STAMFORD, Conn., May 3, 2012 /PRNewswire/ -- Aircastle Limited
(the "Company" or "Aircastle") (NYSE: AYR) reported first quarter
2012 net income of $32.6 million, or
$0.45 per diluted common share, and
adjusted net income of $32.4 million,
or $0.45 per diluted common
share. The first quarter results included lease rental
revenues of $152.2 million versus
$141.1 million in the first quarter
of 2011.
Commenting on the results, Ron
Wainshal, Aircastle's CEO, stated: "Our first quarter
financial results reflect the earnings power of $1 billion in investments we made last year as
well as strong portfolio performance. We see an
increasingly attractive investment environment in 2012 and have
been able to close or secure $400
million in acquisitions to date and believe these will
further enhance our profitability. Moreover, our new
investment pipeline is robust."
Wainshal added, "Aircastle also recently completed the sale of
$800 million of unsecured
notes. This financing strengthened the Company's capital
structure, extending our debt maturity schedule and freeing up cash
flow for high return investments, while also providing additional
growth capital. With no major capital commitments, our
unrestricted cash coupled with solid cash flow positions us well to
continue to execute our disciplined business plan and create value
for our shareholders."
(1) Refer to Supplemental Financial Information
accompanying this press release for a reconciliation of GAAP to
non-GAAP numbers.
First Quarter Results
Lease rental revenues for the first quarter were $152.2 million, up $11.1
million or 8% year over year, due primarily to the impact of
aircraft acquisitions of $26.1
million, partially offset by lower revenues from aircraft
sold of $9.0 million and lease
extensions, transitions and terminations of $6.0 million.
Total revenues for the first quarter were $164.9 million, an increase of $7.0 million, or 4% versus the previous year, and
reflects $11.1 million of higher
lease rental revenues and $1.5
million of lower amortization of net lease discounts
resulting from lower than expected incentives paid out to our
lessees. These increases were partially offset by lower
maintenance revenues of $4.2 million,
reflecting higher revenues from unscheduled transitions in the
first quarter of 2011 of $13.0
million versus $9.9 million in
the current period.
EBITDA for the first quarter was $150.6
million, down $3.6 million or
2% from the first quarter of 2011, as higher lease rental revenues
of $11.1 million were offset by lower
maintenance and other revenues totaling $5.6
million, and lower gains from the sale of aircraft of
$9.5 million.
Net income for the first quarter was $32.6 million, down $10.1
million, or 24% as the $7.0
million increase in total revenues was offset by higher
depreciation of $4.9 million, higher
interest, net of $3.4 million and
lower gains on the sale of flight equipment of $9.5 million.
Adjusted net income for the quarter was $32.4 million, down $12.1
million year over year, and reflects higher total revenues
of $7.0 million offset by higher
depreciation of $4.9 million, higher
adjusted interest expense of $4.4
million and lower gains on sale of flight equipment of
$9.5 million.
Aviation Assets
Thus far in 2012, we acquired three aircraft including the last
aircraft from our A330 program which we purchased in early April
and placed on lease with Virgin Australia. In addition, we
recently entered into commitments to acquire five additional
aircraft, which we expect to close during the second and third
quarters of 2012.
As of March 31, 2012, Aircastle
owned 145 aircraft having a net book value of $4.4 billion.
|
Owned
Aircraft
as
of
March
31,
2012(A)
|
120
Passenger Aircraft
|
69%
|
25
Freighter Aircraft
|
31%
|
Number of
Lessees
|
65
|
Number of
Countries
|
34
|
Weighted
Average Remaining Lease Term (years)(B)
|
4.7
|
Weighted
Average Fleet Utilization during the three months ended March 31,
2012(C)
|
99%
|
|
|
Portfolio
Yield for the First Quarter 2012(D)
|
14%
|
|
|
(A) Percentages calculated using
net book value as of March 31, 2012.
|
(B) Weighted average remaining
lease term (years) by net book value.
|
(C) Aircraft on-lease days as
a percent of total days in period weighted by net book value,
excluding aircraft in freighter conversion.
|
(D) Lease rental revenue for the
period as a percent of average net book value of flight equipment
held for lease for the period; quarterly information is
annualized.
|
Financing Update
In April 2012, we closed an
$800 million unsecured notes
offering, consisting of $500 million
of 6.75% senior notes due 2017 and $300
million of 7.625% senior notes due in 2020, both of which
were issued at par. Aircastle used the net proceeds from the
offering to repay outstanding indebtedness under its Term Financing
No. 1, with the balance used for general corporate purposes,
including the purchase of aviation assets.
