Condensed Consolidated Balance Sheets - USD ($) $ in Thousands		Sep. 30, 2018	Dec. 31, 2017
ASSETS
Cash and cash equivalents		$ 8,436	$ 7,052
Restricted cash		155,420	40,272
Equipment held for operating lease, less accumulated depreciation of $392,444 and $368,683 at September 30, 2018 and December 31, 2017, respectively		1,590,482	1,342,571
Maintenance rights		14,763	14,763
Equipment held for sale		40,931	34,172
Operating lease related receivables, net of allowances of $1,823 and $949 at September 30, 2018 and December 31, 2017, respectively		24,777	18,848
Spare parts inventory		24,409	16,379
Investments		44,438	50,641
Property, equipment & furnishings, less accumulated depreciation of $8,770 and $7,374 at September 30, 2018 and December 31, 2017, respectively		26,245	26,074
Intangible assets, net		1,430	1,727
Other assets		33,865	50,932
Total assets	[1]	1,965,196	1,603,431
Liabilities:
Accounts payable and accrued expenses		40,879	22,072
Deferred income taxes		87,142	78,280
Debt obligations		1,392,113	1,085,405
Maintenance reserves		88,986	75,889
Security deposits		28,591	25,302
Unearned revenue		7,264	8,102
Total liabilities	[2]	1,644,975	1,295,050
Redeemable preferred stock ($0.01 par value, 2,500 shares authorized; 2,500 shares issued at September 30, 2018 and December 31, 2017, respectively)		49,533	49,471
Shareholders' equity:
Common stock ($0.01 par value, 20,000 shares authorized; 6,230 and 6,419 shares issued at September 30, 2018 and December 31, 2017, respectively)		62	64
Paid-in capital in excess of par			2,319
Retained earnings		269,664	256,301
Accumulated other comprehensive income, net of income tax expense of $273 and $83 at September 30, 2018 and December 31, 2017, respectively		962	226
Total shareholders' equity		270,688	258,910
Total liabilities, redeemable preferred stock and shareholders' equity		$ 1,965,196	$ 1,603,431

[1] Total assets at September 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 $393 and $130; Restricted cash $155,420 and $40,272; Equipment $1,054,258 and $657,333; and Other assets $834 and $20,090, respectively.

[2] Total liabilities at September 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 $919,026 and $577,056, respectively.