Air Lease (AL) 10-Q 5 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 05, 2015
Document and Entity Information
Entity Registrant Name	AIR LEASE CORP
Entity Central Index Key	1,487,712
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		101,581,669
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Assets
Cash and cash equivalents	$ 119,722	$ 282,819
Restricted cash	10,700	7,469
Flight equipment subject to operating leases	11,533,922	9,832,421
Less accumulated depreciation	(1,114,720)	(878,617)
Flight equipment subject to operating leases, net	10,419,202	8,953,804
Deposits on flight equipment purchases	1,084,075	1,144,603
Other assets	277,995	302,485
Total assets	11,911,694	10,691,180
Liabilities and Shareholders' Equity
Accrued interest and other payables	168,558	190,952
Debt financing, net of discounts and issuance costs	7,498,240	6,630,758
Security deposits and maintenance reserves on flight equipment leases	802,226	698,172
Rentals received in advance	84,630	75,877
Deferred tax liability	418,592	323,359
Total liabilities	$ 8,972,246	$ 7,919,118
Shareholders' Equity
Preferred Stock, $0.01 par value; 50,000,000 shares authorized; no shares issued or outstanding
Paid-in capital	$ 2,222,682	$ 2,215,479
Retained earnings	715,756	555,573
Total shareholders' equity	2,939,448	2,772,062
Total liabilities and shareholders' equity	11,911,694	10,691,180
Class A Common Stock
Shareholders' Equity
Common Stock	1,010	1,010
Total shareholders' equity	$ 1,010	$ 1,010
Class B Non-Voting Common Stock
Shareholders' Equity
Common Stock

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2015	Dec. 31, 2014
Preferred Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred Stock, shares authorized	50,000,000	50,000,000
Preferred Stock, shares issued	0	0
Preferred Stock, shares outstanding	0	0
Class A Common Stock
Common Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, authorized shares	500,000,000	500,000,000
Common Stock, issued shares	102,580,955	102,392,208
Common Stock, outstanding shares	102,580,955	102,392,208
Class B Non-Voting Common Stock
Common Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, authorized shares	10,000,000	10,000,000
Common Stock, issued shares	0	0
Common Stock, outstanding shares	0	0

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues
Rental of flight equipment	$ 304,264	$ 252,519	$ 860,281	$ 725,448
Aircraft sales, trading and other	8,862	9,420	35,862	39,101
Total revenues	313,126	261,939	896,143	764,549
Expenses
Interest	60,103	48,582	173,654	140,275
Amortization of debt discounts and issuance costs	7,419	7,423	22,782	20,902
Interest expense	67,522	56,005	196,436	161,177
Depreciation of flight equipment	102,046	86,119	291,460	245,736
Settlement			72,000
Selling, general and administrative	19,323	19,656	56,150	58,748
Stock-based compensation	4,648	3,882	12,372	12,222
Total expenses	193,539	165,662	628,418	477,883
Income before taxes	119,587	96,277	267,725	286,666
Income tax expense	(42,545)	(33,844)	(95,233)	(100,799)
Net income	$ 77,042	$ 62,433	$ 172,492	$ 185,867
Net income per share of Class A and Class B common stock:
Basic (in dollars per share)	$ 0.75	$ 0.61	$ 1.68	$ 1.82
Diluted (in dollars per share)	$ 0.71	$ 0.58	$ 1.60	$ 1.73
Weighted-average shares outstanding
Basic (in shares)	102,580,955	102,383,319	102,536,326	102,060,364
Diluted (in shares)	110,623,960	110,457,170	110,635,282	109,997,159

CONSOLIDATED STATEMENT OF SHARE

CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY - 9 months ended Sep. 30, 2015 - USD ($) $ in Thousands	Class A Common Stock	Paid-in Capital	Retained Earnings	Total
Balance at Dec. 31, 2014	$ 1,010	$ 2,215,479	$ 555,573	$ 2,772,062
Balance (in shares) at Dec. 31, 2014	102,392,208
Increase (Decrease) in Shareholders' Equity
Issuance of common stock upon exercise of options and vesting of restricted stock units		133		133
Issuance of common stock upon exercise of options and vesting of restricted stock units (in shares)	319,681
Stock-based compensation expense		12,372		12,372
Cash dividends (declared $0.12 per share)			(12,309)	(12,309)
Tax withholdings related to vesting of restricted stock units		(5,302)		(5,302)
Tax withholdings related to vesting of restricted stock units (in shares)	(130,934)
Net income			172,492	172,492
Balance at Sep. 30, 2015	$ 1,010	$ 2,222,682	$ 715,756	$ 2,939,448
Balance (in shares) at Sep. 30, 2015	102,580,955

CONSOLIDATED STATEMENT OF SHAR6

CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (Parenthetical)	9 Months Ended
	Sep. 30, 2015$ / shares
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY
Cash dividends declared per share (in dollars per share)	$ 0.12

