Note 10. Interest, Net

The following table shows the components of interest, net:


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2010			2011			2010			2011
Interest on borrowings, net settlements on interest rate derivatives, and other liabilities⁽¹⁾	$	40,144		$	42,066		$	111,090		$	129,757
Hedge ineffectiveness (gains) losses		764			(118	)		2,533			(716	)
Amortization of interest rate derivatives related to deferred losses ⁽²⁾		2,338			5,717			6,412			13,943
Amortization of deferred financing fees and notes discount ⁽³⁾		5,734			2,977			11,494			12,394

Interest Expense		48,980			50,642			131,529			155,378
Less interest income		(207	)		(95	)		(247	)		(355	)
Less capitalized interest		(1,320	)		(1,675	)		(2,704	)		(4,639	)

Interest, net	$	47,453		$	48,872		$	128,578		$	150,384


(1)		For the nine months ended September 30, 2011, includes the loan termination fee of $3,196 related to an aircraft sold in June 2011.

(2)		For the three months ended September 30, 2011, includes accelerated amortization of deferred hedge losses in the amount of $1,704 related to an aircraft sold in September 2011. For the nine months ended September 30, 2011, includes accelerated amortization of deferred hedge losses in the amount of $3,543 related to two aircraft sold in 2011.

(3)		For the three and nine months ended September 30, 2010, includes the write-off of deferred financing fees of $2,471 related to the pay-off of a term financing loan and a secured credit facility. For the nine months ended September 30, 2011, includes the write-off of deferred financing fees of $2,456 related to an aircraft sold in June 2011.