XML 39 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements of Income (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
REVENUE        
Lease rent revenue $ 23,810 $ 25,655 $ 47,895 $ 52,961
Maintenance reserve revenue 9,437 10,131 18,015 18,357
Gain on sale of leased equipment 1,388 2,534 3,996 7,594
Other income 518 372 986 592
Total revenue 35,153 38,692 70,892 79,504
EXPENSES        
Depreciation expense 12,490 13,071 24,996 26,260
Write-down of equipment     282  
General and administrative 9,304 9,213 18,041 17,424
Technical expense 1,435 2,160 2,754 4,467
Net finance costs:        
Interest expense 7,119 8,788 15,066 18,032
Interest income (30) (42) (60) (85)
Total net finance costs 7,089 8,746 15,006 17,947
Total expenses 30,318 33,190 61,079 66,098
Earnings from operations 4,835 5,502 9,813 13,406
Earnings from joint ventures 199 320 596 626
Income before income taxes 5,034 5,822 10,409 14,032
Income tax expense (1,805) (2,340) (3,891) (5,487)
Net income 3,229 3,482 6,518 8,545
Preferred stock dividends paid and declared-Series A 782 782 1,564 1,564
Net income attributable to common shareholders $ 2,447 $ 2,700 $ 4,954 $ 6,981
Basic earnings per common share: (in dollars per share) $ 0.29 $ 0.32 $ 0.58 $ 0.83
Diluted earnings per common share: (in dollars per share) $ 0.28 $ 0.31 $ 0.56 $ 0.78
Average common shares outstanding (in shares) 8,585 8,322 8,495 8,436
Diluted average common shares outstanding (in shares) 8,848 8,796 8,804 8,929