Air Lease (AL) 10-Q7 May 202019 Q3 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2020	May 06, 2020
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
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		113,643,462
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001487712
Amendment Flag	false
Class A Common Stock
Document Information [Line Items]
Title of 12(b) Security	Class A Common Stock
Trading Symbol	AL
Security Exchange Name	NYSE
Series A Preferred Stock
Document Information [Line Items]
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	Mar. 31, 2020	Dec. 31, 2019
Assets
Cash and cash equivalents	$ 732,719	$ 317,488
Restricted cash	20,662	20,573
Flight equipment subject to operating leases	21,976,429	21,286,154
Less accumulated depreciation	(2,754,068)	(2,581,817)
Flight equipment subject to operating leases, net	19,222,361	18,704,337
Deposits on flight equipment purchases	1,576,508	1,564,188
Other assets	1,130,095	1,102,569
Total assets	22,682,345	21,709,155
Liabilities and Shareholders' Equity
Accrued interest and other payables	491,251	516,497
Debt financing, net of discounts and issuance costs	14,414,621	13,578,866
Security deposits and maintenance reserves on flight equipment leases	1,122,957	1,097,061
Rentals received in advance	134,779	143,692
Deferred tax liability	782,368	749,495
Total liabilities	16,945,976	16,085,611
Shareholders' Equity
Paid-in capital	2,775,640	2,777,601
Retained earnings	2,962,368	2,846,106
Accumulated other comprehensive loss	(2,875)	(1,397)
Total shareholders' equity	5,736,369	5,623,544
Total liabilities and shareholders' equity	22,682,345	21,709,155
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 December 31, 2019 and no shares issued or outstanding at December 31, 2018	100	100
Class A Common Stock
Shareholders' Equity
Common Stock	1,136	1,134
Class B Non-Voting Common Stock
Shareholders' Equity
Common Stock

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 05, 2019	Mar. 31, 2020	Dec. 31, 2019
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	10,000,000
Preferred Stock, shares outstanding		10,000,000
Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock	6.15%
Series A liquidation preference		$ 250,000
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	10,000,000
Preferred Stock, shares outstanding		10,000,000	10,000,000
Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock		6.15%	6.15%
Series A liquidation preference		$ 250,000	$ 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		113,639,911	113,350,267
Common Stock, outstanding shares		113,639,911	113,350,267
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 AND COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues
Rental of flight equipment	$ 496,687	$ 455,739
Aircraft sales, trading and other	14,700	10,312
Total revenues	511,387	466,051
Expenses
Interest	107,541	89,220
Amortization of debt discounts and issuance costs	10,528	8,540
Interest expense	118,069	97,760
Depreciation of flight equipment	188,895	159,471
Selling, general, and administrative	28,322	29,702
Stock-based compensation	4,429	4,174
Total expenses	339,715	291,107
Income before taxes	171,672	174,944
Income tax expense	(34,521)	(36,850)
Net income	137,151	138,094
Preferred stock dividends	(3,844)
Net income available to common stockholders	133,307	138,094
Other Comprehensive Loss:
Change in foreign currency translation adjustment	23,477
Change from current period hedged transaction	(25,386)
Total tax benefit on other comprehensive loss	431
Other Comprehensive (loss)/income available for common stockholders, net of tax	(1,478)
Total comprehensive income available for common stockholders	$ 131,829	$ 138,094
Earnings per share of Class A and Class B common stock:
Basic (in dollars per share)	$ 1.17	$ 1.24
Diluted (in dollars per share)	$ 1.17	$ 1.23
Weighted-average shares outstanding
Basic (in shares)	113,471,945	111,018,279
Diluted (in shares)	113,785,028	112,380,856
Dividends declared per share of Class A common stock (in dollars per share)	$ 0.15	$ 0.13

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Class A Common StockCommon Stock	Preferred Stock	Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income	Total
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 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 expense			4,174			4,174
Cash dividends				(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, 2019	$ 1,134	$ 100	2,777,601	2,846,106	$ (1,397)	5,623,544
Balance (in shares) at Dec. 31, 2019	113,350,267	10,000,000
Increase (Decrease) in Shareholders' Equity
Issuance of common stock upon vesting of restricted stock units and upon exercise of options	$ 4		2,021			2,025
Issuance of common stock upon vesting of restricted stock units and exercise of options (in shares)	480,978
Dividends declared on preferred stock				(3,844)		(3,844)
Stock-based compensation expense			4,429			4,429
Cash dividends				(17,045)		(17,045)
Change in foreign currency translation adjustment and from current period hedged transactions					(1,478)	(1,478)
Tax withholding related to vesting of restricted stock units and exercise of stock options	$ (2)		(8,411)			(8,413)
Tax withholding related to vesting of restricted stock units and exercise of stock options (in shares)	(191,334)
Net income				137,151		137,151
Balance at Mar. 31, 2020	$ 1,136	$ 100	$ 2,775,640	$ 2,962,368	$ (2,875)	$ 5,736,369
Balance (in shares) at Mar. 31, 2020	113,639,911	10,000,000

CONSOLIDATED STATEMENT OF SHARE

CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
Cash dividends declared per share (in dollars per share)	$ 0.15	$ 0.13

