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Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Leasing revenues:        
Operating leases $ 313,423 $ 328,370 $ 626,227 $ 658,792
Finance leases 7,974 10,196 16,638 20,633
Total leasing revenues 321,397 338,566 642,865 679,425
Equipment trading revenues 16,903 23,209 32,283 41,037
Equipment trading expenses (14,883) (18,713) (28,330) (32,954)
Trading margin 2,020 4,496 3,953 8,083
Net gain on sale of leasing equipment 4,537 7,519 8,614 15,988
Operating expenses:        
Depreciation and amortization 133,292 135,348 265,987 269,957
Direct operating expenses 29,619 18,097 52,867 34,899
Administrative expenses 20,472 19,988 39,697 38,175
Provision (reversal) for doubtful accounts 374 521 4,653 379
Total operating expenses 183,757 173,954 363,204 343,410
Operating income (loss) 144,197 176,627 292,228 360,086
Other expenses:        
Interest and debt expense 66,874 82,260 135,876 165,780
Realized (gain) loss on derivative instruments, net 11 (669) (224) (1,373)
Unrealized (gain) loss on derivative instruments, net (11) 1,267 286 2,253
Debt termination expense 0 558 31 558
Other (income) expense, net 36 (927) (3,610) (1,931)
Total other expenses 66,910 82,489 132,359 165,287
Income (loss) before income taxes 77,287 94,138 159,869 194,799
Income tax expense (benefit) 6,699 8,042 12,245 15,892
Net income (loss) 70,588 86,096 147,624 178,907
Less: income (loss) attributable to noncontrolling interest 0 0 0 592
Less: dividend on preferred shares 10,513 2,025 20,338 2,330
Net income (loss) attributable to common shareholders $ 60,075 $ 84,071 $ 127,286 $ 175,985
Net income per common share—Basic $ 0.87 $ 1.13 $ 1.81 $ 2.31
Net income per common share—Diluted 0.86 1.12 1.80 2.29
Cash dividends paid per common share $ 0.52 $ 0.52 $ 1.04 $ 1.04
Weighted average number of common shares outstanding—Basic 69,275 74,598 70,436 76,151
Dilutive restricted shares 261 617 262 583
Weighted average number of common shares outstanding—Diluted 69,536 75,215 70,698 76,734