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Condensed Statement of Operations (Unaudited) (USD $)
3 Months Ended 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
Revenues and other income:        
Operating lease revenue, net $ 4,662,500 $ 5,747,300 $ 8,866,900 $ 12,467,500
Maintenance reserves revenue, net 634,900 3,225,100 1,175,300 4,703,000
Gain on disposal of assets 1,371,100 50,000 1,371,100 466,000
Other income 86,700 27,700 236,300 51,300
Recovery of bad debt 0 0 0 208,000
Income Total 6,755,200 9,050,100 11,649,600 17,895,800
Expenses:        
Maintenance 2,939,700 3,973,800 7,507,700 5,785,300
Depreciation 1,422,800 1,822,200 2,661,500 3,658,400
Interest 965,600 1,139,700 1,932,800 2,196,700
Management fees 931,000 916,700 1,876,400 1,850,100
Professional fees, general and administrative and other 440,700 211,300 765,800 391,700
Insurance 278,000 160,400 544,100 273,900
Other taxes 22,500 22,500 45,100 45,000
Income total 7,000,300 8,246,600 15,333,400 14,201,100
Income/(loss) before income tax provision (245,100) 803,500 (3,683,800) 3,694,700
Income tax provision/(benefit) (95,800) 275,800 (1,255,700) 1,271,400
Net income/(loss) $ (149,300) $ 527,700 $ (2,428,100) $ 2,423,300
Earnings/(loss) per share:        
Basic $ (0.10) $ 0.34 $ (1.57) $ 1.57
Diluted $ (0.10) $ 0.33 $ (1.57) $ 1.53
Weighted average shares used in earnings/(loss) per share computations:        
Basic 1,543,257 1,543,257 1,543,257 1,543,257
Diluted 1,543,257 1,590,814 1,543,257 1,586,697