Air Lease (AL) 10-Q 9 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	May 08, 2019
Document and Entity Information
Entity Registrant Name	AIR LEASE CORP
Entity Central Index Key	0001487712
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		111,118,169
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Assets
Cash and cash equivalents	$ 285,715	$ 300,127
Restricted cash	12,527	22,871
Flight equipment subject to operating leases	18,668,410	17,985,324
Less accumulated depreciation	(2,383,032)	(2,278,214)
Flight equipment subject to operating leases, net	16,285,378	15,707,110
Deposits on flight equipment purchases	1,871,088	1,809,260
Other assets	724,227	642,440
Total assets	19,178,935	18,481,808
Liabilities and Shareholders' Equity
Accrued interest and other payables	366,826	382,132
Debt financing, net of discounts and issuance costs	11,869,671	11,538,905
Security deposits and maintenance reserves on flight equipment leases	971,397	990,578
Rentals received in advance	116,657	119,526
Deferred tax liability	680,567	643,767
Total liabilities	14,005,118	13,674,908
Shareholders' Equity
Paid-in capital	2,717,405	2,474,238
Retained earnings	2,455,201	2,331,552
Total shareholders' equity	5,173,817	4,806,900
Total liabilities and shareholders' equity	19,178,935	18,481,808
Series A Preferred Stock
Shareholders' Equity
Preferred stock, $0.01 par value; 50,000,000 shares authorized; 10,000,000 shares of 6.150% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series A (aggregate liquidation preference of $250,000) issued and outstanding at March 31, 2019 and no shares issued or outstanding at December 31, 2018	100
Class A Common Stock
Shareholders' Equity
Common Stock	1,111	1,110
Class B Non-Voting Common Stock
Shareholders' Equity
Common Stock

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Mar. 05, 2019	Mar. 31, 2019	Dec. 31, 2018
Preferred Stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Preferred Stock, shares authorized		50,000,000	50,000,000
Preferred Stock, shares issued		10,000,000	0
Preferred Stock, shares outstanding		10,000,000	0
Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock	6.15%
Series A liquidation preference		$ 250,000,000
Common Stock, issued shares	10,000,000
Series A Preferred Stock
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		10,000,000	0
Preferred Stock, shares outstanding		10,000,000	0
Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock		6.15%
Series A liquidation preference		$ 250,000
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		111,118,169	110,949,850
Common Stock, outstanding shares		111,118,169	110,949,850
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
	Mar. 31, 2019	Mar. 31, 2018
Revenues
Rental of flight equipment	$ 455,739	$ 377,862
Aircraft sales, trading and other	10,312	3,347
Total revenues	466,051	381,209
Expenses
Interest	89,220	68,943
Amortization of debt discounts and issuance costs	8,540	8,022
Interest expense	97,760	76,965
Depreciation of flight equipment	159,471	136,134
Selling, general and administrative	29,702	23,359
Stock-based compensation	4,174	3,432
Total expenses	291,107	239,890
Income before taxes	174,944	141,319
Income tax expense	(36,850)	(30,668)
Net income	$ 138,094	$ 110,651
Earnings per share of Class A and Class B common stock:
Basic (in dollars per share)	$ 1.24	$ 1.07
Diluted (in dollars per share)	$ 1.23	$ 1
Weighted-average shares outstanding
Basic (in shares)	111,018,279	103,747,920
Diluted (in shares)	112,380,856	112,230,410
Dividends declared per share of Class A common stock (in dollars per share)	$ 0.13	$ 0.10

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Class A Common StockCommon Stock	Preferred Stock	Paid-in Capital	Retained Earnings	Total
Balance at Dec. 31, 2017	$ 1,036		$ 2,260,064	$ 1,866,342	$ 4,127,442
Balance (in shares) at Dec. 31, 2017	103,621,629
Increase (Decrease) in Shareholders' Equity
Issuance of common stock upon vesting of restricted stock units and upon exercise of options	$ 4		2,632		2,636
Issuance of common stock upon vesting of restricted stock units and upon exercise of options (in shares)	514,773
Stock-based compensation			3,432		3,432
Cash dividends (declared $0.10, $0.13 per share for March 31, 2018 and 2019, respectively)				(10,397)	(10,397)
Tax withholding related to vesting of restricted stock units and exercise of stock options			(7,141)		(7,141)
Tax withholding related to vesting of restricted stock units and exercise of stock options (in shares)	(156,568)
Net income				110,651	110,651
Balance at Mar. 31, 2018	$ 1,040		2,258,987	1,966,596	4,226,623
Balance (in shares) at Mar. 31, 2018	103,979,834
Balance at Dec. 31, 2018	$ 1,110		2,474,238	2,331,552	4,806,900
Balance (in shares) at Dec. 31, 2018	110,949,850
Increase (Decrease) in Shareholders' Equity
Issuance of common stock upon vesting of restricted stock units and upon exercise of options	$ 2		439		441
Issuance of common stock upon vesting of restricted stock units and upon exercise of options (in shares)	263,218
Issuance of preferred stock		$ 100	242,141		242,241
Issuance of preferred stock (in shares)		10,000,000
Stock-based compensation			4,174		4,174
Cash dividends (declared $0.10, $0.13 per share for March 31, 2018 and 2019, respectively)				(14,445)	(14,445)
Tax withholding related to vesting of restricted stock units and exercise of stock options	$ (1)		(3,587)		(3,588)
Tax withholding related to vesting of restricted stock units and exercise of stock options (in shares)	(94,899)
Net income				138,094	138,094
Balance at Mar. 31, 2019	$ 1,111	$ 100	$ 2,717,405	$ 2,455,201	$ 5,173,817
Balance (in shares) at Mar. 31, 2019	111,118,169	10,000,000

CONSOLIDATED STATEMENT OF SHARE

CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
Cash dividends declared per share (in dollars per share)	$ 0.13	$ 0.10