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Operating Activities
Net income	$ 172,492	$ 185,867
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of flight equipment	291,460	245,736
Stock-based compensation	12,372	12,222
Deferred taxes	95,233	100,799
Amortization of discounts and debt issuance costs	22,782	20,902
Gain on aircraft sales, trading and other activity	(29,061)	(37,075)
Changes in operating assets and liabilities:
Other assets	18,384	12,702
Accrued interest and other payables	(5,857)	22,960
Rentals received in advance	8,753	7,060
Net cash provided by operating activities	586,558	571,173
Investing Activities
Acquisition of flight equipment under operating lease	(1,697,742)	(1,206,985)
Payments for deposits on flight equipment purchases	(482,798)	(480,791)
Proceeds from aircraft sales, trading and other activity	691,458	293,278
Acquisition of furnishings, equipment and other assets	(189,493)	(168,092)
Net cash used in investing activities	(1,678,575)	(1,562,590)
Financing Activities
Issuance of common stock upon exercise of options	40	845
Cash dividends paid	(12,302)	(9,171)
Tax withholdings on stock-based compensation	(5,302)	(18,089)
Net change in unsecured revolving facilities	(75,000)	(349,000)
Proceeds from debt financings	1,217,384	1,656,395
Payments in reduction of debt financings	(293,736)	(526,984)
Net change in restricted cash	(3,231)	79,110
Debt issuance costs	(4,188)	(7,627)
Security deposits and maintenance reserve receipts	150,318	128,630
Security deposits and maintenance reserve disbursements	(45,063)	(22,194)
Net cash provided by financing activities	928,920	931,915
Net decrease in cash	(163,097)	(59,502)
Cash and cash equivalents at beginning of period	282,819	270,173
Cash and cash equivalents at end of period	119,722	210,671
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest, including capitalized interest of $30,449 and $31,907 at September 30, 2015 and 2014, respectively	199,745	149,466
Supplemental Disclosure of Noncash Activities
Buyer furnished equipment, capitalized interest, deposits on flight equipment purchases and seller financing applied to acquisition of flight equipment and other assets applied to payments for deposits on flight equipment purchases	766,616	583,776
Cash dividends declared, not yet paid	$ 4,103	$ 3,072

CONSOLIDATED STATEMENTS OF CAS8

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Supplemental Disclosure of Cash Flow Information
Cash paid for interest, capitalized interest	$ 30,449	$ 31,907

Company Background and Overview

Company Background and Overview	9 Months Ended
	Sep. 30, 2015
Company Background and Overview
Company Background and Overview	Note 1. Company Background and Overview Air Lease Corporation, together with its subsidiaries (the “Company”, “ALC”, “we”, “our” or “us”), is a leading aircraft leasing company that was founded by aircraft leasing industry pioneer, Steven F. Udvar-Házy. We are principally engaged in purchasing new commercial jet transport aircraft directly from the manufacturers, such as The Boeing Company (“Boeing”) and Airbus S.A.S. (“Airbus”). We lease these aircraft to airlines throughout the world to generate attractive returns on equity. In addition to our leasing activities, we sell aircraft from our fleet to leasing companies, financial services companies and airlines. We also provide fleet management services to investors and owners of aircraft portfolios for a management fee.

Basis of Preparation

Basis of Preparation	9 Months Ended
	Sep. 30, 2015
Basis of Preparation
Basis of Preparation	Note 2. Basis of Preparation The Company consolidates financial statements of all entities in which we have a controlling financial interest, including the accounts of any Variable Interest Entity in which we have a controlling financial interest and for which we are determined to be the primary beneficiary. All material intercompany balances are eliminated in consolidation. The accompanying Consolidated Financial Statements have been prepared in accordance with Generally Accepted Accounting Principles in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The accompanying unaudited consolidated financial statements include all adjustments, including only normal, recurring adjustments, necessary to present fairly the Company’s financial position, results of operations and cash flows at September 30, 2015, and for all periods presented. The results of operations for the three and nine months ended September 30, 2015 are not necessarily indicative of the operating results expected for the year ending December 31, 2015. These financial statements should be read in conjunction with the consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2014.

Recently Issued Accounting Stan

Recently Issued Accounting Standards	9 Months Ended
	Sep. 30, 2015
Recently Issued Accounting Standards
Recently Issued Accounting Standards	Note 3. Recently Issued Accounting Standards In February 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2015-02 ("ASU 2015-02"), "Consolidation (Topic 810): Amendments to the Consolidation Analysis", that amends the guidelines for determining whether certain legal entities should be consolidated and reduces the number of consolidation models. This new standard will be effective for interim and annual periods beginning on January 1, 2016. Early adoption is permitted. We are currently evaluating the impact, if any, of the adoption of ASU 2015-02 on our consolidated financial statements . In April 2015, the FASB issued ASU No. 2015-03 ("ASU 2015-03"), "Interest-Imputation of Interest (Subtopic 835-30)", that amends the presentation for debt issuance costs. Upon adoption, such costs shall be presented on our Consolidated Balance Sheet as a direct deduction from the carrying amount of the related debt liability and not as a deferred charge presented in assets on our Consolidated Balance Sheet. This new standard will be effective for interim and annual periods beginning on January 1, 2016, and is required to be retrospectively adopted. Early adoption is permitted for financial statements that have not been previously issued. The Company early adopted ASU 2015-03 as of March 31, 2015. The Consolidated Balance Sheet as of December 31, 2014 has been adjusted to apply the change in accounting principle retrospectively. Debt issuance costs of $83.6 million previously reported as assets on the Consolidated Balance Sheet as of December 31, 2014 have been reclassified as a direct deduction from the carrying amount of the related debt liability.

