Condensed Consolidated Balance Sheets - USD ($) $ in Thousands		Sep. 30, 2019	Dec. 31, 2018
ASSETS
Cash and cash equivalents		$ 8,976	$ 11,688
Restricted cash		71,747	70,261
Equipment held for operating lease, less accumulated depreciation of $396,777 and $385,483 at September 30, 2019 and December 31, 2018, respectively		1,624,937	1,673,135
Maintenance rights		3,133	14,763
Equipment held for sale		542	789
Receivables, net of allowances of $2,320 and $2,559 at September 30, 2019 and December 31, 2018, respectively		33,890	23,270
Spare parts inventory		42,314	48,874
Investments		53,952	47,941
Property, equipment & furnishings, less accumulated depreciation of $8,379 and $6,945 at September 30, 2019 and December 31, 2018, respectively		30,840	27,679
Intangible assets, net		1,327	1,379
Notes receivable		41,319	238
Other assets		17,458	14,926
Total assets	[1]	1,930,435	1,934,943
Liabilities:
Accounts payable and accrued expenses		40,035	42,939
Deferred income taxes		108,690	90,285
Debt obligations		1,258,984	1,337,349
Maintenance reserves		99,502	94,522
Security deposits		22,165	28,047
Unearned revenue		5,949	5,460
Total liabilities	[2]	1,535,325	1,598,602
Redeemable preferred stock ($0.01 par value, 2,500 shares authorized; 2,500 shares issued at September 30, 2019 and December 31, 2018, respectively)		49,617	49,554
Shareholders’ equity:
Common stock ($0.01 par value, 20,000 shares authorized; 6,357 and 6,176 shares issued at September 30, 2019 and December 31, 2018, respectively)		64	62
Paid-in capital in excess of par		2,373	0
Retained earnings		344,809	286,623
Accumulated other comprehensive (loss) income, net of income tax (benefit) expense of ($460) and $81 at September 30, 2019 and December 31, 2018, respectively		(1,753)	102
Total shareholders’ equity		345,493	286,787
Total liabilities, redeemable preferred stock and shareholders' equity		$ 1,930,435	$ 1,934,943

[1] Total assets at September 30, 2019 and December 31, 2018, respectively, include the following assets of variable interest entities (“VIEs”) that can only be used to settle the liabilities of the VIEs: Cash $148 and $656; Restricted cash $71,330 and $70,261; Equipment $1,013,944 and $1,032,599; and Other assets $711  and $1,075, respectively.

[2] Total liabilities at September 30, 2019 and December 31, 2018, respectively, include the following liabilities of VIEs for which the VIEs’ creditors do not have recourse to Willis Lease Finance Corporation: Debt obligations $863,245 and $903,296, respectively.