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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash flows from operating activities:    
Net income $ 37,853 $ 15,443
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 40,301 35,739
Write-down of equipment 4,367 3,578
Stock-based compensation expenses 3,387 2,585
Amortization of deferred costs 3,420 2,349
Allowances and provisions 715 572
Gain on sale of leased equipment (14,690) (597)
Income from joint ventures (2,622) (1,063)
Loss on debt extinguishment 220 0
Loss on disposal of property, equipment and furnishings 36 0
Income taxes 12,101 6,220
Changes in assets and liabilities:    
Receivables (24,345) (1,963)
Distributions received from joint ventures 3,300 0
Inventory 17,658 19,148
Other assets (3,206) (2,832)
Accounts payable and accrued expenses (6,307) (11,747)
Maintenance reserves 22,503 12,225
Security deposits (2,829) 1,841
Unearned revenue (321) 479
Net cash provided by operating activities 91,541 81,977
Cash flows from investing activities:    
Proceeds from sale of equipment (net of selling expenses) 157,989 28,210
Issuance of notes receivables (30,783) 0
Payments received on notes receivables 421 0
Capital contributions to joint ventures (5,013) 0
Purchase of equipment held for operating lease (145,300) (243,107)
Purchase of property, equipment and furnishings (1,843) (794)
Net cash used in investing activities (24,529) (215,691)
Cash flows from financing activities:    
Proceeds from issuance of debt obligations 169,120 199,000
Debt issuance costs (2,840) 0
Principal payments on debt obligations (220,705) (53,268)
Proceeds from shares issued under stock compensation plans 163 118
Cancellation of restricted stock units in satisfaction of withholding tax (1,460) (848)
Repurchase of common stock (3,567) (10,183)
Preferred stock dividends (1,620) (1,611)
Net cash (used in) provided by financing activities (60,909) 133,208
Increase/(Decrease) in cash, cash equivalents and restricted cash 6,103 (506)
Cash, cash equivalents and restricted cash at beginning of period 81,949 47,324
Cash, cash equivalents and restricted cash at end of period 88,052 46,818
Net cash paid for:    
Interest 32,948 29,072
Income Taxes 81 1,065
Supplemental disclosures of non-cash activities:    
Transfers from Equipment held for operating lease to Equipment held for sale 3,450 13,479
Transfers from Equipment held for operating lease to Spare parts inventory 14,630 0
Transfers from Equipment held for sale to Spare parts inventory 0 6,907
Accrued preferred stock dividends $ 677 $ 784