Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Nov. 05, 2015 | |
Document and Entity Information | ||
Entity Registrant Name | AIR LEASE CORP | |
Entity Central Index Key | 1,487,712 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2015 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 101,581,669 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Assets | ||
Cash and cash equivalents | $ 119,722 | $ 282,819 |
Restricted cash | 10,700 | 7,469 |
Flight equipment subject to operating leases | 11,533,922 | 9,832,421 |
Less accumulated depreciation | (1,114,720) | (878,617) |
Flight equipment subject to operating leases, net | 10,419,202 | 8,953,804 |
Deposits on flight equipment purchases | 1,084,075 | 1,144,603 |
Other assets | 277,995 | 302,485 |
Total assets | 11,911,694 | 10,691,180 |
Liabilities and Shareholders' Equity | ||
Accrued interest and other payables | 168,558 | 190,952 |
Debt financing, net of discounts and issuance costs | 7,498,240 | 6,630,758 |
Security deposits and maintenance reserves on flight equipment leases | 802,226 | 698,172 |
Rentals received in advance | 84,630 | 75,877 |
Deferred tax liability | 418,592 | 323,359 |
Total liabilities | $ 8,972,246 | $ 7,919,118 |
Shareholders' Equity | ||
Preferred Stock, $0.01 par value; 50,000,000 shares authorized; no shares issued or outstanding | ||
Paid-in capital | $ 2,222,682 | $ 2,215,479 |
Retained earnings | 715,756 | 555,573 |
Total shareholders' equity | 2,939,448 | 2,772,062 |
Total liabilities and shareholders' equity | 11,911,694 | 10,691,180 |
Class A Common Stock | ||
Shareholders' Equity | ||
Common Stock | 1,010 | 1,010 |
Total shareholders' equity | $ 1,010 | $ 1,010 |
Class B Non-Voting Common Stock | ||
Shareholders' Equity | ||
Common Stock |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 30, 2015 | Dec. 31, 2014 |
Preferred Stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred Stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred Stock, shares issued | 0 | 0 |
Preferred Stock, shares outstanding | 0 | 0 |
Class A Common Stock | ||
Common Stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common Stock, authorized shares | 500,000,000 | 500,000,000 |
Common Stock, issued shares | 102,580,955 | 102,392,208 |
Common Stock, outstanding shares | 102,580,955 | 102,392,208 |
Class B Non-Voting Common Stock | ||
Common Stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common Stock, authorized shares | 10,000,000 | 10,000,000 |
Common Stock, issued shares | 0 | 0 |
Common Stock, outstanding shares | 0 | 0 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Revenues | ||||
Rental of flight equipment | $ 304,264 | $ 252,519 | $ 860,281 | $ 725,448 |
Aircraft sales, trading and other | 8,862 | 9,420 | 35,862 | 39,101 |
Total revenues | 313,126 | 261,939 | 896,143 | 764,549 |
Expenses | ||||
Interest | 60,103 | 48,582 | 173,654 | 140,275 |
Amortization of debt discounts and issuance costs | 7,419 | 7,423 | 22,782 | 20,902 |
Interest expense | 67,522 | 56,005 | 196,436 | 161,177 |
Depreciation of flight equipment | 102,046 | 86,119 | 291,460 | 245,736 |
Settlement | 72,000 | |||
Selling, general and administrative | 19,323 | 19,656 | 56,150 | 58,748 |
Stock-based compensation | 4,648 | 3,882 | 12,372 | 12,222 |
Total expenses | 193,539 | 165,662 | 628,418 | 477,883 |
Income before taxes | 119,587 | 96,277 | 267,725 | 286,666 |
Income tax expense | (42,545) | (33,844) | (95,233) | (100,799) |
Net income | $ 77,042 | $ 62,433 | $ 172,492 | $ 185,867 |
Net income per share of Class A and Class B common stock: | ||||
Basic (in dollars per share) | $ 0.75 | $ 0.61 | $ 1.68 | $ 1.82 |
Diluted (in dollars per share) | $ 0.71 | $ 0.58 | $ 1.60 | $ 1.73 |
Weighted-average shares outstanding | ||||
Basic (in shares) | 102,580,955 | 102,383,319 | 102,536,326 | 102,060,364 |
Diluted (in shares) | 110,623,960 | 110,457,170 | 110,635,282 | 109,997,159 |
CONSOLIDATED STATEMENT OF SHARE
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY - 9 months ended Sep. 30, 2015 - USD ($) $ in Thousands | Class A Common Stock | Paid-in Capital | Retained Earnings | Total |
Balance at Dec. 31, 2014 | $ 1,010 | $ 2,215,479 | $ 555,573 | $ 2,772,062 |
Balance (in shares) at Dec. 31, 2014 | 102,392,208 | |||
Increase (Decrease) in Shareholders' Equity | ||||
Issuance of common stock upon exercise of options and vesting of restricted stock units | 133 | 133 | ||
Issuance of common stock upon exercise of options and vesting of restricted stock units (in shares) | 319,681 | |||
Stock-based compensation expense | 12,372 | 12,372 | ||
Cash dividends (declared $0.12 per share) | (12,309) | (12,309) | ||
Tax withholdings related to vesting of restricted stock units | (5,302) | (5,302) | ||
Tax withholdings related to vesting of restricted stock units (in shares) | (130,934) | |||
Net income | 172,492 | 172,492 | ||
Balance at Sep. 30, 2015 | $ 1,010 | $ 2,222,682 | $ 715,756 | $ 2,939,448 |
Balance (in shares) at Sep. 30, 2015 | 102,580,955 |
CONSOLIDATED STATEMENT OF SHAR6
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (Parenthetical) | 9 Months Ended |
Sep. 30, 2015$ / shares | |
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY | |
Cash dividends declared per share (in dollars per share) | $ 0.12 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Operating Activities | ||
Net income | $ 172,492 | $ 185,867 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation of flight equipment | 291,460 | 245,736 |
Stock-based compensation | 12,372 | 12,222 |
Deferred taxes | 95,233 | 100,799 |
Amortization of discounts and debt issuance costs | 22,782 | 20,902 |
Gain on aircraft sales, trading and other activity | (29,061) | (37,075) |
Changes in operating assets and liabilities: | ||
Other assets | 18,384 | 12,702 |
Accrued interest and other payables | (5,857) | 22,960 |
Rentals received in advance | 8,753 | 7,060 |
Net cash provided by operating activities | 586,558 | 571,173 |
Investing Activities | ||
Acquisition of flight equipment under operating lease | (1,697,742) | (1,206,985) |
Payments for deposits on flight equipment purchases | (482,798) | (480,791) |
Proceeds from aircraft sales, trading and other activity | 691,458 | 293,278 |
Acquisition of furnishings, equipment and other assets | (189,493) | (168,092) |
Net cash used in investing activities | (1,678,575) | (1,562,590) |
Financing Activities | ||
Issuance of common stock upon exercise of options | 40 | 845 |
Cash dividends paid | (12,302) | (9,171) |
Tax withholdings on stock-based compensation | (5,302) | (18,089) |
