XML 14 R4.htm IDEA: XBRL DOCUMENT v3.22.2.2
Condensed Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
REVENUE        
Other sales and revenue   $ 2,440    
Gain on sale of leased equipment $ 920 2,440 $ 3,716 $ 2,440
Gain on sale of financial assets 0 0 3,116 0
Total revenue 76,891 70,791 223,783 198,388
EXPENSES        
Depreciation and amortization expense 22,059 21,274 65,480 68,755
Cost of spare parts and equipment sales 4,204 3,921 16,080 11,008
Write-down of equipment 654 0 21,849 4,113
General and administrative 22,788 18,662 66,820 54,312
Technical expense 2,139 2,524 11,222 6,130
Net finance costs:        
Interest expense 16,304 18,325 49,209 50,331
Total net finance costs 16,304 18,325 49,209 50,331
Total expenses 68,148 64,706 230,660 194,649
Income (loss) from operations 8,743 6,085 (6,877) 3,739
Income (loss) from joint ventures (384) 21 (1,531) (1,183)
Income (loss) before income taxes 8,359 6,106 (8,408) 2,556
Income tax expense 1,970 3,222 496 946
Net income (loss) 6,389 2,884 (8,904) 1,610
Preferred stock dividends 819 819 2,431 2,431
Accretion of preferred stock issuance costs 21 21 63 63
Net income (loss) attributable to common shareholders $ 5,549 $ 2,044 $ (11,398) $ (884)
Basic weighted average income (loss) per common share (in dollars per share) $ 0.91 $ 0.33 $ (1.88) $ (0.14)
Diluted weighted average income (loss) per common share (in dollars per share) $ 0.89 $ 0.32 $ (1.88) $ (0.14)
Basic weighted average common shares outstanding (in shares) 6,093 6,189 6,058 6,135
Diluted weighted average common shares outstanding (in shares) 6,270 6,363 6,058 6,135
Lease rent revenue        
REVENUE        
Lease rent and maintenance reserve revenue $ 39,515 $ 32,908 $ 114,344 $ 96,859
Maintenance reserve revenue        
REVENUE        
Lease rent and maintenance reserve revenue 20,438 23,659 59,517 60,749
Spare parts and equipment sales        
REVENUE        
Other sales and revenue 6,966 5,091 20,388 13,226
Asset transition fee        
REVENUE        
Other sales and revenue 0 0 0 6,256
Other revenue        
REVENUE        
Other sales and revenue $ 9,052 $ 6,693 $ 22,702 $ 18,858