Adjustment of Previously Reported Financial Information (Tables)

3 Months Ended

Mar. 31, 2014

Adjustment of Previously Reported Financial Information [Abstract]

Schedule of Error Corrections and Prior Period Adjustments

The effects on the Company’s December 31, 2013 balance sheet and statement of operations for the quarter ended March 31, 2013 as a result of the retroactive application of the change in accounting principle in accordance with ASC 250 were as follows: 

	December 31, 2013
	As reported previously			As adjusted			Effect of change
Cash and cash equivalents	$	2,112,700		$	2,112,700		$	-
Accounts receivable, net		3,313,700			3,303,800			(9,900	)
Finance leases receivable		1,895,200			1,895,200			-
Aircraft and aircraft engines held for lease, net		152,375,200			152,954,600			579,400
Assets held for sale		735,000			735,000			-
Prepaid expenses and other		3,633,000			3,633,000			-
Total assets	$	164,064,800		$	164,634,300		$	569,500
Accounts payable and accrued expenses	$	1,175,300		$	1,202,700		$	27,400
Notes payable and accrued interest		77,527,300			77,527,300			-
Maintenance reserves and accrued maintenance costs		13,254,100			18,283,900			5,029,800
Security deposits		6,265,000			6,265,000			-
Unearned revenues		646,700			646,700			-
Deferred income taxes		16,099,700			14,573,800			(1,525,900	)
Total liabilities		114,968,100			118,499,400			3,531,300
Preferred stock		-			-			-
Common stock		1,600			1,600			-
Paid-in capital		14,780,100			14,780,100			-
Retained earnings		34,819,100			31,857,300			(2,961,800	)
Treasury stock		(504,100	)		(504,100	)		-
Total stockholders’ equity		49,096,700			46,134,900			(2,961,800	)
Total liabilities and stockholders’ equity	$	164,064,800		$	164,634,300		$	569,500

	For the Three Months Ended March 31, 2013
	As reported previously		As adjusted		Effect of change
Operating lease revenue, net	$	4,900,200	$	4,900,200	$	-
Maintenance reserves income, net		7,134,300		6,528,500		(605,800	)
Gain on disposal of assets		218,200		218,200		-
Other income		550,000		550,000		-
		12,802,700		12,196,900		(605,800	)
Maintenance		2,405,200		2,139,500		(265,700	)
Depreciation		1,746,000		1,757,200		11,200
Management fees		1,092,100		1,095,900		3,800
Interest		1,065,600		1,065,600		-
Professional fees, general and administrative and other		327,000		327,000		-
Insurance		253,700		253,700		-
Other taxes		22,600		22,600		-
		6,912,200		6,661,500		(250,700	)
Income before taxes		5,890,500		5,535,400		(355,100	)
Tax provision		1,838,200		1,717,500		(120,700	)
Net income	$	4,052,300	$	3,817,900	$	(234,400	)
Earnings per share:
Basic	$	2.63	$	2.47	$	(0.16	)
Diluted	$	2.56	$	2.41	$	(0.15	)