Aircastle (AYR) 10-Q 1 Nov 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Oct. 28, 2016
Document And Entity Information [Abstract]
Entity Registrant Name	Aircastle LTD
Entity Central Index Key	1,362,988
Document Type	10-Q
Document Period End Date	Sep. 30, 2016
Amendment Flag	false
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		78,634,132

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
ASSETS
Cash and cash equivalents	$ 656,247	$ 155,904
Accounts receivable	5,266	8,566
Restricted cash and cash equivalents	54,000	98,137
Restricted liquidity facility collateral	0	65,000
Flight equipment held for lease, net of accumulated depreciation of $1,245,447 and $1,306,024, respectively	6,004,489	5,867,062
Net investment in finance and sales-type leases	265,854	201,211
Unconsolidated equity method investment	67,160	50,377
Other assets	129,840	123,707
Total assets	7,182,856	6,569,964
LIABILITIES
Borrowings from secured financings, net of debt issuance costs	1,261,423	1,146,238
Borrowings from unsecured financings, net of debt issuance costs	3,286,304	2,894,918
Accounts payable, accrued expenses and other liabilities	144,140	131,058
Lease rentals received in advance	61,095	67,327
Liquidity facility	0	65,000
Security deposits	128,109	115,642
Maintenance payments	516,689	370,281
Total liabilities	5,397,760	4,790,464
Commitments and Contingencies
SHAREHOLDERS’ EQUITY
Common shares, $0.01 par value, 250,000,000 shares authorized, 78,634,133 shares issued and outstanding at September 30, 2016; and 80,232,260 shares issued and outstanding at December 31, 2015	786	802
Additional paid-in capital	1,519,849	1,550,337
Retained earnings	268,601	241,574
Accumulated other comprehensive loss	(4,140)	(13,213)
Total shareholders’ equity	1,785,096	1,779,500
Total liabilities and shareholders’ equity	$ 7,182,856	$ 6,569,964

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Accumulated depreciation on flight equipment held for lease	$ 1,245,447	$ 1,306,024
Borrowings from secured financings	$ 1,261,423	$ 1,146,238
Common shares, par value	$ 0.01	$ 0.01
Common shares, shares authorized	250,000,000	250,000,000
Common shares, shares issued	78,634,133	80,232,260
Common shares, shares outstanding	78,634,133	80,232,260
Preference shares, par value	$ 0.01	$ 0.01
Preference shares, shares authorized	50,000,000	50,000,000

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenues:
Lease rental revenue	$ 181,975	$ 188,038	$ 537,670	$ 550,023
Finance and sales-type lease revenue	5,354	1,868	13,026	5,352
Amortization of net lease discounts and lease incentives	(521)	(2,113)	(5,419)	(10,288)
Maintenance revenue	6,829	15,726	20,603	55,148
Total lease revenue	193,637	203,519	565,880	600,235
Other revenue	1,015	8,555	2,425	10,700
Total revenues	194,652	212,074	568,305	610,935
Operating expenses:
Depreciation	76,201	85,324	227,918	237,538
Interest, net	61,797	60,381	188,490	184,063
Selling, general and administrative (including non-cash share-based payment expense of $2,059 and $1,424 for the three months ended and $5,796 and $3,981 for the nine months ended September 30, 2016 and 2015, respectively)	15,985	14,032	46,883	42,663
Asset Impairment Charges	10,462	78,403	27,185	102,358
Maintenance and other costs	1,834	2,520	5,504	9,126
Total expenses	166,279	240,660	495,980	575,748
Other income (expense):
Gain (loss) on sale of flight equipment	(73)	15,679	14,932	43,034
Other	(210)	70	(136)	341
Total other income (expense)	(283)	15,749	14,796	43,375
Income (loss) from continuing operations before income taxes and earnings of unconsolidated equity method investment	28,090	(12,837)	87,121	78,562
Income tax provision	2,458	2,709	8,782	12,037
Earnings of unconsolidated equity method investment, net of tax	1,805	1,557	5,390	4,563
Net income (loss)	$ 27,437	$ (13,989)	$ 83,729	$ 71,088
Earnings (loss) per common share — Basic:
Net income (loss) per share (in dollars per share)	$ 0.35	$ (0.17)	$ 1.06	$ 0.88
Earnings (loss) per common share — Diluted:
Net income (loss) per share	0.35	(0.17)	1.06	0.88
Dividends declared per share	$ 0.24	$ 0.22	$ 0.72	$ 0.66

Consolidated Statements of Inc5

Consolidated Statements of Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Income Statement [Abstract]
Maintenance Revenue	$ 6,829	$ 15,726	$ 20,603	$ 55,148
Non-cash share based payment expense	$ 2,059	$ 1,424	$ 5,796	$ 3,981

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 27,437	$ (13,989)	$ 83,729	$ 71,088
Other comprehensive income, net of tax:
Net change in fair value of derivatives, net of tax expense of $0 and $3 for the three months ended and tax expense of $0 and $26 for the nine months ended September 30, 2016 and 2015, respectively	0	272	(1)	708
Net derivative loss reclassified into earnings	705	5,006	9,074	19,349
Other comprehensive income	705	5,278	9,073	20,057
Total comprehensive income (loss)	$ 28,142	$ (8,711)	$ 92,802	$ 91,145

Consolidated Statements of Com7

Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Statement of Comprehensive Income [Abstract]
Net of tax expense	$ 0	$ 3	$ 0	$ 26

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Statement of Cash Flows [Abstract]
Payments for Derivative Instrument, Financing Activities	$ (2,073)	$ 0
Net income (loss)	83,729	71,088
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	227,918	237,538
Amortization of deferred financing costs	13,567	11,211
Amortization of net lease discounts and lease incentives	5,419	10,288
Deferred income taxes	3,129	(1,455)
Non-cash share-based payment expense	5,796	3,981
Cash flow hedges reclassified into earnings	9,074	19,349
Security deposits and maintenance payments included in earnings	(12,844)	(20,645)
Gain on sale of flight equipment	(14,932)	(43,034)
Asset Impairment Charges	27,185	102,358
Other	(4,712)	269
Changes in certain assets and liabilities:
Accounts receivable	1,699	253
Other assets	3,815	(4,382)
Accounts payable, accrued expenses and other liabilities	16,459	14,085
Lease rentals received in advance	2,111	7,566
Net cash provided by operating activities	367,413	408,470
Cash flows from investing activities:
Acquisition and improvement of flight equipment	(792,270)	(1,034,578)
Proceeds from sale of flight equipment	488,749	343,020
Increase (Decrease) in Restricted Cash	17,000	0
Payments for (Proceeds from) Other Deposits	14,035	4,421
Payments to Acquire Finance Receivables	78,892	24,000
Collections on finance and sales-type leases	14,413	6,768
Payments to Acquire Interest in Subsidiaries and Affiliates	(12,686)	0
Other	(812)	(260)
Net cash used in investing activities	(378,533)	(713,471)
Cash flows from financing activities:
Repurchase of shares	36,573	1,960
Proceeds from secured and unsecured debt financings	999,350	800,000
Repayments of secured and unsecured debt financings	(489,134)	(548,359)
Deferred financing costs	(17,273)	(12,185)
Restricted Secured Liquidity Facility Collateral, Financing Activities	65,000	0
Secured Liquidity Facility Collateral, Financing Activities	65,000	0
Restricted cash and cash equivalents related to financing activities	(27,137)	(14,626)
Security deposits and maintenance payments received	123,767	114,644
Security deposits and maintenance payments returned	37,036	28,797
Dividends paid	(56,702)	(53,583)
Net cash provided by financing activities	511,463	284,386
Net increase (decrease) in cash and cash equivalents	500,343	(20,615)
Cash and cash equivalents at beginning of period	155,904	169,656
Cash and cash equivalents at end of period	656,247	149,041
Supplemental disclosures of cash flow information:
Cash paid for interest, net of capitalized interest	141,653	129,696
Cash paid for income taxes	12,904	9,665
Supplemental disclosures of non-cash investing activities:
Advance lease rentals, security deposits and maintenance payments assumed in asset acquisitions	110,472	8,461
Security Deposits Maintenance Liabilities And Other Liabilities Settled In Sale Of Flight Equipment	26,671	77,624
Property, Plant and Equipment, Transfers and Changes	$ 140,150	$ 21,766