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Operating Activities
Net income	$ 137,151	$ 138,094
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of flight equipment	188,895	159,471
Stock-based compensation	4,429	4,174
Deferred taxes	33,302	36,825
Amortization of discounts and debt issuance costs	10,528	8,540
Amortization of prepaid lease costs	10,454	7,180
Gain on aircraft sales, trading and other activity	(5,554)	(17,167)
Changes in operating assets and liabilities:
Other assets	(88,411)	(93,788)
Accrued interest and other payables	(47,858)	20,789
Rentals received in advance	(8,913)	(2,869)
Net cash provided by operating activities	234,023	261,249
Investing Activities
Acquisition of flight equipment under operating lease	(511,232)	(725,300)
Payments for deposits on flight equipment purchases	(174,589)	(305,284)
Proceeds from aircraft sales, trading and other activity	65,070	247,264
Acquisition of aircraft furnishings, equipment and other assets	(51,576)	(111,162)
Net cash used in investing activities	(672,327)	(894,482)
Financing Activities
Issuance of common stock upon exercise of options	2,025	440
Cash dividends paid on Class A common stock	(17,003)	(14,421)
Preferred dividends paid	(3,844)
Tax withholdings on stock-based compensation	(8,413)	(3,587)
Net change in unsecured revolving facility	495,000	225,000
Proceeds from debt financings	1,449,873	995,779
Payments in reduction of debt financings	(1,093,268)	(896,098)
Net proceeds from preferred stock issuance		242,241
Debt issuance costs	(2,902)	(2,455)
Security deposits and maintenance reserve receipts	50,083	73,145
Security deposits and maintenance reserve disbursements	(17,927)	(11,567)
Net cash provided by financing activities	853,624	608,477
Net increase/(decrease) in cash	415,320	(24,756)
Cash, cash equivalents and restricted cash at beginning of period	338,061	322,998
Cash, cash equivalents and restricted cash at end of period	753,381	298,242
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest, including capitalized interest of $13,261 and $16,226 at March 31, 2020 and 2019, respectively	141,060	137,481
Cash paid for income taxes	2,149	25
Supplemental Disclosure of Noncash Activities
Buyer furnished equipment, capitalized interest and deposits on flight equipment purchases applied to acquisition of flight equipment	191,318	298,962
Cash dividends declared on Class A common stock, not yet paid	$ 17,046	$ 14,445

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Supplemental Disclosure of Cash Flow Information
Cash paid for interest, capitalized interest	$ 13,261	$ 16,226

Company Background and Overview

Company Background and Overview	3 Months Ended
Company Background and Overview	Mar. 31, 2020
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. The Company is principally engaged in purchasing new commercial jet transport aircraft directly from manufacturers, such as The Boeing Company (“Boeing”) and Airbus S.A.S (“Airbus”). The Company leases these aircraft to airlines throughout the world with the intention to generate attractive returns on equity. As of March 31, 2020, the Company owned a fleet of 300 aircraft in its operating lease portfolio, managed 82 aircraft and had 399 aircraft on order with aircraft manufacturers. In addition to its leasing activities, the Company sells aircraft from its operating lease portfolio to third parties, including other leasing companies, financial services companies, airlines and other investors. The Company also provides fleet management services to investors and owners of aircraft portfolios for a management fee.

Basis of Preparation and Critic

Basis of Preparation and Critical Accounting Policies	3 Months Ended
Basis of Preparation and Critical Accounting Policies	Mar. 31, 2020
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 the Company has a controlling financial interest, including the accounts of any Variable Interest Entity in which the Company has a controlling financial interest and for which it is 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, 2020, and for all periods presented. The results of operations for the three months ended March 31, 2020 are not necessarily indicative of the operating results expected for the year ending December 31, 2020. These financial statements and related notes 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, 2019.

Recently Issued Accounting Stan

Recently Issued Accounting Standards	3 Months Ended
Recently Issued Accounting Standards	Mar. 31, 2020
Recently Issued Accounting Standards
Recently Issued Accounting Standards	Note 3. Recently Issued Accounting Standards On April 10, 2020, the Financial Accounting Standards Board (“FASB”) issued a question-and-answer document regarding accounting for lease concessions and other effects of the coronavirus (“COVID-19”) pandemic. The document clarifies that entities may elect to not evaluate whether lease-related relief that lessors provide to mitigate the economic effects of COVID-19 on lessees is a lease modification under Leases ASC 842

Debt Financing

Debt Financing	3 Months Ended
Debt Financing	Mar. 31, 2020
Debt Financing
Debt Financing	Note 4. Debt Financing The Company’s consolidated debt as of March 31, 2020 and December 31, 2019 (dollars in thousands): March 31, December 31, 2020 2019 Unsecured Senior notes $ 12,834,333 $ 12,357,811 Term financings 877,950 883,050 Revolving credit facility 515,000 20,000 Total unsecured debt financing 14,227,283 13,260,861 Secured Term financings 322,320 428,824 Export credit financing 29,947 31,610 Total secured debt financing 352,267 460,434 Total debt financing 14,579,550 13,721,295 Less: Debt discounts and issuance costs (164,929) (142,429) Debt financing, net of discounts and issuance costs $ 14,414,621 $ 13,578,866 The Company’s secured obligations as of March 31, 2020 and December 31, 2019 are summarized below (dollars in thousands): March 31, December 31, 2020 2019 Nonrecourse $ 120,381 $ 128,460 Recourse 231,886 331,974 Total secured debt financing $ 352,267 $ 460,434 Number of aircraft pledged as collateral 12 15 Net book value of aircraft pledged as collateral $ 652,351 $ 890,693 Senior unsecured notes (including Medium-Term Note Program) As of March 31, 2020, the Company had $12.8 billion in senior unsecured notes outstanding. As of December 31, 2019, the Company had During the three months ended March 31, 2020, the Company issued $1.4 billion in aggregate principal amount of Medium-Term Notes comprised of (i) $750.0 million due 2025 at a fixed rate of 2.30% and (ii) $650.0 million due 2030 at a fixed rate of 3.00%. Unsecured revolving credit facilities The Company has an unsecured revolving credit facility with JPMorgan Chase Bank, N.A. as agent (the “Revolving Credit Facility”). During the quarter ended March 31, 2020, the Company increased the aggregate capacity of the Revolving Credit Facility by $250.0 million to $6.1 billion. The total amount outstanding under the Revolving Credit Facility was $515.0 million and $20.0 million as of March 31, 2020 and December 31, 2019, respectively. As of March 31, 2020, borrowings under the Revolving Credit Facility will generally bear interest at either (a) LIBOR plus a margin of 1.05% per year or (b) an alternative base rate plus a margin of 0.05% per year, subject, in each case, to increases or decreases based on declines in the credit ratings for our debt. The Company is required to pay a facility fee of 0.20% per year (also subject to increases or decreases based on declines in the credit ratings for the Company’s debt) in respect of total commitments under the Revolving Credit Facility. Borrowings under the Revolving Credit Facility are used to finance the Company’s working capital needs in the ordinary course of business and for other general corporate purposes. On May 5, 2020, commitments totaling $92.7 million of the Revolving Credit Facility matured. Lenders hold revolving commitments totaling approximately $5.5 billion that mature on May 5, 2023, commitments totaling $245.0 million that mature on May 5, 2022 and commitments totaling $5.0 million that mature on May 5, 2021. As of May 7, 2020, after giving effect to the commitments that matured on May 5, 2020, the aggregate capacity of the Revolving Credit Facility was approximately $6.0 billion. Maturities Maturities of debt outstanding as of March 31, 2020 are as follows (in thousands): Years ending December 31, 2020 $ 319,372 2021 2,049,294 2022 2,751,269 2023 2,988,154 2024 1,534,552 Thereafter 4,936,909 Total $ 14,579,550

