Document_and_Entity_Informatio
| Document and Entity Information (USD $) | 12 Months Ended | ||
| Dec. 31, 2013 | Mar. 12, 2014 | Jun. 30, 2013 | |
| Document and Entity Information [Abstract] | ' | ' | ' |
| Entity Registrant Name | 'AEROCENTURY CORP | ' | ' |
| Entity Central Index Key | '0001036848 | ' | ' |
| Current Fiscal Year End Date | '--12-31 | ' | ' |
| Entity Well-known Seasoned Issuer | 'No | ' | ' |
| Entity Voluntary Filers | 'No | ' | ' |
| Entity Current Reporting Status | 'Yes | ' | ' |
| Entity Filer Category | 'Smaller Reporting Company | ' | ' |
| Entity Public Float | ' | ' | $18,719,200 |
| Entity Common Stock, Shares Outstanding | ' | 1,543,257 | ' |
| Document Fiscal Year Focus | '2013 | ' | ' |
| Document Fiscal Period Focus | 'FY | ' | ' |
| Document Type | '10-K | ' | ' |
| Amendment Flag | 'false | ' | ' |
| Document Period End Date | 31-Dec-13 | ' | ' |
Balance_Sheets
| Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
| Assets: | ' | ' |
| Cash and cash equivalents | $2,112,700 | $1,596,800 |
| Accounts receivable, including deferred rent of $217,200 and $985,300, net of allowance for doubtful accounts of $0 and $2,419,400 at December 31, 2013 and December 31, 2012, respectively | 3,313,700 | 3,196,200 |
| Finance lease receivable | 1,895,200 | 1,557,200 |
| Aircraft and aircraft engines held for lease, net of accumulated depreciation of $50,679,300 and $52,244,500 at December 31, 2013 and December 31, 2012, respectively | 152,375,200 | 143,667,700 |
| Assets held for sale | 735,000 | 745,400 |
| Prepaid expenses and other | 3,633,000 | 1,663,200 |
| Total assets | 164,064,800 | 152,426,500 |
| Liabilities: | ' | ' |
| Accounts payable and accrued expenses | 1,175,300 | 1,133,600 |
| Notes payable and accrued interest | 77,527,300 | 67,865,700 |
| Maintenance reserves and accrued maintenance costs | 13,254,100 | 15,356,100 |
| Security deposits | 6,265,000 | 7,001,200 |
| Unearned revenues | 646,700 | 752,400 |
| Deferred income taxes | 16,099,700 | 14,419,200 |
| Income taxes payable | 0 | 19,100 |
| Total liabilities | 114,968,100 | 106,547,300 |
| Commitments and contingencies | ' | ' |
| Stockholders' equity: | ' | ' |
| Preferred stock, $0.001 par value, 2,000,000 shares authorized, no shares issued and outstanding | 0 | 0 |
| Common stock, $0.001 par value, 10,000,000 shares authorized, 1,606,557 shares issued and outstanding | 1,600 | 1,600 |
| Paid-in capital | 14,780,100 | 14,780,100 |
| Retained earnings | 34,819,100 | 31,601,600 |
| Shareholders equity before treasury stock | 49,600,800 | 46,383,300 |
| Treasury stock at cost, 63,300 shares | -504,100 | -504,100 |
| Total stockholders' equity | 49,096,700 | 45,879,200 |
| Total liabilities and stockholders' equity | $164,064,800 | $152,426,500 |
Balance_Sheets_Parenthetical
| Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
| Assets: | ' | ' |
| Accounts receivable, deferred rent | $217,200 | $985,300 |
| Accounts receivable, allowance for doubtful accounts | 0 | 2,419,400 |
| Aircraft and aircraft engines held for lease, accumulated depreciation | $50,679,300 | $52,244,500 |
| Stockholders' equity: | ' | ' |
| Preferred stock, par value (in dollars per share) | $0.00 | $0.00 |
| Preferred stock, authorized (in shares) | 2,000,000 | 2,000,000 |
| Preferred stock, issued (in shares) | 0 | 0 |
| Preferred stock, outstanding (in shares) | 0 | 0 |
| Common stock, par value (in dollars per share) | $0.00 | $0.00 |
| Common stock, authorized (in shares) | 10,000,000 | 10,000,000 |
| Common stock, issued (in shares) | 1,606,557 | 1,606,557 |
| Common stock, outstanding (in shares) | 1,606,557 | 1,606,557 |
| Treasury stock (in shares) | 63,300 | 63,300 |
Statements_of_Operations
| Statements of Operations (USD $) | 12 Months Ended | |
| Dec. 31, 2013 | Dec. 31, 2012 | |
| Revenues and other income: | ' | ' |
| Operating lease revenue, net | $18,794,200 | $23,662,300 |
| Maintenance reserves revenue, net | 8,878,300 | 4,099,100 |
| Net gain on disposal of assets | 3,808,200 | 1,486,000 |
| Other income | 718,800 | 110,700 |
| Total Income | 32,199,500 | 29,358,100 |
| Expenses: | ' | ' |
| Maintenance | 8,765,000 | 4,082,100 |
| Depreciation | 7,312,500 | 6,126,900 |
| Management fees | 4,352,400 | 4,166,200 |
| Interest | 4,075,000 | 4,627,000 |
| Professional fees, general and administrative and other | 1,532,100 | 1,513,000 |
| Insurance | 1,166,400 | 866,000 |
| Other taxes | 90,200 | 90,200 |
| Total expenses | 27,293,600 | 21,471,400 |
| Income before income tax provision | 4,905,900 | 7,886,700 |
| Income tax provision | 1,688,400 | 2,697,700 |
| Net income | $3,217,500 | $5,189,000 |
| Earnings per share: | ' | ' |
| Basic (in dollars per share) | $2.08 | $3.36 |
| Diluted (in dollars per share) | $2.03 | $3.32 |
| Weighted average shares used in earnings per share computations: | ' | ' |
| Basic (in shares) | 1,543,257 | 1,543,257 |
| Diluted (in shares) | 1,587,036 | 1,563,054 |
Statements_of_Stockholders_Equ
| Statements of Stockholders' Equity (USD $) | Common Stock [Member] | Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Total |
| Balance at Dec. 31, 2011 | $1,600 | $14,780,100 | $26,412,600 | ($504,100) | $40,690,200 |
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
| Net income | 0 | 0 | 5,189,000 | 0 | 5,189,000 |
| Balance at Dec. 31, 2012 | 1,600 | 14,780,100 | 31,601,600 | -504,100 | 45,879,200 |
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
| Net income | 0 | 0 | 3,217,500 | 0 | 3,217,500 |
| Balance at Dec. 31, 2013 | $1,600 | $14,780,100 | $34,819,100 | ($504,100) | $49,096,700 |
Statements_of_Cash_Flows
| Statements of Cash Flows (USD $) | 12 Months Ended | |
| Dec. 31, 2013 | Dec. 31, 2012 | |
| Operating activities: | ' | ' |
| Net income | $3,217,500 | $5,189,000 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
| Net gain on disposal of assets | -3,808,200 | -1,486,100 |
| Depreciation | 7,312,500 | 6,126,900 |
| Non-cash interest | 1,113,600 | 1,667,000 |
| Deferred income taxes | 1,680,500 | 2,324,800 |
| Changes in operating assets and liabilities: | ' | ' |
| Accounts receivable | -106,000 | -260,100 |
| Finance lease receivable | 246,000 | 60,900 |
| Income taxes receivable | 2,000 | -300 |
| Prepaid expenses and other | -772,400 | -221,200 |
| Accounts payable and accrued expenses | -40,300 | 741,000 |
| Accrued interest on notes payable | -38,400 | -407,000 |
| Maintenance reserves and accrued costs | -1,284,200 | 9,541,400 |
| Security deposits | -525,200 | 1,447,100 |
| Unearned revenue | -105,700 | 194,200 |
| Income taxes payable | -19,100 | -1,300 |
| Net cash provided by operating activities | 6,872,600 | 24,916,300 |
| Investing activities: | ' | ' |
| Proceeds from sale of aircraft and aircraft engines held for lease, net of re-sale fees | 10,018,700 | 5,322,200 |
| Proceeds from sale of assets held for sale, net of re-sale fees | 945,100 | 0 |
| Purchases of aircraft and aircraft engines | -24,965,500 | -30,632,200 |
| Net cash used in investing activities | -14,001,700 | -25,310,000 |
| Financing activities: | ' | ' |
| Borrowings under Credit Facility | 19,000,000 | 19,900,000 |
| Repayments of Credit Facility | -9,300,000 | -17,300,000 |
| Debt issuance costs | -2,055,000 | -1,605,000 |
| Net cash provided by financing activities | 7,645,000 | 995,000 |
| Net increase in cash and cash equivalents | 515,900 | 601,300 |
| Cash and cash equivalents, beginning of year | 1,596,800 | 995,500 |
| Cash and cash equivalents, end of year | $2,112,700 | $1,596,800 |
Statements_of_Cash_Flows_Paren
| Statements of Cash Flows (Parenthetical) (USD $) | 12 Months Ended | |
| Dec. 31, 2013 | Dec. 31, 2012 | |
| Statements of Cash Flows [Abstract] | ' | ' |
| Interest paid | $3,077,100 | $3,572,600 |
| Income taxes paid | 800 | 2,100 |
| State income tax refund | $2,000 | ' |
Organization_and_Summary_of_Si
| Organization and Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||||||||||||||||||||||
| Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
| Organization and Summary of Significant Accounting Policies [Abstract] | ' | ||||||||||||||||||||||||||||||||
| Organization and Summary of Significant Accounting Policies | ' | ||||||||||||||||||||||||||||||||
| 1.Organization and Summary of Significant Accounting Policies | |||||||||||||||||||||||||||||||||
| (a)The Company and Basis of Presentation | |||||||||||||||||||||||||||||||||
| AeroCentury Corp. (the “Company”), a Delaware corporation incorporated in 1997, acquires used regional aircraft and engines for lease to foreign and domestic regional carriers. | |||||||||||||||||||||||||||||||||
| (b)Use of Estimates | |||||||||||||||||||||||||||||||||
| The Company’s financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable for making judgments that are not readily apparent from other sources. | |||||||||||||||||||||||||||||||||
| The most significant estimates with regard to these financial statements are the residual values and useful lives of the assets, the amount and timing of cash flows associated with each asset that are used to evaluate whether assets are impaired, accrued maintenance costs, accounting for income taxes, and the amounts recorded as allowances for doubtful accounts. | |||||||||||||||||||||||||||||||||
| (c)Cash and Cash Equivalents | |||||||||||||||||||||||||||||||||
| The Company considers highly liquid investments readily convertible into known amounts of cash, with original maturities of 90 days or less from the date of acquisition, as cash equivalents. | |||||||||||||||||||||||||||||||||
| (d)Aircraft Capitalization and Depreciation | |||||||||||||||||||||||||||||||||
| The Company’s interests in aircraft and aircraft engines are recorded at cost, which includes acquisition costs. Since inception, the Company has purchased only used aircraft and aircraft engines. It is the Company’s policy to hold aircraft for approximately twelve years unless market conditions dictate otherwise. Therefore, depreciation of aircraft is initially computed using the straight-line method over the twelve-year period to an estimated residual value based on appraisal. For an aircraft engine held for lease as a spare, the Company estimates the length of time that it will hold the aircraft engine based upon estimated usage, repair costs and other factors, and depreciates it to the appraised residual value over such period using the straight-line method. | |||||||||||||||||||||||||||||||||
| The Company periodically reviews plans for lease or sale of its aircraft and aircraft engines and changes, as appropriate, the remaining expected holding period for such assets. Estimated residual values are reviewed and adjusted periodically, based upon updated estimates obtained from an independent appraiser. Decreases in the fair value of aircraft could affect not only the current value, discussed below, but also the estimated residual value. | |||||||||||||||||||||||||||||||||
| Assets that are held for sale are not subject to depreciation and are separately classified on the balance sheet. Such assets are carried at their estimated fair values, less costs to sell. | |||||||||||||||||||||||||||||||||
| (e)Fair Value Measurements | |||||||||||||||||||||||||||||||||
| Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs, to the extent possible. The fair value hierarchy under GAAP is based on three levels of inputs. | |||||||||||||||||||||||||||||||||