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]	Summary of Significant Accounting Policies Organization and Basis of Presentation Aircastle Limited (“Aircastle,” the “Company,” “we,” “us” or “our”) is a Bermuda exempted company that was incorporated on October 29, 2004 under the provisions of Section 14 of the Companies Act of 1981 of Bermuda. Aircastle’s business is acquiring, leasing, managing and selling commercial jet aircraft. Aircastle is a holding company that conducts its business through subsidiaries. Aircastle directly or indirectly owns all of the outstanding common shares of its subsidiaries. The consolidated financial statements presented are prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). The company manages, analyzes and reports on its business and results of operations on the basis of one operating segment: leasing, financing, selling and managing commercial flight equipment. Our chief executive officer is the chief operating decision maker. The accompanying consolidated financial statements are unaudited and have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial reporting and, in our opinion, reflect all adjustments, including normal recurring items, which are necessary to present fairly the results for interim periods. Operating results for the periods presented are not necessarily indicative of the results that may be expected for the entire year. Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with U.S. GAAP have been omitted in accordance with the rules and regulations of the SEC; however, we believe that the disclosures are adequate to make information presented not misleading. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 . The Company’s management has reviewed and evaluated all events or transactions for potential recognition and/or disclosure since the balance sheet date of September 30, 2016 through the date on which the consolidated financial statements included in this Form 10-Q were issued. Effective January 1, 2016, the Company adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2015-02, Consolidation - Amendments to the Consolidation Analysis (Topic 810). The update amended the guidelines for determining whether certain legal entities should be consolidated and reduced the number of consolidation models. This new standard affected reporting entities that are required to evaluate whether they should consolidate certain legal entities. The standard did not have a material impact on our consolidated financial statements and related disclosures. Principles of Consolidation The consolidated financial statements include the accounts of Aircastle and all of its subsidiaries. Aircastle consolidates five Variable Interest Entities (“VIEs”) of which Aircastle is the primary beneficiary. All intercompany transactions and balances have been eliminated in consolidation. We consolidate VIEs in which we have determined that we are the primary beneficiary. We use judgment when deciding: (a) whether an entity is subject to consolidation as a VIE; (b) who the variable interest holders are; (c) the potential expected losses and residual returns of the variable interest holders; and (d) which variable interest holder is the primary beneficiary. When determining which enterprise is the primary beneficiary, we consider: (1) the entity’s purpose and design; (2) which variable interest holder has the power to direct the activities that most significantly impact the entity’s economic performance; and (3) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. When certain events occur, we reconsider whether we are the primary beneficiary of VIEs. We do not reconsider whether we are a primary beneficiary solely because of operating losses incurred by an entity. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. While Aircastle believes that the estimates and related assumptions used in the preparation of the consolidated financial statements are appropriate, actual results could differ from those estimates. Recent Accounting Pronouncements On February 25, 2016, the FASB issued Accounting Standards Codification (“ASC”) 842 (“ASC 842”), “ Leases ,” which replaced the existing guidance in ASC 840, Leases . The accounting for leases by lessors basically remained unchanged from the concepts that existed in ASC 840 accounting. The FASB decided that lessors would be precluded from recognizing selling profit and revenue at lease commencement for any sales-type or direct finance lease that does not transfer control of the underlying asset to the lessee. This requirement aligns the notion of what constitutes a sale in the lessor accounting guidance with that in the forthcoming revenue recognition standard, which evaluates whether a sale has occurred from the customer’s perspective. The standard will be effective for public entities beginning after December 15, 2018. The standard is applied on a “modified retrospective” basis. We plan to adopt the standard on its required effective date of January 1, 2019. We are evaluating the impact that ASC 842 will have on our consolidated financial statements and related disclosures. We do not believe that the adoption of the standard will significantly impact our existing or potential lessees' economic decisions to lease aircraft. On May 28, 2014, the FASB and the International Accounting Standards Board (the “IASB”) (collectively, “the Boards”), jointly issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). Lease contracts within the scope of ASC 840, Leases , are specifically excluded from ASU No. 2014-09. The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which a company expects to be entitled in exchange for those goods or services. The standard is effective for public entities beginning after December 15, 2017. The standard allows for either “full retrospective” adoption, meaning the standard is applied to all of the periods presented, or “modified retrospective” adoption, meaning the standard is applied only to the most current period presented in the financial statements. We plan to adopt the standard on its required effective date of January 1, 2018. The standard does not impact the accounting of our lease revenue, but may impact the accounting of our revenue other than lease revenue. While we are still performing our analysis, we do not expect the impact of this standard to be material to our consolidated financial statements and related disclosures. On August 27, 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40). The standard requires management of public companies to evaluate whether there is substantial doubt about the entity’s ability to continue as a going concern and, if so, disclose that fact. Management should evaluate whether there are conditions or events, considered in the aggregate, that raises substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued (or available to be issued, when applicable). The standard is effective for annual periods ending after December 15, 2016 and interim periods thereafter, and early adoption is permitted. We do not believe the standard will have a material impact on our consolidated financial statements and related disclosures when adopted. In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718). The update amends the guidelines for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The standard is effective for annual and interim periods beginning January 1, 2017, and early adoption is permitted. We plan to adopt the standard on its required effective date of January 1, 2017. We do not believe the standard will have a material impact on our consolidated financial statements and related disclosures.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Fair value measurements and disclosures require the use of valuation techniques to measure fair value that maximize the use of observable inputs and minimize use of unobservable inputs. These inputs are prioritized as follows: • Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities. • Level 2: Inputs other than quoted prices included within Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities or market corroborated inputs. • Level 3: Unobservable inputs for which there is little or no market data and which require us to develop our own assumptions about how market participants price the asset or liability. The valuation techniques that may be used to measure fair value are as follows: • The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. • The income approach uses valuation techniques to convert future amounts to a single present amount based on current market expectation about those future amounts. • The cost approach is based on the amount that currently would be required to replace the service capacity of an asset (replacement cost). The following tables set forth our financial assets and liabilities as of September 30, 2016 and December 31, 2015 that we measured at fair value on a recurring basis by level within the fair value hierarchy. Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to their fair value measurement. Fair Value Measurements at September 30, 2016 Using Fair Value Hierarchy Fair Value as of September 30, 2016 Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Valuation Technique Assets: Cash and cash equivalents $ 656,247 $ 656,247 $ — $ — Market Restricted cash and cash equivalents 54,000 54,000 — — Market Derivative assets 2,073 — 2,073 — Market Total $ 712,320 $ 710,247 $ 2,073 $ — Liabilities: Derivative liabilities $ — $ — $ — $ — Income Fair Value Measurements at December 31, 2015 Using Fair Value Hierarchy Fair Value as of December 31, 2015 Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Valuation Technique Assets: Cash and cash equivalents $ 155,904 $ 155,904 $ — $ — Market Restricted cash and cash equivalents 98,137 98,137 — — Market Derivative assets — — — — Market Total $ 254,041 $ 254,041 $ — $ — Liabilities: Derivative liabilities $ 1,283 $ — $ 1,283 $ — Income Our cash and cash equivalents, along with our restricted cash and cash equivalents balances, consist largely of money market securities that are considered to be highly liquid and easily tradable. These securities are valued using inputs observable in active markets for identical securities and are therefore classified as Level 1 within our fair value hierarchy. Our interest rate derivative included in Level 2 consists of United States dollar-denominated interest rate cap, and the fair value is based on market comparisons for similar instruments. We also considered the credit rating and risk of the counterparty providing the interest rate cap based on quantitative and qualitative factors. For the three and nine months ended September 30, 2016 and the year ended December 31, 2015 , we had no transfers into or out of Level 3. We measure the fair value of certain assets and liabilities on a non-recurring basis, when U.S. GAAP requires the application of fair value, including events or changes in circumstances that indicate that the carrying amounts of assets may not be recoverable. Assets subject to these measurements include our investment in an unconsolidated joint venture and aircraft. We account for our investment in an unconsolidated joint venture under the equity method of accounting and record impairment when its fair value is less than its carrying value. We record aircraft at fair value when we determine the carrying value may not be recoverable. Fair value measurements for aircraft in impairment tests are based on an income approach which uses Level 3 inputs, which include the Company’s assumptions and appraisal data as to future cash proceeds from leasing and selling aircraft. Aircraft Valuation Recoverability Assessment We completed our annual recoverability assessment of narrow-body aircraft fleet during the third quarter. We also performed aircraft-specific analyses where there were changes in circumstances, such as approaching lease expirations. The recoverability assessment is a comparison of the carrying value of each aircraft to its undiscounted expected future cash flows. We develop the assumptions used in the recoverability assessment, including those relating to current and future demand for each aircraft type, based on management’s experience in the aircraft leasing industry, as well as information received from third-party sources. Estimates of the undiscounted cash flows for each aircraft type are impacted by changes in contracted and future expected lease rates, residual values, expected scrap values, economic conditions and other factors. In our third quarter 2016 assessment, we reduced economic lives and residuals for all six older Boeing 757-200 aircraft as we intend to sell these aircraft at lease end. As a result, during the three months ended September 30, 2016 , we recorded impairment charges totaling $2,167 relating to two of these aircraft held as operating leases and impairment losses totaling $2,618 relating to three of these aircraft held as finance leases. During the second quarter of 2016, we completed our annual recoverability assessment of wide-body and freighter aircraft. As a result of this assessment, we reduced forecasted cash flows for older Airbus A330 aircraft to reflect lower rental expectations given weak demand and increased competition from newer units. As a result, during the three months ended June 30, 2016, we recorded impairment charges totaling $11,670 and maintenance revenue of $4,000 relating to one sixteen year old Airbus A330-200 approaching lease expiry. In our 2015 assessment, we reduced forecasted future cash flows for our six Boeing 747-400 converted freighter aircraft not subject to sales agreements, all of which were more than twenty years old. Our new forecast reflected the persisting glut of supply in the air cargo market resulting from weak growth in demand combined with the growth in capacity arising from new production air freighters and higher belly capacity in latest generation wide-body passenger aircraft. In addition to these market-wide impacts, our older freighters were affected specifically by the imposition of age limits in certain countries and by lower utilization levels. As a result, we determined that each of our older converted freighter aircraft was on its last lease, and we reduced our residual value assumptions for these aircraft and expected to scrap them following lease expiry. During the third quarter of 2015, we therefore impaired four of these aircraft, which had an aggregate net book value as of August 31, 2015 of $115,888 , writing down their book values by a total of $34,575 , with a fair value date of September 1, 2015. For one of these aircraft, we recorded maintenance revenue of $5,858 , as we no longer planned to reinvest these funds. Other Impairments During the three months ended September 30, 2016 , we reduced forecasted cash flows for three Boeing 747-400 freighter aircraft due to a change in planned engine maintenance events. These three aircraft are nearing the end of their economic lives and leases. As a result, we recorded impairment charges totaling $5,450 , maintenance revenue of $5,596 and reversed lease incentives of $2,361 . Also during the three months ended September 30, 2016 , we impaired one Airbus A321-200 aircraft for which we had a sales agreement, resulting in an impairment charge of $1,712 . This aircraft was classified as Held for sale in Other assets at September 30, 2016 and sold for its recorded value in October 2016. During the three months ended June 30, 2016, we entered into an agreement to sell two older Boeing 747-400 freighter aircraft to the lessee resulting in an impairment charge of $5,053 . These two aircraft were classified as Held for sale at June 30, 2016 in Other assets and were subsequently sold in July 2016. In September 2015, Malaysian Airline System (“MAS”) informed us that it was effectively rejecting the lease on our Boeing 777-200ER aircraft as part of its restructuring. This aircraft, which was manufactured in 1998, was the only one of its type in our fleet and the only aircraft we had on lease to MAS. We repossessed it in October 2015. We reduced the carrying value of this aircraft to our best estimate of scrap value. This write-down resulted in an impairment charge of $37,770 , partially offset by $1,200 of other revenue from a letter of credit we drew following the lease rejection. This aircraft was sold during the second quarter of 2016. Also in September 2015, we modified the lease agreement with respect to one Airbus A321-200 aircraft. We elected not to reinvest in certain major maintenance events during the lease term, and the lessee agreed to release its rights to certain maintenance payments. As a result, we recorded an impairment charge of $6,058 and maintenance revenue of $7,109 for this aircraft. In the second quarter of 2015, we impaired two McDonnell Douglas MD-11 freighter aircraft and one Boeing 737-800 aircraft and recorded impairment charges totaling $23,955 and maintenance revenue of $18,234 . Other than the aircraft discussed above, management believes that the net book value of each of our wide-body and freighter aircraft is currently supported by the estimated future undiscounted cash flows expected to be generated by that aircraft, and accordingly, no other aircraft were impaired as a consequence of this recoverability assessment. However, if our estimates or assumptions change, we may revise our cash flow assumptions and record future impairment charges. While we believe that the estimates and related assumptions used in the recoverability assessment are appropriate, actual results could differ from those estimates. Financial Instruments Our financial instruments, other than cash, consist principally of cash equivalents, restricted cash and cash equivalents, accounts receivable, accounts payable, amounts borrowed under financings and interest rate derivatives. The fair value of cash, cash equivalents, restricted cash and cash equivalents, accounts receivable and accounts payable approximates the carrying value of these financial instruments because of their short-term nature. The fair values of our ECA Financings (as described in Note 6 - Variable Interest Entities below) and Bank Financings are estimated using a discounted cash flow analysis, based on our current incremental borrowing rates for similar types of borrowing arrangements. The fair value of our Senior Notes is estimated using quoted market prices. The carrying amounts and fair values of our financial instruments at September 30, 2016 and December 31, 2015 are as follows: September 30, 2016 December 31, 2015 Carrying Amount of Liability Fair Value of Liability Carrying Amount of Liability Fair Value of Liability Securitizations $ — $ — $ 125,366 $ 123,696 Credit Facilities 120,000 120,000 225,000 225,000 ECA Financings 315,687 333,224 404,491 422,640 Bank Financings 967,519 985,085 636,970 653,699 Senior Notes 3,200,000 3,417,500 2,700,000 2,832,125 All of our financial instruments are classified as Level 2 with the exception of our Senior Notes, which are classified as Level 1.

Lease Rental Revenues and Fligh

Lease Rental Revenues and Flight Equipment Held for Lease	9 Months Ended
	Sep. 30, 2016
Leases [Abstract]
Operating Leases of Lessor Disclosure [Text Block]	Lease Rental Revenues and Flight Equipment Held for Lease Minimum future annual lease rentals contracted to be received under our existing operating leases of flight equipment at September 30, 2016 were as follows: Year Ending December 31, Amount Remainder of 2016 $ 180,010 2017 676,274 2018 613,221 2019 523,645 2020 435,969 Thereafter 1,290,828 Total $ 3,719,947 Geographic concentration of lease rental revenue earned from flight equipment held for lease was as follows: Three Months Ended September 30, Nine Months Ended September 30, Region 2016 2015 2016 2015 Asia and Pacific 40 % 43 % 40 % 42 % Europe 22 % 28 % 23 % 28 % South America 19 % 16 % 19 % 15 % Middle East and Africa 12 % 9 % 12 % 9 % North America 7 % 4 % 6 % 6 % Total 100 % 100 % 100 % 100 % The classification of regions in the tables above and in the table and discussion below is determined based on the principal location of the lessee of each aircraft. The following table shows the number of lessees with lease rental revenue of at least 5% and their combined total percentage of lease rental revenue for the years indicated: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Number of Lessees Combined % of Lease Rental Revenue Number of Lessees Combined % of Lease Rental Revenue Number of Lessees Combined % of Lease Rental Revenue Number of Lessees Combined % of Lease Largest lessees by lease rental revenue 4 25% 2 12% 4 25% 3 17% The following table sets forth revenue attributable to individual countries representing at least 10% of total revenue (including maintenance revenue) in any year based on each lessee’s principal place of business for the years indicated: Three Months Ended Nine Months Ended 2016 2015 2016 2015 Country Revenue % of Total Revenue Revenue % of Total Revenue Revenue % of Total Revenue Revenue % of Total Revenue Indonesia (1) $ 21,745 11% $ — —% $ 61,195 11% $ — —% _______________ (1) Total revenue attributable to Indonesia was less than 10% for the three and nine months ended September 30, 2015. Geographic concentration of net book value of flight equipment (includes net book value of flight equipment held for lease and net investment in finance and sales-type leases) was as follows: September 30, 2016 December 31, 2015 Region Number of Aircraft Net Book Value % Number of Aircraft Net Book Value % Asia and Pacific 55 39 % 49 39 % Europe 57 22 % 64 26 % South America 23 19 % 22 19 % Middle East and Africa 14 11 % 9 10 % North America 24 8 % 17 6 % Off-lease 2 (1) 1 % 1 (2) — % Total 175 100 % 162 100 % _______________ (1) Consisted of two Boeing 737-800 aircraft delivered to a customer in China in October 2016. (2) Consisted of one Boeing 777-200ER aircraft sold during the second quarter of 2016. The following table sets forth net book value of flight equipment (includes net book value of flight equipment held for lease and net investment in finance and sales-type leases) attributable to individual countries representing at least 10% of net book value of flight equipment based on each lessee’s principal place of business as of: September 30, 2016 December 31, 2015 Region Net Book Value Net Book Value % Number of Lessees Net Book Value Net Book Value % Number of Lessees Indonesia $ 721,704 12% 3 $ 661,178 11% 3 At September 30, 2016 and December 31, 2015 , the amounts of lease incentive liabilities recorded in maintenance payments on our Consolidated Balance Sheets were $15,629 and $21,432 , respectively.

Net Investment in Finance Lease

Net Investment in Finance Leases	9 Months Ended
	Sep. 30, 2016
Leases [Abstract]
Net Investment in Finance Leases	Net Investment in Finance and Sales-Type Leases At September 30, 2016 , our net investment in finance and sales-type leases consisted of fourteen aircraft: eight aircraft leased to two customers in the United States, one aircraft leased to a customer in the Netherlands, three aircraft leased to two customers in Germany, one aircraft leased to a customer in Spain and one aircraft leased to a customer in Sri Lanka. The following table lists the components of our net investment in finance and sales-type leases at September 30, 2016 : Amount Total lease payments to be received $ 190,005 Less: Unearned income (84,096 ) Estimated residual values of leased flight equipment (unguaranteed) 159,945 Net investment in finance and sales-type leases $ 265,854 At September 30, 2016 , minimum future lease payments on finance and sales-type leases are as follows: Year Ending December 31, Amount Remainder of 2016 $ 8,844 2017 34,433 2018 27,419 2019 27,249 2020 26,843 Thereafter 65,217 Total lease payments to be received $ 190,005

Unconsolidated Equity Method In

Unconsolidated Equity Method Investment (Notes)	9 Months Ended
	Sep. 30, 2016
Equity Method Investments and Joint Ventures [Abstract]
Unconsolidated Equity Method Investment	Unconsolidated Equity Method Investment On December 19, 2013, the Company and an affiliate of Ontario Teachers’ Pension Plan (“Teachers’”) formed a joint venture (“Lancaster”), in which we hold a 30% equity interest, to invest in leased aircraft. Teachers’ holds 10.0% of our outstanding common shares. In March 2016, we sold four Airbus A320-200 aircraft for approximately $100,000 to Lancaster; these transactions were approved by our Audit Committee as arm’s length transactions under our related party policy. On February 23, 2016, through the Company’s relationship with Marubeni Corporation, we established a new joint venture (“IBJ Air”) with the leasing arm of the Industrial Bank of Japan, Limited (“IBJL”). IBJ Air is targeted at new narrow-body aircraft leased to premier airlines providing Aircastle with increased access to this market sector and to these customers. During the nine months ended September 30, 2016, we sold two Airbus A320 family aircraft for approximately $ 50,000 to IBJ Air, in which we hold a 25% equity interest. None of these joint ventures qualifies for consolidated accounting treatment. The assets and liabilities of Lancaster and IBJ Air are not included in our Consolidated Balance Sheets and we record our net investment under the equity method of accounting. We source and service investments for Lancaster and IBJ Air and provide marketing, asset management and administrative services to them. We are paid market-based fees for those services, which are recorded in Other revenue in our Consolidated Statements of Income. The Company has recorded in its Consolidated Balance Sheet a $7,705 guarantee liability in Maintenance payments and a $5,100 guarantee liability in Security deposits representing its share of the respective exposures. At September 30, 2016 , the net book value of our two joint ventures’ eleven aircraft was approximately $ 629,000 . Amount Investment in joint ventures at December 31, 2015 $ 50,377 Investment in joint ventures 13,422 Earnings from joint ventures, net of tax 5,390 Distributions (2,029 ) Investment in joint ventures at September 30, 2016 $ 67,160

Variable Interest Entities

Variable Interest Entities	9 Months Ended
	Sep. 30, 2016
Variable Interest Entities [Abstract]
Variable Interest Entities	Variable Interest Entities Aircastle consolidates five VIEs of which it is the primary beneficiary. The operating activities of these VIEs are limited to acquiring, owning, leasing, maintaining, operating and, under certain circumstances, selling the seven aircraft discussed below. Securitization No. 2 In May 2016, we repaid the outstanding amount plus accrued interest and fees due under Securitization No. 2, and ACS Aircraft Finance Ireland 2 Limited became a wholly owned subsidiary of Aircastle. ECA Financings Aircastle, through various subsidiaries, each of which is owned by a charitable trust (such entities, collectively the “Air Knight VIEs”), has entered into seven different twelve -year term loans, which are supported by guarantees from Compagnie Française d'Assurance pour le Commerce Extérieur, (“COFACE”), the French government sponsored export credit agency (“ECA”). We refer to these COFACE-supported financings as “ECA Financings.” Aircastle is the primary beneficiary of the Air Knight VIEs, as we have the power to direct the activities of the VIEs that most significantly impact the economic performance of such VIEs and we bear the significant risk of loss and participate in gains through a finance lease. The activity that most significantly impacts the economic performance is the leasing of aircraft of which our wholly owned subsidiary is the servicer and is responsible for managing the relevant aircraft. There is a cross collateralization guarantee between the Air Knight VIEs. In addition, Aircastle guarantees the debt of the Air Knight VIEs. The only assets that the Air Knight VIEs have on their books are financing leases that are eliminated in the consolidated financial statements. The related aircraft, with a net book value as of September 30, 2016 of $521,007 , were included in our flight equipment held for lease. The consolidated debt outstanding, net of debt issuance costs, of the Air Knight VIEs as of September 30, 2016 is $306,103 .

