VIEs”) if the Company or its consolidated subsidiary is deemed the primary beneficiary of the VIE. All significant inter-company accounts and transactions have been eliminated among consolidated entities. |
Use Of Estimates | Use of Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. On an ongoing basis, management evaluates its estimates, including those that relate to the estimated future sales value of inventory; the recognition of revenue, including revenue recognition under the percentage-of-completion method of accounting; allowance for credit losses; the recovery of the carrying value of real estate inventories; the measuring of assets and liabilities at fair value including business combinations and measuring the fair value on a non-recurring basis of intangible assets, goodwill, real estate held-for-sale and real estate held-for-investment; the amount of the deferred tax valuation allowance, accounting for uncertain tax positions and the estimate of contingent liabilities related to litigation and other claims and assessments. Management bases its estimates on historical experience and on various other assumptions that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ materially from these estimates under different assumptions and conditions. |
Reclassifications | Reclassifications - Certain amounts for prior years have been reclassified to conform to the revised financial statement presentation for 2016. |
Cash And Cash Equivalents | Cash and Cash Equivalents - Cash equivalents consist of cash, demand deposits at financial institutions, money market funds and other short-term investments with original maturities of 90 days or less. Management generally invests cash in excess of its immediate operating requirements in short-term time deposits and money market instruments, typically with original maturities at the date of purchase of three months or less. Management maintains cash and cash equivalents with various financial institutions located throughout the United States, Canada and Aruba in amounts exceeding the $250,000 federally insured limit. Accordingly, the Company is subject to credit risk. Periodic evaluations of the relative credit standing of financial institutions maintaining the Company’s deposits are performed to evaluate and attempt to mitigate, if necessary, credit risk. |
Restricted Cash | Restricted Cash – Restricted cash consists primarily of customer deposits held in escrow accounts and cash collected on pledged/secured notes receivable not yet remitted to lenders. |
Revenue Recognition | Revenue Recognition – Revenue is recorded for the sale of vacation ownership interests (“VOIs”), net of a provision for credit losses, in accordance with timeshare accounting guidance. In accordance with the requirements of Accounting Standards Codification 970, Real Estate (“ASC 970”), Bluegreen recognizes revenue on VOI sales when a minimum of 10% of the sales price has been received in cash (demonstrating the buyer’s commitment), the legal rescission period has expired, collectibility of the receivable representing the remainder of the sales price is reasonably assured and Bluegreen has completed substantially all of its obligations with respect to any development related to the real estate sold. Bluegreen believes that it uses a reasonably reliable methodology to estimate the collectibility of the receivables representing the remainder of the sales price of real estate sold. Bluegreen’s policies regarding the estimation of credit losses on its notes receivable are discussed in further detail in Note 6 - “Notes Receivable” below. Under timeshare accounting rules, the calculation of the adequacy of a buyer’s commitment for the sale of VOIs requires that cash received towards the purchase of Bluegreen VOIs be reduced by the value of certain incentives provided to the buyer at the time of sale. If after considering the value of the incentives provided, the 10% requirement is not met, the VOI sale, and the related cost and direct selling expenses, are deferred until such time that sufficient cash is received from the customer, generally through receipt of mortgage payments, to meet the 10% threshold. Changes to the quantity, type, or value of sales incentives that Bluegreen provides to buyers of its VOIs may result in additional VOI sales being deferred or extend the period during which a sale is deferred. In cases where construction and development on Bluegreen-owned resorts has not been substantially completed, Bluegreen recognizes revenue in accordance with the percentage-of-completion method of accounting. Should Bluegreen’s estimates of the total anticipated cost of completing any of its projects increase, Bluegreen may be required to defer a greater amount of revenue or may be required to defer revenue for a longer period of time. Under timeshare accounting rules, rental operations, including accommodations provided through the use of Bluegreen’s sampler program, are accounted for as incidental operations whereby incremental carrying costs in excess of incremental revenues are expensed as incurred. Conversely, incremental revenues in excess of incremental carrying costs are recorded as a reduction to the carrying cost of VOI inventory. Incremental carrying costs include costs that have been incurred by Bluegreen during the holding period of unsold VOIs, such as developer subsidies and maintenance fees on unsold VOI inventory. During each of the years presented, all of Bluegreen’s rental revenue and sampler revenue earned was recorded as an offset to cost of other fee-based services as such amounts were less than the incremental carrying cost. In addition to sales of VOIs, Bluegreen also generates revenue from the activities listed below. The table provides a brief description of the applicable revenue recognition policy: Activity Revenue is recognized when: Fee-based sales commissions The sale transaction with the VOI purchaser is consummated in accordance with the terms of the agreement with the third-party developer and the related consumer rescission period has expired. Resort management and service fees Management services are rendered. (1) Resort title fees Escrow amounts are released and title documents are completed. Rental and sampler program Guests complete stays at the resorts. Rental and sampler program proceeds are classified as a reduction to “Cost of other fee-based services” in the consolidated statements of operations and comprehensive income. (1) In connection with Bluegreen’s management property owners’ associations, Bluegreen acts as agent for the property owners’ association to operate the resort as provided under the management agreements. In certain cases, the personnel at the resorts are Bluegreen employees. The property owners’ association bears the costs of such personnel and generally pay Bluegreen in advance of, or simultaneously with, the payment of payroll. In accordance with the accounting guidance for reporting revenues gross versus net, reimbursements from the property owners’ associations relating to direct pass-through costs are recorded net of the related expenses. Bluegreen’s cost of other fee-based services consists of the costs associated with the various activities described above, as well as developer subsidies and maintenance fees on Bluegreen’s unsold VOIs. Revenue is recognized from the sales of real estate held-for-sale and the transfer of real estate to joint ventures when the sales are closed and title passes to the buyer, the buyer’s initial and continuing investment is adequate to demonstrate a commitment to pay for the property, the buyer’s receivable, if applicable, is not subject to future subordination and the Company does not have substantial continuing involvement with the property. Revenues are recognized on trade sales when products are shipped and the customer takes ownership and assumes the risk of loss. R evenues from interest income are recognized on accruing loans when management determines that it is probable that all of the principal and interest will be collected in accordance with the loan’s contractual terms. Interest income is recognized on non-accrual loans on a cash basis. Revenues from real estate operations are generally rental income from properties under operating leases. Rental income is recognized as rents become due and rental payments received in advance are deferred until earned. |
Loans Receivable | Loans Receivable - Loans that the Company has the intent and ability to hold for the foreseeable future, or until maturity or payoff, are reported at their outstanding principal balances net of any discounts and allowance for loan losses. Loans that management has the intent to sell are classified as loans held-for-sale and are reported at the lower of aggregate cost or estimated fair value. Discounts on loans held-for-sale are deferred until the related loan is sold and included in gains and losses upon sale. Loans are classified as loans held-for-sale when management decides to sell loans that were not originated or purchased for sale. Transfers of loans between classifications are recorded at the lower of aggregate cost or estimated fair value at the transfer date. A n allowance for loan losses is recorded to reflect management’s reasonable estimate of probable credit losses inherent in the loan portfolio based on its evaluation of credit risk as of period end. Loans are charged off against the allowance when management believes the loan is not collectible. Recoveries are credited to the allowance. Management segregates loans into segments with certain common characteristics so as to form a basis for estimating losses as it relates to the segment. The loan portfolio has the following loan segments: residential, consumer, commercial non-real estate, commercial real estate, and small business loans. Impaired loans are measured based on the fair value of the collateral less costs to sell. Consumer and residential loans past due 120 days or more are evaluated individually for impairment and measured based on the lower of the estimated fair value of the loan’s collateral less cost to sell or the carrying value of the loan. Loans are generally placed on non-accrual status at the earlier of the loan becoming past due 90 days as to either principal or interest or when the borrower has entered bankruptcy proceedings and the loan is delinquent. When a loan is placed on non-accrual, all accrued interest is reversed against interest income. Loans may be restored to accrual status when there has been a satisfactory period of performance and the loan is expected to perform in the future according to its contractual terms. |
Notes Receivable | Notes Receivable - Bluegreen’s VOI n otes receivable are carried at amortized cost less an allowance for credit losses. Interest income is suspended, and previously accrued but unpaid interest income is reversed, on all delinquent Bluegreen VOI notes receivable when principal or interest payments are more than 90 days contractually past due, and not resumed until such VOI notes receivable are less than 90 days past due. After 120 days, Bluegreen’s VOI notes receivable are generally written off against the allowance for credit loss. Bluegreen records an estimate of expected uncollectible VOI notes receivable as a reduction of revenue at the time Bluegreen recognizes a VOI sale. Bluegreen estimates of uncollectible VOI notes receivable is based on historical uncollectibles for similar VOI notes receivable. Bluegreen uses a static pool analysis, which tracks uncollectibles for each year’s sales over the entire life of the notes. Bluegreen also considers whether the historical economic conditions are comparable to current economic conditions, as well as variations in underwriting standards. Additionally, no consideration is given for future recoveries of defaulted inventory in the estimate of uncollectible VOI notes receivable. Bluegreen reviews its allowance for credit losses on at least a quarterly basis. Bluegreen’s loan origination costs are deferred and recognized over the life of the related notes receivable. |
Trade Receivables | Trade Receivables – Trade receivables are recorded at the invoiced amount and do not bear interest. The Company maintains an allowance for doubtful accounts for estimated losses inherent in its accounts receivable portfolio. In establishing the required allowance, management considers historical losses adjusted to take into account current market conditions and the customers' financial condition, the amount of receivables in dispute, and the current receivables aging and current payment patterns. The Company reviews its allowance for doubtful accounts quarterly. Past due balances over 90 days and over a specified amount are reviewed individually for collectibility. Account balances are charged off against the allowance after all standard means of collection have been exhausted and the potential for recovery is considered remote. Trade receivables are included in other assets in the Company’s Consolidated Statements of Financial Condition. |
Inventory | Inventory - The Company’s inventory is primarily comprised of completed VOIs, VOIs under construction, land held for future VOI development and land held for development. VOI completed inventory is carried at the lower of (i) cost, including costs of improvements and amenities incurred subsequent to acquisition, capitalized interest, real estate taxes and other costs incurred during construction, or (ii) estimated fair market value, less costs to sell. VOI inventory and cost of sales are accounted for under timeshare accounting rules, which require the use of a specific method of the relative sales value method for relieving VOI inventory and recording cost of sales. Under the relative sales value method required by timeshare accounting rules, cost of sales is calculated as a percentage of net sales using a cost-of-sales percentage - the ratio of total estimated development costs to total estimated VOI revenue, including the estimated incremental revenue from the resale of VOI inventory repossessed, generally as a result of the default of the related receivable. Also, pursuant to timeshare accounting rules, inventory is not relieved for VOI cost of sales related to anticipated credit losses. Accordingly, no adjustment is made when inventory is reacquired upon default of the related receivable. The Company also periodically evaluates the recoverability of the carrying amount of its land held for future vacation ownership development and land held for development under the accounting guidelines for Property, Plant and Equipment, which provides guidance relating to the accounting for the impairment or disposal of long-lived assets . The inventories of Renin and BBX Sweet Holdings are included in other assets in the Company’s Consolidated Statements of Financial Condition. These inventories are measured at the lower of cost or market. Cost includes all costs of conversions, including materials, direct labor, production overhead, depreciation of equipment and shipping cost. Raw materials are stated at the lower of approximate cost, on a first-in, first-out basis, and market determined by reference to replacement cost. Raw materials are not written down unless the goods in which they are incorporated are expected to be sold for less than cost, in which case, they are written down by reference to replacement cost of the raw materials. Finished goods and work in progress are stated at the lower of cost or market determined on a first-in, first-out basis for Renin’s finished goods inventory and on an average cost basis for BBX Sweet Holdings’ finished goods inventory. Shipping and handling fees billed to the customers were recorded as trade sales and shipping and handling fees paid by Renin and BBX Sweet Holdings were recorded as selling, general, and administrative expenses. Included in the Company’s Consolidated Statements of Operations and Comprehensive Income as selling, general, and administrative expenses for the years ended December 31, 2016 , 2015 and 2014 were $6.0 million, $5.5 million and $5.5 million, respectively, of costs associated with shipping goods to customers. In valuing inventory, the Company makes assumptions regarding the write-downs required for excess and obsolete inventory based on judgments and estimates formulated from available information. Estimates for excess and obsolete inventory are based on historical and forecasted usage. Inventory is also examined for upcoming expiration and write-downs are recorded where appropriate. |
Real Estate Held-For Investment And Real Estate Held-For Sale | Real Estate Held-for-Investment and Real Estate Held-for-Sale – From time to time, the Company takes possession or ownership of real estate through foreclosure of the underlying loan collateral or through the purchase of the real estate from third parties. Real estate acquired through foreclosure is measured at the fair value of the collateral and classified as either real estate held-for-sale or real estate held-for-investment. When real estate is classified as held-for-sale, it is initially recorded at fair value less estimated selling costs (cost basis) and subsequently measured at the lower of cost or estimated fair value. When real estate is classified as held-for-investment, it is recorded at fair value and in subsequent periods depreciated over its useful life using the straight line method, if applicable. Impairments required at the time of foreclosure are charged to the allowance for loan losses. Expenditures for capital improvements are generally capitalized. Valuation allowance adjustments are made to reflect any subsequent declines in fair values. The costs of holding real estate are charged to real estate operating expenses as incurred. Changes in the real estate valuation allowance are recorded as asset (recoveries) impairments in the Company’s Consolidated Statement of Operations and Comprehensive Income. |
Investments In Unconsolidated Real Estate Joint Ventures | Investments in Unconsolidated Real Estate Joint Ventures - The Company follows the equity method of accounting to record its interests in entities in which it does not own the majority of the voting stock or otherwise hold a controlling financial interest and to record its investment in variable interest entities in which it is not the primary beneficiary. Under the equity method, an investment is shown on the Statement of Financial Condition of an investor as a single amount and an investor’s share of earnings or losses from its investment is shown in the Statement of Operations as a single amount. The investment is initially measured at cost and adjusted for the investor’s share of the earnings or losses of the investee as well as dividends received from the investee. The investor recognizes its share of the earnings or losses of the investee in the periods for which they are reported by the investee in its financial statements rather than in the period in which an investee declares a dividend. The Company recognizes earnings or losses on certain equity method investments based on the hypothetical liquidation at book value (“HLBV”) method. Under the HLBV method, earnings or losses are recognized based on how an entity would allocate and distribute its cash if it were to sell all of its assets and settle its liabilities for their carrying amounts and liquidate at the reporting date. The HLBV method is used to calculate earnings or losses for equity method investments when the contractual cash disbursements are different than the investors’ equity interest. Interest expense is capitalized by the Company on investments, advances or loans to real estate equity method companies that began qualifying activities. Total capitalized interest expense cannot exceed interest expense incurred. Interest expense capitalization ceases when the investee completes its qualifying activities. The Company reviews its equity and cost method investments on an ongoing basis for indicators of other-than-temporary impairment. This determination requires significant judgment in which the Company evaluates, among other factors, the fair market value of the investments, general market conditions, the duration and extent to which the fair value of the investment is less than cost, and the Company’s intent and ability to hold the investment until it recovers. The Company also considers specific adverse conditions related to the financial health of and business outlook for the investee, including industry and sector performance, rating agency actions, changes in operations and financing cash flow factors. If a decline in the fair value of the investment is determined to be other-than-temporary, an impairment charge is recorded to reduce the investment to its fair value and a new cost basis in the investment is established. |
Properties And Equipment | Property and Equipment - Land is carried at cost. Properties and equipment are carried at cost less accumulated depreciation. Depreciation is primarily computed on the straight-line method over the estimated useful lives of the assets which generally range up to 40 years for buildings and building improvements, from 3 to 14 years for office equipment, furniture and fixtures, 5 years for transportation and equipment and from 3 to 14 years for leasehold improvements. The cost of leasehold improvements is amortized using the straight-line method over the shorter of the terms of the related leases or the useful lives of the assets. Expenditures for new properties, leasehold improvements and equipment and major renewals and betterments are capitalized. Expenditures for maintenance and repairs are expensed as incurred, and gains or losses on disposal of assets are reflected in current operations. The cost of software development for internal use is capitalized in accordance with the accounting guidance for costs of computer software developed or obtained for internal use. Capitalization of software developed for internal use commences during the development phase of the project. Software developed or obtained for internal use is generally amortized on a straight-line basis over 3 to 5 years. |
Goodwill And Intangible Assets | Goodwill and Intangible Assets – Goodwill is recorded at the acquisition date of a business. The Company tests goodwill for potential impairment annually on December 31 or during interim periods if impairment indicators exist. The Company first assesses qualitatively whether it is necessary to perform the two-step goodwill impairment test. The two-step test is performed when it is more-likely-than-not that the reporting unit’s goodwill fair value is less than its carrying amount. The Company evaluates the following factors in its qualitative assessment: macroeconomic conditions, market considerations, cost factors, financial performance and events affecting the reporting unit. If the Company concludes from the qualitative assessment that further testing is required, the Company performs the two-step goodwill impairment test. The first step of the goodwill impairment test is used to identify potential impairment. This step compares the fair value of a reporting unit with its carrying value. If the fair value of the reporting unit exceeds its carrying value, goodwill is considered not impaired and the second step of the impairment test is not necessary. If the fair value of the reporting unit is less than the carrying value, then the second step of the test is used to measure the amount of goodwill impairment, if any, in the reporting unit. This step compares the current implied goodwill in the reporting unit to its carrying amount. If the carrying amount of the goodwill exceeds the implied goodwill, an impairment is recorded for the excess. The implied goodwill is determined in the same manner as the amount of goodwill recognized in a business combination is determined. Intangible assets consist primarily of indefinite lived management contracts recognized upon the consolidation of Bluegreen during November 2009. The remaining balance in intangible assets consisted of trade names, customer relationships, non-competition agreements and lease premiums that were initially recorded at fair value at the acquisition date of a business and are amortized on a straight-line basis over their respective estimated useful lives. Indefinite lived intangible assets are not amortized and are tested for impairment on at least an annual basis, or more frequently if events and circumstances indicate that the indefinite lived intangible assets may be impaired. The Company evaluates indefinite lived intangible assets for impairment by first qualitatively considering relevant events and circumstances to determine whether it is more-likely-than-not that the fair value of an indefinite-lived intangible asset is less than its carrying value. If it is more-likely-than-not that the fair value of the indefinite-lived intangible asset is greater than it carrying value than the indefinite-lived intangible asset is not impaired. If the Company concludes that further testing is required, the Company calculates the fair value of the indefinite-lived intangible asset and compares the fair value to the carrying value. If the fair value of the indefinite-lived intangible asset is less than the carrying value, an impairment is recognized for the difference. Amortizable intangible assets are tested for recoverability whenever events or changes in circumstances indicate that the carrying amount of the intangible asset may not be recoverable. The carrying amount of an intangible asset is not considered recoverable when the carrying amount exceeds the sum of the undiscounted cash flows expected to result from the use of the intangible asset. The impairment is measured as the amount by which the carrying amount of the intangible asset exceeds its fair value. |
Deferred Income | Deferred Income - Bluegreen defers VOI revenue, net of direct incremental selling expenses, for sales for which the legal rescission period has expired but the required revenue recognition criteria described above has not been met. Additionally, in connection with Bluegreen’s sampler program, Bluegreen defers revenue, net of direct incremental selling expenses, for guest stays not yet completed. |
Deferred Financing Costs | Deferred Financing Costs - Deferred financing costs are comprised of costs incurred in connection with obtaining financing from third-party lenders and are capitalized and amortized to interest expense over the terms of the related financing arrangements. |
Advertising | Advertising – The Company expenses advertising costs, which are primarily marketing costs, as incurred. Advertising expense is included in selling, general and administrative expenses in the accompanying Consolidated Statements of Operations and Comprehensive Income. Bluegreen has entered into marketing arrangements with various third parties. For the year ended December 31, 2016, sales of VOIs to prospects and leads generated by one marketing arrangement accounted for over 16% of VOI sales volume. There can be no guarantee that Bluegreen will be able to maintain this agreement in accordance with its terms or extend or renew these agreements on similar terms, or at all. |
