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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Cash flows from operating activities:    
Net income $ 4,383 $ 7,525
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 52,462 48,159
Write-down of equipment 8,580 2,928
Stock-based compensation expenses 2,961 2,447
Amortization of deferred costs 3,254 3,207
Amortization of interest rate derivative cost   (371)
Allowances and provisions 181 (18)
Gain on sale of leased equipment (7,700) (3,713)
Gain on debt extinguishment (1,151)  
Income from joint ventures 1,127 819
Deferred income taxes 2,936 4,649
Changes in assets and liabilities:    
Receivables (7,845) 1,772
Spare parts inventory 1,843 (9,487)
Other assets (1,221) (7,877)
Accounts payable and accrued expenses (7,740) 5,331
Restricted cash 10,238 (2,688)
Maintenance reserves 3,315 (4,037)
Security deposits 5,204 188
Unearned lease revenue 773 (503)
Net cash provided by operating activities 69,346 46,693
Cash flows from investing activities:    
Proceeds from sale of equipment (net of selling expenses) 39,300 27,331
Restricted cash for investing activities (11,222) 6,366
Capital contribution to joint ventures (630) (2,623)
Dividends received from joint ventures 1,304 500
Purchase of equipment held for operating lease and for sale (132,157) (34,767)
Purchase of property, equipment and furnishings (3,734) (13,784)
Net cash provided by (used in) investing activities (107,139) (16,977)
Cash flows from financing activities:    
Proceeds from issuance of notes payable 140,700 34,395
Debt issuance cost (13) (4,939)
Interest bearing security deposits   4,553
Proceeds from shares issued under stock compensation plans 519 410
Cancellation of restricted stock units in satisfaction of withholding tax (1,101) (1,309)
Excess tax benefit from stock-based compensation 75  
Repurchase of common stock (3,650) (4,007)
Principal payments on notes payable (128,344) (60,779)
Decrease in restricted cash 25,359  
Net cash provided by (used in) financing activities 33,545 (31,676)
Increase (decrease) in cash and cash equivalents (4,248) (1,960)
Cash and cash equivalents at beginning of period 13,493 12,801
Cash and cash equivalents at end of period 9,245 10,841
Net cash paid for:    
Interest 26,637 25,120
Income Taxes 99 129
Supplemental disclosures of non-cash investing activities:    
Purchase of aircraft and engines, liability incurred but not paid 3,260 295
Engines and equipment, transferred from Held for Operating Lease to Held for Sale but not settled $ 19,441 $ 1,456