Secured and Unsecured Debt Fina

Secured and Unsecured Debt Financings	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Secured and Unsecured Debt Financings	Secured and Unsecured Debt Financings The outstanding amounts of our secured and unsecured term debt financings are as follows: At September 30, 2016 At December 31, 2015 Debt Obligation Outstanding Borrowings Number of Aircraft Interest Rate (1) Final Stated Maturity Outstanding Secured Debt Financings: Securitization No. 2 $ — — —% — $ 125,366 ECA Financings (2) 315,687 7 3.02% to 3.96% 12/3/21 to 11/30/24 404,491 Bank Financings (3)(4) 967,519 29 1.52% to 5.09% 10/26/17 to 01/19/26 636,970 Less: Debt Issuance Costs (21,783 ) — (20,589 ) Total secured debt financings, net of debt issuance costs 1,261,423 36 1,146,238 Unsecured Debt Financings: Senior Notes due 2017 500,000 6.75% 04/15/17 500,000 Senior Notes due 2018 400,000 4.625% 12/05/18 400,000 Senior Notes due 2019 500,000 6.250% 12/01/19 500,000 Senior Notes due 2020 300,000 7.625% 04/15/20 300,000 Senior Notes due 2021 500,000 5.125% 03/15/21 500,000 Senior Notes due 2022 500,000 5.50% 02/15/22 500,000 Senior Notes due 2023 500,000 5.00% 04/01/23 — DBJ Term Loan 120,000 2.653% 04/28/19 — Revolving Credit Facility — N/A 05/13/20 225,000 Less: Debt Issuance Costs (33,696 ) (30,082 ) Total unsecured debt financings, net of debt issuance costs 3,286,304 2,894,918 Total secured and unsecured debt financings, net of debt issuance costs $ 4,547,727 $ 4,041,156 (1) Reflects the floating rate in effect at the applicable reset date plus the margin for our DBJ Term Loan, six of our Bank Financings and our Revolving Credit Facility. All other financings have a fixed rate. (2) The borrowings under these financings at September 30, 2016 have a weighted-average rate of interest of 3.53% . (3) The borrowings under these financings at September 30, 2016 have a weighted-average fixed rate of interest of 3.22% . (4) In September 2016, we purchased an interest rate cap for $2,283 to hedge approximately 70% of our floating rate interest exposure. The interest rate cap is set at 2% and has a starting notional balance of $430,000 and reduces over time to $215,000 . The cap matures in September 2021. Secured Debt Financings: Securitization No. 2 On May 9, 2016, we prepaid the outstanding principal balance plus accrued interest and fees due under Securitization No. 2 and terminated the related interest rate derivatives for a total of $66,262 . Upon prepayment of Securitization No. 2, our liquidity facility commitment with HSH Nordbank AG ended and all drawn cash was returned. Bank Financings In June 2016, we entered into a seven -year, full recourse $434,250 floating rate financing with BNP Paribas, Credit Agricole Corporate and Investment Bank and certain other banks for eighteen aircraft. As of September 30, 2016 , we funded sixteen aircraft with an outstanding balance of $372,784 under this facility. Funding for the final two aircraft was in October 2016 for $54,900 . Unsecured Debt Financings: DBJ Term Loan In March 2016, we entered into a $120,000 floating rate three -year term loan commitment with Development Bank of Japan Inc. and certain other banks (the “DBJ Term Loan”). This loan was funded in April 2016. Senior Notes due 2023 On March 21, 2016, Aircastle issued $500,000 aggregate principal amount of Senior Notes due 2023 (the "Senior Notes due 2023") at par. The Senior Notes due 2023 will mature on April 1, 2023 and bear interest at the rate of 5.00% per annum, payable semi-annually on April 1 and October 1 of each year, commencing on October 1, 2016. Interest accrues on the Senior Notes due 2023 from March 24, 2016. We may redeem the Senior Notes due 2023 at any time at a redemption price equal to (a) 100% of the principal amount of the notes redeemed, plus accrued and unpaid interest thereon to, but not including, the redemption date and (b) the sum of the present values of the remaining scheduled payments of principal and interest on the notes from the redemption date through the maturity date of the notes (computed using a discount rate equal to the Treasury Rate (as defined in the indenture governing the notes) as of such redemption date plus 50 basis points). In addition, prior to April 1, 2019, we may redeem up to 40% of the aggregate principal amount of the notes issued under the indenture at a redemption price equal to 105% plus accrued and unpaid interest thereon to, but not including, the redemption date, with the net proceeds of certain equity offerings. If the Company undergoes a change of control, it must offer to repurchase the Senior Notes due 2023 at 101% of the principal amount, plus accrued and unpaid interest. The Senior Notes due 2023 are not guaranteed by any of the Company's subsidiaries or any third-party. Revolving Credit Facility On March 29, 2016, we increased the size of our unsecured Revolving Credit Facility from $600,000 to $675,000 and extended its maturity by one year to May 2020. At September 30, 2016 , we had no amounts outstanding under this facility. As of September 30, 2016 , we are in compliance with all applicable covenants in all of our financings.

Shareholders' Equity and Share

Shareholders' Equity and Share Based Payment	9 Months Ended
	Sep. 30, 2016
Shareholders’ Equity and Share Based Payment [Abstract]
Shareholders’ Equity and Share Based Payment	Shareholders' Equity and Share-Based Payment Performance Stock Units During the nine months ended September 30, 2016, the Company issued performance share units (“PSUs”) to certain employees. These awards were made under the Aircastle Limited 2014 Omnibus Incentive Plan. The PSUs are denominated in share units without dividend rights, each of which is equivalent to one common share, and are subject to performance conditions and time vesting. The PSUs vest at the end of a three year period which ends on December 31, 2018. Half of the PSUs vest on achieving relative total stockholder return goals (the "TSR PSUs") while the other half vest on attaining annual Adjusted Return on Equity goals (the "AROE PSUs"). The table below shows the PSU awards granted during the nine months ended September 30, 2016, including the number of common shares underlying the awards at the time of grant: Minimum Target Maximum TSR PSUs — 143,414 286,828 AROE PSUs — 143,409 286,818 Total — 286,823 573,646 The fair value of the time based TSR PSUs was determined at the grant date using a Monte Carlo simulation model. Included in the Monte Carlo simulation model were certain assumptions regarding a number of highly complex and subjective variables, such as expected volatility, risk-free interest rate and dividend yield. To appropriately value the award, the risk-free interest rate is estimated for the time period from the valuation date until the vesting date and the historical volatilities were estimated based on a historical time frame equal to the time from the valuation date until the end date of the performance period. The number of TSR PSUs that will ultimately vest is based on the percentile ranking of the Company’s TSR among the S&P 400 Index. The number of shares that will ultimately vest will range from 0% to 200% of the target TSR PSUs. The number of shares vesting from the AROE PSUs at the end of the three-year performance period will depend on the Company’s Adjusted Return on Equity as measured against the targets set by the Compensation Committee annually during the performance period, consistent with the business plan approved by the Board. The maximum number of AROE PSUs for 2016 is 95,607 . The fair value of the 2016 AROE PSUs was determined based on the closing market price of the Company’s common shares on the date of grant reduced by the present value of expected dividends to be paid. The number of shares that will ultimately vest will range from 0% to 200% of the target AROE PSUs. During the nine months ended September 30, 2016 , the Company granted a target of 191,216 PSUs of which 143,414 are TSR PSUs and 47,802 are AROE PSUs. The remaining 95,607 of target AROE PSUs will be considered granted upon the Compensation Committee’s setting the target AROE for the respective period. The following table summarizes the activities for our unvested PSUs for the nine months ended September 30, 2016 : Unvested Performance Stock Units Target Number of Shares of TSR PSUs Target Number of Shares of AROE PSUs TSR PSUs Weighted Fair Value at Grant Date Using a Monte Carlo Simulation Model ($) AROE PSUs Weighted Fair Value Equal to Adjusted Closing Stock Price on Date of Grant ($) Unvested at December 31, 2015 — — $ — $ — Granted 143,414 47,802 25.07 19.18 Unvested as of September 30, 2016 143,414 47,802 $ 25.07 $ 19.18 Expected to vest after September 30, 2016 143,414 47,802 $ 25.07 $ 19.18 The Company incurred share-based compensation expense related to PSUs of $852 for the nine months ended September 30, 2016 . As of September 30, 2016 , there was $3,660 of unrecognized compensation cost related to unvested stock-based payments granted to certain employees that is expected to be recognized over a weighted-average remaining period of 2.3 years . During the first nine months of 2016, we acquired 1,827,352 common shares at an aggregate cost of $34,423 , including commissions, under the repurchase program approved by the Company’s Board of Directors on February 9, 2016. As of September 30, 2016 , the dollar value of common shares remaining under this program is $96,656 . We also repurchased 102,927 shares totaling $2,150 from our employees and directors to settle tax obligations related to share vesting.

Dividends

Dividends	9 Months Ended
	Sep. 30, 2016
Dividends [Abstract]
Dividends	Dividends The following table sets forth the quarterly dividends declared by our Board of Directors for the periods covered in this report: Declaration Date Dividend per Common Share Aggregate Dividend Amount Record Date Payment Date August 2, 2016 $ 0.24 $ 18,872 August 26, 2016 September 15, 2016 May 2, 2016 $ 0.24 $ 18,915 May 31, 2016 June 15, 2016 February 9, 2016 $ 0.24 $ 18,915 February 29, 2016 March 15, 2016 October 30, 2015 $ 0.24 $ 19,377 November 30, 2015 December 15, 2015 August 4, 2015 $ 0.22 $ 17,860 August 31, 2015 September 15, 2015

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2016
Earnings Per Share [Abstract]
Earnings Per Share	Earnings (Loss) Per Share We include all common shares granted under our incentive compensation plan which remain unvested (“restricted common shares”) and contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid (“participating securities”), in the number of shares outstanding in our basic earnings (loss) per share calculations using the two-class method. All of our restricted common shares are currently participating securities. Under the two-class method, earnings (loss) per common share is computed by dividing the sum of distributed earnings allocated to common shareholders and undistributed earnings allocated to common shareholders by the weighted-average number of common shares outstanding for the period. In applying the two-class method, distributed and undistributed earnings are allocated to both common shares and restricted common shares based on the total weighted-average shares outstanding during the period. Because the holders of the participating restricted common shares were not contractually required to share in the Company’s losses, in applying the two-class method to compute the basic and diluted net loss per common share, no allocation to restricted common shares was made for the three ended September 30, 2015. Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Weighted-average shares: Common shares outstanding 77,989,933 80,566,400 78,230,011 80,565,754 Restricted common shares 680,249 645,427 646,299 604,179 Total weighted-average shares 78,670,182 81,211,827 78,876,310 81,169,933 Percentage of weighted-average shares: Common shares outstanding 99.14 % 99.21 % 99.18 % 99.26 % Restricted common shares 0.86 % 0.79 % 0.82 % 0.74 % Total percentage of weighted-average shares 100.00 % 100.00 % 100.00 % 100.00 % The calculations of both basic and diluted earnings (loss) per share are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Earnings (loss) per share – Basic: Net income (loss) $ 27,437 $ (13,989 ) $ 83,729 $ 71,088 Less: Distributed and undistributed earnings allocated to restricted common shares (1) (237 ) — (686 ) (529 ) Earnings (loss) available to common shareholders – Basic $ 27,200 $ (13,989 ) $ 83,043 $ 70,559 Weighted-average common shares outstanding – Basic 77,989,933 80,566,400 78,230,011 80,565,754 Earnings (loss) per common share – Basic $ 0.35 $ (0.17 ) $ 1.06 $ 0.88 Earnings (loss) per share – Diluted: Net income (loss) $ 27,437 $ (13,989 ) $ 83,729 $ 71,088 Less: Distributed and undistributed earnings allocated to restricted common shares (1) (237 ) — (686 ) (529 ) Earnings (loss) available to common shareholders – Diluted $ 27,200 $ (13,989 ) $ 83,043 $ 70,559 Weighted-average common shares outstanding – Basic 77,989,933 80,566,400 78,230,011 80,565,754 Effect of dilutive shares (2) 32,235 — 35,804 — Weighted-average common shares outstanding – Diluted 78,022,168 80,566,400 78,265,815 80,565,754 Earnings (loss) per common share – Diluted $ 0.35 $ (0.17 ) $ 1.06 $ 0.88 (1) For the three months ended September 30, 2016 , distributed and undistributed earnings to restricted shares are 0.86% , of net income. For the nine months ended September 30, 2016 and 2015 , distributed and undistributed earnings to restricted shares are 0.82% and 0.74% of net income, respectively. The amount of restricted share forfeitures for all periods present is immaterial to the allocation of distributed and undistributed earnings. (2) For the three and nine months ended September 30, 2016 , dilutive shares represented contingently issuable shares related to the Company’s PSUs. For the three and nine months ended September 30, 2015 , we had no dilutive shares.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Income taxes have been provided for based upon the tax laws and rates in countries in which our operations are conducted and income is earned. The Company received an assurance from the Bermuda Minister of Finance that it would be exempted from local income, withholding and capital gains taxes until March 2035. Consequently, the provision for income taxes relates to income earned by certain subsidiaries of the Company which are located in, or earn income in, jurisdictions that impose income taxes, primarily Ireland, Singapore and the United States. The sources of income (loss) from continuing operations before income taxes and earnings of unconsolidated equity method investment for the three and nine months ended September 30, 2016 and 2015 were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 U.S. operations $ (92 ) $ 597 $ 1,652 $ 1,817 Non-U.S. operations 28,182 (13,434 ) 85,469 76,745 Total $ 28,090 $ (12,837 ) $ 87,121 $ 78,562 All of our aircraft-owning subsidiaries that are recognized as corporations for U.S. tax purposes are non-U.S. corporations. These non-U.S. subsidiaries generally earn income from sources outside the United States and typically are not subject to U.S. federal, state or local income taxes unless they operate within the U.S., in which case they may be subject to federal, state and local income taxes. The aircraft owning subsidiaries resident in Ireland, Mauritius and Singapore are subject to tax in those respective jurisdictions. We have a U.S. based subsidiary which provides management services to our non-U.S. subsidiaries and is subject to U.S. federal, state and local income taxes. We also have Ireland and Singapore based subsidiaries which provide management services to our non-U.S. subsidiaries and are subject to tax in those respective jurisdictions. The consolidated income tax expense for the three and nine months ended September 30, 2016 and 2015 was determined based upon estimates of the Company’s consolidated effective income tax rates for the years ending December 31, 2016 and 2015, respectively. The Company’s effective tax rate for the three and nine months ended September 30, 2016 was 8.8% and 10.1% , respectively, compared to (21.1)% and 15.3% for the three and nine months ended September 30, 2015 . Movements in the effective tax rates are generally caused by changes in the proportion of the Company’s pre-tax earnings in taxable and non-tax jurisdictions. Differences between statutory income tax rates and our effective income tax rates applied to pre-tax income consisted of the following: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Notional U.S. federal income tax expense (benefit) at the statutory rate $ 9,831 $ (4,493 ) $ 30,492 $ 27,497 U.S. state and local income tax, net 14 57 139 167 Non-U.S. operations: Bermuda (6,025 ) 6,696 (16,687 ) (9,199 ) Ireland 82 2,500 2,155 (407 ) Singapore (823 ) (1,385 ) (4,874 ) (4,116 ) Other (752 ) (860 ) (2,835 ) (2,439 ) Non-deductible expenses in the U.S. 133 205 418 566 Other (2 ) (11 ) (26 ) (32 ) Income tax provision $ 2,458 $ 2,709 $ 8,782 $ 12,037

