Air Lease (AL) 10-Q 3 Aug 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Aug. 02, 2017
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	Jun. 30, 2017
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		103,212,038
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Assets
Cash and cash equivalents	$ 239,710	$ 274,802
Restricted cash	22,239	16,000
Flight equipment subject to operating leases	14,386,474	13,597,530
Less accumulated depreciation	(1,643,809)	(1,555,605)
Flight equipment subject to operating leases, net	12,742,665	12,041,925
Deposits on flight equipment purchases	1,440,449	1,290,676
Other assets	416,334	352,213
Total assets	14,861,397	13,975,616
Liabilities and Shareholders' Equity
Accrued interest and other payables	274,353	256,775
Debt financing, net of discounts and issuance costs	9,303,312	8,713,874
Security deposits and maintenance reserves on flight equipment leases	851,220	856,335
Rentals received in advance	105,328	99,385
Deferred tax liability	768,980	667,060
Total liabilities	11,303,193	10,593,429
Shareholders' Equity
Preferred stock, $0.01 par value; 50,000,000 shares authorized; no shares issued or outstanding
Paid-in capital	2,243,038	2,237,866
Retained earnings	1,314,154	1,143,311
Total shareholders' equity	3,558,204	3,382,187
Total liabilities and shareholders' equity	14,861,397	13,975,616
Class A Common Stock
Shareholders' Equity
Common Stock	1,012	1,010
Total shareholders' equity	1,012	1,010
Class B Non-Voting Common Stock
Shareholders' Equity
Common Stock

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2017	Dec. 31, 2016
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	103,211,434	102,844,477
Common Stock, outstanding shares	103,211,434	102,844,477
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		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenues
Rental of flight equipment	$ 358,114	$ 327,313	$ 712,767	$ 644,511
Aircraft sales, trading and other	22,843	22,826	28,377	48,956
Total revenues	380,957	350,139	741,144	693,467
Expenses
Interest	63,014	63,190	130,077	124,150
Amortization of debt discounts and issuance costs	6,437	7,388	15,429	14,549
Interest expense	69,451	70,578	145,506	138,699
Depreciation of flight equipment	126,490	112,136	250,399	220,711
Selling, general and administrative	23,843	20,653	46,415	40,055
Stock-based compensation	5,304	4,501	9,077	7,740
Total expenses	225,088	207,868	451,397	407,205
Income before taxes	155,869	142,271	289,747	286,262
Income tax expense	(54,944)	(50,468)	(103,885)	(101,601)
Net income	$ 100,925	$ 91,803	$ 185,862	$ 184,661
Net income per share of Class A and Class B common stock:
Basic (in dollars per share)	$ 0.98	$ 0.89	$ 1.80	$ 1.80
Diluted (in dollars per share)	$ 0.92	$ 0.84	$ 1.69	$ 1.69
Weighted-average shares outstanding
Basic (in shares)	103,180,769	102,837,443	103,064,834	102,758,427
Diluted (in shares)	111,564,483	110,839,180	111,490,683	110,710,174

CONSOLIDATED STATEMENT OF SHARE

CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY - 6 months ended Jun. 30, 2017 - USD ($) $ in Thousands	Class A Common Stock	Paid-in Capital	Retained Earnings	Total
Balance at Dec. 31, 2016	$ 1,010	$ 2,237,866	$ 1,143,311	$ 3,382,187
Balance (in shares) at Dec. 31, 2016	102,844,477
Increase (Decrease) in Shareholders' Equity
Issuance of common stock upon vesting of restricted stock units and upon exercise of options and warrants	$ 2	1,695		1,697
Issuance of common stock upon vesting of restricted stock units and upon exercise of options and warrants (in shares)	505,104
Stock-based compensation expense		9,077		9,077
Cash dividends (declared $0.15 per share)			(15,477)	(15,477)
Tax withholding related to vesting of restricted stock units and exercise of stock options		(5,600)		(5,600)
Tax withholding related to vesting of restricted stock units and exercise of stock options (in shares)	(138,147)
Net income			185,862	185,862
Balance at Jun. 30, 2017	$ 1,012	$ 2,243,038	1,314,154	3,558,204
Balance (in shares) at Jun. 30, 2017	103,211,434
Increase (Decrease) in Shareholders' Equity
Cumulative effect adjustment upon adoption of ASU 2016-09 | Accounting Standards Update 2016 - 09			$ 458	$ 458

CONSOLIDATED STATEMENT OF SHAR6

CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (Parenthetical)	6 Months Ended
	Jun. 30, 2017$ / shares
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY
Cash dividends declared per share (in dollars per share)	$ 0.15

