XML 21 R4.htm IDEA: XBRL DOCUMENT v3.21.2
Condensed Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
REVENUE        
Lease rent and maintenance reserve revenues   $ 38,454   $ 84,849
(Loss) gain on sale of leased equipment $ 0 (700) $ 0 1,367
Total revenue 66,472 74,983 127,597 156,592
EXPENSES        
Depreciation and amortization expense 23,340 23,764 47,481 47,154
Cost of spare parts and equipment sales 3,278 2,648 7,087 9,336
Write-down of equipment 2,246 6,997 4,113 9,126
General and administrative 19,499 15,228 35,650 34,795
Technical expense 2,296 1,468 3,606 2,595
Net finance costs:        
Interest expense 16,987 16,089 32,006 31,785
Loss on debt extinguishment 0 0 0 4,688
Total net finance costs 16,987 16,089 32,006 36,473
Total expenses 67,646 66,194 129,943 139,479
(Loss) earnings from operations (1,174) 8,789 (2,346) 17,113
(Loss) earnings from joint ventures (685) 948 (1,204) 1,155
(Loss) income before income taxes (1,859) 9,737 (3,550) 18,268
Income tax (benefit) expense (1,917) 4,365 (2,276) 8,610
Net income (loss) 58 5,372 (1,274) 9,658
Preferred stock dividends 811 811 1,612 1,621
Accretion of preferred stock issuance costs 21 21 42 42
Net (loss) income attributable to common shareholders $ (774) $ 4,540 $ (2,928) $ 7,995
Basic weighted average (loss) earnings per common share (in dollars per share) $ (0.12) $ 0.75 $ (0.48) $ 1.35
Diluted weighted average (loss) earnings per common share (in dollars per share) $ (0.12) $ 0.74 $ (0.48) $ 1.31
Basic weighted average common shares outstanding (in shares) 6,218 6,016 6,107 5,938
Diluted weighted average common shares outstanding (in shares) 6,218 6,103 6,107 6,113
Lease rent revenue        
REVENUE        
Lease rent and maintenance reserve revenues $ 32,431 $ 38,454 $ 63,951 $ 84,849
Maintenance reserve revenue        
REVENUE        
Lease rent and maintenance reserve revenues 17,278 29,986 37,090 50,514
Spare parts and equipment sales        
REVENUE        
Other sales and revenues 3,569 2,855 8,135 11,960
Asset transition fee        
REVENUE        
Other sales and revenues 6,256 0 6,256 0
Other revenue        
REVENUE        
Other sales and revenues $ 6,938 $ 4,388 $ 12,165 $ 7,902