| Level 1 - Quoted prices in active markets for identical assets or liabilities. | |||||||||||||||||||||||||||||||||
| Level 2 - Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | |||||||||||||||||||||||||||||||||
| Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | |||||||||||||||||||||||||||||||||
| Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis | |||||||||||||||||||||||||||||||||
| The following table shows by level, within the fair value hierarchy, the fair value of the Company’s assets that are measured and recorded at fair value on a recurring basis: | |||||||||||||||||||||||||||||||||
| 31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||||||||
| Total | Level | Level | Level | Total | Level | Level | Level | ||||||||||||||||||||||||||
| 1 | 2 | 3 | 1 | 2 | 3 | ||||||||||||||||||||||||||||
| Money market funds included in cash and cash equivalents | $ | 1,842,000 | $ | 1,842,000 | $ | - | $ | - | $ | 1,239,500 | $ | 1,239,500 | $ | - | $ | - | |||||||||||||||||
| Total | $ | 1,842,000 | $ | 1,842,000 | $ | - | $ | - | $ | 1,239,500 | $ | 1,239,500 | $ | - | $ | - | |||||||||||||||||
| As of December 31, 2013 and December 31, 2012, there were no liabilities that were required to be measured and recorded at fair value on a recurring basis. | |||||||||||||||||||||||||||||||||
| Assets Measured and Recorded at Fair Value on a Nonrecurring Basis | |||||||||||||||||||||||||||||||||
| The Company determines fair value of long-lived assets held and used, such as aircraft and aircraft engines held for lease and held for sale, by reference to independent appraisals, quoted market prices (e.g., offers to purchase) and other factors. An impairment charge is recorded when the Company believes that the carrying value of an asset will not be recovered through future net cash flows and that the carrying value exceeds its fair value. During the years ended December 31, 2013 and 2012, there were no recorded impairments of long-lived assets. | |||||||||||||||||||||||||||||||||
| Fair Value of Other Financial Instruments | |||||||||||||||||||||||||||||||||
| The Company’s financial instruments, other than cash and cash equivalents, consist principally of finance leases receivable and amounts borrowed under its credit facility (the “Credit Facility,” as defined in Note 6). The fair value of accounts receivable, finance leases receivable, accounts payable and the refundable reserves portion of the Company’s maintenance reserves and accrued maintenance costs approximates the carrying value of these financial instruments. | |||||||||||||||||||||||||||||||||
| Borrowings under the Company’s Credit Facility bear floating rates of interest that reset periodically to a market benchmark rate plus a credit margin. The Company believes the effective interest rate of this debt agreement approximates current market rates for such indebtedness at the balance sheet date, and therefore that the carrying amount of its floating rate debt at the balance sheet dates approximates its fair value. The fair value of the Company’s outstanding balance of its Credit Facility would be categorized as Level 3 under the GAAP fair value hierarchy. | |||||||||||||||||||||||||||||||||
| (f)Impairment of Long-lived Assets | |||||||||||||||||||||||||||||||||
| The Company reviews assets for impairment when there has been an event or a change in circumstances indicating that the carrying amount of a long-lived asset may not be recoverable. In addition, the Company routinely reviews all long-lived assets for impairment annually. Recoverability of an asset is measured by comparison of its carrying amount to the future estimated undiscounted cash flows (without interest charges) that the asset is expected to generate. Estimates are based on currently available market data and independent appraisals and are subject to fluctuation from time to time. If these estimated future cash flows are less than the carrying value of an asset at the time of evaluation, any impairment to be recognized is measured by the amount by which the carrying amount of the asset exceeds its fair value. Fair value is determined by reference to independent appraisals and other factors considered relevant by management. Significant management judgment is required in the forecasting of future operating results that are used in the preparation of estimated future undiscounted cash flows and, if different conditions prevail in the future, material write-downs may occur. No impairment provision was recorded in 2013 or 2012. | |||||||||||||||||||||||||||||||||
| (g)Deferred Financing Costs and Commitment Fees | |||||||||||||||||||||||||||||||||
| Costs incurred in connection with debt financing are deferred and amortized over the term of the debt using the effective interest method or, in certain instances where the differences are not material, using the straight-line method. Costs incurred in connection with the Company’s Credit Facility are deferred and amortized using the straight-line method. Commitment fees for unused funds are expensed as incurred. | |||||||||||||||||||||||||||||||||
| (h)Security deposits | |||||||||||||||||||||||||||||||||
| The Company’s leases are typically structured so that if any event of default occurs under a lease, the Company may apply all or a portion of the lessee’s security deposit to cure such default. If such application of the security deposit is made, the lessee typically is required to replenish and maintain the full amount of the deposit during the remaining term of the lease. All of the security deposits received by the Company are refundable to the lessee at the end of the lease upon satisfaction of all lease terms. | |||||||||||||||||||||||||||||||||
| (i)Taxes | |||||||||||||||||||||||||||||||||
| As part of the process of preparing the Company’s financial statements, management estimates income taxes in each of the jurisdictions in which the Company operates. This process involves estimating the Company’s current tax exposure under the most recent tax laws and assessing temporary differences resulting from differing treatment of items for tax and GAAP purposes. These differences result in deferred tax assets and liabilities, which are included in the balance sheet. Management also assesses the likelihood that the Company’s deferred tax assets will be recovered from future taxable income, and, to the extent management believes it is more likely than not that some portion or all of the deferred tax assets will not be realized, the Company establishes a valuation allowance. To the extent the Company establishes a valuation allowance or changes the allowance in a period, the Company reflects the corresponding increase or decrease within the tax provision in the statement of operations. Significant management judgment is required in determining the Company’s future taxable income for purposes of assessing the Company’s ability to realize any benefit from its deferred taxes. | |||||||||||||||||||||||||||||||||
| The Company accrues non-income based sales, use, value added and franchise taxes as other tax expense in the statements of operations. | |||||||||||||||||||||||||||||||||
| (j)Revenue Recognition, Accounts Receivable and Allowance for Doubtful Accounts | |||||||||||||||||||||||||||||||||
| Revenue from leasing of aircraft assets is recognized as operating lease revenue on a straight-line basis over the terms of the applicable lease agreements. Deferred payments are recorded as accrued rent when the cash rent received is lower than the straight-line revenue recognized. Such receivables decrease over the term of the applicable leases. Interest income is recognized on finance leases based on the interest rate implicit in the lease and the outstanding balance of the lease receivable. Non-refundable maintenance reserves are based on usage and are accrued as maintenance reserves revenue. | |||||||||||||||||||||||||||||||||
| In instances where collectability is not reasonably assured, the Company recognizes revenue as cash payments are received. The Company estimates and charges to income a provision for bad debts based on its experience with each specific customer, the amount and length of payment arrearages, and its analysis of the lessee’s overall financial condition. If the financial condition of any of the Company’s customers deteriorates, it could result in actual losses exceeding any estimated allowances. | |||||||||||||||||||||||||||||||||
| The Company’s allowance for doubtful accounts was $0 and $2,419,400 at December 31, 2013 and 2012, respectively. | |||||||||||||||||||||||||||||||||
| (k)Comprehensive Income | |||||||||||||||||||||||||||||||||
| The Company does not have any comprehensive income other than the revenue and expense items included in the statements of operations. As a result, comprehensive income equals net income for the years ended December 31, 2013 and 2012. | |||||||||||||||||||||||||||||||||
| (l)Finance Leases | |||||||||||||||||||||||||||||||||
| The leases for one of the Company’s aircraft and two engines contain lessee purchase options at prices substantially below the assets’ estimated residual values at the exercise date for the option. Consequently, the Company considers the purchase options to be “bargain purchase options” and has classified such leases as finance leases for financial accounting purposes. The Company does not include the value, purchase price or accumulated depreciation of finance lease assets on its balance sheet. Instead, the discounted present value of (i) future minimum lease payments (including the bargain purchase option) and (ii) any residual value not subject to a bargain purchase option are reported as a finance lease receivable. Rental revenue and depreciation expense are not recognized on finance leases. Rather, the Company accrues interest on the balance of the finance leases receivable based on the interest rate inherent in the applicable lease. The Company recognized interest earned on finance leases as “other income” in the amount of $175,700 and $93,800 in 2013 and 2012, respectively. | |||||||||||||||||||||||||||||||||
Aircraft_and_Aircraft_Engines_
| Aircraft and Aircraft Engines Held for Lease or Sale | 12 Months Ended | ||||||||||||||||
| Dec. 31, 2013 | |||||||||||||||||
| Aircraft and Aircraft Engines Held for Lease or Sale [Abstract] | ' | ||||||||||||||||
| Aircraft and Aircraft Engines Held for Lease or Sale | ' | ||||||||||||||||
| 2.Aircraft and Aircraft Engines Held for Lease or Sale | |||||||||||||||||
| (a)Assets Held for Lease | |||||||||||||||||
| At December 31, 2013 and December 31, 2012, the Company’s aircraft and aircraft engines, which were on lease or held for lease, consisted of the following: | |||||||||||||||||
| 31-Dec-13 | 31-Dec-12 | ||||||||||||||||
| Number | % of net | Number | % of net | ||||||||||||||
| Model | owned | book value | owned | book value | |||||||||||||
| Bombardier Dash-8-300 | 9 | 23 | % | 9 | 25 | % | |||||||||||
| Fokker 100 | 7 | 19 | % | 7 | 22 | % | |||||||||||
| Bombardier Dash-8-Q400 | 3 | 17 | % | 3 | 19 | % | |||||||||||
| Bombardier CRJ-705 | 1 | 12 | % | - | - | ||||||||||||
| Fokker 50 | 10 | 10 | % | 13 | 14 | % | |||||||||||
| Saab 340B Plus | 6 | 8 | % | 4 | 6 | % | |||||||||||
