Air Lease (AL) 10-Q8 Aug 192019 Q2 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2019	Aug. 07, 2019
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2019
Document Transition Report	false
Entity File Number	001-35121
Entity Registrant Name	AIR LEASE CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-1840403
Entity Address, Address Line One	2000 Avenue of the Stars, Suite 1000N
Entity Address, City or Town	Los Angeles
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90067
City Area Code	310
Local Phone Number	553-0555
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		111,676,050
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001487712
Amendment Flag	false
Class A Common Stock
Title of 12(b) Security	Class A Common Stock
Trading Symbol	AL
Security Exchange Name	NYSE
Series A Preferred Stock
Title of 12(b) Security	6.150% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series A
Trading Symbol	AL PRA
Security Exchange Name	NYSE

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Assets
Cash and cash equivalents	$ 264,058	$ 300,127
Restricted cash	24,044	22,871
Flight equipment subject to operating leases	20,306,921	17,985,324
Less accumulated depreciation	(2,554,720)	(2,278,214)
Flight equipment subject to operating leases, net	17,752,201	15,707,110
Deposits on flight equipment purchases	1,694,765	1,809,260
Other assets	749,280	642,440
Total assets	20,484,348	18,481,808
Liabilities and Shareholders' Equity
Accrued interest and other payables	453,536	382,132
Debt financing, net of discounts and issuance costs	12,859,244	11,538,905
Security deposits and maintenance reserves on flight equipment leases	1,035,754	990,578
Rentals received in advance	124,142	119,526
Deferred tax liability	711,788	643,767
Total liabilities	15,184,464	13,674,908
Shareholders' Equity
Paid-in capital	2,733,948	2,474,238
Retained earnings	2,564,719	2,331,552
Total shareholders' equity	5,299,884	4,806,900
Total liabilities and shareholders' equity	20,484,348	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 June 30, 2019 and no shares issued or outstanding at December 31, 2018	100
Class A Common Stock
Shareholders' Equity
Common Stock	1,117	1,110
Class B Non-Voting Common Stock
Shareholders' Equity
Common Stock

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Mar. 05, 2019	Jun. 30, 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	$ 250,000
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				0
Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock		6.15%
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		111,666,126		110,949,850
Common Stock, outstanding shares		111,666,126		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		6 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues
Rental of flight equipment	$ 463,870	$ 393,479	$ 919,609	$ 771,341
Aircraft sales, trading and other	7,525	4,335	17,837	7,682
Total revenues	471,395	397,814	937,446	779,023
Expenses
Interest	96,824	73,452	186,044	142,395
Amortization of debt discounts and issuance costs	8,712	8,010	17,252	16,032
Interest expense	105,536	81,462	203,296	158,427
Depreciation of flight equipment	171,689	142,600	331,160	278,734
Selling, general and administrative	27,771	21,458	57,473	44,817
Stock-based compensation	5,863	4,885	10,037	8,317
Total expenses	310,859	250,405	601,966	490,295
Income before taxes	160,536	147,409	335,480	288,728
Income tax expense	(32,231)	(32,198)	(69,081)	(62,866)
Net income	128,305	115,211	266,399	225,862
Preferred stock dividends	(4,271)		(4,271)
Net income available to common stockholders	$ 124,034	$ 115,211	$ 262,128	$ 225,862
Earnings per share of Class A and Class B common stock:
Basic (in dollars per share)	$ 1.11	$ 1.11	$ 2.36	$ 2.17
Diluted (in dollars per share)	$ 1.10	$ 1.04	$ 2.33	$ 2.04
Weighted-average shares outstanding
Basic (in shares)	111,371,790	104,003,960	111,196,011	103,876,647
Diluted (in shares)	112,807,023	112,424,582	112,598,623	112,326,506
Dividends declared per share of Class A common stock (in dollars per share)	$ 0.13	$ 0.10	$ 0.26	$ 0.20

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 and $0.13 per share of Class A common stock for June 30, 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, 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
Net income					225,862
Balance at Jun. 30, 2018	$ 1,041		2,265,393	2,071,408	4,337,842
Balance (in shares) at Jun. 30, 2018	104,065,045
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
Increase (Decrease) in Shareholders' Equity
Issuance of common stock upon vesting of restricted stock units and upon exercise of options	$ 1		1,521		1,522
Issuance of common stock upon vesting of restricted stock units and upon exercise of options (in shares)	85,211
Stock-based compensation			4,885		4,885
Cash dividends (declared $0.10 and $0.13 per share of Class A common stock for June 30, 2018 and 2019, respectively)				(10,399)	(10,399)
Net income				115,211	115,211
Balance at Jun. 30, 2018	$ 1,041		2,265,393	2,071,408	4,337,842
Balance (in shares) at Jun. 30, 2018	104,065,045
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 and $0.13 per share of Class A common stock for June 30, 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
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
Net income					266,399
Balance at Jun. 30, 2019	$ 1,117	$ 100	2,733,948	2,564,719	5,299,884
Balance (in shares) at Jun. 30, 2019	111,666,126	10,000,000
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
Increase (Decrease) in Shareholders' Equity
Issuance of common stock upon vesting of restricted stock units and upon exercise of options	$ 6		10,791		10,797
Issuance of common stock upon vesting of restricted stock units and upon exercise of options (in shares)	547,957
Issuance of preferred stock			(111)		(111)
Stock-based compensation			5,863		5,863
Dividends declared on preferred stock				(4,271)	(4,271)
Cash dividends (declared $0.10 and $0.13 per share of Class A common stock for June 30, 2018 and 2019, respectively)				(14,516)	(14,516)
Net income				128,305	128,305
Balance at Jun. 30, 2019	$ 1,117	$ 100	$ 2,733,948	$ 2,564,719	$ 5,299,884
Balance (in shares) at Jun. 30, 2019	111,666,126	10,000,000

