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Consolidated Statements of Income (Loss) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2012
Sep. 30, 2012
Jun. 30, 2012
Mar. 31, 2012
Dec. 31, 2011
Sep. 30, 2011
Jun. 30, 2011
Mar. 31, 2011
Dec. 31, 2010
Sep. 30, 2010
Jun. 30, 2010
Mar. 31, 2010
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
REVENUE                              
Lease rent revenue                         $ 94,591 $ 104,663 $ 102,133
Maintenance reserve revenue                         41,387 39,161 34,776
Gain on sale of leased equipment                         5,499 11,110 7,990
Other revenue                         6,613 1,719 3,403
Total revenue 39,692 37,506 35,153 35,739 37,669 39,480 38,692 40,812 39,634 40,191 32,778 35,699 148,090 156,653 148,302
EXPENSES                              
Depreciation expense                         52,591 51,250 48,704
Write-down of equipment                         5,874 3,341 2,874
General and administrative                         34,551 35,701 29,302
Technical expense                         7,006 8,394 8,118
Net finance costs:                              
Interest expense                         31,749 35,201 40,945
Interest income                         (80) (167) (212)
Loss on debt extinguishment and derivatives termination                         15,462 343  
Total net finance costs                         47,131 35,377 40,733
Total expenses                         147,153 134,063 129,731
Earnings from operations                         937 22,590 18,571
Earnings from joint ventures                         1,759 1,295 1,109
Income before income taxes                         2,696 23,885 19,680
Income tax expense                         (1,161) (9,377) (7,630)
Net income 2,211 (7,194) 3,229 3,289 3,648 2,316 3,481 5,063 4,010 3,083 1,907 3,050 1,535 14,508 12,050
Preferred stock dividends                         2,493 3,128 3,128
Preferred stock redemption costs                         2,835    
Net income (loss) attributable to common shareholders $ (771) $ (7,976) $ 2,447 $ 2,507 $ 2,866 $ 1,534 $ 2,699 $ 4,281 $ 3,228 $ 2,301 $ 1,125 $ 2,268 $ (3,793) $ 11,380 $ 8,922
Basic earnings (loss) per common share: (in dollars per share) $ (0.09) $ (0.94) $ 0.29 $ 0.30 $ 0.34 $ 0.18 $ 0.33 $ 0.50 $ 0.37 $ 0.27 $ 0.13 $ 0.26 $ (0.45) $ 1.35 $ 1.03
Diluted earnings (loss) per common share: (in dollars per share) $ (0.09) $ (0.91) $ 0.28 $ 0.29 $ 0.33 $ 0.17 $ 0.31 $ 0.47 $ 0.35 $ 0.25 $ 0.12 $ 0.24 $ (0.43) $ 1.28 $ 0.96
Average common shares outstanding (in shares) 8,277 8,667 8,585 8,404 8,425 8,397 8,322 8,552 8,654 8,683 8,729 8,660 8,490 8,423 8,681
Diluted average common shares outstanding (in shares) 8,525 8,889 8,848 8,756 8,758 8,811 8,796 9,048 9,199 9,080 9,255 9,303 8,791 8,876 9,251