Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands |
3 Months Ended |
6 Months Ended |
Aug. 31, 2021 |
Aug. 31, 2020 |
Aug. 31, 2021 |
Aug. 31, 2020 |
| Revenues: |
|
|
|
|
| Lease rental revenue |
$ 137,589
|
$ 150,895
|
$ 269,714
|
$ 334,073
|
| Direct financing and sales-type lease revenue |
2,776
|
4,747
|
5,653
|
10,064
|
| Amortization of lease premiums, discounts and incentives |
(5,835)
|
(4,629)
|
(11,159)
|
(11,975)
|
| Total lease revenue |
155,748
|
171,047
|
311,902
|
428,827
|
| Gain (loss) on sale of flight equipment |
1,502
|
(848)
|
10,524
|
11,230
|
| Total revenues |
157,652
|
171,322
|
323,462
|
453,850
|
| Operating expenses: |
|
|
|
|
| Depreciation |
83,391
|
86,749
|
165,782
|
175,961
|
| Interest, net |
55,413
|
55,324
|
113,450
|
114,050
|
| Selling, general and administrative (including non-cash share-based payment expense of $0 and $0 for the three months ended, and $0 and $28,049 for the six months ended August 31, 2021 and 2020, respectively) |
15,996
|
13,555
|
31,585
|
61,006
|
| Impairment of flight equipment |
21,232
|
212,387
|
41,815
|
289,685
|
| Maintenance and other costs |
8,087
|
4,271
|
15,615
|
9,837
|
| Total operating expenses |
184,119
|
372,286
|
368,247
|
650,539
|
| Other income (expense): |
|
|
|
|
| Loss on extinguishment of debt |
(14,132)
|
(57)
|
(14,156)
|
(65)
|
| Merger expenses |
0
|
27
|
0
|
(32,042)
|
| Other |
57,609
|
(173)
|
57,619
|
(192)
|
| Total other income (expense) |
43,477
|
(203)
|
43,463
|
(32,299)
|
| Income (loss) from continuing operations before income taxes and earnings of unconsolidated equity method investments |
17,010
|
(201,167)
|
(1,322)
|
(228,988)
|
| Income tax provision (benefit) |
7,665
|
13,020
|
(627)
|
12,469
|
| Earnings of unconsolidated equity method investments, net of tax |
458
|
674
|
745
|
1,405
|
| Net income (loss) |
9,803
|
(213,513)
|
50
|
(240,052)
|
| Preferred Stock Dividends, Income Statement Impact |
(5,658)
|
0
|
(5,658)
|
0
|
| Earnings available to common shareholders – Basic |
4,145
|
(213,513)
|
(5,608)
|
(240,052)
|
| Total comprehensive income |
4,145
|
(213,513)
|
(5,608)
|
(240,052)
|
| Maintenance revenue |
|
|
|
|
| Revenues: |
|
|
|
|
| Revenues from contracts with customers |
21,218
|
20,034
|
47,694
|
96,665
|
| Other revenue |
|
|
|
|
| Revenues: |
|
|
|
|
| Revenues from contracts with customers |
$ 402
|
$ 1,123
|
$ 1,036
|
$ 13,793
|