XML 18 R6.htm IDEA: XBRL DOCUMENT v3.8.0.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash flows from operating activities:    
Net income $ 7,082 $ 8,167
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 17,355 16,628
Write-down of equipment   12,091
Stock-based compensation expenses 925 874
Amortization of deferred costs 1,433 1,198
Allowances and provisions 242 563
Gain on sale of leased equipment (640) (983)
Income from joint ventures (747) (1,854)
Deferred income taxes 2,300 6,181
Changes in assets and liabilities:    
Receivables (6,026) 4,150
Spare parts inventory (2,944) 968
Other assets 284 (791)
Accounts payable and accrued expenses (484) 3,834
Maintenance reserves 9,389 (4,340)
Security deposits 1,038 (160)
Unearned revenue 1,166 (580)
Net cash provided by operating activities 30,373 45,946
Cash flows from investing activities:    
Proceeds from sale of equipment (net of selling expenses) 23,309 26,711
Deposit received for proposed sale of equipment 3,400  
Distributions received from joint ventures   1,880
Purchase of equipment held for operating lease and for sale (138,626) (35,304)
Purchase of property, equipment and furnishings (290) (199)
Net cash used in investing activities (112,207) (6,912)
Cash flows from financing activities:    
Proceeds from issuance of notes payable 123,000 18,000
Principal payments on notes payable (29,779) (46,847)
Proceeds from shares issued under stock compensation plans 118 94
Repurchase of common stock (74) (884)
Preferred stock dividends (917) (305)
Payments of tax withholdings for stock-based awards (665) (270)
Net cash provided by (used in) financing activities 91,683 (30,212)
Increase in cash, cash equivalents and restricted cash 9,849 8,822
Cash, cash equivalents and restricted cash at beginning of period 47,324 32,374
Cash, cash equivalents and restricted cash at end of period 57,173 41,196
Net cash paid for:    
Interest 12,187 9,485
Income Taxes 71 75
Supplemental disclosures of non-cash investing activities:    
Purchase of aircraft and engines 3,762 623
Transfers from Equipment held for operating lease to Equipment held for sale 7,889 37,883
Transfers from Equipment held for sale to Spare parts inventory 5,345  
Transfers from Property, equipment and furnishings to Equipment held for lease   $ 2,925
Accrued preferred stock dividends 667  
Accrued share repurchases $ 10,109