Leasing segment revenues were $6.5 million for the first quarter of 2013, an increase of $5.1 million over the $1.4 million for the same period in 2012. The primary reason for the increase in revenue was an increase in the number of railcars on lease. We had approximately 3,120 railcars in the Company's lease fleet at the end of the first quarter of 2013, compared to approximately 950 railcars at the end of the same period in 2012.Consolidated earnings from operations for the first quarter of 2013 were $31.2 million, an increase of 31% over the $23.8 million for the same period in 2012. Operating margins were 16% for the first quarter of 2013 compared to 13% for the comparable quarter of 2012. The increase in consolidated earnings was primarily due to an increase in the Company's manufacturing earnings from operations, partially offset by an increase in the Company's selling, general and administrative expenses driven by an increase in our share-based compensation expense, as a result of a significant increase in our stock price. The Company's share-based compensation fluctuates with our stock price. In the first quarter of 2013, our stock price increased approximately $15 per share compared to the stock price remaining flat during the same period in 2012.
American Railcar Industries, Inc. Reports Strong First Quarter 2013
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