Net change in unsecured revolving facilities | (75,000) | (349,000) |
Proceeds from debt financings | 1,217,384 | 1,656,395 |
Payments in reduction of debt financings | (293,736) | (526,984) |
Net change in restricted cash | (3,231) | 79,110 |
Debt issuance costs | (4,188) | (7,627) |
Security deposits and maintenance reserve receipts | 150,318 | 128,630 |
Security deposits and maintenance reserve disbursements | (45,063) | (22,194) |
Net cash provided by financing activities | 928,920 | 931,915 |
Net decrease in cash | (163,097) | (59,502) |
Cash and cash equivalents at beginning of period | 282,819 | 270,173 |
Cash and cash equivalents at end of period | 119,722 | 210,671 |
Supplemental Disclosure of Cash Flow Information | ||
Cash paid during the period for interest, including capitalized interest of $30,449 and $31,907 at September 30, 2015 and 2014, respectively | 199,745 | 149,466 |
Supplemental Disclosure of Noncash Activities | ||
Buyer furnished equipment, capitalized interest, deposits on flight equipment purchases and seller financing applied to acquisition of flight equipment and other assets applied to payments for deposits on flight equipment purchases | 766,616 | 583,776 |
Cash dividends declared, not yet paid | $ 4,103 | $ 3,072 |
CONSOLIDATED STATEMENTS OF CAS8
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Supplemental Disclosure of Cash Flow Information | ||
Cash paid for interest, capitalized interest | $ 30,449 | $ 31,907 |
Company Background and Overview
Company Background and Overview | 9 Months Ended |
Sep. 30, 2015 | |
Company Background and Overview | |
Company Background and Overview | Note 1. Company Background and Overview Air Lease Corporation, together with its subsidiaries (the “Company”, “ALC”, “we”, “our” or “us”), is a leading aircraft leasing company that was founded by aircraft leasing industry pioneer, Steven F. Udvar-Házy. We are principally engaged in purchasing new commercial jet transport aircraft directly from the manufacturers, such as The Boeing Company (“Boeing”) and Airbus S.A.S. (“Airbus”). We lease these aircraft to airlines throughout the world to generate attractive returns on equity. In addition to our leasing activities, we sell aircraft from our fleet to leasing companies, financial services companies and airlines. We also provide fleet management services to investors and owners of aircraft portfolios for a management fee. |
Basis of Preparation
Basis of Preparation | 9 Months Ended |
Sep. 30, 2015 | |
Basis of Preparation | |
Basis of Preparation | Note 2. Basis of Preparation The Company consolidates financial statements of all entities in which we have a controlling financial interest, including the accounts of any Variable Interest Entity in which we have a controlling financial interest and for which we are determined to be the primary beneficiary. All material intercompany balances are eliminated in consolidation. The accompanying Consolidated Financial Statements have been prepared in accordance with Generally Accepted Accounting Principles in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The accompanying unaudited consolidated financial statements include all adjustments, including only normal, recurring adjustments, necessary to present fairly the Company’s financial position, results of operations and cash flows at September 30, 2015, and for all periods presented. The results of operations for the three and nine months ended September 30, 2015 are not necessarily indicative of the operating results expected for the year ending December 31, 2015. These financial statements should be read in conjunction with the consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2014. |
Recently Issued Accounting Stan
Recently Issued Accounting Standards | 9 Months Ended |
Sep. 30, 2015 | |
Recently Issued Accounting Standards | |
Recently Issued Accounting Standards | Note 3. Recently Issued Accounting Standards In February 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2015-02 ("ASU 2015-02"), "Consolidation (Topic 810): Amendments to the Consolidation Analysis", that amends the guidelines for determining whether certain legal entities should be consolidated and reduces the number of consolidation models. This new standard will be effective for interim and annual periods beginning on January 1, 2016. Early adoption is permitted. We are currently evaluating the impact, if any, of the adoption of ASU 2015-02 on our consolidated financial statements . In April 2015, the FASB issued ASU No. 2015-03 ("ASU 2015-03"), "Interest-Imputation of Interest (Subtopic 835-30)", that amends the presentation for debt issuance costs. Upon adoption, such costs shall be presented on our Consolidated Balance Sheet as a direct deduction from the carrying amount of the related debt liability and not as a deferred charge presented in assets on our Consolidated Balance Sheet. This new standard will be effective for interim and annual periods beginning on January 1, 2016, and is required to be retrospectively adopted. Early adoption is permitted for financial statements that have not been previously issued. The Company early adopted ASU 2015-03 as of March 31, 2015. The Consolidated Balance Sheet as of December 31, 2014 has been adjusted to apply the change in accounting principle retrospectively. Debt issuance costs of $83.6 million previously reported as assets on the Consolidated Balance Sheet as of December 31, 2014 have been reclassified as a direct deduction from the carrying amount of the related debt liability. |
Debt Financing
Debt Financing | 9 Months Ended |
Sep. 30, 2015 | |
Debt Financing | |
