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Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Leasing revenues:        
Operating leases $ 320,352 $ 326,800 $ 946,579 $ 985,592
Finance leases 7,405 9,868 24,043 30,501
Total leasing revenues 327,757 336,668 970,622 1,016,093
Equipment trading revenues 26,094 25,796 58,377 66,833
Equipment trading expenses (22,225) (21,646) (50,555) (54,600)
Trading margin 3,869 4,150 7,822 12,233
Net gain on sale of leasing equipment 10,737 6,196 19,351 22,184
Operating expenses:        
Depreciation and amortization 136,248 133,367 402,235 403,324
Direct operating expenses 25,992 20,457 78,859 55,356
Administrative expenses 21,395 18,496 61,092 56,671
Provision (reversal) for doubtful accounts (45) 126 4,608 505
Total operating expenses 183,590 172,446 546,794 515,856
Operating income (loss) 158,773 174,568 451,001 534,654
Other expenses:        
Interest and debt expense 62,776 77,401 198,652 243,181
Realized (gain) loss on derivative instruments, net 0 (539) (224) (1,912)
Unrealized (gain) loss on derivative instruments, net 0 504 286 2,757
Debt termination expense 24,345 1,870 24,376 2,428
Other (income) expense, net (631) (116) (4,241) (2,047)
Total other expenses 86,490 79,120 218,849 244,407
Income (loss) before income taxes 72,283 95,448 232,152 290,247
Income tax expense (benefit) 15,825 4,845 28,070 20,737
Net income (loss) 56,458 90,603 204,082 269,510
Less: income (loss) attributable to noncontrolling interest 0 0 0 592
Less: dividend on preferred shares 10,512 4,708 30,850 7,038
Net income (loss) attributable to common shareholders $ 45,946 $ 85,895 $ 173,232 $ 261,880
Net income per common share—Basic $ 0.67 $ 1.18 $ 2.49 $ 3.49
Net income per common share—Diluted 0.67 1.17 2.48 3.47
Cash dividends paid per common share $ 0.52 $ 0.52 $ 1.56 $ 1.56
Weighted average number of common shares outstanding—Basic 68,223 72,689 69,693 74,984
Dilutive restricted shares 359 560 289 573
Weighted average number of common shares outstanding—Diluted 68,582 73,249 69,982 75,557