Willis Lease Finance Corporation, reported 2011 net income grew 20% to $14.5 million and net income available to common shareholders increased 28% to $11.4 million, or $1.28 per share, up from $8.9 million or $0.96 per diluted common share a year ago. Willis Lease earned $3.6 million in the fourth quarter ended December 31, 2011, compared to $4.0 million in the fourth quarter a year ago. After payment of preferred dividends, net income available to common shareholders was $2.9 million, or $0.33 per share, in the fourth quarter of 2011, compared to $3.2 million or $0.35 per share in the same quarter a year ago.
Average utilization for the year was 86%, the same as a year ago. With the purchase of a portfolio of off-lease assets just prior to year end, utilization was 82% at December 31, 2011 compared to 90% a year ago. Total revenues increased 6% to $156.7 million from $148.3 million a year ago. Lease rent revenues increased 2.5% to $104.7 million compared to $102.1 million a year ago. Maintenance reserve revenues increased to $39.2 million, compared to $34.8 million in 2010. Gains on sale of leased equipment contributed $11.1 million, up from $8.0 million a year ago. Total net finance costs decreased 13% to $35.4 million compared to $40.7 million in 2010, reflecting the maturity of higher cost interest rate swaps over the past year. Liquidity available from the revolving credit facility was $117.0 million at year end, up from $54.0 million a year ago.
At December 31, 2011, Willis Lease had 194 commercial aircraft engines, 3 aircraft parts packages and 13 aircraft and other engine-related equipment in its lease portfolio, with a net book value of $981.5 million, compared to 179 commercial aircraft engines, 4 aircraft parts packages and 3 aircraft and other engine-related equipment in its lease portfolio, with a net book value of $998.0 million a year ago. The Company's funded debt-to-equity ratio was 3.03 to 1 at December 31, 2011, compared to 3.22 to 1 year ago.
"With our stock continuing to trade at levels below book value, we continued our common share repurchase transactions throughout 2011, bringing the total number of shares repurchased to 802,231 over the last two years at an average price of $12.24,". a statement to the markets confirmed. Book value per common share was $22.48 at year end.