Income Taxes | Income Taxes – The Company and its subsidiaries in which its owns 80% or more of the subsidiary’s outstanding equity file a consolidated U.S. Federal and Florida income tax return. Other than Florida, the Company and its subsidiaries file separate state income tax returns for each jurisdiction. Subsidiaries in which the Company owns less than 80% of the outstanding equity are not included in the Company’s consolidated U.S. Federal or Florida state income tax return. For years prior to December 31, 2015, BCC and Bluegreen filed separate tax returns with the I nternal R evenue S ervice as the Company owned less than 80% of the outstanding equity of these subsidiaries. Since the increase in the Company’s ownership interest in BCC due to the purchase of additional shares of BCCs Class A Common Stock in the above-described cash tender offer, the Company files a consolidated group tax return which includes the operations of BCC, Woodbridge and Bluegreen for the years ended December 31, 2016 and 2015. See Note 13 for additional information regarding income taxes. The provision for income taxes is based on income before taxes reported for financial statement purposes after adjustment for transactions that do not have tax consequences. Deferred tax assets and liabilities are realized according to the estimated future tax consequences attributable to differences between the carrying value of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using the enacted tax rates as of the date of the Statement of Financial Condition. The effect of a change in tax rates on deferred tax assets and liabilities is reflected in the period that includes the statutory enactment date. A deferred tax asset valuation allowance is recorded when it has been determined that it is more likely than not that deferred tax assets will not be realized. If a valuation allowance is needed, a subsequent change in circumstances that causes a change in judgment about the realization of the related deferred tax amount could result in the reversal of the deferred tax valuation allowance. Additionally, taxable temporary differences that originate from a business combination could result in deferred tax valuation allowance reversals. An uncertain tax position is defined as a position taken or expected to be taken in a tax return that is not based on clear and unambiguous tax law and which is reflected in measuring current or deferred income tax assets and liabilities for interim or annual periods. The Company may recognize the tax benefit from an uncertain tax position only if it believes that it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The Company measures the tax benefits recognized based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution. The Company recognizes interest and penalties related to unrecognized tax benefits in its provision for income taxes. |
Noncontrolling Interests | Noncontrolling Interests – Noncontrolling interests reflect third parties’ ownership interests in entities that are consolidated in the Company’s financial statements, but less than 100% owned by the Company. GAAP require that a noncontrolling interest be recognized as equity in the consolidated financial statements and itemized separately from the parent’s equity. In accordance with applicable guidance, a change in the ownership interest in a subsidiary is accounted for as an equity transaction if the parent retains its controlling financial interest in the subsidiary. |
Accounting For Loss Contingencies | Accounting for Loss Contingencies – Loss contingencies, including those arising from legal actions, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. |
Earnings Per Share | Earnings Per Share - Basic earnings per share excludes dilution and is computed by dividing net income allocable to common stock by the weighted average number of common shares outstanding for the period. Diluted earnings per share is computed in the same manner as basic earnings per share, but it also reflects potential dilution that could occur if options to acquire common shares or restricted stock awards of the Company were exercised or vest. Common stock options and restricted stock awards, if dilutive, are considered in the weighted average number of dilutive common shares outstanding based on the treasury stock method. Diluted earnings per share also takes into consideration the potential dilution from securities issued by subsidiaries that enable their holders to obtain the subsidiary’s common stock. The resulting net income amount is divided by the weighted average number of dilutive common shares outstanding. |
Stock-Based Compensation | Stock-Based Compensation – Compensation expense for stock options and non-vested restricted common stock awards is based on the fair value of the award on the measurement date, which is generally the grant date. The Company recognizes these compensation costs on a straight-line basis over the requisite service period of the award, which is generally four years for non-vested restricted common stock awards and five years for stock options. The fair value of stock options is estimated using the Black-Scholes option-pricing model. The fair value of non-vested restricted common stock awards is generally the market price of the Company’s common stock on the grant date. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In April 2015, the Financial Accounting Standards Board (“FASB”) issued ASU 2015-03, “Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs” as amended by ASU 2015-15 , which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability, consistent with the presentation of a debt discount. However, ASU 2015-03 also permits presentation of debt issuance costs on line-of-credit arrangements as assets. This standard became effective for the Company on January 1, 2016. The Company’s adoption of ASU 2015-03 is reflected in the accompanying balance sheets as of December 31, 2016 and 2015 and in the tables included in Note 13. As further reflected in the table below, as a result of the adoption of ASU 2015-03, the Company has reclassified certain unamortized debt issuance costs as a direct deduction from the carrying value of the associated debt liability reported in the Company’s Consolidated Balance Sheet as of December 31, 2015 contained in the 2015 Annual Report (in thousands): As presented in the 2015 Annual Report As adjusted December 31, December 31, 2015 Reclassification 2015 Other assets (1) $ 111,113 $ (8,738) $ 102,375 Receivable backed notes payable - non-recourse (VIE) 318,929 (4,905) 314,024 Lines of credit and notes payable 123,005 (2,011) 120,994 Junior subordinated debentures 152,307 (1,822) 150,485 (1) The C ompany reclassified $0.7 million of inventory to other assets at December 31, 2015 to conform to the revised financial statement presentation for 2016. |
New Accounting Pronouncements | New Accounting Pronouncements The Financial Accounting Standards Board (“FASB”) has issued the following accounting pronouncements and guidance relevant to the Company’s operations which have not been adopted as of December 31, 2016: Accounting Standards Update (ASU) No. 2014-09 – Revenue Recognition (Topic 606): In May 2014, the FASB issued a new standard related to revenue recognition. Under the new standard, revenue is recognized when a customer obtains control of promised goods or services and is recognized in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The FASB has recently issued several amendments to the standard, including identifying performance obligations and other technical corrections and minor improvements affecting a variety of topics and required disclosures in the new standard. The standard can be adopted using either the full retrospective or the modified retrospective method. The Company is evaluating the available adoption methods. The standard is effective for annual and interim reporting periods beginning after December 15, 2017. The Company anticipates adopting this standard on January 1, 2018. The initial analysis identifying areas that will be impacted by the new guidance is substantially complete, and the Company is currently analyzing the potential impacts to the consolidated financial statements and related disclosures on a disaggregated basis and evaluating differences in the Company’s current accounting policies and the new standard. The Company believes that the new standard will have an impact on the timing of revenue recognition associated with the Company’s real estate. Specifically, the Company believes the new standard will impact the timing of revenue recognition for contingent profits on real estate sales and on the contribution of real estate to joint ventures in which the Company has an equity interest in the joint venture. The Company believes that the new standard will not materially affect trade sales revenue recognition. The Company expects the recognition of its Fee-based sales commission revenue to remain substantially unchanged. However, the Company is continuing its assessment on the accounting for Sales of VOIs, collectibility of Sales of VOIs, Other fee-based services revenue and the presentation of certain revenues on a gross basis based on pending industry guidance anticipated to be issued in 2017. The AICPA’s Financial Reporting Executive Committee ("FINREC") is in the process of reviewing and issuing guidance related to the implementation of ASU 2014-09. Final revenue recognition clarifications are expected to be included in a new revenue recognition guide that the AICPA is developing. The Company anticipates using this guide and the timeshare industry specific guidance in making its assessment after the guide is issued. Accounting Standards Update (ASU) N o. 2016-02 – Leases (Topic 842). This update requires an entity to recognize a right-of-use asset and a lease liability for virtually all of its leases. The liability will be equal to the present value of lease payments. The asset will generally be based on the liability. For income statement purposes operating leases will result in straight-line expense and finance leases will result in expenses similar to current capital leases. The guidance also requires additional disclosures to enable users of financial statements to understand the amount, timing and uncertainty of cash flows arising from leases. The guidance will be effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The Company anticipates adopting this standard on January 1, 2019. The Company expects that the implementation of this new standard will have an impact on its consolidated financial statements and related disclosures as the Company has aggregate future minimum lease payments of $61.0 million at December 31, 2016 under its current non-cancelable lease agreements with various expirations dates between 2017 and 2026. The Company anticipates recognition of additional assets and corresponding liabilities related to these leases on its consolidated statement of financial condition. Accounting Standards Update (ASU) No. 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments . This update requires that expected credit losses relating to financial assets measured on an amortized cost basis and available-for-sale debt securities be recorded through an allowance for credit losses. The update introduces an approach based on expected credit losses to estimate credit losses and expands the disclosure requirements regarding a company’s assumptions, models, and methods for estimating the allowance for credit losses. Further, entities will need to disclose the amortized cost balance for each class of financial asset by credit quality indicator, disaggregated by the year of origination (i.e., by vintage year). This ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company is currently evaluating the requirements of this update and has not yet determined its impact on the Company’s consolidated financial statements. Accounting Standards Update (ASU) No. 2017-04, Intangibles- Goodwill and Other (Topic 350) - Simplifying the Test for Goodwill Impairment. This ASU eliminates the second step of the goodwill impairment test under current guidance . The annual or interim goodwill impairment is performed by comparing the fair value of a reporting unit with its carrying amount. An impairment charge is recognized for the amount in which the carrying amount exceeds the fair value of the reporting unit. The guidance will be effective for fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. This ASU should be adopted on a prospective basis. The Company believes that the adoption of this ASU will not have a material impact on Company’s consolidated financial statements. Accounting Standards Update (ASU) No. 2017-01, Business Combinations - Clarifying the Definition of a Business. This ASU affects the determination of whether a company has acquired or sold a business. The guidance will be effective for fiscal years beginning after December 15, 2017, including interim periods within those periods. Early adoption is permitted. The Company believes that the adoption of this ASU will not have a material impact on the Company’s consolidated financial statements. Accounting Standards Update (ASU) No. 2016-18, Statement of Cash Flows, Restricted Cash (Topic 230). This ASU requires that the statement of cash flows explain the change during the period in the total of cash, cash equivalents and restricted cash. The amount of restricted cash should be included with cash and cash equivalents when reconciling the beginning of the period and the end of period cash as shown on the statement of cash flows. The guidance will be effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted. The ASU should be applied using the retrospective transition method to each period presented. The Company believes that the adoption of this ASU will not have a material impact on the Company’s consolidated financial statements. Accounting Standards Update (ASU) No. 2016-15, Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments. Accounting Standards Updated (ASU) No. 2016-18, Statement of Cash Flows (Topic 230) - This ASU presents guidance on the classification of certain cash receipts and payments with the objective of reducing the existing diversity in current practice. The guidance will be effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted in any interim or annual period. The Company is currently evaluating the requirements of this update and has not yet determined its impact on the Company’s consolidated financial statements. Accounting Standards Update (ASU) No. 2016-09 – Compensation – Stock Compensation (Topic 718). The amendments in this update affect all entities that issue share-based payment awards to their employees. The areas for simplification in this update involve several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. Changes introduced by this relates to the timing of when unrecognized tax benefits are recognized, minimum statutory withholding requirements, and forfeitures, The implementation of this ASU on January 1, 2017 resulted in a cumulative effect adjustment to accumulated earnings of $ 3 . 1 million associated with excess tax benefits that were not previously recognized because the related tax deduction had not reduced current taxes payable. The adoption of this update did not have a material impact on the Company’s consolidated financial statements. Accounting Standards Update (ASU) No. 2016-07 – Investments – Equity Method and Joint Ventures (Topic 323) – Simplifying the Transition to the Equity Method of Accounting. This update addresses the use of the equity method of accounting as a result of an increase in the level of ownership interest or degree of influence. The amendments in this update eliminate the requirement to retroactively adopt the equity method of accounting. This ASU was effective as of January 1, 2017. The adoption of this update did not have a material impact on the Company’s consolidated financial statements. Accounting Standards Update (ASU) No. 2016-01 –– Financial Instruments – Overall (Topic 825) – Recognition and Measurement of Financial Assets and Financial Liabilities. This update requires all equity investments in unconsolidated entities (other than those accounted for using the equity method of accounting) to generally be measured at fair value through earnings. The update eliminates the available-for-sale classification for equity securities with readily determinable fair values and the cost method for equity investments without readily determinable fair values. However, entities will be able to elect to record equity investments without readily determinable fair values at cost, less impairment. This update also simplifies the impairment assessment for equity investments and requires the use of the exit price when measuring the fair value of financial instruments measured at amortized cost for disclosure purposes. The amendments in this update are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company is currently evaluating the requirements of this update and has not yet determined the impact it may have on the Company’s consolidated financial statements. Accounting Standards Update (ASU) No. 2015-11 –– Inventory (Topic 330) – Simplifying the Measurement of Inventory. This update requires that an entity measure inventory at the lower of cost or net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The update is intended to more clearly articulate the requirements for the measurement and disclosure of inventory and not to change current practices. The update is effective for annual and interim reporting periods beginning after December 15, 2016. This ASU was effective as of January 1, 2017. The adoption of this update did not have a material impact on the Company’s consolidated financial statements. Accounting Standards Update (ASU) No. 2014-15 – Presentation of Financial Statements – Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern . This update provides guidance regarding management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. The guidance requires management to assess an entity’s ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in United States auditing standards. This ASU was effective as of December 31, 2016. The adoption of this update did not have a material impact on the Company’s consolidated financial statements. |
Summary Of Significant Accoun35
Summary Of Significant Accounting Policies (Table) | 12 Months Ended |
Dec. 31, 2016 | |
Summary Of Significant Accounting Policies [Abstract] | |
Reclassified Previous Period Adjustment | As presented in the 2015 Annual Report As adjusted December 31, December 31, 2015 Reclassification 2015 Other assets (1) $ 111,113 $ (8,738) $ 102,375 Receivable backed notes payable - non-recourse (VIE) 318,929 (4,905) 314,024 Lines of credit and notes payable 123,005 (2,011) 120,994 Junior subordinated debentures 152,307 (1,822) 150,485 (1) The C ompany reclassified $0.7 million of inventory to other assets at December 31, 2015 to conform to the revised financial statement presentation for 2016. |
Consolidated Variable Interes36
Consolidated Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Bluegreens Vacation Ownership Interests [Member] | |
Variable Interest Entity [Line Items] | |
Information Related To The Assets And Liabilities Of The VIEs | December 31, 2016 2015 Restricted cash $ 21,894 25,358 Securitized notes receivable, net 287,111 280,841 Receivable backed notes payable - non-recourse 327,358 314,024 |
Loans Held-For-Sale And Loans37
Loans Held-For-Sale And Loans Receivable (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Loans Held-For-Sale And Loans Receivable [abstract] | |
Schedule Of Loan Portfolio | December 31, 2016 2015 Loans held-for-sale $ - 21,354 Commercial non-real estate $ 1,169 11,250 Commercial real estate 5,880 16,294 Small business 2,506 4,054 Consumer 1,799 2,368 Residential 14,167 69 Loans receivable, net $ 25,521 34,035 |
Schedule Of Non-Accrual Loans Receivable And Loans Held For Sale | December 31, Loan Class 2016 2015 Commercial non-real estate $ 1,169 1,250 Commercial real estate 5,880 9,639 Small business 2,506 4,054 Consumer 1,701 2,368 Residential 12,762 69 Total nonaccrual loans $ 24,018 17,380 |
Age Analysis Of Past Due Recorded Investment In Loans Receivable And Loans Held For Sale | Total 31-59 Days 60-89 Days 90 Days Total Loans December 31, 2016 Past Due Past Due or More (1) Past Due Current Receivable Commercial non-real estate $ - - 330 330 839 1,169 Commercial real estate - - 3,986 3,986 1,894 5,880 Small business - - - - 2,506 2,506 Consumer 23 - 467 490 1,309 1,799 Residential 609 231 9,541 10,381 3,786 14,167 Total $ 632 231 14,324 15,187 10,334 25,521 Total 31-59 Days 60-89 Days 90 Days Total Loans December 31, 2015 Past Due Past Due or More (1) Past Due Current Receivable Commercial non-real estate $ - - 329 329 10,921 11,250 Commercial real estate - - 3,986 3,986 12,308 16,294 Small business: - 205 - 205 3,849 4,054 Consumer 316 138 562 1,016 1,352 2,368 Residential - 24 42 66 3 69 Total $ 316 367 4,919 5,602 28,433 34,035 1) There were no loans that were 90 days or more past due and still accruing interest as of December 31, 2016 or 2015 . |
Allowance For Loan Losses By Portfolio Segment | For the Years Ended December 31, 2016 2015 2014 Allowance for Loan Losses: Beginning balance $ - 977 2,713 Charge-offs: (156) (1,037) (7,189) Recoveries : 20,664 13,517 12,608 Provision : (20,508) (13,457) (7,155) Ending balance $ - - 977 Ending balance individually evaluated for impairment - - - Ending balance collectively evaluated for impairment $ - - 977 Total - - 977 Loans receivable: Ending balance individually evaluated for impairment $ 21,363 12,849 17,045 Ending balance collectively evaluated for impairment 4,158 21,186 10,776 Total 25,521 34,035 27,821 Proceeds from loan sales $ - 68 9,497 Transfer to loans held-for-sale $ - - 2,299 Transfer from loans held-for-sale $ 16,078 7,365 - |
Average Recorded Investment And Interest Income Recognized On Impaired Loans | Individually impaired loans as of December 31 , 201 6 and 2015 were as follows (in thousands): As of December 31, 2016 As of December 31, 2015 Unpaid Unpaid Recorded Principal Related Recorded Principal Related Investment Balance Allowance Investment Balance Allowance Total with allowance recorded $ - - - - - - Total with no allowance recorded 24,188 39,901 - 17,380 30,212 - Total $ 24,188 39,901 - 17,380 30,212 - Average recorded investment and interest income recognized on impaired loans for the year s ended December 31 , 201 6 and 2015 were as follows (in thousands): For the Years Ended December 31, 2016 December 31, 2015 Average Recorded Interest Income Average Recorded Interest Income Investment Recognized Investment Recognized Total with allowance recorded $ - - - - Total with no allowance recorded 24,573 657 22,186 1,299 Total $ 24,573 657 22,186 1,299 Individually impaired loans and the average recorded investment and interest income recognized on impaired loans as of December 31, 2014 were as follows (in thousands): For the Year Ended As of December 31, 2014 December 31, 2014 Unpaid Average Recorded Principal Related Recorded Interest Investment Balance Allowance Investment Income Total with allowance recorded $ 735 1,664 735 837 7 Total with no allowance recorded 17,361 35,812 - 23,161 1,111 Total $ 18,096 37,476 735 23,998 1,118 |
Notes Receivable (Tables)
Notes Receivable (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Receivable [Abstract] | |
Information Relating To Bluegreen's Notes Receivable | December 31, 2016 2015 Notes receivable : VOI notes receivable - non-securitized $ 175,123 166,040 VOI notes receivable - securitized 369,259 357,845 Other notes receivable (1) 1,688 2,427 Gross notes receivable 546,070 526,312 Allowance for credit losses (115,590) (110,714) Notes receivable, net $ 430,480 415,598 Allowance as a % of gross notes receivable 21% 21% (1) Notes receivable secured by homesites were originated through a business, substantially all of the assets of which were sold by Bluegreen in 2012. |
Future Contractual Principal Payments Of Notes Receivables | December 31, 2016 2017 $ 72,371 2018 61,717 2019 56,748 2020 58,153 2021 60,522 Thereafter 236,559 $ 546,070 |
Activity In The Allowance For Loan Losses | For the Years Ended December 31, 2016 2015 2014 Balance, beginning of period $ 110,714 102,566 90,592 Provision for credit losses 44,337 42,062 40,164 Write-offs of uncollectible receivables (39,461) (33,914) (28,190) Balance, end of period $ 115,590 110,714 102,566 |
Delinquency Status Of Bluegreen's VOI Notes Receivable | December 31, 2016 2015 Current $ 521,536 501,738 31-60 days 6,378 6,889 61-90 days 5,082 4,869 > 90 days (1) 11,386 10,389 Total $ 544,382 523,885 (1) Includes $5.3 million and $5.2 million as of December 31 , 201 6 and 2015 , respectively, relat ed to VOI notes receivable that, as of such date, had defaulted but the related VOI note receivable balance had not yet been charged off in accordance with the provisions of certain of Bluegreen's receivable-backed notes payable transactions. These VOI notes receivable have been reflected in the allowance for credit loss es . |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |
Summary Of Inventory | December 31, 2016 2015 Completed VOI units $ 163,581 166,781 Construction-in-progress 13,396 10,455 Real estate held for future VOI development 98,453 90,400 Land held for development 15,254 - Purchase accounting adjustment (36,896) (47,425) Total Inventory $ 253,788 220,211 |
Renin And BBX Sweet Holdings [Member] | |
Segment Reporting Information [Line Items] | |
Summary Of Inventory | December 31, 2016 2015 Raw materials $ 5,059 5,822 Paper goods and packaging materials 2,090 4,504 Finished goods 7,577 6,021 Total $ 14,726 16,347 |
Real Estate Held-For-Investme40
Real Estate Held-For-Investment And Real Estate Held-For-Sale (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Real Estate Held-For-Investment And Real Estate Held-For-Sale [Abstract] | |
Real Estate Held-For-Sale | December 31, 2016 2015 Real estate held-for-sale Land $ 28,701 25,994 Rental properties 1,748 17,162 Residential single-family 2,896 2,924 Other - 258 Total real estate held-for-sale $ 33,345 46,338 |
Real Estate Held-For-Investment | December 31, 2016 2015 Real estate held-for-investment Land $ 11,149 30,369 Other 880 921 Total real estate held-for-investment $ 12,029 31,290 |
Activity In Real Estate Held-For-Sale And Held-For-Investment | For the Years Ended December 31, 2016 2015 Real Estate Real Estate Held-for-Sale Held-for-Investment Held-for-Sale Held-for-Investment Beginning of period, net $ 46,338 31,290 41,733 76,552 Acquired through foreclosure 4,807 - 3,215 - Transfers 11,582 (11,582) 41,751 (41,751) Purchases - - 10,667 - Transfers to inventory - (15,254) - - Transfers to property and equipment (6,557) - - - Improvements 561 7,615 3,261 16,771 Accumulated depreciation - (40) - (468) Sales (19,823) - (51,040) - Property contributed to joint ventures - - - (19,448) Impairments, net (3,563) - (3,249) (366) End of period, net $ 33,345 12,029 46,338 31,290 For the Year Ended December 31, 2014 Real Estate Held-for-Sale Held-for-Investment Beginning of period, net $ 33,971 107,336 Acquired through foreclosure 5,300 16,100 Transfers 28,018 (28,018) Purchases 2,313 1,977 Improvements - 3,824 Accumulated depreciation - (462) Sales (26,973) (16,200) Impairments, net (896) (8,005) End of period, net $ 41,733 76,552 |
