Maintenance Reserves and Accrued Maintenance Costs (Tables)

3 Months Ended

Mar. 31, 2013

Maintenance Reserves and Accrued Maintenance Costs [Abstract]

Summary of the company's maintenance reserves and accruals

At March 31, 2013 and December 31, 2012, the liability for maintenance reserves and accrued maintenance costs consisted of refundable maintenance payments billed to lessees based on usage and accrued maintenance costs for both off-lease aircraft and lessee maintenance claims for non-refundable maintenance reserves.   Refundable maintenance reserves at December 31, 2012 also included a $6,528,500 payment received from a lessee when its two aircraft leases were assigned to a new lessee upon the sale of the original lessee's assets in 2012.  The subject aircraft were returned to the Company by the new lessee in the first quarter of 2013 in connection with the new lessee's bankruptcy and the payment was recorded as maintenance reserves revenue.

	March 31, 2013		December 31, 2012
Refundable maintenance reserves	$	8,509,500	$	14,477,400
Accrued maintenance costs		2,608,200		878,700
	$	11,117,700	$	15,356,100

Additions to and deductions from the company's accrued maintenance cost for aircraft maintenance

Additions to and deductions from the Company's accrued maintenance costs during the three months ended March 31, 2013 and 2012 for aircraft maintenance were as follows:

	For the Three Months Ended March 31,
	2013			2012
Balance, beginning of period	$	878,700		$	1,013,400
Additions:
Charged to expense		2,692,600			754,800
Reversals of previously accrued maintenance costs		(287,400	)		(300	)
Total maintenance expense		2,405,200			754,500
Capital equipment		384,800			46,000
Accrued claims related to refundable maintenance reserves		262,900			292,300
Prepaid maintenance and other		90,500			122,500
Total additions		3,143,400			1,215,300
Deductions:
Payments		1,413,900			1,026,200
Other		-			217,000
Total deductions		1,413,900			1,243,200
Net increase/(decrease) in accrued maintenance costs		1,729,500			(27,900	)
Balance, end of period	$	2,608,200		$	985,500