XML 14 R4.htm IDEA: XBRL DOCUMENT v3.20.2
Condensed Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
REVENUE        
Leasing revenue $ 65,381 $ 89,145 $ 204,437 $ 235,307
Gain on sale of leased equipment 0 4,589 1,367 19,279
Total revenue 70,613 120,366 227,205 319,932
EXPENSES        
Depreciation and amortization expense 24,022 22,736 71,176 63,037
Cost of spare parts and equipment sales 4,125 20,195 13,461 47,192
Write-down of equipment 5,245 6,954 14,371 11,321
General and administrative 16,461 23,257 51,256 66,086
Technical expense 827 1,739 3,422 4,934
Net finance costs:        
Interest expense 15,351 16,572 47,136 51,232
Loss on debt extinguishment 0 0 4,688 220
Total net finance costs 15,351 16,572 51,824 51,452
Total expenses 66,031 91,453 205,510 244,022
Earnings from operations 4,582 28,913 21,695 75,910
Earnings from joint ventures 1,457 2,165 2,612 4,787
Income before income taxes 6,039 31,078 24,307 80,697
Income tax expense 3,055 7,005 11,665 18,771
Net income 2,984 24,073 12,642 61,926
Preferred stock dividends 819 820 2,440 2,431
Accretion of preferred stock issuance costs 21 21 63 63
Net income attributable to common shareholders $ 2,144 $ 23,232 $ 10,139 $ 59,432
Basic weighted average earnings per common share (in dollars per share) $ 0.36 $ 3.97 $ 1.70 $ 10.19
Diluted weighted average earnings per common share (in dollars per share) $ 0.35 $ 3.81 $ 1.66 $ 9.83
Basic weighted average common shares outstanding (in shares) 5,972 5,847 5,948 5,831
Diluted weighted average common shares outstanding (in shares) 6,071 6,094 6,098 6,045
Lease rent revenue        
REVENUE        
Leasing revenue $ 30,025 $ 49,090 $ 114,874 $ 142,484
Maintenance reserve revenue        
REVENUE        
Leasing revenue 32,302 39,173 82,816 90,998
Spare parts and equipment sales        
REVENUE        
Maintenance reserve revenue 2,888 24,409 14,848 56,497
Other revenue        
REVENUE        
Maintenance reserve revenue $ 5,398 $ 3,105 $ 13,300 $ 10,674