Real Estate Held-For-Sale Valuation Allowance Activity | For the Years Ended December 31, 2016 2015 2014 Beginning of period $ 4,400 2,940 4,818 Transfer to held-for-investment - (93) - Impairments, net (1) 3,563 3,089 896 Sales (2,723) (1,536) (2,774) End of period $ 5,240 4,400 2,940 (1) Tax certificate impairments are not included . |
Net Real Estate Income (Loss) | For the Years Ended December 31, 2016 2015 2014 Real estate acquired in settlement of loans and tax certificates: Income from real estate operations $ 2,589 3,887 5,516 Real estate operating expenses (2,903) (4,773) (6,296) Impairment of real estate (3,563) (3,615) (8,901) Net gains on the sales of real estate 5,487 31,114 4,677 Net real estate income (losses) $ 1,610 26,613 (5,004) |
Investments In Unconsolidated41
Investments In Unconsolidated Real Estate Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Investments In Unconsolidated Real Estate Joint Ventures [Abstract] | |
Investments In Unconsolidated Real Estate Joint Ventures | December 31, BBX Capital Investment in unconsolidated real estate joint ventures 2016 2015 % Ownership Altis at Kendall Square, LLC $ 154 764 20.24 % Altis at Lakeline - Austin Investors LLC 5,165 5,210 33.74 New Urban/BBX Development, LLC 907 864 50.00 Sunrise and Bayview Partners, LLC 1,574 1,577 50.00 Hialeah Communities, LLC 2,641 4,569 57.00 PGA Design Center Holdings, LLC 1,904 1,911 40.00 CCB Miramar, LLC 875 875 35.00 Centra Falls, LLC 595 727 7.14 The Addison on Millenia Investment, LLC 5,935 5,778 48.00 BBX/S Millenia Blvd Investments, LLC 5,095 4,905 90.00 Altis at Bonterra - Hialeah, LLC 17,626 15,782 95.00 Altis at Shingle Creek Manager, LLC 332 - 2.50 Centra Falls II, LLC 571 - 7.14 Investments in unconsolidated real estate joint ventures $ 43,374 42,962 |
Condensed Statements Of Financial Condition For Equity Method Joint Ventures | December 31, 2016 2015 Assets Cash $ 2,719 6,960 Real estate inventory 28,246 31,251 Properties and equipment 439 60 Other assets 1,387 6,839 Total assets $ 32,791 45,110 Liabilities and Equity Notes payable $ 16,278 22,351 Other liabilities 8,628 11,456 Total liabilities 24,906 33,807 Total equity 7,885 11,303 Total liabilities and equity $ 32,791 45,110 |
Condensed Statements Of Operations For Equity Method Joint Ventures | For the Years Ended December 31, 2016 2015 2014 Total revenues $ 84,860 17 - Costs of sales (62,315) - - Other expenses (4,562) (1,340) (419) Net earnings (loss) $ 17,983 (1,323) (419) Equity in net earnings (losses) of unconsolidated real estate joint ventures $ 9,547 (747) (239) |
Property And Equipment (Tables)
Property And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property And Equipment [Abstract] | |
Components Of Property And Equipment | December 31, 2016 2015 Land, building and building improvements $ 73,883 68,915 Leasehold improvements 11,912 9,611 Office equipment, furniture and fixtures 65,284 59,696 Transportation 453 379 151,532 138,601 Accumulated depreciation (55,534) (48,581) Property and equipment, net $ 95,998 90,020 |
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill And Intangible Assets [Abstract] | |
Goodwill And Major Classes Of Intangible Assets | December 31, Class 2016 2015 Intangible assets: Management contracts $ 61,293 61,293 Trademarks 5,215 5,965 Customer Relationships 1,620 2,691 Lease premium 2,411 2,411 Area development contracts 660 - Other 126 246 71,325 72,606 Accumulated amortization (2,870) (2,418) Total intangibles assets $ 68,455 70,188 |
Estimated Aggregate Amortization Expense Of Intangible Assets | Years Ending December 31, Total 2017 $ 812 2018 790 2019 548 2020 504 2021 501 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt [Abstract] | |
Contractual Minimum Principal Payments Of Debt Outstanding | Notes and Recourse Non-recourse Mortgage Notes Receivable Receivable Junior Payable and Backed Backed Subordinated Lines of Credit Notes Payable Notes Payable Debentures Total 2017 $ 9,966 - - - 9,966 2018 22,270 - - - 22,270 2019 36,753 5,125 - - 41,878 2020 8,317 41,385 31,417 - 81,119 2021 37,297 32,247 - - 69,544 Thereafter 22,079 8,874 301,131 195,879 527,963 136,682 87,631 332,548 195,879 752,740 Unamortized debt issuance costs (2,892) - (5,190) (1,730) (9,812) Purchase Accounting - - - (41,782) (41,782) Total Debt $ 133,790 87,631 327,358 152,367 701,146 |
Notes Payable And Other Borrowings | December 31, 2016 December 31, 2015 Carrying Carrying Amount of Amount of Debt Interest Pledged Debt Interest Pledged Balance Rate Assets Balance Rate Assets Bluegreen: 2013 Notes Payable $ 52,500 5.50% 29,349 58,500 8.05% 30,411 Pacific Western Term Loan 1,727 6.02% 8,963 3,791 5.68% 10,868 Fifth Third Bank Note 4,326 3.62% 9,157 4,572 3.50% 9,336 NBA Line of Credit 2,006 5.00% 8,230 9,721 5.50% 24,246 Fifth Third Syndicated Line of Credit 15,000 3.46% 60,343 25,000 3.11% 54,312 Fifth Third Syndicated Term Loan 25,000 3.46% 20,114 - - - Unamortized debt issuance costs (2,177) - - (1,975) - - Total Bluegreen $ 98,382 $ 136,156 $ 99,609 $ 129,173 Other Notes Payable: Community Development District Obligations $ 21,435 4.50 -6.00 % $ 20,744 $ - - $ - Wells Fargo Capital Finance 9,692 (1) (2) 8,071 (1) (2) Anastasia Note 3,417 5.00% (2) 5,330 5.00% (2) Iberia Line of Credit - 3.37% (2) 4,997 3.18% (2) Other 1,579 5.25% 2,044 3,023 2.35% - 5.25% 3,089 Unamortized debt issuance costs (715) (36) Total Other Notes Payable $ 35,408 $ 21,385 Total Notes Payable $ 133,790 $ 120,994 (1) The term loan and revolving advance facility bear interest at the Bank Prime Interest Rate or the daily three month LIBOR interest rate plus a margin specified in the credit agreement ranging from 0.5% to 3.25% per annum. (2) The collateral is a blanket lien on the respective company’s assets. |
Receivable-Backed Notes Payable | December 31, 2016 December 31, 2015 Principal Principal Balance of Balance of Pledged/ Pledged/ Debt Interest Secured Debt Interest Secured Balance Rate Receivables Balance Rate Receivables Recourse receivable-backed notes payable: Liberty Bank Facility $ 32,674 4.25% $ 41,357 $ 46,547 4.00% $ 56,815 NBA Receivables Facility 34,164 3.50 - 4.0% 40,763 24,860 4.00 - 4.50% 29,947 Pacific Western Facility 20,793 5.14% 27,712 18,481 4.93% 23,596 Total $ 87,631 $ 109,832 $ 89,888 $ 110,358 Non-recourse receivable-backed notes payable: BB&T/DZ Purchase Facility $ 31,417 3.67% $ 41,388 $ 38,228 3.33% $ 50,224 Quorum Purchase Facility 23,981 4.75 -6.90% 26,855 28,500 4.75 -6.90% 32,303 2007 Term Securitization - - - 17,642 7.32% 18,720 2008 Term Securitization - - - 7,227 7.88% 7,726 2010 Term Securitization 13,163 5.54% 16,191 24,074 5.54% 28,159 2012 Term Securitization 32,929 2.94% 36,174 44,603 2.94% 49,091 2013 Term Securitization 48,514 3.20% 51,157 62,670 3.20% 66,020 2015 Term Securitization 75,011 3.02% 78,980 95,985 3.02% 100,142 2016 Term Securitization 107,533 3.35% 117,249 - - - Unamortized debt issuance costs (5,190) - - (4,905) - - Total $ 327,358 $ 367,994 $ 314,024 $ 352,385 Total receivable-backed debt $ 414,989 $ 477,826 $ 403,912 $ 462,743 |
Junior Subordinated Debentures Outstanding | December 31, Beginning 2016 2015 Optional Issue Outstanding Outstanding Interest Maturity Redemption Junior Subordinated Debentures Date Amount Amount Rate (1) Date Date Levitt Capital Trust I ("LCT I") 03/15/2005 $ 23,196 23,196 LIBOR + 3.85% 03/01/2035 03/15/2010 Levitt Capital Trust II ("LCT II") 05/04/2005 30,928 30,928 LIBOR + 3.80% 06/30/2035 06/30/2010 Levitt Capital Trust III ("LCT III") 06/01/2006 15,464 15,464 LIBOR + 3.80% 06/30/2036 06/30/2011 Levitt Capital Trust IV ("LCTIV") 07/18/2006 15,464 15,464 LIBOR + 3.80% 09/30/2036 09/30/2011 Total Woodbridge Holdings 85,052 85,052 Bluegreen Statutory Trust I 03/15/2005 23,196 23,196 LIBOR + 4.90% 3/30/2035 03/30/2010 Bluegreen Statutory Trust II 05/04/2005 25,774 25,774 LIBOR + 4.85% 7/30/2035 07/30/2010 Bluegreen Statutory Trust III 05/10/2005 10,310 10,310 LIBOR + 4.85% 7/30/2035 07/30/2010 Bluegreen Statutory Trust IV 04/24/2006 15,464 15,464 LIBOR + 4.85% 6/30/2036 06/30/2011 Bluegreen Statutory Trust V 07/21/2006 15,464 15,464 LIBOR + 4.85% 9/30/2036 09/30/2011 Bluegreen Statutory Trust VI 02/26/2007 20,619 20,619 LIBOR + 4.80% 4/30/2037 04/30/2012 Total Bluegreen Corporation 110,827 110,827 Unamortized debt issuance costs (1,730) (1,822) Purchase accounting adjustment (41,782) (43,572) Total Junior Subordinated Debentures $ 152,367 150,485 (1) LIBOR interest rates are indexed to three-month LIBOR and adjust quarterly. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Taxes [Abstract] | |
United States And Foreign Components Of Income From Continuing Operations Before Income Taxes | For the Years Ended December 31, 2016 2015 2014 U.S. $ 77,629 67,272 67,553 Foreign 407 (2,589) (3,175) Total $ 78,036 64,683 64,378 |
Provision For Income Taxes | For the Years Ended December 31, 2016 2015 2014 Current: Federal $ (339) 5,288 20,756 State 1,014 2,445 3,904 675 7,733 24,660 Deferred: Federal 36,393 (74,189) 11,001 State (689) (10,140) 1,412 35,704 (84,329) 12,413 Provision (benefit) for income taxes $ 36,379 (76,596) 37,073 |
Actual Provision For Income Taxes From Continuing Operations Rate | For the Years Ended December 31, 2016 (1) 2015 (1) 2014 (1) Income tax provision at expected federal income tax rate of 35% $ 27,313 35.00 % $ 22,639 35.00 % $ 22,532 35.00 % Increase (decrease) resulting from: Benefit for state taxes, net of federal effect 527 0.68 9,029 13.96 6,120 9.51 Taxes related to subsidiaries not consolidated for income tax purposes (3,432) (4.40) (4,842) (7.49) 1,124 1.75 Nondeductible executive compensation 5,833 7.47 5,524 8.54 4,993 7.76 Bluegreen settlement - - 12,820 19.82 - - SEC penalty - - 1,243 1.92 - - Increase/(decrease) in valuation allowance 5,275 6.76 (127,835) (197.63) 1,294 2.01 Other – net 863 1.11 4,826 7.46 1,010 1.57 Provision (benefit) for income taxes $ 36,379 46.62 % $ (76,596) (118.42) % $ 37,073 57.60 % (1) Expected tax is computed based upon income before noncontrolling interests. |
Schedule Of Deferred Tax Assets And Liabilities | December 31, 2016 2015 2014 Deferred tax assets: Allowance for loan losses, tax certificate losses and write-downs for financial statement purposes $ 42,008 41,832 38,771 Federal and State NOL and tax credit carryforward 218,609 237,820 270,331 Capital loss carryover - 15 766 Real estate valuation 16,828 33,505 42,278 Share based compensation 3,626 3,097 5,742 Income recognized for tax purposes and deferred for financial statement purposes - 103 103 Investment in unconsolidated affiliates 828 828 828 Property and equipment 3,015 588 1,056 Other 10,355 5,685 11,467 Total gross deferred tax assets 295,269 323,473 371,342 Valuation allowance (135,121) (129,846) (257,681) Total deferred tax assets 160,148 193,627 113,661 Deferred tax liabilities: Installment sales treatment of notes 152,074 150,237 152,419 Intangible assets 24,501 25,368 26,467 Junior subordinated debentures 16,349 17,205 18,700 Deferral of VOI sales and costs under timeshare accounting 8,718 9,222 8,554 Investment in securities 116 96 112 Other 2,708 93 18 Total gross deferred tax liabilities 204,466 202,221 206,270 Net deferred tax liability (44,318) (8,594) (92,609) Less net deferred tax liability at beginning of period 8,594 92,609 77,089 Net deferred tax liabilities from acquisitions - 329 3,107 Less change in net deferred tax liability for amounts included in other comprehensive income 20 (15) - (Provision) benefit for deferred income taxes $ (35,704) 84,329 (12,413) |
Activity In Deferred Tax Asset Valuation Allowance | For the Years Ended December 31, 2016 2015 2014 Balance, beginning of period $ 129,846 257,681 256,410 Increase (decrease) in deferred tax valuation allowance 5,275 (127,835) 1,294 Other comprehensive loss - - (23) Balance, end of period $ 135,121 129,846 257,681 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments And Contingencies [Abstract] | |
Approximate Minimum Future Rental Payments Under Leases | Year Ending December 31, Amount 2017 $ 12,687 2018 9,363 2019 6,489 2020 5,515 2021 5,153 Thereafter 21,802 Total $ 61,009 |
Summary Of Incurred Rent Expense | For the Years Ended December 31, 2016 2015 2014 Rental expense for premises and equipment $ 15,905 13,745 12,943 |
Stock Incentive Plans (Tables)
Stock Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Information On Outstanding Options | Weighted Weighted Average Average Aggregate Outstanding Exercise Remaining Intrinsic Options Price Contractual Term Value ($000) Outstanding at December 31, 2013 1,654,643 $ 0.41 1.91 $ 4,104 Exercised (1,428,420) 0.41 5,038 Forfeited - 0.00 Expired - 0.00 Granted - 0.00 Outstanding at December 31, 2014 226,223 $ 0.41 2.66 $ 631 Exercised (25,000) 0.41 85 Forfeited - 0.00 Expired - 0.00 Granted - 0.00 Outstanding at December 31, 2015 201,223 $ 0.41 1.93 $ 600 Exercised (50,148) 0.41 143 Forfeited - 0.00 Expired - 0.00 Assumed pursuant to the merger agreement (1) 35,716 17.05 - Outstanding at December 31, 2016 186,791 $ 3.59 1.24 $ 675 Exercisable at December 31, 2016 186,791 $ 3.59 1.24 $ 675 Available for grant at December 31, 2016 1,228,802 (1) BCC o ptions to acquire 6,614 of BCC Class A Common Stock were exchanged for options to acquire 35,716 shares of the Company's Class A Common Stock pursuant to the terms of the Merger Agreement . |
Unvested Restricted Stock Activity | Weighted Non-vested Average Restricted Grant Date Stock Fair Value Outstanding at December 31, 2013 6,330,695 $ 0.78 Granted 3,575,041 3.80 Vested (1,389,072) 0.79 Forfeited - - Outstanding at December 31, 2014 8,516,664 $ 2.05 Granted 2,372,592 3.16 Vested (3,915,749) 1.19 Forfeited - - Outstanding at December 31, 2015 6,973,507 $ 2.90 Granted 1,823,565 4.30 Assumed pursuant to the Merger Agreement (1) 5,090,354 2.74 Vested (2,755,430) 2.14 Forfeited - - Outstanding at December 31, 2016 11,131,996 $ 2.74 (1) 942,658 of BCC’s restricted stock units were exchanged for approximately 5.1 million of the Company's restricted Class A Common S tock units. |
BCC [Member] | |
Information On Outstanding Options | Weighted Weighted Class A Average Average Aggregate Outstanding Exercise Remaining Intrinsic Options Price Contractual Term Value ($000) Outstanding at December 31, 2013 21,282 $ 289.17 2.5 - Exercised - - Forfeited - - Expired (5,801) 455.00 Granted - - Outstanding at December 31, 2014 15,481 $ 227.03 2.3 - Exercised - - Forfeited (3,307) 92.09 Expired (5,158) 475.12 Granted - - Outstanding at December 31, 2015 7,016 $ 108.24 1.6 $ - Exercised - - Forfeited - - Expired (402) 374.00 Granted - - Stock options exchanged (1) (6,614) 92.09 1.2 - Outstanding at December 31, 2016 - $ - - $ - (1) O ptions to acquire 6,614 shares of BCC Class A Common Stock were exchanged for options to acquire 35,716 shares of the Company's Class A Common Stock on December 15, 2016 . |
Unvested Restricted Stock Activity | Class A Weighted Non-vested Average Restricted Grant date Stock Fair Value Outstanding at December 31, 2013 1,310,302 $ 8.76 Vested (315,102) 6.52 Forfeited - - Granted 396,082 16.58 Outstanding at December 31, 2014 1,391,282 $ 11.50 Vested (381,622) 9.13 Forfeited - - Granted 419,492 15.60 Outstanding at December 31, 2015 1,429,152 $ 13.33 Vested (486,494) 10.52 Forfeited - - Granted - - RSUs exchanged (1) (942,658) 14.78 Outstanding at December 31, 2016 - $ - (1) 942,658 of BCC’s restricted stock units were exchanged for approximately 5.1 million of the Company Class A restricted Common Stock units on December 15, 2016 pursuant to the Merger Agreement . |
Common Stock, Preferred Stock48
Common Stock, Preferred Stock And Dividends (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Common Stock, Preferred Stock And Dividends [Abstract] | |
Declared Quarterly Cash Dividends | Per Common Share Record Payment Distribution Date Date Amount June 6/20/2016 7/20/2016 $ 0.005 September 9/23/2016 10/20/2016 0.005 December 12/19/2016 1/20/2017 0.005 Total for 2016 $ 0.015 |
Noncontrolling Interests (Table
Noncontrolling Interests (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Noncontrolling Interests [Abstract] | |
Summary Of Noncontrolling Interests | December 31, 2016 2015 BCC $ - 62,728 Joint ventures and other 40,850 43,352 Total noncontrolling interests $ 40,850 106,080 |
Summary Of Income (Loss) Attributable To Noncontrolling Interests | For the Years Ended December 31, 2016 2015 2014 BCC $ 3,489 4,964 2,040 Joint ventures and other 9,806 13,841 11,415 Net income attributable to noncontrolling interests $ 13,295 18,805 13,455 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Common Share [Abstract] | |
Computation Of Basic And Diluted Loss Per Common Share | For the Years Ended December 31, 2016 2015 2014 Basic earnings per common share Numerator: Net income $ 41,657 141,279 27,305 Less: Noncontrolling interests net income 13,295 18,805 13,455 Net income available to common shareholders $ 28,362 122,474 13,850 Denominator: Basic weighted average number of of common shares outstanding 86,902 87,022 84,502 Basic earnings per common share $ 0.33 1.41 0.16 Diluted earnings per common share Numerator: Net income available to common shareholders $ 28,362 122,474 13,850 Denominator: Basic weighted average number of common shares outstanding 86,902 87,022 84,502 Effect of dilutive stock-based compensation 590 186 259 Diluted weighted average number of common shares outstanding 87,492 87,208 84,761 Diluted earnings per common share $ 0.32 1.40 0.16 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Measurement [Abstract] | |
Assets Measured At Fair Value On Non-Recurring Basis | Fair Value Measurements Using Carrying Quoted prices in Significant Total Amount Active Markets Other Significant Impairments (1) As of for Identical Observable Unobservable For the December 31, Assets Inputs Inputs Year Ended Description 2016 (Level 1) (Level 2) (Level 3) December 31, 2016 Loans measured for impairment using the fair value of the underlying collateral $ 5,759 - - 5,759 101 Impaired real estate held-for-sale 5,456 - - 5,456 3,271 Total $ 11,215 - - 11,215 3,372 (1) Total impairments represent the amount of losses recognized during the year ended December 31, 2016 on assets that were held and measured at fair value as of December 31, 2016. Fair Value Measurements Using Quoted prices in Significant Total Active Markets Other Significant Impairments (1) As of for Identical Observable Unobservable For the December 31, Assets Inputs Inputs Year Ended Description 2015 (Level 1) (Level 2) (Level 3) December 31, 2015 Loans measured for impairment using the fair value of the underlying collateral $ 186 - - 186 120 Impaired real estate held-for-sale and held-for-investment 13,257 - - 13,257 3,000 Impaired loans held-for-sale 5,856 5,856 740 Total $ 19,299 - - 19,299 3,860 (1) Total impairments represent the amount of losses recognized during the year ended December 31, 2015 on assets that were held and measured at fair value as of December 31, 2015. |
Quantitative Information About Significant Unobservable Inputs Within Level 3 | As of December 31, 2016 Fair Valuation Unobservable Description Value Technique Inputs Range (Average) (1)(2) Loans measured for impairment using the fair value Fair Value of Discount Rates and Appraised of the underlying collateral $ 5,759 Collateral Value less Cost to Sell $0.1 - $0.7 million ($0.3 million) Impaired real estate Fair Value of held-for-sale 5,456 Property Asset Purchase Agreements $0.1 - $1.4 million ($0.5 million) Total $ 11,215 and appraisals (1) Range and average appraised values were reduced by estimated costs to sell. (2) Average was computed by dividing the aggregate appraisal amounts by the number of appraisals. As of December 31, 2015 Fair Valuation Unobservable Description Value Technique Inputs Range (Average) (1)(2) Loans measured for impairment using the fair value Fair Value of Discount Rates and Appraised of the underlying collateral $ 186 Collateral Value less Cost to Sell $0.2 - $0.4 million ($0.3 million) Impaired real estate Fair Value of Discount Rates and Appraised held-for-sale 13,257 Property Value less Cost to Sell $0.3 - $11.0 million ($2.0 million) Fair Value of Discount Rates and Appraised Impaired loans held-for-sale 5,856 Collateral Value less Cost to Sell $0.1 - $0.5 million ($0.2 million) Total $ 19,299 (1) Range and average appraised values were reduced by costs to sell. (2) Average was computed by dividing the aggregate appraisal amounts by the number of appraisals. |
Financial Disclosures About Fair Value Of Financial Instruments | Fair Value Measurements Using Quoted prices Carrying in Active Significant Amount Fair Value Markets Other Significant As of As of for Identical Observable Unobservable December 31, December 31, Assets Inputs Inputs 2016 2016 (Level 1) (Level 2) (Level 3) Financial assets: Cash and interest bearing deposits in banks $ 299,861 299,861 299,861 - - Restricted cash 46,456 46,456 46,456 - - Loans receivable including loans held- for-sale, net $ 25,521 27,904 - - 27,904 Notes receivable, net 430,480 545,000 - - 545,000 Notes receivable from preferred shareholders (1) 5,063 4,900 - - 4,900 Financial liabilities: Receivable-backed notes payable $ 414,989 420,400 - - 420,400 Notes and mortgage notes payable and other borrowings 133,790 135,404 - - 135,404 Junior subordinated debentures 152,367 149,200 - - 149,200 Shares subject to mandatory redemption 13,517 13,600 - - 13,600 Fair Value Measurements Using Quoted prices Carrying in Active Significant Amount Fair Value Markets Other Significant As of As of for Identical Observable Unobservable December 31, December 31, Assets Inputs Inputs 2015 2015 (Level 1) (Level 2) (Level 3) Financial assets: Cash and interest bearing deposits in banks $ 198,905 198,905 198,905 - - Restricted cash 59,365 59,365 59,365 - - Loans receivable including loans held- for-sale, net $ 55,389 63,668 - - 63,668 Notes receivable, net 415,598 495,000 - - 495,000 Notes receivable from preferred shareholders (1) 5,063 4,500 - - 4,500 Financial liabilities: Receivable-backed notes payable $ 403,912 406,600 - - 406,600 Notes and mortgage notes payable and other borrowings 120,994 124,456 - - 124,456 Junior subordinated debentures 150,485 116,500 - - 116,500 Shares subject to mandatory redemption 13,098 11,900 - - 11,900 (1) Notes receivable from preferred shareholders is included in other assets i n the Company’s Consolidated S tatements of Financial C ondition as of December 31, 2016 and 2015 . |
Certain Relationships And Rel52
Certain Relationships And Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Certain Relationships And Related Party Transactions [Abstract] | |
Schedule Of Shares Issued Related Party Transactions | BBX Capital RSU Holder Number of Shares of the Company’s Class B Common Stock Issued to the BCC RSU Holder Number of Shares of BCC’s Class A Common Stock Received by the Company Alan B. Levan 405,624 73,843 John E. Abdo 405,624 73,843 Jarett S. Levan 204,413 37,213 Seth M. Wise 202,815 36,922 Total 1,218,476 221,821 Individual Reporting Person Date of Share Exchange Number of Shares of the Company’s Class B Common Stock Issued to the BCC RSU Holder Number of Shares of BCC’s Class A Common Stock Received by the Company Alan B. Levan 9/30/2016 398,752 73,843 10/1/2016 107,800 19,963 John E. Abdo 9/30/2016 398,752 73,843 10/2/2016 107,800 19,963 Jarett S. Levan 9/30/2016 204,962 37,956 10/3/2016 53,897 9,981 Seth M. Wise 9/30/2016 204,962 37,956 10/4/2016 53,897 9,981 Total 1,530,822 283,486 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Information | The table below sets forth the Company’s segment information as of and for the year ended December 31, 201 6 (in thousands): Reportable Segments BBX Capital Corporate Real Expenses & Segment Bluegreen Estate Renin Other Eliminations Total Revenues: Sales of VOIs $ 266,142 - - - - 266,142 Fee-based sales commission revenue 201,829 - - - - 201,829 Other fee-based services revenue 103,448 - - - - 103,448 Trade sales - - 65,225 30,771 - 95,996 Interest income 89,510 3,606 - 321 (8,000) 85,437 Net gains on sales of assets - 6,076 - - - 6,076 Other revenue - 5,067 - - - 5,067 Total revenues 660,929 14,749 65,225 31,092 (8,000) 763,995 Costs and Expenses: Cost of sales of VOIs 27,346 - - - - 27,346 Cost of other fee-based services 64,479 - - - - 64,479 Cost of trade sales - - 47,088 27,253 - 74,341 Interest expense 30,853 - 313 12,871 (8,000) 36,037 Recoveries from loan losses, net - (20,508) - - - (20,508) Asset impairments, net - 2,304 - 2,352 - 4,656 Selling, general and administrative expenses 415,027 11,864 17,186 73,651 (971) 516,757 Total costs and expenses 537,705 (6,340) 64,587 116,127 (8,971) 703,108 Equity in net earnings of unconsolidated real estate joint ventures - 13,630 - - - 13,630 Foreign exchange gain - - 219 - - 219 Other income 1,724 - - 2,547 (971) 3,300 Income (loss) before income taxes $ 124,948 34,719 857 (82,488) - 78,036 Total assets $ 1,128,630 179,856 28,913 723,214 (624,545) 1,436,068 Equity method investments included in total assets $ - 43,374 - - - 43,374 Expenditures for segment fixed assets $ 9,605 266 1,718 1,350 - 12,939 Depreciation and amortization $ 4,534 603 901 2,051 - 8,089 Goodwill $ - - - 6,731 - 6,731 The table below sets forth the Company’s segment information as of and for the year ended December 31, 2015 (in thousands): Reportable Segments BBX Capital Corporate Real Expenses & Segment Bluegreen Estate Renin Other Eliminations Total Revenues: Sales of VOIs $ 259,236 - - - - 259,236 Fee-based sales commission revenue 173,659 - - - - 173,659 Other fee-based services revenue 97,539 - - - - 97,539 Trade sales - - 56,461 27,823 - 84,284 Interest income 84,331 9,921 - 135 (5,622) 88,765 Net gains (losses) on sales of assets - 31,181 - (89) - 31,092 Other revenue - 5,540 - 511 (419) 5,632 Total revenues 614,765 46,642 56,461 28,380 (6,041) 740,207 Costs and Expenses: Cost of sales of VOIs 22,884 - - - - 22,884 Cost of other fee-based services 60,942 - - - - 60,942 Cost of trade sales - - 42,123 20,584 - 62,707 Interest expense 35,698 - 309 10,441 (6,040) 40,408 Recoveries from loan losses, net - (13,457) - - - (13,457) Impairment of assets, net - 287 - - - 287 Litigation settlement - - - 36,500 - 36,500 Selling, general and administrative expenses 373,804 12,773 15,049 66,134 (1,060) 466,700 Total costs and expenses 493,328 (397) 57,481 133,659 (7,100) 676,971 Equity in net losses of unconsolidated real estate joint ventures - (1,565) - - - (1,565) Foreign exchange loss - - (1,038) - - (1,038) Other income, net 2,883 - - 2,226 (1,059) 4,050 Income (loss) before taxes 124,320 45,474 (2,058) (103,053) - 64,683 Total assets $ 1,083,151 204,787 22,778 548,332 (518,088) 1,340,960 Equity method investments included in total assets $ - 42,962 - - - 42,962 Expenditures for segment fixed assets $ 9,176 4 92 3,538 - 12,810 Depreciation and amortization $ 6,940 810 643 2,118 - 10,511 Goodwill $ - - - 7,601 - 7,601 The table below sets forth the Company’s segment information as of and for the year ended December 31, 2014 (in thousands): Reportable Segments BBX Capital Corporate Real Expenses & Segment Bluegreen Estate Renin Other Eliminations Total Revenues: Sales of VOIs $ 262,334 - - - - 262,334 Fee-based sales commission revenue 144,239 - - - - 144,239 Other fee-based services revenue 92,089 - - - - 92,089 Interest income 81,666 5,072 - 92 (338) 86,492 Trade sales - - 57,839 16,245 (1) 74,083 Net gains on sales of assets - 5,527 - - - 5,527 Other revenue - 7,414 - 456 (448) 7,422 Total revenues 580,328 18,013 57,839 16,793 (787) 672,186 Costs and Expenses: Cost of sales of VOIs 30,766 - - - - 30,766 Cost of other fee-based services 56,941 - - - - 56,941 Cost of trade sales - - 43,888 10,794 - 54,682 Interest expense 41,324 1,002 551 5,449 (924) 47,402 Recoveries from loan losses, net - (7,155) - - - (7,155) Impairment of assets, net - 7,015 - - - 7,015 Selling, general and administrative expenses 345,191 16,121 14,729 46,756 (1,148) 421,649 Total costs and expenses 474,222 16,983 59,168 62,999 (2,072) 611,300 Equity in net loss from unconsolidated real estate joint ventures - (559) - (14) - (573) Foreign exchange loss - - (715) - - (715) Other income, net 3,388 - - 2,677 (1,285) 4,780 Income (loss) before income taxes $ 109,494 471 (2,044) (43,543) - 64,378 Total assets $ 1,045,498 216,101 23,661 456,386 (330,350) 1,411,296 Equity method investments included in total assets $ - 16,065 - - - 16,065 Expenditures for segment fixed assets $ 18,049 996 93 315 - 19,453 Depreciation and amortization $ 6,909 802 602 1,086 - 9,399 Goodwill $ - - - 7,377 - 7,377 |