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2020
Commitments and Contingencies
Commitments and Contingencies	Note 5. Commitments and Contingencies As of March 31, 2020, updated through May 7, 2020, the Company had commitments to acquire a total of 399 new aircraft for delivery through 2026 as follows: Estimated Delivery Years Aircraft Type 2020 2021 2022 2023 2024 Thereafter Total Airbus A220-300 (1) — — 8 13 10 19 50 Airbus A320/321neo (2) 13 24 26 26 29 36 154 Airbus A330-900neo — 3 7 5 — — 15 Airbus A350-900/1000 3 3 6 2 6 — 20 Boeing 737-7/8/9 MAX 2 28 24 42 30 — 126 Boeing 787-9/10 8 6 8 10 2 — 34 Total 26 64 79 98 77 55 399 (1) In addition to the Company’s commitments, as of March 31, 2020, the Company had options to acquire up to 25 Airbus A220 aircraft. If exercised, deliveries of these aircraft are scheduled to commence in 2023 and continue through 2028. (2) Our Airbus A320/321neo aircraft orders include 47 long-range variants and 29 extra long-range variants. Pursuant to the Company’s purchase agreements with Boeing and Airbus for new aircraft, the Company and each manufacturer agree to contractual delivery dates for each aircraft ordered. These dates can change for a variety of reasons, and in the last several years manufacturing delays have significantly impacted the Company’s actual delivery dates. For several years, the Company has experienced delivery delays for certain of its Airbus orderbook aircraft, primarily the A321neo aircraft and, to a lesser extent, A330neo aircraft. The worldwide grounding of the Boeing 737 MAX aircraft (“737 MAX”) began on March 10, 2019, and remains in effect. As a result, Boeing has temporarily halted production and delivery of all 737 MAX aircraft and our new 737 MAX aircraft have been significantly delayed. Lifting of the grounding is subject to the approval of global regulatory authorities and the Company is unable to speculate as to when this may occur. Even after the grounding is lifted, Boeing’s ability to deliver 737 MAX aircraft may be impacted as a result of the COVID-19 pandemic. The Company is currently in discussions with Boeing regarding the mitigation of possible damages resulting from the grounding of, and the delivery delays associated with the 737 MAX aircraft that the Company owns or has on order, which could result in changes to the commitment table. The ongoing COVID-19 pandemic has caused delivery delays and is expected to continue to cause delays of aircraft in the Company’s orderbook. As discussed in further detail in Note 13, “Subsequent Events,” the COVID-19 pandemic has resulted in numerous travel restrictions and business shutdowns, including a temporary closure of final aircraft assembly facilities for each of Boeing and Airbus. Given the dynamic nature of the ongoing COVID-19 pandemic, the Company is in ongoing discussions with Boeing and Airbus to determine the impact and duration of delivery delays. However, the Company is not yet able to determine the impact of the delivery delays, and as such, the delivery dates listed above could materially change. The aircraft purchase commitments discussed above also could be impacted by lease cancellation. The Company’s leases typically provide that the Company and the airline customer each have a cancellation right related to certain aircraft delivery delays. Our purchase agreements with Boeing and Airbus also generally provide that the Company and the manufacturer each have cancellation rights that typically are parallel with the Company’s cancellation rights in its leases. Our leases and our purchase agreements with Boeing and Airbus typically provide for cancellation rights starting at one year after the original contractual delivery date, regardless of cause. Commitments for the acquisition of these aircraft, calculated at an estimated aggregate purchase price (including adjustments for anticipated inflation) of approximately $26.8 billion at March 31, 2020, updated through May 7, 2020, are due as follows (in thousands): Years ending December 31, 2020 $ 2,206,538 2021 4,900,832 2022 6,519,111 2023 6,171,228 2024 4,456,237 Thereafter 2,542,133 Total $ 26,796,079 The Company has made non-refundable deposits on the aircraft for which the Company has commitments to purchase of $1.6 billion as of March 31, 2020 and December 31, 2019, respectively, which are subject to manufacturer performance commitments. If the Company is unable to satisfy its purchase commitments, the Company may be forced to forfeit its deposits. Further, the Company would be exposed to breach of contract claims by our lessees and manufacturers.

Rental Income

Rental Income	3 Months Ended
Rental Income	Mar. 31, 2020
Rental Income
Rental Income	Note 6. Rental Income At March 31, 2020, minimum future rentals on non-cancellable operating leases of flight equipment in the Company’s fleet, which have been delivered as of March 31, 2020, are as follows (in thousands): Years ending December 31, 2020 (excluding the three months ended March 31, 2020) $ 1,533,739 2021 1,987,225 2022 1,864,731 2023 1,666,500 2024 1,521,571 Thereafter 5,656,114 Total $ 14,229,880

