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Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
REVENUE        
Lease rent revenue $ 28,083 $ 25,165 $ 78,993 $ 76,865
Maintenance reserve revenue 16,119 13,066 40,744 41,657
Spare parts equipment sales 9,133 4,628 15,000 6,690
Gain on sale of leased equipment 3,804 1,891 7,700 3,713
Other revenue 619 769 1,978 3,800
Total revenue 57,758 45,519 144,415 132,725
EXPENSES        
Depreciation and amortization expense 17,089 16,714 52,462 48,159
Cost of spare parts sales 5,919 4,218 10,219 6,173
Write-down of equipment 5,498 450 8,580 2,928
General and administrative 11,742 9,107 30,826 28,055
Technical expense 3,570 3,855 7,836 7,743
Net finance costs:        
Interest expense 9,805 9,181 29,232 27,935
Gain on debt extinguishment     (1,151)  
Total net finance costs 9,805 9,181 28,081 27,935
Total expenses 53,623 43,525 138,004 120,993
Earnings from operations 4,135 1,994 6,411 11,732
Earnings from joint ventures 558 269 1,127 819
Income before income taxes 4,693 2,263 7,538 12,551
Income tax expense (2,116) (1,284) (3,155) (5,026)
Net income $ 2,577 $ 979 $ 4,383 $ 7,525
Basic earnings per common share: (in dollars per share) $ 0.33 $ 0.12 $ 0.56 $ 0.95
Diluted earnings per common share: (in dollars per share) $ 0.32 $ 0.12 $ 0.55 $ 0.92
Average common shares outstanding (in shares) 7,839 7,938 7,843 7,943
Diluted average common shares outstanding (in shares) 7,963 8,123 8,011 8,163