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Operating Activities
Net income	$ 138,094	$ 110,651
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of flight equipment	159,471	136,134
Stock-based compensation	4,174	3,432
Deferred taxes	36,825	30,668
Amortization of debt discounts and issuance costs	8,540	8,022
Amortization of prepaid lease costs	7,180	7,020
Gain on aircraft sales, trading and other activity	(17,167)	(765)
Changes in operating assets and liabilities:
Other assets	(93,788)	(25,605)
Accrued interest and other payables	20,789	(24,913)
Rentals received in advance	(2,869)	2,023
Net cash provided by operating activities	261,249	246,667
Investing Activities
Acquisition of flight equipment under operating lease	(725,300)	(362,519)
Payments for deposits on flight equipment purchases	(305,284)	(63,751)
Proceeds from aircraft sales, trading and other activity	247,264
Acquisition of aircraft furnishings, equipment and other assets	(111,162)	(54,970)
Net cash used in investing activities	(894,482)	(481,240)
Financing Activities
Issuance of common stock upon exercise of options	440	2,628
Cash dividends paid	(14,421)	(10,359)
Tax withholdings on stock-based compensation	(3,587)	(7,141)
Net change in unsecured revolving facility	225,000	(510,000)
Proceeds from debt financings	995,779	1,230,765
Payments in reduction of debt financings	(896,098)	(537,444)
Net proceeds from preferred stock issuance	242,241
Debt issuance costs	(2,455)	(2,623)
Security deposits and maintenance reserve receipts	73,145	48,754
Security deposits and maintenance reserve disbursements	(11,567)	(16,665)
Net cash provided by financing activities	608,477	197,915
Net decrease in cash	(24,756)	(36,658)
Cash, cash equivalents and restricted cash at beginning of period	322,998	308,282
Cash, cash equivalents and restricted cash at end of period	298,242	271,624
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest, including capitalized interest of $16,226 and $12,816 at March 31, 2019 and 2018, respectively	137,481	95,466
Cash paid for income taxes	25	70
Supplemental Disclosure of Noncash Activities
Buyer furnished equipment, capitalized interest and deposits on flight equipment purchases applied to acquisition of flight equipment	298,962	79,677
Cash dividends declared, not yet paid	$ 14,445	$ 10,397

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Supplemental Disclosure of Cash Flow Information
Cash paid for interest, capitalized interest	$ 16,226	$ 12,816

Company Background and Overview

Company Background and Overview	3 Months Ended
	Mar. 31, 2019
Company Background and Overview
Company Background and Overview	Note 1. Company Background and Overview Air Lease Corporation (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 aircraft manufacturers, such as The Boeing Company (“Boeing”) and Airbus S.A.S. (“Airbus”), and leasing those aircraft to airlines throughout the world with the intention to generate attractive returns on equity. In addition to our leasing activities, we sell aircraft from our operating lease portfolio to third parties, including other leasing companies, financial services companies, airlines and through our asset-backed securities platform. We also provide fleet management services to investors and owners of aircraft portfolios for a management fee. As of March 31, 2019, we owned a fleet of 280 aircraft, managed 65 aircraft and had 361 aircraft on order with aircraft manufacturers.

Basis of Preparation and Critic

Basis of Preparation and Critical Accounting Policies	3 Months Ended
	Mar. 31, 2019
Basis of Preparation and Critical Accounting Policies
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 have a controlling financial interest and for which we are 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, consisting only of normal, recurring adjustments, which are in the opinion of management necessary to present fairly the Company’s financial position, results of operations and cash flows at March 31, 2019, and for all periods presented. The results of operations for the three months ended March 31, 2019 are not necessarily indicative of the operating results expected for the year ending December 31, 2019. 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, 2018. Reclassifications Certain reclassifications have been made in the 2018 consolidated financial statements to conform to the classifications in 2019. Recently adopted accounting standards In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02 (“ASU 2016-02”), “Leases (Topic 842).” The amendments in ASU 2016-02 set out the principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. Subsequently, the FASB issued additional ASUs that further clarified ASU 2016-02. The Company adopted the amendments to Accounting Standards Codification (“ASC”) 842 on January 1, 2019 using the Effective Date Method. As a result, the Company continues to disclose comparative reporting periods under the previous accounting guidance, ASC 840. Based on our evaluation of the guidance, the Company noted that lessor accounting is similar to the current model, but the guidance impacted us in scenarios where we are the lessee. For scenarios where we are the lessee, the Company determines if an arrangement is a lease at inception. Operating leases are included in right-of-use (“ROU”) lease assets under Other assets, and long-term lease obligations under Accrued interest & other payables on the Company’s Consolidated Balance Sheets. ROU lease assets represent the Company’s right to use an underlying asset for the lease term and lease obligations represent the Company’s obligation to make lease payments arising from the lease. Operating ROU lease assets and obligations are recognized at the commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company elected to exclude recognition of leases with a term of 12 months or less (short-term leases) from the Consolidated Balance Sheets. As of January 1, 2019, the Company recognized operating ROU lease assets and obligations in the amounts of $44.6 million and $51.2 million, respectively, on its Consolidated Balance Sheets. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements.