Selected Quarterly Results (Tab
Selected Quarterly Results (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Selected Quarterly Results [Abstract] | |
Summary Of Results Of Operations | First Second Third Fourth 2016 Quarter Quarter Quarter Quarter Total Revenues $ 165,639 192,965 208,236 197,155 763,995 Costs and expenses 153,310 192,616 171,685 185,497 703,108 12,329 349 36,551 11,658 60,887 Equity in net (losses) earnings of unconsolidated real estate joint ventures (342) 1,655 4,480 7,837 13,630 Foreign exchange gains (losses) 210 110 5 (106) 219 Other income, net 263 189 1,459 1,389 3,300 Income before income taxes 12,460 2,303 42,495 20,778 78,036 (Provision) benefit for income taxes (5,107) 368 (19,118) (12,522) (36,379) Net income 7,353 2,671 23,377 8,256 41,657 Less: Net income attributable to noncontrolling interests 1,871 2,427 5,602 3,395 13,295 Net income to common shareholders 5,482 244 17,775 4,861 28,362 Basic earnings per common share $ 0.06 0.00 0.21 0.05 0.33 Diluted earnings per common share $ 0.06 0.00 0.21 0.05 0.32 Basic weighted average number of common shares outstanding 86,839 85,946 85,864 88,949 86,902 Diluted weighted average number of common and common equivalent shares outstanding 87,013 86,145 86,573 89,961 87,492 First Second Third Fourth 2015 Quarter Quarter Quarter Quarter Total Revenues $ 149,893 190,971 199,291 200,052 740,207 Costs and expenses 136,587 191,605 175,218 173,561 676,971 13,306 (634) 24,073 26,491 63,236 Equity in net losses of unconsolidated real estate joint ventures (304) (291) (158) (812) (1,565) Foreign exchange (losses) gains (469) 70 (236) (403) (1,038) Other income, net 1,248 1,114 1,205 483 4,050 Income before income taxes 13,781 259 24,884 25,759 64,683 (Provision) benefit for income taxes (8,609) 90,353 (4,213) (935) 76,596 Net income 5,172 90,612 20,671 24,824 141,279 Less: Net income attributable to noncontrolling interests 3,286 6,317 4,313 4,889 18,805 Net income to common shareholders 1,886 84,295 16,358 19,935 122,474 Basic earnings per common share $ 0.02 0.97 0.19 0.23 1.41 Diluted earnings per common share $ 0.02 0.97 0.19 0.23 1.40 Basic weighted average number of common shares outstanding 87,136 87,093 87,023 86,839 87,022 Diluted weighted average number of common and common equivalent shares outstanding 87,332 87,286 87,174 87,175 87,208 |
Basis Of Financial Statement 55
Basis Of Financial Statement Presentation (Basis Of Financial Statement Presentation) (Details) | Dec. 31, 2016 | Dec. 14, 2016 | Apr. 30, 2015 | Mar. 31, 2015 |
BCC [Member] | ||||
Business Acquisition [Line Items] | ||||
Consolidated method ownership percentage | 100.00% | 82.00% | 81.00% | 51.00% |
Woodbridge [Member] | ||||
Business Acquisition [Line Items] | ||||
Consolidated method ownership percentage | 54.00% | 54.00% |
Basis Of Financial Statement 56
Basis Of Financial Statement Presentation (Cash Tender Offer For BBC's Class A Common Stock) (Details) - BCC [Member] - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | |||
Apr. 30, 2015 | Dec. 31, 2016 | Dec. 14, 2016 | Mar. 31, 2015 | |
Business Acquisition [Line Items] | ||||
Number of shares purchased on market, tender offer | 4,771,221 | |||
Purchase price per share | $ 20 | |||
Purchase price of stock | $ 95.4 | |||
Consolidated method ownership percentage | 81.00% | 100.00% | 82.00% | 51.00% |
Percent of voting power | 90.00% | 74.00% |
Basis Of Financial Statement 57
Basis Of Financial Statement Presentation (Sale Of BankAtlantic) (Details) $ in Millions | Jul. 31, 2012USD ($) |
BCC [Member] | Preferred Interest [Member] | |
Basis Of Financial Statement Presentation [Line Items] | |
Basis spread on rate | 2.00% |
BCC [Member] | Florida Asset Resolution Group LLC [Member] | |
Basis Of Financial Statement Presentation [Line Items] | |
Preferred membership percentage | 5.00% |
BBX Capital Asset Management LLC (CAM) [Member] | |
Basis Of Financial Statement Presentation [Line Items] | |
Cash | $ 82 |
Contribute non-performing commercial loans, commercial real estate | 125 |
Florida Asset Resolution Group LLC [Member] | |
Basis Of Financial Statement Presentation [Line Items] | |
Cash | 50 |
Contribute certain performing and non-performing loans, tax certificates | 346 |
BB&T [Member] | |
Basis Of Financial Statement Presentation [Line Items] | |
Preferred Interest | $ 285.4 |
Percent of cash flows from assets, net of operating expenses applied to repayment of preferred interest | 95.00% |
BB&T [Member] | Florida Asset Resolution Group LLC [Member] | |
Basis Of Financial Statement Presentation [Line Items] | |
Preferred membership percentage | 95.00% |
Summary Of Significant Accoun58
Summary Of Significant Accounting Policies (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Summary Of Significant Accounting Policies [Line Items] | |||
Cash equivalents maximum maturity term, in days | 90 days | ||
Cash, FDIC insured amount, limit | $ 250,000 | ||
Revenue recognition minimum percentage of sale received | 10.00% | ||
Days loans are past due to be evaluated individually for impairment, in days | 120 days | ||
Loans/receivables past due to be placed on non-accrual status, in days | 90 days | ||
Shipping goods, costs | $ 6,000,000 | $ 5,500,000 | $ 5,500,000 |
Minimum percent of VOI sales generated by one marketing arrangement | 16.00% | ||
Equity method investment ownership percentage income taxes consolidation measure | 80.00% | ||
Accounting Standards Update 2016-02 [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Quantification of the effect of adopting the new accounting standard or change in accounting principle expected | $ 61,000,000 | ||
Accounting Standards Update 2016-09 [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Quantification of the effect of adopting the new accounting standard or change in accounting principle expected | $ 3,100,000 | ||
Restricted Stock [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Vesting period (years) | 4 years | ||
Stock Options [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Vesting period (years) | 5 years | ||
Building And Building Improvements [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful life, in years | 40 years | ||
Office Equipment, Furniture And Fixtures [Member] | Maximum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful life, in years | 14 years | ||
Office Equipment, Furniture And Fixtures [Member] | Minimum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful life, in years | 3 years | ||
Transportation [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful life, in years | 5 years | ||
Leasehold Improvements [Member] | Maximum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful life, in years | 14 years | ||
Leasehold Improvements [Member] | Minimum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful life, in years | 3 years | ||
Software Development [Member] | Maximum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful life, in years | 5 years | ||
Software Development [Member] | Minimum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful life, in years | 3 years |
Summary Of Significant Accoun59
Summary Of Significant Accounting Policies (Reclassified Previous Period Adjustment) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Other assets | $ 120,030 | $ 103,093 |
Receivable backed notes payable - non-recourse | 327,358 | 314,024 |
Lines of credit and notes payable | 133,790 | 120,994 |
Junior subordinated debentures | 152,367 | 150,485 |
Inventory | $ 253,788 | 220,211 |
Reclassified $0.7 of Inventory to Other Assets [Member] | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Other assets | 102,375 | |
As Previously Presented [Member] | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Receivable backed notes payable - non-recourse | 318,929 | |
Lines of credit and notes payable | 123,005 | |
Junior subordinated debentures | 152,307 | |
As Previously Presented [Member] | Reclassified $0.7 of Inventory to Other Assets [Member] | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Other assets | 111,113 | |
Reclassification [Member] | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Receivable backed notes payable - non-recourse | (4,905) | |
Lines of credit and notes payable | (2,011) | |
Junior subordinated debentures | (1,822) | |
Reclassification [Member] | Reclassified $0.7 of Inventory to Other Assets [Member] | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Other assets | (8,738) | |
Inventory | $ (700) |
Merger (Details)
Merger (Details) - USD ($) $ / shares in Units, $ in Millions | Dec. 15, 2016 | Dec. 31, 2016 | Dec. 14, 2016 | Sep. 30, 2016 | Apr. 30, 2015 | Mar. 31, 2015 |
Class A Common Stock [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Shares issued as a result of acquisitions | 5,090,354 | |||||
Restricted Stock [Member] | Class A Common Stock [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Shares issued as a result of acquisitions | 5,090,354 | |||||
BCC [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Merger, price per share | $ 20 | |||||
Shares received in exchange for each share of WHC's Class A Common Stock | 5.4 | 5.4 | ||||
Acquisition, cash paid | $ 16.9 | |||||
Shares issued as a result of acquisitions | 12,000,000 | |||||
Consolidated method ownership percentage | 100.00% | 82.00% | 81.00% | 51.00% | ||
BCC [Member] | Restricted Stock [Member] | Class A Common Stock [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Shares outstanding exchanged by acquiree | 942,657 |
Consolidated Variable Interes61
Consolidated Variable Interest Entities (Narrative, Bluegreen) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Bluegreens Vacation Ownership Interests [Member] | |||
Variable Interest Entity [Line Items] | |||
Voluntary repurchases and substitutions | $ 6.5 | $ 3.3 | $ 4.9 |
Consolidated Variable Interes62
Consolidated Variable Interest Entities (Narrative, North Flagler) (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
May 31, 2015USD ($)a | Oct. 31, 2013USD ($)a | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Variable Interest Entity [Line Items] | |||||
Investment in joint ventures | $ 3,370 | $ 9,687 | $ 10,074 | ||
Gain (loss) on sale of property sale | 600 | ||||
Distributions to non-controlling interest | $ 12,250 | 14,059 | $ 5,923 | ||
North Flagler [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Amount of assigned contract to purchase real estate acres | $ 10,800 | ||||
Real estate parcel, acres | a | 4.5 | 4.5 | |||
Percent of joint venture distributions, until recovery of capital investment | 80.00% | ||||
Percent of joint venture distributions after capital investment recovery | 70.00% | ||||
Percent of losses absorbed | 80.00% | ||||
Percent of profits received | 70.00% | ||||
Investment in joint ventures | $ 10,800 | ||||
Property sold | $ 20,000 | ||||
Gain (loss) on sale of property sale | 7,800 | ||||
Distributions to non-controlling interest | $ 2,300 |
Consolidated Variable Interes63
Consolidated Variable Interest Entities (Information Related To The Assets And Liabilities Of The VIEs) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Variable Interest Entity [Line Items] | ||
Restricted cash | $ 46,456 | $ 59,365 |
Securitized notes receivable, net | 430,480 | 415,598 |
Receivable backed notes payable - non-recourse | 327,358 | 314,024 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Restricted cash | 21,894 | 25,358 |
Securitized notes receivable, net | 287,111 | 280,841 |
Receivable backed notes payable - non-recourse | $ 327,358 | $ 314,024 |
Loans Held-For-Sale And Loans64
Loans Held-For-Sale And Loans Receivable (Narrative) (Details) | 1 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2015USD ($) | Jul. 31, 2014USD ($) | Jun. 30, 2016USD ($) | Dec. 31, 2016USD ($)item | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans held-for-sale, adjustments | $ 1,600,000 | |||||
Discounts on loans | $ 3,300,000 | 3,300,000 | ||||
Loans receivable transferred in portfolio | 16,078,000 | 7,365,000 | ||||
Gain (loss) on sale of property sale | $ 600,000 | |||||
Loan receivable | $ 25,521,000 | 34,035,000 | $ 27,821,000 | |||
Number of loan portfolio segments | item | 5 | |||||
Commitments to lend on impaired loans | $ 0 | |||||
California [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Underlying collateral for real estate loan portfolio, percent | 28.00% | |||||
New York [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Underlying collateral for real estate loan portfolio, percent | 26.00% | |||||
Florida [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Underlying collateral for real estate loan portfolio, percent | 14.00% | |||||
Residential [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Foreclosure proceedings in progress | $ 9,500,000 | |||||
Loans receivable transferred in portfolio | $ 17,300,000 | |||||
Loans receivable transferred to loans held-for-investment | $ 70,000 | |||||
Net proceeds from sale of loans | $ 6,300,000 | |||||
Loans receivable transferred in portfolio, lower of cost or fair value | $ 16,100,000 | |||||
Loan receivable | 14,167,000 | 69,000 | ||||
Consumer [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Foreclosure proceedings in progress | 66,700 | |||||
Loan receivable | 1,799,000 | 2,368,000 | ||||
Consumer [Member] | Second Lien [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans receivable transferred to loans held-for-investment | 2,400,000 | |||||
Small Business [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans receivable transferred to loans held-for-investment | $ 4,900,000 | |||||
Loans receivable, general maximum amount per loan | 2,000,000 | |||||
Loan receivable | 2,506,000 | 4,054,000 | ||||
First-Lien Consumer [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Net proceeds from sale of loans | $ 3,200,000 | |||||
Commercial non-real estate [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loan receivable | 1,169,000 | 11,250,000 | ||||
Commercial non-real estate [Member] | Unsecured [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loan receivable | 10,000,000 | |||||
Commercial real estate [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loan receivable | $ 5,880,000 | $ 16,294,000 |
Loans Held-For-Sale And Loans65
Loans Held-For-Sale And Loans Receivable (Schedule Of Loan Portfolio) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held-for-sale | $ 21,354 | |
Loans receivable, net | $ 25,521 | 34,035 |
Commercial non-real estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, net | 1,169 | 11,250 |
Commercial real estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, net | 5,880 | 16,294 |
Small Business [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, net | 2,506 | 4,054 |
Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, net | 1,799 | 2,368 |
Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, net | $ 14,167 | $ 69 |
Loans Held-For-Sale And Loans66
Loans Held-For-Sale And Loans Receivable (Schedule Of Non-Accrual Loans Receivable And Loans Held For Sale) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total nonaccrual loans | $ 24,018 | $ 17,380 |
Commercial non-real estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total nonaccrual loans | 1,169 | 1,250 |
Commercial real estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total nonaccrual loans | 5,880 | 9,639 |
Small Business [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total nonaccrual loans | 2,506 | 4,054 |
Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total nonaccrual loans | 1,701 | 2,368 |
Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total nonaccrual loans | $ 12,762 | $ 69 |
Loans Held-For-Sale And Loans67
Loans Held-For-Sale And Loans Receivable (Age Analysis Of Past Due Recorded Investment In Loans Receivable And Loans Held For Sale) (Details) $ in Thousands | Dec. 31, 2016USD ($)loan | Dec. 31, 2015USD ($)loan | Dec. 31, 2014USD ($) | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | $ 15,187 | $ 5,602 | ||
Current | 10,334 | 28,433 | ||
Total Loans receivable | $ 25,521 | $ 34,035 | $ 27,821 | |
Number of loans past due greater than 90 days and still accruing interest | loan | 0 | 0 | ||
31 to 59 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | $ 632 | $ 316 | ||
60 to 89 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 231 | 367 | ||
90 Days Or More [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | [1] | 14,324 | 4,919 | |
Commercial non-real estate [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 330 | 329 | ||
Current | 839 | 10,921 | ||
Total Loans receivable | 1,169 | 11,250 | ||
Commercial non-real estate [Member] | 90 Days Or More [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | [1] | 330 | 329 | |
Commercial real estate [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 3,986 | 3,986 | ||
Current | 1,894 | 12,308 | ||
Total Loans receivable | 5,880 | 16,294 | ||
Commercial real estate [Member] | 90 Days Or More [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | [1] | 3,986 | 3,986 | |
Small Business [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 205 | |||
Current | 2,506 | 3,849 | ||
Total Loans receivable | 2,506 | 4,054 | ||
Small Business [Member] | 60 to 89 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 205 | |||
Consumer [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 490 | 1,016 | ||
Current | 1,309 | 1,352 | ||
Total Loans receivable | 1,799 | 2,368 | ||
Consumer [Member] | 31 to 59 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 23 | 316 | ||
Consumer [Member] | 60 to 89 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 138 | |||
Consumer [Member] | 90 Days Or More [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | [1] | 467 | 562 | |
Residential [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 10,381 | 66 | ||
Current | 3,786 | 3 | ||
Total Loans receivable | 14,167 | 69 | ||
Residential [Member] | 31 to 59 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 609 | |||
Residential [Member] | 60 to 89 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 231 | 24 | ||
Residential [Member] | 90 Days Or More [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | [1] | $ 9,541 | $ 42 | |
[1] | There were no loans that were 90 days or more past due and still accruing interest as of December 31, 2016 or 2015. |
Loans Held-For-Sale And Loans68
Loans Held-For-Sale And Loans Receivable (Allowance For Loan Losses By Portfolio Segment) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Loans Held-For-Sale And Loans Receivable [abstract] | |||
Beginning balance | $ 977 | $ 2,713 | |
Charge-offs | (156) | (1,037) | (7,189) |
Recoveries | 20,664 | 13,517 | 12,608 |
Provision | (20,508) | (13,457) | (7,155) |
Ending balance | 977 | ||
Ending balance individually evaluated for impairment | |||
Ending balance collectively evaluated for impairment | 977 | ||
Loans receivable: Ending balance individually evaluated for impairment | 21,363 | 12,849 | 17,045 |
Loans receivable: Ending balance collectively evaluated for impairment | 4,158 | 21,186 | 10,776 |
Total Loans receivable | 25,521 | 34,035 | 27,821 |
Proceeds from loan sales | 68 | 9,497 | |
Transfer to loans held-for-sale | $ 2,299 | ||
Transfer from loans held-for-sale | $ 16,078 | $ 7,365 |
Loans Held-For-Sale And Loans69
Loans Held-For-Sale And Loans Receivable (Schedule Of Impaired Loans) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Loans Held-For-Sale And Loans Receivable [abstract] | |||
Recorded Investment, With Allowance Recorded | $ 735 | ||
Recorded Investment, With No Allowance Recorded | $ 24,188 | $ 17,380 | 17,361 |
Recorded Investment | 24,188 | 17,380 | 18,096 |
Unpaid Principal Balance, With Allowance Recorded | 1,664 | ||
Unpaid Principal Balance, With No Allowance Recorded | 39,901 | 30,212 | 35,812 |
Unpaid Principal Balance | $ 39,901 | $ 30,212 | 37,476 |
Related Allowance | $ 735 |
Loans Held-For-Sale And Loans70
Loans Held-For-Sale And Loans Receivable (Average Recorded Investment And Interest Income Recognized On Impaired Loans) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Loans Held-For-Sale And Loans Receivable [abstract] | |||
Average Recorded Investment, With Allowance Recorded | $ 837 | ||
Average Recorded Investment, With No Allowance Recorded | $ 24,573 | $ 22,186 | 23,161 |
Average Recorded Investment | 24,573 | 22,186 | 23,998 |
Interest Income Recognized, With Allowance Recorded | 7 | ||
Interest Income Recognized, With No Allowance Recorded | 657 | 1,299 | 1,111 |
Interest Income Recognized | $ 657 | $ 1,299 | $ 1,118 |
Notes Receivable (Narrative) (D
Notes Receivable (Narrative) (Details) | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Notes Receivable [Member] | Bluegreen [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Weighted-average interest rate | 15.70% | 15.90% | 16.00% |
Notes Receivable (Information R
Notes Receivable (Information Relating To Bluegreen's Notes Receivable) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross notes receivable | $ 546,070 | $ 526,312 | |
Allowance for credit losses | (115,590) | (110,714) | |
Notes receivable, net | $ 430,480 | $ 415,598 | |
Allowance as a % of notes receivable | 21.00% | 21.00% | |
VOI Notes Receivable - Non-Securitized [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross notes receivable | $ 175,123 | $ 166,040 | |
VOI Notes Receivable - Securitized [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross notes receivable | 369,259 | 357,845 | |
Other Notes Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross notes receivable | [1] | $ 1,688 | $ 2,427 |
[1] | Notes receivable secured by homesites were originated through a business, substantially all of the assets of which were sold by Bluegreen in 2012. |
Notes Receivable (Future Contra
Notes Receivable (Future Contractual Principal Payments Of Notes Receivables) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Notes Receivable [Abstract] | ||
2,017 | $ 72,371 | |
2,018 | 61,717 | |
2,019 | 56,748 | |
2,020 | 58,153 | |
2,021 | 60,522 | |
Thereafter | 236,559 | |
Notes receivable, gross | $ 546,070 | $ 526,312 |
Notes Receivable (Activity In T
Notes Receivable (Activity In The Allowance For Loan Losses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Balance, beginning of period | $ 110,714 | ||
Provision for credit losses | (14,430) | $ (13,233) | $ (1,470) |
Balance, end of period | 115,590 | 110,714 | |
Bluegreens Vacation Ownership Interests [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Balance, beginning of period | 110,714 | 102,566 | 90,592 |
Provision for credit losses | 44,337 | 42,062 | 40,164 |
Write-offs of uncollectible receivables | (39,461) | (33,914) | (28,190) |
Balance, end of period | $ 115,590 | $ 110,714 | $ 102,566 |
Notes Receivable (Delinquency S
Notes Receivable (Delinquency Status Of Bluegreen's VOI Notes Receivable) (Details) - Bluegreens Vacation Ownership Interests [Member] - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | $ 521,536 | $ 501,738 | |
31-60 days | 6,378 | 6,889 | |
61-90 days | 5,082 | 4,869 | |
> 90 days | [1] | 11,386 | 10,389 |
Total | 544,382 | 523,885 | |
VOI note receivable balance had not yet been charged off | $ 5,300 | $ 5,200 | |
[1] | Includes $5.3 million and $5.2 million as of December 31, 2016 and 2015, respectively, related to VOI notes receivable that, as of such date, had defaulted but the related VOI note receivable balance had not yet been charged off in accordance with the provisions of certain of Bluegreen's receivable-backed notes payable transactions. These VOI notes receivable have been reflected in the allowance for credit losses. |
Inventory (Narrative) (Details)
Inventory (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Inventory [Line Items] | |||
Inventory writedowns included in costs of goods sold | $ 4,700 | $ 1,700 | $ 200 |
Other assets | 120,030 | 103,093 | |
Interest capitalized to VOI inventory | $ 400 | 700 | |
Bluegreen [Member] | |||
Inventory [Line Items] | |||
Percent of selling price increase | 5.00% | ||
Benefit to cost of sales | $ 5,600 | ||
Inventory impairment charges | $ 0 | $ 0 | $ 0 |
Inventory (Summary Of Inventory
Inventory (Summary Of Inventory) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Inventory [Abstract] | ||
Completed VOI units | $ 163,581 | $ 166,781 |
Construction-in-progress | 13,396 | 10,455 |
Real estate held for future VOI development | 98,453 | 90,400 |
Land held for development | 15,254 | |
Purchase accounting adjustment | (36,896) | (47,425) |
Total Inventory | $ 253,788 | $ 220,211 |
Inventory (Summary Of Invento78
Inventory (Summary Of Inventory-Other Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Inventory [Abstract] | ||
Raw materials | $ 5,059 | $ 5,822 |
Paper goods and packaging materials | 2,090 | 4,504 |
Finished goods | 7,577 | 6,021 |
Total | $ 14,726 | $ 16,347 |
Real Estate Held-For-Investme79
Real Estate Held-For-Investment And Real Estate Held-For-Sale (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Interest capitalized to VOI inventory | $ 400 | $ 700 |
Real Estate Held-For-Investment [Member] | ||
Interest capitalized to VOI inventory | $ 0 | $ 706 |
Real Estate Held-For-Investme80
Real Estate Held-For-Investment And Real Estate Held-For-Sale (Real Estate Held-For-Sale) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Long Lived Assets Held-for-sale [Line Items] | ||
Total real estate held-for-sale | $ 33,345 | $ 46,338 |
Land [Member] | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Total real estate held-for-sale | 28,701 | 25,994 |
Rental Properties [Member] | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Total real estate held-for-sale | 1,748 | 17,162 |
Residential Single-Family [Member] | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Total real estate held-for-sale | $ 2,896 | 2,924 |
Other Real Estate [Member] | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Total real estate held-for-sale | $ 258 |
Real Estate Held-For-Investme81
Real Estate Held-For-Investment And Real Estate Held-For-Sale (Real Estate Held-For-Investment) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule Of Long Lived Assets Held For Investment [Line Items] | ||
Total real estate held-for-investment | $ 12,029 | $ 31,290 |
Land [Member] | ||
Schedule Of Long Lived Assets Held For Investment [Line Items] | ||
Total real estate held-for-investment | 11,149 | 30,369 |
Other Real Estate [Member] | ||
Schedule Of Long Lived Assets Held For Investment [Line Items] | ||
