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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities      
Net income $ 27,733 $ 31,011 $ 78,596
Loss from discontinued operations, net of income taxes (52,709) (24,336) (3,121)
Income from continuing operations 80,442 55,347 81,717
Adjustments to reconcile income from continuing operations to net cash provided by operating activities:      
Depreciation 110,650 112,127 107,168
Amortization and write-off of debt issuance costs 9,440 3,921 3,650
Stock-based compensation expense 1,775 2,582 2,426
Unrealized (gain) loss on foreign exchange (790) 16 436
Gain on sale of rental equipment (10,204) (4,402) (9,886)
Deferred income taxes 1,369 4,208 4,499
Bad debt (recovery) expense (6,262) 5,613 244
Changes in other operating assets and liabilities:      
Accounts receivable 10,999 3,065 (11,708)
Prepaid expenses and other assets (1,781) (2,067) (944)
Net investment in finance leases 74,444 65,688  
Accounts payable, accrued expenses and other liabilities 348 6,633 (2,089)
Unearned revenue (540) 5 (174)
Net cash provided by operating activities of continuing operations 269,890 252,736 175,339
Net cash provided by operating activities of discontinued operations 7,126 1,261 4,431
Net cash provided by operating activities 277,016 253,997 179,770
Cash flows from investing activities      
Purchase of rental equipment (218,985) (316,857) (739,944)
Purchase of financing receivable (30,846) (37,139)  
Proceeds from sale of rental equipment 101,297 81,692 65,602
Receipt of principal payments from financing receivable 6,368 2,720  
Purchase of furniture, fixtures and equipment (465) (1,954) (60)
Receipt of principal payments from finance leases     43,352
Net cash provided by investing activities of continuing operations (142,631) (271,538) (631,050)
Net cash provided by (used in) investing activities of discontinued operations 108,663 123,093 (32,293)
Net cash provided by investing activities (33,968) (148,445) (663,343)
Cash flows from financing activities      
Proceeds from debt 1,186,537 705,045 1,605,564
Principal payments on debt (1,349,918) (631,875) (1,143,908)
Debt issuance costs (9,077) (839) (3,861)
Proceeds from issuance of common and preferred stock 163   103,433
Repurchase of common stock (7,946) (34,118) (40,869)
Dividends paid to common stockholders (8,877)    
Dividends paid to preferred stockholders (8,829) (8,829) (3,260)
Exercise of stock options 4,000 1,285 24
Net cash (used in) provided by financing activities of continuing operations (193,947) 30,669 517,123
Net cash used in financing activities of discontinued operations (55,935) (139,148) (4,773)
Net cash (used in) provided by financing activities (249,882) (108,479) 512,350
Effect on cash of foreign currency translation 97 183 (3)
Net (decrease) increase in cash and restricted cash (6,737) (2,744) 28,774
Cash and restricted cash at beginning of the period [1] 73,239 [2] 75,983 [2] 47,209
Cash and restricted cash at end of the period [2] 66,502 73,239 [1] 75,983 [1]
Cash paid during the period for:      
Income taxes 461 871 651
Interest 62,298 84,767 71,286
Lease liabilities arising from obtaining right-of-use assets 140 5,306  
Supplemental disclosure of non-cash investing and financing activity      
Transfer of rental equipment to finance lease 138,243 110,766 316,697
Transfer of finance lease to rental equipment 1,770 21,179  
Repayment of debt from proceeds of railcar sale made directly by the purchaser 137,500    
Rental equipment payable $ 100,509 $ 25,137 $ 74,139
[1] Includes cash of $19,870, $20,104, and $14,735, cash held by variable interest entities of $26,594, $25,211, and $20,685, and restricted cash of $26,775, $30,668, and $11,789 at December 31, 2019, 2018, and 2017, respectively.
[2] Includes cash of $26,691, $19,870, and $20,104, cash held by variable interest entities of $26,856, $26,594, and $25,211, and restricted cash of $12,955, $26,775, and $30,668 at December 31, 2020, 2019, and 2018, respectively.