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Consolidated Statements of Income (Loss) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Sep. 30, 2011
REVENUE        
Lease rent revenue $ 23,022 $ 26,458 $ 70,917 $ 79,419
Maintenance reserve revenue 10,653 8,962 28,668 27,319
Gain on sale of leased equipment 561 3,637 4,557 11,231
Other income 3,270 423 4,256 1,015
Total revenue 37,506 39,480 108,398 118,984
EXPENSES        
Depreciation expense 13,885 12,456 38,881 38,716
Write-down of equipment 2,474 2,306 2,756 2,306
General and administrative 7,298 8,684 25,339 26,108
Technical expense 1,961 1,270 4,715 5,737
Net finance costs:        
Interest expense 7,529 8,876 22,595 26,908
Interest income (21) (42) (81) (127)
Loss on debt extinguishment and derivatives termination 15,412   15,412  
Total net finance costs 22,920 8,834 37,926 26,781
Total expenses 48,538 33,550 109,617 99,648
Income (loss) from operations (11,032) 5,930 (1,219) 19,336
Earnings from joint ventures 352 232 948 858
Income (loss) before income taxes (10,680) 6,162 (271) 20,194
Income tax benefit (expense) 3,486 (3,846) (405) (9,334)
Net income (loss) (7,194) 2,316 (676) 10,860
Preferred stock dividends paid and declared-Series A 782 782 2,346 2,346
Net income (loss) attributable to common shareholders $ (7,976) $ 1,534 $ (3,022) $ 8,514
Basic earnings (loss) per common share: (in dollars per share) $ (0.92) $ 0.18 $ (0.35) $ 1.01
Diluted earnings (loss) per common share: (in dollars per share) $ (0.90) $ 0.17 $ (0.34) $ 0.96
Average common shares outstanding (in shares) 8,667 8,397 8,553 8,423
Diluted average common shares outstanding (in shares) 8,889 8,811 8,846 8,903