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Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Revenues and other income:        
Operating lease revenue $ 7,173,200 $ 7,568,500 $ 20,460,000 $ 21,995,600
Finance lease revenue 261,700 415,700 1,002,100 1,173,400
Maintenance reserves revenue 0 349,800 0 1,035,800
Net gain on sales-type finance leases 0 0 0 297,400
Net (loss)/gain on disposal of assets (2,384,300) 3,500 (2,374,400) (130,400)
Other income 1,200 1,700 1,632,800 2,300
Total Income 5,051,800 8,339,200 20,720,500 24,374,100
Expenses:        
Depreciation 3,328,200 3,158,600 9,420,500 9,037,700
Interest 2,467,200 2,143,400 7,086,600 5,496,400
Management fees 1,534,000 1,583,700 4,482,800 4,588,700
Professional fees, general and administrative and other 419,400 433,000 1,373,400 1,357,200
Maintenance 245,300 169,200 405,400 830,600
Provision for impairment in value of aircraft 2,673,300 68,800 2,971,500 523,100
Insurance 77,700 66,000 235,400 196,900
Other taxes 22,500 22,500 67,700 67,700
Total expenses 10,767,600 7,645,200 26,043,300 22,098,300
(Loss)/income before income tax (benefit)/provision (5,715,800) 694,000 (5,322,800) 2,275,800
Income tax (benefit)/provision (1,232,100) 309,500 (1,075,200) 894,100
Net (loss)/income $ (4,483,700) $ 384,500 $ (4,247,600) $ 1,381,700
(Loss)/earnings per share:        
Basic (in dollars per share) $ (3.16) $ 0.27 $ (3.00) $ 0.95
Diluted (in dollars per share) $ (3.16) $ 0.27 $ (3.00) $ 0.95
Weighted average shares used in (loss)/earnings per share computations:        
Basic (in shares) 1,416,699 1,416,699 1,416,699 1,460,655
Diluted (in shares) 1,416,699 1,416,699 1,416,699 1,460,655