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Condensed Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
REVENUE        
Interest revenue $ 3,412 $ 2,106 $ 7,965 $ 6,409
Gain on sale of leased equipment 9,519 773 33,148 5,101
Total revenue 146,223 105,745 416,426 304,275
EXPENSES        
Depreciation and amortization expense 23,650 23,088 68,303 68,131
Cost of spare parts and equipment sales 8,861 2,024 17,003 9,581
Cost of maintenance services 6,402 5,580 17,647 14,351
Write-down of equipment 605 719 866 2,390
General and administrative 40,037 26,545 104,305 86,103
Technical expense 5,151 8,739 17,924 19,755
Net finance costs:        
Interest expense 27,813 19,052 75,378 56,526
Total net finance costs 27,813 19,052 75,378 56,526
Total expenses 112,519 85,747 301,426 256,837
Income from operations 33,704 19,998 115,000 47,438
Income (loss) from joint ventures 756 346 7,255 (1,289)
Income before income taxes 34,460 20,344 122,255 46,149
Income tax expense 10,364 5,726 34,704 13,321
Net income 24,096 14,618 87,551 32,828
Preferred stock dividends 948 819 2,758 2,431
Accretion of preferred stock issuance costs 15 21 39 63
Net income attributable to common shareholders $ 23,133 $ 13,778 $ 84,754 $ 30,334
Basic weighted average income per common share (in dollars per share) $ 3.51 $ 2.16 $ 13.01 $ 4.83
Diluted weighted average income per common share (in dollars per share) $ 3.37 $ 2.13 $ 12.57 $ 4.70
Basic weighted average common shares outstanding (in shares) 6,582 6,365 6,513 6,282
Diluted weighted average common shares outstanding (in shares) 6,859 6,466 6,745 6,454
Lease rent revenue        
REVENUE        
Lease rent and maintenance reserve revenue $ 64,905 $ 53,573 $ 173,652 $ 161,209
Maintenance reserve revenue        
REVENUE        
Lease rent and maintenance reserve revenue 49,760 37,696 156,527 96,609
Spare parts and equipment sales        
REVENUE        
Other sales and revenue 10,863 3,359 20,337 12,961
Maintenance services revenue        
REVENUE        
Other sales and revenue 5,948 6,199 17,956 16,707
Other revenue        
REVENUE        
Other sales and revenue $ 1,816 $ 2,039 $ 6,841 $ 5,279