Condensed Consolidated Balance Sheets - USD ($) $ in Thousands		Mar. 31, 2018	Dec. 31, 2017
ASSETS
Cash and cash equivalents		$ 12,662	$ 7,052
Restricted cash		44,511	40,272
Equipment held for operating lease, less accumulated depreciation of $380,108 and $368,683 at March 31, 2018 and December 31, 2017, respectively		1,466,144	1,342,571
Maintenance rights		14,763	14,763
Equipment held for sale		23,671	34,172
Operating lease related receivables, net of allowances of $1,046 and $949 at March 31, 2018 and December 31, 2017, respectively		24,630	18,848
Spare parts inventory		24,070	16,379
Investments		51,250	50,641
Property, equipment & furnishings, less accumulated depreciation of $7,812 and $7,374 at March 31, 2018 and December 31, 2017, respectively		25,927	26,074
Intangible assets, net		1,626	1,727
Other assets		35,251	50,932
Total assets	[1]	1,724,505	1,603,431
Liabilities:
Accounts payable and accrued expenses		36,800	22,072
Deferred income taxes		81,053	78,280
Debt obligations		1,179,657	1,085,405
Maintenance reserves		85,278	75,889
Security deposits		26,340	25,302
Unearned revenue		9,268	8,102
Total liabilities	[2]	1,418,396	1,295,050
Redeemable preferred stock ($0.01 par value, 2,500 shares authorized; 2,500 shares issued and outstanding at March 31, 2018 and December 31, 2017)		49,491	49,471
Shareholders' equity:
Common stock ($0.01 par value, 20,000 shares authorized; 6,116 and 6,419 shares issued at March 31, 2018 and December 31, 2017, respectively)		61	64
Paid-in capital in excess of par			2,319
Retained earnings		255,020	256,301
Accumulated other comprehensive income, net of income tax expense of $441 and $83 at March 31, 2018 and December 31, 2017, respectively.		1,537	226
Total shareholders' equity		256,618	258,910
Total liabilities, redeemable preferred stock and shareholders' equity		$ 1,724,505	$ 1,603,431

[1] Total assets at March 31, 2018 and December 31, 2017, respectively, include the following assets of variable interest entities (VIEs) that can only be used to settle the liabilities of the VIEs: Cash, $595 and $130; Restricted Cash $44,511 and $40,272; Equipment, $653,809 and $657,333; and Other, $1,230 and $20,090, respectively.

[2] Total liabilities at March 31, 2018 and December 31, 2017, respectively, include the following liabilities of VIEs for which the VIEs' creditors do not have recourse to Willis Lease Finance Corporation: Debt obligations, $568,618 and $577,056, respectively.