Financial Information

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CONSOLIDATED RESULTS

The following discussion presents an analysis of results of our operations for 2013, 2012, and 2011 (which included the results of the former Timeshare segment before the spin-off).

In late 2011, we completed the spin-off of our timeshare operations and timeshare development business. Accordingly, we no longer have a Timeshare segment and instead earn license fees that we do not allocate to any of our segments and include in “other unallocated corporate.” See Footnote No. 15, “Spin-off” for additional information.

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