Also in April, we delivered a new Airbus A330-200 aircraft on
long-term lease to Virgin Australia Airlines, one of Australia's leading carriers. Debt
financing for this purchase was arranged and provided by The Bank
of Tokyo – Mitsubishi UFJ, Ltd.
(BTMU) and supported by a guarantee from Compagnie Francaise
d'Assurance pour le Commerce Exterieur (COFACE), the French export
credit agency. This debt bears interest at a fixed rate of 3.81%
per annum and will be repaid over twelve years.
Common Dividend
On May 2, 2012, Aircastle's Board
of Directors declared a second quarter 2012 cash dividend on its
common shares of $0.15 per share,
payable on June 15, 2012 to
shareholders of record on May 31,
2012.
Conference Call
In connection with this earnings release, management will host
an earnings conference call on Thursday, May
3, 2012 at 10:00 A.M. Eastern
time. All interested parties are welcome to
participate on the live call. The conference call can be
accessed by dialing (888) 487-0361 (from within the U.S. and
Canada) or (719) 325-2122 (from
outside of the U.S. and Canada)
ten minutes prior to the scheduled start and referencing the
"Aircastle First Quarter Earnings Call."
A simultaneous webcast of the conference call will be available
to the public on a listen-only basis at www.aircastle.com.
Please allow extra time prior to the call to visit the site and
download the necessary software required to listen to the internet
broadcast. A replay of the webcast will be available for
three months following the call. In addition to this earnings
release an accompanying power point presentation has been posted to
the Investor Relations section of Aircastle's website.
For those who are not available to listen to the live call, a
replay will be available until 11:59 P.M.
Eastern time on Thursday, May 31,
2012 by dialing (888) 203-1112 (from within the U.S. and
Canada) or (719) 457-0820 (from
outside of the U.S. and Canada);
please reference passcode "4711325."
About Aircastle Limited
Aircastle Limited is a global company that acquires, leases and
sells high-utility commercial jet aircraft to airlines throughout
the world. As of March 31,
2012, Aircastle's aircraft portfolio consisted of 145
aircraft and had 65 lessees located in 34 countries.
Safe Harbor
Certain items in this press release and other information we
provide from time to time, may constitute forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995 including, but not necessarily limited to,
statements relating to our ability to acquire, sell, lease or
finance aircraft, raise capital, pay dividends, and increase
revenues, earnings, EBITDA and Adjusted Net Income and the global
aviation industry and aircraft leasing sector. Words such as
"anticipates," "expects," "intends," "plans," "projects,"
"believes," "may," "will," "would," "could," "should," "seeks,"
"estimates" and variations on these words and similar expressions
are intended to identify such forward-looking statements. These
statements are based on management's current expectations and
beliefs and are subject to a number of factors that could lead to
actual results materially different from those described in the
forward-looking statements; Aircastle Limited can give no assurance
that its expectations will be attained. Accordingly, you should not
place undue reliance on any forward-looking statements contained in
this press release. Factors that could have a material adverse
effect on our operations and future prospects or that could cause
actual results to differ materially from Aircastle Limited's
expectations include, but are not limited to, significant capital
markets disruption and volatility, and the significant contraction
in the availability of bank financing which may adversely affect
our continued ability to obtain additional capital to finance our
working capital needs; volatility in the value of our aircraft or
in appraisals thereof, which may, among other things, result in
increased principal payments under our term financings and reduce
our cash flow available for investment or dividends; general
economic conditions and business conditions affecting demand for
aircraft and lease rates; our continued ability to obtain favorable
tax treatment in Bermuda,
Ireland and other jurisdictions;
our ability to pay dividends; high or volatile fuel prices, lack of
access to capital, reduced load factors and/or reduced yields,
operational disruptions or unavailability of capital caused by
political unrest in North Africa,
the Middle East or elsewhere,
uncertainties in the Eurozone arising from the sovereign debt
crisis and other factors affecting the creditworthiness of our
airline customers and their ability to continue to perform their
obligations under our leases; termination payments on our interest
rate hedges; and other risks detailed from time to time in
Aircastle Limited's filings with the Securities and Exchange
Commission ("SEC"), including "Risk Factors" as previously
disclosed in Aircastle's 2011 Annual Report on Form 10-K, and in
our other filings with the SEC, press releases and other
communications. In addition, new risks and uncertainties emerge
from time to time, and it is not possible for Aircastle to predict
or assess the impact of every factor that may cause its actual
results to differ from those contained in any forward-looking
statements. Such forward-looking statements speak only as of the
date of this press release. Aircastle Limited expressly disclaims
any obligation to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change
in its expectations with regard thereto or change in events,
conditions or circumstances on which any statement is based.
