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Quarterly Consolidated Financial Information (Unaudited)
 12 Months Ended
Dec. 31, 2018
Quarterly Consolidated Financial Information (Unaudited)  
Quarterly Consolidated Financial Information (Unaudited)

14. Quarterly Consolidated Financial Information (Unaudited)

 

The following is a summary of the unaudited quarterly results of operations for the years ended December 31, 2018 and 2017 (in thousands, except per share data).

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2018

    

1st Quarter

    

2nd Quarter

    

3rd Quarter

    

4th Quarter

    

Full Year

Total revenue (1)

 

$

70,497

 

$

78,702

 

$

80,958

 

$

118,190

 

$

348,347

Net income attributable to common shareholders

 

$

6,261

 

$

7,528

 

$

8,834

 

$

17,274

 

$

39,898

Basic earnings per common share

 

$
1.03

 

$
1.28

 

$
1.50

 

$
2.99

 

$
6.75

Diluted earnings per common share

 

$
1.00

 

$
1.26

 

$
1.47

 

$
2.91

 

$
6.60

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted average common shares outstanding

 

 

6,104

 

 

5,878

 

 

5,900

 

 

5,782

 

 

5,915

Diluted weighted average common shares outstanding

 

 

6,256

 

 

5,991

 

 

6,004

 

 

5,939

 

 

6,046

(1)

Effective January 1, 2018, the Company adopted ASC 606 – Revenue from Contracts with Customers and has identified the transfer of engines and airframes from the lease portfolio to the Spare Parts segment for part out as sales to customers in accordance with the ordinary operations of our Spare Parts reportable segment. As such, the Company presents the sale of these assets on a gross basis and have reclassified the gross revenue and costs on sale to the Spare parts and equipment sales and Cost of spare parts and equipment sales line items from the net gain (loss) presentation within the Gain on sale of leased equipment line item. As a result of this change in presentation, Total revenue for the first, second and third quarters of 2018 increased by $6.6 million, $4.4 million and $3.0 million, respectively.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2017

    

1st Quarter

    

2nd Quarter

    

3rd Quarter

    

4th Quarter

    

Full Year

Total revenue

 

$

77,946

 

$

67,844

 

$

65,861

 

$

63,189

 

$

274,840

Net income attributable to common shareholders

 

$

7,839

 

$

5,657

 

$

4,939

 

$

41,864

 

$

60,299

Basic earnings per common share

 

$
1.28

 

$
0.94

 

$
0.82

 

$
6.87

 

$
9.93

Diluted earnings per common share

 

$
1.25

 

$
0.92

 

$
0.80

 

$
6.75

 

$
9.69

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted average common shares outstanding

 

 

6,114

 

 

6,036

 

 

6,055

 

 

6,090

 

 

6,074

Diluted weighted average common shares outstanding

 

 

6,240

 

 

6,158

 

 

6,184

 

 

6,201

 

 

6,220