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Condensed Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
REVENUE        
Lease rent revenue $ 38,454 $ 45,025 $ 84,849 $ 93,394
Maintenance reserve revenue 29,986 26,475 50,514 51,825
Spare parts and equipment sales 2,855 14,586 11,960 32,088
(Loss) Gain on sale of leased equipment (700) 5,120 1,367 14,690
Other revenue 4,388 4,591 7,902 7,569
Total revenue 74,983 95,797 156,592 199,566
EXPENSES        
Depreciation and amortization expense 23,764 20,043 47,154 40,301
Cost of spare parts and equipment sales 2,648 12,585 9,336 26,997
Write-down of equipment 6,997 3,262 9,126 4,367
General and administrative 15,228 21,389 34,795 42,829
Technical expense 1,468 1,407 2,595 3,195
Net finance costs:        
Interest expense 16,089 16,781 31,785 34,660
Loss on debt extinguishment 0 220 4,688 220
Total net finance costs 16,089 17,001 36,473 34,880
Total expenses 66,194 75,687 139,479 152,569
Earnings from operations 8,789 20,110 17,113 46,997
Earnings from joint ventures 948 1,676 1,155 2,622
Income before income taxes 9,737 21,786 18,268 49,619
Income tax expense 4,365 4,811 8,610 11,766
Net income 5,372 16,975 9,658 37,853
Preferred stock dividends 811 810 1,621 1,611
Accretion of preferred stock issuance costs 21 21 42 42
Net income attributable to common shareholders $ 4,540 $ 16,144 $ 7,995 $ 36,200
Basic weighted average earnings per common share (in dollars per share) $ 0.76 $ 2.75 $ 1.35 $ 6.22
Diluted weighted average earnings per common share (in dollars per share) $ 0.74 $ 2.66 $ 1.31 $ 6.01
Basic weighted average common shares outstanding (in shares) 6,012 5,866 5,936 5,823
Diluted weighted average common shares outstanding (in shares) 6,098 6,061 6,111 6,020