CONSOLIDATED STATEMENT OF SHARE

CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
Cash dividends declared per share (in dollars per share)	$ 0.13	$ 0.10	$ 0.13	$ 0.10

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Operating Activities
Net income	$ 266,399	$ 225,862
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of flight equipment	331,160	278,734
Stock-based compensation	10,037	8,317
Deferred taxes	69,081	62,866
Amortization of debt discounts and issuance costs	17,252	16,032
Amortization of prepaid lease costs	14,851	14,610
Gain on aircraft sales, trading and other activity	(14,924)	(2,185)
Changes in operating assets and liabilities:
Other assets	(127,442)	(47,313)
Accrued interest and other payables	85,218	23,737
Rentals received in advance	4,616	7,331
Net cash provided by operating activities	656,248	587,991
Investing Activities
Acquisition of flight equipment under operating lease	(1,962,211)	(1,402,374)
Payments for deposits on flight equipment purchases	(448,653)	(360,440)
Proceeds from aircraft sales, trading and other activity	249,764	250
Acquisition of aircraft furnishings, equipment and other assets	(175,926)	(141,125)
Net cash used in investing activities	(2,337,026)	(1,903,689)
Financing Activities
Issuance of common stock upon exercise of options	11,236	4,128
Cash dividends paid on Class A common stock	(28,866)	(20,757)
Preferred dividends paid	(4,271)
Tax withholdings on stock-based compensation	(3,587)	(7,141)
Net change in unsecured revolving facility	199,000	109,000
Proceeds from debt financings	2,032,137	1,738,665
Payments in reduction of debt financings	(920,723)	(594,706)
Net proceeds from preferred stock issuance	242,130
Debt issuance costs	(7,327)	(5,301)
Security deposits and maintenance reserve receipts	142,685	109,007
Security deposits and maintenance reserve disbursements	(16,532)	(44,421)
Net cash provided by financing activities	1,645,882	1,288,474
Net decrease in cash	(34,896)	(27,224)
Cash, cash equivalents and restricted cash at beginning of period	322,998	308,282
Cash, cash equivalents and restricted cash at end of period	288,102	281,058
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest, including capitalized interest of $31,602 and $25,692 at June 30, 2019 and 2018, respectively	210,808	149,077
Cash paid for income taxes	3,291	555
Supplemental Disclosure of Noncash Activities
Buyer furnished equipment, capitalized interest and deposits on flight equipment purchases applied to acquisition of flight equipment	711,432	451,048
Cash dividends declared on Class A common stock, not yet paid	$ 14,516	$ 10,399

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Supplemental Disclosure of Cash Flow Information
Cash paid for interest, capitalized interest	$ 31,602	$ 25,692

Company Background and Overview

Company Background and Overview	6 Months Ended
Company Background and Overview	Jun. 30, 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 June 30, 2019, we owned a fleet of 297 aircraft, managed 64 aircraft and had 343 aircraft on order with aircraft manufacturers.