Debt Financing | Note 4. Debt Financing The Company’s consolidated debt as of September 30, 2015 and December 31, 2014 are summarized below (in thousands): September 30, 2015 December 31, 2014 Unsecured Senior notes $ $ Revolving credit facilities Term financings Convertible senior notes Total unsecured debt financing Secured Term financings Warehouse facility Export credit financing Total secured debt financing Total debt financing Less: Debt discounts and issuance costs Debt financing, net of discounts and issuance costs $ $ The Company’s secured obligations as of September 30, 2015 and December 31, 2014 are summarized below (in thousands, except number of aircraft which are reflected in units): September 30, 2015 December 31, 2014 Nonrecourse $ $ Recourse Total secured debt financing $ $ Number of aircraft pledged as collateral Net book value of aircraft pledged as collateral $ $ Senior unsecured notes As of September 30, 2015 , the Company had $ 5.7 billion in senior unsecured notes outstanding. As of December 31, 2014 , the Company had $ 4.6 billion in senior unsecured notes outstanding. In August 2015, the Company issued $500.0 million in aggregate principal amount of senior unsecured notes due 2018 that bear interest at a rate of 2.625% . In January 2015, the Company issued $600.0 million in aggregate principal amount of senior unsecured notes due 2022 that bear interest at a rate of 3.75% . Unsecured revolving credit facilities In September 2015, the Company entered into an agreement to increase the capacity of its Syndicated Unsecured Revolving Facility by $90.0 million to $2.8 billion. In June 2015, the Company compl e ted an amendment to its Syndicated Unsecured Revolving Credit Facility that increased the borrowing capacity to $2.7 billion and extended the final maturity to May 5, 2019 for certain commitments under the facility. As a result of the transaction, lenders hold revolving commitments totaling $2.5 billion that mature on May 5, 2019, and lenders hold revolving commitments totaling $175.0 million that mature on May 5, 2018. The facility continues to accrue interest at a rate of LIBOR plus 1.25% on drawn balances and includes a 0.25% facility fee, subject to reductions based on improvements in the Company's credit ratings. The amendment also increased the uncommitted accordion feature of the facility, under which its aggregate principal amount can be increased up to $3.0 billion under certain circumstances. The total amount outstanding under our unsecured revolving credit facilities was $494.0 million and $ 569.0 million as of September 30, 2015 and December 31, 2014 , respectively. Unsecured term financings In March 2015, the Company entered into a $100.0 million one year unsecured term facility bearing interest at a rate of LIBOR plus 1.00% . The outstanding balance on our unsecured term facilities as of September 30, 2015 and December 31, 2014 was $286.3 million and $196.1 million, respectively. Warehouse facility As of September 30, 2015 , the Company had borrowed $374.6 million under the 2010 Warehouse Facility and pledged 14 aircraft as collateral with a net book value of $584.3 million. As of December 31, 2014 , the Company had borrowed $484.5 million under the 2010 Warehouse Facility and pledged 18 aircraft as collateral with a net book value of $729.5 million. Maturities Maturities of debt outstanding as of September 30, 2015 are as follows (in thousands): Years ending December 31, 2015 $ 2016 2017 2018 2019 Thereafter Total $ |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies | |
Commitments and Contingencies | Note 5. Commitments and Contingencies As of September 30, 2015 , the Company had commitments to acquire a total of 387 new aircraft scheduled to deliver through 2024. During the quarter ended September 30, 2015, the Company amended an existing definitive purchase agreement with Airbus S.A.S. (“Airbus”) to purchase two additional A350-900 aircraft . Deliveries of the aircraft are scheduled for 2017. During the quarter ended June 30, 2015 , the Company amended existing definitive purchase agreements with Airbus to purchase an additional A330-200 aircraft and two additional A320-200 aircraft. Deliveries of the aircraft are scheduled for 2016. During the quarter ended March 31, 2015 , the Company entered into definitive agreements with Airbus to purchase 57 aircraft which were previously subject to memorandums of understanding. We agreed to purchase 25 A330neo aircraft, 30 A321neo LR aircraft, an incremental A350 aircraft and an additional A321-200 aircraft. Deliveries of the aircraft are scheduled to commence in 2016 and continue through 2023. Scheduled deliveries of the 387 new aircraft the Company has committed to purchase are as follows: Aircraft Type 2015 2016 2017 2018 2019 Thereafter Total Airbus A320/A321-200 (1) — — — — — Airbus A320/321neo (2) — Airbus A330-200 — — — — — Airbus A330-800/900neo — — — Airbus A350-900 — — Boeing 737-800 — — — Boeing 737-8/9 MAX — — — Boeing 777-300ER — — — Boeing 787-9/10 — ATR 72-600 — — — Total (1) All of our Airbus A321-200 aircraft will be equipped with sharklets. (2) Our Airbus A320/321neo aircraft orders include 30 long-range variants. Commitments for the acquisition of these aircraft and other equipment at an estimated aggregate purchase price (including adjustments for inflation) of approximately $3 0 .7 billion at September 30, 2015 are as follows (in thousands): Years ending December 31, 2015 $ 2016 2017 2018 2019 Thereafter Total $ We have made non-refundable deposits on the aircraft for which we have commitments to purchase of $1.1 billion on each of September 30, 2015 and December 31, 2014 , which are subject to manufacturer performance commitments. If we are unable to satisfy our purchase commitments, we may forfeit our deposits. Further, we would be subject to breach of contract claims by our lessees and manufacturers. As of September 30, 2015 , the Company had a non-binding commitment to acquire up to five A350-1000 aircraft. Deliveries of these aircraft are scheduled to commence in 202 3 and continue through 202 4 . |
Net Earnings Per Share
Net Earnings Per Share | 9 Months Ended |
Sep. 30, 2015 | |
Net Earnings Per Share | |
Net Earnings Per Share | Note 6. Net Earnings Per Share Basic net earnings per share is computed by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock; however, potential common equivalent shares are excluded if the effect of including these shares would be anti-dilutive. The Company’s two classes of common stock, Class A and Class B Non-Voting, have equal rights to dividends and income, and therefore, basic and diluted earnings per share are the same for each class of common stock. As of September 30, 2015 , we did not have any Class B Non-Voting common stock outstanding. Diluted net earnings per share takes into account the potential conversion of stock options, restricted stock units, and warr ants using the treasury stock method and convertible notes using the if-converted method. The Company excluded 947,643 and 973,107 shares related to restricted stock units for which the performance metric had yet to be achieved as of September 30, 2015 and 2014 , respectively. The following table sets forth the reconciliation of basic and diluted net income per share (in thousands, except share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Basic net income per share: Numerator Net income $ $ $ $ Denominator Weighted-average common shares outstanding Basic net income per share $ $ $ $ Diluted net income per share: Numerator Net income $ $ $ $ Assumed conversion of convertible senior notes Net income plus assumed conversions $ $ $ $ Denominator Number of shares used in basic computation Weighted-average effect of dilutive securities Number of shares used in per share computation Diluted net income per share $ $ $ $ |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Measurements | |