Debt Financing

Debt Financing	9 Months Ended
	Sep. 30, 2015
Debt Financing
Debt Financing	Note 4. Debt Financing The Company’s consolidated debt as of September 30, 2015 and December 31, 2014 are summarized below (in thousands): September 30, 2015 December 31, 2014 Unsecured Senior notes $ $ Revolving credit facilities Term financings Convertible senior notes Total unsecured debt financing Secured Term financings Warehouse facility Export credit financing Total secured debt financing Total debt financing Less: Debt discounts and issuance costs Debt financing, net of discounts and issuance costs $ $ The Company’s secured obligations as of September 30, 2015 and December 31, 2014 are summarized below (in thousands, except number of aircraft which are reflected in units): September 30, 2015 December 31, 2014 Nonrecourse $ $ Recourse Total secured debt financing $ $ Number of aircraft pledged as collateral Net book value of aircraft pledged as collateral $ $ Senior unsecured notes As of September 30, 2015 , the Company had $ 5.7 billion in senior unsecured notes outstanding. As of December 31, 2014 , the Company had $ 4.6 billion in senior unsecured notes outstanding. In August 2015, the Company issued $500.0 million in aggregate principal amount of senior unsecured notes due 2018 that bear interest at a rate of 2.625% . In January 2015, the Company issued $600.0 million in aggregate principal amount of senior unsecured notes due 2022 that bear interest at a rate of 3.75% . Unsecured revolving credit facilities In September 2015, the Company entered into an agreement to increase the capacity of its Syndicated Unsecured Revolving Facility by $90.0 million to $2.8 billion. In June 2015, the Company compl e ted an amendment to its Syndicated Unsecured Revolving Credit Facility that increased the borrowing capacity to $2.7 billion and extended the final maturity to May 5, 2019 for certain commitments under the facility. As a result of the transaction, lenders hold revolving commitments totaling $2.5 billion that mature on May 5, 2019, and lenders hold revolving commitments totaling $175.0 million that mature on May 5, 2018. The facility continues to accrue interest at a rate of LIBOR plus 1.25% on drawn balances and includes a 0.25% facility fee, subject to reductions based on improvements in the Company's credit ratings. The amendment also increased the uncommitted accordion feature of the facility, under which its aggregate principal amount can be increased up to $3.0 billion under certain circumstances. The total amount outstanding under our unsecured revolving credit facilities was $494.0 million and $ 569.0 million as of September 30, 2015 and December 31, 2014 , respectively. Unsecured term financings In March 2015, the Company entered into a $100.0 million one year unsecured term facility bearing interest at a rate of LIBOR plus 1.00% . The outstanding balance on our unsecured term facilities as of September 30, 2015 and December 31, 2014 was $286.3 million and $196.1 million, respectively. Warehouse facility As of September 30, 2015 , the Company had borrowed $374.6 million under the 2010 Warehouse Facility and pledged 14 aircraft as collateral with a net book value of $584.3 million. As of December 31, 2014 , the Company had borrowed $484.5 million under the 2010 Warehouse Facility and pledged 18 aircraft as collateral with a net book value of $729.5 million. Maturities Maturities of debt outstanding as of September 30, 2015 are as follows (in thousands): Years ending December 31, 2015 $ 2016 2017 2018 2019 Thereafter Total $

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies
Commitments and Contingencies	Note 5. Commitments and Contingencies As of September 30, 2015 , the Company had commitments to acquire a total of 387 new aircraft scheduled to deliver through 2024. During the quarter ended September 30, 2015, the Company amended an existing definitive purchase agreement with Airbus S.A.S. (“Airbus”) to purchase two additional A350-900 aircraft . Deliveries of the aircraft are scheduled for 2017. During the quarter ended June 30, 2015 , the Company amended existing definitive purchase agreements with Airbus to purchase an additional A330-200 aircraft and two additional A320-200 aircraft. Deliveries of the aircraft are scheduled for 2016. During the quarter ended March 31, 2015 , the Company entered into definitive agreements with Airbus to purchase 57 aircraft which were previously subject to memorandums of understanding. We agreed to purchase 25 A330neo aircraft, 30 A321neo LR aircraft, an incremental A350 aircraft and an additional A321-200 aircraft. Deliveries of the aircraft are scheduled to commence in 2016 and continue through 2023. Scheduled deliveries of the 387 new aircraft the Company has committed to purchase are as follows: Aircraft Type 2015 2016 2017 2018 2019 Thereafter Total Airbus A320/A321-200 (1) — — — — — Airbus A320/321neo (2) — Airbus A330-200 — — — — — Airbus A330-800/900neo — — — Airbus A350-900 — — Boeing 737-800 — — — Boeing 737-8/9 MAX — — — Boeing 777-300ER — — — Boeing 787-9/10 — ATR 72-600 — — — Total (1) All of our Airbus A321-200 aircraft will be equipped with sharklets. (2) Our Airbus A320/321neo aircraft orders include 30 long-range variants. Commitments for the acquisition of these aircraft and other equipment at an estimated aggregate purchase price (including adjustments for inflation) of approximately $3 0 .7 billion at September 30, 2015 are as follows (in thousands): Years ending December 31, 2015 $ 2016 2017 2018 2019 Thereafter Total $ We have made non-refundable deposits on the aircraft for which we have commitments to purchase of $1.1 billion on each of September 30, 2015 and December 31, 2014 , which are subject to manufacturer performance commitments. If we are unable to satisfy our purchase commitments, we may forfeit our deposits. Further, we would be subject to breach of contract claims by our lessees and manufacturers. As of September 30, 2015 , the Company had a non-binding commitment to acquire up to five A350-1000 aircraft. Deliveries of these aircraft are scheduled to commence in 202 3 and continue through 202 4 .

Net Earnings Per Share

Net Earnings Per Share	9 Months Ended
	Sep. 30, 2015
Net Earnings Per Share
Net Earnings Per Share	Note 6. Net Earnings Per Share Basic net earnings per share is computed by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock; however, potential common equivalent shares are excluded if the effect of including these shares would be anti-dilutive. The Company’s two classes of common stock, Class A and Class B Non-Voting, have equal rights to dividends and income, and therefore, basic and diluted earnings per share are the same for each class of common stock. As of September 30, 2015 , we did not have any Class B Non-Voting common stock outstanding. Diluted net earnings per share takes into account the potential conversion of stock options, restricted stock units, and warr ants using the treasury stock method and convertible notes using the if-converted method. The Company excluded 947,643 and 973,107 shares related to restricted stock units for which the performance metric had yet to be achieved as of September 30, 2015 and 2014 , respectively. The following table sets forth the reconciliation of basic and diluted net income per share (in thousands, except share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Basic net income per share: Numerator Net income $ $ $ $ Denominator Weighted-average common shares outstanding Basic net income per share $ $ $ $ Diluted net income per share: Numerator Net income $ $ $ $ Assumed conversion of convertible senior notes Net income plus assumed conversions $ $ $ $ Denominator Number of shares used in basic computation Weighted-average effect of dilutive securities Number of shares used in per share computation Diluted net income per share $ $ $ $