Total real estate held-for-investment | $ 880 | $ 921 |
Real Estate Held-For-Investme82
Real Estate Held-For-Investment And Real Estate Held-For-Sale (Activity In Real Estate Held-For-Sale And Held-For-Investment) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Real Estate Held-For-Investment And Real Estate Held-For-Sale [Line Items] | |||
Acquired through foreclosure | $ 4,807 | $ 3,215 | $ 21,400 |
Transfers | (11,582) | (41,751) | (28,018) |
Transfers to inventory | (15,254) | ||
Transfers to property and equipment | (6,557) | ||
Property contributed to joint ventures | (19,448) | (1,920) | |
Real Estate Held-For-Sale [Member] | |||
Real Estate Held-For-Investment And Real Estate Held-For-Sale [Line Items] | |||
Beginning of period, net | 46,338 | 41,733 | 33,971 |
Acquired through foreclosure | 4,807 | 3,215 | 5,300 |
Transfers | 11,582 | 41,751 | 28,018 |
Purchases | 10,667 | 2,313 | |
Transfers to property and equipment | (6,557) | ||
Improvements | 561 | 3,261 | |
Sales | (19,823) | (51,040) | (26,973) |
Impairments, net | (3,563) | (3,249) | (896) |
End of period, net | 33,345 | 46,338 | 41,733 |
Real Estate Held-For-Investment [Member] | |||
Real Estate Held-For-Investment And Real Estate Held-For-Sale [Line Items] | |||
Beginning of period, net | 31,290 | 76,552 | 107,336 |
Acquired through foreclosure | 16,100 | ||
Transfers | (11,582) | (41,751) | (28,018) |
Purchases | 1,977 | ||
Transfers to inventory | (15,254) | ||
Improvements | 7,615 | 16,771 | 3,824 |
Accumulated depreciation | (40) | (468) | (462) |
Sales | (16,200) | ||
Property contributed to joint ventures | (19,448) | ||
Impairments, net | (366) | (8,005) | |
End of period, net | $ 12,029 | $ 31,290 | $ 76,552 |
Real Estate Held-For-Investme83
Real Estate Held-For-Investment And Real Estate Held-For-Sale (Real Estate Held-For-Sale Valuation Allowance Activity) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Real Estate Held-For-Investment And Real Estate Held-For-Sale [Abstract] | ||||
Beginning of period | $ 4,400 | $ 2,940 | $ 4,818 | |
Transfer to held-for-investment | (93) | |||
Impairments, net | [1] | 3,563 | 3,089 | 896 |
Sales | (2,723) | (1,536) | (2,774) | |
End of period | $ 5,240 | $ 4,400 | $ 2,940 | |
[1] | Tax certificate impairments are not included. |
Real Estate Held-For-Investme84
Real Estate Held-For-Investment and Real Estate Held-For-Sale (Net Real Estate Income (Loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Real Estate Held For Development And Sale [Line Items] | |||
Income from real estate operations | $ 5,067 | $ 5,632 | $ 7,422 |
Real estate operating expenses | (74,341) | (62,707) | (54,682) |
Net gains on the sales of assets | 6,076 | 31,092 | 5,527 |
Real Estate Acquired In Settlement Of Loans And Tax Certificates [Member] | |||
Real Estate Held For Development And Sale [Line Items] | |||
Income from real estate operations | 2,589 | 3,887 | 5,516 |
Real estate operating expenses | (2,903) | (4,773) | (6,296) |
Impairment of real estate | (3,563) | (3,615) | (8,901) |
Net gains on the sales of assets | 5,487 | 31,114 | 4,677 |
Net real estate income (losses) | $ 1,610 | $ 26,613 | $ (5,004) |
Investments In Unconsolidated85
Investments In Unconsolidated Real Estate Joint Ventures (Narrative) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016USD ($)item | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2016USD ($)item | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Schedule of Equity Method Investments [Line Items] | |||||||||||
Number of equity interest in unconsolidated real estate joint ventures | item | 13 | 13 | |||||||||
BBX Capital maximum expose to loss | $ 49,000 | $ 49,000 | |||||||||
Investments in unconsolidated real estate joint ventures | 43,374 | $ 42,962 | 43,374 | $ 42,962 | $ 16,065 | ||||||
Gain from transfer of property | 900 | 3,200 | |||||||||
Net gains on the sales of assets | 6,076 | 31,092 | 5,527 | ||||||||
Interest Costs Capitalized | 900 | 500 | 0 | ||||||||
Property adjustment | 7,600 | 9,300 | |||||||||
Equity in net earnings (losses) of unconsolidated real estate joint ventures | 7,837 | $ 4,480 | $ 1,655 | $ (342) | (812) | $ (158) | $ (291) | $ (304) | 13,630 | (1,565) | (573) |
Return of unconsolidated real estate joint venture investment | 3,321 | 510 | 273 | ||||||||
Single-Family Homes [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Net gains on the sales of assets | 2,300 | ||||||||||
Property adjustment | 1,500 | ||||||||||
Hialeah Communities, LLC [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Investments in unconsolidated real estate joint ventures | $ 2,641 | $ 4,569 | 2,641 | 4,569 | |||||||
Equity in net earnings (losses) of unconsolidated real estate joint ventures | $ 9,547 | $ (747) | $ (239) |
Investments In Unconsolidated86
Investments In Unconsolidated Real Estate Joint Ventures (Investments In Unconsolidated Real Estate Joint Ventures) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures | $ 43,374 | $ 42,962 | $ 16,065 |
Altis at Kendall Square, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures | $ 154 | 764 | |
Investments in unconsolidated real estate joint ventures, Percent | 20.24% | ||
Altis At Lakeline - Austin Investors LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures | $ 5,165 | 5,210 | |
Investments in unconsolidated real estate joint ventures, Percent | 33.74% | ||
New Urban/BBX Development, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures | $ 907 | 864 | |
Investments in unconsolidated real estate joint ventures, Percent | 50.00% | ||
Sunrise and Bayview Partners, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures | $ 1,574 | 1,577 | |
Investments in unconsolidated real estate joint ventures, Percent | 50.00% | ||
Hialeah Communities, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures | $ 2,641 | 4,569 | |
Investments in unconsolidated real estate joint ventures, Percent | 57.00% | ||
PGA Design Center Holdings, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures | $ 1,904 | 1,911 | |
Investments in unconsolidated real estate joint ventures, Percent | 40.00% | ||
CCB Miramar, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures | $ 875 | 875 | |
Investments in unconsolidated real estate joint ventures, Percent | 35.00% | ||
Centra Falls, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures | $ 595 | 727 | |
Investments in unconsolidated real estate joint ventures, Percent | 7.14% | ||
The Addison on Millenia Investment, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures | $ 5,935 | 5,778 | |
Investments in unconsolidated real estate joint ventures, Percent | 48.00% | ||
BBX/S Millenia Blvd Investments, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures | $ 5,095 | 4,905 | |
Investments in unconsolidated real estate joint ventures, Percent | 90.00% | ||
Altis at Bonterra - Hialeah, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures | $ 17,626 | $ 15,782 | |
Investments in unconsolidated real estate joint ventures, Percent | 95.00% | ||
Altis at Shingle Creek Manager, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures | $ 332 | ||
Investments in unconsolidated real estate joint ventures, Percent | 2.50% | ||
Centra Falls II, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures | $ 571 | ||
Investments in unconsolidated real estate joint ventures, Percent | 7.14% |
Investments In Unconsolidated87
Investments In Unconsolidated Real Estate Joint Ventures (Condensed Statements Of Financial Condition For Equity Method Joint Ventures) (Details) - Hialeah Communities, LLC [Member] - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Cash | $ 2,719 | $ 6,960 |
Real estate inventory | 28,246 | 31,251 |
Properties and equipment | 439 | 60 |
Other assets | 1,387 | 6,839 |
Total assets | 32,791 | 45,110 |
Notes payable | 16,278 | 22,351 |
Other liabilities | 8,628 | 11,456 |
Total liabilities | 24,906 | 33,807 |
Total equity | 7,885 | 11,303 |
Total liabilities and equity | $ 32,791 | $ 45,110 |
Investments In Unconsolidated88
Investments In Unconsolidated Real Estate Joint Ventures (Condensed Statements Of Operations For Equity Method Joint Ventures) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Equity in net earning (losses) of unconsolidated real estate joint ventures | $ 7,837 | $ 4,480 | $ 1,655 | $ (342) | $ (812) | $ (158) | $ (291) | $ (304) | $ 13,630 | $ (1,565) | $ (573) |
Hialeah Communities, LLC [Member] | |||||||||||
Total revenues | 84,860 | 17 | |||||||||
Costs of sales | (62,315) | ||||||||||
Other expenses | (4,562) | (1,340) | (419) | ||||||||
Net earnings (loss) | 17,983 | (1,323) | (419) | ||||||||
Equity in net earning (losses) of unconsolidated real estate joint ventures | $ 9,547 | $ (747) | $ (239) |
Property And Equipment (Narrati
Property And Equipment (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property And Equipment [Abstract] | |||
Depreciation expense | $ 12.4 | $ 11.4 | $ 10.6 |
Property And Equipment (Compone
Property And Equipment (Components Of Property And Equipment) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Properties and equipment - gross | $ 151,532 | $ 138,601 |
Accumulated Depreciation | (55,534) | (48,581) |
Properties and equipment - net | 95,998 | 90,020 |
Land, Buildings And Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Properties and equipment - gross | 73,883 | 68,915 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Properties and equipment - gross | 11,912 | 9,611 |
Office Equipment, Furniture And Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Properties and equipment - gross | 65,284 | 59,696 |
Transportation [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Properties and equipment - gross | $ 453 | $ 379 |
Goodwill And Intangible Asset91
Goodwill And Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill [Line Items] | |||
Goodwill | $ 6,731 | $ 7,601 | $ 7,377 |
Goodwill, impairment loss | 900 | 0 | 0 |
Cumulative goodwill impairment losses | 900 | 0 | |
Amortization expense of intangible assets included in selling general and administrative expenses | 900 | 900 | 600 |
Finite lived intangible asset impairment loss | $ 1,500 | $ 0 | $ 0 |
Computing discounted cash flows, in years | 5 years | ||
Anastasia [Member] | |||
Goodwill [Line Items] | |||
Intangible assets average life, in years | 5 years | ||
Lease discount intangible liability | $ 225 | ||
Lease premium [Member] | Maximum [Member] | |||
Goodwill [Line Items] | |||
Intangible assets average life, in years | 9 years | ||
Lease premium [Member] | Minimum [Member] | |||
Goodwill [Line Items] | |||
Intangible assets average life, in years | 5 years | ||
Trademarks, Customer Relationships And Non-Competition Agreements [Member] | Maximum [Member] | |||
Goodwill [Line Items] | |||
Intangible assets average life, in years | 20 years | ||
Trademarks, Customer Relationships And Non-Competition Agreements [Member] | Minimum [Member] | |||
Goodwill [Line Items] | |||
Intangible assets average life, in years | 4 years | ||
Area Development Contracts [Member] | |||
Goodwill [Line Items] | |||
Intangible assets average life, in years | 7 years |
Goodwill And Intangible Asset92
Goodwill And Intangible Assets (Goodwill And Major Classes Of Intangible Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible Assets Gross | $ 71,325 | $ 72,606 |
Accumulated Amortization | (2,870) | (2,418) |
Total Intangible Assets | 68,455 | 70,188 |
Management Contracts [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Indefinite-lived, Intangible Assets, Gross | 61,293 | 61,293 |
Trademarks [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived, Intangible Assets, Gross | 5,215 | 5,965 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived, Intangible Assets, Gross | 1,620 | 2,691 |
Lease premium [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived, Intangible Assets, Gross | 2,411 | 2,411 |
Area Development Contracts [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived, Intangible Assets, Gross | 660 | |
Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived, Intangible Assets, Gross | $ 126 | $ 246 |
Goodwill And Intangible Asset93
Goodwill And Intangible Assets (Estimated Aggregate Amortization Expense Of Intangible Assets) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Goodwill And Intangible Assets [Abstract] | |
2,017 | $ 812 |
2,018 | 790 |
2,019 | 548 |
2,020 | 504 |
2,021 | $ 501 |
Debt (Notes Payable And Other B
Debt (Notes Payable And Other Borrowings, Narrative) (Details) | Oct. 01, 2016USD ($) | Oct. 01, 2015USD ($) | Aug. 07, 2015USD ($)item | Jun. 30, 2015USD ($) | Jun. 25, 2015 | Oct. 31, 2014USD ($) | Aug. 31, 2014 | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Nov. 30, 2014USD ($) | Jun. 11, 2014USD ($) | Mar. 31, 2013USD ($) | |
Debt Instrument [Line Items] | |||||||||||||
Lines of credit and notes payable | $ 133,790,000 | $ 120,994,000 | |||||||||||
Real estate inventory | 253,788,000 | 220,211,000 | |||||||||||
Other Assets | 120,030,000 | 103,093,000 | |||||||||||
Bluegreen [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Lines of credit and notes payable | 98,382,000 | 99,609,000 | |||||||||||
2013 Notes Payable [Member] | Bluegreen [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Lines of credit and notes payable | $ 52,500,000 | $ 58,500,000 | |||||||||||
Debt face amount | $ 75,000,000 | ||||||||||||
Interest rate | 5.50% | 8.05% | 8.05% | ||||||||||
Debt instrument, amortization period | 7 years | ||||||||||||
Pacific Western Term Loan [Member] | Bluegreen [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Basis spread on rate | 5.25% | ||||||||||||
Lines of credit and notes payable | $ 1,727,000 | $ 3,791,000 | |||||||||||
Interest rate | 6.02% | 5.68% | |||||||||||
Effective rate | 6.02% | ||||||||||||
Fifth Third Bank Note [Member] | Bluegreen [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Basis spread on rate | 3.00% | ||||||||||||
Lines of credit and notes payable | $ 4,326,000 | $ 4,572,000 | |||||||||||
Interest rate | 3.62% | 3.50% | |||||||||||
Roundup Provision Percent | 0.125% | ||||||||||||
Effective rate | 3.62% | ||||||||||||
NBA Line Of Credit [Member] | Bluegreen [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maximum borrowing capacity | $ 15,000,000 | ||||||||||||
Basis spread on rate | 3.50% | ||||||||||||
Lines of credit and notes payable | $ 2,006,000 | $ 9,721,000 | |||||||||||
Interest rate | 5.00% | 5.50% | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 5.00% | ||||||||||||
Fifth Third Credit Facility [Member] | Bluegreen [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maximum borrowing capacity | $ 100,000,000 | ||||||||||||
Lines of credit and notes payable | $ 40,000,000 | ||||||||||||
Effective rate | 3.46% | ||||||||||||
Fifth Third Syndicated LOC [Member] | Bluegreen [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maximum borrowing capacity | $ 75,000,000 | $ 25,000,000 | |||||||||||
Lines of credit and notes payable | $ 15,000,000 | $ 25,000,000 | |||||||||||
Interest rate | 3.46% | 3.11% | |||||||||||
Fifth Third Syndicated LOC [Member] | LIBOR [Member] | Bluegreen [Member] | Maximum [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Basis spread on rate | 3.75% | ||||||||||||
Fifth Third Syndicated LOC [Member] | LIBOR [Member] | Bluegreen [Member] | Minimum [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Basis spread on rate | 2.75% | ||||||||||||
Fifth Third Syndicated Term Loan [Member] | Bluegreen [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maximum borrowing capacity | $ 25,000,000 | ||||||||||||
Lines of credit and notes payable | $ 25,000,000 | ||||||||||||
Interest rate | 3.46% | ||||||||||||
Community Development District Obligations [Member] | Senior Lien [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Real estate inventory | $ 15,300,000 | ||||||||||||
Other Notes [Member] | BBX Sweet Holdings [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Collateral Amount | 2,000,000 | ||||||||||||
Other Notes Payable [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Lines of credit and notes payable | 35,408,000 | $ 21,385,000 | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 5.25% | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 2.35% | ||||||||||||
Other Notes Payable [Member] | Iberia Line Of Credit [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Lines of credit and notes payable | $ 4,997,000 | ||||||||||||
Interest rate | 3.37% | 3.18% | |||||||||||
Other Notes Payable [Member] | Iberia Line Of Credit [Member] | BBX Sweet Holdings [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maximum borrowing capacity | $ 5,000,000 | ||||||||||||
Number of renewal options | item | 1 | ||||||||||||
Renewal term | 12 months | ||||||||||||
Other Notes Payable [Member] | Iberia Line Of Credit [Member] | LIBOR [Member] | BBX Sweet Holdings [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Basis spread on rate | 2.75% | ||||||||||||
Other Notes Payable [Member] | Community Development District Obligations [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Lines of credit and notes payable | $ 21,435,000 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 6.00% | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 4.50% | ||||||||||||
Other Assets | $ 20,700,000 | ||||||||||||
Other Notes Payable [Member] | Wells Fargo Capital Finance [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maximum borrowing capacity | $ 18,000,000 | ||||||||||||
Debt instrument, annual fee percentage | 0.25% | ||||||||||||
Lines of credit and notes payable | $ 9,692,000 | $ 8,071,000 | |||||||||||
Line of credit, outstanding | 8,900,000 | $ 7,000,000 | |||||||||||
Periodic payment, principal | $ 75,000 | ||||||||||||
Debt face amount | $ 1,500,000 | ||||||||||||
Interest rate | [1] | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 3.25% | 3.25% | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 0.50% | 0.50% | |||||||||||
Other Notes Payable [Member] | Renin Term Loan [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Lines of credit and notes payable | $ 800,000 | $ 1,100,000 | |||||||||||
Other Notes Payable [Member] | Anastasia Note [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Lines of credit and notes payable | $ 7,500,000 | $ 3,417,000 | $ 5,330,000 | ||||||||||
Periodic payment, principal | $ 2,000,000 | $ 2,000,000 | $ 3,500,000 | ||||||||||
Interest rate | 5.00% | 5.00% | 5.00% | ||||||||||
Discount amount | $ 300,000 | ||||||||||||
Other Notes Payable [Member] | Anastasia Note [Member] | Debt Instrument, Redemption, Period One [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Periodic payment, principal | 2,000,000 | ||||||||||||
Other Notes Payable [Member] | Anastasia Note [Member] | Debt Instrument, Redemption, Period Three [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Periodic payment, principal | $ 1,500,000 | ||||||||||||
Other Notes Payable [Member] | Other Notes [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Lines of credit and notes payable | $ 1,579,000 | $ 3,023,000 | |||||||||||
Interest rate | [2] | 5.25% | |||||||||||
[1] | The term loan and revolving advance facility bear interest at the Bank Prime Interest Rate or the daily three month LIBOR interest rate plus a margin specified in the credit agreement ranging from 0.5% to 3.25% per annum. | ||||||||||||
[2] | The collateral is a blanket lien on the respective company's assets. |
Debt (Receivable-Backed Notes P
Debt (Receivable-Backed Notes Payable, Narrative) (Details) $ in Thousands | Mar. 17, 2016USD ($)item | Jun. 30, 2015 | Jun. 30, 2015 | Jun. 29, 2015 | Jun. 24, 2015 | Sep. 30, 2016USD ($) | Apr. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Jan. 31, 2015USD ($) | Dec. 31, 2015 | Dec. 31, 2016USD ($) | Dec. 31, 2015 | Nov. 30, 2015USD ($) |
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt, Gross | $ 752,740 | ||||||||||||
Quorum Purchase Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Gross advance rate | 85.00% | ||||||||||||
Loan purchase fee, percent | 0.50% | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50,000 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 4.75% | 4.75% | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 6.90% | 6.90% | |||||||||||
NBA Receivables Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Basis spread on rate | 2.75% | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 3.50% | 4.00% | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 4.00% | 4.50% | |||||||||||
NBA Receivables Facility [Member] | Maximum [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Receivable backed debt | $ 45,000 | ||||||||||||
NBA Receivables Facility [Member] | Minimum [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Receivable backed debt | $ 15,000 | ||||||||||||
Effective yield rate | 3.50% | ||||||||||||
Other Notes Payable [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 2.35% | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 5.25% | ||||||||||||
Bluegreen [Member] | 2016 Term Securitization [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Repayments of Debt | $ 6,100 | ||||||||||||
Receivable backed debt | $ 130,500 | ||||||||||||
Number of tranches | item | 2 | ||||||||||||
Weighted-average interest rate | 3.35% | ||||||||||||
Gross advance rate | 90.00% | ||||||||||||
Timeshare receivables sold | $ 145,000 | ||||||||||||
Proceeds from Issuance of Debt | 36,000 | ||||||||||||
Bluegreen [Member] | Class A 2016 Term Securitization [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Receivable backed debt | $ 95,700 | ||||||||||||
Effective yield rate | 3.17% | ||||||||||||
Bluegreen [Member] | Class B 2016 Term Securitization [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Receivable backed debt | $ 34,800 | ||||||||||||
Effective yield rate | 3.86% | ||||||||||||
Bluegreen [Member] | BB&T/DZ Purchase Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Repayments of Debt | $ 49,000 | 49,000 | |||||||||||
Outstanding balance which excess cash flow will be recieved until met | $ 0 | ||||||||||||
Basis spread on rate | 2.90% | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 80,000 | ||||||||||||
Future advance rate percent | 75.00% | ||||||||||||
Bluegreen [Member] | Liberty Bank Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Repayments of Debt | $ 24,200 | $ 24,200 | |||||||||||
Receivable backed debt | $ 50,000 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 4.00% | ||||||||||||
Future advance rate percent | 0.50% | ||||||||||||
Bluegreen [Member] | BXG Receivables Note Trust 2007A [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Repayments of Debt | $ 11,300 | ||||||||||||
Bluegreen [Member] | NBA Receivables Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Basis spread on rate | 3.25% | 3.25% | |||||||||||
Gross advance rate | 85.00% | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 45,000 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 4.00% | 4.00% | |||||||||||
Bluegreen [Member] | NBA Receivables Facility [Member] | Interest Rate At 4.0% [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Effective yield rate | 4.00% | ||||||||||||
Long-term Debt, Gross | $ 14,100 | ||||||||||||
Bluegreen [Member] | NBA Receivables Facility [Member] | Interest Rate At 4.5% [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Effective yield rate | 3.50% | ||||||||||||
Long-term Debt, Gross | $ 20,100 | ||||||||||||
Bluegreen [Member] | Pacific Western Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Basis spread on rate | 4.00% | 4.50% | |||||||||||
Effective yield rate | 5.10% | ||||||||||||
Possible additional debt extension period | 12 months | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 40,000 | ||||||||||||
Bluegreen [Member] | Pacific Western Facility, Eligible A Receivables [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Gross advance rate | 85.00% | ||||||||||||
Bluegreen [Member] | Pacific Western Facility, Eligible B Receivables [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Gross advance rate | 53.00% | ||||||||||||
Bluegreen [Member] | Other Non-Recourse Receivable-Backed Notes Payable [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Repayments of Debt | $ 82,600 | ||||||||||||
Unamortized debt issuance cost | 500 | ||||||||||||
Sold At Closing [Member] | Bluegreen [Member] | 2016 Term Securitization [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Timeshare receivables sold | 122,300 | ||||||||||||
Subsequently Sold [Member] | Bluegreen [Member] | 2016 Term Securitization [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Timeshare receivables sold | $ 22,700 | ||||||||||||
Qualified Timeshare Loans [Member] | Bluegreen [Member] | Liberty Bank Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Future advance rate percent | 85.00% | ||||||||||||
Non-Conforming Qualified Timeshare Loans [Member] | Bluegreen [Member] | Liberty Bank Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Future advance rate percent | 60.00% | ||||||||||||
Expiration Of Revolving Advance Period [Member] | Bluegreen [Member] | BB&T/DZ Purchase Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Basis spread on rate | 4.90% |
Debt (Junior Subordinated Deben
Debt (Junior Subordinated Debentures Outstanding, Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | |||
Feb. 28, 2017 | Jan. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||||
Junior subordinated debentures | $ 152,367 | $ 150,485 | ||
Deferred Finance Costs, Net | 9,812 | |||
Junior subordinated debenture, purchase accounting adjustment | 41,782 | 43,572 | ||
Woodbridge [Member] | ||||
Debt Instrument [Line Items] | ||||
Junior subordinated debentures | 85,052 | 85,052 | ||
Junior subordinated debentures, net | 83,300 | |||
Woodbridge [Member] | Subsequent Event [Member] | ||||
Debt Instrument [Line Items] | ||||
Purcahsed amount of Junior subordinated debentures | $ 7,700 | |||
Bluegreen [Member] | ||||
Debt Instrument [Line Items] | ||||
Junior subordinated debentures | 110,827 | 110,827 | ||
Junior subordinated debentures, net | 69,000 | |||
Deferred Finance Costs, Net | 2,177 | 1,975 | ||
Junior Subordinated Debentures [Member] | ||||
Debt Instrument [Line Items] | ||||
Deferred Finance Costs, Net | 1,730 | 1,822 | ||
Junior Subordinated Debentures [Member] | Subsequent Event [Member] | ||||
Debt Instrument [Line Items] | ||||
Gain on extinguishment of debt | $ 6,900 | |||
Levitt Capital Trust II [Member] | Subsequent Event [Member] | ||||
Debt Instrument [Line Items] | ||||
Extinguishment of Debt, Amount | 11,100 | |||
Levitt Capital Trust II [Member] | Woodbridge [Member] | ||||
Debt Instrument [Line Items] | ||||
Junior subordinated debentures | 30,928 | 30,928 | ||
Levitt Capital Trust II [Member] | Woodbridge [Member] | Subsequent Event [Member] | ||||
Debt Instrument [Line Items] | ||||
Purcahsed amount of Junior subordinated debentures | 11,100 | |||
Payment amount of purchased of Junior subordinated debentures | 6,700 | |||
Levitt Capital Trust III [Member] | Subsequent Event [Member] | ||||
Debt Instrument [Line Items] | ||||
Extinguishment of Debt, Amount | $ 7,700 | |||
Levitt Capital Trust III [Member] | Woodbridge [Member] | ||||
Debt Instrument [Line Items] | ||||
Junior subordinated debentures | $ 15,464 | $ 15,464 | ||
Levitt Capital Trust III [Member] | Woodbridge [Member] | Subsequent Event [Member] | ||||
Debt Instrument [Line Items] | ||||
Payment amount of purchased of Junior subordinated debentures | $ 4,700 |
