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  "documentTitle": "AerCap Holdings (AER)",
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  "authorName": "David Einhorn",
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      "text": "Note that the gap between GAAP and non-GAAP earnings is now $1.50 per share.",
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      "text": "athena has a long history of deteriorating earnings estimates. Over the last year, estimates have continued to decline. This is true for both GAAP and adjusted earnings. On a GAAP basis, EPS has declined over the last three years and the company currently operates at a loss.",
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      "text": "Note that the gap between GAAP and non-GAAP earnings is now $1.50 per share. In 2010 it was $0.28 per share and has grown every year since.",
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      "text": "Like many companies, athena has learned that if Wall Street counts cash compensation but not stock comp, it may as well pay its people in as much stock as possible.",
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