XML 69 R4.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Leasing revenues:      
Operating leases $ 1,307,218 $ 1,328,756 $ 1,141,165
Finance leases 40,051 21,547 22,352
Total leasing revenues 1,347,269 1,350,303 1,163,517
Equipment trading revenues 83,993 83,039 37,419
Equipment trading expenses (69,485) (64,118) (33,235)
Trading margin 14,508 18,921 4,184
Net gain (loss) on sale of leasing equipment 27,041 35,377 35,812
Net gain on sale of building 0 20,953 0
Operating expenses:      
Depreciation and amortization 536,131 545,138 500,720
Direct operating expenses 79,074 48,326 62,891
Administrative expenses 75,867 80,033 87,609
Transaction and other costs 0 88 9,272
Provision (reversal) for doubtful accounts 590 (231) 3,347
Insurance recovery income 0 0 (6,764)
Total operating expenses 691,662 673,354 657,075
Operating income 697,156 752,200 546,438
Other expenses:      
Interest and debt expense 316,170 322,731 282,347
Realized loss on derivative instruments, net (2,237) (2,072) 900
Unrealized (gain) loss on derivative instruments 3,107 430 (1,397)
Write-off of debt costs 2,543 6,090 6,973
Other (income) expense, net (3,257) (2,292) (2,637)
Total other expenses 316,326 324,887 286,186
Income (loss) before income taxes 380,830 427,313 260,252
Income tax (benefit) expense 27,551 70,641 (93,274)
Net income (loss) 353,279 356,672 353,526
Less: income attributable to non-controlling interest 592 7,117 8,928
Redeemable Preferred Stock Dividends 13,646 0 0
Net income (loss) attributable to shareholders $ 339,041 $ 349,555 $ 344,598
Net income (loss) per common share—Basic $ 4.57 $ 4.38 $ 4.55
Net income (loss) per common share—Diluted 4.54 4.35 4.52
Cash dividends paid per common share $ 2.08 $ 2.01 $ 1.80
Weighted average number of common shares and non-voting common shares outstanding—Basic 74,190 79,782 75,679
Dilutive stock options and restricted stock 510 582 509
Weighted average number of common shares and non-voting common shares outstanding—Diluted 74,700 80,364 76,188