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Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Leasing revenues:    
Operating leases $ 312,804 $ 330,422
Finance leases 8,664 10,437
Total leasing revenues 321,468 340,859
Equipment trading revenues 15,380 17,828
Equipment trading expenses (13,447) (14,241)
Trading margin 1,933 3,587
Net gain on sale of leasing equipment 4,077 8,469
Operating expenses:    
Depreciation and amortization 132,695 134,609
Direct operating expenses 23,248 16,802
Administrative expenses 19,225 18,187
Provision (reversal) for doubtful accounts 4,279 (142)
Total operating expenses 179,447 169,456
Operating income (loss) 148,031 183,459
Other expenses:    
Interest and debt expense 69,002 83,520
Realized (gain) loss on derivative instruments, net (235) (704)
Unrealized (gain) loss on derivative instruments, net 297 986
Debt termination expense 31 0
Other (income) expense, net (3,646) (1,004)
Total other expenses 65,449 82,798
Income (loss) before income taxes 82,582 100,661
Income tax expense (benefit) 5,546 7,850
Net income (loss) 77,036 92,811
Less: income (loss) attributable to noncontrolling interest 0 592
Less: dividend on preferred shares 9,825 305
Net income (loss) attributable to common shareholders $ 67,211 $ 91,914
Net income per common share—Basic $ 0.94 $ 1.18
Net income per common share—Diluted 0.94 1.17
Cash dividends paid per common share $ 0.52 $ 0.52
Weighted average number of common shares outstanding—Basic 71,596 77,721
Dilutive restricted shares 202 549
Weighted average number of common shares outstanding—Diluted 71,798 78,270