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I understand Ernie's point and wouldn't disagree with it; like any cost accounting situation, just a judgment call in allocating costs that makes the most sense in your particular situation. I categorize most of my my 'ownership/overhead' costs the same way he does; I just choose to look at direct maintenance (i.e. major inspections and ongoing maintenance) as an 'operating' cost.
Yes, the $120/hour is predicated on covering the annual and 100-hour inspections, and unexpected maintenance during the year. In fairness (to the airplane), I've beat that each year since I raised it to that figure: $95-100/hour has been closer, although it came pretty close to $120/hr last year (repairs to fuel gauges, cowl flaps, etc.).
BTW, I budget $46/hour for an engine reserve, pretty close Ernie's engine and prop reserves combined.
Joe
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