EX-99.1 2 y02553exv99w1.htm EX-99.1 exv99w1
Exhibit 99.1
(AIRCASTLE LOGO)
     
Contact:   FOR IMMEDIATE RELEASE
Julia Hallisey
Investor Relations
Tel: +1-203-504-1063
Aircastle Announces Third Quarter 2009 Results
Third Quarter Highlights
  •   Total revenues of $165.7 million and EBITDA1 of $135.0 million
 
  •   Net income of $33.5 million, or $0.42 per diluted common share
 
  •   Adjusted net income1 of $35.7 million, or $0.45 per diluted common share
 
  •   Adjusted net income plus depreciation and amortization1 of $92.8 million, or $1.17 per diluted common share
 
  •   100% weighted average fleet utilization
 
  •   Purchase and lease back commitment with Avianca for a second A330-200 delivering in December 2009
Stamford, CT. November 6, 2009 — Aircastle Limited (the “Company” or “Aircastle”) (NYSE: AYR) reported third quarter net income of $33.5 million, or $0.42 per diluted common share and adjusted net income of $35.7 million, or $0.45 per diluted common share.
Aircastle CEO Ron Wainshal commented, “Operating performance during the third quarter was excellent with utilization at almost 100 percent and with unrestricted cash building to $132 million at September 30th. Combined with our strong operating performance and access to capital, we are poised for growth and are actively pursuing new opportunities.”
Third quarter total revenues were $165.7 million, an increase of $21.3 million from the third quarter 2008. The increase was driven by higher maintenance revenue of $25.9 million and $9.4 million of lease termination revenue over the same period a year ago. These increases were offset by higher lease incentive amortization of $5.8 million and a reduction in lease rental revenue of $8.3 million.
 
1   Refer to the selected financial information accompanying this press release for a reconciliation of GAAP to non-GAAP numbers.

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Lease rental revenue of $128.3 million declined by $8.3 million from the third quarter 2008. An increase in revenues of $4.5 million related to aircraft acquisitions was offset by a decrease of $5.8 million related to aircraft sold, $2.2 million due to aircraft in freighter conversion and $4.1 million related to lease transitions and extensions.
EBITDA was $135.0 million, up $5.8 million from the third quarter of 2008 due primarily to higher maintenance and lease termination revenue totaling $35.3 million, offset by lower lease rental revenue of $8.3 million, higher maintenance and other costs of $3.9 million due mainly to transitions, and $18.2 million of impairment charges.
Adjusted net income plus depreciation and amortization was $92.8 million, an increase of $7.5 million compared to the third quarter of 2008. The year over year change was driven primarily by higher maintenance and lease termination revenue totaling $35.3 million, and lower adjusted interest, net of $2.2 million, offset by lower lease rental revenue of $8.3 million, higher maintenance and other costs of $3.9 million, and $18.2 million of impairment charges.
Adjusted net income was $35.7 million, up $0.7 million compared to the third quarter of 2008. The year over year change reflects higher maintenance and lease termination revenue totaling $35.3 million, and lower adjusted interest, net of $2.2 million, offset by lower lease rental revenue of $8.3 million, higher lease incentive amortization of $5.8 million, higher maintenance and other costs of $3.9 million, and $18.2 million of impairment charges.
In connection with the sale and early return of aircraft in the third quarter of 2009, Aircastle’s results included maintenance revenue of $11.6 million and lease termination revenue of $9.4 million, which were offset by $18.2 million in aircraft impairment charges and a gain on the sale of the aircraft of $0.2 million, resulting in incremental pre-tax income of $3.0 million.
Aviation Assets
As of September 30, 2009, Aircastle owned 128 aircraft having a net book value of $3.8 billion.
         
    Owned Aircraft
    as of
    September 30,
    2009(A)
107 Passenger Aircraft
     70 %
21 Freighter Aircraft(B)
     30 %
Number of Lessees
     60  
Number of Countries
     34  
Weighted Average Remaining Lease Term (years) (B)
     4.9  
Percentage of Aircraft Leased Outside U.S.
     90 %
Percentage of “Latest Generation” Aircraft
     88 %
Weighted Average Fleet Utilization during Q3 2009
     100 %
 
(A) —   Percentages calculated using net book value.
 