Net Earnings Per Share

Net Earnings Per Share	3 Months Ended
Net Earnings Per Share	Mar. 31, 2020
Net Earnings Per Share
Net Earnings Per Share	Note 7. Earnings Per Share Basic net earnings per share is computed by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock; however, potential common equivalent shares are excluded if the effect of including these shares would be anti-dilutive. The Company’s two classes of common stock, Class A and Class B Non-Voting, have equal rights to dividends and income, and therefore, basic and diluted earnings per share are the same for each class of common stock. As of March 31, 2020, the Company did not have any Class B Non-Voting common stock outstanding. Diluted net earnings per share takes into account the potential conversion of stock options, restricted stock units, and warrants using the treasury stock method and convertible notes using the if-converted method. For the three months ended March 31, 2020, 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 990,100 and 940,470 shares related to restricted stock units for which the performance metric had yet to be achieved as of March 31, 2020 and 2019, respectively. The following table sets forth the reconciliation of basic and diluted net earnings per share (in thousands, except share and per share amounts): Three Months Ended March 31, 2020 2019 Basic earnings per share: Numerator Net income $ 137,151 $ 138,094 Preferred stock dividends (3,844) — Net income available to common stockholders $ 133,307 $ 138,094 Denominator Weighted-average common shares outstanding 113,471,945 111,018,279 Basic earnings per share $ 1.17 $ 1.24 Diluted earnings per share: Numerator Net income $ 137,151 $ 138,094 Preferred stock dividends (3,844) — Net income available to common stockholders $ 133,307 $ 138,094 Denominator Number of shares used in basic computation 113,471,945 111,018,279 Weighted-average effect of dilutive securities 313,083 1,362,577 Number of shares used in per share computation 113,785,028 112,380,856 Diluted earnings per share $ 1.17 $ 1.23

Fair Value Measurements

Fair Value Measurements	3 Months Ended
Fair Value Measurements	Mar. 31, 2020
Fair Value Measurements
Fair Value Measurements	Note 8. Fair Value Measurements Assets and Liabilities Measured at Fair Value on a Recurring and Non-recurring Basis The Company had a cross-currency swap related to its Canadian dollar notes issued in December 2019. The fair value of the swap as a foreign currency exchange derivative is categorized as a Level 2 measurement in the fair value hierarchy and is measured on a recurring basis. As of March 31, 2020, the estimated fair value of the foreign currency exchange derivative liability was $19.9 million. As of December 31, 2019, the estimated fair value of the foreign currency exchange derivative asset was $5.4 million. Financial Instruments Not Measured at Fair Values 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, 2020 was approximately $13.1 billion compared to a book value of $14.6 billion. The estimated fair value of debt financing as of December 31, 2019 was $14.1 billion compared to a book value of $13.7 billion. The following financial instruments are not measured at fair value on the Company’s Consolidated Balance Sheets at March 31, 2020, but require disclosure of their fair values: cash and cash equivalents and restricted cash. The estimated fair value of such instruments at March 31, 2020 and December 31, 2019 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
Shareholders' Equity	Mar. 31, 2020
Shareholders' Equity
Shareholders' Equity	Note 9. Shareholders’ Equity The Company was authorized to issue 500,000,000 shares of Class A common stock, $0.01 par value, at March 31, 2020 and December 31, 2019. As of March 31, 2020 and December 31, 2019, the Company had 113,639,911 and 113,350,267 Class A common shares issued 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 March 31, 2020 and December 31, 2019. As of March 31, 2020 and December 31, 2019, the Company had 10,000,000 shares of preferred stock issued and outstanding million. 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 Series A 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 3.650% 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
Stock-based Compensation	Mar. 31, 2020
Stock-based Compensation
Stock-based Compensation	Note 10. 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, 2020, the number of stock options (“Stock Options”) and restricted stock units (“RSUs”) authorized under the 2014 Plan is approximately 4,948,064. Stock Options are generally granted for a term of 10 years and 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 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 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 vest at the end of a The Company recorded $4.4 million and $4.2 million of stock-based compensation expense related to RSUs for the three months ended March 31, 2020 and 2019, respectively. Stock Options A summary of stock option activity for the three months ended March 31, 2020 follows: Remaining Aggregate Exercise Contractual Term Intrinsic Value Shares Price (in years) (in thousands) (1) Balance at December 31, 2019 364,153 $ 22.90 0.75 $ 8,965 Granted — $ — — $ — Exercised (101,200) $ 20.00 — $ 1,460 Forfeited/canceled — $ — — $ — Balance at March 31, 2020 262,953 $ 24.02 0.62 $ 306 Vested and exercisable as of March 31, 2020 262,953 $ 24.02 0.62 $ 306 (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. All of the Company’s outstanding employee stock options had fully vested as of June 30, 2013. As of March 31, 2020 there were no unrecognized compensation costs related to outstanding stock options. For the three months ended March 31, 2020 and 2019 there were no stock-based compensation expenses related to Stock Options. The following table summarizes additional information regarding outstanding exercisable and vested stock options at March 31, 2020: Stock Options Exercisable and Vested Weighted- Average Number of Remaining Life Range of exercise prices Shares (in years) $20.00 142,953 0.24 $28.80 120,000 1.07 $20.00 - $28.80 262,953 0.62 Restricted Stock Units Compensation cost for stock awards is measured at the grant date based on fair value and recognized over the vesting period. The fair value of book value and time based RSUs is determined based on the closing market price of the Company’s Class A common stock on the date of grant, while the fair value of TSR RSUs is determined at the grant date using a Monte Carlo simulation model. Included in the Monte Carlo simulation model were certain assumptions regarding a number of highly complex and subjective variables, such as expected volatility, risk-free interest rate and expected dividends. To appropriately value the award, the risk-free interest rate is estimated for the time period from the valuation date until the vesting date and the historical volatilities were estimated based on a historical timeframe equal to the time from the valuation date until the end date of the performance period. During the three months ended March 31, 2020, the Company granted 527,246 RSUs of which 143,237 are TSR RSUs. The following table summarizes the activities for our unvested RSUs for the three months ended March 31, 2020: Unvested Restricted Stock Units Weighted-Average Number of Grant-Date Shares Fair Value Unvested at December 31, 2019 1,254,904 $ 43.62 Granted 527,246 $ 45.85 Vested (379,778) $ 47.54 Forfeited/canceled — $ — Unvested at March 31, 2020 1,402,372 $ 43.40 Expected to vest after March 31, 2020 1,499,715 $ 43.26 As of March 31, 2020, there was $41.7 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 2.14 years.

