Notes Payable and Accrued Interest

3 Months Ended

Mar. 31, 2012

Notes Payable and Accrued Interest [Abstract]

Notes Payable and Accrued Interest

4.Notes Payable and Accrued Interest

At March 31, 2012 and December 31, 2011, the Company's notes payable and accrued interest consisted of the following:

	March 31,		December 31,
	2012		2011
Credit Facility principal	$	72,100,000	$	65,200,000
Credit Facility accrued interest		96,900		472,700
	$	72,196,900	$	65,672,700

In March 2012, the Company's $90 million credit facility provided by a syndicate of banks (the "Credit Facility") was extended for one year, to April 29, 2013, on terms similar to the original agreement.  The Credit Facility is secured by all of the assets of the Company, including its aircraft and engine portfolio.

Although the unused amount of the Credit Facility was $17,900,000 and $24,800,000 as of March31, 2012 and December 31, 2011, respectively, the amount available was limited to $10,904,600 and $17,388,300, respectively, because of exclusions of certain assets from the collateral base.

The weighted average interest rate on the Credit Facility was 4.00% and 4.17% at March 31, 2012 and December 31, 2011, respectively.

The Company's subordinated notes ("Subordinated Notes") were fully repaid in December 2011.  The Subordinated Notes purchasers hold warrants to purchase up to 81,224 shares of the Company's common stock at an exercise price of $8.75 per share.  The warrants are exercisable through December 31, 2015.