Debt Financing

Debt Financing	3 Months Ended
	Mar. 31, 2019
Debt Financing
Debt Financing	Note 3. Debt Financing The Company’s debt financing was comprised of the following at March 31, 2019 and December 31, 2018 (dollars in thousands): March 31, December 31, 2019 2018 Unsecured Senior notes $ 9,900,000 $ 10,043,445 Revolving credit facilities 827,000 602,000 Term financings 807,830 607,340 Total unsecured debt financing 11,534,830 11,252,785 Secured Term financings 426,724 371,203 Export credit financing 36,601 38,265 Total secured debt financing 463,325 409,468 Total debt financing 11,998,155 11,662,253 Less: Debt discounts and issuance costs (128,484) (123,348) Debt financing, net of discounts and issuance costs $ 11,869,671 $ 11,538,905 The Company’s secured obligations as of March 31, 2019 and December 31, 2018 are summarized below (dollars in thousands): March 31, December 31, 2019 2018 Nonrecourse $ 158,808 $ 167,245 Recourse 304,517 242,223 Total secured debt financing $ 463,325 $ 409,468 Number of aircraft pledged as collateral 18 20 Net book value of aircraft pledged as collateral $ 972,237 $ 1,132,111 Senior unsecured notes (including Medium-Term Note Program) As of March 31, 2019, the Company had $9.9 billion in senior unsecured notes outstanding. As of December 31, 2018, the Company had $10.0 billion in senior unsecured notes outstanding. In January 2019, the Company issued $700.0 million in aggregate principal amount of 4.25% Medium-Term Notes, Series A, due February 1, 2024 under its Medium-Term Note Program. Unsecured revolving credit facilities As of March 31, 2019, the total outstanding balance on the Company's unsecured revolving credit facilities was approximately $827.0 million. The total outstanding balance under the Company's unsecured revolving credit facilities was approximately $602.0 million as of December 31, 2018. During the quarter ended March 31, 2019, the Company increased the aggregate capacity of its committed unsecured revolving credit facility by $135.0 million to $4.7 billion. In May 2019, the Company amended and extended its committed unsecured revolving credit facility whereby, among other things, the Company extended the final maturity date from May 5, 2022 to May 5, 2023 and increased the total revolving commitments to approximately $5.8 billion as of May 5, 2019, representing an increase of 27% from December 31,2018, with an interest rate of LIBOR plus 1.05% with a 0.20% facility fee. Lenders hold revolving commitments totaling approximately $5.4 billion that mature on May 5, 2023, commitments totaling $245.0 million that mature on May 5, 2022, commitments totaling approximately $5.0 million that mature on May 5, 2021, and commitments totaling $92.7 million that mature on May 5, 2020. In February 2019, the Company entered into an uncommitted unsecured revolving credit facility with a total borrowing capacity of $100.0 million and a maturity date of January 31, 2020, bearing interest at a rate of LIBOR plus 0.90%. Maturities Maturities of debt outstanding as of March 31, 2019 are as follows (in thousands): Years ending December 31, 2019 $ 128,867 2020 1,461,270 2021 1,693,524 2022 3,338,472 2023 1,878,376 Thereafter 3,497,646 Total $ 11,998,155

Rental Income

Rental Income	3 Months Ended
	Mar. 31, 2019
Rental Income
Rental Income	Note 5. Rental Income At March 31, 2019, minimum future rentals on non-cancellable operating leases of flight equipment in our fleet, which have been delivered as of March 31, 2019, are as follows (in thousands): Years ending December 31, 2019 (excluding the three months ended March 31, 2019) $ 1,342,732 2020 1,744,027 2021 1,645,725 2022 1,517,139 2023 1,318,164 Thereafter 4,626,135 Total $ 12,193,922

Net Earnings Per Share

Net Earnings Per Share	3 Months Ended
	Mar. 31, 2019
Net Earnings Per Share
Net Earnings Per Share	Note 6. Earnings Per Share Basic earnings per share is computed by dividing net income available to common stockholders by the weighted-average number of common shares outstanding for the period. Preferred stock dividends are subtracted from net income in determining net income available to common stockholders. 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 March 31, 2019, we did not have any Class B Non-Voting common stock outstanding. Diluted 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 months ended March 31, 2019, the Company did not exclude any potentially dilutive securities, whose effect would have been anti-dilutive, from the computation of diluted earnings per share. The Company excluded 940,470 and 933,531 shares related to restricted stock units for which the performance metric had yet to be achieved as of March 31, 2019 and 2018, respectively. The following table sets forth the reconciliation of basic and diluted earnings per share (in thousands, except share and per share amounts): Three Months Ended March 31, 2019 2018 Basic earnings per share: Numerator Net income available to common stockholders 138,094 110,651 Denominator Weighted-average common shares outstanding 111,018,279 103,747,920 Basic earnings per share $ 1.24 $ 1.07 Diluted earnings per share: Numerator Net income available to common stockholders $ 138,094 $ 110,651 Assumed conversion of convertible senior notes — 1,739 Net income available to common stockholders plus assumed conversions $ 138,094 $ 112,390 Denominator Number of shares used in basic computation 111,018,279 103,747,920 Weighted-average effect of dilutive securities 1,362,577 8,482,490 Number of shares used in per share computation 112,380,856 112,230,410 Diluted earnings per share $ 1.23 $ 1.00

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 or December 31, 2018. 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 March 31, 2019 was approximately $12.0 billion compared to a book value of $12.0 billion. The estimated fair value of debt financing as of December 31, 2018 was $11.4 billion compared to a book value of $11.7 billion. The following financial instruments are not measured at fair value on the Company’s Consolidated Balance Sheets at March 31, 2019, but require disclosure of their fair values: cash and cash equivalents and restricted cash. The estimated fair value of such instruments at March 31, 2019 and December 31, 2018 approximates their carrying value as reported on the Consolidated Balance Sheets. The fair value of all these instruments would be categorized as Level 1 in the fair value hierarchy.

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2019
Shareholders' Equity
Shareholders' Equity	Note 8. Shareholders’ Equity The Company was authorized to issue 500,000,000 shares of Class A common stock, $0.01 par value, at March 31, 2019 and December 31, 2018. As of March 31, 2019 and December 31, 2018, the Company had 111,118,169 and 110,949,850 Class A common shares issued and outstanding, respectively. The Company did not have any shares of Class B non-voting common stock, $0.01 par value, issued or outstanding as of March 31, 2019 and December 31, 2018. The Company was authorized to issue 50,000,000 shares of preferred stock, $0.01 par value, at March 31, 2019 and December 31, 2018. As of March 31, 2019, the Company had 10,000,000 shares of preferred stock issued and outstanding with an aggregate liquidation preference of $250.0 million. The Company did not have any shares of preferred stock issued or outstanding as of December 31, 2018. On March 5, 2019, the Company issued 10,000,000 shares of 6.150% Fixed-to-Floating Non-Cumulative Perpetual Preferred Stock, Series A (the “Series A Preferred Stock”), $0.01 par value, with a liquidation preference of $25.00 per share. The Company will pay dividends on the preferred stock only when, as and if declared by the board of directors. Dividends will accrue, on a non-cumulative basis, on the stated amount of $25.00 per share at a rate per annum equal to: (i) 6.15% during the first five years and payable quarterly in arrears beginning on June 15, 2019, and (ii) three-month LIBOR plus a spread of 3.65% per annum from March 15, 2024, reset quarterly and payable quarterly in arrears beginning on June 15, 2024. The Company may redeem shares of the Series A Preferred Stock at its option, in whole or in part, from time to time, on or after March 15, 2024, for cash at a redemption price equal to $25.00 per share, plus any declared and unpaid dividends to, but excluding, the redemption date, without accumulation of any undeclared dividends. The Company may also redeem shares of the Series A Preferred Stock at the Company’s option under certain other limited conditions.