Debt (Contractual Minimum Princ
Debt (Contractual Minimum Principle Payments Of Debt Outstanding) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
2,017 | $ 9,966 | |
2,018 | 22,270 | |
2,019 | 41,878 | |
2,020 | 81,119 | |
2,021 | 69,544 | |
Thereafter | 527,963 | |
Contractual minimum principal payments of debt outstanding, Gross | 752,740 | |
Unamortized debt issuance costs | (9,812) | |
Purchase Accounting | (41,782) | |
Total Debt | 701,146 | |
Junior Subordinated Debentures [Member] | ||
Debt Instrument [Line Items] | ||
Thereafter | 195,879 | |
Contractual minimum principal payments of debt outstanding, Gross | 195,879 | |
Unamortized debt issuance costs | (1,730) | $ (1,822) |
Purchase Accounting | (41,782) | |
Total Debt | 152,367 | |
Notes And Mortgage Notes Payable And Lines Of Credit [Member] | ||
Debt Instrument [Line Items] | ||
2,017 | 9,966 | |
2,018 | 22,270 | |
2,019 | 36,753 | |
2,020 | 8,317 | |
2,021 | 37,297 | |
Thereafter | 22,079 | |
Contractual minimum principal payments of debt outstanding, Gross | 136,682 | |
Unamortized debt issuance costs | (2,892) | (2,011) |
Total Debt | 133,790 | |
Recourse Receivable Backed Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
2,019 | 5,125 | |
2,020 | 41,385 | |
2,021 | 32,247 | |
Thereafter | 8,874 | |
Contractual minimum principal payments of debt outstanding, Gross | 87,631 | |
Total Debt | 87,631 | |
Non-Recourse Receivable Backed Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
2,020 | 31,417 | |
Thereafter | 301,131 | |
Contractual minimum principal payments of debt outstanding, Gross | 332,548 | |
Unamortized debt issuance costs | (5,190) | $ (4,905) |
Total Debt | $ 327,358 |
Debt (Notes Payable And Other98
Debt (Notes Payable And Other Borrowings) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Oct. 31, 2014 | Mar. 31, 2013 | ||
Debt Instrument [Line Items] | |||||||
Notes And Loans Payable | $ 133,790 | $ 120,994 | |||||
Unamortized debt issuance costs | (9,812) | ||||||
Other Notes Payable [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes And Loans Payable | 35,408 | 21,385 | |||||
Unamortized debt issuance costs | (715) | $ (36) | |||||
Interest Rate, maximum | 5.25% | ||||||
Interest Rate, minimum | 2.35% | ||||||
Other Notes Payable [Member] | Community Development District Obligations [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes And Loans Payable | 21,435 | ||||||
Carrying Amount of Pledged Assets | $ 20,744 | ||||||
Interest Rate, maximum | 6.00% | ||||||
Interest Rate, minimum | 4.50% | ||||||
Other Notes Payable [Member] | Wells Fargo Capital Finance [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes And Loans Payable | $ 9,692 | $ 8,071 | |||||
Interest Rate | [1] | ||||||
Carrying Amount of Pledged Assets | [2] | ||||||
Interest Rate, maximum | 3.25% | 3.25% | |||||
Interest Rate, minimum | 0.50% | 0.50% | |||||
Other Notes Payable [Member] | Anastasia Note [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes And Loans Payable | $ 3,417 | $ 5,330 | $ 7,500 | ||||
Interest Rate | 5.00% | 5.00% | 5.00% | ||||
Carrying Amount of Pledged Assets | [2] | ||||||
Other Notes Payable [Member] | Iberia Line Of Credit [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes And Loans Payable | $ 4,997 | ||||||
Interest Rate | 3.37% | 3.18% | |||||
Carrying Amount of Pledged Assets | [2] | ||||||
Other Notes Payable [Member] | Other Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes And Loans Payable | $ 1,579 | 3,023 | |||||
Interest Rate | [2] | 5.25% | |||||
Carrying Amount of Pledged Assets | $ 2,044 | 3,089 | |||||
Bluegreen [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes And Loans Payable | 98,382 | 99,609 | |||||
Unamortized debt issuance costs | (2,177) | (1,975) | |||||
Carrying Amount of Pledged Assets | 136,156 | 129,173 | |||||
Bluegreen [Member] | 2013 Notes Payable [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes And Loans Payable | $ 52,500 | $ 58,500 | |||||
Interest Rate | 5.50% | 8.05% | 8.05% | ||||
Carrying Amount of Pledged Assets | $ 29,349 | $ 30,411 | |||||
Bluegreen [Member] | Pacific Western Term Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes And Loans Payable | $ 1,727 | $ 3,791 | |||||
Interest Rate | 6.02% | 5.68% | |||||
Carrying Amount of Pledged Assets | $ 8,963 | $ 10,868 | |||||
Bluegreen [Member] | Fifth Third Bank Note [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes And Loans Payable | $ 4,326 | $ 4,572 | |||||
Interest Rate | 3.62% | 3.50% | |||||
Carrying Amount of Pledged Assets | $ 9,157 | $ 9,336 | |||||
Bluegreen [Member] | NBA Line Of Credit [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes And Loans Payable | $ 2,006 | $ 9,721 | |||||
Interest Rate | 5.00% | 5.50% | |||||
Carrying Amount of Pledged Assets | $ 8,230 | $ 24,246 | |||||
Interest Rate, minimum | 5.00% | ||||||
Bluegreen [Member] | Fifth Third Syndicated LOC [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes And Loans Payable | $ 15,000 | $ 25,000 | |||||
Interest Rate | 3.46% | 3.11% | |||||
Carrying Amount of Pledged Assets | $ 60,343 | $ 54,312 | |||||
Bluegreen [Member] | Fifth Third Syndicated Term Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes And Loans Payable | $ 25,000 | ||||||
Interest Rate | 3.46% | ||||||
Carrying Amount of Pledged Assets | $ 20,114 | ||||||
[1] | The term loan and revolving advance facility bear interest at the Bank Prime Interest Rate or the daily three month LIBOR interest rate plus a margin specified in the credit agreement ranging from 0.5% to 3.25% per annum. | ||||||
[2] | The collateral is a blanket lien on the respective company's assets. |
Debt (Receivable-Backed Notes99
Debt (Receivable-Backed Notes Payable) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||
Receivable-backed notes payable - recourse | $ 87,631 | $ 89,888 |
Unamortized debt issuance costs | (9,812) | |
Receivable backed notes payable - non-recourse | 327,358 | 314,024 |
Total receivable-backed debt | 414,989 | 403,912 |
Principal Balance of Pledged/Secured Receivables | 477,826 | 462,743 |
Recourse Receivable Backed Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Principal Balance of Pledged/Secured Receivables | 109,832 | 110,358 |
Non-Recourse Receivable Backed Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Unamortized debt issuance costs | (5,190) | (4,905) |
Principal Balance of Pledged/Secured Receivables | 367,994 | 352,385 |
Liberty Bank Facility [Member] | ||
Debt Instrument [Line Items] | ||
Receivable-backed notes payable - recourse | $ 32,674 | $ 46,547 |
Interest Rate | 4.25% | 4.00% |
Liberty Bank Facility [Member] | Recourse Receivable Backed Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Principal Balance of Pledged/Secured Receivables | $ 41,357 | $ 56,815 |
NBA Receivables Facility [Member] | ||
Debt Instrument [Line Items] | ||
Receivable-backed notes payable - recourse | $ 34,164 | $ 24,860 |
Interest Rate, minimum | 3.50% | 4.00% |
Interest Rate, maximum | 4.00% | 4.50% |
NBA Receivables Facility [Member] | Recourse Receivable Backed Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Principal Balance of Pledged/Secured Receivables | $ 40,763 | $ 29,947 |
Pacific Western Facility [Member] | ||
Debt Instrument [Line Items] | ||
Receivable-backed notes payable - recourse | $ 20,793 | $ 18,481 |
Interest Rate | 5.14% | 4.93% |
Pacific Western Facility [Member] | Recourse Receivable Backed Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Principal Balance of Pledged/Secured Receivables | $ 27,712 | $ 23,596 |
BB&T/DZ Purchase Facility [Member] | ||
Debt Instrument [Line Items] | ||
Receivable backed notes payable - non-recourse | $ 31,417 | $ 38,228 |
Interest Rate | 3.67% | 3.33% |
BB&T/DZ Purchase Facility [Member] | Non-Recourse Receivable Backed Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Principal Balance of Pledged/Secured Receivables | $ 41,388 | $ 50,224 |
Quorum Purchase Facility [Member] | ||
Debt Instrument [Line Items] | ||
Receivable backed notes payable - non-recourse | $ 23,981 | $ 28,500 |
Interest Rate, minimum | 4.75% | 4.75% |
Interest Rate, maximum | 6.90% | 6.90% |
Quorum Purchase Facility [Member] | Non-Recourse Receivable Backed Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Principal Balance of Pledged/Secured Receivables | $ 26,855 | $ 32,303 |
2007 Term Securitization [Member] | ||
Debt Instrument [Line Items] | ||
Receivable backed notes payable - non-recourse | $ 17,642 | |
Interest Rate | 7.32% | |
2007 Term Securitization [Member] | Non-Recourse Receivable Backed Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Principal Balance of Pledged/Secured Receivables | $ 18,720 | |
2008 Term Securitization [Member] | ||
Debt Instrument [Line Items] | ||
Receivable backed notes payable - non-recourse | $ 7,227 | |
Interest Rate | 7.88% | |
2008 Term Securitization [Member] | Non-Recourse Receivable Backed Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Principal Balance of Pledged/Secured Receivables | $ 7,726 | |
2010 Term Securitization [Member] | ||
Debt Instrument [Line Items] | ||
Receivable backed notes payable - non-recourse | $ 13,163 | $ 24,074 |
Interest Rate | 5.54% | 5.54% |
2010 Term Securitization [Member] | Non-Recourse Receivable Backed Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Principal Balance of Pledged/Secured Receivables | $ 16,191 | $ 28,159 |
2012 Term Securitization [Member] | ||
Debt Instrument [Line Items] | ||
Receivable backed notes payable - non-recourse | $ 32,929 | $ 44,603 |
Interest Rate | 2.94% | 2.94% |
2012 Term Securitization [Member] | Non-Recourse Receivable Backed Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Principal Balance of Pledged/Secured Receivables | $ 36,174 | $ 49,091 |
2013 Term Securitization [Member] | ||
Debt Instrument [Line Items] | ||
Receivable backed notes payable - non-recourse | $ 48,514 | $ 62,670 |
Interest Rate | 3.20% | 3.20% |
2013 Term Securitization [Member] | Non-Recourse Receivable Backed Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Principal Balance of Pledged/Secured Receivables | $ 51,157 | $ 66,020 |
2015 Term Securitization [Member] | ||
Debt Instrument [Line Items] | ||
Receivable backed notes payable - non-recourse | $ 75,011 | $ 95,985 |
Interest Rate | 3.02% | 3.02% |
2015 Term Securitization [Member] | Non-Recourse Receivable Backed Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Principal Balance of Pledged/Secured Receivables | $ 78,980 | $ 100,142 |
2016 Term Securitization [Member] | ||
Debt Instrument [Line Items] | ||
Receivable backed notes payable - non-recourse | $ 107,533 | |
Interest Rate | 3.35% | |
2016 Term Securitization [Member] | Non-Recourse Receivable Backed Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Principal Balance of Pledged/Secured Receivables | $ 117,249 |
Debt (Junior Subordinated De100
Debt (Junior Subordinated Debentures Outstanding) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | ||
Debt Instrument [Line Items] | |||
Outstanding Amount | $ 152,367 | $ 150,485 | |
Unamortized debt issuance costs | (9,812) | ||
Purchase accounting | (41,782) | (43,572) | |
Junior Subordinated Debentures [Member] | |||
Debt Instrument [Line Items] | |||
Unamortized debt issuance costs | (1,730) | (1,822) | |
Woodbridge [Member] | |||
Debt Instrument [Line Items] | |||
Outstanding Amount | $ 85,052 | 85,052 | |
Woodbridge [Member] | Levitt Capital Trust I [Member] | |||
Debt Instrument [Line Items] | |||
Issue Date | Mar. 15, 2005 | ||
Outstanding Amount | $ 23,196 | 23,196 | |
Interest Rate, Description | [1] | LIBOR + 3.85% | |
Basis spread on rate | 3.85% | ||
Debt Instrument, Maturity Date | Mar. 1, 2035 | ||
Beginning Optional Redemption Date | Mar. 15, 2010 | ||
Woodbridge [Member] | Levitt Capital Trust II [Member] | |||
Debt Instrument [Line Items] | |||
Issue Date | May 4, 2005 | ||
Outstanding Amount | $ 30,928 | 30,928 | |
Interest Rate, Description | [1] | LIBOR + 3.80% | |
Basis spread on rate | 3.80% | ||
Debt Instrument, Maturity Date | Jun. 30, 2035 | ||
Beginning Optional Redemption Date | Jun. 30, 2010 | ||
Woodbridge [Member] | Levitt Capital Trust III [Member] | |||
Debt Instrument [Line Items] | |||
Issue Date | Jun. 1, 2006 | ||
Outstanding Amount | $ 15,464 | 15,464 | |
Interest Rate, Description | [1] | LIBOR + 3.80% | |
Basis spread on rate | 3.80% | ||
Debt Instrument, Maturity Date | Jun. 30, 2036 | ||
Beginning Optional Redemption Date | Jun. 30, 2011 | ||
Woodbridge [Member] | Levitt Capital Trust IV [Member] | |||
Debt Instrument [Line Items] | |||
Issue Date | Jul. 18, 2006 | ||
Outstanding Amount | $ 15,464 | 15,464 | |
Interest Rate, Description | [1] | LIBOR + 3.80% | |
Basis spread on rate | 3.80% | ||
Debt Instrument, Maturity Date | Sep. 30, 2036 | ||
Beginning Optional Redemption Date | Sep. 30, 2011 | ||
Bluegreen [Member] | |||
Debt Instrument [Line Items] | |||
Outstanding Amount | $ 110,827 | 110,827 | |
Unamortized debt issuance costs | $ (2,177) | (1,975) | |
Bluegreen [Member] | Bluegreen Statutory Trust I [Member] | |||
Debt Instrument [Line Items] | |||
Issue Date | Mar. 15, 2005 | ||
Outstanding Amount | $ 23,196 | 23,196 | |
Interest Rate, Description | [1] | LIBOR +4.90% | |
Basis spread on rate | 4.90% | ||
Debt Instrument, Maturity Date | Mar. 30, 2035 | ||
Beginning Optional Redemption Date | Mar. 30, 2010 | ||
Bluegreen [Member] | Bluegreen Statutory Trust II [Member] | |||
Debt Instrument [Line Items] | |||
Issue Date | May 4, 2005 | ||
Outstanding Amount | $ 25,774 | 25,774 | |
Interest Rate, Description | [1] | LIBOR +4.85% | |
Basis spread on rate | 4.85% | ||
Debt Instrument, Maturity Date | Jul. 30, 2035 | ||
Beginning Optional Redemption Date | Jul. 30, 2010 | ||
Bluegreen [Member] | Bluegreen Statutory Trust III [Member] | |||
Debt Instrument [Line Items] | |||
Issue Date | May 10, 2005 | ||
Outstanding Amount | $ 10,310 | 10,310 | |
Interest Rate, Description | [1] | LIBOR +4.85% | |
Basis spread on rate | 4.85% | ||
Debt Instrument, Maturity Date | Jul. 30, 2035 | ||
Beginning Optional Redemption Date | Jul. 30, 2010 | ||
Bluegreen [Member] | Bluegreen Statutory Trust IV [Member] | |||
Debt Instrument [Line Items] | |||
Issue Date | Apr. 24, 2006 | ||
Outstanding Amount | $ 15,464 | 15,464 | |
Interest Rate, Description | [1] | LIBOR +4.85% | |
Basis spread on rate | 4.85% | ||
Debt Instrument, Maturity Date | Jun. 30, 2036 | ||
Beginning Optional Redemption Date | Jun. 30, 2011 | ||
Bluegreen [Member] | Bluegreen Statutory Trust V [Member] | |||
Debt Instrument [Line Items] | |||
Issue Date | Jul. 21, 2006 | ||
Outstanding Amount | $ 15,464 | 15,464 | |
Interest Rate, Description | [1] | LIBOR +4.85% | |
Basis spread on rate | 4.85% | ||
Debt Instrument, Maturity Date | Sep. 30, 2036 | ||
Beginning Optional Redemption Date | Sep. 30, 2011 | ||
Bluegreen [Member] | Bluegreen Statutory Trust VI [Member] | |||
Debt Instrument [Line Items] | |||
Issue Date | Feb. 26, 2007 | ||
Outstanding Amount | $ 20,619 | $ 20,619 | |
Interest Rate, Description | [1] | LIBOR +4.80% | |
Basis spread on rate | 4.80% | ||
Debt Instrument, Maturity Date | Apr. 30, 2037 | ||
Beginning Optional Redemption Date | Apr. 30, 2012 | ||
[1] | LIBOR interest rates are indexed to three-month LIBOR and adjust quarterly. |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Loss Carryforwards [Line Items] | ||||
Increase (decrease) in deferred tax valuation allowance | $ 5,275 | $ (127,835) | $ 1,294 | |
Deferred Tax Assets, Valuation Allowance | 135,121 | 129,846 | 257,681 | $ 256,410 |
Alternative minimum tax credit carryforwards | 25,600 | |||
Unrecognized tax benefits | 0 | $ 0 | $ 0 | |
Canada Operations [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryforward | 3,300 | |||
Federal Authority [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryforward | 227,600 | |||
Net operating loss carryforward attributed to exercise of stock options | 19,700 | |||
Federal tax credit carryforwards | 2,100 | |||
State Authority [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryforward | 749,200 | |||
Net operating loss carryforward attributed to exercise of stock options | 16,100 | |||
Woodbridge [Member] | Federal Authority [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryforward | 74,500 | |||
Woodbridge [Member] | State Authority [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryforward | 64,900 | |||
Expire From 2023 To 2034 [Member] | Federal Authority [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryforward | 436,000 | |||
Expire From 2023 To 2034 [Member] | State Authority [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryforward | 958,400 | |||
Expire From 2017 To 2036 [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryforward | $ 280,700 |
Income Taxes (United States And
Income Taxes (United States And Foreign Components Of Income From Continuing Operations Before Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes [Abstract] | |||
U.S. | $ 77,629 | $ 67,272 | $ 67,553 |
Foreign | 407 | (2,589) | (3,175) |
Total | $ 78,036 | $ 64,683 | $ 64,378 |
Income Taxes (Provision For Inc
Income Taxes (Provision For Income Taxes) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||||
Income Taxes [Abstract] | ||||||||||||||
Current: Federal | $ (339) | $ 5,288 | $ 20,756 | |||||||||||
Current: State | 1,014 | 2,445 | 3,904 | |||||||||||
Current provision (benefit), Total | 675 | 7,733 | 24,660 | |||||||||||
Deferred: Federal | 36,393 | (74,189) | 11,001 | |||||||||||
Deferred: State | (689) | (10,140) | 1,412 | |||||||||||
Deferred income taxes, Total | 35,704 | (84,329) | 12,413 | |||||||||||
Income Tax Expense (Benefit), Total | $ 12,522 | $ 19,118 | $ (368) | $ 5,107 | $ 935 | $ 4,213 | $ (90,353) | $ 8,609 | $ 36,379 | [1] | $ (76,596) | [1] | $ 37,073 | [1] |
[1] | Expected tax is computed based upon income before noncontrolling interests. |
Income Taxes (Actual Provisions
Income Taxes (Actual Provisions For Income Taxes From Continuing Operations Rate) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||||
Income Taxes [Abstract] | |||||||||||||||
Income tax provision at expected federal income tax rate of 35% | [1] | $ 27,313 | $ 22,639 | $ 22,532 | |||||||||||
Income tax provision at expected federal income tax rate, rate | [1] | 35.00% | 35.00% | 35.00% | |||||||||||
Benefit for state taxes, net of federal effect | [1] | $ 527 | $ 9,029 | $ 6,120 | |||||||||||
Benefit for state taxes, net of federal effect, rate | [1] | 0.68% | 13.96% | 9.51% | |||||||||||
Taxes related to subsidiaries not consolidated for income tax purposes | [1] | $ (3,432) | $ (4,842) | $ 1,124 | |||||||||||
Taxes related to subsidiaries not consolidated for income tax purposes, rate | [1] | (4.40%) | (7.49%) | 1.75% | |||||||||||
Nondeductible executive compensation | [1] | $ 5,833 | $ 5,524 | $ 4,993 | |||||||||||
Nondeductible executive compensation, rate | [1] | 7.47% | 8.54% | 7.76% | |||||||||||
Bluegreen settlement | [1] | $ 12,820 | |||||||||||||
Bluegreen settlement, Rate | [1] | 19.82% | |||||||||||||
SEC penalty | [1] | $ 1,243 | |||||||||||||
SEC penalty, rate | [1] | 1.92% | |||||||||||||
Increase/(decrease) in valuation allowance | [1] | $ 5,275 | $ (127,835) | $ 1,294 | |||||||||||
Increase/(decrease) in valuation allowance, rate | [1] | 6.76% | (197.63%) | 2.01% | |||||||||||
Other – net | [1] | $ 863 | $ 4,826 | $ 1,010 | |||||||||||
Other – net, rate | [1] | 1.11% | 7.46% | 1.57% | |||||||||||
Income Tax Expense (Benefit), Total | $ 12,522 | $ 19,118 | $ (368) | $ 5,107 | $ 935 | $ 4,213 | $ (90,353) | $ 8,609 | $ 36,379 | [1] | $ (76,596) | [1] | $ 37,073 | [1] | |
Provision (benefit) for income taxes, rate | [1] | 46.62% | (118.42%) | 57.60% | |||||||||||
[1] | Expected tax is computed based upon income before noncontrolling interests. |
Income Taxes (Schedule Of Defer
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Abstract] | ||||
Allowance for loan losses, REO, tax certificate losses and write downs for financial statement purposes | $ 42,008 | $ 41,832 | $ 38,771 | |
Federal and State NOL and tax credit carryforward | 218,609 | 237,820 | 270,331 | |
Capital loss carryover | 15 | 766 | ||
Real estate valuation | 16,828 | 33,505 | 42,278 | |
Share based compensation | 3,626 | 3,097 | 5,742 | |
Income recognized for tax purposes and deferred for financial statement purposes | 103 | 103 | ||
Investment in unconsolidated affiliates | 828 | 828 | 828 | |
Property and equipment | 3,015 | 588 | 1,056 | |
Other | 10,355 | 5,685 | 11,467 | |
Total gross deferred tax assets | 295,269 | 323,473 | 371,342 | |
Valuation allowance | (135,121) | (129,846) | (257,681) | $ (256,410) |
Total deferred tax assets | 160,148 | 193,627 | 113,661 | |
Installment sales treatment of notes | 152,074 | 150,237 | 152,419 | |
Intangible assets | 24,501 | 25,368 | 26,467 | |
Junior subordinate notes | 16,349 | 17,205 | 18,700 | |
Deferral of VOI sales and costs under timeshare accounting | 8,718 | 9,222 | 8,554 | |
Investment in securities | 116 | 96 | 112 | |
Other | 2,708 | 93 | 18 | |
Total gross deferred tax liabilities | 204,466 | 202,221 | 206,270 | |
Net deferred tax liability | (44,318) | (8,594) | (92,609) | $ (77,089) |
Net deferred tax liabilities from acquisitions | 329 | 3,107 | ||
Less change in net deferred tax liability for amount included in other comprehensive income | 20 | (15) | ||
(Provision) benefit for deferred income taxes | $ (35,704) | $ 84,329 | $ (12,413) |
Income Taxes (Activity In Defer
Income Taxes (Activity In Deferred Tax Assets Valuation Allowance) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes [Abstract] | |||
Balance, beginning of period | $ 129,846 | $ 257,681 | $ 256,410 |
Increase (decrease) in deferred tax valuation allowance | 5,275 | (127,835) | 1,294 |
Other comprehensive loss | (23) | ||
Balance, end of period | $ 135,121 | $ 129,846 | $ 257,681 |
Commitments And Contingencie107
Commitments And Contingencies (Narrative I) (Details) - USD ($) $ in Thousands | Dec. 23, 2015 | Feb. 28, 2017 | Dec. 31, 2016 |
Commitments And Contingencies [Line Items] | |||
Legal fees and costs reimbursements | $ 5,800 | ||
Legal reserves accrued | 0 | ||
Subsequent Event [Member] | |||
Commitments And Contingencies [Line Items] | |||
Legal fees and costs reimbursements | $ 5,100 | ||
BCC [Member] | |||
Commitments And Contingencies [Line Items] | |||
Penalty Awarded In Trial By The Judge | $ 4,550 | ||
Woodbridge Appraisal Rights Litigation [Member] | |||
Commitments And Contingencies [Line Items] | |||
Accrued claims | $ 100 | ||
Alan B. Levan [Member] | |||
Commitments And Contingencies [Line Items] | |||
Penalty Awarded In Trial By The Judge | $ 1,300 | ||
Barred period | 2 years |
Commitments And Contingencie108
Commitments And Contingencies (Narrative II) (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
Jun. 30, 2015USD ($) | Jul. 31, 2014USD ($)aitem | Dec. 31, 2016USD ($)item | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | |
Commitments And Contingencies [Line Items] | |||||||
Amount of future payment | $ 423 | $ 459 | |||||
Contribution of Property | 19,448 | $ 1,920 | |||||
Notes And Loans Payable | 133,790 | 120,994 | |||||
Debt outstanding | 752,740 | ||||||
Bluegreen [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Payments to subsidies | 13,900 | 15,800 | |||||
Liabilities for unsold vacation ownership properties | $ 0 | ||||||
Number of properties subsidised | item | 9 | ||||||
Purchase agreement period | 5 years | ||||||
Long-term Purchase Commitment, Amount | $ 35,100 | ||||||
Purchase amount under purchase commitment | 5,400 | 5,000 | $ 7,200 | ||||
Purchase agreements, remaining amount | 13,500 | ||||||
Notes And Loans Payable | 98,382 | $ 99,609 | |||||
Executive [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Amount of future payment | $ 3,700 | ||||||
Period of future payments of former executive | 3 years | ||||||
Former CEO [Member] | Bluegreen [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Period of future payments of former executive | 2 years | ||||||
Payment to former CEO | $ 2,900 | ||||||
Executive And Former CEO [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Amount of future payment | $ 3,900 | ||||||
Sunrise and Bayview Partners, LLC [Member] | BCC [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Percentage of ownership interest | 50.00% | ||||||
Percent guaranteed on outstanding balance of loan | 50.00% | ||||||
Issuance of note payable to purchase property and equipment | $ 5,000 | ||||||
Sunrise and Bayview Partners, LLC [Member] | Procacci Bayview, LLC [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Percentage of ownership interest | 50.00% | ||||||
Hialeah Communities, LLC [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Amount on Guarantee obligation | $ 3,200 | ||||||
Hialeah Communities, LLC [Member] | BCC [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Number of single family homes | item | 394 | ||||||
Real estate parcel, acres | a | 50 | ||||||
Contribution of Property | $ 15,600 | ||||||
Notes And Loans Payable | $ 8,300 | ||||||
Acquisition And Development Loan [Member] | Hialeah Communities, LLC [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Debt outstanding | $ 26,500 | $ 31,000 | |||||
Anastasia Note [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Amount on Guarantee obligation | $ 3,500 | ||||||
Centennial Bank - Hoffmans [Member] | BBX Sweet Holdings [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Amount on Guarantee obligation | 1,600 | ||||||
Note secured by property and equipment, amount | $ 2,000 |
Commitments And Contingencie109
Commitments And Contingencies (Approximate Minimum Future Rental Payments Under Leases) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Commitments And Contingencies [Abstract] | |
2,017 | $ 12,687 |
2,018 | 9,363 |
2,019 | 6,489 |
2,020 | 5,515 |
2,021 | 5,153 |
Thereafter | 21,802 |
Total | $ 61,009 |
Commitments And Contingencie110
Commitments And Contingencies (Summary Of Incurred Rent Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Commitments And Contingencies [Abstract] | |||
Rental expense for premises and equipment | $ 15,905 | $ 13,745 | $ 12,943 |
Stock Incentive Plans (Narrativ
Stock Incentive Plans (Narrative) (Details) - USD ($) | Dec. 22, 2016 | Dec. 15, 2016 | Oct. 05, 2016 | Sep. 30, 2016 | Sep. 01, 2015 | Oct. 06, 2014 | Oct. 07, 2013 | Jun. 12, 2013 | May 01, 2013 | Mar. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2013 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | May 19, 2015 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 21, 2009 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Shares remaining available for grant | 1,228,802 | ||||||||||||||||||
Options outstanding | 186,791 | 201,223 | 226,223 | 1,654,643 | |||||||||||||||
Number of shares granted | 0 | 0 | 0 | ||||||||||||||||
Unearned compensation cost, unvested stock options | $ 0 | ||||||||||||||||||
Net proceeds upon the exercise of stock options | 21,000 | $ 10,000 | $ 586,000 | ||||||||||||||||
Intrinsic value of options exercised | 143,000 | 85,000 | 5,038,000 | ||||||||||||||||
Shares repurchased | 20,000,000 | ||||||||||||||||||
Aggregate Intrinsic Value, Outstanding | 675,000 | 600,000 | 631,000 | $ 4,104,000 | |||||||||||||||
Aggregate Intrinsic Value, Exercisable | 675,000 | ||||||||||||||||||
Class A Common Stock [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Shares issued as a result of acquisitions | 5,090,354 | ||||||||||||||||||