| General Electric CF34-8E5 engine | 3 | 6 | % | 3 | 7 | % | |||||||||||
| Saab 340B | 4 | 4 | % | 5 | 5 | % | |||||||||||
| Tay 650-15 engine | 1 | 1 | % | - | - | ||||||||||||
| General Electric CT7-9B engine | 2 | - | 1 | - | |||||||||||||
| Saab 340A | 1 | - | 1 | - | |||||||||||||
| deHavilland DHC-8-100 | - | - | 1 | 1 | % | ||||||||||||
| deHavilland DHC-6 | - | - | 1 | 1 | % | ||||||||||||
| Net book value excludes the Company’s Saab 340A aircraft and the two General Electric CT7-9B engines, which are subject to finance leases. | |||||||||||||||||
| During 2013 and 2012, the Company used cash of $24,965,500 and $30,632,200 for the purchase and capital improvement of aircraft. | |||||||||||||||||
| During 2013, the Company recorded gains totaling $4,504,200 related to the sale of three Fokker 50 aircraft, a deHavilland DHC-8-100 aircraft, a deHavilland DHC-6 aircraft and a General Electric CT7-9B engine. The Company also leased an engine pursuant to a finance lease and recorded a related gain of $73,300. In addition, the Company recorded a loss of $769,300 on the disposal of a Tay 650-15 engine, which was replaced by one of the Company’s spare engines. | |||||||||||||||||
| During 2012, the Company recorded gains totaling $1,373,800 related to the sale of a Bombardier Dash-8-100, a Fokker 50 aircraft and a General Electric CT7-9B engine. The Company also leased an engine pursuant to a finance lease and recorded a related gain of $112,300. | |||||||||||||||||
| During 2013, the Company extended the leases for eight of its assets and leased three assets that had been off lease at December 31, 2012. | |||||||||||||||||
| In August 2013, the lessee of three of the Company’s Fokker 100 aircraft was declared bankrupt and the lessee returned the aircraft to the Company. In connection with the bankruptcy, the Company recorded a bad debt expense of $357,600. | |||||||||||||||||
| At December 31, 2013, thirteen of the Company’s assets, comprised of four Fokker 50 aircraft, one Saab 340B aircraft, six Fokker 100 aircraft, one General Electric CF34-8E5 engine and one Tay 650-15 engine, which represented 23% of the net book value of the Company’s aircraft and engines, were off lease. | |||||||||||||||||
| As discussed in Note 12, the Company sold a Fokker 50 aircraft in March 2014. The Company is seeking re-lease opportunities for the other off-lease assets, other than the Tay 650-15 engine that is being held as a spare and used in connection with required maintenance on the Company’s Fokker 100 aircraft. | |||||||||||||||||
| (b)Assets Held for Sale | |||||||||||||||||
| During 2012, the Company classified the airframe and one engine from one of the Company’s aircraft as held for sale. The engine was sold during 2012 at a gain of $50,900. During 2013, the Company classified an additional airframe and engine from another aircraft as held for sale, and sold the engine during the year, generating a gain of $6,600. During 2013 and 2012, the Company received $495,100 and $0 from the sale of parts belonging to the two airframes. No adjustments to the carrying value of the Company’s assets held for sale were recorded during 2013 and 2012. | |||||||||||||||||
Maintenance_Reserves_and_Accru
| Maintenance Reserves and Accrued Maintenance Costs | 12 Months Ended | ||||||||
| Dec. 31, 2013 | |||||||||
| Maintenance Reserves and Accrued Maintenance Costs [Abstract] | ' | ||||||||
| Maintenance Reserves and Accrued Maintenance Costs | ' | ||||||||
| 3.Maintenance Reserves and Accrued Maintenance Costs | |||||||||
| Maintenance costs under the Company’s triple net leases are generally the responsibility of the lessees. Most of the Company’s leases require payment of maintenance reserves, which are based upon lessee-reported usage and billed monthly, and are intended to accumulate and be applied by the Company toward reimbursement of most or all of the cost of the lessees’ performance of certain maintenance obligations under the leases. Maintenance reserves are characterized as either refundable or non-refundable depending on their disposition at lease end. | |||||||||
| Maintenance reserves and accrued costs in the accompanying balance sheets include: (i) refundable maintenance payments billed to lessees, which are paid out as related maintenance is performed or at the end of the lease, (ii) for lessees that pay non-refundable maintenance reserves, estimated maintenance costs accrued at the time a reimbursement claim or sufficient information is received regarding maintenance work performed, and (iii) maintenance for work performed for off-lease aircraft, which is not related to the release of reserves received from lessees. | |||||||||
| Refundable maintenance reserves received by the Company are accounted for as a liability, which is reduced when maintenance work is performed during the lease and reimbursement to the lessee is paid. Such reserves are refunded after all return conditions and, in some cases, any other payments due under the lease are satisfied. Any refundable reserves retained by the Company to satisfy return conditions are recorded as revenue when the asset is returned. | |||||||||
| Non-refundable maintenance reserves are recorded as maintenance reserves revenue (assuming cash is received or collections are reasonably assured). The timing difference between recording maintenance reserves revenue as usage occurs and recording maintenance expense as maintenance is performed can have material effects on the volatility of reported earnings. | |||||||||
| At December 31, 2013 and December 31, 2012, the liability for maintenance reserves and accrued maintenance costs consisted of refundable maintenance payments billed to lessees based on usage and accrued maintenance costs for both off-lease aircraft and lessee maintenance claims for non-refundable maintenance reserves. Refundable maintenance reserves at December 31, 2012 also included a $6,528,500 payment received from a lessee when its two aircraft leases were assigned to a new lessee upon the sale by the original lessee of all of its assets to the new lessee in 2012. In the first quarter of 2013, the two subject aircraft were returned to the Company by the new lessee in connection with the new lessee’s bankruptcy and the $6,528,500 payment was recorded as maintenance reserves revenue. At December 31, 2013 and December 31, 2012, the Company’s maintenance reserves and accrued maintenance costs consisted of the following: | |||||||||
| December 31, | December 31, | ||||||||
| 2013 | 2012 | ||||||||
| Refundable maintenance reserves | $ | 10,480,000 | $ | 14,477,400 | |||||
| Accrued maintenance costs | 2,774,100 | 878,700 | |||||||
| $ | 13,254,100 | $ | 15,356,100 | ||||||
| Additions to and deductions from the Company’s accrued maintenance costs during the years ended December 31, 2013 and 2012 for aircraft maintenance were as follows: | |||||||||
| For the Years Ended | |||||||||
| December 31, | |||||||||
| 2013 | 2012 | ||||||||
| Balance, beginning of period | $ | 878,700 | $ | 1,013,400 | |||||
| Additions: | |||||||||
| Charged to expense | 8,765,000 | 4,082,100 | |||||||
| Capital equipment | 482,900 | 52,200 | |||||||
| Accrued claims related to refundable maintenance reserves | 745,600 | 763,900 | |||||||
| Prepaid maintenance and other | 1,114,000 | 239,700 | |||||||
| Total additions | 11,107,500 | 5,137,900 | |||||||
| Deductions: | |||||||||
| Payments | 8,297,700 | 4,614,900 | |||||||
| Other | 914,400 | 657,700 | |||||||
| Total deductions | 9,212,100 | 5,272,600 | |||||||
| Net increase/(decrease) in accrued maintenance costs | 1,895,400 | (134,700 | ) | ||||||
| Balance, end of period | $ | 2,774,100 | $ | 878,700 | |||||
Operating_Segments
| Operating Segments | 12 Months Ended | ||||||||
| Dec. 31, 2013 | |||||||||
| Operating Segments [Abstract] | ' | ||||||||
| Operating Segments | ' | ||||||||
| 4.Operating Segments | |||||||||
| The Company operates in one business segment, the leasing of regional aircraft to foreign and domestic regional airlines, and therefore does not present separate segment information for lines of business. | |||||||||
| Approximately 0% and 4% of the Company’s operating lease revenue was derived from lessees domiciled in the United States during 2013 and 2012, respectively. All revenues relating to aircraft leased and operated internationally are denominated and payable in U.S. dollars. | |||||||||
| The tables below set forth geographic information about the Company’s operating lease revenue for leased aircraft and aircraft equipment, grouped by domicile of the lessee: | |||||||||
| For the Years Ended December 31, | |||||||||
| Operating Lease Revenue | 2013 | 2012 | |||||||
| Africa | $ | 5,454,700 | $ | 4,401,600 | |||||
| Asia | 4,149,000 | 4,143,100 | |||||||
| Caribbean | 3,600,000 | 5,402,400 | |||||||
| Europe and United Kingdom | 3,415,500 | 6,366,500 | |||||||
| North America | 1,542,000 | 2,707,100 | |||||||
| South America | 633,000 | 641,600 | |||||||
| $ | 18,794,200 | $ | 23,662,300 | ||||||
| December 31, | |||||||||
| Net Book Value of Aircraft and Aircraft Engines Held for Lease | 2013 | 2012 | |||||||
| Off lease | $ | 34,446,300 | $ | 20,359,600 | |||||
| Asia | 30,489,400 | 27,577,900 | |||||||
| Africa | 29,951,800 | 32,962,100 | |||||||
| Europe and United Kingdom | 20,384,700 | 25,012,300 | |||||||
| North America | 17,779,000 | 7,386,800 | |||||||
| Caribbean | 13,209,300 | 27,145,800 | |||||||
| South America | 6,114,700 | 3,223,200 | |||||||
| $ | 152,375,200 | $ | 143,667,700 | ||||||
Concentration_of_Credit_Risk
| Concentration of Credit Risk | 12 Months Ended | ||||||||
| Dec. 31, 2013 | |||||||||
| Concentration of Credit Risk [Abstract] | ' | ||||||||
| Concentration of Credit Risk | ' | ||||||||
| 5.Concentration of Credit Risk | |||||||||
| Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash deposits and receivables. The Company places its deposits with financial institutions and other creditworthy issuers and limits the amount of credit exposure to any one party. | |||||||||
| For the year ended December 31, 2013 the Company had four significant customers, which accounted for 23%, 19%, 11% and 10%, respectively, of lease revenue. For the year ended December 31, 2012 the Company had four significant customers, which accounted for 15%, 13%, 11% and 10%, respectively, of lease revenue. | |||||||||
| At December 31, 2013, the Company had receivables from two customers totaling $1,231,500, representing 40% of the Company’s total receivables. Of that amount, $984,000 was paid in early 2014. | |||||||||
| At December 31, 2012, the Company had a receivable from one lessee of $3,300,000, representing 71% of the Company’s total receivables. Of that amount, $180,000 was paid in early 2013. At December 31, 2012, the Company had an allowance for doubtful accounts totaling $2,419,400 related to this customer for the amount owed in excess of the security deposits held by the Company. The customer was declared bankrupt during 2013 and the Company wrote off all receivables due from that customer in 2013, net of security deposits and refundable reserves held by the Company. | |||||||||
| As of December 31, 2013, minimum future lease revenue payments receivable under noncancelable leases were as follows: | |||||||||
| Operating | Finance | ||||||||
