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Condensed Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
REVENUE        
Gain on sale of leased equipment $ 2,440 $ 0 $ 2,440 $ 1,367
Total revenue 70,791 70,613 198,388 227,205
EXPENSES        
Depreciation and amortization expense 21,274 24,022 68,755 71,176
Cost of spare parts and equipment sales 3,921 4,125 11,008 13,461
Write-down of equipment 0 5,245 4,113 14,371
General and administrative 18,662 16,461 54,312 51,256
Technical expense 2,524 827 6,130 3,422
Net finance costs:        
Interest expense 18,325 15,351 50,331 47,136
Loss on debt extinguishment 0 0 0 4,688
Total net finance costs 18,325 15,351 50,331 51,824
Total expenses 64,706 66,031 194,649 205,510
Earnings from operations 6,085 4,582 3,739 21,695
Earnings (loss) from joint ventures 21 1,457 (1,183) 2,612
Income before income taxes 6,106 6,039 2,556 24,307
Income tax expense 3,222 3,055 946 11,665
Net income 2,884 2,984 1,610 12,642
Preferred stock dividends 819 819 2,431 2,440
Accretion of preferred stock issuance costs 21 21 63 63
Net income (loss) attributable to common shareholders $ 2,044 $ 2,144 $ (884) $ 10,139
Basic weighted average earnings (loss) per common share (in dollars per share) $ 0.33 $ 0.36 $ (0.14) $ 1.70
Diluted weighted average earnings (loss) per common share (in dollars per share) $ 0.32 $ 0.35 $ (0.14) $ 1.66
Basic weighted average common shares outstanding (in shares) 6,189 5,985 6,135 5,954
Diluted weighted average common shares outstanding (in shares) 6,363 6,084 6,135 6,104
Lease rent revenue        
REVENUE        
Lease rent and maintenance reserve revenues $ 32,908 $ 30,025 $ 96,859 $ 114,874
Maintenance reserve revenue        
REVENUE        
Lease rent and maintenance reserve revenues 23,659 32,302 60,749 82,816
Spare parts and equipment sales        
REVENUE        
Other sales and revenues 5,091 2,888 13,226 14,848
Asset transition fee        
REVENUE        
Other sales and revenues 0 0 6,256 0
Other revenue        
REVENUE        
Other sales and revenues $ 6,693 $ 5,398 $ 18,858 $ 13,300