Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.10.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2018
Income Taxes [Abstract]  
Provision For Income Taxes



 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 



 

Year Ended December 31,

 

 

2018

 

2017

 

2016

 Federal: 

 

 

 

 

 

 

 

 

 

Current

 

$

21,594 

 

$

35,466 

 

$

22,262 

Deferred

 

 

927 

 

 

(42,637)

 

 

20,030 



 

$

22,521 

 

$

(7,171)

 

$

42,292 



 

 

 

 

 

 

 

 

 

State and Other:

 

 

 

 

 

 

 

 

 

Current

 

$

4,857 

 

$

4,209 

 

$

2,763 

Deferred

 

 

1,163 

 

 

617 

 

 

(3,435)

    

 

 

6,020 

 

 

4,826 

 

 

(672)

Total

 

$

28,541 

 

$

(2,345)

 

$

41,620 



Reasons For The Difference Between Provision For Income Taxes



 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 



 

For the Year Ended December 31,

 

 

2018

 

2017

 

2016

Income tax expense at statutory rate

 

$

24,466 

 

$

43,484 

 

$

41,824 

Effect of state taxes, net of federal tax benefit

 

 

3,837 

 

 

2,735 

 

 

1,796 

Effect of federal rate change, net of federal tax benefit

 

 

(1,005)

 

 

(47,722)

 

 

 —

Effect of state rate changes on net deferred

 

 

 

 

 

 

 

 

 

liabilities

 

 

833 

 

 

156 

 

 

(1,253)

Change in valuation allowance

 

 

(283)

 

 

275 

 

 

(549)

Non-deductible items

 

 

1,182 

 

 

460 

 

 

317 

Tax credits

 

 

(489)

 

 

(1,733)

 

 

(515)

Total

 

$

28,541 

 

$

(2,345)

 

$

41,620 



Deferred Income Taxes



 

 

 

 

 

 



 

 

 

 

 

 



 

As of December 31,



 

2018

 

2017

Deferred federal and state tax liabilities (assets):

 

 

 

 

 

 

Installment sales treatment of VOI notes receivable

 

$

103,226 

 

$

99,906 

Deferred federal and state loss carryforwards/AMT

 

 

 

 

 

 

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

 

 

 

 

 

 

as of December 31, 2018 and 2017, respectively)

 

 

(7,871)

 

 

(8,463)

Book reserves for loan losses and inventory

 

 

(29,565)

 

 

(25,618)

Tax over book depreciation

 

 

2,343 

 

 

(1,708)

Deferral of VOI sales and costs under timeshare accounting rules

 

 

8,654 

 

 

12,242 

Real estate valuation

 

 

(5,792)

 

 

(6,884)

Intangible assets

 

 

14,279 

 

 

14,279 

Junior subordinated debentures

 

 

9,378 

 

 

9,144 

Other

 

 

(3,596)

 

 

(3,932)

Deferred income taxes

 

$

91,056 

 

$

88,966 



 

 

 

 

 

 

Total deferred federal and state tax liabilities

 

$

137,880 

 

$

135,571 

Total deferred federal and state tax assets

 

 

(46,824)

 

 

(46,605)

Deferred income taxes

 

$

91,056 

 

$

88,966