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Operating Activities
Net income	$ 185,862	$ 184,661
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of flight equipment	250,399	220,711
Share-based Compensation	9,077	7,740
Deferred taxes	103,885	101,601
Amortization of debt discounts and issuance costs	15,429	14,549
Gain on aircraft sales, trading and other activity	(17,160)	(37,713)
Changes in operating assets and liabilities:
Other assets	(86,712)	2,367
Accrued interest and other payables	31,240	7,298
Rentals received in advance	5,943	3,556
Net cash provided by operating activities	497,963	504,770
Investing Activities
Acquisition of flight equipment under operating lease	(1,142,367)	(1,138,130)
Payments for deposits on flight equipment purchases	(385,628)	(437,721)
Proceeds from aircraft sales, trading and other activity	433,284	507,202
Acquisition of aircraft furnishings, equipment and other assets	(84,874)	(117,132)
Net cash used in investing activities	(1,179,585)	(1,185,781)
Financing Activities
Issuance of common stock upon exercise of options and warrants	1,664
Cash dividends paid	(15,450)	(10,271)
Tax withholdings on stock-based compensation	(5,600)	(5,890)
Net change in unsecured revolving facilities	711,000	938,000
Proceeds from debt financings	1,096,673	690,754
Payments in reduction of debt financings	(1,229,690)	(962,403)
Net change in restricted cash	(6,239)	(7,862)
Debt issuance costs	(3,964)	(3,157)
Security deposits and maintenance reserve receipts	110,766	93,261
Security deposits and maintenance reserve disbursements	(12,630)	(35,362)
Net cash provided by financing activities	646,530	697,070
Net increase/(decrease) in cash	(35,092)	16,059
Cash and cash equivalents at beginning of period	274,802	156,675
Cash and cash equivalents at end of period	239,710	172,734
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest, including capitalized interest of $21,931 and $19,521 at June 30, 2017 and 2016, respectively	159,269	151,165
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	312,837	525,991
Cash dividends declared, not yet paid	$ 7,741	$ 5,142

CONSOLIDATED STATEMENTS OF CAS8

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Supplemental Disclosure of Cash Flow Information
Cash paid for interest, capitalized interest	$ 21,931	$ 19,521

Company Background and Overview

Company Background and Overview	6 Months Ended
	Jun. 30, 2017
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”), and leasing them to airlines throughout the world. 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. As of June 30, 2017, we owned a fleet of 240 aircraft, managed 48 aircraft and had 373 aircraft on order with the manufacturers.

Basis of Preparation and Critic

Basis of Preparation and Critical Accounting Policies	6 Months Ended
	Jun. 30, 2017
Basis of Preparation
Basis of Preparation and Critical Accounting Policies	Note 2. Basis of Preparation and Critical Accounting Policies 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 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 June 30, 2017, and for all periods presented. The results of operations for the three and six months ended June 30, 2017 are not necessarily indicative of the operating results expected for the year ending December 31, 2017. 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, 2016. Stock-based compensation Effective as of January 1, 2017, the Company adopted a change in accounting policy in accordance with Accounting Standards Update (“ASU”) 2016-09 (“ASU 2016-09”), “Compensation-Stock Compensation (Topic 718),” wherein all excess tax benefits and tax deficiencies related to employee stock compensation will be recognized within income tax expense on the Consolidated Statement of Income. Previously, only net tax deficiencies were recognized as tax expense. As a result of adopting ASU 2016-09, we recognized $1.7 million as a discrete item in income tax expense relating to stock-based compensation expense for tax deficiencies incurred during the three months ended March 31, 2017. We did not recognize any additional income tax expense for the three months ended June 30, 2017 from the adoption of ASU 2016-09. Additionally, in connection with the adoption of ASU 2016-09, the Company recorded excess tax benefits relating to prior periods of $0.5 million on a modified retrospective basis through a cumulative effect adjustment to retained earnings. In addition, ASU 2016-09 requires excess tax benefits and deficiencies to be classified as operating activities on the Statement of Cash Flow. Previously, these items were classified as financing activities. We have elected to present the cash flow statement on a prospective transition method and there were no adjustments to the Consolidated Statement of Cash Flows for the six months ended June 30, 2017 as a result of this adoption. Finally, ASU 2016-09 provides an accounting policy election to account for forfeitures as they occur or to account for forfeitures on an estimated basis. We elected to change our policy from estimating forfeitures to accounting for forfeitures as they are incurred. This change in accounting policy was made on a prospective basis.

Recently Issued Accounting Stan

Recently Issued Accounting Standards	6 Months Ended
	Jun. 30, 2017
Recently Issued Accounting Standards
Recently Issued Accounting Standards	Note 3. In January 2017, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2017-01 (“ASU 2017-01”), “Business Combinations (Topic 805).” The amendments in ASU 2017-01 provides a new framework for determining whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. ASU 2017-01 will be effective for annual reporting periods beginning after December 15, 2017 for public entities. Early adoption is permitted. We are currently evaluating this guidance to determine the impact it will have on our financial statements. In February 2017, the FASB issued ASU No. 2017-05 (“ASU 2017-05”), “Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20).” The amendments in ASU 2017-05 clarifies the guidance in Subtopic 610-20 on accounting for derecognition of a nonfinancial asset. ASU 2017-05 will be effective at the same time the Company applies ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606).” We are currently evaluating this guidance to determine the impact it will have on our financial statements. In May 2017, the FASB issued ASU No. 2017-09 (“ASU 2017-09”), “Compensation - Stock Compensation (Topic 718).” This ASU clarifies when changes to share-based payment awards must be accounted for as modifications. ASU 2017-09 will be effective for interim and annual reporting periods beginning after December 15, 2017. Early adoption is permitted. We are currently evaluating this guidance to determine the impact it will have on our financial statements.

