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Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
REVENUES        
Revenues $ 210,403 $ 310,422 $ 579,574 $ 845,885
Total revenues 210,771 310,732 580,679 846,736
OPERATING EXPENSES        
Selling, general and administrative 31,413 38,308 104,212 124,802
Depreciation and amortization 6,382 5,568 19,309 12,589
Marketing and reservation system 113,808 158,430 333,564 438,390
Owned hotels 3,812 6,014 12,822 6,014
Total operating expenses 155,415 208,320 469,907 581,795
Impairment of goodwill 0 0 0 (3,097)
Loss on asset dispositions and impairments (4,290) 33 (5,516) (7,271)
Loss on sale of business 0 (25) 0 (4,666)
Gain on sale of assets, net 0 0 0 100
Operating income 51,066 102,420 105,256 250,007
OTHER INCOME AND EXPENSES, NET        
Interest expense 12,691 12,431 37,153 34,735
Interest income (1,744) (2,220) (6,277) (7,617)
Loss on extinguishment of debt 15,958 0 16,565 0
Other gains, net (1,664) (115) (972) (3,219)
Equity in net loss of affiliates 1,731 6,400 7,172 9,551
Total other income and expenses, net 26,972 16,496 53,641 33,450
Income before income taxes 24,094 85,924 51,615 216,557
Income tax expense (benefit) 9,594 9,685 (15,907) 35,848
Net income $ 14,500 $ 76,239 $ 67,522 $ 180,709
Basic earnings per share (in dollars per share) $ 0.26 $ 1.37 $ 1.22 $ 3.25
Diluted earnings per share (in dollars per share) 0.26 1.36 1.21 3.23
Cash dividends declared per share (in dollars per share) $ 0 $ 0.215 $ 0.225 $ 0.645
Royalty fees        
REVENUES        
Revenues $ 79,666 $ 113,688 $ 200,157 $ 300,468
Initial franchise and relicensing fees        
REVENUES        
Revenues 6,071 6,741 20,031 20,223
Procurement services        
REVENUES        
Revenues 10,115 14,814 34,609 47,590
Marketing and reservation system        
REVENUES        
Revenues 107,141 157,024 297,203 439,553
Owned hotels        
REVENUES        
Revenues 4,093 8,661 15,407 8,661
Total revenues 4,201 8,710 15,731 8,710
Other        
REVENUES        
Revenues 3,317 9,494 12,167 29,390
Total revenues $ 3,577 $ 9,755 $ 12,948 $ 30,192