Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of vacation specialist Interval Leisure Group (Nasdaq: IILG) basked in the sun today, gaining as much as 17% in intraday trading after the company announced fourth-quarter results.

So what: There was growth across the board for Interval as both revenue and profit were above last year's levels. Revenue increased 6.5% from 2010, to $99.5 million, helped by particularly strong growth from the smaller management and rental segment, which surged 21%. The bottom line looked even better, as net income soared 41% and earnings per share posted an even better 46% gain. EPS of $0.16 was well above the $0.10 that Wall Street analysts had expected.

Now what: Management didn't provide a forecast in the earnings press release, so what should investors expect looking ahead? That will depend a lot on how the economy fares. The company was growing at a nice clip prior to the recession, but has been treading water since then. If the economy continues to improve, consumers may find themselves willing to start spending more, particularly when it comes to leisure.

And I don't think that is a far-fetched scenario in the least. However, it's notable that investors already seem to have expectations of considerable growth from Interval -- the stock currently trades at 16 times 2013 expected earnings. That may not be completely outlandish, but it's hard to call it cheap either.

Want to keep up to date on Interval Leisure Group? Add it to your Watchlist.