Stock-based Compensation

Stock-based Compensation	3 Months Ended
	Mar. 31, 2019
Stock-based Compensation
Stock-based Compensation	Note 9. 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 March 31, 2019, the number of stock options (“Stock Options”) and restricted stock units (“RSUs”) remaining under the 2014 Plan was approximately 5,304,976, which includes 304,976 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 ratably 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 Company has two types of book value RSUs; those that vest ratably over a three-year period if the performance condition has been met, and those that cliff-vest at the end of a three-year period if the performance condition has been met. For the book value RSUs that cliff-vest at the end of a three-year period, the number of shares that will ultimately vest will range from 0% to 200% of the RSUs initially granted depending on the percentage change in the Company's book value per share at the end of the vesting period. At each reporting period, the Company reassesses the probability of the performance condition being achieved and a stock-based compensation expense is recognized based upon management’s assessment. Book value RSUs for which the performance metric has not been met are forfeited. The TSR RSUs cliff-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 $4.2 million and $3.4 million of stock-based compensation expense related to RSUs for the three months ended March 31, 2019 and 2018, respectively. Stock Options A summary of stock option activity for the three months ended March 31, 2019 follows: Remaining Aggregate Exercise Contractual Term Intrinsic Value Shares Price (in years) (in thousands) (1) Balance at December 31, 2018 2,620,295 $ 20.40 1.49 $ 25,697 Granted — $ — — $ — Exercised (34,000) $ 20.00 — $ 522 Forfeited/canceled — $ — — $ — Balance at March 31, 2019 2,586,295 $ 20.41 1.24 $ 36,057 Vested and exercisable as of March 31, 2019 2,586,295 $ 20.41 1.24 $ 36,057 (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. As of March 31, 2019, all of the Company’s outstanding employee stock options had fully vested and there were no unrecognized compensation costs related to outstanding stock options as of March 31, 2019. As a result, there was no stock-based compensation expense related to Stock Options for the three months ended March 31, 2019 and 2018. The following table summarizes additional information regarding exercisable and vested stock options at March 31, 2019: Stock Options Exercisable and Vested Weighted- Average Number of Remaining Life Range of exercise prices Shares (in years) $20.00 2,466,295 1.20 $28.80 120,000 2.07 $20.00 - $28.80 2,586,295 1.24 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 three months ended March 31, 2019, the Company granted 600,827 RSUs of which 127,640 are TSR RSUs. The following table summarizes the activities for our unvested RSUs for the three months ended March 31, 2019: Unvested Restricted Stock Units Weighted-Average Number of Grant-Date Shares Fair Value Unvested at December 31, 2018 1,055,325 $ 41.66 Granted 600,827 $ 39.72 Vested (236,373) $ 34.49 Forfeited/canceled (167,769) $ 29.61 Unvested at March 31, 2019 1,252,010 $ 43.70 Expected to vest after March 31, 2019 1,338,537 $ 43.55 As of March 31, 2019, there was $38.7 million of unrecognized compensation cost related to unvested stock-based payments granted to employees. Total unrecognized compensation cost will be recognized over a weighted-average remaining period of 2.23 years.

Investments

Investments	3 Months Ended
	Mar. 31, 2019
Investments
Investments	Note 10. Investments The Company entered into an agreement with a co-investment vehicle arranged by Napier Park Global Capital (US) LP to participate in two joint ventures and formed Blackbird Capital I, LLC and Blackbird Capital II, LLC for the purpose of investing in commercial aircraft and leasing them to airlines around the globe. We also provide management services to these joint ventures for a fee based upon aircraft assets under management. The Company’s non-controlling interests in each joint venture is 9.5% and are accounted for as investments under the equity method of accounting. The Company’s investment in these joint ventures was $44.1 million and $40.6 million as of March 31, 2019 and December 31, 2018, respectively, and is recorded in other assets on the Consolidated Balance Sheets. As of March 31, 2019, the Company’s total unfunded commitment to Blackbird Capital II, LLC was $30.5 million. On August 1, 2018, we entered into an agreement to sell 18 aircraft to Thunderbolt Aircraft Lease Limited II (“Thunderbolt II”), an asset-backed securities platform which will facilitate the sale and continued management of aircraft assets to investors. The Company’s non-controlling interest in Thunderbolt II is 5.1% and it is accounted for as an investment under the cost method of accounting. All of the aircraft in Thunderbolt II's portfolio will be managed by the Company. During the quarter ended March 31, 2019, we completed the sale of three aircraft from our operating lease portfolio to Thunderbolt II. We expect the sale of the remaining three aircraft to be completed in 2019. The Company's investment in Thunderbolt II was $5.4 million as of March 31, 2019 and December 31, 2018, and is recorded in other assets on the Consolidated Balance Sheets.

