XML 17 R2.htm IDEA: XBRL DOCUMENT v3.22.0.1
Consolidated Statements of Operations - USD ($)
shares in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Revenues:      
Lease rental income $ 750,730,000 $ 600,873,000 $ 619,760,000
Trading container margin 10,760,000 3,532,000 7,398,000
Gain on sale of owned fleet containers, net 67,229,000 27,230,000 21,397,000
Operating expenses:      
Depreciation expense 281,575,000 261,665,000 260,372,000
Amortization expense 2,540,000 2,572,000 2,093,000
General and administrative expense 46,462,000 41,880,000 38,142,000
Bad debt (recovery) expense, net (1,285,000) (1,668,000) 2,002,000
Container lessee default (recovery) expense, net (1,088,000) (1,675,000) 7,867,000
Gain on insurance recovery and legal settlement     (14,881,000)
Gain on settlement of pre-existing management agreement     (1,823,000)
Total operating expenses 401,948,000 415,307,000 433,461,000
Income from operations 430,131,000 221,599,000 222,684,000
Other (expense) income:      
Interest expense (127,269,000) (123,230,000) (153,185,000)
Debt termination expense [1] (15,209,000) (8,750,000)  
Interest income 123,000 531,000 2,505,000
Realized (loss) gain on financial instruments, net (5,634,000) (12,295,000) 1,946,000
Unrealized gain (loss) on financial instruments, net 4,409,000 (6,044,000) (15,442,000)
Other, net (490,000) 1,488,000 (4,000)
Net other expense (144,070,000) (148,300,000) (164,180,000)
Income before income taxes 286,061,000 73,299,000 [2] 58,504,000
Income tax (expense) benefit (1,773,000) 374,000 (1,948,000)
Net income 284,288,000 73,673,000 56,556,000
Less: Dividends on preferred shares 10,829,000    
Less: Net income (loss) attributable to the noncontrolling interest 0 851,000 (168,000)
Net income attributable to common shareholders $ 273,459,000 $ 72,822,000 $ 56,724,000
Net income attributable to common shareholders per share:      
Basic $ 5.51 $ 1.37 $ 0.99
Diluted $ 5.41 $ 1.36 $ 0.99
Weighted average shares outstanding (in thousands):      
Basic 49,624 53,271 57,349
Diluted 50,576 53,481 57,459
Owned Fleet      
Revenues:      
Lease rental income $ 694,693,000 $ 538,425,000 $ 517,859,000
Operating expenses:      
Direct container expense - owned fleet 23,384,000 55,222,000 45,831,000
Managed Fleet      
Revenues:      
Lease rental income 56,037,000 62,448,000 101,901,000
Operating expenses:      
Distribution expense to managed fleet container investors 50,360,000 57,311,000 93,858,000
Management Fees - Non-Leasing      
Revenues:      
Revenue 3,360,000 5,271,000 7,590,000
Trading Containers      
Revenues:      
Revenue 32,045,000 31,941,000 58,734,000
Cost of trading containers sold $ (21,285,000) $ (28,409,000) $ (51,336,000)
[1] Amounts for the years ended December 31, 2020 and 2019 have been reclassified to conform with the 2021 presentation (see Note 1 (w) “Reclassifications and Changes in Presentation”).
[2] (1) Container Ownership segment income (loss) before income tax and noncontrolling interests includes unrealized gain (loss) on financial instruments, net of $4,409, $(6,044) and $(15,442) for the years ended December 31, 2021, 2020 and 2019, respectively, and debt termination expense of $15,209, $8,750 and $0 for the years ended December 31, 2021, 2020 and 2019, respectively.