Contact:
Frank Constantinople, SVP Investor Relations
Tel: +1-203-504-1063
fconstantinople@aircastle.com
The IGB Group
Leon Berman
Tel: +1-212-477-8438
lberman@igbir.com
Aircastle Limited and Subsidiaries
Consolidated Balance Sheets
(Dollars in thousands, except share data)
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
March
31,
|
|
2011
|
|
2012
|
|
|
|
(Unaudited)
|
ASSETS
|
|
|
|
Cash and
cash equivalents
|
$
295,522
|
|
$
256,670
|
Accounts
receivable
|
3,646
|
|
3,584
|
Restricted
cash and cash equivalents
|
247,452
|
|
185,306
|
Restricted
liquidity facility collateral
|
110,000
|
|
107,300
|
Flight
equipment held for lease, net of accumulated depreciation of
$981,932
and $1,034,764
|
4,387,986
|
|
4,386,010
|
Aircraft
purchase deposits and progress payments
|
89,806
|
|
78,102
|
Other
assets
|
90,047
|
|
129,566
|
Total assets
|
$5,224,459
|
|
$5,146,538
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY
|
|
|
|
LIABILITIES
|
|
|
|
Borrowings
from secured and unsecured financings (including borrowings
of
ACS Ireland VIEs of $295,952 and $291,042,
respectively
|
$2,986,516
|
|
$2,923,230
|
Accounts
payable, accrued expenses and other liabilities
|
105,432
|
|
86,996
|
Lease
rentals received in advance
|
46,105
|
|
45,565
|
Liquidity
facility
|
110,000
|
|
107,300
|
Security
deposits
|
83,037
|
|
80,421
|
Maintenance payments
|
347,122
|
|
332,959
|
Fair value
of derivative liabilities
|
141,639
|
|
123,461
|
Total liabilities
|
3,819,851
|
|
3,699,932
|
|
|
|
|
Commitments and Contingencies
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY
|
|
|
|
Preference
shares, $.01 par value, 50,000,000 shares authorized, no
shares issued and outstanding
|
—
|
|
—
|
Common
shares, $.01 par value, 250,000,000 shares authorized,
72,258,472 shares
issued and outstanding at December 31, 2011; and
72,272,366 shares issued and
outstanding at March 31, 2012
|
723
|
|
723
|
Additional
paid-in capital
|
1,400,090
|
|
1,399,797
|
Retained
earnings
|
191,476
|
|
213,213
|
Accumulated other comprehensive loss
|
(187,681)
|
|
(167,127)
|
Total shareholders' equity
|
1,404,608
|
|
1,446,606
|
Total liabilities and shareholders'
equity
|
$5,224,459
|
|
$5,146,538
|
|
|
|
|
Aircastle Limited and Subsidiaries
Consolidated Statements of Income and Comprehensive Income
(Dollars in thousands, except per share amounts)
(Unaudited)
|
|
|
|
|
|
Three
Months Ended
March 31,
|
|
2011
|
|
2012
|
Revenues:
|
|
|
|
Lease rental revenue
|
$141,116
|
|
$152,242
|
Amortization of lease premiums, discounts and lease
incentives
|
(3,102)
|
|
(1,598)
|
Maintenance revenue
|
16,844
|
|
12,647
|
Total lease rentals
|
154,858
|
|
163,291
|
Other revenue
|
3,056
|
|
1,624
|
Total
revenues
|
157,914
|
|
164,915
|
|
|
|
|
Expenses:
|
|
|
|
Depreciation
|
59,591
|
|
64,514
|
Interest, net
|
45,619
|
|
48,981
|
Selling, general and administrative (including
non-cash share based payment expense
of $1,895, and $1,176,
respectively)
|
12,531
|
|
13,198
|
Maintenance and other costs
|
3,530
|
|
2,774
|
Total expenses
|
121,271
|
|
129,467
|
|
|
|
|
Other
income (expense):
|
|
|
|
Gain on sale of flight equipment
|
9,662
|
|
196
|
Other
|
(359)
|
|
(113)
|
Total other income (expense)
|
9,303
|
|
83
|
|
|
|
|
Income
from continuing operations before income taxes
|
45,946
|
|
35,531
|
Income tax
provision
|
3,269
|
|
2,929
|
Net
income
|
$ 42,677
|
|
$ 32,602