(B) —   Four Boeing Model 737-400 aircraft which will be converted to freighter configuration are included as “Freighter” aircraft; the remaining lease terms for these aircraft, for which we have executed leases post-conversion, are measured on the ten-year terms of the post-conversion leases.

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Aircastle entered into a commitment with Aerovias del Continente Americano (“Avianca”) to purchase and lease back a new A330-200 delivering in December 2009. This new transaction would represent an advancement of one of Aircastle’s new A330 aircraft order positions. We anticipate this transaction will be funded with ECA-supported financing along terms similar to the transaction we completed in May 2009.
Conference Call
In connection with this earnings release, management will host an earnings conference call on Friday, November 6, 2009 at 11:00 A.M. Eastern time. All interested parties are welcome to participate on the live call. The conference call can be accessed by dialing (866) 510-4578 (from within the U.S.) or (706) 634-9537 (from outside of the U.S.) ten minutes prior to the scheduled start and referencing the “Aircastle Third Quarter Earnings Call.”
A webcast of the conference call will be available to the public on a listen-only basis at www.aircastle.com. Please allow extra time prior to the call to visit the site and download the necessary software required to listen to the internet broadcast. A replay of the webcast will be available for three months following the call.
For those who are not available to listen to the live call, a replay will be available until 11:59 P.M. Eastern time on Friday, November 13, 2009 by dialing (800) 642-1687 (from within the U.S.) or (706) 645-9291 (from outside of the U.S.); please reference passcode “36526839.”
About Aircastle Limited
Aircastle Limited is a global company that acquires, leases and sells high-utility commercial jet aircraft to airlines throughout the world. As of September 30, 2009 Aircastle’s aircraft portfolio consisted of 128 aircraft and had 60 lessees located in 34 countries.
Safe Harbor
Certain items in this press release and other information we provide from time to time, may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including, but not necessarily limited to, statements relating to our ability to acquire, sell and lease aircraft, raise capital, pay dividends, and increase revenues, earnings and EBITDA and the global aviation industry and aircraft leasing sector. Words such as “anticipates,” “expects,” “intends,” “plans,” “projects,” “believes,” “may,” “will,” “would,” “could,” “should,” “seeks,” “estimates” and variations on these words and similar expressions are intended to identify such forward-looking statements. These statements are based on management’s current expectations and beliefs and are subject to a number of factors that could lead to actual results materially different from those described in the forward-looking statements; Aircastle Limited can give no assurance that its expectations will be attained. Accordingly, you should not place undue reliance on any forward-looking statements contained in this press release. Factors that could have a material adverse effect on our operations and future prospects or that could cause actual results to differ materially from Aircastle Limited’s expectations include, but are not limited to, prolonged capital markets disruption and volatility, which may adversely affect our continued ability to obtain additional capital to finance our working capital needs, our pre-delivery payment obligations and other aircraft acquisition commitments, our ability to extend or replace our existing

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financings, and the demand for and value of aircraft; our exposure to increased bank and counterparty risk caused by credit and capital markets disruptions; general economic conditions and business conditions affecting demand for aircraft and lease rates; our continued ability to obtain favorable tax treatment in Bermuda, Ireland and other jurisdictions; our ability to pay dividends; high or volatile fuel prices, lack of access to capital, reduced load factors and yields and other factors affecting the creditworthiness of our airline customers and their ability to continue to perform their obligations under our leases; termination payments on our interest rate hedges; and other risks detailed from time to time in Aircastle Limited’s filings with the SEC, including “Risk Factors” as previously disclosed in Aircastle’s 2008 Annual Report on Form 10-K, and in our other filings with the SEC, press releases and other communications. In addition, new risks and uncertainties emerge from time to time, and it is not possible for Aircastle to predict or assess the impact of every factor that may cause its actual results to differ from those contained in any forward-looking statements. Such forward-looking statements speak only as of the date of this press release. Aircastle Limited expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in its expectations with regard thereto or change in events, conditions or circumstances on which any statement is based.

