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Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Revenues and other income:        
Operating lease revenue $ 6,823,900 $ 7,110,100 $ 13,286,800 $ 14,427,000
Finance lease revenue 361,300 432,300 740,400 757,700
Maintenance reserves revenue 0 686,000 0 686,000
Net gain on sales-type finance leases 0 0 0 297,400
Net gain/(loss) on disposal of assets 18,100 (147,700) 9,900 (133,900)
Other income 580,200 400 1,631,600 600
Total Income 7,783,500 8,081,100 15,668,700 16,034,800
Expenses:        
Depreciation 3,150,400 2,943,000 6,092,300 5,879,100
Interest 2,365,100 1,742,800 4,619,400 3,353,000
Management fees 1,502,100 1,498,300 2,948,800 3,005,100
Professional fees, general and administrative and other 376,900 418,000 954,000 924,100
Maintenance 68,900 405,300 160,200 661,400
Provision for impairment in value of aircraft 298,200 454,300 298,200 454,300
Insurance 78,000 57,700 157,700 130,900
Other taxes 22,500 22,500 45,100 45,200
Total expenses 7,862,100 7,541,900 15,275,700 14,453,100
Income/(loss) before income tax provision (78,600) 539,200 393,000 1,581,700
Income tax provision 2,500 183,500 156,800 584,500
Net income/(loss) $ (81,100) $ 355,700 $ 236,200 $ 997,200
Earnings/(loss) per share:        
Basic (in dollars per share) $ (0.06) $ 0.25 $ 0.17 $ 0.67
Diluted (in dollars per share) $ (0.06) $ 0.25 $ 0.17 $ 0.67
Weighted average shares used in earnings/(loss) per share computations:        
Basic (in shares) 1,416,699 1,416,699 1,416,699 1,482,997
Diluted (in shares) 1,416,699 1,416,699 1,416,699 1,482,997