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2015
Fair Value Measurements
Fair Value Measurements	Note 7 . Fair Value Measurements Assets and Liabilities Measured at Fair Value on a Recurring and Non-recurring Basis The Company had no assets or liabilities which are measured at fair value on a recurring or non-recurring basis as of September 30, 2015 or December 31, 2014 . Financial Instruments Not Measured at Fair Value The fair value of debt financing is estimated based on the quoted market prices for the same or similar issues, or on the current rates offered to the Company for debt of the same remaining maturities, which would be categorized as a Level 2 measurement in the fair value hierarchy. The estimated fair value of debt financing as of September 30, 2015 was $7.7 billion compared to a book value of $7.6 billion . The estimated fair value of debt financing as of December 31, 2014 was $7.0 billion compared to a book value of $6.7 billion . The following financial instruments are not measured at fair value on the Company’s consolidated balance sheet at September 30, 2015 , but require disclosure of their fair values: cash and cash equivalents and restricted cash. The estimated fair value of such instruments at September 30, 2015 approximates their carrying value as reported on the consolidated balance sheet. The fair value of all these instruments would be categorized as Level 1 of the fair value hierarchy.

Stock-based Compensation

Stock-based Compensation	9 Months Ended
	Sep. 30, 2015
Stock-based Compensation
Stock-based Compensation	Note 8. Stock-based Compensation On May 7, 2014, the stockholders of the Company approved the Air Lease Corporation 2014 Equity Incentive Plan (the “2014 Plan”). Upon approval of the 2014 Plan, no new awards may be granted under the Amended and Restated 2010 Equity Incentive Plan (the “2010 Plan”). As of September 30, 2015 , the number of stock options (“Stock Options”) and restricted stock units (“RSUs”) authorized under the 2014 Plan is approximately 6,648,524 , which includes 1,648,524 shares which were previously reserved for issuance under the 2010 Plan. Stock Options are generally granted for a term of 10 years and generally vest over a three year period. The Company has issued RS Us with t hree different vesting criteria: those RSUs that vest based on the attainment of book value goals, those RSUs that vest based on the attainment of Total Shareholder Return (“TSR”) goals and time based RSUs that vest ratably over a time period of three years. The book value RSUs generally vest ratably over three years, if the performance condition has been met. Book value RSUs for which the performance metric has not been met are forfeited. The TSR RSUs vest at the end of a three year period. The number of TSR RSUs that will ultimately vest is based upon the percentile ranking of the Company’s TSR among a peer group. The number of shares that will ultimately vest will range from 0% to 200% of the RSUs initially granted depending on the extent to which the TSR metric is achieved. The Company recorded $ 4.6 million and $3.9 million of stock-based compensation expense for the three months ended September 30, 2015 and 2014 , respectively. Stock-based compensation expense for the nine months ended September 30, 2015 and 2014 totaled $12.4 million and $12.2 million, respectively. Stock Options A summary of stock option activity for the nine month period ended September 30, 2015 follows : Remaining Aggregate Exercise Contractual Term Intrinsic Value Shares Price (in years) (in thousands)(1) Balance at December 31, 2014 $ $ Granted — $ — — $ — Exercised $ — $ Forfeited/canceled — $ — — $ — Balance at September 30, 2015 $ $ Vested and exercisable as of September 30, 2015 $ $ (1) The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the closing stock price of our Class A common stock as of the respective date. The Company’s outstanding stock options fully vested on June 30, 2013 and there were no unrecognized compensation costs related to outstanding stock options as of September 30, 2015 . As a result, there was no stock-based compensation expense related to Stock Options for the three and nine months ended September 30, 2015 and 2014 . The following table summarizes additional information regarding exercisable and vested stock options at September 30, 2015 : Stock options exercisable and vested Weighted- Average Number of Remaining Life Range of exercise prices Shares (in years) $20.00 $28.80 $20.00 - $28.80 Restricted Stock Units Compensation cost for stock awards is measured at the grant date based on fair value and recognized over the vesting period. The fair value of book value and time based RSUs is determined based on the closing market price of the Company’s Class A common stock on the date of grant, while the fair value of TSR RSUs is determined at the grant date using a Monte Carlo simulation model. Included in the Monte Carlo simulation model were certain assumptions regarding a number of highly complex and subjective variables, such as expected volatility, risk free interest rate and expected dividends. To appropriately value the award, the risk-free interest rate is estimated for the time period from the valuation date until the vesting date and the historical volatilities were estimated based on a historical timeframe equal to the time from the valuation date until the end date of the performance period. During the nine months ended September 30, 2015 , the Company granted 427,194 RSUs of which 181,350 are TSR RSUs . The following table summarizes the activities for our unvested RSUs for the nine months ended September 30, 2015 : Unvested Restricted Stock Units Weighted-Average Grant-Date Number of Shares Fair Value Unvested at December 31, 2014 $ Granted $ Vested $ Forfeited/canceled $ Unvested at September 30, 2015 $ Expected to vest after September 30, 2015 (1) $ (1) RSUs expected to vest reflect an estimated forfeiture rate. The Company recorded $4.6 million and $ 3.9 million of stock-based compensation expense related to RSUs for the three months ended September 30, 2015 and 2014 , respectively. The Company recorded $12.4 million and $12.2 million of stock-based compensation expense related to RSUs for the nine months ended September 30, 2015 and 2014 , respectively. As of September 30, 2015 , there was $23.6 million of unrecognized compensation cost, adjusted for estimated forfeitures, related to unvested RSUs granted to employees. Total unrecognized compensation cost will be adjusted for future changes in estimated forfeitures and is expected to be recognized over a weighted-average remaining period of 1.8 years.

