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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Aug. 31, 2023
Aug. 31, 2022
Aug. 31, 2023
Aug. 31, 2022
Revenues:        
Lease rental revenue $ 150,351 $ 146,508 $ 297,086 $ 290,652
Direct financing and sales-type lease revenue 5,085 2,265 6,158 4,863
Amortization of lease premiums, discounts and incentives (7,124) (5,518) (14,331) (10,906)
Maintenance revenue 15,046 20,114 49,566 47,213
Total lease revenue 163,358 163,369 338,479 331,822
Gain on sale of flight equipment 4,453 10,049 47,047 13,736
Other revenue 145 161 921 3,585
Total revenues 167,956 173,579 386,447 349,143
Operating expenses:        
Depreciation 86,328 82,106 175,117 163,424
Interest, net 57,035 50,587 113,926 100,881
Selling, general and administrative 18,882 17,393 39,717 37,309
Provision for credit losses (834) 109 6,125 689
Impairment of flight equipment 1,100 33,671 2,197 38,099
Maintenance and other costs 8,854 5,212 17,387 13,277
Total operating expenses 171,365 189,078 354,469 353,679
Other income (expense):        
Loss on extinguishment of debt 0 0 0 (463)
Other 3,372 2,072 4,709 2,072
Total other income 3,372 2,072 4,709 1,609
Income (loss) from continuing operations before income taxes and earnings of unconsolidated equity method investment (37) (13,427) 36,687 (2,927)
Income tax provision (benefit) (5,099) (4,068) 9,261 (739)
Earnings of unconsolidated equity method investment, net of tax 456 666 862 1,177
Net income (loss) 5,518 (8,693) 28,288 (1,011)
Earnings available to common shareholders – Basic (4,982) (19,193) 17,788 (11,511)
Preference share dividends (10,500) (10,500) (10,500) (10,500)
Total comprehensive income (loss) available to common shareholders $ (4,982) $ (19,193) $ 17,788 $ (11,511)