Interest, Net

Interest, Net	9 Months Ended
	Sep. 30, 2016
Interest Income (Expense), Net [Abstract]
Interest Net	Interest, Net The following table shows the components of interest, net: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Interest on borrowings, net settlements on interest rate derivatives, and other liabilities (1) $ 57,589 $ 51,428 $ 166,692 $ 153,076 Hedge ineffectiveness losses — 215 — 509 Amortization of interest rate derivatives related to deferred losses 705 5,006 9,074 19,349 Amortization of deferred financing fees and debt discount (2) 4,097 3,746 13,567 11,211 Interest expense 62,391 60,395 189,333 184,145 Less interest income (546 ) (14 ) (768 ) (82 ) Less capitalized interest (48 ) — (75 ) — Interest, net $ 61,797 $ 60,381 $ 188,490 $ 184,063 (1) For the three and nine months ended September 30, 2016 , includes $0 and $1,509 , respectively, in loan termination fees related to the sale of one aircraft. (2) For the three and nine months ended September 30, 2016 , includes $0 and $1,972 , respectively, in deferred financing fees written off related to the sale of one aircraft.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies At September 30, 2016 , we had commitments to acquire 36 aircraft for $1,322,989 , including 25 Embraer E-2 aircraft. Commitments, including $140,717 of progress payments, contractual price escalations and other adjustments for these aircraft, at September 30, 2016 , net of amounts already paid, are as follows: Year Ending December 31, Amount Remainder of 2016 $ 241,761 2017 170,253 2018 258,179 2019 293,756 2020 216,847 Thereafter 142,193 Total $ 1,322,989

Other Assets

Other Assets	9 Months Ended
	Sep. 30, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	Other Assets The following table describes the principal components of other assets on our Consolidated Balance Sheets as of: September 30, December 31, Deferred federal income tax asset $ 1,590 $ 1,362 Lease incentives and lease premiums, net of amortization of $36,652 and $31,623, respectively 78,334 86,874 Flight equipment held for sale (1) 17,701 12,901 Other assets 32,215 22,570 Total other assets $ 129,840 $ 123,707 (1) In October 2016, we sold one Airbus A321-200 aircraft.

Accounts Payable, Accrued Expen

Accounts Payable, Accrued Expenses and Other Liabilities	9 Months Ended
	Sep. 30, 2016
Payables and Accruals [Abstract]
Accounts Payable, Accrued Expenses and Other Liabilities	Accounts Payable, Accrued Expenses and Other Liabilities The following table describes the principal components of accounts payable, accrued expenses and other liabilities recorded on our Consolidated Balance Sheets as of: September 30, December 31, Accounts payable and accrued expenses $ 23,722 $ 34,457 Deferred federal income tax liability 38,627 35,269 Accrued interest payable 64,105 37,606 Lease discounts, net of amortization of $26,544 and $19,403, respectively 17,686 22,443 Fair value of derivative liabilities — 1,283 Total accounts payable, accrued expenses and other liabilities $ 144,140 $ 131,058

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Notes)	9 Months Ended
	Sep. 30, 2016
Equity [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss The following table describes the principal components of accumulated other comprehensive loss recorded on our Consolidated Balance Sheets: Changes in accumulated other comprehensive loss by component (1) Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Beginning balance $ (4,845 ) $ (23,681 ) $ (13,213 ) $ (38,460 ) Amounts recognized in other comprehensive loss on derivatives, net of tax expense of $0 and $10 for the three months ended and tax expense of $0 and $10 for the nine months ended September 30, 2016 and 2015, respectively — (545 ) (690 ) (1,940 ) Amounts reclassified from accumulated other comprehensive loss into income, net of tax expense of $0 and benefit of $7 for the three months ended and tax expense of $0 and $16 for the nine months ended September 30, 2016 and 2015, respectively 705 5,823 9,763 21,997 Net current period other comprehensive income 705 5,278 9,073 20,057 Ending balance $ (4,140 ) $ (18,403 ) $ (4,140 ) $ (18,403 ) (1) All amounts are net of tax. Amounts in parentheses indicate debits. Reclassifications from accumulated other comprehensive loss (1) Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Amount of effective amortization of net deferred interest rate derivative losses (2) $ 705 $ 5,006 $ 9,074 $ 19,349 Effective amount of net settlements of interest rate derivatives, net of tax expense of $0 and benefit of $7 for the three months ended and tax expense of $0 and $16 for the nine months ended September 30, 2016 and 2015, respectively — 817 689 2,648 Amount of loss reclassified from accumulated other comprehensive loss into income $ 705 $ 5,823 $ 9,763 $ 21,997 (1) All amounts are net of tax. (2) Included in interest expense. At September 30, 2016 , the amount of deferred net loss expected to be reclassified from OCI into interest expense over the next twelve months related to our terminated interest rate derivatives is $2,312 .

Summary of Significant Accoun25

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Organization and Basis of Presentation	Aircastle is a holding company that conducts its business through subsidiaries. Aircastle directly or indirectly owns all of the outstanding common shares of its subsidiaries. The consolidated financial statements presented are prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). The company manages, analyzes and reports on its business and results of operations on the basis of one operating segment: leasing, financing, selling and managing commercial flight equipment. Our chief executive officer is the chief operating decision maker. The accompanying consolidated financial statements are unaudited and have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial reporting and, in our opinion, reflect all adjustments, including normal recurring items, which are necessary to present fairly the results for interim periods. Operating results for the periods presented are not necessarily indicative of the results that may be expected for the entire year. Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with U.S. GAAP have been omitted in accordance with the rules and regulations of the SEC; however, we believe that the disclosures are adequate to make information presented not misleading. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 .
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of Aircastle and all of its subsidiaries. Aircastle consolidates five Variable Interest Entities (“VIEs”) of which Aircastle is the primary beneficiary. All intercompany transactions and balances have been eliminated in consolidation. We consolidate VIEs in which we have determined that we are the primary beneficiary. We use judgment when deciding: (a) whether an entity is subject to consolidation as a VIE; (b) who the variable interest holders are; (c) the potential expected losses and residual returns of the variable interest holders; and (d) which variable interest holder is the primary beneficiary. When determining which enterprise is the primary beneficiary, we consider: (1) the entity’s purpose and design; (2) which variable interest holder has the power to direct the activities that most significantly impact the entity’s economic performance; and (3) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. When certain events occur, we reconsider whether we are the primary beneficiary of VIEs. We do not reconsider whether we are a primary beneficiary solely because of operating losses incurred by an entity.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. While Aircastle believes that the estimates and related assumptions used in the preparation of the consolidated financial statements are appropriate, actual results could differ from those estimates.
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements On February 25, 2016, the FASB issued Accounting Standards Codification (“ASC”) 842 (“ASC 842”), “ Leases ,” which replaced the existing guidance in ASC 840, Leases . The accounting for leases by lessors basically remained unchanged from the concepts that existed in ASC 840 accounting. The FASB decided that lessors would be precluded from recognizing selling profit and revenue at lease commencement for any sales-type or direct finance lease that does not transfer control of the underlying asset to the lessee. This requirement aligns the notion of what constitutes a sale in the lessor accounting guidance with that in the forthcoming revenue recognition standard, which evaluates whether a sale has occurred from the customer’s perspective. The standard will be effective for public entities beginning after December 15, 2018. The standard is applied on a “modified retrospective” basis. We plan to adopt the standard on its required effective date of January 1, 2019. We are evaluating the impact that ASC 842 will have on our consolidated financial statements and related disclosures. We do not believe that the adoption of the standard will significantly impact our existing or potential lessees' economic decisions to lease aircraft. On May 28, 2014, the FASB and the International Accounting Standards Board (the “IASB”) (collectively, “the Boards”), jointly issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). Lease contracts within the scope of ASC 840, Leases , are specifically excluded from ASU No. 2014-09. The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which a company expects to be entitled in exchange for those goods or services. The standard is effective for public entities beginning after December 15, 2017. The standard allows for either “full retrospective” adoption, meaning the standard is applied to all of the periods presented, or “modified retrospective” adoption, meaning the standard is applied only to the most current period presented in the financial statements. We plan to adopt the standard on its required effective date of January 1, 2018. The standard does not impact the accounting of our lease revenue, but may impact the accounting of our revenue other than lease revenue. While we are still performing our analysis, we do not expect the impact of this standard to be material to our consolidated financial statements and related disclosures. On August 27, 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40). The standard requires management of public companies to evaluate whether there is substantial doubt about the entity’s ability to continue as a going concern and, if so, disclose that fact. Management should evaluate whether there are conditions or events, considered in the aggregate, that raises substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued (or available to be issued, when applicable). The standard is effective for annual periods ending after December 15, 2016 and interim periods thereafter, and early adoption is permitted. We do not believe the standard will have a material impact on our consolidated financial statements and related disclosures when adopted. In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718). The update amends the guidelines for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The standard is effective for annual and interim periods beginning January 1, 2017, and early adoption is permitted. We plan to adopt the standard on its required effective date of January 1, 2017. We do not believe the standard will have a material impact on our consolidated financial statements and related disclosures.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2016
Fair Value Disclosures [Abstract]
Fair value assets and liabilities measured on recurring basis	The following tables set forth our financial assets and liabilities as of September 30, 2016 and December 31, 2015 that we measured at fair value on a recurring basis by level within the fair value hierarchy. Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to their fair value measurement. Fair Value Measurements at September 30, 2016 Using Fair Value Hierarchy Fair Value as of September 30, 2016 Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Valuation Technique Assets: Cash and cash equivalents $ 656,247 $ 656,247 $ — $ — Market Restricted cash and cash equivalents 54,000 54,000 — — Market Derivative assets 2,073 — 2,073 — Market Total $ 712,320 $ 710,247 $ 2,073 $ — Liabilities: Derivative liabilities $ — $ — $ — $ — Income Fair Value Measurements at December 31, 2015 Using Fair Value Hierarchy Fair Value as of December 31, 2015 Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Valuation Technique Assets: Cash and cash equivalents $ 155,904 $ 155,904 $ — $ — Market Restricted cash and cash equivalents 98,137 98,137 — — Market Derivative assets — — — — Market Total $ 254,041 $ 254,041 $ — $ — Liabilities: Derivative liabilities $ 1,283 $ — $ 1,283 $ — Income
Carrying amounts and fair values of financial instruments	The carrying amounts and fair values of our financial instruments at September 30, 2016 and December 31, 2015 are as follows: September 30, 2016 December 31, 2015 Carrying Amount of Liability Fair Value of Liability Carrying Amount of Liability Fair Value of Liability Securitizations $ — $ — $ 125,366 $ 123,696 Credit Facilities 120,000 120,000 225,000 225,000 ECA Financings 315,687 333,224 404,491 422,640 Bank Financings 967,519 985,085 636,970 653,699 Senior Notes 3,200,000 3,417,500 2,700,000 2,832,125