Investments

Investments	9 Months Ended
	Sep. 30, 2015
Investments
Investments	Note 9. Investments On November 4, 2014, a wholly owned subsidiary of the Company entered into an agreement with a co-investment vehicle arranged by Napier Park to participate in a joint venture formed as a Delaware limited liability company—Blackbird Capital I, LLC (‘‘Blackbird’’) for the purpose of investing in commercial aircraft and leasing them to airlines around the globe. We provide management services to the joint venture for a fee based upon aircraft assets under management. The Company’s non-controlling interest in Blackbird is 9.5% and it is accounted for as an investment under the equity method of accounting. During the nine months ended September 30, 2015 , the Company recognized $2.1 million of gains on the sale of aircraft to Blackbird. As of September 30, 2015 and December 31, 2014 , the amounts due from Blackbird to the Company were $670,000 and $454,000 , respectively. The Company's investment in Blackbird was $16.1 million and $10.1 million as of September 30, 2015 and December 31, 2014 , respectively.

Flight Equipment Held for Sale

Flight Equipment Held for Sale	9 Months Ended
	Sep. 30, 2015
Flight Equipment Held for Sale
Flight Equipment Held for Sale	Note 10. Flight Equipment Held for Sale Management evaluates all contemplated aircraft sale transactions to determine whether all the required criteria have been met under GAAP to classify aircraft as flight equipment held for sale. Management uses judgment in evaluating these criteria. Due to the significant uncertainties of potential sale transactions, the held for sale criteria generally will not be met unless the aircraft is subject to a signed sale agreement, or management has made a specific determination and obtained appropriate approvals to sell a particular aircraft or group of aircraft. Aircraft classified as flight equipment held for sale are recognized at the lower of their carrying amount or estimated fair value less estimated costs to sell and are included in other assets on the Consolidated Balance Sheet. At the time aircraft are sold, or classified as flight equipment held for sale, the cost and accumulated depreciation are removed from the related accounts and depreciation expense is no longer recognized. As of September 30, 2015 and December 31, 2014, we did not have any aircraft classified as flight equipment held for sale.

Litigation

Litigation	9 Months Ended
	Sep. 30, 2015
Litigation
Litigation	Note 1 1 . Litigation On April 24, 2012, the Company was named as a defendant in a complaint filed in Superior Court of the State of California for the County of Los Angeles by American International Group, Inc. (“AIG”) and International Lease Finance Corporation (“ILFC”) (the “AIG/ILFC Complaint”). The complaint also named as defendants certain executive officers and employees of the Company. AIG withdrew as a plaintiff on all but one cause of action that was not asserted against the Company. Among other things, the complaint, as amended, alleged breach of fiduciary duty, misappropriation of trade secrets, the wrongful recruitment of ILFC employees, and the wrongful diversion of potential ILFC leasing opportunities. The complaint sought an unspecified amount of damages and injunctive relief. On August 15, 2013, the Company filed a cross-complaint against ILFC and AIG (the “Cross-Complaint”). The Cross-Complaint, as amended, alleged breach of contract for the sale of goods in connection with an agreement entered into by AIG, acting on behalf of ILFC, in January 2010 to sell 25 aircraft to the entity that became Air Lease Corporation. The Cross-Complaint sought compensatory damages in excess of $500 million. The matters set forth in the AIG/ILFC Complaint and the Cross-Complaint are collectively referred to as the “litigation ” . On April 22, 2015, the Company and certain executive officers and employees of the Company entered into a settlement agreement and release (the “Settlement Agreement”) with AIG, ILFC, and ILFC’s parent, AerCap Holdings N.V., to settle all ongoing litigation. Pursuant to the terms of the Settlement Agreement, (i) all claims and counterclaims asserted in the litigation will be dismissed with prejudice, (ii) each of the parties to the litigation will receive full releases of all claims and counterclaims asserted in the litigation, and (iii) the Company will pay AIG the sum of $36.0 million no later than June 30, 2015, and will pay an additional sum of $36.0 million n o later than September 30, 2015 . As of September 30, 2015, all amounts related to the settlement have been paid by the Company. The Company recorded settlement expense of $72.0 million on the Consolidated Statement of Income for the nine months ended September 30, 2015. The parties to the Settlement Agreement agreed that the settlement was intended solely as a compromise of disputed claims, and that no party admits any wrongdoing or liability with respect to any matter alleged in the litigation. On April 24, 2015, the parties filed a request for dismissal which was entered on April 29, 2015.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2015
Subsequent Events
Subsequent Events	Note 1 2 . Subsequent Events On November 4 , 2015, our board of directors approved a quarterly cash dividend of $0.0 5 per share on our outstanding common stock , representing a $0.0 1 per share increase from our previous quarterly cash dividend. The dividend will be paid on January 6 , 201 6 to holders of record of our common stock on December 14 , 2015.

Debt Financing (Tables)

Debt Financing (Tables)	9 Months Ended
	Sep. 30, 2015
Debt Financing
Summary of consolidated debt	The Company’s consolidated debt as of September 30, 2015 and December 31, 2014 are summarized below (in thousands): September 30, 2015 December 31, 2014 Unsecured Senior notes $ $ Revolving credit facilities Term financings Convertible senior notes Total unsecured debt financing Secured Term financings Warehouse facility Export credit financing Total secured debt financing Total debt financing Less: Debt discounts and issuance costs Debt financing, net of discounts and issuance costs $ $
Schedule of secured obligations	The Company’s secured obligations as of September 30, 2015 and December 31, 2014 are summarized below (in thousands, except number of aircraft which are reflected in units): September 30, 2015 December 31, 2014 Nonrecourse $ $ Recourse Total secured debt financing $ $ Number of aircraft pledged as collateral Net book value of aircraft pledged as collateral $ $
Schedule of maturities of debt outstanding	Maturities of debt outstanding as of September 30, 2015 are as follows (in thousands): Years ending December 31, 2015 $ 2016 2017 2018 2019 Thereafter Total $