Fair Value Measurements | Note 7 . Fair Value Measurements Assets and Liabilities Measured at Fair Value on a Recurring and Non-recurring Basis The Company had no assets or liabilities which are measured at fair value on a recurring or non-recurring basis as of September 30, 2015 or December 31, 2014 . Financial Instruments Not Measured at Fair Value The fair value of debt financing is estimated based on the quoted market prices for the same or similar issues, or on the current rates offered to the Company for debt of the same remaining maturities, which would be categorized as a Level 2 measurement in the fair value hierarchy. The estimated fair value of debt financing as of September 30, 2015 was $7.7 billion compared to a book value of $7.6 billion . The estimated fair value of debt financing as of December 31, 2014 was $7.0 billion compared to a book value of $6.7 billion . The following financial instruments are not measured at fair value on the Company’s consolidated balance sheet at September 30, 2015 , but require disclosure of their fair values: cash and cash equivalents and restricted cash. The estimated fair value of such instruments at September 30, 2015 approximates their carrying value as reported on the consolidated balance sheet. The fair value of all these instruments would be categorized as Level 1 of the fair value hierarchy. |
Stock-based Compensation
Stock-based Compensation | 9 Months Ended |
Sep. 30, 2015 | |
Stock-based Compensation | |
Stock-based Compensation | Note 8. Stock-based Compensation On May 7, 2014, the stockholders of the Company approved the Air Lease Corporation 2014 Equity Incentive Plan (the “2014 Plan”). Upon approval of the 2014 Plan, no new awards may be granted under the Amended and Restated 2010 Equity Incentive Plan (the “2010 Plan”). As of September 30, 2015 , the number of stock options (“Stock Options”) and restricted stock units (“RSUs”) authorized under the 2014 Plan is approximately 6,648,524 , which includes 1,648,524 shares which were previously reserved for issuance under the 2010 Plan. Stock Options are generally granted for a term of 10 years and generally vest over a three year period. The Company has issued RS Us with t hree different vesting criteria: those RSUs that vest based on the attainment of book value goals, those RSUs that vest based on the attainment of Total Shareholder Return (“TSR”) goals and time based RSUs that vest ratably over a time period of three years. The book value RSUs generally vest ratably over three years, if the performance condition has been met. Book value RSUs for which the performance metric has not been met are forfeited. The TSR RSUs vest at the end of a three year period. The number of TSR RSUs that will ultimately vest is based upon the percentile ranking of the Company’s TSR among a peer group. The number of shares that will ultimately vest will range from 0% to 200% of the RSUs initially granted depending on the extent to which the TSR metric is achieved. The Company recorded $ 4.6 million and $3.9 million of stock-based compensation expense for the three months ended September 30, 2015 and 2014 , respectively. Stock-based compensation expense for the nine months ended September 30, 2015 and 2014 totaled $12.4 million and $12.2 million, respectively. Stock Options A summary of stock option activity for the nine month period ended September 30, 2015 follows : Remaining Aggregate Exercise Contractual Term Intrinsic Value Shares Price (in years) (in thousands)(1) Balance at December 31, 2014 $ $ Granted — $ — — $ — Exercised $ — $ Forfeited/canceled — $ — — $ — Balance at September 30, 2015 $ $ Vested and exercisable as of September 30, 2015 $ $ (1) The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the closing stock price of our Class A common stock as of the respective date. The Company’s outstanding stock options fully vested on June 30, 2013 and there were no unrecognized compensation costs related to outstanding stock options as of September 30, 2015 . As a result, there was no stock-based compensation expense related to Stock Options for the three and nine months ended September 30, 2015 and 2014 . The following table summarizes additional information regarding exercisable and vested stock options at September 30, 2015 : Stock options exercisable and vested Weighted- Average Number of Remaining Life Range of exercise prices Shares (in years) $20.00 $28.80 $20.00 - $28.80 Restricted Stock Units Compensation cost for stock awards is measured at the grant date based on fair value and recognized over the vesting period. The fair value of book value and time based RSUs is determined based on the closing market price of the Company’s Class A common stock on the date of grant, while the fair value of TSR RSUs is determined at the grant date using a Monte Carlo simulation model. Included in the Monte Carlo simulation model were certain assumptions regarding a number of highly complex and subjective variables, such as expected volatility, risk free interest rate and expected dividends. To appropriately value the award, the risk-free interest rate is estimated for the time period from the valuation date until the vesting date and the historical volatilities were estimated based on a historical timeframe equal to the time from the valuation date until the end date of the performance period. During the nine months ended September 30, 2015 , the Company granted 427,194 RSUs of which 181,350 are TSR RSUs . The following table summarizes the activities for our unvested RSUs for the nine months ended September 30, 2015 : Unvested Restricted Stock Units Weighted-Average Grant-Date Number of Shares Fair Value Unvested at December 31, 2014 $ Granted $ Vested $ Forfeited/canceled $ Unvested at September 30, 2015 $ Expected to vest after September 30, 2015 (1) $ (1) RSUs expected to vest reflect an estimated forfeiture rate. The Company recorded $4.6 million and $ 3.9 million of stock-based compensation expense related to RSUs for the three months ended September 30, 2015 and 2014 , respectively. The Company recorded $12.4 million and $12.2 million of stock-based compensation expense related to RSUs for the nine months ended September 30, 2015 and 2014 , respectively. As of September 30, 2015 , there was $23.6 million of unrecognized compensation cost, adjusted for estimated forfeitures, related to unvested RSUs granted to employees. Total unrecognized compensation cost will be adjusted for future changes in estimated forfeitures and is expected to be recognized over a weighted-average remaining period of 1.8 years. |