|
|
|
|
|
|
|
|
|
Earnings
per common share ― Basic:
Net income per share
|
$ 0.54
|
|
$ 0.45
|
|
|
|
|
Earnings
per common share — Diluted:
Net income per share
|
$ 0.54
|
|
$ 0.45
|
|
|
|
|
Dividends
declared per share
|
$ 0.10
|
|
$ 0.15
|
|
|
|
|
|
Three
Months Ended
March 31,
|
|
2011
|
|
2012
|
|
|
|
|
Net
income
|
$42,677
|
|
$32,602
|
|
|
|
|
Other
comprehensive income, net of tax:
|
|
|
|
Net change in fair value of derivatives, net of tax
expense of $400 and $289, respectively
|
23,468
|
|
16,483
|
Net derivative loss reclassified into
earnings
|
2,835
|
|
4,071
|
Other
comprehensive income
|
26,303
|
|
20,554
|
|
|
|
|
Total
comprehensive income
|
$68,980
|
|
$53,156
|
|
|
|
|
Aircastle Limited and Subsidiaries
Consolidated Statements of Cash Flows
(Dollars in thousands)
(Unaudited)
|
|
|
|
|
|
Three
Months Ended
March 31,
|
|
2011
|
|
2012
|
Cash
flows from operating activities:
|
|
|
|
Net
income
|
$
42,677
|
|
$
32,602
|
Adjustments to reconcile net income to net cash
provided by operating activities:
|
|
|
|
Depreciation
|
59,591
|
|
64,514
|
Amortization of deferred financing costs
|
3,528
|
|
2,716
|
Amortization of net lease discounts and lease
incentives
|
3,102
|
|
1,598
|
Deferred income taxes
|
1,853
|
|
1,377
|
Non-cash share based payment expense
|
1,895
|
|
1,176
|
Cash flow hedges reclassified into
earnings
|
2,835
|
|
4,071
|
Ineffective portion of cash flow hedges
|
(475)
|
|
(1,519)
|
Security deposits and maintenance payments included
in earnings
|
(18,534)
|
|
(12,722)
|
Gain on sale of flight equipment
|
(9,662)
|
|
(196)
|
Other
|
(57)
|
|
57
|
Changes in certain assets and liabilities:
|
|
|
|
Accounts receivable
|
1,288
|
|
(3,396)
|
Restricted cash and cash equivalents related to
operating activities
|
(1,006)
|
|
700
|
Other assets
|
(731)
|
|
(1,886)
|
Accounts payable, accrued expenses and other
liabilities
|
17,416)
|
|
15,338)
|
Lease rentals received in advance
|
(5,381)
|
|
(788)
|
Net cash provided by operating activities
|
63,507
|
|
72,966
|
|
|
|
|
Cash
flows from investing activities:
|
|
|
|
Acquisition and improvement of flight equipment and
lease incentives
|
(110,410)
|
|
(48,449)
|
Proceeds from sale of flight equipment
|
75,200
|
|
2,500
|
Restricted cash and cash equivalents related to sale
of flight equipment
|
—
|
|
35,762
|
Purchase of debt investment
|
—
|
|
(43,626)
|
Aircraft purchase deposits and progress
payments
|
(36,630)
|
|
(16,518)
|
Other
|
—
|
|
(40)
|
Net cash used in investing activities
|
(71,840)
|
|
(70,371)
|
|
|
|
|
Cash
flows from financing activities:
|
|
|
|
Repurchase of shares
|
(16,367)
|
|
(1,469)
|
Proceeds from term debt financings
|
157,161
|
|
—
|
Securitization and term debt financing
repayments
|
(116,340)
|
|
(63,257)
|
Deferred financing costs
|
(7,346)
|
|
(271)
|
Restricted secured liquidity facility
collateral
|
4,000
|
|
2,700
|
Secured liquidity facility collateral
|
(4,000)
|
|
(2,700)
|
Restricted cash and cash equivalents related to
security deposits and maintenance payments
|
697
|
|
25,684
|
Security deposits received
|
7,009
|
|
1,985
|
Security deposits returned
|
(5,312)
|
|
(1,495)
|
Maintenance payments received
|
27,487
|
|
30,275
|
Maintenance payments returned
|
(30,374)
|
|
(22,034)
|
Dividends paid
|
(7,964)
|
|
(10,865)
|
Net cash provided by (used in) financing
activities
|
8,651
|
|
(41,447)
|
|
|
|
|
Net