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies
Schedule of commitments to acquire aircraft	Aircraft Type 2015 2016 2017 2018 2019 Thereafter Total Airbus A320/A321-200 (1) — — — — — Airbus A320/321neo (2) — Airbus A330-200 — — — — — Airbus A330-800/900neo — — — Airbus A350-900 — — Boeing 737-800 — — — Boeing 737-8/9 MAX — — — Boeing 777-300ER — — — Boeing 787-9/10 — ATR 72-600 — — — Total (1) All of our Airbus A321-200 aircraft will be equipped with sharklets. (2) Our Airbus A320/321neo aircraft orders include 30 long-range variants.
Schedule of commitments for the acquisition of aircraft and other equipment at an estimated aggregate purchase price	Commitments for the acquisition of these aircraft and other equipment at an estimated aggregate purchase price (including adjustments for inflation) of approximately $3 0 .7 billion at September 30, 2015 are as follows (in thousands): Years ending December 31, 2015 $ 2016 2017 2018 2019 Thereafter Total $

Net Earnings Per Share (Tables)

Net Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2015
Net Earnings Per Share
Schedule of reconciliation of basic and diluted net income per share	The following table sets forth the reconciliation of basic and diluted net income per share (in thousands, except share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Basic net income per share: Numerator Net income $ $ $ $ Denominator Weighted-average common shares outstanding Basic net income per share $ $ $ $ Diluted net income per share: Numerator Net income $ $ $ $ Assumed conversion of convertible senior notes Net income plus assumed conversions $ $ $ $ Denominator Number of shares used in basic computation Weighted-average effect of dilutive securities Number of shares used in per share computation Diluted net income per share $ $ $ $

Stock-based Compensation (Table

Stock-based Compensation (Tables)	9 Months Ended
	Sep. 30, 2015
Stock-based Compensation
Summary of stock option activity	Remaining Aggregate Exercise Contractual Term Intrinsic Value Shares Price (in years) (in thousands)(1) Balance at December 31, 2014 $ $ Granted — $ — — $ — Exercised $ — $ Forfeited/canceled — $ — — $ — Balance at September 30, 2015 $ $ Vested and exercisable as of September 30, 2015 $ $ The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the closing stock price of our Class A common stock as of the respective date.
Summary of additional information regarding exercisable and vested stock options	The following table summarizes additional information regarding exercisable and vested stock options at September 30, 2015 : Stock options exercisable and vested Weighted- Average Number of Remaining Life Range of exercise prices Shares (in years) $20.00 $28.80 $20.00 - $28.80
Summary of activities for unvested RSUs	Unvested Restricted Stock Units Weighted-Average Grant-Date Number of Shares Fair Value Unvested at December 31, 2014 $ Granted $ Vested $ Forfeited/canceled $ Unvested at September 30, 2015 $ Expected to vest after September 30, 2015 (1) $ (1) RSUs expected to vest reflect an estimated forfeiture rate.

Recently Issued Accounting St25

Recently Issued Accounting Standards (Details) $ in Millions	Dec. 31, 2014USD ($)
New Accounting Pronouncement, Effect of Early Adoption | Accounting Standards Update 2015-03: Simplifying the Presentation of Debt Issuance Costs
Recently Issued Accounting Standards
Deferred financing costs	$ 83.6

Debt Financing (Details)

Debt Financing (Details)	1 Months Ended
	Sep. 30, 2015USD ($)aircraft	Mar. 31, 2015USD ($)	Aug. 31, 2015USD ($)	Jun. 30, 2015USD ($)	Jan. 31, 2015USD ($)	Dec. 31, 2014USD ($)aircraft
Debt financing
Total debt financing	$ 7,591,653,000					$ 6,730,148,000
Less: Debt discounts and issuance costs	(93,413,000)					(99,390,000)
Debt financing, net of discounts and issuance costs	7,498,240,000					6,630,758,000
Unsecured Debt
Debt financing
Total debt financing	6,658,045,000					5,544,340,000
Senior Notes
Debt financing
Total debt financing	5,677,769,000					4,579,194,000
Senior Unsecured Notes 2.625 Percent Due 2018 [Member]
Secured Obligations
Amount issued			$ 500,000,000
Interest rate (as a percent)			2.625%
Senior Unsecured Notes 3.75 Percent Due 2022
Secured Obligations
Amount issued					$ 600,000,000
Interest rate (as a percent)					3.75%
Revolving Credit Facilities
Debt financing
Total debt financing	494,000,000					569,000,000
Unsecured Revolving Credit Facility
Secured Obligations
Increase in aggregate principal amount of facility	90,000,000
Maximum borrowing capacity	$ 2,800,000,000			$ 2,700,000,000
Facility fee	0.25%
Maximum additional principal amount under accordian feature	$ 3,000,000,000
Unsecured Revolving Credit Facility | LIBOR
Secured Obligations
Interest margin (as a percent)	1.25%
Unsecured Revolving Credit Facility Maturing on May 5, 2019
Secured Obligations
Commitments	$ 2,500,000,000
Unsecured Revolving Credit Facility Maturing on May 5, 2018
Secured Obligations
Commitments	175,000,000
Unsecured Term Financings
Debt financing
Total debt financing	286,276,000					196,146,000
Secured Obligations
Amount issued		$ 100,000,000
Term of debt		1 year
Unsecured Term Financings | LIBOR
Secured Obligations
Interest margin (as a percent)		1.00%
Convertible Senior Notes
Debt financing
Total debt financing	200,000,000					200,000,000
Secured Debt
Debt financing
Total debt financing	933,608,000					1,185,808,000
Secured Obligations
Nonrecourse	374,595,000					484,513,000
Recourse	559,013,000					701,295,000
Total secured debt financing	$ 933,608,000					$ 1,185,808,000
Number of aircraft pledged as collateral | aircraft	31					38
Net book value of aircraft pledged as collateral	$ 1,608,229,000					$ 1,935,711,000
Secured Term Financings
Debt financing
Total debt financing	499,120,000					636,411,000
Warehouse Facility
Debt financing
Total debt financing	$ 374,595,000					$ 484,513,000
Warehouse Facility 2010
Secured Obligations
Number of aircraft pledged as collateral | aircraft	14					18
Net book value of aircraft pledged as collateral	$ 584,300,000					$ 729,500,000
Export Credit Financing
Debt financing
Total debt financing	$ 59,893,000					$ 64,884,000