Lease Rental Revenues and Fli27

Lease Rental Revenues and Flight Equipment Held for Lease (Tables)	9 Months Ended
	Sep. 30, 2016
Leases [Abstract]
Annual future minimum lease rentals receivable	Minimum future annual lease rentals contracted to be received under our existing operating leases of flight equipment at September 30, 2016 were as follows: Year Ending December 31, Amount Remainder of 2016 $ 180,010 2017 676,274 2018 613,221 2019 523,645 2020 435,969 Thereafter 1,290,828 Total $ 3,719,947
Geographic concentration of lease rental revenue earnings	Geographic concentration of lease rental revenue earned from flight equipment held for lease was as follows: Three Months Ended September 30, Nine Months Ended September 30, Region 2016 2015 2016 2015 Asia and Pacific 40 % 43 % 40 % 42 % Europe 22 % 28 % 23 % 28 % South America 19 % 16 % 19 % 15 % Middle East and Africa 12 % 9 % 12 % 9 % North America 7 % 4 % 6 % 6 % Total 100 % 100 % 100 % 100 %
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block]	The following table shows the number of lessees with lease rental revenue of at least 5% and their combined total percentage of lease rental revenue for the years indicated: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Number of Lessees Combined % of Lease Rental Revenue Number of Lessees Combined % of Lease Rental Revenue Number of Lessees Combined % of Lease Rental Revenue Number of Lessees Combined % of Lease Largest lessees by lease rental revenue 4 25% 2 12% 4 25% 3 17%
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block]	The following table sets forth revenue attributable to individual countries representing at least 10% of total revenue (including maintenance revenue) in any year based on each lessee’s principal place of business for the years indicated: Three Months Ended Nine Months Ended 2016 2015 2016 2015 Country Revenue % of Total Revenue Revenue % of Total Revenue Revenue % of Total Revenue Revenue % of Total Revenue Indonesia (1) $ 21,745 11% $ — —% $ 61,195 11% $ — —% _______________ (1) Total revenue attributable to Indonesia was less than 10% for the three and nine months ended September 30, 2015.
Geographic concentration of net book value of flight equipment held for lease	Geographic concentration of net book value of flight equipment (includes net book value of flight equipment held for lease and net investment in finance and sales-type leases) was as follows: September 30, 2016 December 31, 2015 Region Number of Aircraft Net Book Value % Number of Aircraft Net Book Value % Asia and Pacific 55 39 % 49 39 % Europe 57 22 % 64 26 % South America 23 19 % 22 19 % Middle East and Africa 14 11 % 9 10 % North America 24 8 % 17 6 % Off-lease 2 (1) 1 % 1 (2) — % Total 175 100 % 162 100 % _______________ (1) Consisted of two Boeing 737-800 aircraft delivered to a customer in China in October 2016. (2) Consisted of one Boeing 777-200ER aircraft sold during the second quarter of 2016.
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block]	The following table sets forth net book value of flight equipment (includes net book value of flight equipment held for lease and net investment in finance and sales-type leases) attributable to individual countries representing at least 10% of net book value of flight equipment based on each lessee’s principal place of business as of: September 30, 2016 December 31, 2015 Region Net Book Value Net Book Value % Number of Lessees Net Book Value Net Book Value % Number of Lessees Indonesia $ 721,704 12% 3 $ 661,178 11% 3

Net Investment in Finance Lea28

Net Investment in Finance Leases (Tables)	9 Months Ended
	Sep. 30, 2016
Leases [Abstract]
Schedule Of Components Of Investment In Finance Leases	The following table lists the components of our net investment in finance and sales-type leases at September 30, 2016 : Amount Total lease payments to be received $ 190,005 Less: Unearned income (84,096 ) Estimated residual values of leased flight equipment (unguaranteed) 159,945 Net investment in finance and sales-type leases $ 265,854
Schedule of Future Minimum Lease Payments for Capital Leases	At September 30, 2016 , minimum future lease payments on finance and sales-type leases are as follows: Year Ending December 31, Amount Remainder of 2016 $ 8,844 2017 34,433 2018 27,419 2019 27,249 2020 26,843 Thereafter 65,217 Total lease payments to be received $ 190,005

Unconsolidated Equity Method 29

Unconsolidated Equity Method Investment (Tables)	9 Months Ended
	Sep. 30, 2016
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	The Company has recorded in its Consolidated Balance Sheet a $7,705 guarantee liability in Maintenance payments and a $5,100 guarantee liability in Security deposits representing its share of the respective exposures. At September 30, 2016 , the net book value of our two joint ventures’ eleven aircraft was approximately $ 629,000 . Amount Investment in joint ventures at December 31, 2015 $ 50,377 Investment in joint ventures 13,422 Earnings from joint ventures, net of tax 5,390 Distributions (2,029 ) Investment in joint ventures at September 30, 2016 $ 67,160

Secured and Unsecured Debt Fi30

Secured and Unsecured Debt Financings (Tables)	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Outstanding amounts of secured and unsecured term debt financings	The outstanding amounts of our secured and unsecured term debt financings are as follows: At September 30, 2016 At December 31, 2015 Debt Obligation Outstanding Borrowings Number of Aircraft Interest Rate (1) Final Stated Maturity Outstanding Secured Debt Financings: Securitization No. 2 $ — — —% — $ 125,366 ECA Financings (2) 315,687 7 3.02% to 3.96% 12/3/21 to 11/30/24 404,491 Bank Financings (3)(4) 967,519 29 1.52% to 5.09% 10/26/17 to 01/19/26 636,970 Less: Debt Issuance Costs (21,783 ) — (20,589 ) Total secured debt financings, net of debt issuance costs 1,261,423 36 1,146,238 Unsecured Debt Financings: Senior Notes due 2017 500,000 6.75% 04/15/17 500,000 Senior Notes due 2018 400,000 4.625% 12/05/18 400,000 Senior Notes due 2019 500,000 6.250% 12/01/19 500,000 Senior Notes due 2020 300,000 7.625% 04/15/20 300,000 Senior Notes due 2021 500,000 5.125% 03/15/21 500,000 Senior Notes due 2022 500,000 5.50% 02/15/22 500,000 Senior Notes due 2023 500,000 5.00% 04/01/23 — DBJ Term Loan 120,000 2.653% 04/28/19 — Revolving Credit Facility — N/A 05/13/20 225,000 Less: Debt Issuance Costs (33,696 ) (30,082 ) Total unsecured debt financings, net of debt issuance costs 3,286,304 2,894,918 Total secured and unsecured debt financings, net of debt issuance costs $ 4,547,727 $ 4,041,156 (1) Reflects the floating rate in effect at the applicable reset date plus the margin for our DBJ Term Loan, six of our Bank Financings and our Revolving Credit Facility. All other financings have a fixed rate. (2) The borrowings under these financings at September 30, 2016 have a weighted-average rate of interest of 3.53% . (3) The borrowings under these financings at September 30, 2016 have a weighted-average fixed rate of interest of 3.22% .

Shareholders' Equity and Shar31

Shareholders' Equity and Share Based Payment (Tables)	9 Months Ended
	Sep. 30, 2016
Shareholders’ Equity and Share Based Payment [Abstract]
Schedule of Performance Award Ranges [Table Text Block]	The table below shows the PSU awards granted during the nine months ended September 30, 2016, including the number of common shares underlying the awards at the time of grant: Minimum Target Maximum TSR PSUs — 143,414 286,828 AROE PSUs — 143,409 286,818 Total — 286,823 573,646
Schedule of Nonvested Restricted Stock Units Activity	The following table summarizes the activities for our unvested PSUs for the nine months ended September 30, 2016 : Unvested Performance Stock Units Target Number of Shares of TSR PSUs Target Number of Shares of AROE PSUs TSR PSUs Weighted Fair Value at Grant Date Using a Monte Carlo Simulation Model ($) AROE PSUs Weighted Fair Value Equal to Adjusted Closing Stock Price on Date of Grant ($) Unvested at December 31, 2015 — — $ — $ — Granted 143,414 47,802 25.07 19.18 Unvested as of September 30, 2016 143,414 47,802 $ 25.07 $ 19.18 Expected to vest after September 30, 2016 143,414 47,802 $ 25.07 $ 19.18

Dividends (Tables)

Dividends (Tables)	9 Months Ended
	Sep. 30, 2016
Dividends [Abstract]
Quarterly dividends declared by board of directors	The following table sets forth the quarterly dividends declared by our Board of Directors for the periods covered in this report: Declaration Date Dividend per Common Share Aggregate Dividend Amount Record Date Payment Date August 2, 2016 $ 0.24 $ 18,872 August 26, 2016 September 15, 2016 May 2, 2016 $ 0.24 $ 18,915 May 31, 2016 June 15, 2016 February 9, 2016 $ 0.24 $ 18,915 February 29, 2016 March 15, 2016 October 30, 2015 $ 0.24 $ 19,377 November 30, 2015 December 15, 2015 August 4, 2015 $ 0.22 $ 17,860 August 31, 2015 September 15, 2015

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2016
Earnings Per Share [Abstract]
Allocation of distributed and undistributed earnings to both common shares and restricted common shares	In applying the two-class method, distributed and undistributed earnings are allocated to both common shares and restricted common shares based on the total weighted-average shares outstanding during the period. Because the holders of the participating restricted common shares were not contractually required to share in the Company’s losses, in applying the two-class method to compute the basic and diluted net loss per common share, no allocation to restricted common shares was made for the three ended September 30, 2015. Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Weighted-average shares: Common shares outstanding 77,989,933 80,566,400 78,230,011 80,565,754 Restricted common shares 680,249 645,427 646,299 604,179 Total weighted-average shares 78,670,182 81,211,827 78,876,310 81,169,933 Percentage of weighted-average shares: Common shares outstanding 99.14 % 99.21 % 99.18 % 99.26 % Restricted common shares 0.86 % 0.79 % 0.82 % 0.74 % Total percentage of weighted-average shares 100.00 % 100.00 % 100.00 % 100.00 %
Basic and Diluted earnings per share	The calculations of both basic and diluted earnings (loss) per share are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Earnings (loss) per share – Basic: Net income (loss) $ 27,437 $ (13,989 ) $ 83,729 $ 71,088 Less: Distributed and undistributed earnings allocated to restricted common shares (1) (237 ) — (686 ) (529 ) Earnings (loss) available to common shareholders – Basic $ 27,200 $ (13,989 ) $ 83,043 $ 70,559 Weighted-average common shares outstanding – Basic 77,989,933 80,566,400 78,230,011 80,565,754 Earnings (loss) per common share – Basic $ 0.35 $ (0.17 ) $ 1.06 $ 0.88 Earnings (loss) per share – Diluted: Net income (loss) $ 27,437 $ (13,989 ) $ 83,729 $ 71,088 Less: Distributed and undistributed earnings allocated to restricted common shares (1) (237 ) — (686 ) (529 ) Earnings (loss) available to common shareholders – Diluted $ 27,200 $ (13,989 ) $ 83,043 $ 70,559 Weighted-average common shares outstanding – Basic 77,989,933 80,566,400 78,230,011 80,565,754 Effect of dilutive shares (2) 32,235 — 35,804 — Weighted-average common shares outstanding – Diluted 78,022,168 80,566,400 78,265,815 80,565,754 Earnings (loss) per common share – Diluted $ 0.35 $ (0.17 ) $ 1.06 $ 0.88 (1) For the three months ended September 30, 2016 , distributed and undistributed earnings to restricted shares are 0.86% , of net income. For the nine months ended September 30, 2016 and 2015 , distributed and undistributed earnings to restricted shares are 0.82% and 0.74% of net income, respectively. The amount of restricted share forfeitures for all periods present is immaterial to the allocation of distributed and undistributed earnings. (2) For the three and nine months ended September 30, 2016 , dilutive shares represented contingently issuable shares related to the Company’s PSUs. For the three and nine months ended September 30, 2015 , we had no dilutive shares.

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2016
Income Tax Disclosure [Abstract]
Sources of income from continuing operations before income taxes	The sources of income (loss) from continuing operations before income taxes and earnings of unconsolidated equity method investment for the three and nine months ended September 30, 2016 and 2015 were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 U.S. operations $ (92 ) $ 597 $ 1,652 $ 1,817 Non-U.S. operations 28,182 (13,434 ) 85,469 76,745 Total $ 28,090 $ (12,837 ) $ 87,121 $ 78,562
Analysis of effective income tax rate for continuing operations	Differences between statutory income tax rates and our effective income tax rates applied to pre-tax income consisted of the following: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Notional U.S. federal income tax expense (benefit) at the statutory rate $ 9,831 $ (4,493 ) $ 30,492 $ 27,497 U.S. state and local income tax, net 14 57 139 167 Non-U.S. operations: Bermuda (6,025 ) 6,696 (16,687 ) (9,199 ) Ireland 82 2,500 2,155 (407 ) Singapore (823 ) (1,385 ) (4,874 ) (4,116 ) Other (752 ) (860 ) (2,835 ) (2,439 ) Non-deductible expenses in the U.S. 133 205 418 566 Other (2 ) (11 ) (26 ) (32 ) Income tax provision $ 2,458 $ 2,709 $ 8,782 $ 12,037

Interest, Net (Tables)

Interest, Net (Tables)	9 Months Ended
	Sep. 30, 2016
Interest Income (Expense), Net [Abstract]
Components of Interest	The following table shows the components of interest, net: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Interest on borrowings, net settlements on interest rate derivatives, and other liabilities (1) $ 57,589 $ 51,428 $ 166,692 $ 153,076 Hedge ineffectiveness losses — 215 — 509 Amortization of interest rate derivatives related to deferred losses 705 5,006 9,074 19,349 Amortization of deferred financing fees and debt discount (2) 4,097 3,746 13,567 11,211 Interest expense 62,391 60,395 189,333 184,145 Less interest income (546 ) (14 ) (768 ) (82 ) Less capitalized interest (48 ) — (75 ) — Interest, net $ 61,797 $ 60,381 $ 188,490 $ 184,063 (1) For the three and nine months ended September 30, 2016 , includes $0 and $1,509 , respectively, in loan termination fees related to the sale of one aircraft. (2) For the three and nine months ended September 30, 2016 , includes $0 and $1,972 , respectively, in deferred financing fees written off related to the sale of one aircraft.

Commitments and Contingencies C

Commitments and Contingencies Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Long-term Purchase Commitment [Table Text Block]	Commitments, including $140,717 of progress payments, contractual price escalations and other adjustments for these aircraft, at September 30, 2016 , net of amounts already paid, are as follows: Year Ending December 31, Amount Remainder of 2016 $ 241,761 2017 170,253 2018 258,179 2019 293,756 2020 216,847 Thereafter 142,193 Total $ 1,322,989

Other Assets (Tables)

Other Assets (Tables)	9 Months Ended
	Sep. 30, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Principal components of other assets	In October 2016, we sold one Airbus A321-200 aircraft.