increase (decrease) in cash and cash equivalents
|
318
|
|
(38,852)
|
Cash and
cash equivalents at beginning of period
|
239,957
|
|
295,522
|
Cash and
cash equivalents at end of period
|
$240,275
|
|
$256,670
|
|
|
|
|
Aircastle Limited and Subsidiaries
Supplemental Financial Information
(Amount in thousands, except per share amounts)
(Unaudited)
|
|
|
|
|
|
Three
Months Ended
March 31,
|
|
2011
|
|
2012
|
|
|
|
|
Revenues
|
$157,914
|
|
$164,915
|
|
|
|
|
EBITDA
|
$154,258
|
|
$150,624
|
|
|
|
|
Adjusted
net income
|
$
44,456
|
|
$
32,372
|
|
|
|
|
Adjusted
net income allocable to common shares
|
$
43,946
|
|
$
32,090
|
Per common share - Basic
|
$
0.56
|
|
$
0.45
|
Per common share - Diluted
|
$
0.56
|
|
$
0.45
|
|
|
|
|
Basic
common shares outstanding
|
78,786
|
|
71,697
|
Diluted
common shares outstanding
|
78,786
|
|
71,697
|
Refer to
the selected information accompanying this press release for a
reconciliation of GAAP to Non-GAAP information.
|
Aircastle Limited and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
EBITDA Reconciliation
(Dollars in thousands)
(Unaudited)
|
|
|
|
|
|
Three
Months Ended
March 31,
|
|
2011
|
|
2012
|
|
|
|
|
Net
income
|
$
42,677
|
|
$
32,602
|
Depreciation
|
59,591
|
|
64,514
|
Amortization of net lease discounts and lease
incentives
|
3,102
|
|
1,598
|
Interest,
net
|
45,619
|
|
48,981
|
Income tax
provision
|
3,269
|
|
2,929
|
EBITDA
|
$154,258
|
|
$150,624
|
|
|
|
|
We define EBITDA as income from continuing operations before
income taxes, interest expense, and depreciation and amortization.
We use EBITDA to assess our consolidated financial and operating
performance, and we believe this non-GAAP measure is helpful in
identifying trends in our performance. Using EBITDA assists us in
comparing our operating performance on a consistent basis by
removing the impact of our capital structure (primarily interest
charges on our outstanding debt) and asset base (primarily
depreciation and amortization) from our operating results.
Aircastle Limited and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Adjusted Net Income Reconciliation
(Dollars in thousands)
(Unaudited)
|
|
|
|
|
|
Three
Months Ended
March
31,
|
|
2011
|
2012
|
|
(Dollars in thousands)
|
|
|
|
Net
income
|
$42,677
|
$32,602
|
Ineffective portion and termination of
hedges(1)
|
(475)
|
(1,519)
|
Mark to market of interest rate
derivative contracts(2)
|
359
|
113
|
Stock compensation
expense(3)
|
1,895
|
1,176
|
Adjusted
net income
|
$44,456
|
$32,372
|
|
|
|
(1)
|
Included
in Interest, net.
|
(2)
|
Included
in Other income (expense).
|
(3)
|
Included
in Selling, general and administrative expenses.
|
Beginning with this quarter ended March
31, 2012, management, to be more consistent with reporting
practices of peer aircraft leasing companies, has revised the
calculation of Adjusted Net Income ("ANI") to no longer exclude
gains (losses) on sales of assets, and to exclude non-cash share
based payment expense in the calculation of ANI. Beginning with our
Quarterly Report for the quarter ended June
30, 2012, we will also exclude Term Financing No. 1 hedge
loss amortization charges which will be reported in Interest, net
on our consolidated statement of income from the calculation of
ANI. The calculation of ANI for the three months ended March 31, 2011 has been revised to be comparable
with the current period presentation.