Debt Financing

Debt Financing	6 Months Ended
	Jun. 30, 2017
Debt Financing
Debt Financing	Note 4. Debt Financing The Company’s debt financing was comprised of the following at June 30, 2017 and December 31, 2016 (dollars in thousands): June 30, 2017 December 31, 2016 Unsecured Senior notes $ 6,919,871 $ 6,953,343 Revolving credit facility 1,477,000 766,000 Term financings 213,760 211,346 Convertible senior notes 199,985 199,995 Total unsecured debt financing 8,810,616 8,130,684 Secured Term financings 539,462 619,767 Export credit financing 48,247 51,574 Total secured debt financing 587,709 671,341 Total debt financing 9,398,325 8,802,025 Less: Debt discounts and issuance costs (95,013) (88,151) Debt financing, net of discounts and issuance costs $ 9,303,312 $ 8,713,874 The Company’s secured obligations as of June 30, 2017 and December 31, 2016 are summarized below (dollars in thousands): June 30, 2017 December 31, 2016 Nonrecourse $ 225,368 $ 245,155 Recourse 362,341 426,186 Total secured debt financing $ 587,709 $ 671,341 Number of aircraft pledged as collateral 21 25 Net book value of aircraft pledged as collateral $ 1,210,534 $ 1,421,657 Senior unsecured notes As of June 30, 2017, the Company had $6.9 billion in senior unsecured notes outstanding. As of December 31, 2016, the Company had $7.0 billion in senior unsecured notes outstanding. On June 12, 2017, the Company issued $600.0 million in aggregate principal amount of senior unsecured notes due 2022 that bear interest at a rate of 2.625%. On March 8, 2017, the Company issued $500.0 million in aggregate principal amount of senior unsecured notes due 2027 that bear interest at a rate of 3.625%. Unsecured revolving credit facility In May 2017, the Company amended and extended its unsecured revolving credit facility whereby, among other things, the Company extended the final maturity date from May 5, 2020 to May 5, 2021 and increased the total revolving commitments to approximately $3.7 billion from approximately $3.5 billion with an interest rate of LIBOR plus 1.05% with a 0.20% facility fee. Lenders hold revolving commitments totaling approximately $3.1 billion that mature on May 5, 2021, commitments totaling approximately $217.7 million that mature on May 5, 2020, commitments totaling $290.0 million that mature on May 5, 2019, and commitments totaling $55.0 million that mature on May 5, 2018. The total amount outstanding under our unsecured revolving credit facility was approximately $1.5 billion and $766.0 million as of June 30, 2017 and December 31, 2016, respectively. Maturities Maturities of debt outstanding as of June 30, 2017 are as follows (in thousands): Years ending December 31, 2017 $ 77,404 2018 1,565,857 2019 1,093,900 2020 1,258,585 2021 2,378,952 Thereafter 3,023,627 Total $ 9,398,325

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2017
Commitments and Contingencies
Commitments and Contingencies	Note 5. Commitments and Contingencies As of June 30, 2017 and through August 3, 2017, the Company had commitments to acquire a total of 373 new aircraft scheduled to deliver through 2023 as follows: Aircraft Type 2017 2018 2019 2020 2021 Thereafter Total Airbus A320/321neo (1) 5 17 32 26 22 44 146 Airbus A330-900neo — 7 5 5 5 5 27 Airbus A350-900/1000 2 4 2 7 9 — 24 Boeing 737-7/8/9 MAX 2 12 26 28 35 27 130 Boeing 787-9/10 3 7 12 9 7 8 46 Total ( 2 ) 12 47 77 75 78 84 373 (1) Our Airbus A320/321neo aircraft orders include 55 long-range variants. (2) In addition to the aircraft from our orderbook, we have commitments to purchase five used Boeing 737-800 aircraft from an airline which are scheduled for delivery in 2017. Airbus has informed us to expect several month delivery delays relating to aircraft scheduled for delivery in 2017 and 2018. The delays have been reflected in our commitment schedules above. We have signed leases for all of the delayed aircraft on order. Our leases contain lessee cancellation clauses related to aircraft delivery delays, typically for aircraft delays greater than one year. Our purchase agreements contain similar clauses. As of August 3, 2017, none of our lease contracts are subject to cancellation. Commitments for the acquisition of these aircraft and other equipment at an estimated aggregate purchase price (including adjustments for inflation) of approximately $28.5 billion at June 30, 2017 and through August 3, 2017 are as follows (in thousands): Years ending December 31, 2017 $ 1,528,931 2018 4,246,763 2019 5,703,782 2020 6,048,859 2021 5,886,385 Thereafter 5,088,935 Total $ 28,503,655 We have made non-refundable deposits on the aircraft for which we have commitments to purchase of $1.4 billion and $1.3 billion as of June 30, 2017 and December 31, 2016, respectively, 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 June 30, 2017, the Company had a non-binding commitment to acquire up to five A350-1000 aircraft. Deliveries of these aircraft are scheduled to commence in 2023 and continue through 2024.

