I will now turn the call over to our President and Chief Executive Officer, Victor Garcia.
Thanks, Tim. Good afternoon. We are very pleased with our second quarter and half year results and we continue to be optimistic about the outlook for container demand for the remainder of 2012 and for container demand in 2013 which we are viewing as a global economic recovery year.
With the results just reported we continue to bring great economic value to our shareholders as we place capital to work by taking full advantage of our market reputation and knowledge of the business.
Through the end of the second quarter we have invested over $350 million in equipment of which $310 million have been on containers.
Based on the investments we have made on the first half of this year we expect our overall investment in containers in 2012 to be above the amount invested last year, which was a record level of investment at that time.
This quarter we had earnings of $0.77 per fully diluted share, which represents a 40% increase from the fully diluted earnings per share during the same quarter in 2011.
Revenue over that same period increased 38%. If you look at our net income through the first half of this year and annualize the results, we are reporting a return of equity of over 25% since the beginning of the year. That return on capital is real value we are bringing to our shareholders.
Similarly in 2011, we also returned over 25% on our equity. The returns we have achieved are particularly noteworthy considering the low interest rate environment that has prevailed over the last three years and that they are supported by long-term, multiyear leases on most of our equipment.
We had significant achievements this quarter that supported the results we reported. During the quarter we were able to lease out 45,000 TEU of containers. These units are primarily on multiyear, long-term leases across many of the largest shipping lines.