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Condensed Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
REVENUE        
Lease rent revenue $ 49,090 $ 46,984 $ 142,484 $ 129,710
Maintenance reserve revenue 39,173 19,370 90,998 56,855
Spare parts and equipment sales 24,409 11,529 56,497 36,168
Gain on sale of leased equipment 4,589 1,065 19,279 1,662
Other revenue 3,105 2,010 10,674 5,762
Total revenue 120,366 80,958 319,932 230,157
EXPENSES        
Depreciation and amortization expense 22,736 19,861 63,037 55,600
Cost of spare parts and equipment sales 20,195 8,832 47,192 30,524
Write-down of equipment 6,954 1,215 11,321 4,793
General and administrative 23,257 18,124 66,086 50,517
Technical expense 1,739 2,290 4,934 9,199
Net finance costs:        
Interest expense 16,572 17,885 51,232 46,617
Loss on debt extinguishment 0 0 220 0
Total net finance costs 16,572 17,885 51,452 46,617
Total expenses 91,453 68,207 244,022 197,250
Earnings from operations 28,913 12,751 75,910 32,907
Earnings from joint ventures 2,165 506 4,787 1,569
Income before income taxes 31,078 13,257 80,697 34,476
Income tax expense 7,005 3,583 18,771 9,359
Net income 24,073 9,674 61,926 25,117
Preferred stock dividends 820 819 2,431 2,431
Accretion of preferred stock issuance costs 21 21 63 62
Net income attributable to common shareholders $ 23,232 $ 8,834 $ 59,432 $ 22,624
Basic weighted average earnings per common share (in dollars per share) $ 3.97 $ 1.50 $ 10.19 $ 3.80
Diluted weighted average earnings per common share (in dollars per share) $ 3.81 $ 1.47 $ 9.83 $ 3.72
Basic weighted average common shares outstanding (in shares) 5,847 5,900 5,831 5,960
Diluted weighted average common shares outstanding (in shares) 6,094 6,004 6,045 6,083