Net Earnings Per Share

Net Earnings Per Share	6 Months Ended
	Jun. 30, 2017
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 June 30, 2017, 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 warrants using the treasury stock method and convertible notes using the if-converted method. For the three and six months ended June 30, 2017, the Company did not have any potentially anti-dilutive securities which would require exclusion from the computation of dilutive earnings per share. The Company excluded 1,086,653 and 1,006,647 shares related to restricted stock units for which the performance metric had yet to be achieved as of June 30, 2017 and 2016, respectively. The following table sets forth the reconciliation of basic and diluted net income per share (in thousands, except share and per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Basic net income per share: Numerator Net income $ 100,925 $ 91,803 $ 185,862 $ 184,661 Denominator Weighted-average common shares outstanding 103,180,769 102,837,443 103,064,834 102,758,427 Basic net income per share $ 0.98 $ 0.89 $ 1.80 $ 1.80 Diluted net income per share: Numerator Net income $ 100,925 $ 91,803 $ 185,862 $ 184,661 Assumed conversion of convertible senior notes 1,431 1,455 2,847 2,909 Net income plus assumed conversions $ 102,356 $ 93,258 $ 188,709 $ 187,570 Denominator Number of shares used in basic computation 103,180,769 102,837,443 103,064,834 102,758,427 Weighted-average effect of dilutive securities 8,383,714 8,001,737 8,425,849 7,951,747 Number of shares used in per share computation 111,564,483 110,839,180 111,490,683 110,710,174 Diluted net income per share $ 0.92 $ 0.84 $ 1.69 $ 1.69

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2017
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 June 30, 2017 or December 31, 2016. 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 June 30, 2017 was $9.6 billion compared to a book value of $9.4 billion. The estimated fair value of debt financing as of December 31, 2016 was $8.9 billion compared to a book value of $8.8 billion. The following financial instruments are not measured at fair value on the Company’s consolidated balance sheet at June 30, 2017, but require disclosure of their fair values: cash and cash equivalents and restricted cash. The estimated fair value of such instruments at June 30, 2017 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	6 Months Ended
	Jun. 30, 2017
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 June 30, 2017, the number of stock options (“Stock Options”) and restricted stock units (“RSUs”) remaining under the 2014 Plan is approximately 5,768,763, which includes 768,763 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 RSUs with four 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, time based RSUs that vest ratably over a time period of three years and RSUs that cliff-vest at the end of a one or two year period. 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 $5.3 million and $4.5 million of stock-based compensation expense related to RSUs for the three months ended June 30, 2017 and 2016, respectively. The Company recorded $9.1 million and $7.7 million of stock-based compensation expense related to RSUs for the six months ended June 30, 2017 and 2016, respectively. Stock Options A summary of stock option activity for the six month period ended June 30, 2017 follows: Remaining Aggregate Exercise Contractual Term Intrinsic Value Shares Price (in years) (in thousands)(1) Balance at December 31, 2016 3,308,158 $ 20.40 3.50 $ 46,086 Granted — $ — — $ — Exercised (70,000) $ 23.77 — $ 1,036 Forfeited/canceled — $ — — $ — Balance at June 30, 2017 3,238,158 $ 20.33 2.99 $ 55,158 Vested and exercisable as of June 30, 2017 3,238,158 $ 20.33 2.99 $ 55,158 (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 June 30, 2017. As a result, there was no stock-based compensation expense related to Stock Options for the three and six months ended June 30, 2017 and 2016. The following table summarizes additional information regarding exercisable and vested stock options at June 30, 2017: Stock Options Exercisable and Vested Weighted- Average Number of Remaining Life Range of exercise prices Shares (in years) $20.00 3,118,158 2.96 $28.80 120,000 3.82 $20.00 - $28.80 3,238,158 2.99 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 time based and book value 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 six months ended June 30, 2017, the Company granted 505,545 RSUs of which 228,938 are TSR RSUs. The following table summarizes the activities for our unvested RSUs for the six months ended June 30, 2017: Unvested Restricted Stock Units Weighted-Average Grant-Date Number of Shares Fair Value Unvested at December 31, 2016 1,129,045 $ 37.47 Granted 505,545 $ 45.05 Vested (311,259) $ 37.43 Forfeited/canceled (102,270) $ 48.38 Unvested at June 30, 2017 1,221,061 $ 39.70 The Company recorded $5.3 million and $4.5 million of stock-based compensation expense related to RSUs for the three months ended June 30, 2017 and 2016, respectively. The Company recorded $9.1 million and $7.7 million of stock-based compensation expense related to RSUs for the six months ended June 30, 2017 and 2016, respectively. As of June 30, 2017, there was $27.0 million of unrecognized compensation cost related to unvested RSUs granted to employees. Total unrecognized compensation cost will be recognized over a weighted-average remaining period of 2.04 years.

Investments

Investments	6 Months Ended
	Jun. 30, 2017
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 Global Capital (US) LP (‘‘Napier Park’’) to participate in a joint venture and formed 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. The Company incurred $0.3 million of losses and recognized $0.8 million of gains on the sale of aircraft to Blackbird during the six months ended June 30, 2017 and June 30, 2016, respectively. As of June 30, 2017 and December 31, 2016, the amounts due from Blackbird to the Company were $0.6 million and $0.7 million, respectively. The Company's investment in Blackbird was $30.8 million and $25.1 million as of June 30, 2017 and December 31, 2016, respectively, and is recorded in other assets on the Consolidated Balance Sheet.