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Aircastle Limited and Subsidiaries
Consolidated Balance Sheets
(Dollars in thousands, except share data)
                 
    December 31,     September 30,  
    2008     2009  
            (Unaudited)  
ASSETS
                
Cash and cash equivalents
   $ 80,947     $ 132,408  
Accounts receivable
     3,161       4,065  
Debt investments
     14,349       7,136  
Restricted cash and cash equivalents
     182,623       218,079  
Restricted liquidity facility collateral
     —       81,000  
Flight equipment held for lease, net of accumulated depreciation of $371,591 and $521,251
     3,837,543       3,767,314  
Aircraft purchase deposits and progress payments
     68,923       109,454  
Leasehold improvements, furnishings and equipment, net of accumulated depreciation of $1,999 and $2,349
     1,174       907  
Other assets
     62,852       70,519  
 
            
Total assets
   $ 4,251,572     $ 4,390,882  
 
            
 
                
LIABILITIES AND SHAREHOLDERS’ EQUITY
                
LIABILITIES
                
Borrowings from securitizations and term debt financings
   $ 2,476,296     $ 2,435,593  
Accounts payable, accrued expenses and other liabilities
     60,789       59,205  
Dividends payable
     7,862       7,923  
Lease rentals received in advance
     28,463       27,758  
Liquidity facility
     —       81,000  
Security deposits
     65,307       73,131  
Maintenance payments
     224,288       250,018  
Fair value of derivative liabilities
     276,401       205,549  
 
            
Total liabilities
     3,139,406       3,140,177  
 
            
 
                
Commitments and Contingencies
                
 
                
SHAREHOLDERS’ EQUITY
                
Preference shares, $.01 par value, 50,000,000 shares authorized, no shares issued and outstanding
     —       —  
Common shares, $.01 par value, 250,000,000 shares authorized, 78,620,320 shares issued and outstanding at December 31, 2008; and 79,234,663 shares issued and outstanding at September 30, 2009
     786       792  
Additional paid-in capital
     1,474,455       1,478,275  
Retained earnings (deficit)
     (473 )     55,256  
Accumulated other comprehensive loss
     (362,602 )     (283,618 )
 
            
Total shareholders’ equity
     1,112,166       1,250,705  
 
            
Total liabilities and shareholders’ equity
   $ 4,251,572     $ 4,390,882  
 
            

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Aircastle Limited and Subsidiaries
Consolidated Statements of Income
(Dollars in thousands, except per share amounts)
(Unaudited)
                                 
    Three Months Ended     Nine Months Ended  
    September 30,     September 30,  
    2008     2009     2008     2009  
Revenues:
                                
Lease rental revenue
   $ 136,578     $ 128,283     $ 405,206     $ 383,683  
Amortization of net lease discounts and lease incentives
     1,781       (3,992 )     6,929       (7,919 )
Maintenance revenue
     5,433       31,376       9,575       47,616  
 
                        
Total lease rentals
     143,792       155,667       421,710       423,380  
Interest income
     628       556       2,533       1,783  
Other revenue
     34       9,517       562       9,628  
 
                        
Total revenues
     144,454       165,740       424,805       434,791  
 
                        
 
                                
Expenses:
                                
Depreciation
     52,020       53,130       151,840       156,379  
Interest, net
     54,112       43,032       146,442       127,925  
Selling, general and administrative (including non-cash share based payment expense of $1,659 and $1,742 for the three months ended, and $4,872 and $5,129 for the nine months ended September 30, 2008 and 2009, respectively)
     11,641       11,074       34,484       33,291  
Impairment of aircraft
     —       18,211       —       18,211  
Maintenance and other costs
     891       4,836       2,133       15,114  
 
                        
Total expenses
     118,664       130,283       334,899       350,920  
 
                        
 
                                
Other income (expense):
                                
Gain on sale of aircraft
     772       162       5,898       162  
Other
     (1,673 )     (738 )     (590 )     855  
 
                        
Total other income (expense)
     (901 )     (576 )     5,308       1,017  
 
                        
Income from continuing operations before income taxes
     24,889       34,881       95,214       84,888  
Income tax provision
     1,315       1,423       4,662       5,388  
 
                        
Net income
   $ 23,574     $ 33,458     $ 90,552     $ 79,500  
 
                        
 
                                
Earnings per common share — Basic
   $ 0.30     $ 0.42     $ 1.15     $ 1.00  
 
                        
 
                                
Earnings per common share — Diluted
   $ 0.30     $ 0.42     $ 1.15     $ 1.00  
 
                        
 
