Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

Consolidated Income Statements

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Consolidated Income Statements - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Revenues and other income      
Lease revenue $ 4,867,623 $ 4,991,551 $ 3,449,571
Net gain on sale of assets 138,522 183,328 37,497
Other income 145,986 112,676 104,491
Total Revenues and other income 5,152,131 5,287,555 3,591,559
Expenses      
Depreciation and amortization 1,791,336 1,843,003 1,282,228
Asset impairment 81,607 16,335 21,828
Interest expense 1,091,861 1,099,884 780,349
Leasing expenses 582,530 522,413 141,572
Transaction, integration and restructuring related expenses 53,389 58,913 148,792
Selling, general and administrative expenses 351,012 381,308 299,892
Total Expenses 3,951,735 3,921,856 2,674,661
Income before income taxes and income of investments accounted for under the equity method 1,200,396 1,365,699 [1] 916,898 [1]
Provision for income taxes (173,496) (189,805) [2] (137,373) [2]
Equity in net earnings of investments accounted for under the equity method 12,616 1,278 28,973
Net income 1,039,516 1,177,172 808,498
Net loss attributable to non-controlling interest 7,114 1,558 1,949
Net income attributable to AerCap Holdings N.V. $ 1,046,630 $ 1,178,730 $ 810,447
Basic earnings per share $ 5.64 $ 5.78 $ 4.61
Diluted earnings per share $ 5.52 $ 5.72 $ 4.54
Weighted average shares outstanding - basic 185,514,370 203,850,828 175,912,662
Weighted average shares outstanding - diluted 189,682,036 206,224,135 178,684,989
[1] Due to our migration from the Netherlands to Ireland as of February 1, 2016, we have updated the tax rate reconciliation for the years ended December 31, 2015 and 2014. The tax variance as a result of the global activities has been calculated as the difference between the local statutory tax rate in the relevant jurisdictions and the Irish statutory tax rate of 12.5%.
[2] Effective February 1, 2016, we moved our headquarters and executive officers from Amsterdam to Dublin, and as of February 1, 2016, we became tax resident in Ireland. Accordingly, we have updated the figures for the years ended December 31, 2015 and 2014 as compared to those previously reported in the financial statements contained in our 2015 annual report on Form 20-F to reflect the permanent differences being taxed at the Irish statutory rate of 12.5% rather than the Dutch statutory rate of 25%.