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Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
REVENUE        
Lease rent revenue $ 33,474 $ 31,270 $ 95,045 $ 88,727
Maintenance reserve revenue 20,370 14,229 64,212 45,562
Spare parts and equipment sales 9,294 4,160 41,273 10,465
Gain on sale of leased equipment 174 180 4,684 3,430
Other revenue 2,549 1,622 6,439 3,614
Total revenue 65,861 51,461 211,653 151,798
EXPENSES        
Depreciation and amortization expense 16,142 16,628 48,786 49,235
Cost of spare parts and equipment sales 6,416 3,066 29,546 7,785
Write-down of equipment 6,958 1,995 22,243 5,924
General and administrative 14,308 12,257 40,574 34,694
Technical expense 2,605 1,414 7,345 4,913
Net finance costs:        
Interest expense 14,220 10,230 36,398 30,635
Gain on debt extinguishment       (137)
Total net finance costs 14,220 10,230 36,398 30,772
Total expenses 60,649 45,590 184,892 133,323
Earnings from operations 5,212 5,871 26,761 18,475
Earnings from joint ventures 3,040 631 6,055 874
Income before income taxes 8,252 6,502 32,816 19,349
Income tax expense 2,960 2,517 13,367 7,987
Net income 5,292 3,985 19,449 11,362
Preferred stock dividends 344   988  
Accretion of preferred stock issuance costs 9   25  
Net income attributable to common shareholders $ 4,939 $ 3,985 $ 18,436 $ 11,362
Basic earnings per common share: (in dollars per share) $ 0.82 $ 0.63 $ 3.04 $ 1.69
Diluted earnings per common share: (in dollars per share) $ 0.80 $ 0.62 $ 2.97 $ 1.66
Average common shares outstanding (in shares) 6,055 6,307 6,068 6,711
Diluted average common shares outstanding (in shares) 6,173 6,448 6,198 6,849