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Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
REVENUES        
Revenues $ 323,258 $ 210,403 $ 784,328 $ 579,574
Total revenues 323,369 210,771 784,660 580,679
OPERATING EXPENSES        
Selling, general and administrative 35,110 31,779 99,847 104,098
Depreciation and amortization 5,883 6,382 18,477 19,309
Marketing and reservation system 116,216 113,808 327,674 333,564
Owned hotels 7,054 3,812 16,534 12,822
Total operating expenses 164,263 155,781 462,532 469,793
Loss on impairment of assets 0 (4,290) 0 (5,516)
Operating income 159,106 50,700 322,128 105,370
OTHER INCOME AND EXPENSES, NET        
Interest expense 11,638 12,691 35,106 37,153
Interest income (1,202) (1,744) (3,717) (6,277)
Loss on extinguishment of debt 0 15,958 0 16,565
Other (gains) losses 407 (2,030) (2,906) (858)
Equity in net (gain) loss of affiliates (3,326) 1,731 1,492 7,172
Total other income and expenses, net 7,517 26,606 29,975 53,755
Income before income taxes 151,589 24,094 292,153 51,615
Income tax expense (benefit) 34,934 9,594 67,279 (15,907)
Net income $ 116,655 $ 14,500 $ 224,874 $ 67,522
Basic earnings (losses) per share (in dollars per share) $ 2.10 $ 0.26 $ 4.05 $ 1.22
Diluted earning (losses) per share (in dollars per share) 2.08 0.26 4.01 1.21
Cash dividends declared per share (in dollars per share) $ 0.225 $ 0 $ 0.450 $ 0.225
Royalty fees        
REVENUES        
Revenues $ 127,317 $ 79,666 $ 299,606 $ 200,157
Initial franchise and relicensing fees        
REVENUES        
Revenues 6,149 6,071 18,904 20,031
Procurement services        
REVENUES        
Revenues 13,010 10,115 36,293 34,609
Marketing and reservation system        
REVENUES        
Revenues 156,871 107,141 384,380 297,203
Owned hotels        
REVENUES        
Revenues 11,266 4,093 24,392 15,407
Owned hotels 11,377 4,201 24,724 15,731
Other        
REVENUES        
Revenues 8,645 3,317 20,753 12,167
Owned hotels $ 8,645 $ 3,577 $ 20,753 $ 12,948