XML 51 R8.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Cash flows from operating activities:      
Net income $ 15,626 $ 1,535 $ 14,508
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization expense 58,727 52,591 51,250
Write-down of equipment 6,461 5,874 3,341
Stock-based compensation expenses 3,439 3,144 3,173
Amortization of deferred costs 4,113 3,982 4,544
Amortization of loan discount   341 532
Amortization of interest rate derivative cost (404) (236) 483
Allowances and provisions (684) 503 54
Gain on sale of leased equipment (5,675) (5,499) (11,110)
Gain on non-monetary exchange   (1,961)  
Gain on insurance settlement (351) (173)  
Other non-cash items     (1,113)
Income from joint ventures, net of distributions (3,526) (957) (485)
Non-cash portion of loss on debt extinguishment and derivatives termination   7,164 343
Deferred income taxes (4,389) 949 8,335
Changes in assets and liabilities:      
Receivables 2,269 (4,985) 385
Notes receivable   542 205
Other assets (3,158) (1,256) (4,507)
Accounts payable and accrued expenses (23) (5,724) (979)
Restricted cash (5,701) 1,694 2,515
Maintenance reserves 14,022 8,804 4,067
Security deposits 614 678 552
Unearned lease revenue (1,064) 301 569
Net cash provided by operating activities 80,296 67,311 76,662
Cash flows from investing activities:      
Proceeds from sale of equipment (net of selling expenses) 38,706 34,607 110,777
Restricted cash for investing activities (20,502) 1,754 (1,754)
Capital contribution to joint ventures (11,219) (5,636) (8,943)
Acquisitions of J.T Power, net of cash acquired (4,171)    
Acquisitions of WOLF, net of cash acquired 2,020    
Purchase of equipment held for operating lease and for sale (136,231) (61,464) (144,334)
Purchase of property, equipment and furnishings (453) (1,219) (904)
Net cash used in investing activities (131,850) (31,958) (45,158)
Cash flows from financing activities:      
Proceeds from issuance of notes payable 130,000 603,693 132,409
Debt issuance cost (1,252) (11,949) (3,691)
Preferred stock dividends   (2,493) (3,128)
Interest bearing security deposits 7,588    
Proceeds from shares issued under stock compensation plans 680 1,725 672
Cancellation of restricted stock units in satisfaction of withholding tax (1,248) (1,194) (968)
Excess tax benefit from stock-based compensation     779
Redemption of preferred stock   (34,750)  
Repurchase of common stock (5,918) (12,736) (5,661)
Cash settlement of stock options     (1,262)
Principal payments on notes payable (70,874) (626,923) (146,439)
Decrease in restricted cash   48,213  
Net cash provided by (used in) financing activities 58,976 (36,414) (27,289)
Increase/(Decrease) in cash and cash equivalents 7,422 (1,061) 4,215
Cash and cash equivalents at beginning of period 5,379 6,440 2,225
Cash and cash equivalents at end of period 12,801 5,379 6,440
Net cash paid for:      
Interest 33,931 21,528 20,063
Income Taxes 111 105 155
Supplemental disclosures of non-cash investing activities:      
Purchase of aircraft and engines, liability incurred but not paid 63 2,255 0
Engines and equipment, transferred from Held for Operating Lease to Held for Sale but not settled $ 15,166 $ 22,935 $ 17,067