Flight Equipment Held for Sale

Flight Equipment Held for Sale	6 Months Ended
	Jun. 30, 2017
Flight Equipment Held for Sale
Flight Equipment Held for Sale	Note 10. Flight Equipment Held for Sale On May 3, 2017, we entered into an agreement to sell 19 aircraft to Thunderbolt Aircraft Lease Limited (‘‘Thunderbolt’’), a group of third party investors. We have no ownership in Thunderbolt. During the quarter ended June 30, 2017, we completed sales of 16 aircraft to Thunderbolt. We expect the sale of the remaining three aircraft to be completed in the third quarter of 2017. As of June 30, 2017, we had four aircraft, with a carrying value of $77.5 million, which were held for sale and included in flight equipment subject to operating leases on the Consolidated Balance Sheet. We cease recognition of depreciation expense once an aircraft is classified as held for sale. As of December 31, 2016, we had six aircraft, with a carrying value of $163.4 million, held for sale and included in flight equipment subject to operating leases on the Consolidated Balance Sheet.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2017
Subsequent Events
Subsequent Events	Note 11. Subsequent Events On August 1, 2017, 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 and formed Blackbird Capital II, LLC (‘‘Blackbird II’’) 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 II is 9.5% and will be accounted for as an investment under the equity method of accounting. As of August 3, 2017, Blackbird II had $230.8 million in equity commitments. On August 2, 2017, our board of directors approved a quarterly cash dividend of $0.075 per share on our outstanding common stock. The dividend will be paid on October 6, 2017 to holders of record of our common stock as of September 13, 2017.

Debt Financing (Tables)

Debt Financing (Tables)	6 Months Ended
	Jun. 30, 2017
Debt Financing
Summary of consolidated debt	The Company’s debt financing was comprised of the following at June 30, 2017 and December 31, 2016 (dollars in thousands): June 30, 2017 December 31, 2016 Unsecured Senior notes $ 6,919,871 $ 6,953,343 Revolving credit facility 1,477,000 766,000 Term financings 213,760 211,346 Convertible senior notes 199,985 199,995 Total unsecured debt financing 8,810,616 8,130,684 Secured Term financings 539,462 619,767 Export credit financing 48,247 51,574 Total secured debt financing 587,709 671,341 Total debt financing 9,398,325 8,802,025 Less: Debt discounts and issuance costs (95,013) (88,151) Debt financing, net of discounts and issuance costs $ 9,303,312 $ 8,713,874
Schedule of secured obligations	The Company’s secured obligations as of June 30, 2017 and December 31, 2016 are summarized below (dollars in thousands): June 30, 2017 December 31, 2016 Nonrecourse $ 225,368 $ 245,155 Recourse 362,341 426,186 Total secured debt financing $ 587,709 $ 671,341 Number of aircraft pledged as collateral 21 25 Net book value of aircraft pledged as collateral $ 1,210,534 $ 1,421,657
Schedule of maturities of debt outstanding	Maturities of debt outstanding as of June 30, 2017 are as follows (in thousands): Years ending December 31, 2017 $ 77,404 2018 1,565,857 2019 1,093,900 2020 1,258,585 2021 2,378,952 Thereafter 3,023,627 Total $ 9,398,325

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2017
Commitments and Contingencies
Schedule of commitments to acquire aircraft	Aircraft Type 2017 2018 2019 2020 2021 Thereafter Total Airbus A320/321neo (1) 5 17 32 26 22 44 146 Airbus A330-900neo — 7 5 5 5 5 27 Airbus A350-900/1000 2 4 2 7 9 — 24 Boeing 737-7/8/9 MAX 2 12 26 28 35 27 130 Boeing 787-9/10 3 7 12 9 7 8 46 Total ( 2 ) 12 47 77 75 78 84 373 (1) Our Airbus A320/321neo aircraft orders include 55 long-range variants. (2) In addition to the aircraft from our orderbook, we have commitments to purchase five used Boeing 737-800 aircraft from an airline which are scheduled for delivery in 2017.
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 $28.5 billion at June 30, 2017 and through August 3, 2017 are as follows (in thousands): Years ending December 31, 2017 $ 1,528,931 2018 4,246,763 2019 5,703,782 2020 6,048,859 2021 5,886,385 Thereafter 5,088,935 Total $ 28,503,655

Net Earnings Per Share (Tables)

Net Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2017
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 and per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Basic net income per share: Numerator Net income $ 100,925 $ 91,803 $ 185,862 $ 184,661 Denominator Weighted-average common shares outstanding 103,180,769 102,837,443 103,064,834 102,758,427 Basic net income per share $ 0.98 $ 0.89 $ 1.80 $ 1.80 Diluted net income per share: Numerator Net income $ 100,925 $ 91,803 $ 185,862 $ 184,661 Assumed conversion of convertible senior notes 1,431 1,455 2,847 2,909 Net income plus assumed conversions $ 102,356 $ 93,258 $ 188,709 $ 187,570 Denominator Number of shares used in basic computation 103,180,769 102,837,443 103,064,834 102,758,427 Weighted-average effect of dilutive securities 8,383,714 8,001,737 8,425,849 7,951,747 Number of shares used in per share computation 111,564,483 110,839,180 111,490,683 110,710,174 Diluted net income per share $ 0.92 $ 0.84 $ 1.69 $ 1.69

