For the quarter ended December 31, 2009 Genesis Lease reported that net income was $8.7 million, compared to $10.7 million for the same period in 2008, a decrease of 18.1%. Results for the fourth quarter of 2009 include an incremental benefit of $5.4 million relating to aircraft that were the subject of customer defaults and repossessions in 2008 and a gain on the sale of one aircraft, offset by a gain of $6.0 million related to the repurchase of securitization debt in the fourth quarter of 2008 and an increase in depreciation of $3.1 million relating to planned major maintenance costs compared to the fourth quarter of 2008.
For the year ended December 31, 2009, net income was $20.0 million, compared to $40.9 million for the same period in 2008, a decrease of 51.1%. The results for 2009 include $3.7 million of transaction costs incurred to date associated with the proposed merger with AerCap, as well as a non-cash charge of $7.7 million related to the accelerated amortization of deferred financing costs due to the reduction of capacity under the revolving credit facility from $1 billion to $200 million. Excluding those charges, net income was $30.3 million for the year ended December 31, 2009. In addition to those charges, the results for 2009 include an increase in depreciation of $10.8 million relating to planned major maintenance costs and a further incremental charge of $2.5 million with respect to the amortization of deferred financing costs and commitment fees in connection with the revolving credit facility.