Flight Equipment Held for Sale

Flight Equipment Held for Sale	3 Months Ended
	Mar. 31, 2019
Flight Equipment held for sale
Flight Equipment Held for Sale	Note 11. Flight Equipment Held for Sale As of March 31, 2019, we had three aircraft, with a carrying value of $107.6 million, which were held for sale and included in Flight equipment subject to operating leases on the Consolidated Balance Sheet. We expect the sale of all three aircraft to be completed in 2019. We cease recognition of depreciation expense once an aircraft is classified as held for sale. As of December 31, 2018, we had six aircraft classified as held for sale, with a carrying value of $241.6 million.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2019
Subsequent Events
Subsequent Events	Note 12. Subsequent Events In May 2019, the Company amended and extended its committed unsecured revolving credit facility whereby, among other things, the Company extended the final maturity date from May 5, 2022 to May 5, 2023 and increased the total revolving commitments to approximately $5.8 billion as of May 5, 2019, representing an increase of 27% from December 31, 2018, with an interest rate of LIBOR plus 1.05% with a 0.20% facility fee. Lenders held revolving commitments totaling approximately $5.4 billion that mature on May 5, 2023, commitments totaling $245.0 million that mature on May 5, 2022, commitments totaling approximately $5.0 million that mature on May 5, 2021, and commitments totaling $92.7 million that mature on May 5, 2020. On May 8, 2019, our board of directors approved a quarterly cash dividend of $0.13 per share on our outstanding Class A common stock. The dividend will be paid on July 11, 2019 to holders of record of our Class A common stock as of June 5, 2019. Our board of directors also approved a cash dividend of $0.427083 per share on our outstanding Series A Preferred Stock, which will be paid on June 15, 2019 to holders of record of our Series A Preferred Stock as of May 31, 2019.

Basis of Preparation and Crit_2

Basis of Preparation and Critical Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2019
Basis of Preparation and Critical Accounting Policies
Reclassifications	Reclassifications Certain reclassifications have been made in the 2018 consolidated financial statements to conform to the classifications in 2019.
Recent issued accounting pronouncements	Recently adopted accounting standards In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02 (“ASU 2016-02”), “Leases (Topic 842).” The amendments in ASU 2016-02 set out the principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. Subsequently, the FASB issued additional ASUs that further clarified ASU 2016-02. The Company adopted the amendments to Accounting Standards Codification (“ASC”) 842 on January 1, 2019 using the Effective Date Method. As a result, the Company continues to disclose comparative reporting periods under the previous accounting guidance, ASC 840. Based on our evaluation of the guidance, the Company noted that lessor accounting is similar to the current model, but the guidance impacted us in scenarios where we are the lessee. For scenarios where we are the lessee, the Company determines if an arrangement is a lease at inception. Operating leases are included in right-of-use (“ROU”) lease assets under Other assets, and long-term lease obligations under Accrued interest & other payables on the Company’s Consolidated Balance Sheets. ROU lease assets represent the Company’s right to use an underlying asset for the lease term and lease obligations represent the Company’s obligation to make lease payments arising from the lease. Operating ROU lease assets and obligations are recognized at the commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company elected to exclude recognition of leases with a term of 12 months or less (short-term leases) from the Consolidated Balance Sheets. As of January 1, 2019, the Company recognized operating ROU lease assets and obligations in the amounts of $44.6 million and $51.2 million, respectively, on its Consolidated Balance Sheets. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements.

Debt Financing (Tables)

Debt Financing (Tables)	3 Months Ended
	Mar. 31, 2019
Debt Financing
Summary of consolidated debt	The Company’s debt financing was comprised of the following at March 31, 2019 and December 31, 2018 (dollars in thousands): March 31, December 31, 2019 2018 Unsecured Senior notes $ 9,900,000 $ 10,043,445 Revolving credit facilities 827,000 602,000 Term financings 807,830 607,340 Total unsecured debt financing 11,534,830 11,252,785 Secured Term financings 426,724 371,203 Export credit financing 36,601 38,265 Total secured debt financing 463,325 409,468 Total debt financing 11,998,155 11,662,253 Less: Debt discounts and issuance costs (128,484) (123,348) Debt financing, net of discounts and issuance costs $ 11,869,671 $ 11,538,905
Schedule of secured obligations	The Company’s secured obligations as of March 31, 2019 and December 31, 2018 are summarized below (dollars in thousands): March 31, December 31, 2019 2018 Nonrecourse $ 158,808 $ 167,245 Recourse 304,517 242,223 Total secured debt financing $ 463,325 $ 409,468 Number of aircraft pledged as collateral 18 20 Net book value of aircraft pledged as collateral $ 972,237 $ 1,132,111
Schedule of maturities of debt outstanding	Maturities of debt outstanding as of March 31, 2019 are as follows (in thousands): Years ending December 31, 2019 $ 128,867 2020 1,461,270 2021 1,693,524 2022 3,338,472 2023 1,878,376 Thereafter 3,497,646 Total $ 11,998,155

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies
Schedule of commitments to acquire aircraft	Aircraft Type 2019 2020 2021 2022 2023 Thereafter Total Airbus A320/321neo (1) 20 40 22 25 25 — 132 Airbus A330-900neo 8 2 5 6 2 — 23 Airbus A350-900/1000 3 3 6 3 2 — 17 Boeing 737-7/8/9 MAX 13 42 34 34 25 5 153 Boeing 787-9/10 9 11 7 9 — — 36 Total (2) 53 98 74 77 54 5 361 (1) Our Airbus A320/321neo aircraft orders include 57 long-range variants. (2) In addition to the aircraft from our orderbook, we have a commitment to purchase two used Airbus A330-300 aircraft from a third party, which are scheduled for delivery in 2019.
Schedule of commitments for the acquisition of aircraft and other equipment at an estimated aggregate purchase price	Commitments for the acquisition of aircraft and other equipment, calculated at an estimated aggregate purchase price (including adjustments for inflation) was approximately $25.2 billion at March 31, 2019, and are due as follows (in thousands): Years ending December 31, 2019 $ 4,529,679 2020 6,669,957 2021 5,635,590 2022 5,243,887 2023 2,896,636 Thereafter 221,130 Total $ 25,196,879

Rental Income (Tables)

Rental Income (Tables)	3 Months Ended
	Mar. 31, 2019
Rental Income
Schedule of minimum future rentals on non-cancellable operating leases of flight equipment	At March 31, 2019, minimum future rentals on non-cancellable operating leases of flight equipment in our fleet, which have been delivered as of March 31, 2019, are as follows (in thousands): Years ending December 31, 2019 (excluding the three months ended March 31, 2019) $ 1,342,732 2020 1,744,027 2021 1,645,725 2022 1,517,139 2023 1,318,164 Thereafter 4,626,135 Total $ 12,193,922