Aircraft under management

Aircraft under management	3 Months Ended
Aircraft under management	Mar. 31, 2020
Aircraft under management
Aircraft under management	Note 11. Aircraft Under Management As of March 31, 2020, we managed 82 aircraft across three aircraft management platforms. We managed 52 aircraft through our Thunderbolt platform, 26 aircraft through the Blackbird investment funds and four on behalf of a financial institution. We managed 26 aircraft on behalf of third-party investors, through two investment funds, Blackbird I and Blackbird II. These funds invest in commercial aircraft and lease them to airlines throughout the world. We provide management services to these funds for a fee. As of March 31, 2020, the Company's non-controlling interests in each fund is 9.5 % and are accounted for under the equity method of accounting. The Company’s investment in these funds aggregated $48.5 million and $46.5 million as of March 31, 2020 and December 31, 2019, respectively, and is included in Other assets on the Consolidated Balance Sheets. We continue to source aircraft investment opportunities for Blackbird II. As of March 31, 2020, Blackbird II has remaining equity capital commitments to acquire up to approximately $1.2 billion in aircraft assets, for which we have committed to fund up to $29.1 million related to these potential investments. Additionally, we continue to manage aircraft that we sell through our Thunderbolt platform. As of March 31, 2020, we managed aircraft from our operating lease portfolio through our Thunderbolt platform. The Company’s total investment in aircraft sold through our Thunderbolt platform was

Flight Equipment Held for Sale

Flight Equipment Held for Sale	3 Months Ended
Flight Equipment Held for Sale	Mar. 31, 2020
Flight Equipment held for sale
Flight Equipment Held for Sale	Note 12. Flight Equipment Held for Sale As of March 31, 2020, we had five aircraft, with a carrying value of $175.1 million, which were held for sale and included in Other assets on the Consolidated Balance Sheets. These aircraft will be sold through our Thunderbolt platform and we expect the sale of all five aircraft to be completed in 2020. We cease recognition of depreciation expense once an aircraft is classified as held for sale. As of December 31, 2019, we had eight aircraft classified as held for sale, with a carrying value of $249.6 million.

Subsequent Events

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2020
Subsequent Events
Subsequent Events	Note 13. Subsequent Events Dividend Distribution On May 6, 2020, our board of directors approved a quarterly cash dividend of $0.15 per share on our outstanding Class A common stock. The dividend will be paid on July 9, 2020 to holders of record of our Class A common stock as of June 5, 2020. 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 June 15, 2020 to holders of record of our Series A Preferred Stock as of May 31, 2020. COVID-19 Pandemic On January 30, 2020, the spread of the COVID-19 outbreak was declared a Public Health Emergency of International Concern by WHO. On March 11, 2020, WHO characterized the COVID-19 outbreak as a pandemic. The COVID-19 pandemic has resulted in governmental authorities around the world implementing numerous measures to try to contain the virus, such as travel bans and restrictions, border closures, quarantines, shelter-in-place or total lock-down orders and business limitations and shutdowns (subject to exceptions for certain essential operations and businesses). These measures, coupled with a decrease in consumer spending on travel as a result of COVID-19, have materially impacted airline traffic and operations throughout the world, including for our airline customers. It is unclear how long these restrictions will remain in place and they may remain in place in some form for an extended period of time. Aircraft manufacturers and suppliers also have been impacted, including causing the temporary closure of Boeing and Airbus’ final assembly facilities and also closures of various facilities across their supply chain. As the virus has spread in March and April, the relatively limited impacts the Company saw in Asia in the early part of the year have accelerated and are now occurring throughout the rest of the world, with a rapid decline in global air travel. Beginning in the first quarter of 2020 and continuing in the second quarter, the Company began receiving requests from most of its customers for accommodations such as deferral of lease payments or other lease concessions. The Company evaluates such requests on a case-by-case basis and has worked out accommodation arrangements with approximately 46% of its lessees, generally in the form of partial lease deferrals for payments due in the first and second quarter of 2020, typically with a short-term repayment period, with the majority of the deferrals repaid by the end of this year. In many cases, lease extensions were also negotiated as part of the deferral accommodations. The Company remains in active discussions with its other airline customers and may continue to provide accommodation arrangements on a case-by-case basis. While lease deferrals may delay our receipt of cash, we generally recognize the lease revenue during the period even if a deferral is provided to the lessee, unless we determine collection is not reasonably assured. We monitor all lessees with past due lease payments and discuss relevant operational and financial issues facing those lessees in order to determine an appropriate course of action. In addition, if collection is not reasonably assured, we will not recognize rental income for amounts due under our lease contracts and will recognize revenue for such lessees on a cash basis. Given the dynamic nature of this situation, the Company cannot reasonably estimate the impacts of COVID-19 on its business, results of operations and financial condition for the foreseeable future.

Debt Financing (Tables)

Debt Financing (Tables)	3 Months Ended
Debt Financing (Tables)	Mar. 31, 2020
Debt Financing
Summary of consolidated debt	The Company’s consolidated debt as of March 31, 2020 and December 31, 2019 (dollars in thousands): March 31, December 31, 2020 2019 Unsecured Senior notes $ 12,834,333 $ 12,357,811 Term financings 877,950 883,050 Revolving credit facility 515,000 20,000 Total unsecured debt financing 14,227,283 13,260,861 Secured Term financings 322,320 428,824 Export credit financing 29,947 31,610 Total secured debt financing 352,267 460,434 Total debt financing 14,579,550 13,721,295 Less: Debt discounts and issuance costs (164,929) (142,429) Debt financing, net of discounts and issuance costs $ 14,414,621 $ 13,578,866
Schedule of secured obligations	The Company’s secured obligations as of March 31, 2020 and December 31, 2019 are summarized below (dollars in thousands): March 31, December 31, 2020 2019 Nonrecourse $ 120,381 $ 128,460 Recourse 231,886 331,974 Total secured debt financing $ 352,267 $ 460,434 Number of aircraft pledged as collateral 12 15 Net book value of aircraft pledged as collateral $ 652,351 $ 890,693
Schedule of maturities of debt outstanding	Maturities of debt outstanding as of March 31, 2020 are as follows (in thousands): Years ending December 31, 2020 $ 319,372 2021 2,049,294 2022 2,751,269 2023 2,988,154 2024 1,534,552 Thereafter 4,936,909 Total $ 14,579,550

