Consolidated Balance Sheets - USD ($) $ in Thousands		Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
ASSETS
Cash and cash equivalents		$ 11,688	$ 7,052
Restricted cash		70,261	40,272
Equipment held for operating lease, less accumulated depreciation of $385,483 and $368,683 at December 31, 2018 and 2017, respectively		1,673,135	1,342,571
Maintenance rights		14,763	14,763
Equipment held for sale		789	34,172
Receivables, net of allowances of $2,559 and $949 at December 31, 2018 and 2017, respectively		23,270	18,848
Spare parts inventory		48,874	16,379
Investments		47,941	50,641
Property, equipment & furnishings, less accumulated depreciation of $6,945 and $7,374 at December 31, 2018 and 2017, respectively		27,679	26,074
Intangible assets, net		1,379	1,727
Other assets		15,164	50,932
Total assets	[1]	1,934,943	1,603,431
Liabilities:
Accounts payable and accrued expenses		42,939	22,072
Deferred income taxes		90,285	78,280
Debt obligations		1,337,349	1,085,405
Maintenance reserves		94,522	75,889
Security deposits		28,047	25,302
Unearned revenue		5,460	8,102
Total liabilities	[2]	1,598,602	1,295,050
Redeemable preferred stock ($0.01 par value, 2,500 shares authorized; 2,500 shares issued and outstanding at December 31, 2018 and 2017, respectively)		49,554	49,471
Shareholders' equity:
Common stock ($0.01 par value, 20,000 shares authorized; 6,176 and 6,419 shares issued and outstanding at December 31, 2018 and 2017, respectively)		62	64
Paid-in capital in excess of par			2,319
Retained earnings		286,623	256,301
Accumulated other comprehensive income, net of income tax expense of $81 and $83 at December 31, 2018 and 2017, respectively		102	226
Total shareholders' equity		286,787	258,910	$ 196,260	$ 209,223
Total liabilities, redeemable preferred stock and shareholders' equity		$ 1,934,943	$ 1,603,431

[1] Total assets at December 31, 2018 and December 31, 2017 include the following assets of variable interest entity’s (“VIE’s”) that can only be used to settle the liabilities of the VIE’s: Cash, $656 and $130; Restricted Cash $70,261 and $40,272, Equipment, $1,032,599 and $657,333; and Other, $1,075 and $20,090 respectively.

[2] Total liabilities at December 31, 2018 and December 31, 2017 include the following liabilities of VIE’s for which the VIE’s creditors do not have recourse to Willis Lease Finance Corporation: Debt obligations, $903,296 and $577,056, respectively.