| Years ending | leases | leases | |||||||
| 2014 | $ | 17,648,900 | $ | 238,900 | |||||
| 2015 | 10,932,800 | 182,400 | |||||||
| 2016 | 9,508,400 | 182,400 | |||||||
| 2017 | 5,927,000 | 171,900 | |||||||
| 2018 | 2,552,800 | 32,500 | |||||||
| Thereafter | 12,570,800 | - | |||||||
| $ | 59,140,700 | $ | 808,100 | ||||||
| Minimum lease payments due under the Company’s finance lease include interest income totaling $300,100. | |||||||||
Notes_Payable_and_Accrued_Inte
| Notes Payable and Accrued Interest | 12 Months Ended | ||||||||
| Dec. 31, 2013 | |||||||||
| Notes Payable and Accrued Interest [Abstract] | ' | ||||||||
| Notes Payable and Accrued Interest | ' | ||||||||
| 6.Notes Payable and Accrued Interest | |||||||||
| At December 31, 2013 and December 31, 2012, the Company’s notes payable and accrued interest consisted of the following: | |||||||||
| December 31, | December 31, | ||||||||
| 2013 | 2012 | ||||||||
| Credit Facility principal | $ | 77,500,000 | $ | 67,800,000 | |||||
| Credit Facility accrued interest | 27,300 | 65,700 | |||||||
| $ | 77,527,300 | $ | 67,865,700 | ||||||
| In March 2013, the Company’s Credit Facility (the “Credit Facility”) provided by a syndicate of banks was increased from $90 million to $130 million and the maturity date was extended to September 30, 2015. The Credit Facility is secured by all of the assets of the Company, including its aircraft and engine portfolio. | |||||||||
| The Company borrowed $19,000,000 and $19,900,000 during 2013 and 2012, respectively, under the Credit Facility. The Company repaid $9,300,000 and $17,300,000 of its Credit Facility debt during 2013 and 2012, respectively. | |||||||||
| In November 2013, the Company obtained a waiver of compliance with a customer concentration covenant under its Credit Facility agreement at the September 30, 2013 and December 31, 2013 calculation dates. The higher than anticipated concentration resulted in part from the Company recognizing operating lease revenues from certain lessees on a cash basis, as collectability was not reasonably assured. The Company was in compliance with all other covenants under the Credit Facility agreement at December 31, 2013, and was in compliance with all covenants at December 31, 2012. | |||||||||
| The unused amount of the Credit Facility was $52,500,000 and $22,200,000 as of December 31, 2013 and December 31, 2012, respectively; however, the amount available at December 31, 2012 was limited to $1,100,000 due to borrowing base limitations. There were no such limitations at December 31, 2013. | |||||||||
| The weighted average interest rate on the Credit Facility was 3.94% and 4.00% at December 31, 2013 and December 31, 2012, respectively. | |||||||||
Stockholder_Rights_Plan
| Stockholder Rights Plan | 12 Months Ended |
| Dec. 31, 2013 | |
| Stockholder Rights Plan [Abstract] | ' |
| Stockholder Rights Plan | ' |
| 7.Stockholder Rights Plan | |
| In December 2009, the Company’s Board of Directors adopted a stockholder rights plan granting a dividend of one stock purchase right for each share of the Company’s common stock outstanding as of December 18, 2009 and the Company entered into a rights agreement dated December 1, 2009 in connection therewith. The rights become exercisable only upon the occurrence of certain events specified in the rights agreement, including the acquisition of 15% of the Company’s outstanding common stock by a person or group in certain circumstances. Each right allows the holder, other than an “acquiring person,” to purchase one one-hundredth of a share (a unit) of Series A Preferred Stock at an initial purchase price of $97.00 under circumstances described in the rights agreement. The purchase price, the number of units of preferred stock and the type of securities issuable upon exercise of the rights are subject to adjustment. The rights expire at the close of business December 1, 2019 unless earlier redeemed or exchanged. Until a right is exercised, the holder thereof, as such, has no rights as a stockholder of the Company, including the right to vote or to receive dividends. |
Income_Taxes
| Income Taxes | 12 Months Ended | ||||||||
| Dec. 31, 2013 | |||||||||
| Income Taxes [Abstract] | ' | ||||||||
| Income Taxes | ' | ||||||||
| 8. Income Taxes | |||||||||
| The items comprising the income tax provision are as follows: | |||||||||
| For the Years Ended December 31, | |||||||||
| 2013 | 2012 | ||||||||
| Current tax provision: | |||||||||
| Federal | $ | - | $ | 1,000 | |||||
| State | 800 | 800 | |||||||
| Foreign | 7,100 | 371,100 | |||||||
| Current tax provision | 7,900 | 372,900 | |||||||
| Deferred tax provision: | |||||||||
| Federal | 1,838,000 | 2,310,100 | |||||||
| State | 1,100 | 14,700 | |||||||
| Decrease in valuation allowance | (158,600 | ) | - | ||||||
| Deferred tax provision | 1,680,500 | 2,324,800 | |||||||
| Total income tax provision | $ | 1,688,400 | $ | 2,697,700 | |||||
| Total income tax expense differs from the amount that would be provided by applying the statutory federal income tax rate to pretax earnings as illustrated below: | |||||||||
| For the Years Ended December 31, | |||||||||
| 2013 | 2012 | ||||||||
| Income tax provision at statutory federal income tax rate | $ | 1,668,100 | $ | 2,681,500 | |||||
| State tax provision, net of federal benefit | 19,400 | 33,200 | |||||||
| Prior year withholding tax adjustment | 174,600 | - | |||||||
| Decrease in valuation allowance | (158,600 | ) | - | ||||||
| Other | (15,100 | ) | (17,000 | ) | |||||
| Total income tax provision | $ | 1,688,400 | $ | 2,697,700 | |||||
| Temporary differences and carry-forwards that give rise to a significant portion of deferred tax assets and liabilities as of December 31, 2013 and 2012 were as follows: | |||||||||
| December 31, | |||||||||
| 2013 | 2012 | ||||||||
| Deferred tax assets: | |||||||||
| Net operating loss carryovers | $ | - | $ | 932,000 | |||||
| Foreign tax credit carryover | 1,198,100 | 1,830,000 | |||||||
| Unearned revenue | 103,800 | - | |||||||
| Alternative minimum tax credit | 100,800 | 100,800 | |||||||
| Bad debt allowance and other | 490,100 | 936,500 | |||||||
| Deferred tax assets | 1,892,800 | 3,799,300 | |||||||
| Deferred tax liabilities: | |||||||||
| Accumulated depreciation on aircraft and aircraft engines | (17,343,000 | ) | (17,471,100 | ) | |||||
| Minimum lease payments receivable | (649,500 | ) | (533,200 | ) | |||||
| Deferred income | - | (55,600 | ) | ||||||
| Net deferred tax liabilities before valuation allowance | (16,099,700 | ) | (14,260,600 | ) | |||||
| Valuation allowance | - | (158,600 | ) | ||||||
| Net deferred tax liabilities | $ | (16,099,700 | ) | $ | (14,419,200 | ) | |||
| The foreign tax credit carryover will be available to offset federal tax expense in future years. The foreign tax credit carryover expires beginning in 2016 and extends through 2022. The alternative minimum tax credit will be available to offset federal tax expense in excess of the alternative minimum tax in future years and does not expire. | |||||||||
| A significant portion of recognized deferred tax assets relate to foreign tax credit carryovers. The valuation allowance deemed necessary at December 31, 2012 for certain foreign tax credits was reversed in the year ended December 31, 2013. The Company determined that, based on an assessment of all available evidence, it is more likely than not that future taxable income will be sufficient to realize the tax benefits of all the deferred tax assets on the balance sheets at December 31, 2013 and December 31, 2012. | |||||||||
| At December 31, 2013 and December 31, 2012, the Company had no material uncertain tax positions. | |||||||||
| The Company accounts for interest related to uncertain tax positions as interest expense, and for income tax penalties as tax expense. | |||||||||
| All of the Company's tax years remain open to examination other than as barred in the various jurisdictions by statutes of limitation. | |||||||||
Computation_of_Earnings_Per_Sh
| Computation of Earnings Per Share | 12 Months Ended | ||||||||
| Dec. 31, 2013 | |||||||||
| Computation of Earnings Per Share [Abstract] | ' | ||||||||
| Computation of Earnings Per Share | ' | ||||||||
| 9.Computation of Earnings Per Share | |||||||||
| Basic and diluted earnings per share are calculated as follows: | |||||||||
| For the Years Ended December 31, | |||||||||
| 2013 | 2012 | ||||||||
| Net income | $ | 3,217,500 | $ | 5,189,000 | |||||
| Weighted average shares outstanding for the period | 1,543,257 | 1,543,257 | |||||||
| Dilutive effect of warrants | 43,779 | 19,797 | |||||||
| Weighted average diluted shares used in calculation | 1,587,036 | 1,563,054 | |||||||
| of diluted earnings per share | |||||||||
| Basic earnings per share | $ | 2.08 | $ | 3.36 | |||||
| Diluted earnings per share | $ | 2.03 | $ | 3.32 | |||||
| Basic earnings per common share is computed using net income and the weighted average number of common shares outstanding during the period. Diluted earnings per common share are computed using net income and the weighted average number of common shares outstanding, assuming dilution. Weighted average common shares outstanding, assuming dilution, include potentially dilutive common shares outstanding during the period. Potentially dilutive common shares include the assumed exercise of warrants using the treasury stock method. | |||||||||
Related_Party_Transactions
| Related Party Transactions | 12 Months Ended | ||||||||
| Dec. 31, 2013 | |||||||||
| Related Party Transactions [Abstract] | ' | ||||||||
| Related Party Transactions | ' | ||||||||
| 10. Related Party Transactions | |||||||||
| The Company’s portfolio of leased aircraft assets is managed and administered under the terms of a management agreement with JetFleet Management Corp. (“JMC”), which is an integrated aircraft management, marketing and financing business and a subsidiary of JetFleet Holding Corp. ("JHC"). Certain officers of the Company are also officers of JHC and JMC and hold significant ownership positions in both JHC and the Company. | |||||||||
| Under the management agreement, JMC receives a monthly management fee based on the net asset value of the assets under management. JMC also receives an acquisition fee for locating assets for the Company. Acquisition fees are included in the cost basis of the asset purchased. JMC may receive a remarketing fee in connection with the re-lease or sale of the Company’s assets. Remarketing fees are amortized over the applicable lease term or included in the gain or loss on sale recognized upon sale of the applicable asset. | |||||||||
| Fees incurred during 2013 and 2012 were as follows: | |||||||||
| For the Years Ended December 31, | |||||||||
| 2013 | 2012 | ||||||||
| Management fees | $ | 4,352,400 | $ | 4,166,200 | |||||
| Acquisition fees | 799,000 | 1,066,000 | |||||||
| Remarketing fees | 589,300 | 259,000 | |||||||
| In August 2009, the Company entered into an agreement (the "Assignment Agreement") with Lee G. Beaumont in which Mr. Beaumont assigned to the Company his rights to purchase certain aircraft engines from an unrelated third party seller. In January 2012, Mr. Beaumont became a “related person” with respect to the Company due to his open market acquisitions of shares representing over 5% of the Company’s common stock. Mr. Beaumont received the third and final installment of $66,700 due under the Assignment Agreement from the Company in the third quarter of 2012. During 2013, Mr. Beaumont also received certain fees from JMC in connection with placement of the engines with new or renewing lessees. | |||||||||
