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Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
REVENUE        
Lease rent revenue $ 31,270 $ 28,055 $ 88,727 $ 79,197
Maintenance reserve revenue 14,229 16,119 45,562 39,035
Spare parts and equipment sales 4,160 9,133 10,465 15,000
Gain on sale of leased equipment 180 3,804 3,430 7,666
Other revenue 1,622 619 3,614 1,978
Total revenue 51,461 57,730 151,798 142,876
EXPENSES        
Depreciation and amortization expense 16,628 17,102 49,235 52,390
Cost of spare parts and equipment sales 3,066 5,919 7,785 10,219
Write-down of equipment 1,995 5,498 5,924 8,580
General and administrative 12,257 11,742 34,694 30,826
Technical expense 1,414 3,570 4,913 7,836
Net finance costs:        
Interest expense 10,230 9,805 30,635 29,232
Loss (gain) on debt extinguishment     137 (1,151)
Total net finance costs 10,230 9,805 30,772 28,081
Total expenses 45,590 53,636 133,323 137,932
Earnings from operations 5,871 4,094 18,475 4,944
Earnings from joint ventures 631 558 874 1,127
Income before income taxes 6,502 4,652 19,349 6,071
Income tax expense 2,517 2,101 7,987 2,648
Net income $ 3,985 $ 2,551 $ 11,362 $ 3,423
Basic earnings per common share: (in dollars per share) $ 0.63 $ 0.33 $ 1.69 $ 0.44
Diluted earnings per common share: (in dollars per share) $ 0.62 $ 0.32 $ 1.66 $ 0.43
Average common shares outstanding (in shares) 6,307 7,839 6,711 7,843
Diluted average common shares outstanding (in shares) 6,448 7,963 6,849 8,011