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Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Revenues:    
Total lease rental income $ 194,901 $ 198,718
Management fees - non-leasing 744 532
Trading container margin (155) 862
Gain on sale of owned fleet containers, net 9,548 15,913
Operating expenses:    
Depreciation and amortization [1] 71,838 72,493
General and administrative expense 13,119 11,527
Bad debt (recovery) expense, net (305) 477
Container lessee default expense, net 39 120
Total operating expenses 104,659 101,309
Income from operations 100,379 114,716
Other (expense) income:    
Interest expense (42,130) (35,309)
Other, net [1] 1,822 (94)
Net other expense (40,308) (35,403)
Income before income taxes 60,071 79,313
Income tax expense (1,476) (1,639)
Net income 58,595 77,674
Less: Dividends on preferred shares 4,969 4,969
Net income attributable to common shareholders $ 53,626 $ 72,705
Net income attributable to common shareholders per share:    
Basic $ 1.24 $ 1.50
Diluted $ 1.22 $ 1.47
Weighted average shares outstanding (in thousands):    
Basic 43,115 48,403
Diluted 43,850 49,303
Operating Leases - Owned Fleet    
Revenues:    
Total lease rental income [1] $ 145,324 $ 151,492
Operating Leases - Managed Fleet    
Revenues:    
Total lease rental income [1] 11,110 12,641
Finance leases and container leaseback financing receivable - owned fleet    
Revenues:    
Total lease rental income [1] 38,467 34,585
Trading Containers    
Revenues:    
Revenue 3,966 7,618
Cost of trading containers sold (4,121) (6,756)
Owned Fleet    
Operating expenses:    
Direct container expense - owned fleet 10,043 5,519
Managed Fleet    
Operating expenses:    
Distribution expense to managed fleet container investors $ 9,925 $ 11,173
[1] Amounts for the period ended March 31, 2022 have been reclassified to conform with the 2023 presentation (see Note 2 (f) “Reclassifications and Changes in Presentation”).