Accounts Payable, Accrued Exp38

Accounts Payable, Accrued Expenses and Other Liabilities (Tables)	9 Months Ended
	Sep. 30, 2016
Payables and Accruals [Abstract]
Principal components of accounts payable, accrued expenses and other liabilities recorded on our consolidated balance sheet	The following table describes the principal components of accounts payable, accrued expenses and other liabilities recorded on our Consolidated Balance Sheets as of: September 30, December 31, Accounts payable and accrued expenses $ 23,722 $ 34,457 Deferred federal income tax liability 38,627 35,269 Accrued interest payable 64,105 37,606 Lease discounts, net of amortization of $26,544 and $19,403, respectively 17,686 22,443 Fair value of derivative liabilities — 1,283 Total accounts payable, accrued expenses and other liabilities $ 144,140 $ 131,058

Accumulated Other Comprehensi39

Accumulated Other Comprehensive Income (Tables)	9 Months Ended
	Sep. 30, 2016
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The following table describes the principal components of accumulated other comprehensive loss recorded on our Consolidated Balance Sheets: Changes in accumulated other comprehensive loss by component (1) Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Beginning balance $ (4,845 ) $ (23,681 ) $ (13,213 ) $ (38,460 ) Amounts recognized in other comprehensive loss on derivatives, net of tax expense of $0 and $10 for the three months ended and tax expense of $0 and $10 for the nine months ended September 30, 2016 and 2015, respectively — (545 ) (690 ) (1,940 ) Amounts reclassified from accumulated other comprehensive loss into income, net of tax expense of $0 and benefit of $7 for the three months ended and tax expense of $0 and $16 for the nine months ended September 30, 2016 and 2015, respectively 705 5,823 9,763 21,997 Net current period other comprehensive income 705 5,278 9,073 20,057 Ending balance $ (4,140 ) $ (18,403 ) $ (4,140 ) $ (18,403 ) (1) All amounts are net of tax. Amounts in parentheses indicate debits.
Reclassification out of Accumulated Other Comprehensive Income	Reclassifications from accumulated other comprehensive loss (1) Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Amount of effective amortization of net deferred interest rate derivative losses (2) $ 705 $ 5,006 $ 9,074 $ 19,349 Effective amount of net settlements of interest rate derivatives, net of tax expense of $0 and benefit of $7 for the three months ended and tax expense of $0 and $16 for the nine months ended September 30, 2016 and 2015, respectively — 817 689 2,648 Amount of loss reclassified from accumulated other comprehensive loss into income $ 705 $ 5,823 $ 9,763 $ 21,997 (1) All amounts are net of tax. (2) Included in interest expense.

Summary of Significant Accoun40

Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Details)	9 Months Ended
	Sep. 30, 2016Entitysegment
Variable Interest Entity [Line Items]
Number of Operating Segments | segment	1
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Number of Consolidated Variable Interest Entities | Entity	5

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Liabilities:
Derivative liabilities	$ 0	$ 1,283
Recurring | Quoted Prices In Active Markets for Identical Assets (Level 1)
Assets:
Cash and cash equivalents	656,247	155,904
Restricted cash and cash equivalents	54,000	98,137
Derivative Asset	0	0
Total	710,247	254,041
Liabilities:
Derivative liabilities	0	0
Recurring | Significant Other Observable Inputs (Level 2)
Assets:
Cash and cash equivalents	0	0
Restricted cash and cash equivalents	0	0
Derivative Asset	2,073	0
Total	2,073	0
Liabilities:
Derivative liabilities	0	1,283
Recurring | Significant Unobservable Inputs (Level 3)
Assets:
Cash and cash equivalents	0	0
Restricted cash and cash equivalents	0	0
Derivative Asset	0	0
Total	0	0
Liabilities:
Derivative liabilities	0	0
Recurring | Estimate of Fair Value Measurement [Member]
Assets:
Cash and cash equivalents	656,247	155,904
Restricted cash and cash equivalents	54,000	98,137
Derivative Asset	2,073	0
Total	712,320	254,041
Liabilities:
Derivative liabilities	$ 0	$ 1,283

Fair Value Measurements (Deta42

Fair Value Measurements (Details 1) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015	Sep. 30, 2015	Dec. 31, 2014
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative Liability	$ 0	$ 1,283
Restricted Cash and Cash Equivalents	54,000	98,137
Cash and Cash Equivalents, at Carrying Value	656,247	155,904	$ 149,041	$ 169,656
Fair Value, Inputs, Level 1 [Member] | Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative Liability	0	0
Estimate of Fair Value Measurement [Member] | Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative Liability	$ 0	$ 1,283

Fair Value Measurements (Deta43

Fair Value Measurements (Details 3) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Secured Debt | Significant Other Observable Inputs (Level 2) | Reported Value Measurement | Securitizations
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt Instrument, Fair Value Disclosure	$ 0	$ (125,366)
Secured Debt | Significant Other Observable Inputs (Level 2) | Reported Value Measurement | ECA Term Financings {Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt Instrument, Fair Value Disclosure	(315,687)	(404,491)
Secured Debt | Significant Other Observable Inputs (Level 2) | Reported Value Measurement | Bank Financings
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt Instrument, Fair Value Disclosure	(967,519)	(636,970)
Secured Debt | Significant Other Observable Inputs (Level 2) | Estimate of Fair Value Measurement [Member] | Securitizations
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt Instrument, Fair Value Disclosure	0	(123,696)
Secured Debt | Significant Other Observable Inputs (Level 2) | Estimate of Fair Value Measurement [Member] | ECA Term Financings {Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt Instrument, Fair Value Disclosure	(333,224)	(422,640)
Secured Debt | Significant Other Observable Inputs (Level 2) | Estimate of Fair Value Measurement [Member] | Bank Financings
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt Instrument, Fair Value Disclosure	(985,085)	(653,699)
Unsecured Debt | Quoted Prices In Active Markets for Identical Assets (Level 1) | Reported Value Measurement | Revolving Credit Facility [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt Instrument, Fair Value Disclosure	(120,000)	(225,000)
Unsecured Debt | Quoted Prices In Active Markets for Identical Assets (Level 1) | Reported Value Measurement | Senior Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt Instrument, Fair Value Disclosure	(3,200,000)	(2,700,000)
Unsecured Debt | Quoted Prices In Active Markets for Identical Assets (Level 1) | Estimate of Fair Value Measurement [Member] | Senior Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt Instrument, Fair Value Disclosure	$ (3,417,500)	$ (2,832,125)

Fair Value Measurements (Deta44

Fair Value Measurements (Details Textual) $ in Thousands	3 Months Ended			6 Months Ended	9 Months Ended
	Sep. 30, 2016USD ($)Aircraft	Jun. 30, 2016USD ($)Aircraft	Sep. 30, 2015USD ($)Aircraft	Jun. 30, 2015USD ($)Aircraft	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Dec. 31, 2015USD ($)	Aug. 31, 2015USD ($)
Impaired Long-Lived Assets Held and Used [Line Items]
Asset Impairment Charges	$ 10,462		$ 78,403		$ 27,185	$ 102,358
Gain (Loss) on Disposition of Property Plant Equipment	$ (73)		15,679		14,932	43,034
Aircraft Reclassified as Finance Leases | Aircraft	3
Property Subject to or Available for Operating Lease, Net	$ 6,004,489				6,004,489		$ 5,867,062	$ 115,888
Maintenance Revenue	6,829		15,726		20,603	55,148
Other revenue	1,015		8,555		$ 2,425	$ 10,700
Fleet Review [Member]
Impaired Long-Lived Assets Held and Used [Line Items]
Asset Impairment Charges	2,167	$ 11,670	34,575
Gain (Loss) on Disposition of Property Plant Equipment	$ 2,618
Maintenance Revenue		$ 4,000	$ 5,858
Fleet Review [Member] | B-757-200 [Member]
Impaired Long-Lived Assets Held and Used [Line Items]
Aircraft with Reduced Cash Flow Forecasts due to Annual Fleet Review | Aircraft	6
Number of Aircraft Impaired | Aircraft	2
Fleet Review [Member] | A-330-200 [Member]
Impaired Long-Lived Assets Held and Used [Line Items]
Number of Aircraft Impaired | Aircraft		1
Fleet Review [Member] | B747-400 Converted Freighter [Member]
Impaired Long-Lived Assets Held and Used [Line Items]
Aircraft with Reduced Cash Flow Forecasts due to Annual Fleet Review | Aircraft			6
Number of Aircraft Impaired with Maintenance Revenue Recorded | Aircraft			1
Number of Aircraft Impaired | Aircraft			4
Transactional [Member]
Impaired Long-Lived Assets Held and Used [Line Items]
Asset Impairment Charges	$ 5,450	$ 5,053		$ 23,955
Maintenance Revenue	5,596			$ 18,234
Lease Incentive Reversal	2,361
Transactional [Member] | A321-200 [Member]
Impaired Long-Lived Assets Held and Used [Line Items]
Asset Impairment Charges	$ 1,712		$ 6,058
Maintenance Revenue			$ 7,109
Number of Aircraft Impaired | Aircraft	1		1
Transactional [Member] | B747-400 Converted Freighter [Member]
Impaired Long-Lived Assets Held and Used [Line Items]
Number of Aircraft Impaired | Aircraft	3	2
Transactional [Member] | B-777-200 [Member]
Impaired Long-Lived Assets Held and Used [Line Items]
Asset Impairment Charges			$ 37,770
Other revenue			$ 1,200
Transactional [Member] | McDonnell Douglas MD-11F Freighter Aircraft [Member]
Impaired Long-Lived Assets Held and Used [Line Items]
Number of Aircraft Impaired | Aircraft				2
Transactional [Member] | B-737-800 [Member]
Impaired Long-Lived Assets Held and Used [Line Items]
Number of Aircraft Impaired | Aircraft				1

Lease Rental Revenues and Fli45

Lease Rental Revenues and Flight Equipment Held for Lease (Details) $ in Thousands	Sep. 30, 2016USD ($)
Leases [Abstract]
Operating Leases, Future Minimum Payments Receivable, Remainder of Fiscal Year	$ 180,010
Annual future minimum lease rentals receivable
2,014	676,274
2,015	613,221
2,016	523,645
2,017	435,969
Thereafter	1,290,828
Total	$ 3,719,947

Lease Rental Revenues and Fli46

Lease Rental Revenues and Flight Equipment Held for Lease (Details 1) - Lease Rental Revenue - Geographic Concentration Risk	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenues from External Customers and Long-Lived Assets [Line Items]
Percentage of geographic concentration	100.00%	100.00%	100.00%	100.00%
Asia and Pacific
Revenues from External Customers and Long-Lived Assets [Line Items]
Percentage of geographic concentration	22.00%	28.00%	23.00%	28.00%
Europe
Revenues from External Customers and Long-Lived Assets [Line Items]
Percentage of geographic concentration	40.00%	43.00%	40.00%	42.00%
Middle East and Africa
Revenues from External Customers and Long-Lived Assets [Line Items]
Percentage of geographic concentration	7.00%	4.00%	6.00%	6.00%
North America
Revenues from External Customers and Long-Lived Assets [Line Items]
Percentage of geographic concentration	19.00%	16.00%	19.00%	15.00%
Middle East and Africa
Revenues from External Customers and Long-Lived Assets [Line Items]
Percentage of geographic concentration	12.00%	9.00%	12.00%	9.00%

Lease Rental Revenues and Fli47

Lease Rental Revenues and Flight Equipment Held for Lease (Details 2) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016USD ($)Lessee	Sep. 30, 2015USD ($)Lessee	Sep. 30, 2016USD ($)Lessee	Sep. 30, 2015USD ($)Lessee
Revenue attributable to individual countries
Revenue	$ 181,975	$ 188,038	$ 537,670	$ 550,023
Maintenance revenue	$ 6,829	$ 15,726	$ 20,603	$ 55,148
Major Customer Group One [Member]
Revenue from External Customer [Line Items]
Concentration Risk, Number of Customers in Major Customer Group | Lessee	4	2	4	3
Major Customer Group One [Member] | Geographic Concentration Risk | Total Revenue [Member]
Revenue attributable to individual countries
Percentage of geographic concentration	25.00%	12.00%	25.00%	17.00%

Lease Rental Revenues and Fli48

Lease Rental Revenues and Flight Equipment Held for Lease (Details 3) $ in Thousands	3 Months Ended		9 Months Ended			12 Months Ended
	Sep. 30, 2016USD ($)Aircraft	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)Aircraft		Sep. 30, 2015USD ($)	Dec. 31, 2015Aircraft
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue | $	$ 181,975	$ 188,038	$ 537,670		$ 550,023
Maintenance Revenue | $	$ 6,829	15,726	$ 20,603		55,148
Number of Aircraft	175		175			162
Number of Offlease Aircraft Marketed for Lease or Sale						1
Number of Offlease Aircraft Marketed for Lease	2		2
Other Revenue, Net | $	$ 1,015	8,555	$ 2,425		10,700
INDONESIA
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue | $	$ 21,745	$ 0	$ 61,195		$ 0
Asia and Pacific
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of Aircraft	57		57			64
Europe
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of Aircraft	55		55			49
Middle East and Africa
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of Aircraft	24		24			17
North America
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of Aircraft	23		23			22
Middle East and Africa
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of Aircraft	14		14			9
Geographic Concentration Risk | Total Revenue [Member] | INDONESIA
Revenues from External Customers and Long-Lived Assets [Line Items]
Percentage of geographic concentration	11.00%	0.00%	11.00%		0.00%
Geographic Concentration Risk | Net Book Value
Revenues from External Customers and Long-Lived Assets [Line Items]
Percentage of geographic concentration			100.00%			100.00%
Geographic Concentration Risk | Net Book Value | Asia and Pacific
Revenues from External Customers and Long-Lived Assets [Line Items]
Percentage of geographic concentration			22.00%			26.00%
Geographic Concentration Risk | Net Book Value | Europe
Revenues from External Customers and Long-Lived Assets [Line Items]
Percentage of geographic concentration			39.00%			39.00%
Geographic Concentration Risk | Net Book Value | Middle East and Africa
Revenues from External Customers and Long-Lived Assets [Line Items]
Percentage of geographic concentration			8.00%			6.00%
Geographic Concentration Risk | Net Book Value | North America
Revenues from External Customers and Long-Lived Assets [Line Items]
Percentage of geographic concentration			19.00%			19.00%
Geographic Concentration Risk | Net Book Value | Middle East and Africa
Revenues from External Customers and Long-Lived Assets [Line Items]
Percentage of geographic concentration			11.00%			10.00%
Geographic Concentration Risk | Net Book Value | Off Lease
Revenues from External Customers and Long-Lived Assets [Line Items]
Percentage of geographic concentration			1.00%	[1]		0.00%
[1]	Consisted of one Boeing 777-200ER aircraft sold during the second quarter of 2016.

