Segment Information

3 Months Ended

Mar. 31, 2012

Segment Information [Abstract]

Segment Reporting Disclosure [Text Block]

SEGMENT INFORMATION

The Company operates in two reportable segments, as described below. The CAM segment consists of the Company's aircraft leasing operations and its segment earnings includes an allocation of interest expense. The ACMI Services segment consists of the Company's airline operations including the CMI agreement with DHL, as well as ACMI and charter service agreements that the Company provides to other customers. Due to the similarities among

the Company's airline operations, the airline operations are aggregated into a single reportable segment, ACMI Services. The Company's other activities, which include contracts with the USPS, the sale of aircraft parts and maintenance services, management services for workers' compensation and logistics services, do not constitute reportable segments and are combined in “All other” with inter-segment profit eliminations. Inter-segment revenues are valued at arms-length, market rates. Cash, cash equivalents and deferred tax assets are reflected in Assets - All other below. The Company's segment information from continuing operations is presented below (in thousands):

	Three Months Ending March 31,
	2012			2011
Total revenues:
CAM	$	37,851		$	32,128
ACMI Services	113,195			146,705
All other	28,421			25,438
Eliminate inter-segment revenues	(33,961		)	(29,144		)
Total	$	145,506		$	175,127
Customer revenues:
CAM	$	19,389		$	14,071
ACMI Services	113,195			146,435
All other	12,922			14,621
Total	$	145,506		$	175,127
Depreciation and amortization expense:
CAM	$	14,421		$	12,263
ACMI Services	5,804			10,148
All other	75			(40		)
Total	$	20,300		$	22,371
Segment earnings (loss):
CAM	$	16,818		$	13,466
ACMI Services	(8,215		)	(2,510		)
All other	2,001			1,654
Net unallocated interest expense	(321		)	(1,218		)
Net gain (loss) on derivative instruments	460			(3,932		)
Write-off of unamortized debt issuance costs	—			(2,870		)
Pre-tax earnings from continuing operations	$	10,743		$	4,590

The Company's assets are presented below by segment (in thousands):

	March 31,		December 31,
	2012		2011
Assets:
CAM	$	783,213	$	760,588
ACMI Services	134,188		137,640
All other	98,415		95,491
Total	$	1,015,816	$	993,719

Interest expense of $0.2 million and $0.3 million for the three month periods ending March 31, 2012 and 2011, respectively, was included in the ACMI Services segment earnings above. Interest expense allocated to CAM was $3.0 million and $2.5 million for the three month periods ending March 31, 2012 and 2011, respectively.