Concentration of credit risk and major customers

12 Months Ended

Dec. 31, 2011

Concentration of credit risk and major customers

3. Concentration of credit risk and major customers:

The Company leases equipment to lessees in diversified industries. Leases are subject to AFS’s credit committee review. The leases provide for the return of the equipment to the Company upon default.

As of December 31, 2011 and 2010, there were concentrations (defined as greater than 10%) of equipment leased to lessees in certain industries (as a percentage of total equipment cost) as follows:

	2011			2010
Transportation, containers		46	%		46	%
Transportation, rail		42	%		43	%
Transportation, other		11	%		*

* Less than 10%

During 2011 and 2010, certain lessees generated significant portions (defined as 10% or more) of the Company’s total lease revenues as follows:

Lessee	Type of Equipment		Percentage of Total Lease Revenues
			2011			2010
Exsif Worldwide Inc.		Transportation, other		36	%		35	%
Bee Mar, LLC (Formerly Gulfmark Management, Inc.)		Marine vessel		19	%		20	%
Bartlett Grain Company, L.P.		Railcars		11	%		14	%