Lease Rental Revenues and Fli49

Lease Rental Revenues and Flight Equipment Held for Lease (Details 4) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2016USD ($)AircraftLessee	Dec. 31, 2015USD ($)AircraftLessee	Aug. 31, 2015USD ($)
Revenues from External Customers and Long-Lived Assets [Line Items]
Property Subject to or Available for Operating Lease, Net | $	$ 6,004,489	$ 5,867,062	$ 115,888
Number of Offlease Aircraft Marketed for Lease	2
Number of Offlease Aircraft Marketed for Lease or Sale		1
INDONESIA
Revenues from External Customers and Long-Lived Assets [Line Items]
Property Subject to or Available for Operating Lease, Net | $	$ 721,704	$ 661,178
property subject to or available for operating lease, net (percentage)	12.00%	11.00%
number of lessees | Lessee	3,000	3
Geographic Concentration Risk | Net Book Value
Revenues from External Customers and Long-Lived Assets [Line Items]
Percentage of geographic concentration	100.00%	100.00%
B-737-800 [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of Offlease Aircraft Marketed for Lease or Sale	2

Lease Rental Revenues and Fli50

Lease Rental Revenues and Flight Equipment Held for Lease (Details Textual) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016USD ($)Lessee	Sep. 30, 2015Lessee	Sep. 30, 2016USD ($)Lessee	Sep. 30, 2015Lessee	Dec. 31, 2015USD ($)
Customer Group One
Revenue, Major Customer [Line Items]
Entity-Wide Revenue, Major Customer, Number | Lessee	4	2	4	3
Lease Rental Revenue | Customer Concentration Risk | Customer Group One
Revenue, Major Customer [Line Items]
Percentage of geographic concentration	25.00%	12.00%	25.00%	17.00%
Maintenance Payments {Member]
Revenue, Major Customer [Line Items]
Amounts of lease incentive liabilities recorded in the consolidated balance sheets | $	$ 15,629		$ 15,629		$ 21,432

Net Investment in Finance Lea51

Net Investment in Finance Leases Narrative (Details)	Sep. 30, 2016AircraftCustomer
Capital Leased Assets [Line Items]
Capital Leased Assets, Number of Units	14
United States
Capital Leased Assets [Line Items]
Capital Leased Assets, Number of Units	8
Capital Leased Assets, Number of Customers | Customer	2
CANADA
Capital Leased Assets [Line Items]
Capital Leased Assets, Number of Units	1
GERMANY
Capital Leased Assets [Line Items]
Capital Leased Assets, Number of Units	3
Capital Leased Assets, Number of Customers | Customer	2

Net Investment in Finance Lea52

Net Investment in Finance Leases Net Investment in Finance Leases (Details) $ in Thousands	Sep. 30, 2016USD ($)AircraftCustomer	Dec. 31, 2015USD ($)
Total number of aircraft owned by joint ventures | Aircraft	11
Capital Leased Assets, Number of Units | Aircraft	14
Capital Leases, Net Investment in Direct Financing Leases [Abstract]
Total lease payments to be received	$ 190,005
Less: Unearned income	(84,096)
Estimated residual values of leased flight equipment (unguaranteed)	159,945
Net investment in finance and sales-type leases	265,854	$ 201,211
2,015	8,844
2,016	34,433
2,017	27,419
2,018	27,249
2,019	26,843
Thereafter	65,217
Total	$ 190,005
GERMANY
Capital Leased Assets, Number of Customers | Customer	2
Capital Leased Assets, Number of Units | Aircraft	3
SPAIN
Capital Leased Assets, Number of Units | Aircraft	1
SRI LANKA
Capital Leased Assets, Number of Units | Aircraft	1

Unconsolidated Equity Method 53

Unconsolidated Equity Method Investment (Details) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2016USD ($)Aircraft	Mar. 31, 2016USD ($)Aircraft	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)Aircraft	Sep. 30, 2015USD ($)	Dec. 31, 2015USD ($)
Unconsolidated equity method investment	$ 67,160			$ 67,160		$ 50,377
Customer Advances and Deposits	516,689			516,689		370,281
Earnings of unconsolidated equity method investment, net of tax	$ 1,805		$ 1,557	$ 5,390	$ 4,563
Related Party Transaction, Percentage Ownership of Company Outstanding Shares	10.00%			10.00%
Proceeds from Sale of Flight Equipment				$ 488,749	$ 343,020
Total number of aircraft owned by joint ventures | Aircraft	11			11
IBJ Air [Member]
Equity Method Investment, Ownership Percentage	25.00%			25.00%
Equity Method Investee | OTTP
Unconsolidated equity method investment	$ 67,160			$ 67,160		$ 50,377
Equity Method Investment, Ownership Percentage	30.00%			30.00%
Equity Method Investments Before Earnings				$ 13,422
Earnings of unconsolidated equity method investment, net of tax				5,390
Distributions from unconsolidated equity method investment in excess of earnings				(2,029)
Proceeds from Sale of Flight Equipment		$ 100,000
Equity Method Investee | IBJ Air [Member]
Proceeds from Sale of Flight Equipment	$ 50,000
Maintenance Payments {Member] | Equity Method Investee | OTTP
Customer Advances and Deposits	7,705			7,705
security deposit [Member] | Equity Method Investee | OTTP
Customer Advances and Deposits	$ 5,100			$ 5,100
A-320-200 [Member] | Equity Method Investee | OTTP
Number of Aircraft Sold | Aircraft		4
A-320-200 [Member] | Equity Method Investee | IBJ Air [Member]
Number of Aircraft Sold | Aircraft	2

Variable Interest Entities (Det

Variable Interest Entities (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2016USD ($)AircraftTerm_LoanEntity	Dec. 31, 2015USD ($)
Variable Interest Entity [Line Items]
Borrowings from secured financings	$ 1,261,423	$ 1,146,238
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Number of Consolidated Variable Interest Entities | Entity	5
Number of Aircrafts | Aircraft	7
Air Knight VIEs | Variable Interest Entity, Primary Beneficiary | ECA Term Financings {Member]
Variable Interest Entity [Line Items]
Type of term loans | Term_Loan	7
Debt instrument, term	12 years
Net book value of flight equipment held for lease	$ 521,007
Consolidated debt outstanding	$ 306,103

Secured and Unsecured Debt Fi55

Secured and Unsecured Debt Financings (Details) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2016USD ($)Aircraftloan	Jun. 30, 2016	Sep. 30, 2016USD ($)Aircraftloan	Sep. 30, 2015USD ($)	Oct. 14, 2016USD ($)Aircraft	Jun. 17, 2016USD ($)Aircraft	Mar. 29, 2016USD ($)	Dec. 31, 2015USD ($)
Debt Instrument [Line Items]
Payments for Derivative Asset		$ 2,283
Derivative, Cap Interest Rate		2.00%		2.00%
Derivative Asset, Notional Amount		$ 430,000		$ 430,000
Number of Floating Rate Loans | loan		6		6
Repayments of Long-term Debt				$ 489,134	$ 548,359
Outstanding amounts of secured and unsecured term debt financings
Borrowings from secured financings		$ 1,261,423		$ 1,261,423					$ 1,146,238
Number of Aircraft Financed | Aircraft		36		36
Borrowings from unsecured financings, net of debt issuance costs		$ 3,286,304		$ 3,286,304					2,894,918
Total secured and unsecured debt financings		4,547,727		4,547,727					4,041,156
Derivative Asset Future Notional Amount		$ 215,000		$ 215,000
Line of Credit | Revolving Credit Facility [Member]
Outstanding amounts of secured and unsecured term debt financings
Borrowings from unsecured financings, net of debt issuance costs									225,000
Bank Financings, Floating Rate [Member]
Debt Instrument [Line Items]
Percentage of Debt Hedged by Interest Rate Derivatives		70.00%		70.00%
ACS 2016 [Member] | Secured Debt
Debt Instrument [Line Items]
Debt Instrument, Face Amount							$ 434,250
Total Number of Aircraft Securing Financing | Aircraft							18
Outstanding amounts of secured and unsecured term debt financings
Borrowings from secured financings		$ 372,784		$ 372,784
Number of Aircraft Financed | Aircraft		16		16
Debt instrument, term			7 years
2013 Revolving Credit Facility | Line of Credit | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility, current borrowing capacity								$ 675,000	600,000
Outstanding amounts of secured and unsecured term debt financings
Line of Credit Facility, Fair Value of Amount Outstanding		$ 0		$ 0
Securitization No. 2 | Secured Debt
Outstanding amounts of secured and unsecured term debt financings
Borrowings from secured financings		$ 0		$ 0					125,366
Number of Aircraft Financed | Aircraft		0		0
Interest rate	[1]	0.00%		0.00%
ECA Term Financings {Member] | Secured Debt
Outstanding amounts of secured and unsecured term debt financings
Number of Aircraft Financed | Aircraft		7		7
ECA Term Financings {Member] | Notes Payable, Other Payables
Outstanding amounts of secured and unsecured term debt financings
Borrowings from secured financings		$ 315,687		$ 315,687					404,491
Minimum effective interest rate	[1]			3.0153%
Maximum effective interest rate	[1]			3.96%
Bank Financings | Secured Debt
Outstanding amounts of secured and unsecured term debt financings
Number of Aircraft Financed | Aircraft		29		29
Bank Financings | Notes Payable to Banks
Outstanding amounts of secured and unsecured term debt financings
Borrowings from secured financings		$ 967,519		$ 967,519					636,970
Minimum effective interest rate	[1]			1.5182%
Maximum effective interest rate	[1]			5.085%
Secured Debt
Outstanding amounts of secured and unsecured term debt financings
Debt Issuance Cost		(21,783)		$ (21,783)					(20,589)
Senior Notes Due 2017 | Senior Notes
Outstanding amounts of secured and unsecured term debt financings
Borrowings from unsecured financings, net of debt issuance costs		$ 500,000		$ 500,000					500,000
Interest rate	[1]	6.75%		6.75%
Senior Notes Due 2018 with 4.625 Interest Rate | Senior Notes
Outstanding amounts of secured and unsecured term debt financings
Borrowings from unsecured financings, net of debt issuance costs		$ 400,000		$ 400,000					400,000
Interest rate	[1]	4.625%		4.625%
Senior Notes Due 2019 | Senior Notes
Outstanding amounts of secured and unsecured term debt financings
Borrowings from unsecured financings, net of debt issuance costs		$ 500,000		$ 500,000					500,000
Interest rate	[1]	6.25%		6.25%
Senior Notes Due 2020 | Senior Notes
Outstanding amounts of secured and unsecured term debt financings
Borrowings from unsecured financings, net of debt issuance costs		$ 300,000		$ 300,000					300,000
Interest rate	[1]	7.625%		7.625%
Senior Notes due 2021 | Senior Notes
Outstanding amounts of secured and unsecured term debt financings
Borrowings from unsecured financings, net of debt issuance costs		$ 500,000		$ 500,000					500,000
Interest rate	[1]	5.125%		5.125%
Senior Notes Due 2022 [Member] | Senior Notes
Outstanding amounts of secured and unsecured term debt financings
Borrowings from unsecured financings, net of debt issuance costs		$ 500,000		$ 500,000					500,000
Interest rate	[1]	5.50%		5.50%
Senior Notes Due 2023 [Member] | Senior Notes
Outstanding amounts of secured and unsecured term debt financings
Borrowings from unsecured financings, net of debt issuance costs		$ 500,000		$ 500,000					0
Interest rate	[1]	5.00%		5.00%
Floating Rate Term Loan [Member] | Floating Rate Term Loan [Member]
Outstanding amounts of secured and unsecured term debt financings
Borrowings from unsecured financings, net of debt issuance costs		$ 120,000		$ 120,000					0
Interest rate	[1]	2.6525%		2.6525%
Unsecured Debt
Outstanding amounts of secured and unsecured term debt financings
Debt Issuance Cost		$ (33,696)		$ (33,696)					$ (30,082)
London Interbank Offered Rate (LIBOR) [Member] | Securitization No. 2 | Secured Debt
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate				75.00%
Subsequent Event [Member] | ACS 2016 [Member] | Secured Debt
Debt Instrument [Line Items]
Incremental Number of Aircraft Available to Secure Debt Instrument | Aircraft						2
Incremental Financing Available Under Debt instrument						$ 54,900
[1]	Reflects the floating rate in effect at the applicable reset date plus the margin for our DBJ Term Loan, six of our Bank Financings and our Revolving Credit Facility. All other financings have a fixed rate.

Secured and Unsecured Debt Fi56

Secured and Unsecured Debt Financings (Details 1) $ in Thousands		3 Months Ended		9 Months Ended
		Jun. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Jun. 17, 2016USD ($)Aircraft	Mar. 29, 2016USD ($)	Dec. 31, 2015USD ($)
Debt Instrument [Line Items]
Repayments of Long-term Debt				$ 489,134	$ 548,359
Borrowings from unsecured financings, net of debt issuance costs				$ 3,286,304				$ 2,894,918
Secured Debt | Securitization No. 2
Debt Instrument [Line Items]
Repayments of Debt		$ 66,262
Interest rate	[1]			0.00%
Secured Debt | Securitization No. 2 | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate				75.00%
Secured Debt | ACS 2016 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount						$ 434,250
Debt instrument, term		7 years
Total Number of Aircraft Securing Financing | Aircraft						18
Notes Payable, Other Payables | ECA Term Financings {Member]
Debt Instrument [Line Items]
Debt, Weighted Average Interest Rate				3.53%
Notes Payable, Other Payables | Bank Financings
Debt Instrument [Line Items]
Debt, Weighted Average Interest Rate				3.22%
Notes Payable to Banks | Bank Financings, Floating Rate [Member] | A330-300 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount			$ 120,000
Debt instrument, term			3 years
Senior Notes | Senior Notes Due 2020
Debt Instrument [Line Items]
Interest rate	[1]			7.625%
Borrowings from unsecured financings, net of debt issuance costs				$ 300,000				300,000
Senior Notes | Senior Notes due 2021
Debt Instrument [Line Items]
Interest rate	[1]			5.125%
Borrowings from unsecured financings, net of debt issuance costs				$ 500,000				500,000
Senior Notes | Senior Notes Due 2022 [Member]
Debt Instrument [Line Items]
Interest rate	[1]			5.50%
Borrowings from unsecured financings, net of debt issuance costs				$ 500,000				500,000
Line of Credit | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Borrowings from unsecured financings, net of debt issuance costs								225,000
Line of Credit | 2013 Revolving Credit Facility | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility, current borrowing capacity							$ 675,000	$ 600,000
Line of Credit Facility, Fair Value of Amount Outstanding				$ 0
Senior Notes Due 2022 [Member] | Senior Notes Due 2022 [Member]
Debt Instrument [Line Items]
Interest rate			5.00%
Borrowings from unsecured financings, net of debt issuance costs			$ 500,000
Debt Instrument, Redemption, Period One [Member] | Senior Notes Due 2022 [Member] | Senior Notes Due 2022 [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate			5000.00%
Debt Instrument, Redemption Price, Percentage			105.00%
Debt Instrument, Redemption, Period Two [Member] | Senior Notes Due 2022 [Member] | Senior Notes Due 2022 [Member]
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage			101.00%
Maximum | Debt Instrument, Redemption, Period One [Member] | Senior Notes Due 2022 [Member] | Senior Notes Due 2022 [Member]
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed			100.00%
Maximum | Debt Instrument, Redemption, Period Two [Member] | Senior Notes Due 2022 [Member] | Senior Notes Due 2022 [Member]
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed			40.00%
[1]	Reflects the floating rate in effect at the applicable reset date plus the margin for our DBJ Term Loan, six of our Bank Financings and our Revolving Credit Facility. All other financings have a fixed rate.

