AerCap recorded a fourth quarter 2008 net loss of $19.0 million. Included in the fourth quarter 2008 Net loss amount were charges relating to the mark-to-market of interest rate Caps and share-based compensation of $37.7 million, net of tax. The after-tax charge relating to the mark-to- market of the interest rate caps was $35.9 million and the after-tax charge from share-based compensation was $1.8 million.
Full year 2008 net income was $151.8 million, compared with $188.5 million for 2007. Full year 2008 net income excluding non-cash charges relating to the mark-to-market of our interest rate caps and share- based compensation was $197.8 million, down 6% vs. $210.6 million in 2007, which was mainly caused by the previously disclosed airline defaults, inventory impairments, lower gains from sales and lower other revenue.
