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Share-Based Compensation | 3 Months Ended
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Mar. 31, 2012
Share-Based Compensation |
Share-Based Compensation |
Note C — Share-Based Compensation The fair value of stock options granted by the Company has been estimated as of the grant date using the Black-Scholes option pricing model. During the three months ended March 31, 2012, the Company granted options to purchase 200,115 shares of common stock under the SkyWest, Inc. 2010 Long-Term Incentive Plan (the “2010 Incentive Plan”). The following table shows the assumptions used and weighted average fair value for stock option grants during the three months ended March 31, 2012.
Expected annual dividend rate |  | 1.23 | %
Risk-free interest rate |  | 0.81 | %
Average expected life (years) |  | 5.6 |
Expected volatility of common stock |  | .409 |
Forfeiture rate |  | 0.0 | %
Weighted average fair value of option grants |  | $ | 4.43 |
During the three months ended March 31, 2012, the Company granted 289,125 restricted stock units to the Company’s employees under the 2011 Incentive Plan. The restricted stock units have a three-year vesting period, during which the recipient must remain employed with the Company or one of the Company’s subsidiaries. Upon vesting, a restricted stock unit will be replaced with a common share of stock. Additionally, during the three months ended March 31, 2012, the Company granted 27,874 fully-vested shares of common stock to the Company’s directors. The weighted average fair value of the shares of restricted stock on the date of grant was $13.06 per share. The Company records share-based compensation expense only for those options and restricted stock units that are expected to vest. The estimated fair value of the stock options and restricted stock units is amortized over the applicable vesting periods. During the three months ended March 31, 2012 and 2011, the Company recorded pre-tax share-based compensation expense of $1.3 million and $1.8 million, respectively.

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