Investments
Investments | 9 Months Ended |
Sep. 30, 2015 | |
Investments | |
Investments | Note 9. Investments On November 4, 2014, a wholly owned subsidiary of the Company entered into an agreement with a co-investment vehicle arranged by Napier Park to participate in a joint venture formed as a Delaware limited liability company—Blackbird Capital I, LLC (‘‘Blackbird’’) for the purpose of investing in commercial aircraft and leasing them to airlines around the globe. We provide management services to the joint venture for a fee based upon aircraft assets under management. The Company’s non-controlling interest in Blackbird is 9.5% and it is accounted for as an investment under the equity method of accounting. During the nine months ended September 30, 2015 , the Company recognized $2.1 million of gains on the sale of aircraft to Blackbird. As of September 30, 2015 and December 31, 2014 , the amounts due from Blackbird to the Company were $670,000 and $454,000 , respectively. The Company's investment in Blackbird was $16.1 million and $10.1 million as of September 30, 2015 and December 31, 2014 , respectively. |
Flight Equipment Held for Sale
Flight Equipment Held for Sale | 9 Months Ended |
Sep. 30, 2015 | |
Flight Equipment Held for Sale | |
Flight Equipment Held for Sale | Note 10. Flight Equipment Held for Sale Management evaluates all contemplated aircraft sale transactions to determine whether all the required criteria have been met under GAAP to classify aircraft as flight equipment held for sale. Management uses judgment in evaluating these criteria. Due to the significant uncertainties of potential sale transactions, the held for sale criteria generally will not be met unless the aircraft is subject to a signed sale agreement, or management has made a specific determination and obtained appropriate approvals to sell a particular aircraft or group of aircraft. Aircraft classified as flight equipment held for sale are recognized at the lower of their carrying amount or estimated fair value less estimated costs to sell and are included in other assets on the Consolidated Balance Sheet. At the time aircraft are sold, or classified as flight equipment held for sale, the cost and accumulated depreciation are removed from the related accounts and depreciation expense is no longer recognized. As of September 30, 2015 and December 31, 2014, we did not have any aircraft classified as flight equipment held for sale. |
Litigation
Litigation | 9 Months Ended |
Sep. 30, 2015 | |
Litigation | |
Litigation | Note 1 1 . Litigation On April 24, 2012, the Company was named as a defendant in a complaint filed in Superior Court of the State of California for the County of Los Angeles by American International Group, Inc. (“AIG”) and International Lease Finance Corporation (“ILFC”) (the “AIG/ILFC Complaint”). The complaint also named as defendants certain executive officers and employees of the Company. AIG withdrew as a plaintiff on all but one cause of action that was not asserted against the Company. Among other things, the complaint, as amended, alleged breach of fiduciary duty, misappropriation of trade secrets, the wrongful recruitment of ILFC employees, and the wrongful diversion of potential ILFC leasing opportunities. The complaint sought an unspecified amount of damages and injunctive relief. On August 15, 2013, the Company filed a cross-complaint against ILFC and AIG (the “Cross-Complaint”). The Cross-Complaint, as amended, alleged breach of contract for the sale of goods in connection with an agreement entered into by AIG, acting on behalf of ILFC, in January 2010 to sell 25 aircraft to the entity that became Air Lease Corporation. The Cross-Complaint sought compensatory damages in excess of $500 million. The matters set forth in the AIG/ILFC Complaint and the Cross-Complaint are collectively referred to as the “litigation ” . On April 22, 2015, the Company and certain executive officers and employees of the Company entered into a settlement agreement and release (the “Settlement Agreement”) with AIG, ILFC, and ILFC’s parent, AerCap Holdings N.V., to settle all ongoing litigation. Pursuant to the terms of the Settlement Agreement, (i) all claims and counterclaims asserted in the litigation will be dismissed with prejudice, (ii) each of the parties to the litigation will receive full releases of all claims and counterclaims asserted in the litigation, and (iii) the Company will pay AIG the sum of $36.0 million no later than June 30, 2015, and will pay an additional sum of $36.0 million n o later than September 30, 2015 . As of September 30, 2015, all amounts related to the settlement have been paid by the Company. The Company recorded settlement expense of $72.0 million on the Consolidated Statement of Income for the nine months ended September 30, 2015. The parties to the Settlement Agreement agreed that the settlement was intended solely as a compromise of disputed claims, and that no party admits any wrongdoing or liability with respect to any matter alleged in the litigation. On April 24, 2015, the parties filed a request for dismissal which was entered on April 29, 2015. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2015 | |
Subsequent Events | |
Subsequent Events | Note 1 2 . Subsequent Events On November 4 , 2015, our board of directors approved a quarterly cash dividend of $0.0 5 per share on our outstanding common stock , representing a $0.0 1 per share increase from our previous quarterly cash dividend. The dividend will be paid on January 6 , 201 6 to holders of record of our common stock on December 14 , 2015. |
Debt Financing (Tables)
Debt Financing (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Debt Financing | |
Summary of consolidated debt | The Company’s consolidated debt as of September 30, 2015 and December 31, 2014 are summarized below (in thousands): September 30, 2015 December 31, 2014 Unsecured Senior notes $ $ Revolving credit facilities Term financings Convertible senior notes Total unsecured debt financing Secured Term financings Warehouse facility Export credit financing Total secured debt financing Total debt financing Less: Debt discounts and issuance costs Debt financing, net of discounts and issuance costs $ $ |
