Condensed Consolidated Balance Sheets - USD ($) $ in Thousands		Jun. 30, 2018	Dec. 31, 2017
ASSETS
Cash and cash equivalents		$ 8,938	$ 7,052
Restricted cash		37,880	40,272
Equipment held for operating lease, less accumulated depreciation of $388,050 and $368,683 at June 30, 2018 and December 31, 2017, respectively		1,542,329	1,342,571
Maintenance rights		14,763	14,763
Equipment held for sale		18,430	34,172
Operating lease related receivables, net of allowances of $1,373 and $949 at June 30, 2018 and December 31, 2017, respectively		20,238	18,848
Spare parts inventory		27,146	16,379
Investments		50,749	50,641
Property, equipment & furnishings, less accumulated depreciation of $8,275 and $7,374 at June 30, 2018 and December 31, 2017, respectively		25,967	26,074
Intangible assets, net		1,525	1,727
Other assets		35,470	50,932
Total assets	[1]	1,783,435	1,603,431
Liabilities:
Accounts payable and accrued expenses		28,137	22,072
Deferred income taxes		83,814	78,280
Debt obligations		1,232,847	1,085,405
Maintenance reserves		88,114	75,889
Security deposits		27,143	25,302
Unearned revenue		8,581	8,102
Total liabilities	[2]	1,468,636	1,295,050
Redeemable preferred stock ($0.01 par value, 2,500 shares authorized; 2,500 shares issued at June 30, 2018 and December 31, 2017, respectively)		49,512	49,471
Shareholders' equity:
Common stock ($0.01 par value, 20,000 shares authorized; 6,365 and 6,419 shares issued at June 30, 2018 and December 31, 2017, respectively)		64	64
Paid-in capital in excess of par		1,474	2,319
Retained earnings		262,548	256,301
Accumulated other comprehensive income, net of income tax expense of $343 and $83 at June 30, 2018 and December 31, 2017, respectively.		1,201	226
Total shareholders' equity		265,287	258,910
Total liabilities, redeemable preferred stock and shareholders' equity		$ 1,783,435	$ 1,603,431

[1] Total assets at June 30, 2018 and December 31, 2017, respectively, include the following assets of variable interest entities (VIEs) that can only be used to settle the liabilities of the VIEs: Cash $553 and $130; Restricted cash $37,880 and $40,272; Equipment $652,648 and $657,333; and Other $1,207 and $20,090, respectively.

[2] Total liabilities at June 30, 2018 and December 31, 2017, respectively, include the following liabilities of VIEs for which the VIEs’ creditors do not have recourse to Willis Lease Finance Corporation: Debt obligations $571,641 and $577,056, respectively.