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Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
REVENUE        
Lease rent revenue $ 31,337 $ 29,181 $ 61,572 $ 57,457
Maintenance reserve revenue 11,881 15,514 43,843 31,333
Spare parts and equipment sales 19,383 3,673 31,979 6,305
Gain on sale of leased equipment 3,527 258 4,509 3,250
Other revenue 1,716 992 3,888 1,992
Total revenue 67,844 49,618 145,791 100,337
EXPENSES        
Depreciation and amortization expense 16,015 16,188 32,644 32,607
Cost of spare parts and equipment sales 13,730 2,787 23,130 4,719
Write-down of equipment 2,277 1,893 15,285 3,929
General and administrative 13,065 10,685 26,265 22,437
Technical expense 2,448 1,803 4,740 3,499
Net finance costs:        
Interest expense 11,312 10,397 22,178 20,405
Gain on debt extinguishment   (137)   (137)
Total net finance costs 11,312 10,534 22,178 20,542
Total expenses 58,847 43,890 124,242 87,733
Earnings from operations 8,997 5,728 21,549 12,604
Earnings from joint ventures 1,161 56 3,015 243
Income before income taxes 10,158 5,784 24,564 12,847
Income tax expense 4,168 2,418 10,406 5,470
Net income 5,990 3,366 14,158 7,377
Preferred stock dividends 324   646  
Accretion of preferred stock issuance costs 9   17  
Net income attributable to common shareholders $ 5,657 $ 3,366 $ 13,495 $ 7,377
Basic earnings per common share: (in dollars per share) $ 0.94 $ 0.50 $ 2.22 $ 1.07
Diluted earnings per common share: (in dollars per share) $ 0.92 $ 0.49 $ 2.18 $ 1.05
Average common shares outstanding (in shares) 6,036 6,685 6,075 6,917
Diluted average common shares outstanding (in shares) 6,142 6,819 6,201 7,047