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v3.19.2

Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended
--- | --- | ---
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018
REVENUE |  |  |  |
Lease rent revenue | $ 45,025 | $ 43,081 | $ 93,394 | $ 82,726
Maintenance reserve revenue | 26,475 | 22,045 | 51,825 | 37,485
Spare parts and equipment sales | 14,586 | 11,653 | 32,088 | 24,639
Gain on sale of leased equipment | 5,120 | 52 | 14,690 | 597
Other revenue | 4,591 | 1,871 | 7,569 | 3,752
Total revenue | 95,797 | 78,702 | 199,566 | 149,199
EXPENSES |  |  |  |
Depreciation and amortization expense | 20,043 | 18,384 | 40,301 | 35,739
Cost of spare parts and equipment sales | 12,585 | 10,305 | 26,997 | 21,692
Write-down of equipment | 3,262 | 3,578 | 4,367 | 3,578
General and administrative | 21,389 | 16,782 | 42,829 | 32,393
Technical expense | 1,407 | 3,232 | 3,195 | 6,909
Net finance costs: |  |  |  |
Interest expense | 16,781 | 15,138 | 34,660 | 28,732
Loss on debt extinguishment | 220 | 0 | 220 | 0
Total net finance costs | 17,001 | 15,138 | 34,880 | 28,732
Total expenses | 75,687 | 67,419 | 152,569 | 129,043
Earnings from operations | 20,110 | 11,283 | 46,997 | 20,156
Earnings from joint ventures | 1,676 | 316 | 2,622 | 1,063
Income before income taxes | 21,786 | 11,599 | 49,619 | 21,219
Income tax expense | 4,811 | 3,240 | 11,766 | 5,776
Net income | 16,975 | 8,359 | 37,853 | 15,443
Preferred stock dividends | 810 | 810 | 1,611 | 1,612
Accretion of preferred stock issuance costs | 21 | 21 | 42 | 42
Net income attributable to common shareholders | $ 16,144 | $ 7,528 | $ 36,200 | $ 13,789
Basic weighted average earnings per common share (in dollars per share) | $ 2.75 | $ 1.28 | $ 6.22 | $ 2.30
Diluted weighted average earnings per common share (in dollars per share) | $ 2.66 | $ 1.26 | $ 6.01 | $ 2.25
Basic weighted average common shares outstanding (in shares) | 5,866 | 5,878 | 5,823 | 5,990
Diluted weighted average common shares outstanding (in shares) | 6,061 | 5,991 | 6,020 | 6,123

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