Stock-based Compensation (Table

Stock-based Compensation (Tables)	6 Months Ended
	Jun. 30, 2017
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, 2016 3,308,158 $ 20.40 3.50 $ 46,086 Granted — $ — — $ — Exercised (70,000) $ 23.77 — $ 1,036 Forfeited/canceled — $ — — $ — Balance at June 30, 2017 3,238,158 $ 20.33 2.99 $ 55,158 Vested and exercisable as of June 30, 2017 3,238,158 $ 20.33 2.99 $ 55,158 (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.
Summary of additional information regarding exercisable and vested stock options	Stock Options Exercisable and Vested Weighted- Average Number of Remaining Life Range of exercise prices Shares (in years) $20.00 3,118,158 2.96 $28.80 120,000 3.82 $20.00 - $28.80 3,238,158 2.99
Summary of activities for unvested RSUs	Unvested Restricted Stock Units Weighted-Average Grant-Date Number of Shares Fair Value Unvested at December 31, 2016 1,129,045 $ 37.47 Granted 505,545 $ 45.05 Vested (311,259) $ 37.43 Forfeited/canceled (102,270) $ 48.38 Unvested at June 30, 2017 1,221,061 $ 39.70

Company Background and Overvi24

Company Background and Overview (Details)	6 Months Ended
	Jun. 30, 2017aircraft
Organization
Number of aircraft owned	240
Number of aircraft managed	48
Number of aircraft on order with manufacturers	373

Basis of Preparation and Crit25

Basis of Preparation and Critical Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2017	Mar. 31, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Income Tax Expense (Benefit)	$ 54,944		$ 50,468	$ 103,885	$ 101,601
Accounting Standards Update 2016 - 09
Excess tax benefits relation to cumulative effect adjustment				$ 500
Income Tax Expense (Benefit)	$ 0	$ 1,700

Debt Financing (Details)

Debt Financing (Details) $ in Thousands	May 04, 2017USD ($)	May 31, 2017	Jun. 30, 2017USD ($)aircraft	Jun. 12, 2017USD ($)	Mar. 08, 2017USD ($)	Dec. 31, 2016USD ($)aircraft
Debt financing
Total debt financing			$ 9,398,325			$ 8,802,025
Less: Debt discounts and issuance costs			(95,013)			(88,151)
Debt financing, net of discounts and issuance costs			9,303,312			8,713,874
Unsecured Debt
Debt financing
Total debt financing			8,810,616			8,130,684
Senior Notes
Debt financing
Total debt financing			6,919,871			6,953,343
Senior Unsecured Notes 3.625 Percent Due 2027
Debt financing
Interest rate (as a percent)					3.625%
Secured Obligations
Principal amount issued					$ 500,000
Senior Unsecured Notes 2.625 Percent Due 2022
Debt financing
Interest rate (as a percent)				2.625%
Secured Obligations
Principal amount issued				$ 600,000
Revolving Credit Facility
Debt financing
Total debt financing			1,477,000			766,000
Unsecured Revolving Credit Facility Maturing on May 5, 2019 | Debt Instrument, Redemption, May 5, 2020
Secured Obligations
Maximum borrowing capacity	$ 3,700,000
Unsecured Revolving Credit Facility Mature On 5 May 2021
Secured Obligations
Facility fee		0.20%
Unsecured Revolving Credit Facility Mature On 5 May 2021 | Debt Instrument, Redemption, May 5, 2021
Secured Obligations
Maximum borrowing capacity	3,500,000
Line of credit maturity amount	3,100,000
Unsecured Revolving Credit Facility Mature On 5 May 2021 | Debt Instrument, Redemption, May 5, 2020
Secured Obligations
Line of credit maturity amount	217,700
Unsecured Revolving Credit Facility Mature On 5 May 2021 | Debt Instrument, Redemption, May 5, 2019
Secured Obligations
Line of credit maturity amount	290,000
Unsecured Revolving Credit Facility Mature On 5 May 2021 | Debt Instrument, Redemption, May 5, 2018
Secured Obligations
Line of credit maturity amount	$ 55,000
Unsecured Revolving Credit Facility Mature On 5 May 2021 | LIBOR
Secured Obligations
Interest margin (as a percent)	1.05%
Term financings
Debt financing
Total debt financing			213,760			211,346
Convertible Senior Notes
Debt financing
Total debt financing			199,985			199,995
Secured Debt
Debt financing
Total debt financing			587,709			671,341
Secured Obligations
Nonrecourse			225,368			245,155
Recourse			362,341			426,186
Total secured debt financing			$ 587,709			$ 671,341
Number of aircraft pledged as collateral | aircraft			21			25
Net book value of aircraft pledged as collateral			$ 1,210,534			$ 1,421,657
Export Credit Financing
Debt financing
Total debt financing			48,247			51,574
Term Financings
Debt financing
Total debt financing			$ 539,462			$ 619,767