Shareholders' Equity and Shar57

Shareholders' Equity and Share Based Payment Schedule of Performance Award Ranges (Details)	9 Months Ended
	Sep. 30, 2016shares
Minimum
ScheduleofPerformanceBasedAwardRanges [Line Items]
NumberofPerformanceBasedShares	0
Target
ScheduleofPerformanceBasedAwardRanges [Line Items]
NumberofPerformanceBasedShares	286,823
Maximum
ScheduleofPerformanceBasedAwardRanges [Line Items]
NumberofPerformanceBasedShares	573,646
TSRPerformanceBasedShares [Member] | Minimum
ScheduleofPerformanceBasedAwardRanges [Line Items]
NumberofPerformanceBasedShares	0
TSRPerformanceBasedShares [Member] | Target
ScheduleofPerformanceBasedAwardRanges [Line Items]
NumberofPerformanceBasedShares	143,414
TSRPerformanceBasedShares [Member] | Maximum
ScheduleofPerformanceBasedAwardRanges [Line Items]
NumberofPerformanceBasedShares	286,828
AROEPerformanceBasedShares [Member] | Minimum
ScheduleofPerformanceBasedAwardRanges [Line Items]
NumberofPerformanceBasedShares	0
AROEPerformanceBasedShares [Member] | Target
ScheduleofPerformanceBasedAwardRanges [Line Items]
NumberofPerformanceBasedShares	143,409
AROEPerformanceBasedShares [Member] | Maximum
ScheduleofPerformanceBasedAwardRanges [Line Items]
NumberofPerformanceBasedShares	286,818

Shareholders' Equity and Shar58

Shareholders' Equity and Share Based Payment (Details)	9 Months Ended
	Sep. 30, 2016$ / sharesshares
AROEPerformanceBasedShares [Member]
Grant date Fair Value for Shares Expected To Vest | $ / shares	$ 19.18
Shares Expected to Vest | shares	47,802
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Non-vested beginning balance | shares	0
Granted | shares	47,802
Non-vested ending balance | shares	47,802
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments, Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Beginning Period, Weighted average grant date fair value | $ / shares	$ 0
Weighted average grant date fair value, Non-vested shares granted | $ / shares	19.18
Ending Period, Weighted average grant date fair value | $ / shares	19.18
TSRPerformanceBasedShares [Member]
Grant date Fair Value for Shares Expected To Vest | $ / shares	$ 25.07
Shares Expected to Vest | shares	143,414
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Non-vested beginning balance | shares	0
Granted | shares	143,414
Non-vested ending balance | shares	143,414
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments, Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Beginning Period, Weighted average grant date fair value | $ / shares	$ 0
Weighted average grant date fair value, Non-vested shares granted | $ / shares	25.07
Ending Period, Weighted average grant date fair value | $ / shares	$ 25.07

Shareholders' Equity and Shar59

Shareholders' Equity and Share Based Payment Shareholders' Equity and Share Based Payment (Details Textual) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-cash share-based payment expense	$ 2,059	$ 1,424	$ 5,796	$ 3,981
Stock Repurchased During Period, Value			$ 34,423
Stock Repurchased During Period, Shares			1,827,352
Remaining authorized repurchase amount	$ 96,656		$ 96,656
Common shares, par value	$ 0.01		$ 0.01		$ 0.01
Percentage Ownership of Aircastle's Outstanding Shares	10.00%		10.00%
Shares Repurchased from Employees and Directors			102,927
Cost of Shares Repurchased from Employees and Directors			$ 2,150
TSRPerformanceBasedShares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	143,414		143,414		0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 25.07		$ 25.07		$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			143,414
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value			$ 25.07
Shares Expected to Vest	143,414		143,414
Grant date Fair Value for Shares Expected To Vest	$ 25.07		$ 25.07
TSRPerformanceBasedShares [Member] | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage			0.00%
TSRPerformanceBasedShares [Member] | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage			200.00%
Total Performance-Based Shares Granted [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			191,216
AROEPerformanceBasedShares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	47,802		47,802		0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 19.18		$ 19.18		$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			47,802
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value			$ 19.18
AROE Performance-Based Shares not yet Granted			95,607
Shares Expected to Vest	47,802		47,802
Grant date Fair Value for Shares Expected To Vest	$ 19.18		$ 19.18
AROEPerformanceBasedShares [Member] | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage			0.00%
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-cash share-based payment expense			$ 852
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized	$ 3,660		$ 3,660
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition			2 years 92 days

Dividends (Details)

Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands	Aug. 02, 2016	May 02, 2016	Feb. 09, 2016	Oct. 30, 2015	Aug. 04, 2015	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Dividends [Abstract]
Dividend per Common Share	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0.24	$ 0.22	$ 0.72	$ 0.66
Aggregate Dividend Amount	$ 18,872	$ 18,915	$ 18,915	$ 19,377	$ 17,860

Earnings Per Share (Details)

Earnings Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Weighted-average shares:
Common shares outstanding	77,989,933	80,566,400	78,230,011	80,565,754
Restricted common shares	680,249	645,427	646,299	604,179
Total Weighted Average Shares	78,670,182	81,211,827	78,876,310	81,169,933
Percentage of weighted-average shares:
Common shares outstanding	99.14%	99.21%	99.18%	99.26%
Restricted common shares	0.86%	0.79%	0.82%	0.74%
Total	100.00%	100.00%	100.00%	100.00%

Earnings Per Share (Details 1)

Earnings Per Share (Details 1) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Earnings Per Share [Abstract]
Participating Securities, Distributed and Undistributed Earnings of Net Income, Percent		0.86%	0.79%	0.82%	0.74%
Earnings (loss) per share – Basic:
Net income (loss)		$ 27,437	$ (13,989)	$ 83,729	$ 71,088
Participating Securities, Distributed and Undistributed Earnings (Loss), Basic	[1]	237	0	686	529
Earnings (loss) available to common shareholders – Basic		$ 27,200	$ (13,989)	$ 83,043	$ 70,559
Weighted-average common shares outstanding – Basic		77,989,933	80,566,400	78,230,011	80,565,754
Earnings (loss) per common share – Basic		$ 0.35	$ (0.17)	$ 1.06	$ 0.88
Earnings (loss) per share – Diluted:
Net income (loss)		$ 27,437	$ (13,989)	$ 83,729	$ 71,088
Earnings (loss) available to common shareholders – Diluted		$ 27,200	$ (13,989)	$ 83,043	$ 70,559
Weighted-average common shares outstanding – Basic		77,989,933	80,566,400	78,230,011	80,565,754
Effect of dilutive shares(2)	[2]	(32,235)	0	(35,804)	0
Weighted-average common shares outstanding – Diluted		78,022,168	80,566,400	78,265,815	80,565,754
Earnings (loss) per common share – Diluted		$ 0.35	$ (0.17)	$ 1.06	$ 0.88
[1]	For the three months ended September 30, 2016, distributed and undistributed earnings to restricted shares are 0.86%, of net income. For the nine months ended September 30, 2016 and 2015, distributed and undistributed earnings to restricted shares are 0.82% and 0.74% of net income, respectively. The amount of restricted share forfeitures for all periods present is immaterial to the allocation of distributed and undistributed earnings
[2]	For the three and nine months ended September 30, 2016, dilutive shares represented contingently issuable shares related to the Company’s PSUs. For the three and nine months ended September 30, 2015, we had no dilutive shares

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Sources of income from continuing operations before income taxes
U.S. operations	$ (92)	$ 597	$ 1,652	$ 1,817
Non-U.S. operations	28,182	(13,434)	85,469	76,745
Income (loss) from continuing operations before income taxes and earnings of unconsolidated equity method investment	$ 28,090	$ (12,837)	$ 87,121	$ 78,562

Income Taxes (Details 1)

Income Taxes (Details 1) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Income Tax Statutory Rate [Line Items]
Participating Securities, Distributed and Undistributed Earnings of Net Income, Percent	0.86%	0.79%	0.82%	0.74%
Analysis of effective income tax rate for continuing operations
Notional U.S. federal income tax expense (benefit) at the statutory rate	$ 9,831	$ (4,493)	$ 30,492	$ 27,497
U.S. state and local income tax, net	14	57	139	167
Non-deductible expenses in the U.S.	133	205	418	566
Other	(2)	(11)	(26)	(32)
Income tax provision	2,458	2,709	8,782	12,037
Bermuda
Analysis of effective income tax rate for continuing operations
Non-U.S. operations:			(16,687)	(9,199)
Ireland
Analysis of effective income tax rate for continuing operations
Non-U.S. operations:			2,155	(407)
Other
Analysis of effective income tax rate for continuing operations
Non-U.S. operations:			(2,835)	(2,439)
Singapore | Foreign Tax Authority
Analysis of effective income tax rate for continuing operations
Non-U.S. operations:	(823)	(1,385)	$ (4,874)	$ (4,116)
Other | Foreign Tax Authority
Analysis of effective income tax rate for continuing operations
Non-U.S. operations:	(752)	(860)
Ireland | Foreign Tax Authority
Analysis of effective income tax rate for continuing operations
Non-U.S. operations:	82	2,500
Bermuda | Foreign Tax Authority
Analysis of effective income tax rate for continuing operations
Non-U.S. operations:	$ (6,025)	$ 6,696

Income Taxes Income Taxes (Text

Income Taxes Income Taxes (Textual) (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Effective Income Tax Rate, Continuing Operations	8.80%	(21.10%)	10.10%	15.30%

Interest, Net (Details)

Interest, Net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Interest Income (Expense), Net [Abstract]
Interest on borrowings, net settlements on interest rate derivatives, and other liabilities(1)	$ 57,589	$ 51,428	$ 166,692	$ 153,076
Gain (Loss) on Cash Flow Hedge Ineffectiveness, Net	0	(215)	0	(509)
Cash flow hedges reclassified into earnings	705	5,006	9,074	19,349
Amortization of deferred financing costs	4,097	3,746	13,567	11,211
Interest expense	62,391	60,395	189,333	184,145
Less interest income	(546)	(14)	(768)	(82)
Interest Costs Capitalized	(48)	0	(75)	0
Interest, net	61,797	$ 60,381	188,490	$ 184,063
Loss on Contract Termination	0		1,509
Write off of Deferred Debt Issuance Cost	$ 0		$ 1,972

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2016USD ($)Aircraft
Types of Commercial Aircraft [Line Items]
Long-term Purchase Commitment, Minimum Quantity Required | Aircraft	25
Purchase Obligation, Future Minimum Payments, Remainder of Fiscal Year	$ 241,761
Unrecorded Unconditional Purchase Obligation, Minimum Quantity Required | Aircraft	36
Purchase Obligation, Due in Second Year	$ 170,253
Purchase Obligation, Due in Third Year	258,179
Purchase Obligation, Due in Fourth Year	293,756
Purchase Obligation, Due in Fifth Year	216,847
Purchase Obligation, Due after Fifth Year	142,193
Purchase Obligation	1,322,989
Pre-Delivery Payments [Member]
Types of Commercial Aircraft [Line Items]
Purchase Obligation	$ 140,717

Other Assets (Details)

Other Assets (Details) $ in Thousands	3 Months Ended
	Sep. 30, 2016USD ($)Aircraft	Jun. 30, 2016Aircraft	Dec. 31, 2015USD ($)
Principal components of other assets
Deferred federal income tax asset	$ 1,590		$ 1,362
Lease incentives and lease premiums, net of amortization of $36,652 and $31,623, respectively	78,334		86,874
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment	17,701		12,901
Other assets	32,215		22,570
Total other assets	129,840		123,707
Amortization of lease incentives and lease premiums	$ 36,652		$ 31,623
Transactional [Member] | B747-400 Converted Freighter [Member]
Number of Aircraft Impaired | Aircraft	3	2

Accounts Payable, Accrued Exp69

Accounts Payable, Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Payables and Accruals [Abstract]
Accounts payable and accrued expenses	$ 23,722	$ 34,457
Deferred federal income tax liability	38,627	35,269
Accrued interest payable	64,105	37,606
Lease discounts, net of amortization of $26,544 and $19,403, respectively	17,686	22,443
Derivative Liability	0	1,283
Total accounts payable, accrued expenses and other liabilities	144,140	131,058
Deferred Revenue, Leases, Accumulated Amortization	$ 26,544	$ 19,403

Accumulated Other Comprehensi70

Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015		Sep. 30, 2016	Sep. 30, 2015		Dec. 31, 2015
Accumulated Other Comprehensive Income (Loss) [Line Items]
Derivative Liability	$ 0			$ 0			$ 1,283
Accumulated Other Comprehensive Income [Roll Forward]
Beginning balance				(13,213)
Net current period other comprehensive income	705	$ 5,278		9,073	$ 20,057
Ending balance	(4,140)			(4,140)
Tax Expense from Amount Recognized in Other Comprehensive Income Related to Derivatives	0	3		0	26
Interest Expense	62,391	60,395		189,333	184,145
Terminated Interest Rate Contract [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Interest Rate, Designated Derivatives, Deferred Gain or Loss Expected to be Amortized In Next Twelve Months				2,312
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges Amortization [Member] | Interest Rate Contract | Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income [Roll Forward]
Interest Expense	705	5,006		9,074	19,349
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Interest Rate Contract
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	0	(545)		(690)	(1,940)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	705	5,823		9,763	21,997
Accumulated Other Comprehensive Income [Roll Forward]
Beginning balance	(4,845)	(23,681)		(13,213)	(38,460)
Net current period other comprehensive income	705	5,278	[1]	9,073	20,057	[1]
Ending balance	(4,140)	(18,403)		(4,140)	(18,403)
Tax Expense from Amount Recognized in Other Comprehensive Income Related to Derivatives	0	10		0	10
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Interest Rate Contract | Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	705	5,823		9,763	21,997
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges, Net Settlements | Interest Rate Contract | Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income [Roll Forward]
Tax Expense from Amount Reclassified from Accumulated Other Comprehensive Income into Income	0	(7)		0	16
Interest Expense	$ 0	$ 817		$ 689	$ 2,648
[1]	All amounts are net of tax. Amounts in parentheses indicate debits.