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Consolidated Statements Of Income (USD $)
In Thousands, except Share data
3 Months Ended 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
REVENUE        
Lease rent revenue $ 25,655 $ 25,280 $ 52,961 $ 51,332
Maintenance reserve revenue 10,131 7,218 18,357 13,982
Gain on sale of leased equipment 2,534 89 7,594 2,309
Other income 372 191 592 854
Total revenue 38,692 32,778 79,504 68,477
EXPENSES        
Depreciation expense 13,071 11,314 26,260 23,057
General and administrative 9,213 5,750 17,424 13,052
Technical expense 2,160 2,712 4,467 4,349
Net finance costs:        
Interest expense 8,788 10,409 18,032 20,906
Interest income (42) (68) (85) (96)
Total net finance costs 8,746 10,341 17,947 20,810
Total expenses 33,190 30,117 66,098 61,268
Earnings from operations 5,502 2,661 13,406 7,209
Earnings from joint ventures 320 273 626 535
Income before income taxes 5,822 2,934 14,032 7,744
Income tax expense (2,340) (1,027) (5,487) (2,787)
Net income 3,482 1,907 8,545 4,957
Preferred stock dividends paid and accumulated-Series A 782 782 1,564 1,564
Net income attributable to common shareholders $ 2,700 $ 1,125 $ 6,981 $ 3,393
Basic earnings per common share: $ 0.32 $ 0.13 $ 0.83 $ 0.39
Diluted earnings per common share: $ 0.31 $ 0.12 $ 0.78 $ 0.37
Average common shares outstanding 8,322 8,729 8,436 8,695
Diluted average common shares outstanding 8,796 9,255 8,929 9,295