FLY grew operating lease revenue by 63% from $145.7m to $376.4m in 2012 from 2011 reflecting the growth in the aircraft portfolio. Net income for the fourth quarter of 2012 was $31m from a net loss of $9.2m for the same period in 2011. In addition to the $36.9m pre-tax gain on the sale of FLY’s 15% ownership interest in BBAM, the fourth quarter results include an $11.4m impairment charge on three aircraft. FLY recovered approximately $9.7m of this $11.4m from end of lease compensation payments, retained maintenance reserves and disposition proceeds in the first quarter of 2013 in respect

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