Net Earnings Per Share (Tables)

Net Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2019
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 earnings per share (in thousands, except share and per share amounts): Three Months Ended March 31, 2019 2018 Basic earnings per share: Numerator Net income available to common stockholders 138,094 110,651 Denominator Weighted-average common shares outstanding 111,018,279 103,747,920 Basic earnings per share $ 1.24 $ 1.07 Diluted earnings per share: Numerator Net income available to common stockholders $ 138,094 $ 110,651 Assumed conversion of convertible senior notes — 1,739 Net income available to common stockholders plus assumed conversions $ 138,094 $ 112,390 Denominator Number of shares used in basic computation 111,018,279 103,747,920 Weighted-average effect of dilutive securities 1,362,577 8,482,490 Number of shares used in per share computation 112,380,856 112,230,410 Diluted earnings per share $ 1.23 $ 1.00

Stock-based Compensation (Table

Stock-based Compensation (Tables)	3 Months Ended
	Mar. 31, 2019
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, 2018 2,620,295 $ 20.40 1.49 $ 25,697 Granted — $ — — $ — Exercised (34,000) $ 20.00 — $ 522 Forfeited/canceled — $ — — $ — Balance at March 31, 2019 2,586,295 $ 20.41 1.24 $ 36,057 Vested and exercisable as of March 31, 2019 2,586,295 $ 20.41 1.24 $ 36,057 (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 2,466,295 1.20 $28.80 120,000 2.07 $20.00 - $28.80 2,586,295 1.24
Summary of activities for unvested RSUs	Unvested Restricted Stock Units Weighted-Average Number of Grant-Date Shares Fair Value Unvested at December 31, 2018 1,055,325 $ 41.66 Granted 600,827 $ 39.72 Vested (236,373) $ 34.49 Forfeited/canceled (167,769) $ 29.61 Unvested at March 31, 2019 1,252,010 $ 43.70 Expected to vest after March 31, 2019 1,338,537 $ 43.55

Company Background and Overvi_2

Company Background and Overview (Details)	3 Months Ended
	Mar. 31, 2019aircraft
Organization
Number of aircraft owned	280
Number of aircraft managed	65
Number of aircraft on order with manufacturers	361

Basis of Preparation and Crit_3

Basis of Preparation and Critical Accounting Policies - Recently adopted accounting standards (Details) - ASU 2016-02 - Adjustment $ in Millions	Jan. 01, 2019USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating ROU lease assets	$ 44.6
Lease obligations	$ 51.2

Debt Financing (Details)

Debt Financing (Details) $ in Thousands	May 05, 2019USD ($)	Feb. 28, 2019USD ($)	Mar. 31, 2019USD ($)aircraft	Jan. 31, 2019USD ($)	Dec. 31, 2018USD ($)aircraft
Debt financing
Total debt financing			$ 11,998,155		$ 11,662,253
Less: Debt discounts and issuance costs			(128,484)		(123,348)
Debt financing, net of discounts and issuance costs			11,869,671		11,538,905
Unsecured Debt
Debt financing
Total debt financing			11,534,830		11,252,785
Senior Notes
Debt financing
Total debt financing			9,900,000		10,043,445
Medium Term Note Program 4.25 Percent Due 2024
Secured Obligations
Principal amount issued				$ 700,000
Interest rate (as a percent)				4.25%
Unsecured Term financings
Debt financing
Total debt financing			807,830		607,340
Revolving Credit Facilities
Debt financing
Total debt financing			827,000		602,000
Secured Obligations
Maximum borrowing capacity			4,700,000
Incremental borrowing capacity			135,000
Unsecured Revolving Credit Facility Maturing on May 5, 2020 | Subsequent Event
Secured Obligations
Line of credit maturity amount	$ 92,700
Unsecured Revolving Credit Facility Mature On 5 May 2021 | Subsequent Event
Secured Obligations
Line of credit maturity amount	5,000
Unsecured Revolving Credit Facility Mature On 5 May 2022 | Subsequent Event
Secured Obligations
Line of credit maturity amount	245,000
Unsecured Revolving Credit Facility Mature On 5 May 2023 | Subsequent Event
Secured Obligations
Maximum borrowing capacity	$ 5,800,000
Incremental borrowing capacity increase percentage	27.00%
Line of credit maturity amount	$ 5,400,000
Facility fee (as a percent)	0.20%
Unsecured Revolving Credit Facility Mature On 5 May 2023 | LIBOR | Subsequent Event
Secured Obligations
Interest margin (as a percent)	1.05%
Uncommitted Unsecured Revolving Credit Facility Mature on 31 January 2020
Secured Obligations
Maximum borrowing capacity		$ 100,000
Uncommitted Unsecured Revolving Credit Facility Mature on 31 January 2020 | LIBOR
Secured Obligations
Interest margin (as a percent)		0.90%
Secured Debt
Debt financing
Total debt financing			463,325		409,468
Secured Obligations
Nonrecourse			158,808		167,245
Recourse			304,517		242,223
Total secured debt financing			$ 463,325		$ 409,468
Number of aircraft pledged as collateral | aircraft			18		20
Net book value of aircraft pledged as collateral			$ 972,237		$ 1,132,111
Export Credit Financing
Debt financing
Total debt financing			36,601		38,265
Term Financings
Debt financing
Total debt financing			$ 426,724		$ 371,203

Debt Financing - Maturities of

Debt Financing - Maturities of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Maturities
2019	$ 128,867
2020	1,461,270
2021	1,693,524
2022	3,338,472
2023	1,878,376
Thereafter	3,497,646
Total	$ 11,998,155	$ 11,662,253

