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Nature of Operations and Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2014
Condensed Consolidated Financial Statements |
Schedule of details of aircraft and agreements with other airlines | As of December 31, 2014, the Company had a combined fleet of 749 aircraft consisting of the following:
|  | CRJ200 |  | CRJ700 |  | CRJ900 |  | ERJ135 |  | ERJ145 |  | E175 |  | EMB120 |  | Total |
United |  |  | 89 |  |  | 70 |  |  | — |  |  | 9 |  |  | 216 |  |  | 20 |  |  | 21 |  |  | 425 |
Delta |  |  | 113 |  |  | 60 |  |  | 60 |  |  | — |  |  | — |  |  | — |  |  | 6 |  |  | 239 |
American |  |  | 29 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 29 |
US Airways |  |  | 11 |  |  | — |  |  | 4 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 15 |
Alaska |  |  | — |  |  | 9 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 9 |
Subleased to an un-affiliated entity |  |  | 2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2 |
Other |  |  | 4 |  |  | — |  |  | — |  |  | — |  |  | 10 |  |  | — |  |  | 16 |  |  | 30 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total |  |  | 248 |  |  | 139 |  |  | 64 |  |  | 9 |  |  | 226 |  |  | 20 |  |  | 43 |  |  | 749 |
Schedule of the Company's position in marketable securities | The Company's position in marketable securities as of December 31, 2014 and 2013 was as follows (in thousands):
At December 31, 2014 |  | Amortized Cost |  | Gross unrealized holding gains |  | Gross unrealized holding losses |  | Fair market value |
Total cash and cash equivalents |  | $ | 132,275 |  | $ | — |  | $ | — |  | $ | 132,275 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |  |
Bond and bond funds |  | $ | 410,618 |  | $ | 9 |  | $ | (464 | ) | $ | 410,163 |
Asset backed securities |  |  | 5,108 |  |  | 3 |  |  | (1 | ) |  | 5,110 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total available-for-sale securities |  | $ | 415,726 |  | $ | 12 |  | $ | (465 | ) | $ | 415,273 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total cash and cash equivalents and available for sale securities |  | $ | 548,001 |  | $ | 12 |  | $ | (465 | ) | $ | 547,548 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
At December 31, 2013 |  | Amortized Cost |  | Gross unrealized holding gains |  | Gross unrealized holding losses |  | Fair market value |
Total cash and cash equivalents |  | $ | 170,636 |  | $ | — |  | $ | — |  | $ | 170,636 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |  |
Bond and bond funds |  | $ | 486,571 |  | $ | 487 |  | $ | (9 | ) | $ | 487,049 |
Asset backed securities |  |  | 182 |  |  | 8 |  |  | — |  |  | 190 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total available-for-sale securities |  |  | 486,753 |  |  | 495 |  | $ | (9 | ) |  | 487,239 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total cash and cash equivalents and available for sale securities |  | $ | 657,389 |  | $ | 495 |  | $ | (9 | ) | $ | 657,875 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Schedule of maturities of marketable securities | Marketable securities had the following maturities as of December 31, 2014 (in thousands):
Maturities |  | Amount |
Year 2015 |  | $ | 233,858 |
Years 2016 through 2019 |  |  | 181,406 |
Years 2020 through 2027 |  |  | — |
Thereafter |  |  | 2,317 |
Schedule of property and equipment |
Assets |  | Depreciable Life |  | Residual Value
Aircraft and rotable spares |  | 10 - 18 years |  | 0 - 30%
Ground equipment |  | 5 - 10 years |  | 0%
Office equipment |  | 5 - 7 years |  | 0%
Leasehold improvements |  | Shorter of 15 years or lease term |  | 0%
Buildings |  | 20 - 39.5 years |  | 0%
Net income with per share data and comprehensive income |
Schedule of net income (loss) per common share |
|  | Year Ended December 31, |
|  | 2014 |  | 2013 |  | 2012 |
Numerator: |  |  |  |  |  |  |  |  |  |
