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Condensed Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
REVENUE        
Interest revenue $ 2,106 $ 1,811 $ 6,409 $ 5,790
Gain on sale of leased equipment 773 920 5,101 3,716
Gain on sale of financial assets 0 0 0 3,116
Total revenue 105,745 76,891 304,275 223,783
EXPENSES        
Depreciation and amortization expense 23,088 22,059 68,131 65,480
Cost of spare parts and equipment sales 2,024 4,204 9,581 16,080
Write-down of equipment 719 654 2,390 21,849
General and administrative 33,993 22,788 105,591 66,820
Technical expense 6,871 2,139 14,618 11,222
Net finance costs:        
Interest expense 19,052 16,304 56,526 49,209
Total net finance costs 19,052 16,304 56,526 49,209
Total expenses 85,747 68,148 256,837 230,660
Income (loss) from operations 19,998 8,743 47,438 (6,877)
Income (loss) from joint ventures 346 (384) (1,289) (1,531)
Income (loss) before income taxes 20,344 8,359 46,149 (8,408)
Income tax expense 5,726 1,970 13,321 496
Net income (loss) 14,618 6,389 32,828 (8,904)
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 $ 13,778 $ 5,549 $ 30,334 $ (11,398)
Basic weighted average income (loss) per common share (in dollars per share) $ 2.16 $ 0.91 $ 4.83 $ (1.88)
Diluted weighted average income (loss) per common share (in dollars per share) $ 2.13 $ 0.89 $ 4.70 $ (1.88)
Basic weighted average common shares outstanding (in shares) 6,365 6,093 6,282 6,058
Diluted weighted average common shares outstanding (in shares) 6,466 6,270 6,454 6,058
Lease rent revenue        
REVENUE        
Lease rent and maintenance reserve revenue $ 53,573 $ 39,515 $ 161,209 $ 114,344
Maintenance reserve revenue        
REVENUE        
Lease rent and maintenance reserve revenue 37,696 20,438 96,609 59,517
Spare parts and equipment sales        
REVENUE        
Other sales and revenue 3,359 6,966 12,961 20,388
Other revenue        
REVENUE        
Other sales and revenue $ 8,238 $ 7,241 $ 21,986 $ 16,912