Number of shares granted | 35,716 | ||||||||||||||||||
Restricted Stock [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Unearned compensation cost, unvested stock options | $ 27,000,000 | ||||||||||||||||||
Compensation costs recognition period | 2 years 9 months 26 days | ||||||||||||||||||
Vesting period (years) | 4 years | ||||||||||||||||||
Compensation cost | $ 6,400,000 | $ 5,600,000 | $ 2,500,000 | ||||||||||||||||
Number of restricted shares granted | 1,823,565 | 2,372,592 | 3,575,041 | ||||||||||||||||
Restricted awards, vested fair value | $ 10,300,000 | $ 10,700,000 | $ 5,500,000 | ||||||||||||||||
Vesting of RSAs | 2,755,430 | 3,915,749 | 1,389,072 | ||||||||||||||||
Restricted Stock [Member] | Class A Common Stock [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Shares issued as a result of acquisitions | 5,090,354 | ||||||||||||||||||
Vesting period (years) | 4 years | ||||||||||||||||||
Aggregate fair value on grant date | $ 1,000,000 | $ 1,800,000 | |||||||||||||||||
Restricted Stock [Member] | Class B Common Stock [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Compensation costs recognition period | 4 years | ||||||||||||||||||
Stock Options [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Vesting period (years) | 5 years | ||||||||||||||||||
2005 Stock Incentive Plan [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Shares remaining available for grant | 0 | ||||||||||||||||||
2005 Stock Incentive Plan [Member] | Restricted Stock [Member] | Class A Common Stock [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Number of restricted shares granted | 410,000 | ||||||||||||||||||
2014 Plan [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Shares remaining available for grant | 1,228,802 | ||||||||||||||||||
Maximum term of options issued, in years | 10 years | ||||||||||||||||||
2014 Plan [Member] | Class A Common Stock [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Shares available for grant | 500,000 | ||||||||||||||||||
2014 Plan [Member] | Class B Common Stock [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Shares available for grant | 8,500,000 | 4,500,000 | |||||||||||||||||
2014 Plan [Member] | Restricted Stock [Member] | Class A Common Stock [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Number of restricted shares granted | 482,224 | ||||||||||||||||||
BCC Equity Compensation Plan [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Shares remaining available for grant | 0 | ||||||||||||||||||
BCC [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Options outstanding | 7,016 | 15,481 | 21,282 | ||||||||||||||||
Recognized tax benefit associated with the compensation expense | $ 0 | $ 0 | $ 0 | ||||||||||||||||
Maximum term of options granted, in years | 10 years | ||||||||||||||||||
Vesting period (years) | 5 years | ||||||||||||||||||
Compensation cost | $ 6,100,000 | $ 5,500,000 | $ 3,700,000 | ||||||||||||||||
Outstanding Options, Forfeited | 3,307 | ||||||||||||||||||
BCC [Member] | Class A Common Stock [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Shares available for grant | 1,875,000 | ||||||||||||||||||
Vesting period (years) | 4 years | ||||||||||||||||||
Number of restricted shares granted | 381,622 | 419,492 | |||||||||||||||||
Aggregate fair value on grant date | $ 6,500,000 | ||||||||||||||||||
Adjustments Related to Tax Withholding for Share-based Compensation | $ 900,000 | $ 3,200,000 | |||||||||||||||||
Stock Repurchased and Retired During Period, Shares | 43,749 | 158,024 | 1,391,282 | ||||||||||||||||
Vesting of RSAs | 104,872 | ||||||||||||||||||
BCC [Member] | Restricted Stock [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Vesting period (years) | 4 years | ||||||||||||||||||
Number of restricted shares granted | 430,000 | 419,492 | 396,082 | ||||||||||||||||
Aggregate fair value on grant date | $ 5,700,000 | ||||||||||||||||||
Restricted awards, vested fair value | $ 10,000,000 | $ 6,000,000 | $ 5,500,000 | ||||||||||||||||
Vesting of RSAs | 486,494 | 381,622 | 315,102 | ||||||||||||||||
BCC [Member] | Restricted Stock [Member] | Class A Common Stock [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Shares available for grant | 2,000,000 | ||||||||||||||||||
Vesting period (years) | 4 years | ||||||||||||||||||
Number of restricted shares granted | 396,082 | ||||||||||||||||||
Aggregate fair value on grant date | $ 6,600,000 | ||||||||||||||||||
Executive Officers [Member] | Restricted Stock [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Vesting period (years) | 4 years | ||||||||||||||||||
Executive Officers [Member] | Restricted Stock [Member] | Class A Common Stock [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Number of restricted shares granted | 892,224 | ||||||||||||||||||
Adjustments Related to Tax Withholding for Share-based Compensation | $ 3,400,000 | ||||||||||||||||||
Vesting of RSAs | 1,389,076 | ||||||||||||||||||
Number of shares relinquished | 880,051 | ||||||||||||||||||
Executive Officers [Member] | Restricted Stock [Member] | Class B Common Stock [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Vesting period (years) | 4 years | ||||||||||||||||||
Number of restricted shares granted | 1,823,565 | 2,372,592 | 3,092,817 | ||||||||||||||||
Aggregate fair value on grant date | $ 7,800,000 | $ 7,500,000 | $ 11,800,000 | ||||||||||||||||
Number shares per annual installments | 456,000 | 593,000 | 773,000 | ||||||||||||||||
Adjustments Related to Tax Withholding for Share-based Compensation | $ 900,000 | ||||||||||||||||||
Vesting of RSAs | 593,148 | 773,205 | |||||||||||||||||
Number of shares relinquished | 247,405 |
Stock Incentive Plans (Informat
Stock Incentive Plans (Information On Outstanding Options) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Outstanding Options, Beginning balance | 201,223 | 226,223 | 1,654,643 | ||
Outstanding Options, Exercised | (50,148) | (25,000) | (1,428,420) | ||
Outstanding Options, Assumed pursuant to the merger agreement | [1] | 35,716 | |||
Outstanding Options, Granted | 0 | 0 | 0 | ||
Outstanding Options, Ending balance | 186,791 | 201,223 | 226,223 | 1,654,643 | |
Outstanding Options, Exercisable | 186,791 | ||||
Outstanding Options, Available for grant | 1,228,802 | ||||
Weighted Average Exercise Price, Beginning balance | $ 0.41 | $ 0.41 | $ 0.41 | ||
Weighted Average Exercise Price, Exercised | 0.41 | 0.41 | 0.41 | ||
Weighted Average Exercise Price, Forfeited | 0 | 0 | 0 | ||
Weighted Average Exercised Price, Expired | 0 | 0 | 0 | ||
Weighted Average Exercise Price, Granted | 0 | 0 | |||
Weighted Average Exercise Price, Assumed pursuant to the merger agreement | [1] | 17.05 | |||
Weighted Average Exercise Price, Ending balance | 3.59 | $ 0.41 | $ 0.41 | $ 0.41 | |
Weighted Average Exercise Price, Exercisable | $ 3.59 | ||||
Outstanding, Weighted Average Remaining Contractual Term (In Years) | 1 year 2 months 27 days | 1 year 11 months 5 days | 2 years 7 months 28 days | 1 year 10 months 28 days | |
Exercisable, Weighted Average Remaining Contractual Term (In Years) | 1 year 2 months 27 days | ||||
Aggregate Intrinsic Value, Outstanding | $ 675 | $ 600 | $ 631 | $ 4,104 | |
Aggregate Intrinsic Value, Exercised | 143 | $ 85 | $ 5,038 | ||
Aggregate Intrinsic Value, Exercisable | $ 675 | ||||
BCC [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Outstanding Options, Beginning balance | 7,016 | 15,481 | 21,282 | ||
Outstanding Options, Forfeited | (3,307) | ||||
Outstanding Options, Expired | (402) | (5,158) | (5,801) | ||
Outstanding Options, Stock options exchanged | (6,614) | ||||
Outstanding Options, Ending balance | 7,016 | 15,481 | 21,282 | ||
Weighted Average Exercise Price, Beginning balance | $ 108.24 | $ 227.03 | $ 289.17 | ||
Weighted Average Exercise Price, Forfeited | 92.09 | ||||
Weighted Average Exercised Price, Expired | 374 | 475.12 | 455 | ||
Weighted Average Exercise Price, Stock options exchanged | $ 92.09 | ||||
Weighted Average Exercise Price, Ending balance | $ 108.24 | $ 227.03 | $ 289.17 | ||
Stock options exchanged, Weighted Average Remaining Contractual Term (In Years) | 1 year 2 months 12 days | ||||
Outstanding, Weighted Average Remaining Contractual Term (In Years) | 0 years | 1 year 7 months 6 days | 2 years 3 months 18 days | 2 years 6 months | |
[1] | BCC options to acquire 6,614 of BCC Class A Common Stock were exchanged for options to acquire 35,716 shares of the Company's Class A Common Stock pursuant to the terms of the Merger Agreement. |
Stock Incentive Plans (Unvested
Stock Incentive Plans (Unvested Restricted Stock Activity) (Details) - $ / shares | Oct. 05, 2016 | Sep. 30, 2016 | Sep. 01, 2015 | Oct. 31, 2014 | Oct. 31, 2013 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Restricted Stock [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Unvested Restricted Stock, Beginning Balance | 6,973,507 | 8,516,664 | 6,330,695 | |||||
Unvested Restricted Stock, Granted | 1,823,565 | 2,372,592 | 3,575,041 | |||||
Unvested Restricted Stock, Assumed pursuant to the Merger Agreement | 5,090,354 | |||||||
Unvested Restricted Stock, Vested | (2,755,430) | (3,915,749) | (1,389,072) | |||||
Unvested Restricted Stock, Ending Balance | 11,131,996 | 6,973,507 | 8,516,664 | |||||
Weighted Average Grant Date Fair Value, Beginning Balance | $ 2.90 | $ 2.05 | $ 0.78 | |||||
Weighted Average Grant Date Fair Value, Granted | 4.30 | 3.16 | 3.80 | |||||
Weighted Average Grant Date Fair Value, Assumed pursuant to the Merger Agreement | 2.74 | |||||||
Weighted Average Grant Date Fair Value, Vested | 2.14 | 1.19 | 0.79 | |||||
Weighted Average Grant Date Fair Value, Ending Balance | $ 2.74 | $ 2.90 | $ 2.05 | |||||
BCC [Member] | Restricted Stock [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Unvested Restricted Stock, Beginning Balance | 1,429,152 | 1,391,282 | 1,310,302 | |||||
Unvested Restricted Stock, Granted | 430,000 | 419,492 | 396,082 | |||||
Unvested Restricted Stock, Vested | (486,494) | (381,622) | (315,102) | |||||
Unvested Restricted Stock, RSU exchanged | (942,658) | |||||||
Unvested Restricted Stock, Ending Balance | 1,429,152 | 1,391,282 | ||||||
Weighted Average Grant Date Fair Value, Beginning Balance | $ 13.33 | $ 11.50 | $ 8.76 | |||||
Weighted Average Grant Date Fair Value, Granted | 15.60 | 16.58 | ||||||
Weighted Average Grant Date Fair Value, Vested | $ 10.52 | 9.13 | 6.52 | |||||
Weighted Average Grant Date Fair Value, RSUs exchanged | 14.78 | |||||||
Weighted Average Grant Date Fair Value, Ending Balance | $ 13.33 | $ 11.50 | ||||||
Class A Common Stock [Member] | BCC [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Unvested Restricted Stock, Granted | 381,622 | 419,492 | ||||||
Unvested Restricted Stock, Vested | (104,872) | |||||||
Class A Common Stock [Member] | BCC [Member] | Restricted Stock [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Unvested Restricted Stock, Granted | 396,082 |
Employee Benefit Plans And I114
Employee Benefit Plans And Incentive Compensation Program (Details) | Sep. 13, 2005USD ($) | Sep. 30, 2005USD ($)item | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||
Term of service to become eligible | 90 days | ||||
Minimum age to participate in plan, in years | 18 years | ||||
Employee salary contribution limit | $ 18,000 | ||||
Recorded contribution expense | 500,000 | $ 400,000 | $ 300,000 | ||
Postemployment Benefits Liability | $ 423,000 | $ 459,000 | |||
First 3% Of Employee Contributions [Member] | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||
Percentage employer matches of the employee's percentage contribution matched | 100.00% | 100.00% | 100.00% | ||
Percent of employee contribution | 3.00% | 3.00% | 3.00% | ||
Next 2% Of Employee Contributions [Member] | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||
Percentage employer matches of the employee's percentage contribution matched | 50.00% | 50.00% | 50.00% | ||
Percent of employee contribution | 2.00% | 2.00% | 2.00% | ||
Former Chief Financial Officer [Member] | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||
Monthly retirement benefits | $ 5,449 | ||||
Life annuity amount | $ 482,444 | ||||
Number of life annuity payments | item | 120 | ||||
Interest rate on life annuity | 6.50% | ||||
Compensation expense | $ 29,000 | $ 31,000 | $ 33,000 | ||
Employees Over 50 Years [Member] | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||
Employee salary contribution limit | $ 24,000 | ||||
Bluegreen [Member] | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||
Term of service to become eligible | 3 months | ||||
Minimum age to participate in plan, in years | 21 years | ||||
Recorded contribution expense | $ 5,000,000 | $ 4,800,000 | $ 4,600,000 | ||
Bluegreen [Member] | Maximum [Member] | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||
Percent of employee contribution | 5.00% | ||||
Option for additional discretionary matching contributions percent of participant’s compensation | 4.00% | ||||
Bluegreen [Member] | First 3% Of Employee Contributions [Member] | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||
Percentage employer matches of the employee's percentage contribution matched | 100.00% | ||||
Percent of employee contribution | 3.00% | ||||
Bluegreen [Member] | Next 3% Of Employee Contributions [Member] | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||
Percentage employer matches of the employee's percentage contribution matched | 50.00% | ||||
Percent of employee contribution | 3.00% |
Shares Subject To Mandatory 115
Shares Subject To Mandatory Redemption (Details) - USD ($) | Jun. 07, 2004 | Dec. 31, 2013 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Jun. 21, 2004 | |
Class of Stock [Line Items] | |||||||
Preferred stock designated by board of directors | 10,000,000 | 10,000,000 | |||||
Cumulative Preferred Stock stated value | $ 0.01 | $ 0.01 | |||||
Redemption prices range | $ 1,000 | $ 1,000 | |||||
Temporary Equity, Carrying Amount, Attributable to Parent | |||||||
Shares subject to mandatory redemption | $ 13,517,000 | $ 13,098,000 | |||||
Redeemable Cumulative Preferred Stock, dividend rate | 5.00% | 5.00% | |||||
Other Assets | $ 120,030,000 | $ 103,093,000 | |||||
Number of preferred shares, loan secured by shares | 5,000 | ||||||
Carrying Amount [Member] | |||||||
Class of Stock [Line Items] | |||||||
Cumulative Preferred Stock estimated fair value | $ 13,517,000 | 13,098,000 | |||||
5% Cumulative Preferred Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock designated by board of directors | 15,000 | ||||||
Cumulative Preferred Stock sold | 15,000 | ||||||
Cumulative Preferred Stock stated value | $ 1,000 | ||||||
Aggregate annual redemption price, per share | 1,000 | ||||||
Redeemable Cumulative Preferred Stock, dividend rate | 5.00% | ||||||
Temporary Equity, Liquidation Preference Per Share | $ 1,000 | ||||||
Quarterly dividends paid | $ 187,500 | ||||||
Interest expense | 1,200,000 | 1,100,000 | $ 1,100,000 | ||||
Dividends, Preferred Stock, Cash | 750,000 | 750,000 | $ 750,000 | ||||
Loan issued to holders | $ 5,000,000 | ||||||
Preferred Shareholders [Member] | Carrying Amount [Member] | |||||||
Class of Stock [Line Items] | |||||||
Other Assets | [1] | $ 5,063,000 | $ 5,063,000 | ||||
[1] | Notes receivable from preferred shareholders is included in other assets in the Company's Consolidated Statements of Financial Condition as of December 31, 2016 and 2015. |
Common Stock, Preferred Stoc116
Common Stock, Preferred Stock And Dividends (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | |||
Apr. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2016 | Sep. 21, 2009 | |
Equity, Class of Treasury Stock [Line Items] | |||||
Minimum acquired ownership interest needing board approval, percentage | 5.00% | ||||
Authorized share repurchase program | 20,000,000 | ||||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | |||
Preferred stock, par value | $ 0.01 | $ 0.01 | |||
Cumulative preferred stock, percentage | 5.00% | 5.00% | |||
Class A Common Stock [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Common stock, shares authorized | 150,000,000 | 150,000,000 | |||
Common Stock, par value | $ 0.01 | $ 0.01 | |||
Voting power percentage | 22.00% | ||||
Common stock, shares outstanding | 84,844,439 | 73,211,519 | |||
Class A Common Stock [Member] | Decrease In Class B Common Stock, Scenario One [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Voting power percentage | 40.00% | ||||
Class A Common Stock [Member] | Decrease In Class B Common Stock, Scenario Two [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Voting power percentage | 53.00% | ||||
Class B Common Stock [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Common stock, shares authorized | 20,000,000 | 20,000,000 | |||
Common Stock, par value | $ 0.01 | $ 0.01 | |||
Voting power percentage | 78.00% | ||||
Common stock, shares outstanding | 13,184,789 | 11,346,336 | |||
Class B Common Stock [Member] | Decrease In Class B Common Stock, Scenario One [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Voting power percentage | 60.00% | ||||
Common stock, shares outstanding | 1,800,000 | ||||
Class B Common Stock [Member] | Decrease In Class B Common Stock, Scenario Two [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Voting power percentage | 47.00% | ||||
Common stock, shares outstanding | 1,400,000 | ||||
Class B Common Stock [Member] | Decrease In Class B Common Stock, Scenario Three [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Common stock, shares outstanding | 500,000 | ||||
Designated Broker [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Authorized share repurchase program | 1,000,000 | ||||
Number of shares repurchased | 1,000,000 | ||||
Shares repurchased, value | $ 3 | ||||
Maximum [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Share repurchase program, value | $ 10 |
Common Stock, Preferred Stoc117
Common Stock, Preferred Stock And Dividends (Declared Quarterly Cash Dividends) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | |
Dividends Payable [Line Items] | |||
Dividends Payable, Amount Per Share | $ 0.015 | ||
Dividend Declared June [Member] | |||
Dividends Payable [Line Items] | |||
Record Date | Jun. 20, 2016 | ||
Payment Date | Jul. 20, 2016 | ||
Dividends Payable, Amount Per Share | $ 0.005 | ||
Dividend Declared September [Member] | |||
Dividends Payable [Line Items] | |||
Record Date | Sep. 23, 2016 | ||
Payment Date | Oct. 20, 2016 | ||
Dividends Payable, Amount Per Share | $ 0.005 | ||
Dividend Declared December [Member] | |||
Dividends Payable [Line Items] | |||
Record Date | Dec. 19, 2016 | ||
Payment Date | Jan. 20, 2017 | ||
Dividends Payable, Amount Per Share | $ 0.005 |
Noncontrolling Interests (Summa
Noncontrolling Interests (Summary Of Noncontrolling Interests) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests | $ 40,850 | $ 106,080 |
BCC [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests | 62,728 | |
Joint Ventures And Other [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests | $ 40,850 | $ 43,352 |
Noncontrolling Interests (Su119
Noncontrolling Interests (Summary Of Income (Loss) Attributable To Noncontrolling Interests) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Noncontrolling Interest [Line Items] | |||
Net income attributable to noncontrolling interests | $ 13,295 | $ 18,805 | $ 13,455 |
BCC [Member] | |||
Noncontrolling Interest [Line Items] | |||
Net income attributable to noncontrolling interests | 3,489 | 4,964 | 2,040 |
Joint Ventures And Other [Member] | |||
Noncontrolling Interest [Line Items] | |||
Net income attributable to noncontrolling interests | $ 9,806 | $ 13,841 | $ 11,415 |
Earnings Per Common Share (Narr
Earnings Per Common Share (Narrative) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Anti-dilutive shares | 0 | 0 | |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Anti-dilutive shares | 55,000 | ||
Class A Common Stock [Member] | Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Anti-dilutive shares | 35,716 |
Earnings Per Common Share (Comp
Earnings Per Common Share (Computation Of Basic And Diluted Loss Per Common Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Common Share [Abstract] | |||||||||||
Net income | $ 8,256 | $ 23,377 | $ 2,671 | $ 7,353 | $ 24,824 | $ 20,671 | $ 90,612 | $ 5,172 | $ 41,657 | $ 141,279 | $ 27,305 |
Less: Net income attributable to noncontrolling interests | 3,395 | 5,602 | 2,427 | 1,871 | 4,889 | 4,313 | 6,317 | 3,286 | 13,295 | 18,805 | 13,455 |
Net income attributable to shareholders | $ 4,861 | $ 17,775 | $ 244 | $ 5,482 | $ 19,935 | $ 16,358 | $ 84,295 | $ 1,886 | $ 28,362 | $ 122,474 | $ 13,850 |
Basic weighted average number of common shares outstanding | 88,949 | 85,864 | 85,946 | 86,839 | 86,839 | 87,023 | 87,093 | 87,136 | 86,902 | 87,022 | 84,502 |
Basic earnings per common shares | $ 0.05 | $ 0.21 | $ 0 | $ 0.06 | $ 0.23 | $ 0.19 | $ 0.97 | $ 0.02 | $ 0.33 | $ 1.41 | $ 0.16 |
Effect of dilutive stock-based compensation | 590 | 186 | 259 | ||||||||
Diluted weighted average number of common shares outstanding | 89,961 | 86,573 | 86,145 | 87,013 | 87,175 | 87,174 | 87,286 | 87,332 | 87,492 | 87,208 | 84,761 |
Diluted earnings per common share | $ 0.05 | $ 0.21 | $ 0 | $ 0.06 | $ 0.23 | $ 0.19 | $ 0.97 | $ 0.02 | $ 0.32 | $ 1.40 | $ 0.16 |
Fair Value Measurement (Narrati
Fair Value Measurement (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value Measurement [Abstract] | ||
Impaired homogenous loans delinquent period | 120 days | |
Assets measured at fair value on recurring basis | $ 0 | $ 0 |
Liabilities measured at fair value on recurring basis | 0 | 0 |
Liabilities on a non-recurring basis | $ 0 | $ 0 |
Fair Value Measurement (Assets
Fair Value Measurement (Assets Measured At Fair Value On Non-Recurring Basis) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Assets measured at fair value on non-recurring basis | $ 11,215 | $ 19,299 | ||||
Impairments of assets | 4,656 | 287 | $ 7,015 | |||
Loans measured for impairment using the fair value of the underlying collateral [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Assets measured at fair value on non-recurring basis | 5,759 | 186 | ||||
Impaired real estate held-for-sale [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Assets measured at fair value on non-recurring basis | 5,456 | |||||
Impaired real estate held-for-sale and held-for-investment [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Assets measured at fair value on non-recurring basis | 13,257 | |||||
Impaired loans held for sale [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Assets measured at fair value on non-recurring basis | 5,856 | |||||
Significant Unobservable Inputs (Level 3) [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Assets measured at fair value on non-recurring basis | 11,215 | 19,299 | ||||
Significant Unobservable Inputs (Level 3) [Member] | Loans measured for impairment using the fair value of the underlying collateral [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Assets measured at fair value on non-recurring basis | 5,759 | 186 | ||||
Significant Unobservable Inputs (Level 3) [Member] | Impaired real estate held-for-sale [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Assets measured at fair value on non-recurring basis | 5,456 | |||||
Significant Unobservable Inputs (Level 3) [Member] | Impaired real estate held-for-sale and held-for-investment [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Assets measured at fair value on non-recurring basis | 13,257 | |||||
Significant Unobservable Inputs (Level 3) [Member] | Impaired loans held for sale [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Assets measured at fair value on non-recurring basis | 5,856 | |||||
Non-recurring basis [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Impairments of assets | 3,372 | [1] | 3,860 | [2] | ||
Non-recurring basis [Member] | Loans measured for impairment using the fair value of the underlying collateral [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Impairments of assets | 101 | [1] | 120 | [2] | ||
Non-recurring basis [Member] | Impaired real estate held-for-sale [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Impairments of assets | [1] | $ 3,271 | ||||
Non-recurring basis [Member] | Impaired real estate held-for-sale and held-for-investment [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Impairments of assets | [2] | 3,000 | ||||
Non-recurring basis [Member] | Impaired loans held for sale [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Impairments of assets | [2] | $ 740 | ||||
[1] | Total impairments represent the amount of losses recognized during the year ended December 31, 2016 on assets that were held and measured at fair value as of December 31, 2016. | |||||
[2] | Total impairments represent the amount of losses recognized during the year ended December 31, 2015 on assets that were held and measured at fair value as of December 31, 2015. |
Fair Value Measurement (Quantit
Fair Value Measurement (Quantitative Information About Significant Unobservable Inputs Within Level 3) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Assets measured at fair value on non-recurring basis | $ 11,215 | $ 19,299 | |
Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Assets measured at fair value on non-recurring basis | 11,215 | 19,299 | |
Loans measured for impairment using the fair value of the underlying collateral [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Assets measured at fair value on non-recurring basis | 5,759 | 186 | |
Loans measured for impairment using the fair value of the underlying collateral [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Assets measured at fair value on non-recurring basis | 5,759 | 186 | |
Loans measured for impairment using the fair value of the underlying collateral [Member] | Fair Value of Collateral [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Assets measured at fair value on non-recurring basis | 5,759 | 186 | |
Loans measured for impairment using the fair value of the underlying collateral [Member] | Minimum [Member] | Fair Value of Collateral [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Range (Average) | [1],[2] | 100 | 200 |
Loans measured for impairment using the fair value of the underlying collateral [Member] | Maximum [Member] | Fair Value of Collateral [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Range (Average) | [1],[2] | 700 | 400 |
Loans measured for impairment using the fair value of the underlying collateral [Member] | Weighted Average [Member] | Fair Value of Collateral [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Range (Average) | [1],[2] | 300 | 300 |
Impaired real estate held-for-sale and held-for-investment [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Assets measured at fair value on non-recurring basis | 13,257 | ||
Impaired real estate held-for-sale and held-for-investment [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Assets measured at fair value on non-recurring basis | 13,257 | ||
Impaired real estate held-for-sale and held-for-investment [Member] | Fair Value of Property [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Assets measured at fair value on non-recurring basis | 13,257 | ||
Impaired real estate held-for-sale and held-for-investment [Member] | Minimum [Member] | Fair Value of Property [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Range (Average) | [1],[2] | 300 | |
