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Nature of Operations and Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2015
Nature of operations and significant accounting policies summary |
Schedule of details of aircraft and agreements with other airlines | As of December 31, 2015, the Company had a combined fleet of 702 aircraft consisting of the following:
|  | CRJ200 |  | CRJ700 |  | CRJ900 |  | ERJ135 |  | ERJ145 |  | E175 |  | EMB120 |  | Total |
United |  | 83 |  | 70 |  | — |  | 5 |  | 166 |  | 40 |  | — |  | 364 |
Delta |  | 111 |  | 60 |  | 64 |  | — |  | — |  | — |  | — |  | 235 |
American |  | 31 |  | — |  | — |  | — |  | 16 |  | — |  | — |  | 47 |
Alaska |  | — |  | 9 |  | — |  | — |  | — |  | 5 |  | — |  | 14 |
Aircraft in scheduled service |  | 225 |  | 139 |  | 64 |  | 5 |  | 182 |  | 45 |  | — |  | 660 |
Subleased to an un-affiliated entity |  | 2 |  | — |  | — |  | — |  | — |  | — |  | — |  | 2 |
Other* |  | 10 |  | — |  | — |  | 4 |  | — |  | — |  | 26 |  | 40 |
Total |  | 237 |  | 139 |  | 64 |  | 9 |  | 182 |  | 45 |  | 26 |  | 702 |
*Other aircraft consisted of leased aircraft removed from service that were in the process of being returned to the lessor and owned aircraft removed from service that were held for sale.
Schedule of the Company's position in marketable securities | The Company’s position in marketable securities as of December 31, 2015 and 2014 was as follows (in thousands):
|  |  |  |  | Gross unrealized |  | Gross unrealized |  |  |  |
At December 31, 2015 |  | Amortized Cost |  | holding gains |  | holding losses |  | Fair market value |
Total cash and cash equivalents |  | $ | 203,035 |  | $ | — |  | $ | — |  | $ | 203,035 |
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |  |
Bond and bond funds |  | $ | 286,857 |  | $ | — |  | $ | (220) |  | $ | 286,637 |
Asset backed securities |  |  | 30 |  |  | 1 |  |  | — |  |  | 31 |
Total available-for-sale securities |  | $ | 286,887 |  | $ | 1 |  | $ | (220) |  | $ | 286,668 |
Total cash and cash equivalents and available for sale securities |  | $ | 489,922 |  | $ | 1 |  | $ | (220) |  | $ | 489,703 |
|  |  |  |  | Gross unrealized |  |  | Gross unrealized |  |  |  |
At December 31, 2014 |  | Amortized Cost |  | holding gains |  | 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 |
Schedule of maturities of marketable securities | Marketable securities had the following maturities as of December 31, 2015 (in thousands):
Maturities |  | Amount |
Year 2016 |  | $ | 231,298 |
Years 2017 through 2020 |  |  | 55,370 |
Schedule of property and equipment |
Assets |  | Depreciable Life |  | Residual Value
New Aircraft |  | 18 years |  | 30 | %
Used Aircraft and rotable spares |  | 3 – 10 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,
|  | 2015 |  | 2014 |  | 2013 |
Numerator: |  |  |  |  |  |  |  |  |  |
Net Income (Loss) |  | $ | 117,817 |  | $ | (24,154) |  | $ | 58,956 |
Denominator: |  |  |  |  |  |  |  |  |  |
Denominator for basic earnings per-share weighted average shares |  |  | 51,077 |  |  | 51,237 |  |  | 51,688 |
Dilution due to stock options and restricted stock |  |  | 748 |  |  | — |  |  | 734 |
Denominator for diluted earnings per-share weighted average shares |  |  | 51,825 |  |  | 51,237 |  |  | 52,422 |
Basic earnings (loss) per-share |  | $ | 2.31 |  | $ | (0.47) |  | $ | 1.14 |
Diluted earnings (loss) per-share |  | $ | 2.27 |  | $ | (0.47) |  | $ | 1.12 |
Delta Connection Agreements |
Nature of operations and significant accounting policies summary |
Schedule of details of aircraft and agreements with other airlines |
|  | Number of |  |  |  | Pass through costs |  |
|  | aircraft under |  | Term / Termination |  | or costs paid directly |  |
Agreement |  | agreements |  | Dates |  | by major partner |  |
SkyWest Airlines |  | • CRJ 200 - 48 |  | • The contract is scheduled to expire on an individual aircraft basis commencing in 2016 |  | • Fuel |  |