                                
Dividends declared per share
   $ 0.25     $ 0.10     $ 0.75     $ 0.30  
 
                        

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Aircastle Limited and Subsidiaries
Consolidated Statements of Cash Flows
(Dollars in thousands)
(Unaudited)
                 
    Nine Months Ended  
    September 30,  
    2008     2009  
Cash flows from operating activities:
                
 
                
Net income
   $ 90,552     $ 79,500  
Adjustments to reconcile net income to net cash provided by operating activities:
                
Depreciation
     151,840       156,379  
Amortization of deferred financing costs
     9,773       8,808  
Amortization of net lease discounts and lease incentives
     (6,929 )     7,919  
Deferred income taxes
     3,344       4,560  
Accretion of purchase discounts on debt investments
     (419 )     (430 )
Non-cash share based payment expense
     4,872       5,129  
Cash flow hedges reclassified into earnings
     10,740       13,690  
Ineffective portion of cash flow hedges
     7,977       (2,874 )
Gain on sale of flight equipment
     (5,898 )     (162 )
Security deposits and maintenance payments included in earnings
     (9,171 )     (36,982 )
Loss on sale of investments
     245       131  
Impairment of aircraft
     —       18,211  
Other
     943       (556 )
Changes in certain assets and liabilities:
                
Accounts receivable
     903       (909 )
Restricted cash and cash equivalents
     (47,923 )     (35,456 )
Other assets
     1,797       (1,975 )
Accounts payable, accrued expenses and other liabilities
     3,911       (8,397 )
Payable to affiliates
     (200 )     —  
Lease rentals received in advance
     (2,796 )     (537 )
 
            
Net cash provided by operating activities
     213,561       206,049  
 
            
 
                
Cash flows from investing activities:
                
Acquisition and improvement of flight equipment and lease incentives
     (228,934 )     (124,082 )
Aircraft purchase deposits and progress payments, net of returned deposits
     (2,154 )     (41,912 )
Proceeds from sale of flight equipment
     48,882       10,601  
Restricted cash from disposition of flight equipment
     (12,294 )     —  
Proceeds from sale of debt investments
     65,335       5,423  
Principal repayments on debt investments
     11,674       3,787  
Collateral call payments on derivatives and repurchase agreements
     (349,123 )     —  
Collateral call receipts on derivatives and repurchase agreements
     375,066       —  
Leasehold improvements, furnishings and equipment
     (365 )     (82 )
 
            
Net cash used in investing activities
     (91,913 )     (146,265 )
 
            
 
                
Cash flows from financing activities:
                
Issuance, net of repurchases, of common shares to directors and employees
     (1,263 )     (247 )
Proceeds from term debt financings
     992,715       70,916  
Securitization and term debt financing repayments
     (85,055 )     (111,619 )
Restricted cash and cash equivalents related to unreleased term debt financing borrowings
     (87,462 )     —  
Deferred financing costs
     (23,346 )     (3,588 )
Credit facility borrowings
     482,723       —  
Credit facility repayments
     (1,167,578 )     —  
Restricted secured liquidity facility collateral
     —       (81,000 )
Secured liquidity facility collateral
     —       81,000  
Principal repayments on repurchase agreements
     (67,744 )     —  
Security deposits and maintenance payments received
     83,966       96,162  
Security deposits and maintenance payments returned
     (22,493 )     (33,479 )
Payments for terminated cash flow hedges
     (68,332 )     (2,758 )
Dividends paid
     (94,291 )     (23,710 )
 
            
Net cash (used in) provided by financing activities
     (58,160 )     (8,323 )
 
            
 
                
Net increase in cash and cash equivalents
     63,488       51,461  
Cash and cash equivalents at beginning of period
     13,546       80,947  
 
            
Cash and cash equivalents at end of period
   $ 77,034     $ 132,408  
 
            

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Aircastle Limited and Subsidiaries
Supplemental Financial Information
(Amount in thousands, except per share amounts)
(Unaudited)
                                 
    Three Months Ended   Nine Months Ended
    September 30,   September 30,
    2008   2009   2008   2009
 
