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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Nov. 30, 2023
Nov. 30, 2022
Nov. 30, 2023
Nov. 30, 2022
Revenues:        
Lease rental revenue $ 156,820 $ 142,336 $ 453,906 $ 432,988
Direct financing and sales-type lease revenue 4,835 2,087 10,993 6,950
Amortization of lease premiums, discounts and incentives (2,641) (3,763) (16,972) (14,669)
Maintenance revenue 58,657 56,574 108,223 103,787
Total lease revenue 217,671 197,234 556,150 529,056
Gain on sale or disposition of flight equipment 20,193 53,473 67,240 67,209
Other revenue 882 6,809 1,803 10,394
Total revenues 238,746 257,516 625,193 606,659
Operating expenses:        
Depreciation 86,647 82,872 261,764 246,296
Interest, net 57,037 50,757 170,963 151,638
Selling, general and administrative 18,500 17,999 58,217 55,358
Provision for credit losses 5,280 854 11,405 1,543
Impairment of flight equipment 34,959 29,880 37,156 67,979
Maintenance and other costs 7,107 3,783 24,494 17,010
Total operating expenses 209,530 186,145 563,999 539,824
Other income (expense):        
Loss on extinguishment of debt 0 0 0 (463)
Other 1,529 1,201 6,238 3,273
Total other income 1,529 1,201 6,238 2,810
Income from continuing operations before income taxes and earnings of unconsolidated equity method investment 30,745 72,572 67,432 69,645
Income tax provision 6,025 23,071 15,286 22,332
Earnings of unconsolidated equity method investment, net of tax 925 603 1,787 1,780
Net income 25,645 50,104 53,933 49,093
Earnings available to common shareholders – Basic 25,645 50,104 43,433 38,593
Preference share dividends 0 0 (10,500) (10,500)
Total comprehensive income available to common shareholders $ 25,645 $ 50,104 $ 43,433 $ 38,593