Segment Information

6 Months Ended

Jun. 30, 2011

Segment Information [Abstract]

Segment Reporting Disclosure [Text Block]

SEGMENT INFORMATION

The Company operates in two reportable segments, as described below. The CAM segment consists of the Company's aircraft leasing operations and its segment earnings includes an allocation of interest expense. The ACMI Services segment consists of the Company's airline operations including the CMI with DHL, ACMI and charter service agreements that the Company provides to customers. The Company's other activities, which include contracts with the USPS, the sale of aircraft parts and maintenance services, management services for workers compensation, logistics services and fuel management, do not constitute reportable segments and are combined in “All other” with inter-segment profit eliminations. Inter-segment revenues are valued at arms-length, market rates. Cash, cash equivalents and deferred tax assets are reflected in Assets - All other below. The Company's segment information for continuing operations is presented below (in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
	2011			2010			2011			2010
Total revenues:
CAM	$	32,762		$	24,815		$	64,890		$	42,617
ACMI Services	164,709			138,814			311,414			285,527
All other	25,469			22,695			50,907			40,148
Eliminate inter-segment revenues	(29,879		)	(26,213		)	(59,023		)	(47,237		)
Total	$	193,061		$	160,111		$	368,188		$	321,055
Customer revenues:
CAM	$	15,824		$	10,585		$	29,895		$	14,351
ACMI Services	164,597			138,696			311,032			285,409
All other	12,640			10,830			27,261			21,295
Total	$	193,061		$	160,111		$	368,188		$	321,055
Depreciation and amortization expense:
CAM	$	13,663		$	10,414		$	25,926		$	17,154
ACMI Services	10,253			11,273			20,401			25,168
All other	(38		)	65			(78		)	230
Total	$	23,878		$	21,752		$	46,249		$	42,552
Segment earnings (loss):
CAM	$	13,634		$	9,752		$	27,100		$	16,291
ACMI Services	4,560			4,087			2,050			11,470
All other	1,675			3,812			3,329			2,476
Net unallocated interest expense	(572		)	(1,753		)	(1,790		)	(3,555		)
Write-off of unamortized debt issuance costs	(16		)	—			(2,886		)	—
Net gain/(loss) on derivative instruments	$	376		—			(3,556		)	—
Pre-tax earnings from continuing operations	$	19,657		$	15,898		$	24,247		$	26,682

The Company's assets are presented below by segment (in thousands):

	June 30,		December 31,
	2011		2010
Assets:
CAM	$	688,115	$	600,245
ACMI Services	183,278		198,024
Discontinued operations	4,272		5,015
All other	89,055		97,370
Total	$	964,720	$	900,654

Interest expense of $0.3 million and $0.6 million for the three and six month periods ending June 30, 2011, respectively, compared to $0.4 million and $1.2 million for the corresponding periods of 2010, was reimbursed through the commercial agreements with DHL and included in the ACMI Services segment earnings above. Interest expense allocated to CAM was $2.6 million and $5.1 million for the three and six month periods ending June 30, 2011, respectively, compared to $2.4 million and $4.9 million for the corresponding periods of 2010.