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
Commitments and Contingencies (Tables)	Mar. 31, 2020
Commitments and Contingencies
Schedule of commitments to acquire aircraft	Estimated Delivery Years Aircraft Type 2020 2021 2022 2023 2024 Thereafter Total Airbus A220-300 (1) — — 8 13 10 19 50 Airbus A320/321neo (2) 13 24 26 26 29 36 154 Airbus A330-900neo — 3 7 5 — — 15 Airbus A350-900/1000 3 3 6 2 6 — 20 Boeing 737-7/8/9 MAX 2 28 24 42 30 — 126 Boeing 787-9/10 8 6 8 10 2 — 34 Total 26 64 79 98 77 55 399 (1) In addition to the Company’s commitments, as of March 31, 2020, the Company had options to acquire up to 25 Airbus A220 aircraft. If exercised, deliveries of these aircraft are scheduled to commence in 2023 and continue through 2028. (2) Our Airbus A320/321neo aircraft orders include 47 long-range variants and 29 extra long-range variants.
Schedule of commitments for the acquisition of aircraft and other equipment at an estimated aggregate purchase price	Commitments for the acquisition of these aircraft, calculated at an estimated aggregate purchase price (including adjustments for anticipated inflation) of approximately $26.8 billion at March 31, 2020, updated through May 7, 2020, are due as follows (in thousands): Years ending December 31, 2020 $ 2,206,538 2021 4,900,832 2022 6,519,111 2023 6,171,228 2024 4,456,237 Thereafter 2,542,133 Total $ 26,796,079

Rental Income (Tables)

Rental Income (Tables)	3 Months Ended
Rental Income (Tables)	Mar. 31, 2020
Rental Income
Schedule of minimum future rentals on non-cancellable operating leases of flight equipment	At March 31, 2020, minimum future rentals on non-cancellable operating leases of flight equipment in the Company’s fleet, which have been delivered as of March 31, 2020, are as follows (in thousands): Years ending December 31, 2020 (excluding the three months ended March 31, 2020) $ 1,533,739 2021 1,987,225 2022 1,864,731 2023 1,666,500 2024 1,521,571 Thereafter 5,656,114 Total $ 14,229,880

Net Earnings Per Share (Tables)

Net Earnings Per Share (Tables)	3 Months Ended
Net Earnings Per Share (Tables)	Mar. 31, 2020
Net Earnings Per Share
Schedule of reconciliation of basic and diluted net income per share	The following table sets forth the reconciliation of basic and diluted net earnings per share (in thousands, except share and per share amounts): Three Months Ended March 31, 2020 2019 Basic earnings per share: Numerator Net income $ 137,151 $ 138,094 Preferred stock dividends (3,844) — Net income available to common stockholders $ 133,307 $ 138,094 Denominator Weighted-average common shares outstanding 113,471,945 111,018,279 Basic earnings per share $ 1.17 $ 1.24 Diluted earnings per share: Numerator Net income $ 137,151 $ 138,094 Preferred stock dividends (3,844) — Net income available to common stockholders $ 133,307 $ 138,094 Denominator Number of shares used in basic computation 113,471,945 111,018,279 Weighted-average effect of dilutive securities 313,083 1,362,577 Number of shares used in per share computation 113,785,028 112,380,856 Diluted earnings per share $ 1.17 $ 1.23

Stock-based Compensation (Table

Stock-based Compensation (Tables)	3 Months Ended
Stock-based Compensation (Tables)	Mar. 31, 2020
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, 2019 364,153 $ 22.90 0.75 $ 8,965 Granted — $ — — $ — Exercised (101,200) $ 20.00 — $ 1,460 Forfeited/canceled — $ — — $ — Balance at March 31, 2020 262,953 $ 24.02 0.62 $ 306 Vested and exercisable as of March 31, 2020 262,953 $ 24.02 0.62 $ 306 (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) $20.00 142,953 0.24 $28.80 120,000 1.07 $20.00 - $28.80 262,953 0.62
Summary of activities for unvested RSUs	Unvested Restricted Stock Units Weighted-Average Number of Grant-Date Shares Fair Value Unvested at December 31, 2019 1,254,904 $ 43.62 Granted 527,246 $ 45.85 Vested (379,778) $ 47.54 Forfeited/canceled — $ — Unvested at March 31, 2020 1,402,372 $ 43.40 Expected to vest after March 31, 2020 1,499,715 $ 43.26

Company Background and Overvi_2

Company Background and Overview (Details)	3 Months Ended
Company Background and Overview (Details)	Mar. 31, 2020aircraft
Organization
Number of aircraft owned	300
Number of aircraft managed	82
Number of aircraft on order with manufacturers	399

Debt Financing (Details)