Management believes that ANI, when viewed in conjunction with
the Company's results under GAAP and the above reconciliation,
provide useful information about operating and period-over-period
performance, and provide additional information that is useful for
evaluating the underlying operating performance of our business
without regard to periodic reporting elements related to interest
rate derivative accounting and non-cash share based compensation.
However, ANI is not a measure of financial performance or liquidity
under GAAP and, accordingly, should not be considered as
alternatives to net income (loss) or cash flow from operating
activities as indicators of operating performance or liquidity.
Aircastle Limited and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of Net Income Allocable to Common Shares
(In thousands)
(Unaudited)
|
|
|
|
|
|
|
|
Three
Months Ended
March
31, 2012
|
|
Shares
|
|
Percent(2)
|
Weighted average shares
|
|
|
|
Common
shares outstanding – Basic
|
71,697
|
|
99.13
%
|
Unvested
restricted common shares outstanding
|
630
|
|
0.87
%
|
Total
weighted average shares outstanding
|
72,327
|
|
100.00
%
|
|
|
|
|
Common
shares outstanding – Basic
|
71,697
|
|
100.00
%
|
Effect of
dilutive shares(1)
|
—
|
|
—
|
Common
shares outstanding – Diluted
|
71,697
|
|
100.00
%
|
|
|
|
|
Net
income allocation
|
|
|
|
Net
income
|
$32,602
|
|
100.00
%
|
Distributed and undistributed earnings allocated to
unvested
restricted shares
|
(284)
|
|
(0.87)%
|
Earnings
available to common shares
|
$32,318
|
|
99.13
%
|
|
|
|
|
Adjusted net income allocation
|
|
|
|
Adjusted
net income
|
$32,372
|
|
100.00
%
|
Amounts
allocated to unvested restricted shares
|
(282)
|
|
(0.87)%
|
Amounts
allocated to common shares
|
$32,090
|
|
99.13
%
|
|
|
|
|
|
|
|
|
|
(1) The Company had
no dilutive common share equivalents for the periods
presented.
|
(2) Percentages
rounded to two decimal places.
|
Aircastle Limited and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of Net Income Allocable to Common Shares
(In thousands)
(Unaudited)
|
|
|
|
|
|
Three
Months Ended
March
31, 2011
|
|
Shares
|
|
Percent(2)
|
Weighted average shares
|
|
|
|
Common
shares outstanding – Basic
|
78,786
|
|
98.85
%
|
Unvested
restricted common shares outstanding
|
913
|
|
1.15
%
|
Total
weighted average shares outstanding
|
79,699
|
|
100.00
%
|
|
|
|
|
Common
shares outstanding – Basic
|
78,786
|
|
100.00
%
|
Effect of
dilutive shares(1)
|
—
|
|
—
|
Common
shares outstanding – Diluted
|
78,786
|
|
100.00
%
|
|
|
|
|
Net
income allocation
|
|
|
|
Net
income
|
$42,677
|
|
100.00
%
|
Distributed and undistributed earnings allocated to
unvested
restricted shares
|
(489)
|
|
(1.15)%
|
Earnings
available to common shares
|
$42,188
|
|
98.85
%
|
|
|
|
|
Adjusted net income allocation
|
|
|
|
Adjusted
net income
|
$44,456
|
|
100.00
%
|
Amounts
allocated to unvested restricted shares
|
(510)
|
|
(1.15)%
|
Amounts
allocated to common shares
|
$43,946
|
|
98.85
%
|
|
|
|
|
(1) The Company had
no dilutive common share equivalents for the periods
presented.
|
(2) Percentages
rounded to two decimal places.
|
SOURCE Aircastle Limited