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Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Revenues and other income:        
Operating lease revenue $ 7,568,500 $ 6,074,600 $ 21,995,600 $ 17,054,100
Finance lease revenue 415,700 199,800 1,173,400 571,900
Maintenance reserves revenue 349,800 0 1,035,800 0
Net gain on sales-type finance leases 0 1,166,100 297,400 1,213,600
Net (loss)/gain on disposal of assets 3,500 2,800 (130,400) 2,149,200
Other income 1,700 500 2,300 2,200
Total Income 8,339,200 7,443,800 24,374,100 20,991,000
Expenses:        
Depreciation 3,158,600 2,332,600 9,037,700 6,283,100
Interest 2,143,400 1,338,500 5,496,400 3,766,400
Management fees 1,583,700 1,249,100 4,588,700 3,685,600
Professional fees, general and administrative and other 521,500 385,900 1,621,800 1,563,800
Maintenance 169,200 750,700 830,600 2,571,600
Provision for impairment in value of aircraft 68,800 0 523,100 321,200
Bad debt expense 0 572,900 0 835,800
Total expenses 7,645,200 6,629,700 22,098,300 19,027,500
Income before income tax provision 694,000 814,100 2,275,800 1,963,500
Income tax provision 309,500 284,400 894,100 701,500
Net income $ 384,500 $ 529,700 $ 1,381,700 $ 1,262,000
Earnings per share:        
Basic (in dollars per share) $ 0.27 $ 0.34 $ 0.95 $ 0.81
Diluted (in dollars per share) $ 0.27 $ 0.34 $ 0.95 $ 0.81
Weighted average shares used in earnings per share computations:        
Basic (in shares) 1,416,699 1,566,699 1,460,655 1,566,699
Diluted (in shares) 1,416,699 1,566,699 1,460,655 1,566,699