Debt Financing (Details)27

Debt Financing (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Maturities
2,015	$ 32,330
2,016	952,472
2,017	1,385,110
2,018	1,495,613
2,019	1,579,406
Thereafter	2,146,722
Total	$ 7,591,653	$ 6,730,148

Commitments and Contingencies28

Commitments and Contingencies (Details) $ in Thousands	1 Months Ended	3 Months Ended	9 Months Ended
	Mar. 31, 2015item	Sep. 30, 2015USD ($)aircraft	Sep. 30, 2015USD ($)itemaircraft	Dec. 31, 2014USD ($)
Aircraft Acquisition
Number of new aircraft | aircraft			387
Commitments to acquire aircraft
2,015			6
2,016			37
2,017			28
2,018			39
2,019			59
Thereafter			218
Total			387
Commitments for the acquisition of the aircraft and other equipment
2015 | $		$ 461,251	$ 461,251
2016 | $		2,547,478	2,547,478
2017 | $		2,180,510	2,180,510
2018 | $		3,491,196	3,491,196
2019 | $		4,603,825	4,603,825
Thereafter | $		17,402,518	17,402,518
Total | $		30,686,778	30,686,778
Deposits on flight equipment purchases | $		$ 1,084,075	$ 1,084,075	$ 1,144,603
Aircrafts | Airbus
Commitments to acquire aircraft
Total	57
Airbus A320/321-200
Commitments to acquire aircraft
2,016			3
Total			3
Airbus A320/321neo
Commitments to acquire aircraft
2,016			3
2,017			12
2,018			17
2,019			27
Thereafter			81
Total			140
Number of long-range variants			30
Airbus A321neo LR | Airbus
Commitments to acquire aircraft
Total	30
Airbus A320-200 | Airbus
Aircraft Acquisition
Number of new aircraft | aircraft		2
Airbus A330-300
Commitments to acquire aircraft
2,016			1
Total			1
Airbus A330-800/900neo
Commitments to acquire aircraft
2,018			5
2,019			5
Thereafter			15
Total			25
Airbus A350-900/1000
Commitments to acquire aircraft
2,017			2
2,018			2
2,019			2
Thereafter			17
Total			23
Airbus A350-1000 | Maximum
Commitments for the acquisition of the aircraft and other equipment
Aircraft to be acquired under non-binding commitment | aircraft			5
Boeing 737-800
Commitments to acquire aircraft
2,015			3
2,016			16
2,017			10
Total			29
Boeing 737-8/9 MAX
Commitments to acquire aircraft
2,018			8
2,019			18
Thereafter			78
Total			104
Boeing 777-300ER
Commitments to acquire aircraft
2,015			2
2,016			6
2,017			2
Total			10
Boeing 787-9/10
Commitments to acquire aircraft
2,016			3
2,017			1
2,018			7
2,019			7
Thereafter			27
Total			45
ATR 42/72-600
Commitments to acquire aircraft
2,015			1
2,016			5
2,017			1
Total			7
A330neo | Airbus
Commitments to acquire aircraft
Total	25

Net Earnings Per Share (Details

Net Earnings Per Share (Details) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015USD ($)$ / sharesshares	Sep. 30, 2014USD ($)$ / sharesshares	Sep. 30, 2015USD ($)item$ / sharesshares	Sep. 30, 2014USD ($)$ / sharesshares
Numerator
Net income | $	$ 77,042	$ 62,433	$ 172,492	$ 185,867
Denominator
Weighted-average common shares outstanding	102,580,955	102,383,319	102,536,326	102,060,364
Basic net income per share (in dollars per share) | $ / shares	$ 0.75	$ 0.61	$ 1.68	$ 1.82
Numerator
Net income | $	$ 77,042	$ 62,433	$ 172,492	$ 185,867
Assumed conversion of convertible senior notes | $	1,463	1,465	4,341	4,346
Net income plus assumed conversions | $	$ 78,505	$ 63,898	$ 176,833	$ 190,213
Denominator
Weighted-average common shares outstanding	102,580,955	102,383,319	102,536,326	102,060,364
Weighted-average effect of dilutive securities (in shares)	8,043,005	8,073,851	8,098,956	7,936,795
Number of shares used in per share computation	110,623,960	110,457,170	110,635,282	109,997,159
Diluted net income per share (in dollars per share) | $ / shares	$ 0.71	$ 0.58	$ 1.60	$ 1.73
Number of classes of common stock | item			2
Restricted Stock Units
Anti-dilutive securities
Anti-dilutive securities excluded from the computation of diluted earnings per share (in shares)			947,643	973,107

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Recurring basis
Fair Value Measurements
Assets	$ 0	$ 0
Liabilities	0	0
Non-recurring basis
Fair Value Measurements
Assets	0	0
Liabilities	$ 0	$ 0

Fair Value Measurements (Deta31

Fair Value Measurements (Details) - USD ($) $ in Billions	Sep. 30, 2015	Dec. 31, 2014
Book Value
Financial Instruments Not Measured at Fair Value
Debt financing	$ 7.6	$ 6.7
Level 2
Financial Instruments Not Measured at Fair Value
Debt financing	$ 7.7	$ 7

