Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.8.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2017
Income Taxes [Abstract]  
Provision For Income Taxes



 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 



 

Year Ended December 31,

 

 

2017

 

2016

 

2015



 

 

 

 

 

 

 

 

 

 Federal: 

 

 

 

 

 

 

 

 

 

Current

 

$

35,466 

 

$

22,262 

 

$

19,566 

Deferred

 

 

(43,252)

 

 

18,499 

 

 

18,608 



 

$

(7,786)

 

$

40,761 

 

$

38,174 



 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

State and Other:

 

 

 

 

 

 

 

 

 

Current

 

$

4,209 

 

$

2,763 

 

$

4,223 

Deferred

 

 

603 

 

 

(3,352)

 

 

(86)

    

 

 

4,812 

 

 

(589)

 

 

4,137 

Total

 

$

(2,974)

 

$

40,172 

 

$

42,311 



Reasons For The Difference Between Provision For Income Taxes



 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 



 

For the Year Ended December 31,

 

 

2017

 

2016

 

2015



 

 

 

 

 

 

 

 

 

Income tax expense at statutory rate

 

$

42,893 

 

$

40,293 

 

$

39,416 

Effect of state taxes, net of federal tax benefit

 

 

2,735 

 

 

1,796 

 

 

1,620 

Effect of federal rate change, net of federal tax benefit

 

 

(47,722)

 

 

 —

 

 

 —

Effect of state rate changes on net deferred

 

 

 

 

 

 

 

 

 

liabilities

 

 

118 

 

 

(1,433)

 

 

1,448 

Change in valuation allowance

 

 

275 

 

 

(549)

 

 

(47)

Non-deductible items

 

 

460 

 

 

317 

 

 

194 

Tax credits

 

 

(1,733)

 

 

(515)

 

 

(307)

Other

 

 

 —

 

 

263 

 

 

(13)

Total

 

$

(2,974)

 

$

40,172 

 

$

42,311 



Deferred Income Taxes



 

 

 

 

 

 



 

 

 

 

 

 



 

As of December 31,



 

2017

 

2016



 

 

 

 

 

 

Deferred federal and state tax liabilities (assets):

 

 

 

 

 

 

Installment sales treatment of VOI notes receivable

 

$

99,906 

 

$

152,074 

Deferred federal and state loss carryforwards/AMT

 

 

 

 

 

 

credits (net of valuation allowance of $2.4 million and $2.2 million

 

 

 

 

 

 

as of December 31, 2017 and 2016, respectively)

 

 

(8,463)

 

 

(11,450)

Book reserves for loan losses and inventory

 

 

(26,249)

 

 

(40,714)

Tax over book depreciation

 

 

(1,708)

 

 

(2,924)

Deferral of VOI sales and costs under timeshare accounting rules

 

 

7,535 

 

 

8,718 

Real estate valuation

 

 

(6,884)

 

 

(13,463)

Intangible assets

 

 

14,279 

 

 

23,353 

Junior subordinated debentures

 

 

9,144 

 

 

16,349 

Other

 

 

(3,932)

 

 

(5,665)

Deferred income taxes

 

$

83,628 

 

$

126,278 



 

 

 

 

 

 

Total deferred federal and state tax liabilities

 

$

130,864 

 

$

200,494 

Total deferred federal and state tax assets

 

 

(47,236)

 

 

(74,216)

Deferred income taxes

 

$

83,628 

 

$

126,278