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Condensed Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
REVENUE        
Lease rent revenue $ 43,081 $ 31,337 $ 82,726 $ 61,572
Maintenance reserve revenue 22,045 11,881 37,485 43,843
Spare parts and equipment sales 7,061 19,383 13,347 31,979
Gain on sale of leased equipment 245 3,527 886 4,509
Other Income 1,871 1,716 3,752 3,888
Total revenue 74,303 67,844 138,196 145,791
EXPENSES        
Depreciation and amortization expense 18,384 16,015 35,739 32,644
Cost of spare parts and equipment sales 5,906 14,656 10,689 24,973
Write-down of equipment 3,578 1,351 3,578 13,442
General and administrative 16,782 13,065 32,393 26,265
Technical expense 3,232 2,448 6,909 4,740
Interest expense 15,138 11,312 28,732 22,178
Total expenses 63,020 58,847 118,040 124,242
Earnings from operations 11,283 8,997 20,156 21,549
Earnings from joint ventures 316 1,161 1,063 3,015
Income before income taxes 11,599 10,158 21,219 24,564
Income tax expense 3,240 4,168 5,776 10,406
Net income 8,359 5,990 15,443 14,158
Preferred stock dividends 810 324 1,612 646
Accretion of preferred stock issuance costs 21 9 42 17
Net income attributable to common shareholders $ 7,528 $ 5,657 $ 13,789 $ 13,495
Basic earnings per common share: (in dollars per share) $ 1.28 $ 0.94 $ 2.30 $ 2.22
Diluted earnings per common share: (in dollars per share) $ 1.26 $ 0.92 $ 2.25 $ 2.17
Basic weighted average common shares outstanding 5,878 6,036 5,990 6,075
Diluted average common shares outstanding (in shares) 5,991 6,158 6,123 6,213