Consolidated Balance Sheets - USD ($) $ in Thousands		Dec. 31, 2021	Dec. 31, 2020
ASSETS
Cash and cash equivalents		$ 14,329	$ 42,540
Restricted cash		81,312	36,385
Maintenance rights		22,511	20,097
Equipment held for sale		6,952	2,850
Receivables, net of allowances of $1,154 and $1,372 at December 31, 2021 and 2020, respectively		39,623	28,269
Spare parts inventory		50,959	59,434
Investments		55,927	53,275
Intangible assets, net		1,188	1,246
Notes receivable		115,456	158,708
Other assets		51,975	43,778
Total assets	[1]	2,462,927	2,364,948
Liabilities:
Accounts payable and accrued expenses		26,858	26,977
Deferred income taxes		124,332	116,838
Debt obligations		1,790,264	1,693,753
Maintenance reserves		65,976	82,484
Security deposits		19,349	19,522
Unearned revenue		10,458	11,637
Total liabilities	[2]	2,037,237	1,951,211
Redeemable preferred stock ($0.01 par value, 2,500 shares authorized; 2,500 shares issued and outstanding at December 31, 2021 and 2020, respectively)		49,805	49,722
Shareholders’ equity:
Common stock ($0.01 par value, 20,000 shares authorized; 6,531 and 6,570 shares issued at December 31, 2021 and 2020, respectively)		65	66
Paid-in capital in excess of par		15,401	13,696
Retained earnings		355,388	355,370
Accumulated other comprehensive income (loss), net of income tax expense (benefit) of $1,469 and $(1,428) at December 31, 2021 and 2020, respectively.		5,031	(5,117)
Total shareholders’ equity		375,885	364,015
Total liabilities, redeemable preferred stock and shareholders’ equity		2,462,927	2,364,948
Equipment Held For Operating Lease
ASSETS
Equipment held for operating lease, property, equipment, and furnishings, less accumulated depreciation		1,991,368	1,886,613
Property, Equipment, and Furnishings
ASSETS
Equipment held for operating lease, property, equipment, and furnishings, less accumulated depreciation		$ 31,327	$ 31,753

[1] Total assets at December 31, 2021 and 2020 include the following assets of variable interest entity’s (“VIE’s”) that can only be used to settle the liabilities of the VIE’s: Restricted cash $81,312 and $35,262; Equipment $1,226,395 and $1,037,684; Maintenance rights $5,433 and $767; Inventory $4,367 and $5,437; Notes receivable $90,868 and $26,392; and Other assets $4,775 and $558, respectively.

[2] Total liabilities at December 31, 2021 and 2020 include the following liabilities of VIEs for which the VIEs' creditors do not have recourse to Willis Lease Finance Corporation: Debt obligations $1,197,922 and $907,550, respectively.