Warrants
| Warrants | 12 Months Ended |
| Dec. 31, 2013 | |
| Warrants [Abstract] | ' |
| Warrants [Text Block] | ' |
| 11. Warrants | |
| As part of a previous subordinated debt financing, which was fully repaid in December 2011, the Company issued warrants to purchase up to 81,224 shares of the Company’s common stock that are currently exercisable (and expire on December 31, 2015) and represent approximately 5% of the post-exercise fully diluted capitalization of the Company. The exercise price of the warrants is $8.75 per share. |
Subsequent_Events
| Subsequent Events | 12 Months Ended |
| Dec. 31, 2013 | |
| Subsequent Events [Abstract] | ' |
| Subsequent Events | ' |
| 12. Subsequent Events | |
| During January 2014, the Company purchased three Bombardier CRJ-700 aircraft on lease to a customer in the United States. | |
| In March 2014, the Company sold a Fokker 50 aircraft and recorded a gain of approximately $102,000. |
Organization_and_Summary_of_Si1
| Organization and Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||||||||||||||||||||||
| Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
| Organization and Summary of Significant Accounting Policies [Abstract] | ' | ||||||||||||||||||||||||||||||||
| The Company and Basis of Presentation | ' | ||||||||||||||||||||||||||||||||
| (a)The Company and Basis of Presentation | |||||||||||||||||||||||||||||||||
| AeroCentury Corp. (the “Company”), a Delaware corporation incorporated in 1997, acquires used regional aircraft and engines for lease to foreign and domestic regional carriers. | |||||||||||||||||||||||||||||||||
| Use of Estimates | ' | ||||||||||||||||||||||||||||||||
| (b)Use of Estimates | |||||||||||||||||||||||||||||||||
| The Company’s financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable for making judgments that are not readily apparent from other sources. | |||||||||||||||||||||||||||||||||
| The most significant estimates with regard to these financial statements are the residual values and useful lives of the assets, the amount and timing of cash flows associated with each asset that are used to evaluate whether assets are impaired, accrued maintenance costs, accounting for income taxes, and the amounts recorded as allowances for doubtful accounts. | |||||||||||||||||||||||||||||||||
| Cash and Cash Equivalents | ' | ||||||||||||||||||||||||||||||||
| (c)Cash and Cash Equivalents | |||||||||||||||||||||||||||||||||
| The Company considers highly liquid investments readily convertible into known amounts of cash, with original maturities of 90 days or less from the date of acquisition, as cash equivalents. | |||||||||||||||||||||||||||||||||
| Aircraft Capitalization and Depreciation | ' | ||||||||||||||||||||||||||||||||
| (d)Aircraft Capitalization and Depreciation | |||||||||||||||||||||||||||||||||
| The Company’s interests in aircraft and aircraft engines are recorded at cost, which includes acquisition costs. Since inception, the Company has purchased only used aircraft and aircraft engines. It is the Company’s policy to hold aircraft for approximately twelve years unless market conditions dictate otherwise. Therefore, depreciation of aircraft is initially computed using the straight-line method over the twelve-year period to an estimated residual value based on appraisal. For an aircraft engine held for lease as a spare, the Company estimates the length of time that it will hold the aircraft engine based upon estimated usage, repair costs and other factors, and depreciates it to the appraised residual value over such period using the straight-line method. | |||||||||||||||||||||||||||||||||
| The Company periodically reviews plans for lease or sale of its aircraft and aircraft engines and changes, as appropriate, the remaining expected holding period for such assets. Estimated residual values are reviewed and adjusted periodically, based upon updated estimates obtained from an independent appraiser. Decreases in the fair value of aircraft could affect not only the current value, discussed below, but also the estimated residual value. | |||||||||||||||||||||||||||||||||
| Assets that are held for sale are not subject to depreciation and are separately classified on the balance sheet. Such assets are carried at their estimated fair values, less costs to sell. | |||||||||||||||||||||||||||||||||
| Fair Value Measurements | ' | ||||||||||||||||||||||||||||||||
| (e)Fair Value Measurements | |||||||||||||||||||||||||||||||||
| Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs, to the extent possible. The fair value hierarchy under GAAP is based on three levels of inputs. | |||||||||||||||||||||||||||||||||
| Level 1 - Quoted prices in active markets for identical assets or liabilities. | |||||||||||||||||||||||||||||||||
| Level 2 - Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | |||||||||||||||||||||||||||||||||
| Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | |||||||||||||||||||||||||||||||||
| Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis | |||||||||||||||||||||||||||||||||
| The following table shows by level, within the fair value hierarchy, the fair value of the Company’s assets that are measured and recorded at fair value on a recurring basis: | |||||||||||||||||||||||||||||||||
| 31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||||||||
| Total | Level | Level | Level | Total | Level | Level | Level | ||||||||||||||||||||||||||
| 1 | 2 | 3 | 1 | 2 | 3 | ||||||||||||||||||||||||||||
| Money market funds included in cash and cash equivalents | $ | 1,842,000 | $ | 1,842,000 | $ | - | $ | - | $ | 1,239,500 | $ | 1,239,500 | $ | - | $ | - | |||||||||||||||||
| Total | $ | 1,842,000 | $ | 1,842,000 | $ | - | $ | - | $ | 1,239,500 | $ | 1,239,500 | $ | - | $ | - | |||||||||||||||||
| As of December 31, 2013 and December 31, 2012, there were no liabilities that were required to be measured and recorded at fair value on a recurring basis. | |||||||||||||||||||||||||||||||||
| Assets Measured and Recorded at Fair Value on a Nonrecurring Basis | |||||||||||||||||||||||||||||||||
| The Company determines fair value of long-lived assets held and used, such as aircraft and aircraft engines held for lease and held for sale, by reference to independent appraisals, quoted market prices (e.g., offers to purchase) and other factors. An impairment charge is recorded when the Company believes that the carrying value of an asset will not be recovered through future net cash flows and that the carrying value exceeds its fair value. During the years ended December 31, 2013 and 2012, there were no recorded impairments of long-lived assets. | |||||||||||||||||||||||||||||||||
| Fair Value of Other Financial Instruments | |||||||||||||||||||||||||||||||||
| The Company’s financial instruments, other than cash and cash equivalents, consist principally of finance leases receivable and amounts borrowed under its credit facility (the “Credit Facility,” as defined in Note 6). The fair value of accounts receivable, finance leases receivable, accounts payable and the refundable reserves portion of the Company’s maintenance reserves and accrued maintenance costs approximates the carrying value of these financial instruments. | |||||||||||||||||||||||||||||||||
| Borrowings under the Company’s Credit Facility bear floating rates of interest that reset periodically to a market benchmark rate plus a credit margin. The Company believes the effective interest rate of this debt agreement approximates current market rates for such indebtedness at the balance sheet date, and therefore that the carrying amount of its floating rate debt at the balance sheet dates approximates its fair value. The fair value of the Company’s outstanding balance of its Credit Facility would be categorized as Level 3 under the GAAP fair value hierarchy. | |||||||||||||||||||||||||||||||||
| Impairment of Long-lived Assets | ' | ||||||||||||||||||||||||||||||||
| (f)Impairment of Long-lived Assets | |||||||||||||||||||||||||||||||||
| The Company reviews assets for impairment when there has been an event or a change in circumstances indicating that the carrying amount of a long-lived asset may not be recoverable. In addition, the Company routinely reviews all long-lived assets for impairment annually. Recoverability of an asset is measured by comparison of its carrying amount to the future estimated undiscounted cash flows (without interest charges) that the asset is expected to generate. Estimates are based on currently available market data and independent appraisals and are subject to fluctuation from time to time. If these estimated future cash flows are less than the carrying value of an asset at the time of evaluation, any impairment to be recognized is measured by the amount by which the carrying amount of the asset exceeds its fair value. Fair value is determined by reference to independent appraisals and other factors considered relevant by management. Significant management judgment is required in the forecasting of future operating results that are used in the preparation of estimated future undiscounted cash flows and, if different conditions prevail in the future, material write-downs may occur. No impairment provision was recorded in 2013 or 2012. | |||||||||||||||||||||||||||||||||
| Deferred Financing Costs and Commitment Fees | ' | ||||||||||||||||||||||||||||||||
| (g)Deferred Financing Costs and Commitment Fees | |||||||||||||||||||||||||||||||||
| Costs incurred in connection with debt financing are deferred and amortized over the term of the debt using the effective interest method or, in certain instances where the differences are not material, using the straight-line method. Costs incurred in connection with the Company’s Credit Facility are deferred and amortized using the straight-line method. Commitment fees for unused funds are expensed as incurred. | |||||||||||||||||||||||||||||||||
| Security deposits | ' | ||||||||||||||||||||||||||||||||
| (h)Security deposits | |||||||||||||||||||||||||||||||||
| The Company’s leases are typically structured so that if any event of default occurs under a lease, the Company may apply all or a portion of the lessee’s security deposit to cure such default. If such application of the security deposit is made, the lessee typically is required to replenish and maintain the full amount of the deposit during the remaining term of the lease. All of the security deposits received by the Company are refundable to the lessee at the end of the lease upon satisfaction of all lease terms. | |||||||||||||||||||||||||||||||||
| Taxes | ' | ||||||||||||||||||||||||||||||||
| (i)Taxes | |||||||||||||||||||||||||||||||||