Basis of Preparation and Critic

Basis of Preparation and Critical Accounting Policies	6 Months Ended
Basis of Preparation and Critical Accounting Policies	Jun. 30, 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 June 30, 2019, and for all periods presented. The results of operations for the three and six months ended June 30, 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. 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	6 Months Ended
Debt Financing	Jun. 30, 2019
Debt Financing
Debt Financing	Note 3. Debt Financing The Company’s debt financing was comprised of the following at June 30, 2019 and December 31, 2018 (dollars in thousands): June 30, December 31, 2019 2018 Unsecured Senior notes $ 10,950,000 $ 10,043,445 Revolving credit facilities 801,000 602,000 Term financings 800,250 607,340 Total unsecured debt financing 12,551,250 11,252,785 Secured Term financings 411,343 371,203 Export credit financing 34,938 38,265 Total secured debt financing 446,281 409,468 Total debt financing 12,997,531 11,662,253 Less: Debt discounts and issuance costs (138,287) (123,348) Debt financing, net of discounts and issuance costs $ 12,859,244 $ 11,538,905 The Company’s secured obligations as of June 30, 2019 and December 31, 2018 are summarized below (dollars in thousands): June 30, December 31, 2019 2018 Nonrecourse $ 149,628 $ 167,245 Recourse 296,653 242,223 Total secured debt financing $ 446,281 $ 409,468 Number of aircraft pledged as collateral 18 20 Net book value of aircraft pledged as collateral $ 961,104 $ 1,132,111 Senior unsecured notes (including Medium-Term Note Program) As of June 30, 2019, the Company had $11.0 billion in senior unsecured notes outstanding. As of December 31, 2018, the Company had During the six months ended June 30, 2019, the Company issued approximately $1.75 billion in aggregate principal amount of Medium-Term Notes comprised of (i) $700.0 million due 2024 at a fixed rate of 4.25%, (ii) $750.0 million due 2026 at a fixed rate of 3.75% and (iii) $300.0 million due 2021 that bear interest at a floating rate of three-month LIBOR plus 0.67%. Unsecured revolving credit facilities As of June 30, 2019, the total outstanding balance on the Company's unsecured revolving credit facilities was approximately $801.0 million. The total outstanding balance under the Company's unsecured revolving credit facilities was approximately $602.0 million as of December 31, 2018. 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, after giving effect to commitments that matured on May 5, 2019, increased the total revolving commitments to approximately $5.8 billion, representing an increase of 26.6% from December 31, 2018, with an interest rate of LIBOR plus 1.05% with a 0.20% facility fee. On July 31, 2019, the Company executed a commitment increase to its unsecured revolving credit facility, which increased the aggregate facility capacity by an additional $58.0 million. As of July 31, 2019, lenders held revolving commitments totaling approximately $5.5 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. Maturities Maturities of debt outstanding as of June 30, 2019 are as follows (in thousands): Years ending December 31, 2019 $ 59,892 2020 1,460,039 2021 1,991,039 2022 2,701,069 2023 2,537,846 Thereafter 4,247,646 Total $ 12,997,531

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2019
Commitments and Contingencies
Commitments and Contingencies	Note 4. Commitments and Contingencies As of June 30, 2019, the Company had commitments to acquire a total of 343 new aircraft for delivery through 2024 as follows: Aircraft Type 2019 2020 2021 2022 2023 Thereafter Total Airbus A320/321neo (1) 16 27 32 25 25 — 125 Airbus A330-900neo 4 2 5 6 2 — 19 Airbus A350-900/1000 1 3 6 3 2 — 15 Boeing 737-7/8/9 MAX — 41 48 31 25 5 150 Boeing 787-9/10 6 13 7 8 — — 34 Total (2)(3) 27 86 98 73 54 5 343 (1) Our Airbus A320/321neo aircraft orders include 56 long-range variants. (2) In addition to the aircraft from our orderbook, we have a commitment to purchase one used Airbus A330-300 aircraft from a third party, which is scheduled for delivery in 2019. (3) Excluded from the table above are memorandums of understanding (“MOU”) with Airbus, signed in June 2019, to launch the A321 XLR aircraft and to order the A220 aircraft. Through these MOUs, we have the right to purchase 27 A321 XLR aircraft, 23 A321neo aircraft and 50 A220 aircraft and we have options for an additional 25 A220 aircraft. Also excluded from the table above is an MOU with Boeing, signed in June 2019, to convert existing purchase orders of 15 737 MAX aircraft to five 787-9 aircraft. Airbus has informed us to expect several months of delivery delays relating to certain aircraft scheduled for delivery in 2019 and 2020. In addition, global aviation authorities have halted operations of the global 737 MAX fleet and Boeing has halted deliveries of such aircraft. Accordingly, we are expecting that the 737 MAX aircraft originally scheduled for delivery to us in 2019 will be delayed. These expected delays have been reflected in our commitment schedules above. 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 8, 2019, none of our lease contracts or purchase agreements were subject to cancellation related to these aircraft delivery delays. Commitments for the acquisition of aircraft and other equipment, calculated at an estimated aggregate purchase price (including adjustments for inflation) was approximately $24.1 billion at June 30, 2019, and are due as follows (in thousands): Years ending December 31, 2019 $ 2,744,657 2020 6,469,820 2021 6,741,848 2022 5,034,063 2023 2,896,636 Thereafter 221,130 Total $ 24,108,154 In addition to the Company's commitments, as of June 30, 2019, the Company had options to acquire up to five Airbus A350-1000 aircraft and 45 Boeing 737-8 MAX aircraft. If exercised, deliveries of these aircraft are scheduled to commence in 2023 and continue through 2024. We have made non-refundable deposits on the aircraft for which we have commitments to purchase of $1.7 billion and $1.8 billion as of June 30, 2019 and December 31, 2018, respectively, which are subject to manufacturer performance commitments. If we are unable to satisfy our purchase commitments, we may be forced to forfeit our deposits. Further, we would be exposed to breach of contract claims by our lessees and manufacturers.

