MILBANK, TWEED, HADLEY & McCLOY LLP
1 CHASE MANHATTAN PLAZA
NEW YORK, NY 10005-1413
212-530-5000
FAX: 212-530-5219
E-Mail Transmission
| To: | Brigitte Lippmann, Securities and Exchange Commission Ernest Greene, Securities and Exchange Commission |
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From: |
Douglas A. Tanner |
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| Date: | November 13, 2006 |
Message:
Ernest Greene requested some additional information on the effects of the changes in assumptions on the valuation of the share sales and option grants that AerCap agreed to in response to the Staff's comments. Attached is a file that has information with respect to the six months ended June 30, 2006 and the nine months ended September 30, 2006 tables from the unaudited financial statements prepared on a basis of the prior probability weighted basis and the simple discount basis that AerCap determined to use in the Registration Statement disclosure. If this is unclear for any reason please let me know. We appreciate your continued cooperation.
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Milbank Douglas A. Tanner Global Securities 1 Chase Manhattan Plaza New York, NY 10005-1413 T: 212-530-5505 F:212-822-5505 dtanner@milbank.com |
Nine Months Ended September 30, 2006—IPO Valuation
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Current Percentage Indirect Equity Interest(A) |
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Expense Recognized in Current Fiscal Year |
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Valuation for Expense Recognition |
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Grant Date |
Shares |
Options |
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| Prior year Issuances | December 29, 2005 | 6.61 | % | 2.60 | % | $ | 10,195 | |||||
| AT Executives Issuance | April 26, 2006 | 6.38 | % | $ | 78,465 | $ | 10,479 | |||||
| Senior Management Issuance | August 21/September 5, 2006 | 1.66 | % | $ | 17,818 | |||||||
| Independent Director Issuance | September 5, 2006 | 0.43 | % | $ | 4,514 | $ | 4,514 | |||||
| Total | 12.99 | % | 4.70 | % | $ | 110,992 | $ | 14,993 | ||||
(A)—On a fully-diluted basis
Nine Months Ended September 30, 2006—Probability-weighted Valuation
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Current Percentage Indirect Equity Interest(A) |
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Expense Recognized in Current Fiscal Year |
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Valuation for Expense Recognition |
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Grant Date |
Shares |
Options |
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| Prior year Issuances | December 29, 2005 | 6.61 | % | 2.60 | % | $ | 10,195 | |||||
| AT Executives Issuance | April 26, 2006 | 6.38 | % | $ | 44,946 | $ | 5,715 | |||||
| Senior Management Issuance | August 21/September 5, 2006 | 1.66 | % | $ | 15,794 | |||||||
| Independent Director Issuance | September 5, 2006 | 0.43 | % | $ | 3,990 | $ | 3,990 | |||||
| Total | 12.99 | % | 4.70 | % | $ | 74,925 | $ | 9,705 | ||||
(A)—On a fully-diluted basis
Six Months Ended June 30, 2006—IPO Valuation
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Current Percentage Indirect Equity Interest(A) |
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Expense Recognized in Current Fiscal Year |
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Valuation for Expense Recognition |
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Grant Date |
Shares |
Options |
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| Prior year Issuances | December 29, 2005 | 6.61 | % | 2.60 | % | $ | 10,195 | |||||
| AT Executives Issuance | April 26, 2006 | 6.38 | % | $ | 78,465 | $ | 4,222 | |||||
| Total | 12.99 | % | 2.60 | % | $ | 88,660 | $ | 4,222 | ||||
(A)—On a fully-diluted basis
Six Months Ended June 30, 2006—Probability-weighted Valuation
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|
Current Percentage Indirect Equity Interest(A) |
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|
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|---|---|---|---|---|---|---|---|---|---|---|---|---|
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Expense Recognized in Current Fiscal Year |
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Valuation for Expense Recognition |
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Grant Date |
Shares |
Options |
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| Prior year Issuances | December 29, 2005 | 6.61 | % | 2.60 | % | $ | 10,195 | |||||
| AT Executives Issuance | April 26, 2006 | 6.38 | % | $ | 36,951 | $ | 2,010 | |||||
| Total | 12.99 | % | 2.60 | % | $ | 47,146 | $ | 2,010 | ||||
(A)—On a fully-diluted basis