Debt Financing (Details) $ in Thousands	3 Months Ended
Debt Financing (Details) $ in Thousands	Mar. 31, 2020USD ($)aircraft	May 07, 2020USD ($)	Dec. 31, 2019USD ($)aircraft	Jul. 31, 2019USD ($)
Debt financing
Total debt financing	$ 14,579,550		$ 13,721,295
Less: Debt discounts and issuance costs	(164,929)		(142,429)
Debt financing, net of discounts and issuance costs	14,414,621		13,578,866
Unsecured Debt
Debt financing
Total debt financing	14,227,283		13,260,861
Senior Notes
Debt financing
Total debt financing	12,834,333		12,357,811
Medium Term Note Program
Secured Obligations
Principal amount issued	1,400,000
Medium Term Note Program 2.30% Due 2025
Secured Obligations
Principal amount issued	$ 750,000
Interest rate (as a percent)	2.30%
Medium Term Note Program 3.00% Due 2030
Secured Obligations
Principal amount issued	$ 650,000
Interest rate (as a percent)	3.00%
Unsecured Term financings
Debt financing
Total debt financing	$ 877,950		883,050
Revolving Credit Facility
Debt financing
Total debt financing	515,000		20,000
Secured Obligations
Increase in maximum borrowing capacity	250,000
Maximum borrowing capacity	$ 6,100,000
Available borrowing capacity		$ 6,000,000
Facility fee (as a percent)	0.20%
Revolving Credit Facility \| LIBOR
Secured Obligations
Interest margin (as a percent)	1.05%
Revolving Credit Facility \| ABR
Secured Obligations
Interest margin (as a percent)	0.05%
Unsecured Revolving Credit Facility Maturing on May 5, 2020
Secured Obligations
Revolving commitments held by lenders				$ 92,700
Unsecured Revolving Credit Facility Mature On 5 May 2021
Secured Obligations
Revolving commitments held by lenders	$ 5,000
Unsecured Revolving Credit Facility Mature On 5 May 2022
Secured Obligations
Revolving commitments held by lenders	245,000
Unsecured Revolving Credit Facility Mature On 5 May 2023
Secured Obligations
Revolving commitments held by lenders	5,500,000
Secured Debt
Debt financing
Total debt financing	352,267		460,434
Secured Obligations
Nonrecourse	120,381		128,460
Recourse	231,886		331,974
Total secured debt financing	$ 352,267		$ 460,434
Number of aircraft pledged as collateral \| aircraft	12		15
Net book value of aircraft pledged as collateral	$ 652,351		$ 890,693
Term Financings
Debt financing
Total debt financing	322,320		428,824
Export Credit Financing
Debt financing
Total debt financing	$ 29,947		$ 31,610

Debt Financing - Maturities of

Debt Financing - Maturities of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Maturities
2020	$ 319,372
2021	2,049,294
2022	2,751,269
2023	2,988,154
2024	1,534,552
Thereafter	4,936,909
Total	$ 14,579,550	$ 13,721,295

Commitments and Contingencies_2

Commitments and Contingencies (Details) $ in Thousands	3 Months Ended
Commitments and Contingencies (Details) $ in Thousands	Mar. 31, 2020USD ($)aircraftitem	Dec. 31, 2019USD ($)
Commitments for the acquisition of the aircraft and other equipment
2020 \| $	$ 2,206,538
2021 \| $	4,900,832
2022 \| $	6,519,111
2023 \| $	6,171,228
2024 \| $	4,456,237
Thereafter \| $	2,542,133
Total \| $	$ 26,796,079
Aircrafts
Commitments to acquire aircraft
2020	26
2021	64
2022	79
2023	98
2024	77
Thereafter	55
Total	399
Commitments for the acquisition of the aircraft and other equipment
Deposit Assets \| $	$ 1,600,000	$ 1,600,000
Airbus A220-300
Commitments to acquire aircraft
2022	8
2023	13
2024	10
Thereafter	19
Total	50
Number of purchase agreement options \| item	25
Airbus A320/321neo
Commitments to acquire aircraft
2020	13
2021	24
2022	26
2023	26
2024	29
Thereafter	36
Total	154
Number of long-range variants \| item	47
Number of extra long-range variants \| item	29
Airbus A330-900neo
Commitments to acquire aircraft
2021	3
2022	7
2023	5
Total	15
Airbus A350-900/1000
Commitments to acquire aircraft
2020	3
2021	3
2022	6
2023	2
2024	6
Total	20
Boeing 737-7/8/9 MAX
Commitments to acquire aircraft
2020	2
2021	28
2022	24
2023	42
2024	30
Total	126
Boeing 787-9/10
Commitments to acquire aircraft
2020	8
2021	6
2022	8
2023	10
2024	2
Total	34

Rental Income (Details)

Rental Income (Details) $ in Thousands	Mar. 31, 2020USD ($)
Minimum future rentals on non-cancelable operating leases of flight equipment
2020 (excluding the three months ended March 31, 2020)	$ 1,533,739
2021	1,987,225
2022	1,864,731
2023	1,666,500
2024	1,521,571
Thereafter	5,656,114
Total	$ 14,229,880

Net Earnings Per Share (Details

Net Earnings Per Share (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)item$ / sharesshares	Mar. 31, 2019USD ($)$ / sharesshares
Anti-dilutive securities
Number of classes of common stock \| item	2
Numerator
Net income available to common stockholders \| $	$ 133,307	$ 138,094
Denominator
Weighted-average common shares outstanding	113,471,945	111,018,279
Basic earnings per share (in dollars per share) \| $ / shares	$ 1.17	$ 1.24
Numerator
Net income \| $	$ 137,151	$ 138,094
Preferred stock dividends \| $	(3,844)
Net income available to common stockholders \| $	$ 133,307	$ 138,094
Denominator
Number of shares used in basic computation	113,471,945	111,018,279
Weighted-average effect of dilutive securities (in shares)	313,083	1,362,577
Number of shares used in per share computation	113,785,028	112,380,856
Diluted net income per share (in dollars per share) \| $ / shares	$ 1.17	$ 1.23
Restricted Stock Units
Anti-dilutive securities
Anti-dilutive securities excluded from the computation of diluted earnings per share (in shares)	990,100	940,470

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Recurring and Non-recurring (Details) - Recurring basis - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Fair Value Measurements
Assets		$ 5.4
Liabilities	$ 19.9

Fair Value Measurements - Debt

Fair Value Measurements - Debt Financing (Details) - USD ($) $ in Billions	Mar. 31, 2020	Dec. 31, 2019
Book Value
Financial Instruments Not Measured at Fair Value
Debt financing	$ 14.6	$ 13.7
Level 2
Financial Instruments Not Measured at Fair Value
Debt financing	$ 13.1	$ 14.1