Net Income (Loss) |  | $ | (24,154 | ) | $ | 58,956 |  | $ | 51,157 |
Denominator: |  |  |  |  |  |  |  |  |  |
Denominator for basic earnings per-share weighted average shares |  |  | 51,237 |  |  | 51,688 |  |  | 51,090 |
Dilution due to stock options and restricted stock |  |  | — |  |  | 734 |  |  | 656 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Denominator for diluted earnings per-share weighted average shares |  |  | 51,237 |  |  | 52,422 |  |  | 51,746 |
Basic earnings (loss) per-share |  | $ | (0.47 | ) | $ | 1.14 |  | $ | 1.00 |
Diluted earnings (loss) per-share |  | $ | (0.47 | ) | $ | 1.12 |  | $ | 0.99 |
Schedule of comprehensive income (loss) |
|  | Year Ended December 31, |
|  | 2014 |  | 2013 |  | 2012 |
Net Income (Loss) |  | $ | (24,154 | ) | $ | 58,956 |  |  | 51,157 |
Proportionate share of other companies foreign currency translation adjustment, net of tax |  |  | (1,129 | ) |  | 66 |  |  | (251 | )
Unrealized appreciation (depreciation) on marketable securities, net of tax |  |  | (719 | ) |  | (13 | ) |  | 316 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Comprehensive income (loss) |  | $ | (26,002 | ) | $ | 59,009 |  | $ | 51,222 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Delta Connection Agreements |
Agreements with other airlines |
Schedule of details of agreements with other airlines |
Agreement |  | Number of aircraft under contract |  | Term / Termination Dates |  | Pass-through costs or costs paid directly by major partner |  | Performance Incentive Structure |  | Payment Structure
SkyWest Airlines Delta Connection Agreement (fixed-fee arrangement) |  | • CRJ 200—44 • CRJ 700—19 • CRJ 900—32 |  | • The contract expires on an individual aircraft basis with expirations commencing in 2015 • The final aircraft expires in 2022 • The average remaining term of the aircraft under contract is 4.8 years • Upon expiration, aircraft may be renewed or extended |  | • Fuel • Engine Maintenance • Landing fees, Station Rents, Deice • Insurance |  | • No financial performance based incentives |  | • Rate per block hour, per departure and per aircraft under contract
ExpressJet Delta Connection Agreement (fixed-fee arrangement) |  | • CRJ 200—59 • CRJ 700—41 • CRJ 900—28 |  | • The contract expires on an individual aircraft basis with expirations scheduled in 2015 • The final aircraft expires in 2022 • The average remaining term of the aircraft under contract is 4.1 years • Upon expiration, aircraft may be renewed or extended |  | • Fuel • Engine Maintenance • Landing fees, Station Rents, Deice Insurance |  | • Performance based financial incentives |  | • Rate per block hour, per departure and per aircraft under contract
SkyWest Airlines Pro-rate Agreement (revenue-sharing agreement) |  | • EMB 120—6 • CRJ 200—10 |  | • Terminates with 30-day notice |  | • None |  | • None |  | • Pro-rata sharing of the passenger fare revenue
United Express Agreements |
Agreements with other airlines |
Schedule of details of agreements with other airlines |
Agreement |  | Number of aircraft under contract |  | Term / Termination Dates |  | Pass-through costs or costs paid directly by major partner |  | Performance Incentive Structure |  | Payment Structure
SkyWest Airlines United Express Agreements (fixed-fee arrangement) |  | • CRJ 200—61 • CRJ 700—70 • E175—20 • EMB 120—9 |  | • The contract expires on an individual aircraft basis with expirations scheduled in 2015 • The final aircraft expires in 2026 • The average remaining term of the aircraft under contract is 3.4 years • Upon expiration, aircraft may be renewed or extended |  | • Fuel • Landing fees, Station Rents, Deice • Insurance |  | • Performance based incentives |  | • Rate per block hour, per departure and per aircraft under contract
