Total leasing segment revenues were $7.5 million for the second quarter of 2013, an increase of $4.8 million over the $2.7 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 and an increase in the average lease rate. We had approximately 3,500 railcars in the Company's lease fleet at the end of the second quarter of 2013, compared to approximately 1,870 railcars at the end of the same period in 2012.
Total railcar services segment revenues were $19.7 million for the second quarter of 2013, an increase of $2.7 million over the $17.0 million for the same period in 2012. The increase is largely attributed to certain repair projects being performed at our hopper railcar manufacturing facility during 2013.
Consolidated earnings from operations for the second quarter of 2013 were $39.9 million, an increase of 54% over the $26.0 million for the same period in 2012. Operating margins were 25% for the second quarter of 2013 compared to 17% for the comparable quarter of 2012. The increase in consolidated earnings was primarily due to an increase in the Company's manufacturing and leasing earnings from operations and a decrease in the Company's selling, general and administrative expenses, driven by a decrease in our share-based compensation expense. The Company's share-based compensation fluctuates with our stock price. In the second quarter of 2013, our stock price decreased approximately $13 per share (after an increase of $15 per share in the first quarter) compared to an increase of approximately $4 per share during the second quarter of 2012.
Manufacturing earnings from operations were $42.9 million for the second quarter of 2013 compared to $40.7 million for the same period in 2012. This increase was due primarily to a higher mix of tank railcars as well as operating leverage achieved as a result of strong tank railcar production volumes, partially offset by lower hopper railcar shipments. The Company also continued to benefit from cost savings achieved by the vertical integration projects put in place over the past several years. Manufacturing earnings from operations for the second quarter of 2013 included $10.1 million of estimated profit on railcars built for the Company's lease fleet compared to $14.3 million for the same period in 2012, which is eliminated in consolidation and is based on an estimated fair market value of revenues as if the railcars had been sold to a third party, less the cost to manufacture.