Schedule of secured obligations | The Company’s secured obligations as of September 30, 2015 and December 31, 2014 are summarized below (in thousands, except number of aircraft which are reflected in units): September 30, 2015 December 31, 2014 Nonrecourse $ $ Recourse Total secured debt financing $ $ Number of aircraft pledged as collateral Net book value of aircraft pledged as collateral $ $ |
Schedule of maturities of debt outstanding | Maturities of debt outstanding as of September 30, 2015 are as follows (in thousands): Years ending December 31, 2015 $ 2016 2017 2018 2019 Thereafter Total $ |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies | |
Schedule of commitments to acquire aircraft | Aircraft Type 2015 2016 2017 2018 2019 Thereafter Total Airbus A320/A321-200 (1) — — — — — Airbus A320/321neo (2) — Airbus A330-200 — — — — — Airbus A330-800/900neo — — — Airbus A350-900 — — Boeing 737-800 — — — Boeing 737-8/9 MAX — — — Boeing 777-300ER — — — Boeing 787-9/10 — ATR 72-600 — — — Total (1) All of our Airbus A321-200 aircraft will be equipped with sharklets. (2) Our Airbus A320/321neo aircraft orders include 30 long-range variants. |
Schedule of commitments for the acquisition of aircraft and other equipment at an estimated aggregate purchase price | Commitments for the acquisition of these aircraft and other equipment at an estimated aggregate purchase price (including adjustments for inflation) of approximately $3 0 .7 billion at September 30, 2015 are as follows (in thousands): Years ending December 31, 2015 $ 2016 2017 2018 2019 Thereafter Total $ |
Net Earnings Per Share (Tables)
Net Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Net Earnings Per Share | |
Schedule of reconciliation of basic and diluted net income per share | The following table sets forth the reconciliation of basic and diluted net income per share (in thousands, except share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Basic net income per share: Numerator Net income $ $ $ $ Denominator Weighted-average common shares outstanding Basic net income per share $ $ $ $ Diluted net income per share: Numerator Net income $ $ $ $ Assumed conversion of convertible senior notes Net income plus assumed conversions $ $ $ $ Denominator Number of shares used in basic computation Weighted-average effect of dilutive securities Number of shares used in per share computation Diluted net income per share $ $ $ $ |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Stock-based Compensation | |
Summary of stock option activity | Remaining Aggregate Exercise Contractual Term Intrinsic Value Shares Price (in years) (in thousands)(1) Balance at December 31, 2014 $ $ Granted — $ — — $ — Exercised $ — $ Forfeited/canceled — $ — — $ — Balance at September 30, 2015 $ $ Vested and exercisable as of September 30, 2015 $ $ The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the closing stock price of our Class A common stock as of the respective date. |
Summary of additional information regarding exercisable and vested stock options | The following table summarizes additional information regarding exercisable and vested stock options at September 30, 2015 : Stock options exercisable and vested Weighted- Average Number of Remaining Life Range of exercise prices Shares (in years) $20.00 $28.80 $20.00 - $28.80 |
Summary of activities for unvested RSUs | Unvested Restricted Stock Units Weighted-Average Grant-Date Number of Shares Fair Value Unvested at December 31, 2014 $ Granted $ Vested $ Forfeited/canceled $ Unvested at September 30, 2015 $ Expected to vest after September 30, 2015 (1) $ (1) RSUs expected to vest reflect an estimated forfeiture rate. |
Recently Issued Accounting St25
Recently Issued Accounting Standards (Details) $ in Millions | Dec. 31, 2014USD ($) |
New Accounting Pronouncement, Effect of Early Adoption | Accounting Standards Update 2015-03: Simplifying the Presentation of Debt Issuance Costs | |
Recently Issued Accounting Standards | |
Deferred financing costs | $ 83.6 |
Debt Financing (Details)
Debt Financing (Details) | 1 Months Ended | |||||
Sep. 30, 2015USD ($)aircraft | Mar. 31, 2015USD ($) | Aug. 31, 2015USD ($) | Jun. 30, 2015USD ($) | Jan. 31, 2015USD ($) | Dec. 31, 2014USD ($)aircraft | |
Debt financing | ||||||
Total debt financing | $ 7,591,653,000 | $ 6,730,148,000 | ||||
Less: Debt discounts and issuance costs | (93,413,000) | (99,390,000) | ||||
Debt financing, net of discounts and issuance costs | 7,498,240,000 | 6,630,758,000 | ||||
Unsecured Debt | ||||||
Debt financing | ||||||
Total debt financing | 6,658,045,000 | 5,544,340,000 | ||||
Senior Notes | ||||||
Debt financing | ||||||
Total debt financing | 5,677,769,000 | 4,579,194,000 | ||||
Senior Unsecured Notes 2.625 Percent Due 2018 [Member] | ||||||
Secured Obligations | ||||||
Amount issued | $ 500,000,000 | |||||
Interest rate (as a percent) | 2.625% | |||||
Senior Unsecured Notes 3.75 Percent Due 2022 | ||||||
Secured Obligations | ||||||
Amount issued | $ 600,000,000 | |||||
Interest rate (as a percent) | 3.75% | |||||
Revolving Credit Facilities | ||||||
Debt financing | ||||||
Total debt financing | 494,000,000 | 569,000,000 | ||||
Unsecured Revolving Credit Facility | ||||||
Secured Obligations | ||||||
Increase in aggregate principal amount of facility | 90,000,000 | |||||
Maximum borrowing capacity | $ 2,800,000,000 | $ 2,700,000,000 | ||||
Facility fee | 0.25% | |||||
Maximum additional principal amount under accordian feature | $ 3,000,000,000 | |||||
Unsecured Revolving Credit Facility | LIBOR | ||||||
Secured Obligations | ||||||
Interest margin (as a percent) | 1.25% | |||||
Unsecured Revolving Credit Facility Maturing on May 5, 2019 | ||||||
Secured Obligations | ||||||
Commitments | $ 2,500,000,000 | |||||
Unsecured Revolving Credit Facility Maturing on May 5, 2018 | ||||||
Secured Obligations | ||||||
Commitments | 175,000,000 | |||||
Unsecured Term Financings | ||||||
Debt financing | ||||||
Total debt financing | 286,276,000 | 196,146,000 | ||||
Secured Obligations | ||||||
Amount issued | $ 100,000,000 | |||||
Term of debt | 1 year | |||||
Unsecured Term Financings | LIBOR | ||||||
Secured Obligations | ||||||
Interest margin (as a percent) | 1.00% | |||||
Convertible Senior Notes | ||||||
Debt financing | ||||||
Total debt financing | 200,000,000 | 200,000,000 | ||||
Secured Debt | ||||||
Debt financing | ||||||
Total debt financing | 933,608,000 | 1,185,808,000 | ||||
Secured Obligations | ||||||
Nonrecourse | 374,595,000 | 484,513,000 | ||||
