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Nature of Business and Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2021
Schedule of Cost, Accumulated Depreciation and Net Book Value of the Company's Leasing Equipment by Equipment Type

The Company estimates the useful lives and residual values of its containers to be as follows:

 

 

 

As of December 31, 2021 and 2020

 

 

 

Estimated useful

 

 

Residual

 

 

 

life (years)

 

 

Value

 

Dry containers other than

   open top and flat rack

   containers:

 

 

 

 

 

 

 

 

20'

 

 

13

 

 

$

1,000

 

40'

 

 

14

 

 

$

1,200

 

40' high cube

 

 

13

 

 

$

1,400

 

45' high cube

 

 

13

 

 

$

1,500

 

Refrigerated containers:

 

 

 

 

 

 

 

 

20'

 

 

12

 

 

$

2,750

 

20' high cube

 

 

12

 

 

$

2,049

 

40' high cube

 

 

12

 

 

$

4,000

 

Open top and flat rack containers:

 

 

 

 

 

 

 

 

20' folding flat rack

 

 

15

 

 

$

1,300

 

40' folding flat rack

 

 

16

 

 

$

1,700

 

20' open top

 

 

15

 

 

$

1,500

 

40' open top

 

 

14

 

 

$

2,500

 

Tank containers

 

 

20

 

 

10% of cost

 

The cost, accumulated depreciation and net book value of the Company’s container leasing equipment by equipment type as of December 31, 2021 and 2020 were as follows:

 

 

 

2021

 

 

2020

 

 

 

Cost

 

 

Accumulated

Depreciation

 

 

Net Book

Value

 

 

Cost

 

 

Accumulated

Depreciation

 

 

Net Book

Value

 

Dry containers other than

   open top and flat rack

   containers:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

20'

 

$

1,530,464

 

 

$

(471,549

)

 

$

1,058,915

 

 

$

1,532,753

 

 

$

(428,913

)

 

$

1,103,840

 

40'

 

 

141,292

 

 

 

(55,448

)

 

 

85,844

 

 

 

144,881

 

 

 

(55,154

)

 

 

89,727

 

40' high cube

 

 

3,496,469

 

 

 

(791,349

)

 

 

2,705,120

 

 

 

2,717,384

 

 

 

(672,416

)

 

 

2,044,968

 

45' high cube

 

 

27,354

 

 

 

(13,871

)

 

 

13,483

 

 

 

27,880

 

 

 

(12,747

)

 

 

15,133

 

Refrigerated containers:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

20'

 

 

18,445

 

 

 

(8,899

)

 

 

9,546

 

 

 

20,164

 

 

 

(8,493

)

 

 

11,671

 

20' high cube

 

 

809

 

 

 

(606

)

 

 

203

 

 

 

2,605

 

 

 

(1,742

)

 

 

863

 

40' high cube

 

 

1,163,149

 

 

 

(462,645

)

 

 

700,504

 

 

 

1,103,817

 

 

 

(398,721

)

 

 

705,096

 

Open top and flat rack containers:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

20' folding flat

 

 

16,206

 

 

 

(5,291

)

 

 

10,915

 

 

 

17,228

 

 

 

(5,132

)

 

 

12,096

 

40' folding flat

 

 

47,739

 

 

 

(19,073

)

 

 

28,666

 

 

 

49,167

 

 

 

(18,275

)

 

 

30,892

 

20' open top

 

 

13,046

 

 

 

(2,090

)

 

 

10,956

 

 

 

13,253

 

 

 

(1,790

)

 

 

11,463

 

40' open top

 

 

21,394

 

 

 

(4,827

)

 

 

16,567

 

 

 

22,271

 

 

 

(4,738

)

 

 

17,533

 

Tank containers

 

 

107,175

 

 

 

(16,016

)

 

 

91,159

 

 

 

93,240

 

 

 

(11,470

)

 

 

81,770

 

Total Containers

 

$

6,583,542

 

 

$

(1,851,664

)

 

$

4,731,878

 

 

$

5,744,643

 

 

$

(1,619,591

)

 

$

4,125,052

 
Net Gain on Sale of Owned Fleet Containers

During the years ended December 31, 2021, 2020 and 2019, the Company recorded the following net gain on sale of containers, included in “gain on sale of owned fleet containers, net” in the consolidated statements of operations:

 

 

2021

 

 

2020

 

 

2019

 

 

 

Units

 

 

Amount

 

 

Units

 

 

Amount

 

 

Units

 

 

Amount

 

 

Gain on sale of previously written

   down owned fleet containers, net

 

3,430

 

 

$

2,165

 

 

 

51,541

 

 

$

15,451

 

 

 

52,319

 

 

$

6,665

 

 

Gain on sale of owned fleet

    containers not written down, net

 

50,550

 

 

 

65,064

 

 

 

54,807

 

 

 

11,779

 

 

 

52,126

 

 

 

14,732

 

 

Gain on sale of owned fleet containers, net

 

53,980

 

 

$

67,229

 

 

 

106,348

 

 

$

27,230

 

 

 

104,445

 

 

$

21,397

 

 

 
Schedule of Concentration Risk of Total Fleet Lease Rental Income Except for the lessees noted in the table below, no other single lessee accounted for more than 10% of the Company’s total fleet lease rental income during the years ended December 31, 2021, 2020 and 2019, and more than 10% of the Company’s gross accounts receivable from its total fleet as of December 31, 2021 and 2020:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease Rental Income - total fleet

 

2021

 

 

2020

 

 

2019

 

Customer A

 

 

21.0

%

 

 

17.8

%

 

 

14.8

%

Customer B

 

 

12.2

%

 

 

13.1

%

 

 

13.5

%

Customer C

 

 

12.1

%

 

 

9.7

%

 

 

8.7

%

 
Reconciliation of Numerator and Denominator of Basic Earnings Per Share ("EPS") With That of Diluted EPS A reconciliation of the numerator and denominator of basic EPS with that of diluted EPS during 2021, 2020 and 2019 is presented as follows:

 

Share amounts in thousands

 

2021

 

 

2020

 

 

2019

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to common shareholders

 

$

273,459

 

 

$

72,822

 

 

$

56,724

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares

   outstanding-- basic

 

 

49,624

 

 

 

53,271

 

 

 

57,349

 

Dilutive share options, RSUs and PSUs

 

 

952

 

 

 

210

 

 

 

110

 

Weighted average common shares

   outstanding-- diluted

 

 

50,576

 

 

 

53,481

 

 

 

57,459

 

Net income attributable to common shareholders

   per common share

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

5.51

 

 

$

1.37

 

 

$

0.99

 

Diluted

 

$

5.41

 

 

$

1.36

 

 

$

0.99

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share options, RSUs and PSUs excluded from

   the computation of diluted EPS because they

   were anti-dilutive

 

 

334

 

 

 

1,674

 

 

 

1,805

 
Accounts Receivable  
Schedule of Concentration Risk of Total Fleet Lease Rental Income

Gross Accounts Receivable - total fleet

 

2021

 

 

2020

 

Customer A

 

 

24.7

%

 

 

25.3

%

Customer B

 

 

13.9

%

 

 

12.6

%

Customer C

 

 

11.3

%

 

 

19.1

%