Rental Income

Rental Income	6 Months Ended
Rental Income	Jun. 30, 2019
Rental Income
Rental Income	Note 5. Rental Income At June 30, 2019, minimum future rentals on non-cancellable operating leases of flight equipment in our fleet, which have been delivered as of June 30, 2019, are as follows (in thousands): Years ending December 31, 2019 (excluding the six months ended June 30, 2019) $ 967,346 2020 1,899,538 2021 1,803,660 2022 1,672,930 2023 1,480,260 Thereafter 5,633,658 Total $ 13,457,392

Net Earnings Per Share

Net Earnings Per Share	6 Months Ended
Net Earnings Per Share	Jun. 30, 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 June 30, 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 and six months ended June 30, 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 976,613 and 951,878 shares related to restricted stock units for which the performance metric had yet to be achieved as of June 30, 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 Six Months Ended June 30, June 30, 2019 2018 2019 2018 Basic earnings per share: Numerator Net income $ 128,305 $ 115,211 $ 266,399 $ 225,862 Preferred stock dividends (4,271) — (4,271) — Net income available to common stockholders $ 124,034 $ 115,211 $ 262,128 $ 225,862 Denominator Weighted-average common shares outstanding 111,371,790 104,003,960 111,196,011 103,876,647 Basic earnings per share $ 1.11 $ 1.11 $ 2.36 $ 2.17 Diluted earnings per share: Numerator Net income $ 128,305 $ 115,211 $ 266,399 $ 225,862 Preferred stock dividends (4,271) — (4,271) — Assumed conversion of convertible senior notes — 1,735 — 3,474 Net income available to common stockholders plus assumed conversions $ 124,034 $ 116,946 $ 262,128 $ 229,336 Denominator Number of shares used in basic computation 111,371,790 104,003,960 111,196,011 103,876,647 Weighted-average effect of dilutive securities 1,435,233 8,420,622 1,402,612 8,449,859 Number of shares used in per share computation 112,807,023 112,424,582 112,598,623 112,326,506 Diluted earnings per share $ 1.10 $ 1.04 $ 2.33 $ 2.04

Fair Value Measurements

Fair Value Measurements	6 Months Ended
Fair Value Measurements	Jun. 30, 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 June 30, 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 June 30, 2019 was approximately $13.3 billion compared to a book value of $13.0 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 June 30, 2019, but require disclosure of their fair values: cash and cash equivalents and restricted cash. The estimated fair value of such instruments at June 30, 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	6 Months Ended
Shareholders' Equity	Jun. 30, 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 June 30, 2019 and December 31, 2018. As of June 30, 2019 and December 31, 2018, the Company had 111,666,126 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 The Company was authorized to issue 50,000,000 shares of preferred stock, $0.01 par value, at June 30, 2019 and December 31, 2018. As of June 30, 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) 6.150% 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	6 Months Ended
Stock-based Compensation	Jun. 30, 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 , the number of stock options (“Stock Options”) and restricted stock units (“RSUs”) remaining under the 2014 Plan was approximately 5,236,334 , which includes 236,334 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 $5.9 million and $4.9 million of stock-based compensation expense related to RSUs for the three months ended June 30, 2019 and 2018, respectively. The Company recorded $10.0 million and $8.3 million of stock-based compensation expense related to RSUs for the six months ended June 30, 2019 and 2018, respectively. Stock Options A summary of stock option activity for the six months ended June 30, 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 (573,806) $ 20.00 — $ 9,905 Forfeited/canceled — $ — — $ — Balance at June 30, 2019 2,046,489 $ 20.52 1.00 $ 42,616 Vested and exercisable as of June 30, 2019 2,046,489 $ 20.52 1.00 $ 42,616 (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 June 30, 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 June 30, 2019. As a result, there was no stock-based compensation expense related to Stock Options for the three and six months ended June 30, 2019 and 2018. The following table summarizes additional information regarding exercisable and vested stock options at June 30, 2019: Stock Options Exercisable and Vested Weighted- Average Number of Remaining Life Range of exercise prices Shares (in years) $20.00 1,926,489 0.95 $28.80 120,000 1.82 $20.00 - $28.80 2,046,489 1.00 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, 2019, the Company granted 670,279 RSUs of which 139,895 are TSR RSUs. The following table summarizes the activities for our unvested RSUs for the six months ended June 30, 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 670,279 $ 39.64 Vested (252,674) $ 35.11 Forfeited/canceled (168,579) $ 29.67 Unvested at June 30, 2019 1,304,351 $ 43.44 Expected to vest after June 30, 2019 1,395,739 $ 43.29 As of June 30, 2019, there was $35.7 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 2.04 years.