Recourse | 559,013,000 | 701,295,000 | ||||
Total secured debt financing | $ 933,608,000 | $ 1,185,808,000 | ||||
Number of aircraft pledged as collateral | aircraft | 31 | 38 | ||||
Net book value of aircraft pledged as collateral | $ 1,608,229,000 | $ 1,935,711,000 | ||||
Secured Term Financings | ||||||
Debt financing | ||||||
Total debt financing | 499,120,000 | 636,411,000 | ||||
Warehouse Facility | ||||||
Debt financing | ||||||
Total debt financing | $ 374,595,000 | $ 484,513,000 | ||||
Warehouse Facility 2010 | ||||||
Secured Obligations | ||||||
Number of aircraft pledged as collateral | aircraft | 14 | 18 | ||||
Net book value of aircraft pledged as collateral | $ 584,300,000 | $ 729,500,000 | ||||
Export Credit Financing | ||||||
Debt financing | ||||||
Total debt financing | $ 59,893,000 | $ 64,884,000 |
Debt Financing (Details)27
Debt Financing (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Maturities | ||
2,015 | $ 32,330 | |
2,016 | 952,472 | |
2,017 | 1,385,110 | |
2,018 | 1,495,613 | |
2,019 | 1,579,406 | |
Thereafter | 2,146,722 | |
Total | $ 7,591,653 | $ 6,730,148 |
Commitments and Contingencies28
Commitments and Contingencies (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2015item | Sep. 30, 2015USD ($)aircraft | Sep. 30, 2015USD ($)itemaircraft | Dec. 31, 2014USD ($) | |
Aircraft Acquisition | ||||
Number of new aircraft | aircraft | 387 | |||
Commitments to acquire aircraft | ||||
2,015 | 6 | |||
2,016 | 37 | |||
2,017 | 28 | |||
2,018 | 39 | |||
2,019 | 59 | |||
Thereafter | 218 | |||
Total | 387 | |||
Commitments for the acquisition of the aircraft and other equipment | ||||
2015 | $ | $ 461,251 | $ 461,251 | ||
2016 | $ | 2,547,478 | 2,547,478 | ||
2017 | $ | 2,180,510 | 2,180,510 | ||
2018 | $ | 3,491,196 | 3,491,196 | ||
2019 | $ | 4,603,825 | 4,603,825 | ||
Thereafter | $ | 17,402,518 | 17,402,518 | ||
Total | $ | 30,686,778 | 30,686,778 | ||
Deposits on flight equipment purchases | $ | $ 1,084,075 | $ 1,084,075 | $ 1,144,603 | |
Aircrafts | Airbus | ||||
Commitments to acquire aircraft | ||||
Total | 57 | |||
Airbus A320/321-200 | ||||
Commitments to acquire aircraft | ||||
2,016 | 3 | |||
Total | 3 | |||
Airbus A320/321neo | ||||
Commitments to acquire aircraft | ||||
2,016 | 3 | |||
2,017 | 12 | |||
2,018 | 17 | |||
2,019 | 27 | |||
Thereafter | 81 | |||
Total | 140 | |||
Number of long-range variants | 30 | |||
Airbus A321neo LR | Airbus | ||||
Commitments to acquire aircraft | ||||
Total | 30 | |||
Airbus A320-200 | Airbus | ||||
Aircraft Acquisition | ||||
Number of new aircraft | aircraft | 2 | |||
Airbus A330-300 | ||||
Commitments to acquire aircraft | ||||
2,016 | 1 | |||
Total | 1 | |||
Airbus A330-800/900neo | ||||
Commitments to acquire aircraft | ||||
2,018 | 5 | |||
2,019 | 5 | |||
Thereafter | 15 | |||
Total | 25 | |||
Airbus A350-900/1000 | ||||
Commitments to acquire aircraft | ||||
2,017 | 2 | |||
2,018 | 2 | |||
2,019 | 2 | |||
Thereafter | 17 | |||
Total | 23 | |||
Airbus A350-1000 | Maximum | ||||
Commitments for the acquisition of the aircraft and other equipment | ||||
Aircraft to be acquired under non-binding commitment | aircraft | 5 | |||
Boeing 737-800 | ||||
Commitments to acquire aircraft | ||||
2,015 | 3 | |||
2,016 | 16 | |||
2,017 | 10 | |||
Total | 29 | |||
Boeing 737-8/9 MAX | ||||
Commitments to acquire aircraft | ||||
2,018 | 8 | |||
2,019 | 18 | |||
Thereafter | 78 | |||
Total | 104 | |||
Boeing 777-300ER | ||||
Commitments to acquire aircraft | ||||
2,015 | 2 | |||
2,016 | 6 | |||
2,017 | 2 | |||
Total | 10 | |||
Boeing 787-9/10 | ||||
Commitments to acquire aircraft | ||||
2,016 | 3 | |||
2,017 | 1 | |||
2,018 | 7 | |||
2,019 | 7 | |||
Thereafter | 27 | |||
Total | 45 | |||
ATR 42/72-600 | ||||
Commitments to acquire aircraft | ||||
2,015 | 1 | |||
2,016 | 5 | |||
2,017 | 1 | |||
Total | 7 | |||
A330neo | Airbus | ||||
Commitments to acquire aircraft | ||||
Total | 25 |
Net Earnings Per Share (Details
Net Earnings Per Share (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015USD ($)$ / sharesshares | Sep. 30, 2014USD ($)$ / sharesshares | Sep. 30, 2015USD ($)item$ / sharesshares | Sep. 30, 2014USD ($)$ / sharesshares | |
Numerator | ||||
Net income | $ | $ 77,042 | $ 62,433 | $ 172,492 | $ 185,867 |
Denominator | ||||
Weighted-average common shares outstanding | 102,580,955 | 102,383,319 | 102,536,326 | 102,060,364 |
Basic net income per share (in dollars per share) | $ / shares | $ 0.75 | $ 0.61 | $ 1.68 | $ 1.82 |
Numerator | ||||
Net income | $ | $ 77,042 | $ 62,433 | $ 172,492 | $ 185,867 |
Assumed conversion of convertible senior notes | $ | 1,463 | 1,465 | 4,341 | 4,346 |
Net income plus assumed conversions | $ | $ 78,505 | $ 63,898 | $ 176,833 | $ 190,213 |
Denominator | ||||
Weighted-average common shares outstanding | 102,580,955 | 102,383,319 | 102,536,326 | 102,060,364 |
Weighted-average effect of dilutive securities (in shares) | 8,043,005 | 8,073,851 | 8,098,956 | 7,936,795 |
Number of shares used in per share computation | 110,623,960 | 110,457,170 | 110,635,282 | 109,997,159 |
Diluted net income per share (in dollars per share) | $ / shares | $ 0.71 | $ 0.58 | $ 1.60 | $ 1.73 |
Number of classes of common stock | item | 2 | |||
Restricted Stock Units | ||||
Anti-dilutive securities | ||||
Anti-dilutive securities excluded from the computation of diluted earnings per share (in shares) | 947,643 | 973,107 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Recurring basis | ||
Fair Value Measurements | ||
Assets | $ 0 | $ 0 |
Liabilities | 0 | 0 |
Non-recurring basis | ||
Fair Value Measurements | ||
Assets | 0 | 0 |
Liabilities | $ 0 | $ 0 |
Fair Value Measurements (Deta31
Fair Value Measurements (Details) - USD ($) $ in Billions | Sep. 30, 2015 | Dec. 31, 2014 |
Book Value | ||
Financial Instruments Not Measured at Fair Value | ||
Debt financing | $ 7.6 | $ 6.7 |
Level 2 | ||
Financial Instruments Not Measured at Fair Value | ||
Debt financing | $ 7.7 | $ 7 |
Stock-based Compensation (Detai
Stock-based Compensation (Details) $ / shares in Units, $ in Thousands | May. 07, 2014shares | Sep. 30, 2015USD ($)$ / sharesshares | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)item$ / sharesshares | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($)$ / sharesshares |
Stock-based Compensation | ||||||
Stock-based compensation expense | $ 4,600 | $ 3,900 | $ 12,400 | $ 12,200 | ||
Equity Incentive Plan 2010 | ||||||
Stock-based Compensation | ||||||
Shares included in the authorized shares which was previously reserved for issuance | shares | 1,648,524 | 1,648,524 | ||||
