Adjustment of Previously Reported Financial Information (Tables)

6 Months Ended

Jun. 30, 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 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

The effects on the Company’s statements of operations for the six months and three months ended June 30, 2013 as a result of the retroactive application of the change in accounting principle in accordance with ASC 250 were as follows:

	For the Six Months Ended  June 30, 2013							For the Three Months Ended  June 30, 2013
	As reported previously		As adjusted		Effect of change			As reported previously		As adjusted		Effect of change
Operating lease revenue, net	$	9,573,100	$	9,573,100	$	-		$	4,672,800	$	4,672,800	$	-
Maintenance reserves income, net		7,703,600		7,720,000		16,400			569,300		1,191,500		622,200
Gain on disposal of assets and other income		2,769,200		2,769,200		-			2,001,100		2,001,100		-
		20,045,900		20,062,300		16,400			7,243,200		7,865,400		622,200
Maintenance		3,788,700		3,469,800		(318,900	)		1,383,600		1,330,400		(53,200	)
Depreciation		3,549,400		3,573,000		23,600			1,803,400		1,815,800		12,400
Management fees		2,164,500		2,172,600		8,100			1,072,400		1,076,700		4,300
Interest		2,068,100		2,068,100		-			1,002,500		1,002,500		-
Professional fees, general and administrative and other		669,400		669,400		-			320,000		320,000		-
Insurance		552,000		552,000		-			298,000		298,000		-
		12,792,100		12,504,900		(287,200	)		5,879,900		5,843,400		(36,500	)
Income before taxes		7,253,800		7,557,400		303,600			1,363,300		2,022,000		658,700
Tax provision		2,299,800		2,403,100		103,300			461,600		685,600		224,000
Net income	$	4,954,000	$	5,154,300	$	200,300		$	901,700	$	1,336,400	$	434,700
Earnings per share:
Basic	$	3.21	$	3.34	$	0.13		$	0.58	$	0.87	$	0.29
Diluted	$	3.12	$	3.25	$	0.13		$	0.57	$	0.84	$	0.27