Investments

Investments	6 Months Ended
Investments	Jun. 30, 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 $45.0 million and $40.6 million as of June 30, 2019 and December 31, 2018, respectively, and is recorded in other assets on the Consolidated Balance Sheets. As of June 30, 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 six months ended June 30, 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 June 30, 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	6 Months Ended
Flight Equipment Held for Sale	Jun. 30, 2019
Flight Equipment held for sale
Flight Equipment Held for Sale	Note 11. Flight Equipment Held for Sale As of June 30, 2019, we had three aircraft, with a carrying value of $106.0 million, which were held for sale and included in Flight equipment subject to operating leases on the Consolidated Balance Sheets. 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	6 Months Ended
Subsequent Events	Jun. 30, 2019
Subsequent Events
Subsequent Events	Note 12. Subsequent Events On August 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 October 4, 2019 to holders of record of our Class A common stock as of September 13, 2019. Our board of directors also approved a cash dividend of $0.384375 per share on our outstanding Series A Preferred Stock, which will be paid on September 15, 2019 to holders of record of our Series A Preferred Stock as of August 31, 2019.

Basis of Preparation and Crit_2

Basis of Preparation and Critical Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2019
Basis of Preparation and Critical Accounting Policies
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)	6 Months Ended
Debt Financing (Tables)	Jun. 30, 2019
Debt Financing
Summary of consolidated debt	The Company’s debt financing was comprised of the following at June 30, 2019 and December 31, 2018 (dollars in thousands): June 30, December 31, 2019 2018 Unsecured Senior notes $ 10,950,000 $ 10,043,445 Revolving credit facilities 801,000 602,000 Term financings 800,250 607,340 Total unsecured debt financing 12,551,250 11,252,785 Secured Term financings 411,343 371,203 Export credit financing 34,938 38,265 Total secured debt financing 446,281 409,468 Total debt financing 12,997,531 11,662,253 Less: Debt discounts and issuance costs (138,287) (123,348) Debt financing, net of discounts and issuance costs $ 12,859,244 $ 11,538,905
Schedule of secured obligations	The Company’s secured obligations as of June 30, 2019 and December 31, 2018 are summarized below (dollars in thousands): June 30, December 31, 2019 2018 Nonrecourse $ 149,628 $ 167,245 Recourse 296,653 242,223 Total secured debt financing $ 446,281 $ 409,468 Number of aircraft pledged as collateral 18 20 Net book value of aircraft pledged as collateral $ 961,104 $ 1,132,111
Schedule of maturities of debt outstanding	Maturities of debt outstanding as of June 30, 2019 are as follows (in thousands): Years ending December 31, 2019 $ 59,892 2020 1,460,039 2021 1,991,039 2022 2,701,069 2023 2,537,846 Thereafter 4,247,646 Total $ 12,997,531

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
Commitments and Contingencies (Tables)	Jun. 30, 2019
Commitments and Contingencies
Schedule of commitments to acquire aircraft	Aircraft Type 2019 2020 2021 2022 2023 Thereafter Total Airbus A320/321neo (1) 16 27 32 25 25 — 125 Airbus A330-900neo 4 2 5 6 2 — 19 Airbus A350-900/1000 1 3 6 3 2 — 15 Boeing 737-7/8/9 MAX — 41 48 31 25 5 150 Boeing 787-9/10 6 13 7 8 — — 34 Total (2)(3) 27 86 98 73 54 5 343 (1) Our Airbus A320/321neo aircraft orders include 56 long-range variants. (2) In addition to the aircraft from our orderbook, we have a commitment to purchase one used Airbus A330-300 aircraft from a third party, which is scheduled for delivery in 2019. (3) Excluded from the table above are memorandums of understanding (“MOU”) with Airbus, signed in June 2019, to launch the A321 XLR aircraft and to order the A220 aircraft. Through these MOUs, we have the right to purchase 27 A321 XLR aircraft, 23 A321neo aircraft and 50 A220 aircraft and we have options for an additional 25 A220 aircraft. Also excluded from the table above is an MOU with Boeing, signed in June 2019, to convert existing purchase orders of 15 737 MAX aircraft to five 787-9 aircraft.
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 $24.1 billion at June 30, 2019, and are due as follows (in thousands): Years ending December 31, 2019 $ 2,744,657 2020 6,469,820 2021 6,741,848 2022 5,034,063 2023 2,896,636 Thereafter 221,130 Total $ 24,108,154

Rental Income (Tables)

Rental Income (Tables)	6 Months Ended
Rental Income (Tables)	Jun. 30, 2019
Rental Income
Schedule of minimum future rentals on non-cancellable operating leases of flight equipment	At June 30, 2019, minimum future rentals on non-cancellable operating leases of flight equipment in our fleet, which have been delivered as of June 30, 2019, are as follows (in thousands): Years ending December 31, 2019 (excluding the six months ended June 30, 2019) $ 967,346 2020 1,899,538 2021 1,803,660 2022 1,672,930 2023 1,480,260 Thereafter 5,633,658 Total $ 13,457,392