Shares | ||||||
Granted (in shares) | shares | 0 | |||||
Equity Incentive Plan 2014 | ||||||
Stock-based Compensation | ||||||
Number of shares authorized | shares | 6,648,524 | 6,648,524 | ||||
Employee and Directors Stock Options | ||||||
Stock-based Compensation | ||||||
Term of award | 10 years | |||||
Vesting period | 3 years | |||||
Stock-based compensation expense | $ 0 | 0 | $ 0 | 0 | ||
Unrecognized compensation cost | $ 0 | $ 0 | ||||
Shares | ||||||
Balance at the beginning of the period (in shares) | shares | 3,312,158 | |||||
Exercised (in shares) | shares | (2,000) | |||||
Balance at the end of the period (in shares) | shares | 3,310,158 | 3,310,158 | 3,312,158 | |||
Vested and exercisable at the end of the period (in shares) | shares | 3,310,158 | 3,310,158 | ||||
Exercise Price | ||||||
Balance at the beginning of the period (in dollars per share) | $ / shares | $ 20.40 | |||||
Exercised (in dollars per share) | $ / shares | 20 | |||||
Balance at the end of the period (in dollars per share) | $ / shares | $ 20.40 | 20.40 | $ 20.40 | |||
Vested and exercisable at the end of the period (in dollars per share) | $ / shares | $ 20.40 | $ 20.40 | ||||
Remaining Contractual Term | ||||||
End of Period | 4 years 9 months | 5 years 5 months 27 days | ||||
Vested and exercisable at the end of the period | 4 years 9 months | |||||
Aggregate Intrinsic Value | ||||||
Balance at the beginning of the period | $ 46,077 | |||||
Exercised | 35 | |||||
Balance at the end of the period | $ 34,827 | 34,827 | $ 46,077 | |||
Vested and exercisable at the end of the period | 34,827 | $ 34,827 | ||||
Restricted Stock Units | ||||||
Stock-based Compensation | ||||||
Vesting period | 3 years | |||||
Number of different vesting criteria | item | 3 | |||||
Stock-based compensation expense | 4,600 | $ 3,900 | $ 12,400 | $ 12,200 | ||
Unrecognized compensation cost | $ 23,600 | $ 23,600 | ||||
Restricted Stock With Book Value Conditions | ||||||
Stock-based Compensation | ||||||
Vesting period | 3 years | |||||
Restricted Stock With Total Shareholder Return Conditions | ||||||
Stock-based Compensation | ||||||
Vesting period | 3 years | |||||
Restricted Stock With Total Shareholder Return Conditions | Minimum | ||||||
Stock-based Compensation | ||||||
Percentage of shares vested | 0.00% | |||||
Restricted Stock With Total Shareholder Return Conditions | Maximum | ||||||
Stock-based Compensation | ||||||
Percentage of shares vested | 200.00% |
Stock-based Compensation (Det33
Stock-based Compensation (Details) | 9 Months Ended |
Sep. 30, 2015$ / sharesshares | |
Stock options exercisable and vested | |
Number of Shares | 3,310,158 |
Weighted-Average Remaining Life | 4 years 9 months |
$ 20 | |
Stock options exercisable and vested by exercise price range | |
Exercise price (in dollars per share) | $ / shares | $ 20 |
Stock options exercisable and vested | |
Number of Shares | 3,160,158 |
Weighted-Average Remaining Life | 4 years 8 months 16 days |
$ 28.80 | |
Stock options exercisable and vested by exercise price range | |
Exercise price (in dollars per share) | $ / shares | $ 28.80 |
Stock options exercisable and vested | |
Number of Shares | 150,000 |
Weighted-Average Remaining Life | 5 years 6 months 26 days |
Stock-based Compensation (Det34
Stock-based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Stock-based compensation expense | ||||
Stock-based compensation expense | $ 4.6 | $ 3.9 | $ 12.4 | $ 12.2 |
Restricted Stock Units | ||||
Unvested Restricted Stock Units, Number of Shares | ||||
Unvested at the beginning of the period (in shares) | 969,225 | |||
Granted (in shares) | 427,194 | |||
Vested (in shares) | (315,315) | |||
Forfeited/canceled (in shares) | (87,461) | |||
Unvested at the end of the period (in shares) | 993,643 | 993,643 | ||
Expected to vest after the end of the period (in shares) | 981,243 | 981,243 | ||
Unvested Restricted Stock Units, Weighted-Average Grant-Date Fair Value | ||||
Unvested at the beginning of the period (in dollars per share) | $ 33.51 | |||
Granted (in dollars per share) | 44.95 | |||
Vested (in dollars per share) | 27.98 | |||
Forfeited/canceled (in dollars per share) | 25.46 | |||
Unvested at the end of the period (in dollars per share) | $ 41.62 | 41.62 | ||
Expected to vest after the end of the period (in dollars per share) | $ 41.62 | $ 41.62 | ||
Stock-based compensation expense | ||||
Stock-based compensation expense | $ 4.6 | $ 3.9 | $ 12.4 | $ 12.2 |
Unrecognized compensation cost | $ 23.6 | $ 23.6 | ||
Weighted-average period of recognition of unrecognized stock-based compensation cost | 1 year 9 months 18 days | |||
Restricted Stock With Total Shareholder Return Conditions | ||||
Unvested Restricted Stock Units, Number of Shares | ||||
Granted (in shares) | 181,350 |
Investments (Details)
Investments (Details) - USD ($) | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | Nov. 04, 2014 | |
Investments | ||||
Gain on sale of aircraft | $ 29,061,000 | $ 37,075,000 | ||
Blackbird | ||||
Investments | ||||
Percentage of equity ownership | 9.50% | |||
Gain on sale of aircraft | 2,100,000 | |||
Due from affiliate | 670,000 | $ 454,000 | ||
Equity method investment | $ 16,100,000 | $ 10,100,000 |
Flight Equipment Held for Sale
Flight Equipment Held for Sale (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Flight Equipment Held for Sale | ||
Gain on sale of aircraft | $ 29,061 | $ 37,075 |
Litigation (Details)
Litigation (Details) | Apr. 24, 2012item |
Litigation | |
Number of cause of action not asserted against the Company | 1 |
Litigation (Details)38
Litigation (Details) - Breach Of Contract For Sale Of Goods $ in Millions | Aug. 15, 2013USD ($) | Jan. 31, 2010aircraft |
Litigation | ||
Number of aircraft to be sold by ILFC under the agreement | 25 | |
Minimum compensatory damages sought under Cross-Complaint | $ | $ 500 |
Litigation (Details)39
Litigation (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Apr. 22, 2015 | |
Litigation | ||
Settlement expense | $ 72,000 | |
Litigation Settlement | ||
Litigation | ||
Loss contingency accrual to be paid in second quarter | $ 36,000 | |
Loss contingency accrual to be paid in third quarter | $ 36,000 | |
Settlement expense | $ 72,000 |
Subsequent Events (Details)
Subsequent Events (Details) - $ / shares | Nov. 04, 2015 | Sep. 30, 2015 |
Subsequent Events | ||
Quarterly cash dividends on common stock | $ 0.12 | |
Subsequent Events. | Dividend Declared | ||
Subsequent Events | ||
Quarterly cash dividends on common stock | $ 0.05 | |
Increase in common stock dividends | $ 0.01 |