Condensed Consolidated Balance Sheets - USD ($) $ in Thousands		Jun. 30, 2022	Dec. 31, 2021
ASSETS
Cash and cash equivalents		$ 12,858	$ 14,329
Restricted cash		60,982	81,312
Equipment Held For Operating Lease		1,957,638	1,991,368
Maintenance rights		22,511	22,511
Equipment held for sale		4,380	6,952
Receivables, net of allowances of $1,291 and $1,154 at June 30, 2022 and December 31, 2021, respectively		40,472	39,623
Spare parts inventory		43,396	50,959
Investments		55,341	55,927
Intangible assets, net		1,158	1,188
Notes receivable		83,295	115,456
Investment in sales-type leases		7,025	0
Other assets		74,590	51,975
Total assets	[1]	2,396,383	2,462,927
Liabilities:
Accounts payable and accrued expenses		26,183	26,858
Deferred income taxes		127,400	124,332
Debt obligations		1,731,807	1,790,264
Maintenance reserves		56,811	65,976
Security deposits		18,037	19,349
Unearned revenue		11,404	10,458
Total liabilities	[2]	1,971,642	2,037,237
Redeemable preferred stock ($0.01 par value, 2,500 shares authorized; 2,500 shares issued at June 30, 2022 and December 31, 2021, respectively)		49,847	49,805
Shareholders’ equity:
Common stock ($0.01 par value, 20,000 shares authorized; 6,609 and 6,531 shares issued at June 30, 2022 and December 31, 2021, respectively)		63	65
Paid-in capital in excess of par		14,562	15,401
Retained earnings		338,441	355,388
Accumulated other comprehensive income, net of income tax expense of $6,328 and $1,469 at June 30, 2022 and December 31, 2021, respectively		21,828	5,031
Total shareholders’ equity		374,894	375,885
Total liabilities, redeemable preferred stock and shareholders’ equity		2,396,383	2,462,927
Property, Equipment, and Furnishings
ASSETS
Equipment held for operating lease, property, equipment, and furnishings, less accumulated depreciation		$ 32,737	$ 31,327

[1] Total assets at June 30, 2022 and December 31, 2021, respectively, include the following assets of variable interest entities (“VIEs”) that can only be used to settle the liabilities of the VIEs: Restricted cash $60,982 and $81,312; Equipment $1,205,623 and $1,226,395; Maintenance Rights $5,433 and $5,433; Inventory $0 and $4,367; Notes receivable $81,621 and $90,868; and Other assets $5,519 and $4,775, respectively.

[2] Total liabilities at June 30, 2022 and December 31, 2021, respectively, include the following liabilities of VIEs for which the VIEs’ creditors do not have recourse to Willis Lease Finance Corporation: Debt obligations $1,160,849 and $1,197,922, respectively.