Net Earnings Per Share (Tables)

Net Earnings Per Share (Tables)	6 Months Ended
Net Earnings Per Share (Tables)	Jun. 30, 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 Six Months Ended June 30, June 30, 2019 2018 2019 2018 Basic earnings per share: Numerator Net income $ 128,305 $ 115,211 $ 266,399 $ 225,862 Preferred stock dividends (4,271) — (4,271) — Net income available to common stockholders $ 124,034 $ 115,211 $ 262,128 $ 225,862 Denominator Weighted-average common shares outstanding 111,371,790 104,003,960 111,196,011 103,876,647 Basic earnings per share $ 1.11 $ 1.11 $ 2.36 $ 2.17 Diluted earnings per share: Numerator Net income $ 128,305 $ 115,211 $ 266,399 $ 225,862 Preferred stock dividends (4,271) — (4,271) — Assumed conversion of convertible senior notes — 1,735 — 3,474 Net income available to common stockholders plus assumed conversions $ 124,034 $ 116,946 $ 262,128 $ 229,336 Denominator Number of shares used in basic computation 111,371,790 104,003,960 111,196,011 103,876,647 Weighted-average effect of dilutive securities 1,435,233 8,420,622 1,402,612 8,449,859 Number of shares used in per share computation 112,807,023 112,424,582 112,598,623 112,326,506 Diluted earnings per share $ 1.10 $ 1.04 $ 2.33 $ 2.04

Stock-based Compensation (Table

Stock-based Compensation (Tables)	6 Months Ended
Stock-based Compensation (Tables)	Jun. 30, 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 (573,806) $ 20.00 — $ 9,905 Forfeited/canceled — $ — — $ — Balance at June 30, 2019 2,046,489 $ 20.52 1.00 $ 42,616 Vested and exercisable as of June 30, 2019 2,046,489 $ 20.52 1.00 $ 42,616 (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 1,926,489 0.95 $28.80 120,000 1.82 $20.00 - $28.80 2,046,489 1.00
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 670,279 $ 39.64 Vested (252,674) $ 35.11 Forfeited/canceled (168,579) $ 29.67 Unvested at June 30, 2019 1,304,351 $ 43.44 Expected to vest after June 30, 2019 1,395,739 $ 43.29

Company Background and Overvi_2

Company Background and Overview (Details)	6 Months Ended
Company Background and Overview (Details)	Jun. 30, 2019aircraft
Organization
Number of aircraft owned	297
Number of aircraft managed	64
Number of aircraft on order with manufacturers	343

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 ($)	Jun. 30, 2019USD ($)aircraft	Jul. 31, 2019USD ($)	Dec. 31, 2018USD ($)aircraft
Debt financing
Total debt financing		$ 12,997,531		$ 11,662,253
Less: Debt discounts and issuance costs		(138,287)		(123,348)
Debt financing, net of discounts and issuance costs		12,859,244		11,538,905
Unsecured Debt
Debt financing
Total debt financing		12,551,250		11,252,785
Senior Notes
Debt financing
Total debt financing		10,950,000		10,043,445
Medium Term Note Program
Secured Obligations
Principal amount issued		1,750,000
Medium Term Note Program 4.25 Percent Due 2024
Secured Obligations
Principal amount issued		$ 700,000
Interest rate (as a percent)		4.25%
Medium Term Note Program 3.75 Percent Due 2026 [Member]
Secured Obligations
Principal amount issued		$ 750,000
Interest rate (as a percent)		3.75%
Medium Term Note Program Due 2021 [Member]
Secured Obligations
Principal amount issued		$ 300,000
Medium Term Note Program Due 2021 [Member] \| LIBOR
Secured Obligations
Interest margin (as a percent)		0.67%
Unsecured Term financings
Debt financing
Total debt financing		$ 800,250		607,340
Revolving Credit Facilities
Debt financing
Total debt financing		801,000		602,000
Unsecured Revolving Credit Facility Maturing on May 5, 2020
Secured Obligations
Line of credit maturity amount	$ 92,700
Unsecured Revolving Credit Facility Mature On 5 May 2021
Secured Obligations
Line of credit maturity amount	5,000
Unsecured Revolving Credit Facility Mature On 5 May 2022
Secured Obligations
Line of credit maturity amount	245,000
Unsecured Revolving Credit Facility Mature On 5 May 2023
Secured Obligations
Maximum borrowing capacity	$ 5,800,000
Incremental borrowing capacity			$ 58,000
Incremental borrowing capacity increase percentage	26.60%
Line of credit maturity amount	$ 5,500,000
Facility fee (as a percent)	0.20%
Unsecured Revolving Credit Facility Mature On 5 May 2023 \| LIBOR
Secured Obligations
Interest margin (as a percent)	1.05%
Secured Debt
Debt financing
Total debt financing		446,281		409,468
Secured Obligations
Nonrecourse		149,628		167,245
Recourse		296,653		242,223
Total secured debt financing		$ 446,281		$ 409,468
Number of aircraft pledged as collateral \| aircraft		18		20
Net book value of aircraft pledged as collateral		$ 961,104		$ 1,132,111
Export Credit Financing
Debt financing
Total debt financing		34,938		38,265
Term Financings
Debt financing
Total debt financing		$ 411,343		$ 371,203