| As part of the process of preparing the Company’s financial statements, management estimates income taxes in each of the jurisdictions in which the Company operates. This process involves estimating the Company’s current tax exposure under the most recent tax laws and assessing temporary differences resulting from differing treatment of items for tax and GAAP purposes. These differences result in deferred tax assets and liabilities, which are included in the balance sheet. Management also assesses the likelihood that the Company’s deferred tax assets will be recovered from future taxable income, and, to the extent management believes it is more likely than not that some portion or all of the deferred tax assets will not be realized, the Company establishes a valuation allowance. To the extent the Company establishes a valuation allowance or changes the allowance in a period, the Company reflects the corresponding increase or decrease within the tax provision in the statement of operations. Significant management judgment is required in determining the Company’s future taxable income for purposes of assessing the Company’s ability to realize any benefit from its deferred taxes. | |||||||||||||||||||||||||||||||||
| The Company accrues non-income based sales, use, value added and franchise taxes as other tax expense in the statements of operations. | |||||||||||||||||||||||||||||||||
| Revenue Recognition, Accounts Receivable and Allowance for Doubtful Accounts | ' | ||||||||||||||||||||||||||||||||
| (j)Revenue Recognition, Accounts Receivable and Allowance for Doubtful Accounts | |||||||||||||||||||||||||||||||||
| Revenue from leasing of aircraft assets is recognized as operating lease revenue on a straight-line basis over the terms of the applicable lease agreements. Deferred payments are recorded as accrued rent when the cash rent received is lower than the straight-line revenue recognized. Such receivables decrease over the term of the applicable leases. Interest income is recognized on finance leases based on the interest rate implicit in the lease and the outstanding balance of the lease receivable. Non-refundable maintenance reserves are based on usage and are accrued as maintenance reserves revenue. | |||||||||||||||||||||||||||||||||
| In instances where collectability is not reasonably assured, the Company recognizes revenue as cash payments are received. The Company estimates and charges to income a provision for bad debts based on its experience with each specific customer, the amount and length of payment arrearages, and its analysis of the lessee’s overall financial condition. If the financial condition of any of the Company’s customers deteriorates, it could result in actual losses exceeding any estimated allowances. | |||||||||||||||||||||||||||||||||
| The Company’s allowance for doubtful accounts was $0 and $2,419,400 at December 31, 2013 and 2012, respectively. | |||||||||||||||||||||||||||||||||
| Comprehensive Income | ' | ||||||||||||||||||||||||||||||||
| (k)Comprehensive Income | |||||||||||||||||||||||||||||||||
| The Company does not have any comprehensive income other than the revenue and expense items included in the statements of operations. As a result, comprehensive income equals net income for the years ended December 31, 2013 and 2012. | |||||||||||||||||||||||||||||||||
| Finance Leases | ' | ||||||||||||||||||||||||||||||||
| (l)Finance Leases | |||||||||||||||||||||||||||||||||
| The leases for one of the Company’s aircraft and two engines contain lessee purchase options at prices substantially below the assets’ estimated residual values at the exercise date for the option. Consequently, the Company considers the purchase options to be “bargain purchase options” and has classified such leases as finance leases for financial accounting purposes. The Company does not include the value, purchase price or accumulated depreciation of finance lease assets on its balance sheet. Instead, the discounted present value of (i) future minimum lease payments (including the bargain purchase option) and (ii) any residual value not subject to a bargain purchase option are reported as a finance lease receivable. Rental revenue and depreciation expense are not recognized on finance leases. Rather, the Company accrues interest on the balance of the finance leases receivable based on the interest rate inherent in the applicable lease. The Company recognized interest earned on finance leases as “other income” in the amount of $175,700 and $93,800 in 2013 and 2012, respectively. | |||||||||||||||||||||||||||||||||
Organization_and_Summary_of_Si2
| Organization and Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
| Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
| Organization and Summary of Significant Accounting Policies [Abstract] | ' | ||||||||||||||||||||||||||||||||
| Assets measured at fair value on recurring basis | ' | ||||||||||||||||||||||||||||||||
| The following table shows by level, within the fair value hierarchy, the fair value of the Company’s assets that are measured and recorded at fair value on a recurring basis: | |||||||||||||||||||||||||||||||||
| 31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||||||||
| Total | Level | Level | Level | Total | Level | Level | Level | ||||||||||||||||||||||||||
| 1 | 2 | 3 | 1 | 2 | 3 | ||||||||||||||||||||||||||||
| Money market funds included in cash and cash equivalents | $ | 1,842,000 | $ | 1,842,000 | $ | - | $ | - | $ | 1,239,500 | $ | 1,239,500 | $ | - | $ | - | |||||||||||||||||
| Total | $ | 1,842,000 | $ | 1,842,000 | $ | - | $ | - | $ | 1,239,500 | $ | 1,239,500 | $ | - | $ | - | |||||||||||||||||
Aircraft_and_Aircraft_Engines_1
| Aircraft and Aircraft Engines Held for Lease or Sale (Tables) | 12 Months Ended | ||||||||||||||||
| Dec. 31, 2013 | |||||||||||||||||
| Aircraft and Aircraft Engines Held for Lease or Sale [Abstract] | ' | ||||||||||||||||
| Aircraft and aircraft engines held for lease | ' | ||||||||||||||||
| At December 31, 2013 and December 31, 2012, the Company’s aircraft and aircraft engines, which were on lease or held for lease, consisted of the following: | |||||||||||||||||
| 31-Dec-13 | 31-Dec-12 | ||||||||||||||||
| Number | % of net | Number | % of net | ||||||||||||||
| Model | owned | book value | owned | book value | |||||||||||||
| Bombardier Dash-8-300 | 9 | 23 | % | 9 | 25 | % | |||||||||||
| Fokker 100 | 7 | 19 | % | 7 | 22 | % | |||||||||||
| Bombardier Dash-8-Q400 | 3 | 17 | % | 3 | 19 | % | |||||||||||
| Bombardier CRJ-705 | 1 | 12 | % | - | - | ||||||||||||
| Fokker 50 | 10 | 10 | % | 13 | 14 | % | |||||||||||
| Saab 340B Plus | 6 | 8 | % | 4 | 6 | % | |||||||||||
| General Electric CF34-8E5 engine | 3 | 6 | % | 3 | 7 | % | |||||||||||
| Saab 340B | 4 | 4 | % | 5 | 5 | % | |||||||||||
| Tay 650-15 engine | 1 | 1 | % | - | - | ||||||||||||
| General Electric CT7-9B engine | 2 | - | 1 | - | |||||||||||||
| Saab 340A | 1 | - | 1 | - | |||||||||||||
| deHavilland DHC-8-100 | - | - | 1 | 1 | % | ||||||||||||
| deHavilland DHC-6 | - | - | 1 | 1 | % | ||||||||||||
Maintenance_Reserves_and_Accru1
| Maintenance Reserves and Accrued Maintenance Costs (Tables) | 12 Months Ended | ||||||||
| Dec. 31, 2013 | |||||||||
| Maintenance Reserves and Accrued Maintenance Costs [Abstract] | ' | ||||||||
| Summary of the company's maintenance reserves and accruals | ' | ||||||||
| At December 31, 2013 and December 31, 2012, the Company’s maintenance reserves and accrued maintenance costs consisted of the following: | |||||||||
| December 31, | December 31, | ||||||||
| 2013 | 2012 | ||||||||
| Refundable maintenance reserves | $ | 10,480,000 | $ | 14,477,400 | |||||
| Accrued maintenance costs | 2,774,100 | 878,700 | |||||||
| $ | 13,254,100 | $ | 15,356,100 | ||||||
| Additions to and deductions from the company's accrued maintenance cost for aircraft maintenance | ' | ||||||||
| Additions to and deductions from the Company’s accrued maintenance costs during the years ended December 31, 2013 and 2012 for aircraft maintenance were as follows: | |||||||||
| For the Years Ended | |||||||||
| December 31, | |||||||||
| 2013 | 2012 | ||||||||
| Balance, beginning of period | $ | 878,700 | $ | 1,013,400 | |||||
| Additions: | |||||||||
| Charged to expense | 8,765,000 | 4,082,100 | |||||||
| Capital equipment | 482,900 | 52,200 | |||||||
| Accrued claims related to refundable maintenance reserves | 745,600 | 763,900 | |||||||
| Prepaid maintenance and other | 1,114,000 | 239,700 | |||||||
| Total additions | 11,107,500 | 5,137,900 | |||||||
| Deductions: | |||||||||
| Payments | 8,297,700 | 4,614,900 | |||||||
| Other | 914,400 | 657,700 | |||||||
| Total deductions | 9,212,100 | 5,272,600 | |||||||
| Net increase/(decrease) in accrued maintenance costs | 1,895,400 | (134,700 | ) | ||||||
| Balance, end of period | $ | 2,774,100 | $ | 878,700 | |||||
Operating_Segments_Tables
| Operating Segments (Tables) | 12 Months Ended | ||||||||
| Dec. 31, 2013 | |||||||||
| Operating Segments [Abstract] | ' | ||||||||
| Geographic information of operating lease revenue | ' | ||||||||
| The tables below set forth geographic information about the Company’s operating lease revenue for leased aircraft and aircraft equipment, grouped by domicile of the lessee: | |||||||||
| For the Years Ended December 31, | |||||||||
| Operating Lease Revenue | 2013 | 2012 | |||||||
| Africa | $ | 5,454,700 | $ | 4,401,600 | |||||
| Asia | 4,149,000 | 4,143,100 | |||||||
| Caribbean | 3,600,000 | 5,402,400 | |||||||
| Europe and United Kingdom | 3,415,500 | 6,366,500 | |||||||
| North America | 1,542,000 | 2,707,100 | |||||||
| South America | 633,000 | 641,600 | |||||||
| $ | 18,794,200 | $ | 23,662,300 | ||||||
| Net book value of aircraft and aircraft engines held for lease | ' | ||||||||
| December 31, | |||||||||
| Net Book Value of Aircraft and Aircraft Engines Held for Lease | 2013 | 2012 | |||||||
| Off lease | $ | 34,446,300 | $ | 20,359,600 | |||||
| Asia | 30,489,400 | 27,577,900 | |||||||
| Africa | 29,951,800 | 32,962,100 | |||||||
| Europe and United Kingdom | 20,384,700 | 25,012,300 | |||||||
| North America | 17,779,000 | 7,386,800 | |||||||
| Caribbean | 13,209,300 | 27,145,800 | |||||||
| South America | 6,114,700 | 3,223,200 | |||||||
| $ | 152,375,200 | $ | 143,667,700 | ||||||
Concentration_of_Credit_Risk_T
| Concentration of Credit Risk (Tables) | 12 Months Ended | ||||||||
| Dec. 31, 2013 | |||||||||
| Concentration of Credit Risk [Abstract] | ' | ||||||||
| Future minimum lease payments receivable under noncancelable leases | ' | ||||||||
| As of December 31, 2013, minimum future lease revenue payments receivable under noncancelable leases were as follows: | |||||||||
| Operating | Finance | ||||||||
| Years ending | leases | leases | |||||||
| 2014 | $ | 17,648,900 | $ | 238,900 | |||||
| 2015 | 10,932,800 | 182,400 | |||||||
| 2016 | 9,508,400 | 182,400 | |||||||
| 2017 | 5,927,000 | 171,900 | |||||||
| 2018 | 2,552,800 | 32,500 | |||||||
| Thereafter | 12,570,800 | - | |||||||
| $ | 59,140,700 | $ | 808,100 | ||||||
Notes_Payable_and_Accrued_Inte1
| Notes Payable and Accrued Interest (Tables) | 12 Months Ended | ||||||||
| Dec. 31, 2013 | |||||||||
| Notes Payable and Accrued Interest [Abstract] | ' | ||||||||
| Notes payable and accrued interest | ' | ||||||||
| At December 31, 2013 and December 31, 2012, the Company’s notes payable and accrued interest consisted of the following: | |||||||||
| December 31, | December 31, | ||||||||
| 2013 | 2012 | ||||||||
| Credit Facility principal | $ | 77,500,000 | $ | 67,800,000 | |||||
| Credit Facility accrued interest | 27,300 | 65,700 | |||||||
