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Consolidated Statements of Income - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Revenues:      
Lease rental revenue $ 777,403 $ 722,694 $ 721,302
Direct financing and sales-type lease revenue 32,295 35,132 25,716
Amortization of lease premiums, discounts and incentives (22,636) (15,269) (11,714)
Total lease revenue 862,049 848,295 791,432
Gain on sale of flight equipment 45,532 36,766 55,167
Total revenues 917,938 890,351 851,787
Operating expenses:      
Depreciation 356,021 310,850 298,664
Interest, net 258,070 234,504 241,231
Selling, general and administrative (including non-cash share-based payment expense of $15,830, $11,488 and $13,148, respectively) 77,034 76,025 73,604
Impairment of aircraft 7,404 0 80,430
Maintenance and other costs 24,828 8,961 9,077
Total operating expenses 723,357 630,340 703,006
Other income (expense):      
Loss on extinguishment of debt (7,577) 0 0
Other (11,864) 1,636 (2,476)
Total other income (expense) (19,441) 1,636 (2,476)
Income from continuing operations before income taxes and earnings (loss) of unconsolidated equity method investment 175,140 261,647 146,305
Income tax provision 22,667 5,642 6,042
Earnings (loss) of unconsolidated equity method investment, net of tax 4,102 (8,086) 7,611
Net income $ 156,575 $ 247,919 $ 147,874
Earnings per common share — Basic:      
Net income per share (in dollars per share) $ 2.09 $ 3.18 $ 1.88
Earnings per common share — Diluted:      
Net income per share (in dollars per share) 2.06 3.17 1.87
Dividends declared per share (in dollars per share) $ 1.22 $ 1.14 $ 1.06
Maintenance revenue      
Revenues:      
Revenue from contract with customer $ 74,987 $ 105,738 $ 56,128
Other revenue      
Revenues:      
Revenue from contract with customer $ 10,357 $ 5,290 $ 5,188