Notes Payable (Tables)

12 Months Ended

Dec. 31, 2012

Notes Payable

Schedule of notes payable

	As of December 31,
	2012		2011
	(in thousands)
Credit facility at a floating rate of interest of LIBOR plus 2.75%, secured by engines. The facility has a committed amount of $430.0 million and $345.0 million at December 31, 2012 and 2011, respectively, which revolves until the maturity date of November 2016.	$	282,000	$	228,000
WEST II Series 2012-A term notes payable at a fixed rate of interest of 5.50%, maturing in September 2037. Secured by engines.	386,724		—
WEST Series 2005-A1 term notes payable at a floating rate of interest based on LIBOR plus 1.25%, maturing in July 2018. Secured by engines. Repaid in September 2012.	—		99,763
WEST Series 2008-A1 term notes payable at a floating rate of interest based on LIBOR plus 1.50%, maturing in March 2021. Secured by engines. Repaid in September 2012.	—		151,120
WEST Series 2007-A2 warehouse notes payable of $0 million (2011, $162.5 million) payable at a floating rate of interest based on LIBOR plus 2.25%, maturing in January 2024; and $0 million (2011, $23.5 million) Series 2007-B2 warehouse notes payable at LIBOR plus 4.75%, maturing in January 2026. Secured by engines. Repaid in September 2012.	—		185,937
Note payable at a floating rate of LIBOR plus 3.00%. Secured by Series 2005-B1 notes. Repaid in September 2012.	—		16,180
Note payable at a floating rate of LIBOR plus 4.00%. Secured by Series 2008-B1 notes. Repaid in September 2012.	—		15,212
Note payable at a fixed interest rate of 8.00%, unsecured. Repaid in September 2012.	—		1,500
Note payable at a fixed interest rate of 4.50%, maturing in January 2014. Secured by engines.	17,338		18,840
Note payable at a fixed rate of 5.50%, maturing in September 2017. Secured by one engine.	8,593		—
Note payable at a fixed interest rate of 3.94%, maturing in September 2014. Secured by an aircraft.	2,333		3,667
Total notes payable before discount	$	696,988	$	720,219
WEST Series 2005-A1 term notes discount, $3,000 at issuance, and WEST Series 2008-A1 term notes discount, $2,888 at issuance, net of amortization	—		(2,085		)
Total notes payable	$	696,988	$	718,134

Schedule of principal outstanding repayable

Principal outstanding at December 31, 2012, is repayable as follows:

Year	(in thousands)
2013	$	19,237
2014	36,160
2015	20,934
2016 (includes $282.0 million outstanding on revolving credit facility)	304,215
2017	29,373
Thereafter	287,069
	$	696,988