| $ | 77,527,300 | $ | 67,865,700 | ||||||
Income_Taxes_Tables
| Income Taxes (Tables) | 12 Months Ended | ||||||||
| Dec. 31, 2013 | |||||||||
| Income Taxes [Abstract] | ' | ||||||||
| Income tax expense | ' | ||||||||
| The items comprising the income tax provision are as follows: | |||||||||
| For the Years Ended December 31, | |||||||||
| 2013 | 2012 | ||||||||
| Current tax provision: | |||||||||
| Federal | $ | - | $ | 1,000 | |||||
| State | 800 | 800 | |||||||
| Foreign | 7,100 | 371,100 | |||||||
| Current tax provision | 7,900 | 372,900 | |||||||
| Deferred tax provision: | |||||||||
| Federal | 1,838,000 | 2,310,100 | |||||||
| State | 1,100 | 14,700 | |||||||
| Decrease in valuation allowance | (158,600 | ) | - | ||||||
| Deferred tax provision | 1,680,500 | 2,324,800 | |||||||
| Total income tax provision | $ | 1,688,400 | $ | 2,697,700 | |||||
| Income tax reconciliation | ' | ||||||||
| Total income tax expense differs from the amount that would be provided by applying the statutory federal income tax rate to pretax earnings as illustrated below: | |||||||||
| For the Years Ended December 31, | |||||||||
| 2013 | 2012 | ||||||||
| Income tax provision at statutory federal income tax rate | $ | 1,668,100 | $ | 2,681,500 | |||||
| State tax provision, net of federal benefit | 19,400 | 33,200 | |||||||
| Prior year withholding tax adjustment | 174,600 | - | |||||||
| Decrease in valuation allowance | (158,600 | ) | - | ||||||
| Other | (15,100 | ) | (17,000 | ) | |||||
| Total income tax provision | $ | 1,688,400 | $ | 2,697,700 | |||||
| Deferred tax assets and liabilities | ' | ||||||||
| Temporary differences and carry-forwards that give rise to a significant portion of deferred tax assets and liabilities as of December 31, 2013 and 2012 were as follows: | |||||||||
| December 31, | |||||||||
| 2013 | 2012 | ||||||||
| Deferred tax assets: | |||||||||
| Net operating loss carryovers | $ | - | $ | 932,000 | |||||
| Foreign tax credit carryover | 1,198,100 | 1,830,000 | |||||||
| Unearned revenue | 103,800 | - | |||||||
| Alternative minimum tax credit | 100,800 | 100,800 | |||||||
| Bad debt allowance and other | 490,100 | 936,500 | |||||||
| Deferred tax assets | 1,892,800 | 3,799,300 | |||||||
| Deferred tax liabilities: | |||||||||
| Accumulated depreciation on aircraft and aircraft engines | (17,343,000 | ) | (17,471,100 | ) | |||||
| Minimum lease payments receivable | (649,500 | ) | (533,200 | ) | |||||
| Deferred income | - | (55,600 | ) | ||||||
| Net deferred tax liabilities before valuation allowance | (16,099,700 | ) | (14,260,600 | ) | |||||
| Valuation allowance | - | (158,600 | ) | ||||||
| Net deferred tax liabilities | $ | (16,099,700 | ) | $ | (14,419,200 | ) | |||
Computation_of_Earnings_Per_Sh1
| Computation of Earnings Per Share (Tables) | 12 Months Ended | ||||||||
| Dec. 31, 2013 | |||||||||
| Computation of Earnings Per Share [Abstract] | ' | ||||||||
| Computation of Earnings Per Share | ' | ||||||||
| Basic and diluted earnings per share are calculated as follows: | |||||||||
| For the Years Ended December 31, | |||||||||
| 2013 | 2012 | ||||||||
| Net income | $ | 3,217,500 | $ | 5,189,000 | |||||
| Weighted average shares outstanding for the period | 1,543,257 | 1,543,257 | |||||||
| Dilutive effect of warrants | 43,779 | 19,797 | |||||||
| Weighted average diluted shares used in calculation | 1,587,036 | 1,563,054 | |||||||
| of diluted earnings per share | |||||||||
| Basic earnings per share | $ | 2.08 | $ | 3.36 | |||||
| Diluted earnings per share | $ | 2.03 | $ | 3.32 | |||||
Related_Party_Transactions_Tab
| Related Party Transactions (Tables) | 12 Months Ended | ||||||||
| Dec. 31, 2013 | |||||||||
| Related Party Transactions [Abstract] | ' | ||||||||
| Related Party Fees | ' | ||||||||
| Fees incurred during 2013 and 2012 were as follows: | |||||||||
| For the Years Ended December 31, | |||||||||
| 2013 | 2012 | ||||||||
| Management fees | $ | 4,352,400 | $ | 4,166,200 | |||||
| Acquisition fees | 799,000 | 1,066,000 | |||||||
| Remarketing fees | 589,300 | 259,000 | |||||||
Organization_and_Summary_of_Si3
| Organization and Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | |
| Dec. 31, 2013 | Dec. 31, 2012 | |
| Aircraft Capitalization and Depreciation [Abstract] | ' | ' |
| Aircraft useful life | '12 years | ' |
| Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis [Abstract] | ' | ' |
| Write down of long-lived assets | $0 | $0 |
| Revenue Recognition, Accounts Receivable and Allowance for Doubtful Accounts [Abstract] | ' | ' |
| Allowance for doubtful accounts | 0 | 2,419,400 |
| Finance Leases [Abstract] | ' | ' |
| Interest earned on finance lease | 175,700 | 93,800 |
| Recurring [Member] | ' | ' |
| Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis [Abstract] | ' | ' |
| Money market funds included in cash and cash equivalents | 1,842,000 | 1,239,500 |
| Total | 1,842,000 | 1,239,500 |
| Liabilities recorded at fair value | 0 | 0 |
| Level 1 [Member] | Recurring [Member] | ' | ' |
| Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis [Abstract] | ' | ' |
| Money market funds included in cash and cash equivalents | 1,842,000 | 1,239,500 |
| Total | 1,842,000 | 1,239,500 |
| Level 2 [Member] | Recurring [Member] | ' | ' |
| Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis [Abstract] | ' | ' |
| Money market funds included in cash and cash equivalents | 0 | 0 |
| Total | 0 | 0 |
| Level 3 [Member] | Recurring [Member] | ' | ' |
| Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis [Abstract] | ' | ' |
| Money market funds included in cash and cash equivalents | 0 | 0 |
| Total | $0 | $0 |
Aircraft_and_Aircraft_Engines_2
| Aircraft and Aircraft Engines Held for Lease or Sale (Details) (USD $) | 12 Months Ended | |
| Dec. 31, 2013 | Dec. 31, 2012 | |
| Asset | Aircraft | |
| Aircraft | Asset | |
| Aircraft and aircraft engines held for lease or sale [Abstract] | ' | ' |
| Number of aircrafts purchased | ' | 0 |
| Payment for equipment and acquisition costs related to aircraft purchased | $24,965,500 | $30,632,200 |
| Gain on sale of aircraft and parts from an engine | 4,504,200 | 1,373,800 |
| Gain on financial lease | 73,300 | 112,300 |
| Number of assets lease term extended | 8 | ' |
| Number of off leased assets leased | ' | 3 |
| Bad debt expense related to bankruptcy | 357,600 | ' |
| Number of entity aircraft off lease | 13 | ' |
| Re-lease opportunities for the off-lease aircraft (in hundredths) | 23.00% | ' |
| Held-for-sale [Member] | ' | ' |
| Aircraft and aircraft engines held for lease or sale [Abstract] | ' | ' |
| Gain on sale of aircraft and parts from an engine | 6,600 | 50,900 |
| Proceeds from the sale of airframe parts | 495,100 | 0 |
| Fokker 100 [Member] | ' | ' |
| Aircraft and aircraft engines held for lease or sale [Abstract] | ' | ' |
| Number owned | 7 | 7 |
| Percentage of net book value (in hundredths) | 19.00% | 22.00% |
| Number of aircraft returned to lessee bankruptcy | 3 | ' |
| Number of entity aircraft off lease | 6 | ' |
| Bombardier Dash-8-300 [Member] | ' | ' |
| Aircraft and aircraft engines held for lease or sale [Abstract] | ' | ' |
| Number owned | 9 | 9 |
| Percentage of net book value (in hundredths) | 23.00% | 25.00% |
| Fokker 50 [Member] | ' | ' |
| Aircraft and aircraft engines held for lease or sale [Abstract] | ' | ' |
| Number owned | 10 | 13 |
| Percentage of net book value (in hundredths) | 10.00% | 14.00% |
| Number of aircraft sold | 3 | 1 |
| Number of entity aircraft off lease | 4 | ' |
| General Electric CF34-8E5 engine [Member] | ' | ' |
| Aircraft and aircraft engines held for lease or sale [Abstract] | ' | ' |
| Number owned | 3 | 3 |
| Percentage of net book value (in hundredths) | 6.00% | 7.00% |
| Number of aircraft engines sold | 1 | ' |
| Number of entity aircraft off lease | 1 | ' |
| Bombardier Dash-8-Q400 [Member] | ' | ' |
| Aircraft and aircraft engines held for lease or sale [Abstract] | ' | ' |
| Number owned | 3 | 3 |
| Percentage of net book value (in hundredths) | 17.00% | 19.00% |
| Bombardier CRJ-705 [Member] | ' | ' |
| Aircraft and aircraft engines held for lease or sale [Abstract] | ' | ' |
| Number owned | 1 | 0 |
| Percentage of net book value (in hundredths) | 12.00% | 0.00% |
| Saab 340B [Member] | ' | ' |
| Aircraft and aircraft engines held for lease or sale [Abstract] | ' | ' |
| Number owned | 4 | 5 |
| Percentage of net book value (in hundredths) | 4.00% | 5.00% |
| Number of entity aircraft off lease | 1 | ' |
| Tay 650-15 engine | ' | ' |
| Aircraft and aircraft engines held for lease or sale [Abstract] | ' | ' |
| Number owned | 1 | 0 |
| Percentage of net book value (in hundredths) | 1.00% | 0.00% |
| Gain on sale of aircraft and parts from an engine | ($769,300) | ' |
| Number of entity aircraft off lease | 1 | ' |
| Saab 340B Plus [Member] | ' | ' |
| Aircraft and aircraft engines held for lease or sale [Abstract] | ' | ' |
| Number owned | 6 | 4 |
| Percentage of net book value (in hundredths) | 8.00% | 6.00% |
| deHavilland DHC-8-100 [Member] | ' | ' |
| Aircraft and aircraft engines held for lease or sale [Abstract] | ' | ' |
| Number owned | 0 | 1 |
| Percentage of net book value (in hundredths) | 0.00% | 1.00% |
| Number of aircraft sold | 1 | ' |
| deHavilland DHC-6 [Member] | ' | ' |
| Aircraft and aircraft engines held for lease or sale [Abstract] | ' | ' |
| Number owned | 0 | 1 |
| Percentage of net book value (in hundredths) | 0.00% | 1.00% |
| Number of aircraft sold | 1 | ' |
| Saab 340 A [Member] | ' | ' |
| Aircraft and aircraft engines held for lease or sale [Abstract] | ' | ' |
| Number owned | 1 | 1 |
| Percentage of net book value (in hundredths) | 0.00% | 0.00% |
| Number of aircraft or engines subject to lease | 1 | ' |
| Bombardier Dash-8-100 [Member] | ' | ' |
| Aircraft and aircraft engines held for lease or sale [Abstract] | ' | ' |
| Number of aircraft sold | ' | 1 |
| General Electric CT7-9B engine [Member] | ' | ' |
| Aircraft and aircraft engines held for lease or sale [Abstract] | ' | ' |
| Number owned | 2 | 1 |
| Percentage of net book value (in hundredths) | 0.00% | 0.00% |
| Number of aircraft or engines subject to lease | 2 | ' |
| Number of aircraft engines sold | 1 | 1 |
Maintenance_Reserves_and_Accru2
| Maintenance Reserves and Accrued Maintenance Costs (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
| Mar. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2011 | |
| Lease | ||||
| Maintenance Reserves and Accrued Maintenance Costs [Abstract] | ' | ' | ' | ' |
| Proceeds from lease payments included in refundable maintenance reserves | ' | $6,528,500 | ' | ' |
| Maintenance revenue, aircraft returned | 6,528,500 | ' | ' | ' |
| Number of aircraft leases assigned to new lessee | ' | 2 | ' | ' |
| Refundable maintenance reserves | ' | 14,477,400 | 10,480,000 | ' |
| Accrued maintenance costs | ' | 878,700 | 2,774,100 | 1,013,400 |
| Total | ' | $15,356,100 | $13,254,100 | ' |
Maintenance_Reserves_and_Accru3
| Maintenance Reserves and Accrued Maintenance Costs, Additions to and Deductions from Accrued Maintenance Costs (Details) (USD $) | 12 Months Ended | |
| Dec. 31, 2013 | Dec. 31, 2012 | |
| Accrued maintenance cost [Roll Forward] | ' | ' |
| Balance, beginning of period | $878,700 | $1,013,400 |
| Additions [Abstract] | ' | ' |
