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v3.20.2

Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended
--- | --- | ---
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019
REVENUE |  |  |  |
Lease rent revenue | $ 38,454 | $ 45,025 | $ 84,849 | $ 93,394
Maintenance reserve revenue | 29,986 | 26,475 | 50,514 | 51,825
Spare parts and equipment sales | 2,855 | 14,586 | 11,960 | 32,088
(Loss) Gain on sale of leased equipment | (700) | 5,120 | 1,367 | 14,690
Other revenue | 4,388 | 4,591 | 7,902 | 7,569
Total revenue | 74,983 | 95,797 | 156,592 | 199,566
EXPENSES |  |  |  |
Depreciation and amortization expense | 23,764 | 20,043 | 47,154 | 40,301
Cost of spare parts and equipment sales | 2,648 | 12,585 | 9,336 | 26,997
Write-down of equipment | 6,997 | 3,262 | 9,126 | 4,367
General and administrative | 15,228 | 21,389 | 34,795 | 42,829
Technical expense | 1,468 | 1,407 | 2,595 | 3,195
Net finance costs: |  |  |  |
Interest expense | 16,089 | 16,781 | 31,785 | 34,660
Loss on debt extinguishment | 0 | 220 | 4,688 | 220
Total net finance costs | 16,089 | 17,001 | 36,473 | 34,880
Total expenses | 66,194 | 75,687 | 139,479 | 152,569
Earnings from operations | 8,789 | 20,110 | 17,113 | 46,997
Earnings from joint ventures | 948 | 1,676 | 1,155 | 2,622
Income before income taxes | 9,737 | 21,786 | 18,268 | 49,619
Income tax expense | 4,365 | 4,811 | 8,610 | 11,766
Net income | 5,372 | 16,975 | 9,658 | 37,853
Preferred stock dividends | 811 | 810 | 1,621 | 1,611
Accretion of preferred stock issuance costs | 21 | 21 | 42 | 42
Net income attributable to common shareholders | $ 4,540 | $ 16,144 | $ 7,995 | $ 36,200
Basic weighted average earnings per common share (in dollars per share) | $ 0.76 | $ 2.75 | $ 1.35 | $ 6.22
Diluted weighted average earnings per common share (in dollars per share) | $ 0.74 | $ 2.66 | $ 1.31 | $ 6.01
Basic weighted average common shares outstanding (in shares) | 6,012 | 5,866 | 5,936 | 5,823
Diluted weighted average common shares outstanding (in shares) | 6,098 | 6,061 | 6,111 | 6,020

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