                                
Revenues
   $ 144,454     $ 165,740     $ 424,805     $ 434,791  
 
                                
EBITDA
   $ 129,240     $ 135,035     $ 386,567     $ 377,111  
 
                                
Adjusted net income
   $ 35,019     $ 35,668     $ 104,229     $ 83,677  
 
                                
Adjusted net income allocable to common shares
   $ 34,602     $ 35,060     $ 103,056     $ 82,295  
Per common share — Basic
   $ 0.44     $ 0.45     $ 1.33     $ 1.06  
Per common share — Diluted
   $ 0.44     $ 0.45     $ 1.33     $ 1.06  
 
                                
Adjusted net income plus depreciation and amortization
   $ 85,258     $ 92,790     $ 249,140     $ 247,975  
 
                                
Adjusted net income plus depreciation and amortization allocable to common shares
   $ 84,242     $ 91,208     $ 246,336     $ 243,880  
Per common share — Basic
   $ 1.08     $ 1.17     $ 3.17     $ 3.13  
Per common share — Diluted
   $ 1.08     $ 1.17     $ 3.17     $ 3.13  
 
                                
Basic common shares outstanding
     77,768       78,013       77,744       77,977  
Diluted common shares outstanding
     77,768       78,013       77,744       77,977  
Refer to the selected information accompanying this press release for a reconciliation of GAAP to Non-GAAP information.

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Aircastle Limited and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
EBITDA Reconciliation
(Dollars in thousands)
(Unaudited)
                                 
    Three Months Ended     Nine Months Ended  
    September 30,     September 30,  
    2008     2009     2008     2009  
Net income
   $ 23,574     $ 33,458     $ 90,552     $ 79,500  
 
                                
Depreciation
     52,020       53,130       151,840       156,379  
Amortization of net lease discounts and lease incentives
     (1,781 )     3,992       (6,929 )     7,919  
 
                                
Interest, net
     54,112       43,032       146,442       127,925  
 
                                
Income tax provision
     1,315       1,423       4,662       5,388  
 
                        
EBITDA
   $ 129,240     $ 135,035     $ 386,567     $ 377,111  
 
                        
We define EBITDA as income from continuing operations before income taxes, interest expense, and depreciation and amortization. We use EBITDA to assess our consolidated financial and operating performance, and we believe this non-GAAP measure is helpful in identifying trends in our performance. Using EBITDA assists us in comparing our operating performance on a consistent basis by removing the impact of our capital structure (primarily interest charges on our outstanding debt) and asset base (primarily depreciation and amortization) from our operating results.

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Aircastle Limited and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Adjusted Net Income plus Depreciation Reconciliation
(Dollars in thousands)
(Unaudited)
                                 
    Three Months Ended     Nine Months Ended  
    September 30,     September 30,  
    2008     2009     2008     2009  
Net income
   $ 23,574     $ 33,458     $ 90,552     $ 79,500  
Ineffective portion and termination of cash flow hedges(1)
     10,545       1,633       17,575       4,764  
Mark to market adjustment on undesignated derivatives(2)
     1,672       608       942       (556 )
Write-off of deferred financing fees
     —       —       813       —  
Gain on sale of aircraft
     (772 )     (162 )     (5,898 )     (162 )
Loss on sale of debt investments(2)
     —       131       245       131  
 
                        
Adjusted net income
   $ 35,019     $ 35,668     $ 104,229     $ 83,677  
 
                                
Depreciation
     52,020       53,130       151,840       156,379  
Amortization of net lease discounts and lease incentives
     (1,781 )     3,992       (6,929 )     7,919  
 
                        
Adjusted net income plus depreciation and amortization
   $ 85,258     $ 92,790     $ 249,140     $ 247,975  
 
                        
 
(1)   Included in Interest, net
 
(2)   Included in Other income (expense)
We adjust net income for ineffective portion and termination of cash flow hedges, write-off of deferred financing fees, mark to market and termination of interest rate swaps, loss on sale of debt investments and gain on sale of flight equipment. We use adjusted net income to assess our consolidated financial and operating performance, and we believe this non-GAAP measure is helpful in identifying long-term trends in our performance net of non-recurring items.
We use adjusted net income plus depreciation and amortization to assess our consolidated financial and operating performance, and we believe this non-GAAP measure is helpful in identifying trends in our performance on an operating cash flow basis after taking into account interest expense on our outstanding indebtedness.