Impaired real estate held-for-sale and held-for-investment [Member] | Maximum [Member] | Fair Value of Property [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Range (Average) | [1],[2] | 11,000 | |
Impaired real estate held-for-sale and held-for-investment [Member] | Weighted Average [Member] | Fair Value of Property [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Range (Average) | [1],[2] | 2,000 | |
Impaired real estate held-for-sale [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Assets measured at fair value on non-recurring basis | 5,456 | ||
Impaired real estate held-for-sale [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Assets measured at fair value on non-recurring basis | 5,456 | ||
Impaired real estate held-for-sale [Member] | Fair Value of Property [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Assets measured at fair value on non-recurring basis | 5,456 | ||
Impaired real estate held-for-sale [Member] | Minimum [Member] | Fair Value of Property [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Range (Average) | [1],[2] | 100 | |
Impaired real estate held-for-sale [Member] | Maximum [Member] | Fair Value of Property [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Range (Average) | [1],[2] | 1,400 | |
Impaired real estate held-for-sale [Member] | Weighted Average [Member] | Fair Value of Property [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Range (Average) | [1],[2] | $ 500 | |
Impaired loans held for sale [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Assets measured at fair value on non-recurring basis | 5,856 | ||
Impaired loans held for sale [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Assets measured at fair value on non-recurring basis | 5,856 | ||
Impaired loans held for sale [Member] | Fair Value of Collateral [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Assets measured at fair value on non-recurring basis | 5,856 | ||
Impaired loans held for sale [Member] | Minimum [Member] | Fair Value of Collateral [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Range (Average) | [1],[2] | 100 | |
Impaired loans held for sale [Member] | Maximum [Member] | Fair Value of Collateral [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Range (Average) | [1],[2] | 500 | |
Impaired loans held for sale [Member] | Weighted Average [Member] | Fair Value of Collateral [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Range (Average) | [1],[2] | $ 200 | |
[1] | Average was computed by dividing the aggregate appraisal amounts by the number of appraisals. | ||
[2] | Range and average appraised values were reduced by estimated costs to sell. |
Fair Value Measurement (Financi
Fair Value Measurement (Financial Disclosures About Fair Value Of Financial Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Other assets | $ 120,030 | $ 103,093 | |
Carrying Amount [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and interest bearing deposits in banks | 299,861 | 198,905 | |
Restricted cash | 46,456 | 59,365 | |
Loans receivable including loans held for sale, net | 25,521 | 55,389 | |
Notes receivable, net | 430,480 | 415,598 | |
Receivable-backed notes payable | 414,989 | 403,912 | |
Notes and mortgage notes payable and other borrowings | 133,790 | 120,994 | |
Junior subordinated debentures | 152,367 | 150,485 | |
Shares subject to mandatory redemption | 13,517 | 13,098 | |
Carrying Amount [Member] | Preferred Shareholders [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Other assets | [1] | 5,063 | 5,063 |
Fair Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and interest bearing deposits in banks | 299,861 | 198,905 | |
Restricted cash | 46,456 | 59,365 | |
Loans receivable including loans held for sale, net | 27,904 | 63,668 | |
Notes receivable, net | 545,000 | 495,000 | |
Receivable-backed notes payable | 420,400 | 406,600 | |
Notes and mortgage notes payable and other borrowings | 135,404 | 124,456 | |
Junior subordinated debentures | 149,200 | 116,500 | |
Shares subject to mandatory redemption | 13,600 | 11,900 | |
Fair Value [Member] | Preferred Shareholders [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Other assets | [1] | 4,900 | 4,500 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and interest bearing deposits in banks | 299,861 | 198,905 | |
Restricted cash | 46,456 | 59,365 | |
Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Loans receivable including loans held for sale, net | 27,904 | 63,668 | |
Notes receivable, net | 545,000 | 495,000 | |
Receivable-backed notes payable | 420,400 | 406,600 | |
Notes and mortgage notes payable and other borrowings | 135,404 | 124,456 | |
Junior subordinated debentures | 149,200 | 116,500 | |
Shares subject to mandatory redemption | 13,600 | 11,900 | |
Significant Unobservable Inputs (Level 3) [Member] | Preferred Shareholders [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Other assets | [1] | $ 4,900 | $ 4,500 |
[1] | Notes receivable from preferred shareholders is included in other assets in the Company's Consolidated Statements of Financial Condition as of December 31, 2016 and 2015. |
Certain Relationships And Re126
Certain Relationships And Related Party Transactions (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Oct. 04, 2016 | Sep. 30, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 15, 2016 | Dec. 14, 2016 | Sep. 30, 2016 | Apr. 30, 2015 | Mar. 31, 2015 |
BCC [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Consolidated method ownership percentage | 100.00% | 82.00% | 81.00% | 51.00% | ||||||
Percent of voting power | 90.00% | 74.00% | ||||||||
Shares received in exchange for each share of WHC's Class A Common Stock | 5.4 | 5.4 | ||||||||
Woodbridge [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Consolidated method ownership percentage | 54.00% | 54.00% | ||||||||
Alan Levan And Mr Abdo [Member] | Class A and B Common Stock [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Percent of voting power | 76.00% | |||||||||
Bluegreen [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Allocated consolidated income tax liability and benefits, amount received | $ 26,200 | $ 19,200 | ||||||||
Abdo Companies Inc. [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Management services expenses | $ 306 | $ 306 | $ 306 | |||||||
BCC [Member] | Woodbridge [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Percentage of ownership interest | 46.00% | |||||||||
Number of Shares of the Company's Class B Common Stock Issued to the BCC RSU Holder [Member] | Executive Officers [Member] | Class B Common Stock [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Stock issued | 1,530,822 | 1,218,476 | ||||||||
Shares Issued, Price Per Share | $ 2.88 | |||||||||
Number of Shares of BCC’s Class A Common Stock Received by the Company [Member] | Class A Common Stock [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Stock received in exchanged for company stock | 283,486 | 221,821 | ||||||||
Shares Issued, Price Per Share | $ 15.82 |
Certain Relationships And Re127
Certain Relationships And Related Party Transactions (Schedule Of Shares Issued Related Party Transactions) (Details) - shares | Oct. 04, 2016 | Oct. 03, 2016 | Oct. 02, 2016 | Oct. 01, 2016 | Sep. 30, 2016 | Sep. 30, 2015 |
Class A Common Stock [Member] | Number of Shares of BCC’s Class A Common Stock Received by the Company [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Stock Received In Exchanged For Company Stock | 283,486 | 221,821 | ||||
Class A Common Stock [Member] | Alan B. Levan [Member] | Number of Shares of BCC’s Class A Common Stock Received by the Company [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Stock Received In Exchanged For Company Stock | 19,963 | 73,843 | 73,843 | |||
Class A Common Stock [Member] | John E. Abdo [Member] | Number of Shares of BCC’s Class A Common Stock Received by the Company [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Stock Received In Exchanged For Company Stock | 19,963 | 73,843 | 73,843 | |||
Class A Common Stock [Member] | Jarett S. Levan [Member] | Number of Shares of BCC’s Class A Common Stock Received by the Company [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Stock Received In Exchanged For Company Stock | 9,981 | 37,956 | 37,213 | |||
Class A Common Stock [Member] | Seth M. Wise [Member] | Number of Shares of BCC’s Class A Common Stock Received by the Company [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Stock Received In Exchanged For Company Stock | 9,981 | 37,956 | 36,922 | |||
Class B Common Stock [Member] | Alan B. Levan [Member] | Number of Shares of the Company's Class B Common Stock Issued to the BCC RSU Holder [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Stock Issued During Period, Shares, New Issues | 107,800 | 398,752 | 405,624 | |||
Class B Common Stock [Member] | John E. Abdo [Member] | Number of Shares of the Company's Class B Common Stock Issued to the BCC RSU Holder [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Stock Issued During Period, Shares, New Issues | 107,800 | 398,752 | 405,624 | |||
Class B Common Stock [Member] | Jarett S. Levan [Member] | Number of Shares of the Company's Class B Common Stock Issued to the BCC RSU Holder [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Stock Issued During Period, Shares, New Issues | 53,897 | 204,962 | 204,413 | |||
Class B Common Stock [Member] | Seth M. Wise [Member] | Number of Shares of the Company's Class B Common Stock Issued to the BCC RSU Holder [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Stock Issued During Period, Shares, New Issues | 53,897 | 204,962 | 202,815 | |||
Class B Common Stock [Member] | Executive Officers [Member] | Number of Shares of the Company's Class B Common Stock Issued to the BCC RSU Holder [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Stock Issued During Period, Shares, New Issues | 1,530,822 | 1,218,476 |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2016USD ($)itemsegment | Dec. 31, 2015USD ($)segment | Dec. 31, 2014USD ($)segment | |
Segment Reporting Information [Line Items] | |||||||||||
Minimum number of operating segments with similar characteristics to be considered as a reportable segment | segment | 1 | ||||||||||
Number of reportable segments | segment | 3 | 2 | 2 | ||||||||
Trade sales | $ 95,996 | $ 84,284 | $ 74,083 | ||||||||
Revenues | $ 197,155 | $ 208,236 | $ 192,965 | $ 165,639 | $ 200,052 | $ 199,291 | $ 190,971 | $ 149,893 | 763,995 | 740,207 | 672,186 |
Property and equipment, net | 95,998 | $ 90,020 | 95,998 | 90,020 | |||||||
Reportable Segments [Member] | Renin Holdings LLC [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Trade sales | $ 65,225 | 56,461 | 57,839 | ||||||||
Number of major customers | item | 2 | ||||||||||
Revenues | $ 65,225 | $ 56,461 | $ 57,839 | ||||||||
Reportable Segments [Member] | Renin Holdings LLC [Member] | Customer Concentration Risk [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Trade sales | 30,400 | ||||||||||
Reportable Segments [Member] | Outside United States [Member] | Renin Holdings LLC [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 19,800 | ||||||||||
Property and equipment, net | $ 1,600 | $ 1,600 |
Segment Reporting (Segment Info
Segment Reporting (Segment Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||||
Segment Reporting Information [Line Items] | ||||||||||||||
Sales of VOIs | $ 266,142 | $ 259,236 | $ 262,334 | |||||||||||
Fee-based sales commission revenue | 201,829 | 173,659 | 144,239 | |||||||||||
Other fee-based services revenue | 103,448 | 97,539 | 92,089 | |||||||||||
Trade sales | 95,996 | 84,284 | 74,083 | |||||||||||
Interest income | 85,437 | 88,765 | 86,492 | |||||||||||
Net gains on sales of assets | 6,076 | 31,092 | 5,527 | |||||||||||
Other revenue | 5,067 | 5,632 | 7,422 | |||||||||||
Total revenues | $ 197,155 | $ 208,236 | $ 192,965 | $ 165,639 | $ 200,052 | $ 199,291 | $ 190,971 | $ 149,893 | 763,995 | 740,207 | 672,186 | |||
Cost of sales of VOIs | 27,346 | 22,884 | 30,766 | |||||||||||
Cost of other fee-based services | 64,479 | 60,942 | 56,941 | |||||||||||
Cost of trade sales | 74,341 | 62,707 | 54,682 | |||||||||||
Interest expense | 36,037 | 40,408 | 47,402 | |||||||||||
Recoveries from loan losses, net | (20,508) | (13,457) | (7,155) | |||||||||||
Impairments of assets, net | 4,656 | 287 | 7,015 | |||||||||||
Litigation settlement | 36,500 | |||||||||||||
Selling, general and administrative expenses | 516,757 | 466,700 | 421,649 | |||||||||||
Total costs and expenses | 185,497 | 171,685 | 192,616 | 153,310 | 173,561 | 175,218 | 191,605 | 136,587 | 703,108 | 676,971 | 611,300 | |||
Equity in net earnings (losses) of unconsolidated real estate joint ventures | 7,837 | 4,480 | 1,655 | (342) | (812) | (158) | (291) | (304) | 13,630 | (1,565) | (573) | |||
Foreign exchange gain (loss) | (106) | 5 | 110 | 210 | (403) | (236) | 70 | (469) | 219 | (1,038) | (715) | |||
Other (loss) income | 1,389 | 1,459 | 189 | 263 | 483 | 1,205 | 1,114 | 1,248 | 3,300 | 4,050 | 4,780 | |||
Income before income taxes | 20,778 | 42,495 | 2,303 | 12,460 | 25,759 | 24,884 | 259 | 13,781 | 78,036 | 64,683 | 64,378 | |||
(Provision) benefit for income taxes | (12,522) | (19,118) | 368 | (5,107) | (935) | (4,213) | 90,353 | (8,609) | (36,379) | [1] | 76,596 | [1] | (37,073) | [1] |
Net income | 8,256 | 23,377 | 2,671 | 7,353 | 24,824 | 20,671 | 90,612 | 5,172 | 41,657 | 141,279 | 27,305 | |||
Less: Net income attributable to noncontrolling interests | 3,395 | 5,602 | 2,427 | 1,871 | 4,889 | 4,313 | 6,317 | 3,286 | 13,295 | 18,805 | 13,455 | |||
Net income attributable to shareholders | 4,861 | $ 17,775 | $ 244 | $ 5,482 | 19,935 | $ 16,358 | $ 84,295 | $ 1,886 | 28,362 | 122,474 | 13,850 | |||
Total assets | 1,436,068 | 1,340,960 | 1,436,068 | 1,340,960 | 1,411,296 | |||||||||
Investments in unconsolidated real estate joint ventures | 43,374 | 42,962 | 43,374 | 42,962 | 16,065 | |||||||||
Expenditures for segment fixed assets | 12,939 | 12,810 | 19,453 | |||||||||||
Depreciation and amortization | 8,089 | 10,511 | 9,399 | |||||||||||
Goodwill | 6,731 | 7,601 | 6,731 | 7,601 | 7,377 | |||||||||
Corporate Expenses & Other [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Trade sales | 30,771 | 27,823 | 16,245 | |||||||||||
Interest income | 321 | 135 | 92 | |||||||||||
Net gains on sales of assets | (89) | |||||||||||||
Other revenue | 511 | 456 | ||||||||||||
Total revenues | 31,092 | 28,380 | 16,793 | |||||||||||
Cost of trade sales | 27,253 | 20,584 | 10,794 | |||||||||||
Interest expense | 12,871 | 10,441 | 5,449 | |||||||||||
Impairments of assets, net | 2,352 | |||||||||||||
Litigation settlement | 36,500 | |||||||||||||
Selling, general and administrative expenses | 73,651 | 66,134 | 46,756 | |||||||||||
Total costs and expenses | 116,127 | 133,659 | 62,999 | |||||||||||
Equity in net earnings (losses) of unconsolidated real estate joint ventures | (14) | |||||||||||||
Other (loss) income | 2,547 | 2,226 | 2,677 | |||||||||||
Income before income taxes | (82,488) | (103,053) | (43,543) | |||||||||||
Total assets | 723,214 | 548,332 | 723,214 | 548,332 | 456,386 | |||||||||
Expenditures for segment fixed assets | 1,350 | 3,538 | 315 | |||||||||||
Depreciation and amortization | 2,051 | 2,118 | 1,086 | |||||||||||
Goodwill | 6,731 | 7,601 | 6,731 | 7,601 | 7,377 | |||||||||
Eliminations [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Trade sales | (1) | |||||||||||||
Interest income | (8,000) | (5,622) | (338) | |||||||||||
Other revenue | (419) | (448) | ||||||||||||
Total revenues | (8,000) | (6,041) | (787) | |||||||||||
Interest expense | (8,000) | (6,040) | (924) | |||||||||||
Selling, general and administrative expenses | (971) | (1,060) | (1,148) | |||||||||||
Total costs and expenses | (8,971) | (7,100) | (2,072) | |||||||||||
Other (loss) income | (971) | (1,059) | (1,285) | |||||||||||
Total assets | (624,545) | (518,088) | (624,545) | (518,088) | (330,350) | |||||||||
Bluegreen [Member] | Reportable Segments [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Sales of VOIs | 266,142 | 259,236 | 262,334 | |||||||||||
Fee-based sales commission revenue | 201,829 | 173,659 | 144,239 | |||||||||||
Other fee-based services revenue | 103,448 | 97,539 | 92,089 | |||||||||||
Interest income | 89,510 | 84,331 | 81,666 | |||||||||||
Total revenues | 660,929 | 614,765 | 580,328 | |||||||||||
Cost of sales of VOIs | 27,346 | 22,884 | 30,766 | |||||||||||
Cost of other fee-based services | 64,479 | 60,942 | 56,941 | |||||||||||
Interest expense | 30,853 | 35,698 | 41,324 | |||||||||||
Selling, general and administrative expenses | 415,027 | 373,804 | 345,191 | |||||||||||
Total costs and expenses | 537,705 | 493,328 | 474,222 | |||||||||||
Other (loss) income | 1,724 | 2,883 | 3,388 | |||||||||||
Income before income taxes | 124,948 | 124,320 | 109,494 | |||||||||||
Total assets | 1,128,630 | 1,083,151 | 1,128,630 | 1,083,151 | 1,045,498 | |||||||||
Expenditures for segment fixed assets | 9,605 | 9,176 | 18,049 | |||||||||||
Depreciation and amortization | 4,534 | 6,940 | 6,909 | |||||||||||
Real Estate Operations [Member] | Reportable Segments [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Interest income | 3,606 | 9,921 | 5,072 | |||||||||||
Net gains on sales of assets | 6,076 | 31,181 | 5,527 | |||||||||||
Other revenue | 5,067 | 5,540 | 7,414 | |||||||||||
Total revenues | 14,749 | 46,642 | 18,013 | |||||||||||
Interest expense | 1,002 | |||||||||||||
Recoveries from loan losses, net | (20,508) | (13,457) | (7,155) | |||||||||||
Impairments of assets, net | 2,304 | 287 | 7,015 | |||||||||||
Selling, general and administrative expenses | 11,864 | 12,773 | 16,121 | |||||||||||
Total costs and expenses | (6,340) | (397) | 16,983 | |||||||||||
Equity in net earnings (losses) of unconsolidated real estate joint ventures | 13,630 | (1,565) | (559) | |||||||||||
Income before income taxes | 34,719 | 45,474 | 471 | |||||||||||
Total assets | 179,856 | 204,787 | 179,856 | 204,787 | 216,101 | |||||||||
Investments in unconsolidated real estate joint ventures | 43,374 | 42,962 | 43,374 | 42,962 | 16,065 | |||||||||
Expenditures for segment fixed assets | 266 | 4 | 996 | |||||||||||
Depreciation and amortization | 603 | 810 | 802 | |||||||||||
Renin Holdings LLC [Member] | Reportable Segments [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Trade sales | 65,225 | 56,461 | 57,839 | |||||||||||
Total revenues | 65,225 | 56,461 | 57,839 | |||||||||||
Cost of trade sales | 47,088 | 42,123 | 43,888 | |||||||||||
Interest expense | 313 | 309 | 551 | |||||||||||
Selling, general and administrative expenses | 17,186 | 15,049 | 14,729 | |||||||||||
Total costs and expenses | 64,587 | 57,481 | 59,168 | |||||||||||
Foreign exchange gain (loss) | 219 | (1,038) | (715) | |||||||||||
Income before income taxes | 857 | (2,058) | (2,044) | |||||||||||
Total assets | $ 28,913 | $ 22,778 | 28,913 | 22,778 | 23,661 | |||||||||
Expenditures for segment fixed assets | 1,718 | 92 | 93 | |||||||||||
Depreciation and amortization | $ 901 | $ 643 | $ 602 | |||||||||||
[1] | Expected tax is computed based upon income before noncontrolling interests. |
Selected Quarterly Results (Det
Selected Quarterly Results (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||||
Selected Quarterly Results [Abstract] | ||||||||||||||
Revenues | $ 197,155 | $ 208,236 | $ 192,965 | $ 165,639 | $ 200,052 | $ 199,291 | $ 190,971 | $ 149,893 | $ 763,995 | $ 740,207 | $ 672,186 | |||
Costs and expenses | 185,497 | 171,685 | 192,616 | 153,310 | 173,561 | 175,218 | 191,605 | 136,587 | 703,108 | 676,971 | 611,300 | |||
Gross profit | 11,658 | 36,551 | 349 | 12,329 | 26,491 | 24,073 | (634) | 13,306 | 60,887 | 63,236 | ||||
Equity in net earnings (losses) of unconsolidated real estate joint ventures | 7,837 | 4,480 | 1,655 | (342) | (812) | (158) | (291) | (304) | 13,630 | (1,565) | (573) | |||
Foreign exchange gain (loss) | (106) | 5 | 110 | 210 | (403) | (236) | 70 | (469) | 219 | (1,038) | (715) | |||
Other income, net | 1,389 | 1,459 | 189 | 263 | 483 | 1,205 | 1,114 | 1,248 | 3,300 | 4,050 | 4,780 | |||
Income before income taxes | 20,778 | 42,495 | 2,303 | 12,460 | 25,759 | 24,884 | 259 | 13,781 | 78,036 | 64,683 | 64,378 | |||
(Provision) benefit for income taxes | (12,522) | (19,118) | 368 | (5,107) | (935) | (4,213) | 90,353 | (8,609) | (36,379) | [1] | 76,596 | [1] | (37,073) | [1] |
Net income | 8,256 | 23,377 | 2,671 | 7,353 | 24,824 | 20,671 | 90,612 | 5,172 | 41,657 | 141,279 | 27,305 | |||
Less: Net income attributable to noncontrolling interests | 3,395 | 5,602 | 2,427 | 1,871 | 4,889 | 4,313 | 6,317 | 3,286 | 13,295 | 18,805 | 13,455 | |||
Net income attributable to shareholders | $ 4,861 | $ 17,775 | $ 244 | $ 5,482 | $ 19,935 | $ 16,358 | $ 84,295 | $ 1,886 | $ 28,362 | $ 122,474 | $ 13,850 | |||
Basic earnings per share | $ 0.05 | $ 0.21 | $ 0 | $ 0.06 | $ 0.23 | $ 0.19 | $ 0.97 | $ 0.02 | $ 0.33 | $ 1.41 | $ 0.16 | |||
Diluted earnings per share | $ 0.05 | $ 0.21 | $ 0 | $ 0.06 | $ 0.23 | $ 0.19 | $ 0.97 | $ 0.02 | $ 0.32 | $ 1.40 | $ 0.16 | |||
Basic weighted average number of common shares outstanding | 88,949 | 85,864 | 85,946 | 86,839 | 86,839 | 87,023 | 87,093 | 87,136 | 86,902 | 87,022 | 84,502 | |||
Diluted weighted average number of common and common equivalent shares outstanding | 89,961 | 86,573 | 86,145 | 87,013 | 87,175 | 87,174 | 87,286 | 87,332 | 87,492 | 87,208 | 84,761 | |||
[1] | Expected tax is computed based upon income before noncontrolling interests. |
Real Estate Investments And 131
Real Estate Investments And Accumulated Depreciation (Real Estate Investments And Accumulated Depreciation By Property) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost, Land | $ 2,470 | |||
Initial Cost, Buildings and Improvements | 11,570 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Other | ||||
Total Cost | 14,040 | [1] | $ 7,900 | |
Accumulated Depreciation | 1,322 | $ 840 | ||
Aggregate cost for federal income tax purposes | 19,500 | |||
Robo Vault [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost, Land | 1,590 | |||
Initial Cost, Buildings and Improvements | 6,310 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Other | ||||
Total Cost | [1] | 7,900 | ||
Accumulated Depreciation | $ 1,207 | |||
Year of Construction | 2,009 | |||
Foreclosure | 2013-04 | |||
Depreciable Lives (Years) | 40 years | |||
Villa San Michele [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost, Land | $ 880 | |||
Initial Cost, Buildings and Improvements | 5,260 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Other | ||||
Total Cost | [1] | 6,140 | ||
Accumulated Depreciation | $ 115 | |||
Year of Construction | 2,008 | |||
Foreclosure | 2013-09 | |||
Depreciable Lives (Years) | 40 years | |||
[1] | The aggregate cost for federal income tax purposes is $19.5 million. |
Real Estate Investments And 132
Real Estate Investments And Accumulated Depreciation (Change In Real Estate Investments) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016USD ($) | ||
Real Estate Investments And Accumulated Depreciation [Abstract] | ||
Total Costs, Balance at December 31, 2015 | $ 7,900 | |
Transfer to property and equipment | 6,140 | |
Total Costs, Balance at December 31, 2016 | 14,040 | [1] |
Accumulated Depreciation, Balance at December 31, 2015 | 840 | |
Accumulated Depreciation, Depreciation | 367 | |
Accumulated Depreciation, Transfer to held-for-sale | 115 | |
Accumulated Depreciation, Balance at December 31, 2016 | $ 1,322 | |
[1] | The aggregate cost for federal income tax purposes is $19.5 million. |
Mortgage Loans On Real Estate (
Mortgage Loans On Real Estate (Mortgage Loans On Real Estate, By Loan) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016USD ($)loan | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Prior Liens | $ 8,468 | |
Mortgage Loans on Real Estate, Face Amount of Loans | 38,443 | |
Mortgage Loans on Real Estate, Carrying Amount of Loans | 24,130 | [1] |
Mortgage Loans on Real Estate, Principal Amount of Loans Subject to Delinquent Principal or Interest | 21,552 | |
Aggregate cost for federal income tax purposes | $ 27,400 | |
First-lien 1-4 Family [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Number of Loans | loan | 71 | [2] |
Mortgage Loans on Real Estate, Interest Rate | 5.30% | [2],[3] |
Mortgage Loans on Real Estate, Final Maturity Date | Nov. 9, 2033 | [2],[4] |
Mortgage Loans on Real Estate, Periodic Payment Terms | Monthly | [2] |
Mortgage Loans on Real Estate, Face Amount of Loans | $ 23,079 | [2] |
Mortgage Loans on Real Estate, Carrying Amount of Loans | 14,167 | [1],[2] |
Mortgage Loans on Real Estate, Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 16,726 | [2] |
Second-lien -Consumer [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Number of Loans | loan | 43 | |
Mortgage Loans on Real Estate, Interest Rate | 3.99% | [3] |
Mortgage Loans on Real Estate, Final Maturity Date | Dec. 14, 2017 | [4] |
Mortgage Loans on Real Estate, Periodic Payment Terms | Monthly | |
Mortgage Loans on Real Estate, Prior Liens | $ 8,468 | |
Mortgage Loans on Real Estate, Face Amount of Loans | 4,466 | |
Mortgage Loans on Real Estate, Carrying Amount of Loans | 1,800 | [1] |
Mortgage Loans on Real Estate, Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 841 | |
Small Business Real Estate [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Number of Loans | loan | 12 | |
Mortgage Loans on Real Estate, Interest Rate | 6.79% | [3] |
Mortgage Loans on Real Estate, Final Maturity Date | May 11, 2025 | [4] |
Mortgage Loans on Real Estate, Periodic Payment Terms | Monthly | |
Mortgage Loans on Real Estate, Face Amount of Loans | $ 2,724 | |
Mortgage Loans on Real Estate, Carrying Amount of Loans | $ 2,284 | [1] |
Marina [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Number of Loans | loan | 1 | |
Mortgage Loans on Real Estate, Interest Rate | 2.45% | [3] |
Mortgage Loans on Real Estate, Final Maturity Date | Jan. 1, 2018 | [4] |
Mortgage Loans on Real Estate, Periodic Payment Terms | Monthly | |
Mortgage Loans on Real Estate, Face Amount of Loans | $ 4,189 | |
Mortgage Loans on Real Estate, Carrying Amount of Loans | $ 1,894 | [1] |
Land [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Number of Loans | loan | 1 | |
Mortgage Loans on Real Estate, Interest Rate | 4.00% | [3] |
Mortgage Loans on Real Estate, Final Maturity Date | Dec. 31, 2016 | [4] |
Mortgage Loans on Real Estate, Periodic Payment Terms | Maturity | |
Mortgage Loans on Real Estate, Face Amount of Loans | $ 3,985 | |
Mortgage Loans on Real Estate, Carrying Amount of Loans | 3,985 | [1] |
Mortgage Loans on Real Estate, Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 3,985 | |
[1] | The aggregate cost for federal income tax purposes was $27.4 million. | |
[2] | The Company does not own the servicing on these loans. | |
[3] | Represents weighted average interest rates for mortgage loans grouped by category when there is more than one loan in the category. | |
[4] | Represents weighted average maturity dates for mortgage loans grouped by category when there is more than one loan in the category. |
Mortgage Loans On Real Estat134
Mortgage Loans On Real Estate (Change In Mortgage Loans) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Mortgage Loans On Real Estate [Abstract] | |
Balance at December 31, 2015 | $ 43,545 |
Advances on existing mortgages | |
Collections of principal | (14,761) |
Foreclosures | (4,807) |
Balance at December 31, 2016 | $ 23,977 |