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Condensed Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
REVENUE        
Interest revenue $ 2,284 $ 2,258 $ 4,553 $ 4,304
Gain on sale of leased equipment 14,428 4,461 23,629 4,328
Total revenue 151,120 108,996 270,203 198,531
EXPENSES        
Depreciation and amortization expense 22,167 22,494 44,653 45,043
Cost of spare parts and equipment sales 5,437 3,058 8,142 7,557
Cost of maintenance services 5,671 4,843 11,245 8,770
Write-down of equipment 0 1,671 261 1,671
General and administrative 34,687 31,727 64,268 59,558
Technical expense 4,518 6,676 12,773 11,018
Net finance costs:        
Interest expense 24,562 19,085 47,565 37,474
Total net finance costs 24,562 19,085 47,565 37,474
Total expenses 97,042 89,554 188,907 171,091
Income from operations 54,078 19,442 81,296 27,440
Income (loss) from joint ventures 3,825 (474) 6,499 (1,635)
Income before income taxes 57,903 18,968 87,795 25,805
Income tax expense 15,317 5,152 24,340 7,595
Net income 42,586 13,816 63,455 18,210
Preferred stock dividends 910 811 1,810 1,612
Accretion of preferred stock issuance costs 12 21 24 42
Net income attributable to common shareholders $ 41,664 $ 12,984 $ 61,621 $ 16,556
Basic weighted average income per common share (in dollars per share) $ 6.34 $ 2.04 $ 9.51 $ 2.65
Diluted weighted average income per common share (in dollars per share) $ 6.21 $ 2.02 $ 9.22 $ 2.57
Basic weighted average common shares outstanding (in shares) 6,570 6,354 6,479 6,239
Diluted weighted average common shares outstanding (in shares) 6,714 6,442 6,687 6,449
Lease rent revenue        
REVENUE        
Lease rent and maintenance reserve revenue $ 55,866 $ 54,416 $ 108,747 $ 107,636
Maintenance reserve revenue        
REVENUE        
Lease rent and maintenance reserve revenue 62,897 35,415 106,767 58,913
Spare parts and equipment sales        
REVENUE        
Other sales and revenue 6,186 4,550 9,474 9,602
Maintenance Services        
REVENUE        
Other sales and revenue 6,781 5,849 12,008 10,508
Other revenue        
REVENUE        
Other sales and revenue $ 2,678 $ 2,047 $ 5,025 $ 3,240