Aircraft and Aircraft Engines Held for Lease or Sale

12 Months Ended

Dec. 31, 2015

Aircraft and Aircraft Engines Held for Lease or Sale [Abstract]

Aircraft and Aircraft Engines Held for Lease or Sale

3.Aircraft and Aircraft Engines Held for Lease or Sale

(a)Assets Held for Lease

At December 31, 2015 and December 31, 2014, the Company's aircraft and aircraft engines held for lease consisted of the following:

	December 31, 2015					December 31, 2014
Type	Number owned		% of net book value			Number owned		% of net book value
Turboprop aircraft		16		45	%		25		52	%
Regional jet aircraft		8		49	%		8		43	%
Engines		5		6	%		5		5	%

During 2015 and 2014, the Company used cash of $1,333,700 and $74,529,000, respectively, for the purchase and capital improvement of aircraft and engines.

During 2015, the Company recorded net gains totaling $5,713,600 from the sale of two turboprop aircraft.  During 2014, the Company recorded net gains totaling $3,147,200 from the sale of nine turboprop aircraft and an engine.

During 2015, the Company extended the leases for six of its assets and leased two assets that had been off lease at December 31, 2014.

Six of the Company's assets held for lease, comprised of three turboprop aircraft and three engines, were off lease at December 31, 2015, representing 5% of the net book value of the Company's aircraft and engines held for lease. 

(b)Assets Held for Sale

Assets held for sale at December 31, 2015 consist of a turboprop aircraft, three turboprop airframes being sold in parts, and four regional jet aircraft. During 2015 and 2014, the Company received $313,800 and $312,100, respectively, from the sale of parts belonging to the two airframes, which proceeds reduced their carrying values.  During 2015, the Company also sold a turboprop aircraft and a regional jet aircraft that had been held for sale at December 31, 2014 and recorded gains totaling $1,077,100.  As discussed in Note 13, the Company sold two of the regional jet aircraft in February 2016.