| Charged to expense | 8,765,000 | 4,082,100 |
| Capital equipment | 482,900 | 52,200 |
| Accrued claims related to refundable maintenance reserves | 745,600 | 763,900 |
| Prepaid maintenance and other | 1,114,000 | 239,700 |
| Total additions | 11,107,500 | 5,137,900 |
| Deductions [Abstract] | ' | ' |
| Payments | 8,297,700 | 4,614,900 |
| Other | 914,400 | 657,700 |
| Total deductions | 9,212,100 | 5,272,600 |
| Net increase/(decrease) in accrued maintenance costs | 1,895,400 | -134,700 |
| Balance, end of period | $2,774,100 | $878,700 |
Operating_Segments_Details
| Operating Segments (Details) (USD $) | 12 Months Ended | |
| Dec. 31, 2013 | Dec. 31, 2012 | |
| Segment | ||
| Operating Segments [Abstract] | ' | ' |
| Number of business segments | 1 | ' |
| Operating lease revenues derived from lessees domiciled in the United States (in hundredths) | 0.00% | 4.00% |
| Segment Reporting Information [Line Items] | ' | ' |
| Operating Lease Revenue | $18,794,200 | $23,662,300 |
| Net Book Value of Aircraft and Aircraft Engines Held for Lease | 152,375,200 | 143,667,700 |
| Europe and United Kingdom [Member] | ' | ' |
| Segment Reporting Information [Line Items] | ' | ' |
| Operating Lease Revenue | 3,415,500 | 6,366,500 |
| Net Book Value of Aircraft and Aircraft Engines Held for Lease | 20,384,700 | 25,012,300 |
| Caribbean [Member] | ' | ' |
| Segment Reporting Information [Line Items] | ' | ' |
| Operating Lease Revenue | 3,600,000 | 5,402,400 |
| Net Book Value of Aircraft and Aircraft Engines Held for Lease | 13,209,300 | 27,145,800 |
| Off lease [Member] | ' | ' |
| Segment Reporting Information [Line Items] | ' | ' |
| Net Book Value of Aircraft and Aircraft Engines Held for Lease | 34,446,300 | 20,359,600 |
| North America [Member] | ' | ' |
| Segment Reporting Information [Line Items] | ' | ' |
| Operating Lease Revenue | 1,542,000 | 2,707,100 |
| Net Book Value of Aircraft and Aircraft Engines Held for Lease | 17,779,000 | 7,386,800 |
| Africa [Member] | ' | ' |
| Segment Reporting Information [Line Items] | ' | ' |
| Operating Lease Revenue | 5,454,700 | 4,401,600 |
| Net Book Value of Aircraft and Aircraft Engines Held for Lease | 29,951,800 | 32,962,100 |
| Asia [Member] | ' | ' |
| Segment Reporting Information [Line Items] | ' | ' |
| Operating Lease Revenue | 4,149,000 | 4,143,100 |
| Net Book Value of Aircraft and Aircraft Engines Held for Lease | 30,489,400 | 27,577,900 |
| South America [Member] | ' | ' |
| Segment Reporting Information [Line Items] | ' | ' |
| Operating Lease Revenue | 633,000 | 641,600 |
| Net Book Value of Aircraft and Aircraft Engines Held for Lease | $6,114,700 | $3,223,200 |
Concentration_of_Credit_Risk_D
| Concentration of Credit Risk (Details) (USD $) | 12 Months Ended | |
| Dec. 31, 2013 | Dec. 31, 2012 | |
| Customer | Customer | |
| Concentration Risk [Line Items] | ' | ' |
| Number of significant customers | 4 | 4 |
| Payments received from customers | $984,000 | $180,000 |
| Accounts receivable, allowance for doubtful accounts | 0 | 2,419,400 |
| Operating leases, minimum future lease revenue payments receivable under noncancelable leases [Abstract] | ' | ' |
| 2014 | 17,648,900 | ' |
| 2015 | 10,932,800 | ' |
| 2016 | 9,508,400 | ' |
| 2017 | 5,927,000 | ' |
| 2018 | 2,552,800 | ' |
| Thereafter | 12,570,800 | ' |
| Total | 59,140,700 | ' |
| Finance leases, minimum future lease revenue payments receivable under noncancelable leases [Abstract] | ' | ' |
| 2014 | 238,900 | ' |
| 2015 | 182,400 | ' |
| 2016 | 182,400 | ' |
| 2017 | 171,900 | ' |
| 2018 | 32,500 | ' |
| Thereafter | 0 | ' |
| Total | 808,100 | ' |
| Interest income included finance lease | 300,100 | ' |
| Customer One [Member] | ' | ' |
| Concentration Risk [Line Items] | ' | ' |
| Receivables | ' | 3,300,000 |
| Accounts receivable, allowance for doubtful accounts | ' | 2,419,400 |
| Customer One [Member] | Lease Revenue [Member] | ' | ' |
| Concentration Risk [Line Items] | ' | ' |
| Lease revenues and receivables from significant customers (in hundredths) | 23.00% | 15.00% |
| Customer One [Member] | Receivable [Member] | ' | ' |
| Concentration Risk [Line Items] | ' | ' |
| Lease revenues and receivables from significant customers (in hundredths) | ' | 71.00% |
| Customer Two [Member] | Lease Revenue [Member] | ' | ' |
| Concentration Risk [Line Items] | ' | ' |
| Lease revenues and receivables from significant customers (in hundredths) | 19.00% | 13.00% |
| Customer Three [Member] | Lease Revenue [Member] | ' | ' |
| Concentration Risk [Line Items] | ' | ' |
| Lease revenues and receivables from significant customers (in hundredths) | 11.00% | 11.00% |
| Customer Four [Member] | Lease Revenue [Member] | ' | ' |
| Concentration Risk [Line Items] | ' | ' |
| Lease revenues and receivables from significant customers (in hundredths) | 10.00% | 10.00% |
| Two Customers [Member] | ' | ' |
| Concentration Risk [Line Items] | ' | ' |
| Receivables | $1,231,500 | ' |
| Two Customers [Member] | Receivable [Member] | ' | ' |
| Concentration Risk [Line Items] | ' | ' |
| Lease revenues and receivables from significant customers (in hundredths) | 40.00% | ' |
Notes_Payable_and_Accrued_Inte2
| Notes Payable and Accrued Interest (Details) (USD $) | 12 Months Ended | |
| Dec. 31, 2013 | Dec. 31, 2012 | |
| Notes payable and accrued interest [Abstract] | ' | ' |
| Notes payable and accrued interest | $77,527,300 | $67,865,700 |
| Credit Facility [Abstract] | ' | ' |
| Borrowings under Credit Facility | 19,000,000 | 19,900,000 |
| Repayments of Credit Facility | 9,300,000 | 17,300,000 |
| Credit Facility [Member] | ' | ' |
| Notes payable and accrued interest [Abstract] | ' | ' |
| Credit Facility principal | 77,500,000 | 67,800,000 |
| Credit Facility accrued interest | 27,300 | 65,700 |
| Notes payable and accrued interest | 77,527,300 | 67,865,700 |
| Credit Facility [Abstract] | ' | ' |
| Credit facility, borrowing capacity replaced | 90,000,000 | ' |
| Credit facility maximum borrowing capacity | 130,000,000 | ' |
| Borrowings under Credit Facility | 19,000,000 | 19,900,000 |
| Repayments of Credit Facility | 9,300,000 | 17,300,000 |
| Expiration date | 30-Sep-15 | ' |
| Unused amount of the credit facility | 52,500,000 | 22,200,000 |
| Available borrowing capacity | $0 | $1,100,000 |
| Weighted average interest rate on credit facility (in hundredths) | 3.94% | 4.00% |
Stockholder_Rights_Plan_Detail
| Stockholder Rights Plan (Details) (USD $) | 12 Months Ended | |
| Dec. 31, 2013 | Dec. 31, 2009 | |
| Class of Stock [Line Items] | ' | ' |
| Number of stock purchase right for each share as dividends under plan (in shares) | ' | 1 |
| Percentage of stock acquisition for exercise of rights as specified in right agreement (in hundredths) | 15.00% | ' |
| Share purchase under right agreement description | 'Each right allows the holder, other than an "acquiring person," to purchase one one-hundredth of a share (a unit) of Series A Preferred Stock at an initial purchase price of $97.00 under circumstances described in the rights agreement. | ' |
| Expiration date of rights | 1-Dec-19 | ' |
| Series A Preferred Stock [Member] | ' | ' |
| Class of Stock [Line Items] | ' | ' |
| Initial purchase price of unit under right agreement (in dollars per share) | 97 | ' |
Income_Taxes_Details
| Income Taxes (Details) (USD $) | 12 Months Ended | |
| Dec. 31, 2013 | Dec. 31, 2012 | |
| Current tax provision [Abstract] | ' | ' |
| Federal | $0 | $1,000 |
| State | 800 | 800 |
| Foreign | 7,100 | 371,100 |
| Current tax provision | 7,900 | 372,900 |
| Deferred tax provision [Abstract] | ' | ' |
| Federal | 1,838,000 | 2,310,100 |
| State | 1,100 | 14,700 |
| Decrease in valuation allowance | -158,600 | 0 |
| Deferred tax provision | 1,680,500 | 2,324,800 |
| Total income tax provision | 1,688,400 | 2,697,700 |
| Income tax rate reconciliation [Abstract] | ' | ' |
| Income tax provision at statutory federal income tax rate | 1,668,100 | 2,681,500 |
| State tax provision, net of federal benefit | 19,400 | 33,200 |
| Prior year withholding tax adjustment | 174,600 | 0 |
| Decrease in valuation allowance | -158,600 | 0 |
| Other | -15,100 | -17,000 |
| Total income tax provision | 1,688,400 | 2,697,700 |
| Deferred tax assets [Abstract] | ' | ' |
| Net operating loss carryovers | 0 | 932,000 |
| Foreign tax credit carryover | 1,198,100 | 1,830,000 |
| Unearned revenue | 103,800 | 0 |
| Alternative minimum tax credit | 100,800 | 100,800 |
| Bad debt allowance and other | 490,100 | 936,500 |
| Deferred tax assets | 1,892,800 | 3,799,300 |
| Deferred tax liabilities [Abstract] | ' | ' |
| Accumulated depreciation on aircraft and aircraft engines | -17,343,000 | -17,471,100 |
| Minimum lease payments receivable | -649,500 | -533,200 |
| Deferred income | 0 | -55,600 |
| Net deferred tax liabilities before valuation allowance | -16,099,700 | -14,260,600 |
| Valuation allowance | 0 | -158,600 |
| Net deferred tax liabilities | -16,099,700 | -14,419,200 |
| Foreign tax credit carryover period | 'The foreign tax credit carryover will be available to offset federal tax expense in the first preceding tax year and in future years. The foreign tax credit carryover expires beginning in 2016 and extends through 2022 | ' |
| Unrecognized tax benefits | $0 | $0 |
Computation_of_Earnings_Per_Sh2
| Computation of Earnings Per Share (Details) (USD $) | 12 Months Ended | |
| Dec. 31, 2013 | Dec. 31, 2012 | |
| Basic and diluted earnings per share [Abstract] | ' | ' |
| Net income | $3,217,500 | $5,189,000 |
| Weighted average shares outstanding for the period (in shares) | 1,543,257 | 1,543,257 |
| Dilutive effect of warrants (in shares) | 43,779 | 19,797 |
| Weighted average diluted shares used in calculation of diluted earnings per share (in shares) | 1,587,036 | 1,563,054 |
| Basic earnings per share (in dollars per share) | $2.08 | $3.36 |
| Diluted earnings per share (in dollars per share) | $2.03 | $3.32 |
Related_Party_Transactions_Det
| Related Party Transactions (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
| Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
| Mr. Beaumont [Member] | Mr. Beaumont [Member] | Jet Fleet Management Corp. [Member] | Jet Fleet Management Corp. [Member] | |
| Related Party Transaction [Line Items] | ' | ' | ' | ' |
| Management fees | ' | ' | $4,352,400 | $4,166,200 |
| Acquisition fees | ' | ' | 799,000 | 1,066,000 |
| Remarketing fees | ' | ' | 589,300 | 259,000 |
| Minimum percentage of open market of shares representing common stock (in hundredths) | ' | 5.00% | ' | ' |
| Payments to related party | $66,700 | ' | ' | ' |
Warrants_Details
| Warrants (Details) (USD $) | 12 Months Ended |
| Dec. 31, 2013 | |
| Warrants [Abstract] | ' |
| Number of shares callable by warrants (in shares) | 81,224 |
| Percentage of post exercise fully diluted capitalization | 5.00% |
| Exercise price of warrants (in dollars per share) | $8.75 |
Subsequent_Events_Details
| Subsequent Events (Details) (USD $) | 12 Months Ended | ||
| Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | |
| Aircraft | Bombardier CRJ-700 [Member] | Fokker 50 [Member] | |
| Subsequent Event [Member] | Subsequent Event [Member] | ||
| Aircraft | |||
| Subsequent Event [Line Items] | ' | ' | ' |
| Number of aircrafts purchased | 0 | 3 | ' |
| Gain on sale of asset | ' | ' | $102,000 |