Debt Financing - Maturities of

Debt Financing - Maturities of Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Maturities
2019	$ 59,892
2020	1,460,039
2021	1,991,039
2022	2,701,069
2023	2,537,846
Thereafter	4,247,646
Total	$ 12,997,531	$ 11,662,253

Commitments and Contingencies_2

Commitments and Contingencies (Details) $ in Thousands	Aug. 08, 2019lease	Jun. 30, 2019USD ($)aircraft	Jun. 30, 2019USD ($)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 \| $		$ 2,744,657	$ 2,744,657
2020 \| $		6,469,820	6,469,820
2021 \| $		6,741,848	6,741,848
2022 \| $		5,034,063	5,034,063
2023 \| $		2,896,636	2,896,636
Thereafter \| $		221,130	221,130
Total \| $		24,108,154	$ 24,108,154
Aircrafts
Commitments to acquire aircraft
2019			27
2020			86
2021			98
2022			73
2023			54
Thereafter			5
Total			343
Commitments for the acquisition of the aircraft and other equipment
Deposit Assets \| $		$ 1,700,000	$ 1,700,000	$ 1,800,000
Airbus A321 XLR
Commitments to acquire aircraft
Additional commitments under memorandums of understanding		27
Airbus A320/321neo
Commitments to acquire aircraft
2019			16
2020			27
2021			32
2022			25
2023			25
Total			125
Number of long-range variants \| item			56
Additional commitments under memorandums of understanding		23
Airbus A220
Commitments to acquire aircraft
Additional commitments under memorandums of understanding		50
Memorandums of understanding commitment additional options		25
Airbus A330-900neo
Commitments to acquire aircraft
2019			4
2020			2
2021			5
2022			6
2023			2
Total			19
Airbus A350-900/1000
Commitments to acquire aircraft
2019			1
2020			3
2021			6
2022			3
2023			2
Total			15
Boeing 737-7/8/9 MAX
Commitments to acquire aircraft
2020			41
2021			48
2022			31
2023			25
Thereafter			5
Total			150
Boeing 787-9/10
Commitments to acquire aircraft
2019			6
2020			13
2021			7
2022			8
Total			34
Boeing 787-9 Aircraft
Commitments to acquire aircraft
Additional commitments under memorandums of understanding		5
Airbus A330-300
Commitments to acquire aircraft
Additional purchase commitments			1
Airbus A350-1000 \| Maximum
Commitments for the acquisition of the aircraft and other equipment
Aircraft to be acquired under non-binding commitment			5
B-737-Max
Commitments to acquire aircraft
Aircraft commitments converted		15
Boeing 737-8 MAX Aircraft \| Maximum
Commitments for the acquisition of the aircraft and other equipment
Aircraft to be acquired under non-binding commitment			45

Rental Income (Details)

Rental Income (Details) $ in Thousands	Jun. 30, 2019USD ($)
Minimum future rentals on non-cancelable operating leases of flight equipment
2019 (excluding the six months ended June 30, 2019)	$ 967,346
2020	1,899,538
2021	1,803,660
2022	1,672,930
2023	1,480,260
Thereafter	5,633,658
Total	$ 13,457,392

Net Earnings Per Share (Details

Net Earnings Per Share (Details) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2019USD ($)$ / sharesshares	Mar. 31, 2019USD ($)	Jun. 30, 2018USD ($)$ / sharesshares	Mar. 31, 2018USD ($)	Jun. 30, 2019USD ($)item$ / sharesshares	Jun. 30, 2018USD ($)$ / sharesshares
Anti-dilutive securities
Number of classes of common stock \| item					2
Numerator
Preferred stock dividends	$ (4,271)				$ (4,271)
Net income available to common stockholders	$ 124,034		$ 115,211		$ 262,128	$ 225,862
Denominator
Weighted-average common shares outstanding \| shares	111,371,790		104,003,960		111,196,011	103,876,647
Basic earnings per share (in dollars per share) \| $ / shares	$ 1.11		$ 1.11		$ 2.36	$ 2.17
Numerator
Net income	$ 128,305	$ 138,094	$ 115,211	$ 110,651	$ 266,399	$ 225,862
Preferred dividends paid					(4,271)
Assumed conversion of convertible senior notes			1,735			3,474
Net income plus assumed conversions	$ 124,034		$ 116,946		$ 262,128	$ 229,336
Denominator
Number of shares used in basic computation \| shares	111,371,790		104,003,960		111,196,011	103,876,647
Weighted-average effect of dilutive securities (in shares) \| shares	1,435,233		8,420,622		1,402,612	8,449,859
Number of shares used in per share computation \| shares	112,807,023		112,424,582		112,598,623	112,326,506
Diluted net income per share (in dollars per share) \| $ / shares	$ 1.10		$ 1.04		$ 2.33	$ 2.04
Restricted Stock Units
Anti-dilutive securities
Anti-dilutive securities excluded from the computation of diluted earnings per share (in shares) \| shares					976,613	951,878