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Aircastle Limited and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of Net Income Allocable to Common Shares
(in thousands)
(Unaudited)
                                 
    Three Months Ended     Nine Months Ended  
    September 30, 2009     September 30, 2009  
    Shares     Percent(2)     Shares     Percent(2)  
Weighted average shares
                                
Common shares outstanding — Basic
     78,013       98.30 %     77,977       98.35 %
Unvested restricted common shares outstanding
     1,353       1.70 %     1,309       1.65 %
 
                        
Total weighted average shares outstanding
     79,366       100.00 %     79,286       100.00 %
 
                        
 
                                
Common shares outstanding — Basic
     78,013       100.00 %     77,977       100.00 %
Effect of dilutive shares(1)
     —       —       —       —  
 
                        
Common shares outstanding — Diluted
     78,013       100.00 %     77,977       100.00 %
 
                        
 
                                
Net income allocation
                                
Net income
   $ 33,458       100.00 %   $ 79,500       100.00 %
Distributed and undistributed earnings allocated to unvested restricted shares
     (570 )     (1.70 )%     (1,313 )     (1.65 )%
 
                        
Earnings available to common shares
   $ 32,888       98.30 %   $ 78,187       98.35 %
 
                        
 
                                
Adjusted net income allocation
                                
Adjusted net income
   $ 35,668       100.00 %   $ 83,677       100.00 %
Amounts allocated to unvested restricted shares
     (608 )     (1.70 )%     (1,382 )     (1.65 )%
 
                        
Amounts allocated to common shares
   $ 35,060       98.30 %   $ 82,295       98.35 %
 
                        
 
                                
Adjusted net income plus depreciation and amortization allocation
                                
Adjusted net income plus depreciation and amortization
   $ 92,790       100.00 %   $ 247,975       100.00 %
Amounts allocated to unvested restricted shares
     (1,582 )     (1.70 )%     (4,095 )     (1.65 )%
 
                        
Amounts allocated to common shares
   $ 91,208       98.30 %   $ 243,880       98.35 %
 
                        
 
(1)   The Company had no dilutive common share equivalents for the periods presented.
 
(2)   Percentages rounded to two decimal places.

14

 

Aircastle Limited and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of Net Income Allocable to Common Shares
(in thousands)
(Unaudited)
                                 
    Three Months Ended     Nine Months Ended  
    September 30, 2008     September 30, 2008  
    Shares     Percent(2)     Shares     Percent(2)  
Weighted average shares
                                
Common shares outstanding — Basic
     77,768       98.81 %     77,744       98.87 %
Unvested restricted common shares outstanding
     938       1.19 %     885       1.13 %
 
                        
Total weighted average shares outstanding
     78,706       100.00 %     78,629       100.00 %
 
                        
 
                                
Common shares outstanding — Basic
     77,768       100.00 %     77,744       100.00 %
Effect of dilutive shares(1)
     —       —       —       —  
 
                        
Common shares outstanding — Diluted
     77,768       100.00 %     77,744       100.00 %
 
                        
 
                                
Net income allocation
                                
Net income
   $ 23,574       100.00 %   $ 90,552       100.00 %
Distributed and undistributed earnings allocated to unvested restricted shares
     (281 )     (1.19 )%     (1,019 )     (1.13 )%
 
                        
Earnings available to common shares
   $ 23,293       98.81 %   $ 89,533       98.87 %
 
                        
 
                                
Adjusted net income allocation
                                
Adjusted net income
   $ 35,019       100.00 %   $ 104,229       100.00 %
Amounts allocated to unvested restricted shares
     (417 )     (1.19 )%     (1,173 )     (1.13 )%
 
                        
 
                                
Amounts allocated to common shares
   $ 34,602       98.81 %   $ 103,056       98.87 %
 
                        
 
                                
Adjusted net income plus depreciation and amortization allocation
                                
Adjusted net income plus depreciation and amortization
   $ 85,258       100.00 %   $ 249,140       100.00 %
Amounts allocated to unvested restricted shares
     (1,016 )     (1.19 )%     (2,804 )     (1.13 )%
 
                        
 
                                
Amounts allocated to common shares
     84,242       98.81 %   $ 246,336       98.87 %
 
                        
 
(1)   The Company had no dilutive common share equivalents for the periods presented.
 
(2)   Percentages rounded to two decimal places.

15