ExpressJet United ERJ Agreement (fixed-fee arrangement) |  | • ERJ 135—9 • ERJ 145—216 |  | • The contract expires on an individual aircraft basis with expirations scheduled in 2015 • The final aircraft expires in 2017 • The average remaining term of the aircraft under contract is 1.9 years • Upon expiration, aircraft may be renewed or extended |  | • Fuel • Engine Maintenance • Landing fees, Station Rents, Deice • Insurance |  | • Performance based incentives or penalties |  | • Rate per block hour, per departure and per aircraft under contract
ExpressJet United CRJ Agreement (fixed-fee arrangement) |  | • CRJ 200—7 |  | • The contract expires on an individual basis with final aircraft terminating in March 2015 • Upon termination, leased aircraft are expected to be returned to lessors |  | • Fuel • Landing fees, Station Rents, Deice • Insurance |  | • Performance based incentives |  | • Rate per block hour, per departure and per aircraft under contract
SkyWest Airlines United Express Pro-rate Agreement (revenue-sharing arrangement) |  | • CRJ 200—21 • EMB 120—12 |  | • Terminates with 120-day notice |  | • None |  | • None |  | • Pro-rata sharing of the passenger fare revenue
Alaska Capacity Purchase Agreement |
Agreements with other airlines |
Schedule of details of agreements with other airlines |
Agreement |  | Number of aircraft under contract |  | Term / Termination Dates |  | Pass-through costs or costs paid directly by major partner |  | Incentive Structure |  | Payment Structure
SkyWest Airlines Alaska Agreement (fixed-fee arrangement) |  | • CRJ 700—9 |  | • Terminates 2018 • Upon expiration, aircraft may be renewed or extended |  | • Fuel • Landing fees, Station Rents, Deice • Insurance |  | • Performance based incentives |  | • Rate per block hour, per departure and per aircraft under contract
US Airways Express Agreement |
Agreements with other airlines |
Schedule of details of agreements with other airlines |
Agreement |  | Number of aircraft under contract |  | Term / Termination Dates |  | Pass-through costs or costs paid directly by major partner |  | Incentive Structure |  | Payment Structure
SkyWest Airlines US Airways Agreement (fixed-fee arrangement) |  | • CRJ 200—10 • CRJ 900—4 |  | • Terminates 2015 • Upon expiration, aircraft may be renewed or extended |  | • Fuel • Landing fees, Station Rents, Deice • Insurance |  | • Performance based incentives |  | • Rate per block hour, per departure and per aircraft under contract
SkyWest Airlines US Airways Pro-rate Agreement (revenue-sharing agreement) |  | • CRJ 200—1 |  | • Terminates with 120- day notice |  | • None |  | • None |  | • Pro-rata sharing of the passenger fare revenue
American Agreements [Member] |
Agreements with other airlines |
Schedule of details of agreements with other airlines |
Agreement |  | Number of aircraft under contract |  | Term / Termination Dates |  | Pass-through costs or costs paid directly by major partner |  | Incentive Structure |  | Payment Structure
SkyWest Airlines American Agreement (fixed-fee agreement) |  | • CRJ 200—12 |  | • Terminates 2016 • Upon expiration, aircraft may be renewed or extended |  | • Fuel • Landing fees, Station Rents, Deice • Insurance |  | • Performance based incentives |  | • Rate per block hour, per departure and per aircraft under contract
SkyWest Airlines American Pro-rate Agreement (revenue-sharing agreement) |  | • CRJ 200—4 |  | • Terminates with 120- day notice |  | • None |  | • None |  | • Pro-rata sharing of the passenger fare revenue
ExpressJet American Agreement (fixed-fee agreement) |  | • CRJ 200—11 |  | • Terminates 2017 • Upon expiration, aircraft may be renewed or extended |  | • Fuel • Landing fees, Station Rents, Deice • Insurance |  | • Performance based incentives |  | • Rate per block hour, per departure and per aircraft under contract
ExpressJet American Pro-rate Agreement (revenue-sharing agreement) |  | • CRJ 200—2 |  | • Terminates with 120- day notice |  | • None |  | • None |  | • Pro-rata sharing of the passenger fare revenue

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