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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Cash flows from operating activities:    
Net income $ 1,806 $ 6,545
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 35,373 31,445
Write-down of equipment 3,082 2,478
Stock-based compensation expenses 1,947 1,642
Amortization of deferred costs 2,127 2,042
Amortization of interest rate derivative cost   (249)
Allowances and provisions 50 9
Gain on sale of leased equipment (3,896) (1,822)
Gain on debt extinguishment (1,151)  
Income from joint ventures 569 551
Deferred income taxes 933 3,252
Changes in assets and liabilities:    
Receivables (4,830) 3,440
Spare parts inventory (413) (10,734)
Other assets (2,722) 2,942
Accounts payable and accrued expenses (3,473) 2,590
Restricted cash 2,341 (6,056)
Maintenance reserves 1,296 (2,232)
Security deposits (464) 4
Unearned lease revenue 676 275
Net cash provided by operating activities 32,113 35,020
Cash flows from investing activities:    
Proceeds from sale of equipment (net of selling expenses) 33,912 11,587
Restricted cash for investing activities (15,906) 12,303
Capital contribution to joint ventures (630)  
Purchase of equipment held for operating lease and for sale (74,764) (21,724)
Purchase of property, equipment and furnishings (3,617) (201)
Net cash provided by (used in) investing activities (61,005) 1,965
Cash flows from financing activities:    
Proceeds from issuance of notes payable 118,700 10,000
Debt issuance cost (13) (4,837)
Interest bearing security deposits (1,046) 3,035
Proceeds from shares issued under stock compensation plans 85 331
Cancellation of restricted stock units in satisfaction of withholding tax (862) (934)
Excess tax benefit from stock-based compensation 130  
Repurchase of common stock (2,039) (1,214)
Principal payments on notes payable (97,521) (43,795)
Decrease in restricted cash 14,137  
Net cash provided by (used in) financing activities 31,571 (37,414)
Increase (decrease) in cash and cash equivalents 2,679 (429)
Cash and cash equivalents at beginning of period 13,493 12,801
Cash and cash equivalents at end of period 16,172 12,372
Net cash paid for:    
Interest 17,675 16,995
Income Taxes 79 119
Supplemental disclosures of non-cash investing activities:    
Purchase of aircraft and engines, liability incurred but not paid 822 802
Engines and equipment, transferred from Held for Operating Lease to Held for Sale but not settled $ 15,377 $ 1,684