Debt Financing - Maturities of

Debt Financing - Maturities of Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Maturities
2,017	$ 77,404
2,018	1,565,857
2,019	1,093,900
2,020	1,258,585
2,021	2,378,952
Thereafter	3,023,627
Total	$ 9,398,325	$ 8,802,025

Commitments and Contingencies28

Commitments and Contingencies (Details) $ in Thousands	Aug. 03, 2017lease	Jun. 30, 2017USD ($)itemaircraft	Dec. 31, 2016USD ($)
Commitments to acquire aircraft
Lease contracts, subject to cancellation | lease	0
Minimum aircraft delivery delays that could trigger lessee cancellation clauses (in years)		1 year
Commitments for the acquisition of the aircraft and other equipment
2017 | $		$ 1,528,931
2018 | $		4,246,763
2019 | $		5,703,782
2020 | $		6,048,859
2021 | $		5,886,385
Thereafter | $		5,088,935
Total | $		$ 28,503,655
Aircrafts
Commitments to acquire aircraft
2,017		12
2,018		47
2,019		77
2,020		75
2,021		78
Thereafter		84
Total		373
Commitments for the acquisition of the aircraft and other equipment
Total | $		$ 1,400,000	$ 1,300,000
Airbus A320/321neo
Commitments to acquire aircraft
2,017		5
2,018		17
2,019		32
2,020		26
2,021		22
Thereafter		44
Total		146
Number of long-range variants		55
Airbus A330-900neo
Commitments to acquire aircraft
2,018		7
2,019		5
2,020		5
2,021		5
Thereafter		5
Total		27
Airbus 350-900/1000
Commitments to acquire aircraft
2,017		2
2,018		4
2,019		2
2,020		7
2,021		9
Total		24
Airbus A350-1000
Commitments for the acquisition of the aircraft and other equipment
Aircraft to be acquired under non-binding commitment | aircraft		5
Boeing 737-800(2)
Commitments to acquire aircraft
Additional purchase commitments | aircraft		5
Boeing 737 7/8/9 MAX
Commitments to acquire aircraft
2,017		2
2,018		12
2,019		26
2,020		28
2,021		35
Thereafter		27
Total		130
Boeing 787-9/10
Commitments to acquire aircraft
2,017		3
2,018		7
2,019		12
2,020		9
2,021		7
Thereafter		8
Total		46

Net Earnings Per Share (Details

Net Earnings Per Share (Details) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017USD ($)$ / sharesshares	Jun. 30, 2016USD ($)$ / sharesshares	Jun. 30, 2017USD ($)item$ / sharesshares	Jun. 30, 2016USD ($)$ / sharesshares
Numerator
Net income | $	$ 100,925	$ 91,803	$ 185,862	$ 184,661
Denominator
Weighted-average common shares outstanding	103,180,769	102,837,443	103,064,834	102,758,427
Basic net income per share (in dollars per share) | $ / shares	$ 0.98	$ 0.89	$ 1.80	$ 1.80
Numerator
Net income | $	$ 100,925	$ 91,803	$ 185,862	$ 184,661
Assumed conversion of convertible senior notes | $	1,431	1,455	2,847	2,909
Net income plus assumed conversions | $	$ 102,356	$ 93,258	$ 188,709	$ 187,570
Denominator
Number of shares used in basic computation	103,180,769	102,837,443	103,064,834	102,758,427
Weighted-average effect of dilutive securities (in shares)	8,383,714	8,001,737	8,425,849	7,951,747
Number of shares used in per share computation	111,564,483	110,839,180	111,490,683	110,710,174
Diluted net income per share (in dollars per share) | $ / shares	$ 0.92	$ 0.84	$ 1.69	$ 1.69
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)			1,086,653	1,006,647

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Recurring and Non-recurring (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
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 - Debt

Fair Value Measurements - Debt Financing (Details) - USD ($) $ in Billions	Jun. 30, 2017	Dec. 31, 2016
Book Value
Financial Instruments Not Measured at Fair Value
Debt financing	$ 9.4	$ 8.8
Level 2
Financial Instruments Not Measured at Fair Value
Debt financing	$ 9.6	$ 8.9