Shareholders' Equity Preferred

Shareholders' Equity Preferred stock (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 05, 2019	Mar. 31, 2020	Dec. 31, 2019
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	$ 0.01
Preferred Stock, shares issued	10,000,000	10,000,000
Preferred Stock, shares outstanding		10,000,000
Preferred Stock, Liquidation Preference, Value		$ 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		113,639,911	113,350,267
Common stock, shares outstanding		113,639,911	113,350,267
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	10,000,000
Preferred Stock, shares outstanding		10,000,000	10,000,000
Preferred Stock, Liquidation Preference, Value		$ 250,000	$ 250,000
Preferred Stock, rate (as a percent)		6.15%	6.15%

Stock-based Compensation - Stoc

Stock-based Compensation - Stock Options (Details) $ / shares in Units, $ in Thousands	May 07, 2014shares	Mar. 31, 2020USD ($)item$ / sharesshares	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)$ / sharesshares
Stock-based Compensation
Unrecognized compensation cost		$ 41,700
Equity Incentive Plan 2010
Shares
Granted (in shares) \| shares	0
Equity Incentive Plan 2014
Stock-based Compensation
Number of shares authorized \| shares		4,948,064
Employee and Directors Stock Options
Stock-based Compensation
Term of award		10 years
Vesting period		3 years
Stock-based compensation		$ 0
Unrecognized compensation cost		$ 0
Shares
Balance at the beginning of the period (in shares) \| shares		364,153
Exercised (in shares) \| shares		(101,200)
Balance at the end of the period (in shares) \| shares		262,953		364,153
Vested and exercisable at the end of the period (in shares) \| shares		262,953
Exercise Price
Balance at the beginning of the period (in dollars per share) \| $ / shares		$ 22.90
Exercised (in dollars per share) \| $ / shares		20
Balance at the end of the period (in dollars per share) \| $ / shares		24.02		$ 22.90
Vested and exercisable at the end of the period (in dollars per share) \| $ / shares		$ 24.02
Remaining Contractual Term
Remaining Contractual Term (in years)		7 months 13 days		9 months
Vested and exercisable		7 months 13 days
Aggregate Intrinsic Value
Balance at the beginning of the period		$ 8,965
Exercised		1,460
Balance at the end of the period		306		$ 8,965
Vested and exercisable at the end of the period		$ 306
Restricted Stock Units
Stock-based Compensation
Number of different vesting criteria \| item		4
Stock-based compensation		$ 4,400	$ 4,200
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, 2020$ / 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	142,953
Weighted-Average Remaining Life (in years)	2 months 26 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 25 days
$20.00 - $28.80
Stock options exercisable and vested
Number of Shares \| shares	262,953
Weighted-Average Remaining Life (in years)	7 months 13 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, 2020USD ($)$ / sharesshares
Stock-based compensation expense
Unrecognized compensation cost \| $	$ 41.7
Weighted-average period of recognition of unrecognized stock-based compensation cost	2 years 1 month 20 days
Restricted Stock Units
Unvested Restricted Stock Units, Number of Shares
Unvested at the beginning of the period (in shares)	1,254,904
Granted (in shares)	527,246
Vested (in shares)	(379,778)
Unvested at the end of the period (in shares)	1,402,372
Expected to vest after the end of the period (in shares)	1,499,715
Unvested Restricted Stock Units, Weighted-Average Grant-Date Fair Value
Unvested at the beginning of the period (in dollars per share) \| $ / shares	$ 43.62
Granted (in dollars per share) \| $ / shares	45.85
Vested (in dollars per share) \| $ / shares	47.54
Unvested at the end of the period (in dollars per share) \| $ / shares	43.40
Expected to vest after the end of the period (in dollars per share) \| $ / shares	$ 43.26
Restricted Stock With Total Shareholder Return Conditions
Unvested Restricted Stock Units, Number of Shares
Granted (in shares)	143,237

Aircraft under management (Deta

Aircraft under management (Details) $ in Millions	3 Months Ended	9 Months Ended	12 Months Ended
Aircraft under management (Details) $ in Millions	Mar. 31, 2020USD ($)aircraftitem	Dec. 31, 2020aircraft	Dec. 31, 2019USD ($)aircraft
Investments
Number of aircraft managed	82
Number of platforms	3
Total unfunded commitment \| $	$ 29.1
Financial Institution
Investments
Number of aircraft managed	4
Third-Party Investors
Investments
Number of aircraft managed	26
Thunderbolt
Investments
Number of aircraft managed	52
Number of investing funds \| item	2
Number of aircraft sale transactions \| item	3
Non-controlling interest (as a percent)	5.00%
Number of aircraft sold or agreed to be sold	3
Cost Method Investments \| $	$ 9.9		$ 9.9
Blackbird
Investments
Number of aircraft managed	26
Number of investing funds \| item	2
Percentage of equity ownership	9.50%
Equity method investment \| $	$ 48.5		$ 46.5
Blackbird II
Investments
Total unfunded commitment \| $	$ 1.2
Aircraft Held For Sale
Investments
Number of aircraft sold or agreed to be sold	5		8
Forecast \| Aircraft Held For Sale
Investments
Number of aircraft sold or agreed to be sold		5

Flight Equipment held for sale

Flight Equipment held for sale (Details) - Aircraft Held For Sale $ in Millions	3 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2020USD ($)aircraft	Dec. 31, 2020aircraft	Dec. 31, 2019USD ($)aircraft
Flight Equipment Held for Sale
Number of aircraft sold or agreed to be sold	5		8
Flight Equipment, Net \| $	$ 175.1		$ 249.6
Forecast
Flight Equipment Held for Sale
Number of aircraft sold or agreed to be sold		5

Subsequent Events (Details)

Subsequent Events (Details) - $ / shares	May 06, 2020	Mar. 31, 2020	Mar. 31, 2019
Subsequent Events
Quarterly cash dividends on common stock		$ 0.15	$ 0.13
Accommodation arrangement percentage of lessees		46.00%
Subsequent Event \| Class A Common Stock
Subsequent Events
Quarterly cash dividends on common stock	$ 0.15
Subsequent Event \| Series A Preferred Stock
Subsequent Events
Dividend declared per share of Series A preferred stock	$ 0.384375