Adjustment of Previously Reported Financial Information (Tables)

9 Months Ended

Sep. 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 nine months and three months ended September 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 Nine Months Ended September 30, 2013							For the Three Months Ended September 30, 2013
	As reported previously		As adjusted		Effect of change			As reported previously			As adjusted		Effect of change
Operating lease    revenue, net	$	13,941,200	$	13,941,200	$	-		$	4,368,200		$	4,368,200	$	-
Maintenance reserves    income, net		8,260,500		13,866,000		5,605,500			556,900			6,146,000		5,589,100
Gain on disposal of assets    and other income		4,792,200		4,792,200		-			2,023,000			2,023,000		-
		26,993,900		32,599,400		5,605,500			6,948,100			12,537,200		5,589,100
Maintenance		6,239,900		4,883,700		(1,356,200	)		2,451,100			1,413,800		(1,037,300	)
Depreciation		5,339,700		5,376,600		36,900			1,790,300			1,803,600		13,300
Management fees		3,218,500		3,231,000		12,500			1,054,000			1,058,400		4,400
Interest		3,034,300		3,034,300		-			966,200			966,200		-
Professional fees, general    and administrative and    other		948,600		948,600		-			278,900			278,900		-
Insurance		827,900		827,900		-			276,300			276,300		-
Bad debt expense		357,600		357,600		-			357,600			357,600		-
		19,966,500		18,659,700		(1,306,800	)		7,174,400			6,154,800		(1,019,600	)
Income before taxes		7,027,400		13,939,700		6,912,300			(226,300	)		6,382,400		6,608,700
Tax provision		2,414,100		4,764,300		2,350,200			114,300			2,361,200		2,246,900
Net income	$	4,613,300	$	9,175,400	$	4,562,100		$	(340,600	)	$	4,021,200	$	4,361,800
Earnings per share:
Basic	$	2.99	$	5.95	$	2.96		$	(0.22	)	$	2.61	$	2.83
Diluted	$	2.91	$	5.78	$	2.87		$	(0.22	)	$	2.53	$	2.75