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Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Revenues:        
Lease rental income $ 195,830,000 $ 149,130,000 $ 552,508,000 $ 439,382,000
Trading container margin 2,639,000 934,000 9,036,000 2,154,000
Gain on sale of owned fleet containers, net 20,028,000 7,976,000 51,222,000 19,410,000
Operating expenses:        
Distribution expense to managed fleet container investors 11,751,000 14,364,000 38,770,000 43,219,000
Depreciation expense 72,839,000 65,374,000 208,660,000 196,056,000
Amortization expense 802,000 645,000 2,290,000 1,766,000
General and administrative expense 12,543,000 10,868,000 34,263,000 30,872,000
Bad debt recovery, net (15,000) (2,095,000) (1,225,000) (326,000)
Container lessee default expense (recovery), net 1,928,000 76,000 (1,185,000) (1,607,000)
Total operating expenses 105,058,000 105,627,000 299,367,000 314,887,000
Income from operations 114,037,000 54,109,000 316,145,000 149,783,000
Other (expense) income:        
Interest expense (33,128,000) (29,123,000) (92,381,000) (95,257,000)
Debt termination expense (11,866,000) (8,628,000) (15,078,000) (8,750,000)
Interest income 20,000 23,000 83,000 479,000
Realized loss on financial instruments, net (112,000) (4,107,000) (5,516,000) (8,900,000)
Unrealized gain (loss) on financial instruments, net 83,000 4,161,000 4,681,000 (9,434,000)
Other, net (750,000) 859,000 (610,000) 803,000
Net other expense (45,753,000) (36,815,000) (108,821,000) (121,059,000)
Income before income taxes 68,284,000 17,294,000 207,324,000 28,724,000
Income tax benefit (expense) 59,000 152,000 (890,000) (89,000)
Net income 68,343,000 17,446,000 206,434,000 28,635,000
Less: Dividends on preferred shares 3,614,000   5,860,000  
Less: Net income attributable to the noncontrolling interest 0 494,000 0 73,000
Net income attributable to common shareholders $ 64,729,000 $ 16,952,000 $ 200,574,000 $ 28,562,000
Net income attributable to common shareholders per share:        
Basic $ 1.31 $ 0.32 $ 4.03 $ 0.53
Diluted $ 1.28 $ 0.32 $ 3.96 $ 0.53
Weighted average shares outstanding (in thousands):        
Basic 49,414 52,514 49,804 54,221
Diluted 50,417 52,713 50,708 54,317
Owned Fleet        
Revenues:        
Lease rental income $ 182,655,000 $ 133,587,000 $ 509,526,000 $ 392,307,000
Operating expenses:        
Direct container expense - owned fleet 5,210,000 16,395,000 17,794,000 44,907,000
Managed Fleet        
Revenues:        
Lease rental income 13,175,000 15,543,000 42,982,000 47,075,000
Operating expenses:        
Distribution expense to managed fleet container investors 11,751,000 14,364,000 38,770,000 43,219,000
Management Fees - Non-Leasing        
Revenues:        
Revenue 598,000 1,696,000 2,746,000 3,724,000
Trading Containers        
Revenues:        
Revenue 6,307,000 7,655,000 22,648,000 24,667,000
Cost of trading containers sold $ (3,668,000) $ (6,721,000) $ (13,612,000) $ (22,513,000)