Income Taxes (Tables)
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12 Months Ended |
Dec. 31, 2018 |
Income Taxes [Abstract] |
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Provision For Income Taxes |
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Year Ended December 31,
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2018
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2017
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2016
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Federal:
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Current
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$
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21,594
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$
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35,466
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$
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22,262
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Deferred
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927
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(42,637)
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20,030
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$
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22,521
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$
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(7,171)
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$
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42,292
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State and Other:
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Current
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$
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4,857
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$
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4,209
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$
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2,763
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Deferred
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1,163
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617
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(3,435)
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6,020
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4,826
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(672)
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Total
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$
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28,541
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$
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(2,345)
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$
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41,620
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Reasons For The Difference Between Provision For Income Taxes |
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For the Year Ended December 31,
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2018
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2017
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2016
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Income tax expense at statutory rate
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$
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24,466
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$
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43,484
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$
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41,824
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Effect of state taxes, net of federal tax benefit
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3,837
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2,735
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1,796
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Effect of federal rate change, net of federal tax benefit
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(1,005)
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(47,722)
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—
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Effect of state rate changes on net deferred
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liabilities
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833
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156
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(1,253)
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Change in valuation allowance
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(283)
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275
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(549)
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Non-deductible items
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1,182
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460
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317
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Tax credits
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(489)
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(1,733)
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(515)
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Total
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$
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28,541
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$
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(2,345)
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$
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41,620
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Deferred Income Taxes |
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As of December 31,
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2018
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2017
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Deferred federal and state tax liabilities (assets):
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Installment sales treatment of VOI notes receivable
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$
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103,226
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$
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99,906
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Deferred federal and state loss carryforwards/AMT
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credits (net of valuation allowance of $2.2 million and $2.4 million
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as of December 31, 2018 and 2017, respectively)
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(7,871)
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(8,463)
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Book reserves for loan losses and inventory
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(29,565)
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(25,618)
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Tax over book depreciation
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2,343
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(1,708)
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Deferral of VOI sales and costs under timeshare accounting rules
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8,654
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12,242
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Real estate valuation
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(5,792)
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(6,884)
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Intangible assets
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14,279
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14,279
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Junior subordinated debentures
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9,378
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9,144
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Other
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(3,596)
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(3,932)
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Deferred income taxes
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$
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91,056
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$
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88,966
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Total deferred federal and state tax liabilities
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$
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137,880
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$
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135,571
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Total deferred federal and state tax assets
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(46,824)
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(46,605)
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Deferred income taxes
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$
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91,056
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$
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88,966
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