Stock-based Compensation (Detai

Stock-based Compensation (Details) $ / shares in Units, $ in Thousands	May. 07, 2014shares	Sep. 30, 2015USD ($)$ / sharesshares	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)item$ / sharesshares	Sep. 30, 2014USD ($)	Dec. 31, 2014USD ($)$ / sharesshares
Stock-based Compensation
Stock-based compensation expense		$ 4,600	$ 3,900	$ 12,400	$ 12,200
Equity Incentive Plan 2010
Stock-based Compensation
Shares included in the authorized shares which was previously reserved for issuance | shares		1,648,524		1,648,524
Shares
Granted (in shares) | shares	0
Equity Incentive Plan 2014
Stock-based Compensation
Number of shares authorized | shares		6,648,524		6,648,524
Employee and Directors Stock Options
Stock-based Compensation
Term of award				10 years
Vesting period				3 years
Stock-based compensation expense		$ 0	0	$ 0	0
Unrecognized compensation cost		$ 0		$ 0
Shares
Balance at the beginning of the period (in shares) | shares				3,312,158
Exercised (in shares) | shares				(2,000)
Balance at the end of the period (in shares) | shares		3,310,158		3,310,158		3,312,158
Vested and exercisable at the end of the period (in shares) | shares		3,310,158		3,310,158
Exercise Price
Balance at the beginning of the period (in dollars per share) | $ / shares				$ 20.40
Exercised (in dollars per share) | $ / shares				20
Balance at the end of the period (in dollars per share) | $ / shares		$ 20.40		20.40		$ 20.40
Vested and exercisable at the end of the period (in dollars per share) | $ / shares		$ 20.40		$ 20.40
Remaining Contractual Term
End of Period				4 years 9 months		5 years 5 months 27 days
Vested and exercisable at the end of the period				4 years 9 months
Aggregate Intrinsic Value
Balance at the beginning of the period				$ 46,077
Exercised				35
Balance at the end of the period		$ 34,827		34,827		$ 46,077
Vested and exercisable at the end of the period		34,827		$ 34,827
Restricted Stock Units
Stock-based Compensation
Vesting period				3 years
Number of different vesting criteria | item				3
Stock-based compensation expense		4,600	$ 3,900	$ 12,400	$ 12,200
Unrecognized compensation cost		$ 23,600		$ 23,600
Restricted Stock With Book Value Conditions
Stock-based Compensation
Vesting period				3 years
Restricted Stock With Total Shareholder Return Conditions
Stock-based Compensation
Vesting period				3 years
Restricted Stock With Total Shareholder Return Conditions | Minimum
Stock-based Compensation
Percentage of shares vested				0.00%
Restricted Stock With Total Shareholder Return Conditions | Maximum
Stock-based Compensation
Percentage of shares vested				200.00%

Stock-based Compensation (Det33

Stock-based Compensation (Details)	9 Months Ended
	Sep. 30, 2015$ / sharesshares
Stock options exercisable and vested
Number of Shares	3,310,158
Weighted-Average Remaining Life	4 years 9 months
$ 20
Stock options exercisable and vested by exercise price range
Exercise price (in dollars per share) | $ / shares	$ 20
Stock options exercisable and vested
Number of Shares	3,160,158
Weighted-Average Remaining Life	4 years 8 months 16 days
$ 28.80
Stock options exercisable and vested by exercise price range
Exercise price (in dollars per share) | $ / shares	$ 28.80
Stock options exercisable and vested
Number of Shares	150,000
Weighted-Average Remaining Life	5 years 6 months 26 days

Stock-based Compensation (Det34

Stock-based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Stock-based compensation expense
Stock-based compensation expense	$ 4.6	$ 3.9	$ 12.4	$ 12.2
Restricted Stock Units
Unvested Restricted Stock Units, Number of Shares
Unvested at the beginning of the period (in shares)			969,225
Granted (in shares)			427,194
Vested (in shares)			(315,315)
Forfeited/canceled (in shares)			(87,461)
Unvested at the end of the period (in shares)	993,643		993,643
Expected to vest after the end of the period (in shares)	981,243		981,243
Unvested Restricted Stock Units, Weighted-Average Grant-Date Fair Value
Unvested at the beginning of the period (in dollars per share)			$ 33.51
Granted (in dollars per share)			44.95
Vested (in dollars per share)			27.98
Forfeited/canceled (in dollars per share)			25.46
Unvested at the end of the period (in dollars per share)	$ 41.62		41.62
Expected to vest after the end of the period (in dollars per share)	$ 41.62		$ 41.62
Stock-based compensation expense
Stock-based compensation expense	$ 4.6	$ 3.9	$ 12.4	$ 12.2
Unrecognized compensation cost	$ 23.6		$ 23.6
Weighted-average period of recognition of unrecognized stock-based compensation cost			1 year 9 months 18 days
Restricted Stock With Total Shareholder Return Conditions
Unvested Restricted Stock Units, Number of Shares
Granted (in shares)			181,350

Investments (Details)

Investments (Details) - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014	Nov. 04, 2014
Investments
Gain on sale of aircraft	$ 29,061,000	$ 37,075,000
Blackbird
Investments
Percentage of equity ownership				9.50%
Gain on sale of aircraft	2,100,000
Due from affiliate	670,000		$ 454,000
Equity method investment	$ 16,100,000		$ 10,100,000

Flight Equipment Held for Sale

Flight Equipment Held for Sale (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Flight Equipment Held for Sale
Gain on sale of aircraft	$ 29,061	$ 37,075

Litigation (Details)

Litigation (Details)	Apr. 24, 2012item
Litigation
Number of cause of action not asserted against the Company	1

Litigation (Details)38

Litigation (Details) - Breach Of Contract For Sale Of Goods $ in Millions	Aug. 15, 2013USD ($)	Jan. 31, 2010aircraft
Litigation
Number of aircraft to be sold by ILFC under the agreement		25
Minimum compensatory damages sought under Cross-Complaint | $	$ 500

Litigation (Details)39

Litigation (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Apr. 22, 2015
Litigation
Settlement expense	$ 72,000
Litigation Settlement
Litigation
Loss contingency accrual to be paid in second quarter		$ 36,000
Loss contingency accrual to be paid in third quarter		$ 36,000
Settlement expense	$ 72,000

Subsequent Events (Details)

Subsequent Events (Details) - $ / shares	Nov. 04, 2015	Sep. 30, 2015
Subsequent Events
Quarterly cash dividends on common stock		$ 0.12
Subsequent Events. | Dividend Declared
Subsequent Events
Quarterly cash dividends on common stock	$ 0.05
Increase in common stock dividends	$ 0.01