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Recurring and Non-recurring (Details) - USD ($) $ in Thousands	Jun. 30, 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	Jun. 30, 2019	Dec. 31, 2018
Book Value
Financial Instruments Not Measured at Fair Value
Debt financing	$ 13	$ 11.7
Level 2
Financial Instruments Not Measured at Fair Value
Debt financing	$ 13.3	$ 11.4

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($)	Mar. 05, 2019	Jun. 30, 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	$ 250,000
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		111,666,126		110,949,850
Common stock, shares outstanding		111,666,126		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				0
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	Jun. 30, 2019USD ($)$ / sharesshares	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)item$ / sharesshares	Jun. 30, 2018USD ($)	Dec. 31, 2018USD ($)$ / sharesshares
Stock-based Compensation
Unrecognized compensation cost		$ 35,700		$ 35,700
Equity Incentive Plan 2010
Stock-based Compensation
Number of shares authorized \| shares		5,236,334		5,236,334
Shares included in the authorized shares which was previously reserved for issuance \| shares		236,334		236,334
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	$ 0	$ 0
Unrecognized compensation cost		$ 0		$ 0
Shares
Balance at the beginning of the period (in shares) \| shares				2,620,295
Exercised (in shares) \| shares				(573,806)
Balance at the end of the period (in shares) \| shares		2,046,489		2,046,489		2,620,295
Vested and exercisable at the end of the period (in shares) \| shares		2,046,489		2,046,489
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		$ 20.52		20.52		$ 20.40
Vested and exercisable at the end of the period (in dollars per share) \| $ / shares		$ 20.52		$ 20.52
Remaining Contractual Term
Remaining Contractual Term (in years)				1 year		1 year 5 months 26 days
Vested and exercisable				1 year
Aggregate Intrinsic Value
Balance at the beginning of the period				$ 25,697
Exercised				9,905
Balance at the end of the period		$ 42,616		42,616		$ 25,697
Vested and exercisable at the end of the period		42,616		$ 42,616
Restricted Stock Units
Stock-based Compensation
Number of different vesting criteria \| item				4
Stock-based compensation		$ 5,900	$ 4,900	$ 10,000	$ 8,300
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)	6 Months Ended
	Jun. 30, 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	1,926,489
Weighted-Average Remaining Life (in years)	11 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)	1 year 9 months 25 days
$20.00 - $28.80
Stock options exercisable and vested
Number of Shares \| shares	2,046,489
Weighted-Average Remaining Life (in years)	1 year
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	6 Months Ended
	Jun. 30, 2019USD ($)$ / sharesshares
Stock-based compensation expense
Unrecognized compensation cost \| $	$ 35.7
Weighted-average period of recognition of unrecognized stock-based compensation cost	2 years 14 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)	670,279
Vested (in shares)	(252,674)
Forfeited/canceled (in shares)	(168,579)
Unvested at the end of the period (in shares)	1,304,351
Expected to vest after the end of the period (in shares)	1,395,739
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	39.64
Vested (in dollars per share) \| $ / shares	35.11
Forfeited/canceled (in dollars per share) \| $ / shares	29.67
Unvested at the end of the period (in dollars per share) \| $ / shares	43.44
Expected to vest after the end of the period (in dollars per share) \| $ / shares	$ 43.29
Restricted Stock With Total Shareholder Return Conditions
Unvested Restricted Stock Units, Number of Shares
Granted (in shares)	139,895

Investments (Details)

Investments (Details)	6 Months Ended	12 Months Ended
Investments (Details)	Jun. 30, 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	$ 45,000,000		$ 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	6 Months Ended	12 Months Ended
	Jun. 30, 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 \| $	$ 106		$ 241.6

Subsequent Events (Details)

Subsequent Events (Details) - $ / shares	Aug. 08, 2019	Mar. 31, 2019	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Subsequent Events
Quarterly cash dividends on common stock		$ 0.13	$ 0.10	$ 0.13	$ 0.10
Subsequent Event \| Series A Preferred Stock
Subsequent Events
Dividend declared per share of Series A preferred stock	$ 0.384375
Subsequent Event \| Dividend Declared \| Class A Common Stock
Subsequent Events
Quarterly cash dividends on common stock	$ 0.13