Stock-based Compensation - Stoc

Stock-based Compensation - Stock Options (Details) $ / shares in Units, $ in Thousands	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2017USD ($)$ / sharesshares	Dec. 31, 2016USD ($)$ / sharesshares	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)item$ / sharesshares	Jun. 30, 2016USD ($)	Dec. 31, 2016USD ($)$ / sharesshares
Stock-based Compensation
Unrecognized compensation cost	$ 27,000			$ 27,000
Equity Incentive Plan 2010
Stock-based Compensation
Number of shares authorized | shares	5,768,763			5,768,763
Shares included in the authorized shares which was previously reserved for issuance | shares	768,763			768,763
Employee and Directors Stock Options
Stock-based Compensation
Term of award				10 years
Vesting period				3 years
Stock-based compensation	$ 0	$ 0
Unrecognized compensation cost	$ 0			$ 0
Shares
Balance at the beginning of the period (in shares) | shares				3,308,158
Exercised (in shares) | shares				(70,000)
Balance at the end of the period (in shares) | shares	3,238,158	3,308,158		3,238,158		3,308,158
Vested and exercisable at the end of the period (in shares) | shares	3,238,158			3,238,158
Exercise Price
Balance at the beginning of the period (in dollars per share) | $ / shares				$ 20.40
Exercised (in dollars per share) | $ / shares				23.77
Balance at the end of the period (in dollars per share) | $ / shares	$ 20.33	$ 20.40		20.33		$ 20.40
Vested and exercisable at the end of the period (in dollars per share) | $ / shares	$ 20.33			$ 20.33
Remaining Contractual Term
Remaining Contractual Term (in years)				2 years 11 months 27 days		3 years 6 months
Vested and exercisable				2 years 11 months 27 days
Aggregate Intrinsic Value
Balance at the beginning of the period				$ 46,086
Exercised				1,036
Balance at the end of the period	$ 55,158	$ 46,086		55,158		$ 46,086
Vested and exercisable at the end of the period	55,158			$ 55,158
Restricted Stock Units
Stock-based Compensation
Number of different vesting criteria | item				4
Stock-based compensation	$ 5,300		$ 4,500	$ 9,100	$ 7,700
Restricted Stock Units | Vesting Tranche One
Stock-based Compensation
Vesting period				3 years
Restricted Stock Units | Vesting Tranche Three
Stock-based Compensation
Vesting period				3 years
Restricted Stock Units | Vesting Tranche Four
Stock-based Compensation
Vesting period				3 years
Restricted Stock Units | Minimum | Vesting Tranche Two
Stock-based Compensation
Vesting period				1 year
Restricted Stock Units | Maximum | Vesting Tranche Two
Stock-based Compensation
Vesting period				2 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 - St33

Stock-based Compensation - Stock Option Exercise Price (Details)	6 Months Ended
	Jun. 30, 2017$ / sharesshares
$ 20
Stock options exercisable and vested by exercise price range
Exercise price (in dollars per share)	$ 20
Options Outstanding
Number of Shares | shares	3,118,158
Weighted-Average Remaining Life	2 years 11 months 16 days
$ 28.80
Stock options exercisable and vested by exercise price range
Exercise price (in dollars per share)	$ 28.80
Options Outstanding
Number of Shares | shares	120,000
Weighted-Average Remaining Life	3 years 9 months 26 days
$20.00 - $28.80
Options Outstanding
Number of Shares | shares	3,238,158
Weighted-Average Remaining Life	2 years 11 months 27 days
Minimum | $20.00 - $28.80
Stock options exercisable and vested by exercise price range
Exercise price (in dollars per share)	$ 20
Maximum | $20.00 - $28.80
Stock options exercisable and vested by exercise price range
Exercise price (in dollars per share)	$ 28.80

Stock-based Compensation - Rest

Stock-based Compensation - Restricted Stock (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Stock-based compensation expense
Unrecognized compensation cost	$ 27		$ 27
Weighted-average period of recognition of unrecognized stock-based compensation cost			2 years 15 days
Restricted Stock Units
Unvested Restricted Stock Units, Number of Shares
Unvested at the beginning of the period (in shares)			1,129,045
Granted (in shares)			505,545
Vested (in shares)			(311,259)
Forfeited/canceled (in shares)			(102,270)
Unvested at the end of the period (in shares)	1,221,061		1,221,061
Unvested Restricted Stock Units, Weighted-Average Grant-Date Fair Value
Unvested at the beginning of the period (in dollars per share)			$ 37.47
Granted (in dollars per share)			45.05
Vested (in dollars per share)			37.43
Forfeited/canceled (in dollars per share)			48.38
Unvested at the end of the period (in dollars per share)	$ 39.70		$ 39.70
Stock-based compensation expense
Stock-based compensation	$ 5.3	$ 4.5	$ 9.1	$ 7.7
Restricted Stock With Total Shareholder Return Conditions
Unvested Restricted Stock Units, Number of Shares
Granted (in shares)			228,938

Investments (Details)

Investments (Details) - Blackbird - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016	Nov. 04, 2014
Investments
Percentage of equity ownership				9.50%
Gain (loss) on sale of aircraft	$ (0.3)	$ 0.8
Due from affiliate	0.6		$ 0.7
Equity method investment	$ 30.8		$ 25.1

Flight Equipment Held for Sale

Flight Equipment Held for Sale (Details) $ in Millions	May 03, 2017aircraft	Jun. 30, 2017USD ($)aircraft	Dec. 31, 2016USD ($)aircraft	Jun. 30, 2017USD ($)aircraft
Aircraft Held For Sale
Number of aircraft sold or agreed to be sold			6	4
Long-lived assets held for sale | $		$ 77.5	$ 163.4	$ 77.5
Thunderbolt
Number of aircraft sold or agreed to be sold	19	16
Ownership interest	0.00%

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions	Aug. 02, 2017	Jun. 30, 2017	Aug. 03, 2017	Aug. 01, 2017	Nov. 04, 2014
Subsequent Events
Quarterly cash dividends on common stock		$ 0.15
Subsequent Event | Dividend Declared
Subsequent Events
Quarterly cash dividends on common stock	$ 0.075
Blackbird
Subsequent Events
Percentage of equity ownership					9.50%
Blackbird | Subsequent Event
Subsequent Events
Percentage of equity ownership				9.50%
Equity comments			$ 230.8