Commitments and Contingencies_2

Commitments and Contingencies (Details) $ in Thousands	May 09, 2019lease	Mar. 31, 2019USD ($)aircraftitem	Dec. 31, 2018USD ($)
Commitments to acquire aircraft
Minimum aircraft delivery delays that could trigger lessee cancellation clauses (in years)		1 year
Lease contracts, subject to cancellation | lease	0
Commitments for the acquisition of the aircraft and other equipment
2019 | $		$ 4,529,679
2020 | $		6,669,957
2021 | $		5,635,590
2022 | $		5,243,887
2023 | $		2,896,636
Thereafter | $		221,130
Total | $		$ 25,196,879
Aircrafts
Commitments to acquire aircraft
2019		53
2020		98
2021		74
2022		77
2023		54
Thereafter		5
Total		361
Commitments for the acquisition of the aircraft and other equipment
Deposit Assets | $		$ 1,900,000	$ 1,800,000
Airbus A320/321neo
Commitments to acquire aircraft
2019		20
2020		40
2021		22
2022		25
2023		25
Total		132
Number of long-range variants | item		57
Airbus A330-900neo
Commitments to acquire aircraft
2019		8
2020		2
2021		5
2022		6
2023		2
Total		23
Airbus A350-900/1000
Commitments to acquire aircraft
2019		3
2020		3
2021		6
2022		3
2023		2
Total		17
Boeing 737-7/8/9 MAX
Commitments to acquire aircraft
2019		13
2020		42
2021		34
2022		34
2023		25
Thereafter		5
Total		153
Boeing 787-9/10
Commitments to acquire aircraft
2019		9
2020		11
2021		7
2022		9
Total		36
Airbus A330-300
Commitments for the acquisition of the aircraft and other equipment
Aircraft to be acquired under non-binding commitment		2
Airbus A350-1000 | Maximum
Commitments for the acquisition of the aircraft and other equipment
Aircraft to be acquired under non-binding commitment		5
Boeing 737-8 MAX Aircraft | Maximum
Commitments for the acquisition of the aircraft and other equipment
Aircraft to be acquired under non-binding commitment		30

Rental Income (Details)

Rental Income (Details) $ in Thousands	Mar. 31, 2019USD ($)
Minimum future rentals on non-cancelable operating leases of flight equipment
2019 (excluding the three months ended March 31, 2019)	$ 1,342,732
2020	1,744,027
2021	1,645,725
2022	1,517,139
2023	1,318,164
Thereafter	4,626,135
Total	$ 12,193,922

Net Earnings Per Share (Details

Net Earnings Per Share (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)item$ / sharesshares	Mar. 31, 2018USD ($)$ / sharesshares
Anti-dilutive securities
Number of classes of common stock | item	2
Numerator
Net income available to common stockholders | $	$ 138,094	$ 110,651
Denominator
Weighted-average common shares outstanding	111,018,279	103,747,920
Basic earnings per share (in dollars per share) | $ / shares	$ 1.24	$ 1.07
Numerator
Net income available to common stockholders | $	$ 138,094	$ 110,651
Assumed conversion of convertible senior notes | $		1,739
Net income plus assumed conversions | $	$ 138,094	$ 112,390
Denominator
Number of shares used in basic computation	111,018,279	103,747,920
Weighted-average effect of dilutive securities (in shares)	1,362,577	8,482,490
Number of shares used in per share computation	112,380,856	112,230,410
Diluted net income per share (in dollars per share) | $ / shares	$ 1.23	$ 1
Restricted Stock Units
Anti-dilutive securities
Anti-dilutive securities excluded from the computation of diluted earnings per share (in shares)	940,470	933,531

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Recurring and Non-recurring (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
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	Mar. 31, 2019	Dec. 31, 2018
Book Value
Financial Instruments Not Measured at Fair Value
Debt financing	$ 12	$ 11.7
Level 2
Financial Instruments Not Measured at Fair Value
Debt financing	$ 12	$ 11.4

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($)	Mar. 05, 2019	Mar. 31, 2019	Dec. 31, 2018
Class of Stock [Line Items]
Common stock, shares issued	10,000,000
Preferred stock, shares authorized		50,000,000	50,000,000
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Preferred Stock, shares issued		10,000,000	0
Preferred Stock, shares outstanding		10,000,000	0
Preferred Stock, Liquidation Preference, Value		$ 250,000,000
Preferred Stock, rate (as a percent)	6.15%
Preferred Stock, Liquidation Preference, per share	$ 25
Preferred Stock, state amount	$ 25
Dividend Payable Beginning on 15 June 2019
Class of Stock [Line Items]
Preferred Stock, rate (as a percent)	6.15%
Preferred Stock, term	5 years
Dividend Payable Beginning on 15 March 2024
Class of Stock [Line Items]
Preferred Stock, redemption price (in dollars per share)		$ 25
Dividend Payable Beginning on 15 March 2024 | Three-Month LIBOR
Class of Stock [Line Items]
Preferred Stock, spread	3.65%
Class A Common Stock
Class of Stock [Line Items]
Common Stock, authorized shares		500,000,000	500,000,000
Common Stock, par value (in dollars per share)		$ 0.01	$ 0.01
Common stock, shares issued		111,118,169	110,949,850
Common stock, shares outstanding		111,118,169	110,949,850
Class B Non-Voting Common Stock
Class of Stock [Line Items]
Common Stock, authorized shares		10,000,000	10,000,000
Common Stock, par value (in dollars per share)		$ 0.01	$ 0.01
Common stock, shares issued		0	0
Common stock, shares outstanding		0	0
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized		50,000,000	50,000,000
Preferred stock, par value (in dollars per share)		$ 0.01	$ 0.01
Preferred Stock, shares issued		10,000,000	0
Preferred Stock, shares outstanding		10,000,000	0
Preferred Stock, Liquidation Preference, Value		$ 250,000
Preferred Stock, rate (as a percent)		6.15%

