Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 25,086	$ 24,269
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	3,053	1,726
Depreciation and amortization – marketing and reservation system	5,071	5,290
Franchise agreement acquisition cost amortization	2,154	1,489
Provision for bad debts, net	3,389	941
Non-cash stock compensation and other charges	3,787	3,472
Non-cash interest and other (income) loss	974	(301)
Deferred income taxes	2,582	(4,529)
Equity in net losses from unconsolidated joint ventures, less distributions received	6,735	2,386
Franchise agreement acquisition cost, net of reimbursements	(11,925)	(4,483)
Change in working capital and other, net of acquisition	(36,354)	(6,046)
Net cash provided by operating activities	4,552	24,214
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in property and equipment	(4,996)	(4,718)
Investment in intangible assets	(1,193)	(2,088)
Business acquisition, net of cash acquired	(231,317)	0
Contributions to equity method investments	(1,455)	(31,610)
Distributions from equity method investments	766	510
Purchases of investments, employee benefit plans	(1,669)	(1,424)
Proceeds from sales of investments, employee benefit plans	1,029	843
Issuance of mezzanine and other notes receivable	(2,500)	(9,863)
Collections of mezzanine and other notes receivable	150	522
Other items, net	0	(4)
Net cash used in investing activities	(241,185)	(47,832)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net borrowings pursuant to revolving credit facilities	70,000	22,800
Principal payments on long-term debt	(111)	(153)
Purchase of treasury stock	(41,869)	(7,271)
Dividends paid	(12,265)	(12,139)
Debt issuance costs	(914)	0
Proceeds from issuance of long term debt	212	0
Proceeds from exercise of stock options	23,052	4,963
Net cash provided by financing activities	38,105	8,200
Net change in cash and cash equivalents	(198,528)	(15,418)
Effect of foreign exchange rate changes on cash and cash equivalents	26	427
Cash and cash equivalents at beginning of period	235,336	202,463
Cash and cash equivalents at end of period	36,834	187,472
Cash payments during the period for:
Income taxes, net of refunds	5,034	1,454
Interest, net of capitalized interest	19,882	19,874
Non-cash investing and financing activities:
Dividends declared but not paid	12,117	12,195
Investment in property and equipment acquired in accounts payable	$ 374	$ 724