Stock-based Compensation - Stoc

Stock-based Compensation - Stock Options (Details) $ / shares in Units, $ in Thousands	May 07, 2014shares	Mar. 31, 2019USD ($)item$ / sharesshares	Mar. 31, 2018USD ($)	Dec. 31, 2018USD ($)$ / sharesshares
Stock-based Compensation
Unrecognized compensation cost		$ 38,700
Equity Incentive Plan 2010
Stock-based Compensation
Number of shares authorized | shares		5,304,976
Shares included in the authorized shares which was previously reserved for issuance | shares		304,976
Shares
Granted (in shares) | shares	0
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
Shares
Balance at the beginning of the period (in shares) | shares		2,620,295
Exercised (in shares) | shares		(34,000)
Balance at the end of the period (in shares) | shares		2,586,295		2,620,295
Vested and exercisable at the end of the period (in shares) | shares		2,586,295
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		20.41		$ 20.40
Vested and exercisable at the end of the period (in dollars per share) | $ / shares		$ 20.41
Remaining Contractual Term
Remaining Contractual Term (in years)		1 year 2 months 27 days		1 year 5 months 27 days
Vested and exercisable		1 year 2 months 27 days
Aggregate Intrinsic Value
Balance at the beginning of the period		$ 25,697
Exercised		522
Balance at the end of the period		36,057		$ 25,697
Vested and exercisable at the end of the period		$ 36,057
Restricted Stock Units
Stock-based Compensation
Number of different vesting criteria | item		4
Stock-based compensation		$ 4,200	$ 3,400
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 - St_2

Stock-based Compensation - Stock Option Exercise Price (Details)	3 Months Ended
	Mar. 31, 2019$ / sharesshares
$20.00
Stock options exercisable and vested by exercise price range
Exercise price (in dollars per share)	$ 20
Stock options exercisable and vested
Number of Shares | shares	2,466,295
Weighted-Average Remaining Life (in years)	1 year 2 months 12 days
$28.80
Stock options exercisable and vested by exercise price range
Exercise price (in dollars per share)	$ 28.80
Stock options exercisable and vested
Number of Shares | shares	120,000
Weighted-Average Remaining Life (in years)	2 years 26 days
$20.00 - $28.80
Stock options exercisable and vested
Number of Shares | shares	2,586,295
Weighted-Average Remaining Life (in years)	1 year 2 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) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)$ / sharesshares
Stock-based compensation expense
Unrecognized compensation cost | $	$ 38.7
Weighted-average period of recognition of unrecognized stock-based compensation cost	2 years 2 months 23 days
Restricted Stock Units
Unvested Restricted Stock Units, Number of Shares
Unvested at the beginning of the period (in shares)	1,055,325
Granted (in shares)	600,827
Vested (in shares)	(236,373)
Forfeited/canceled (in shares)	(167,769)
Unvested at the end of the period (in shares)	1,252,010
Expected to vest after the end of the period (in shares)	1,338,537
Unvested Restricted Stock Units, Weighted-Average Grant-Date Fair Value
Unvested at the beginning of the period (in dollars per share) | $ / shares	$ 41.66
Granted (in dollars per share) | $ / shares	39.72
Vested (in dollars per share) | $ / shares	34.49
Forfeited/canceled (in dollars per share) | $ / shares	29.61
Unvested at the end of the period (in dollars per share) | $ / shares	43.70
Expected to vest after the end of the period (in dollars per share) | $ / shares	$ 43.55
Restricted Stock With Total Shareholder Return Conditions
Unvested Restricted Stock Units, Number of Shares
Granted (in shares)	127,640

Investments (Details)

Investments (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2019USD ($)aircraftitem	Dec. 31, 2019aircraft	Dec. 31, 2018USD ($)aircraft	Aug. 01, 2018USD ($)
Blackbird I and Blackbird II
Investments
Number of joint ventures | item	2
Equity method investment	$ 44,100,000		$ 40,600,000
Blackbird Capital I
Investments
Percentage of equity ownership	9.50%
Blackbird Capital II
Investments
Percentage of equity ownership	9.50%
Total unfunded commitment	$ 30,500,000
Thunderbolt II
Investments
Non-controlling interest (as a percent)				5.10%
Cost Method Investments	$ 5,400,000		$ 5,400,000
Aircraft Held For Sale
Investments
Number of aircraft sold or agreed to be sold | aircraft	3	3	6
Aircraft Held For Sale | Thunderbolt II
Investments
Number of aircraft sold or agreed to be sold | aircraft	3
Long-lived assets held for sale				$ 18
Forecast | Aircraft Held For Sale | Thunderbolt II
Investments
Number of aircraft | aircraft		3

Flight Equipment held for sale

Flight Equipment held for sale (Details) - Aircraft Held For Sale $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2019USD ($)aircraft	Dec. 31, 2019aircraft	Dec. 31, 2018USD ($)aircraft
Flight Equipment Held for Sale
Number of aircraft sold or agreed to be sold | aircraft	3	3	6
Flight Equipment, Net | $	$ 107.6		$ 241.6

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions	May 08, 2019	May 05, 2019	May 31, 2019	Mar. 31, 2019	Mar. 31, 2018
Subsequent Events
Quarterly cash dividends on common stock				$ 0.13	$ 0.10
Revolving Credit Facilities
Subsequent Events
Maximum borrowing capacity				$ 4,700
Subsequent Event
Subsequent Events
Quarterly cash dividends on common stock	$ 0.13
Subsequent Event | Unsecured Revolving Credit Facility Maturing on May 5, 2020
Subsequent Events
Line of credit maturity amount		$ 92.7
Subsequent Event | Unsecured Revolving Credit Facility Mature On 5 May 2021
Subsequent Events
Line of credit maturity amount		5
Subsequent Event | Unsecured Revolving Credit Facility Mature On 5 May 2022
Subsequent Events
Line of credit maturity amount		245
Subsequent Event | Unsecured Revolving Credit Facility Mature On 5 May 2023
Subsequent Events
Maximum borrowing capacity		$ 5,800
Incremental borrowing capacity increase percentage		27.00%
Facility fee (as a percent)		0.20%
Line of credit maturity amount		$ 5,400
Subsequent Event | Unsecured Revolving Credit Facility Mature On 5 May 2023 | LIBOR
Subsequent Events
Interest margin (as a percent)		1.05%
Subsequent Event | Series A Preferred Stock
Subsequent Events
Dividend declared per share of Series A preferred stock			$ 0.427083
Subsequent Event | Dividend Declared | Class A Common Stock
Subsequent Events
Quarterly cash dividends on common stock	$ 0.13