Delta Connection |  | • CRJ 700 - 19 |  | • The final aircraft is scheduled to expire in 2022 |  | • Engine Maintenance |  |
Agreement (fixed-fee arrangement) |  | • CRJ 900 - 36 |  | • The average remaining term of the aircraft under contract is 3.8 years |  | • Landing fees |  |
|  |  |  | • Upon expiration, aircraft may be renewed or extended |  | • Station Rents, Deice |  |
|  |  |  |  |  | • Insurance |  |
ExpressJet Delta |  | • CRJ 200 - 42 |  | • The contract is scheduled to expire on an individual aircraft basis commencing in 2016 |  | • Fuel |  |
Connection |  | • CRJ 700 - 41 |  | • The final aircraft is scheduled to expire in 2022 |  | • Engine Maintenance |  |
Agreement (fixed-fee arrangement) |  | • CRJ 900 - 28 |  | • The average remaining term of the aircraft under contract is 3.7 years |  | • Landing fees |  |
|  |  |  | • Upon expiration, aircraft may be renewed or extended |  | • Station Rents, Deice |  |
|  |  |  |  |  | • Insurance |  |
SkyWest Airlines |  | • CRJ 200 - 21 |  | • Terminable with 30 days' notice |  | • None |  |
Pro-rate Agreement (revenue-sharing agreement) |  |  |  |  |  |  |  |
United Express Agreements |
Nature of operations and significant accounting policies summary |
Schedule of details of aircraft and agreements with other airlines |
|  |  |  |  |  | Pass through costs |  |
|  | Number of |  |  |  | or costs paid |  |
|  | aircraft under |  | Term / Termination |  | directly by major |  |
Agreement |  | agreements |  | Dates |  | partner |  |
SkyWest Airlines |  | • CRJ 200 - 57 |  | • The contract is scheduled to expire on an individual aircraft basis commencing in 2016 |  | • Fuel |  |
United Express |  | • CRJ 700 - 70 |  | • The final aircraft is scheduled to expire in 2027 |  | • Landing fees |  |
Agreements (fixed-fee |  | • E175 - 40 |  | • The average remaining term of the aircraft under contract is 4.3 years |  | • Station Rents, Deice |  |
arrangement) |  |  |  | • Upon expiration, aircraft may be renewed or extended |  | • Insurance |  |
ExpressJet United ERJ |  | • ERJ 135 - 5 |  | • The contract is scheduled to expire on an individual aircraft basis commencing in 2016 |  | • Fuel |  |
Agreement (fixed-fee arrangement) |  | • ERJ 145 - 166 |  | • The final aircraft is scheduled to expire in 2017 |  | • Engine Maintenance |  |
|  |  |  | • The average remaining term of the aircraft under contract is 1.9 years |  | • Landing fees |  |
|  |  |  | • Upon expiration, aircraft may be renewed or extended |  | • Station Rents, Deice |  |
|  |  |  |  |  | • Insurance |  |
SkyWest Airlines United |  | • CRJ 200 - 26 |  | • Terminable with 120 days' notice |  | • None |  |
Express Pro-rate Agreement (revenue-sharing arrangement) |  |  |  |  |  |  |  |
Alaska Capacity Purchase Agreement |
Nature of operations and significant accounting policies summary |
Schedule of details of aircraft and agreements with other airlines |
|  |  |  |  |  | Pass through costs |  |
|  | Number of |  |  |  | or costs paid |  |
|  | aircraft under |  | Term / Termination |  | directly by major |  |
Agreement |  | agreements |  | Dates |  | partner |  |
SkyWest Airlines |  | • CRJ 700 - 9 |  | • The contract is scheduled to expire on an individual aircraft basis commencing in 2016 |  | • Fuel |  |
Alaska Agreement |  | • E175 - 5 |  | • The final aircraft is scheduled to expire in 2028 |  | • Landing fees |  |
(fixed-fee arrangement) |  |  |  | • Upon expiration, aircraft may be renewed or extended |  | • Station Rents, Deice |  |
|  |  |  |  |  | • Insurance |  |
American Agreements |
Nature of operations and significant accounting policies summary |
Schedule of details of aircraft and agreements with other airlines |
|  |  |  |  |  | Pass through costs |  |
|  | Number of |  |  |  | or costs paid |  |
|  | aircraft under |  | Term / Termination |  | directly by major |  |
Agreement |  | agreements |  | Dates |  | partner |  |
SkyWest Airlines |  | • CRJ 200 - 12 |  | • Scheduled to expire in 2016 |  | • Fuel |  |
American Agreement |  |  |  | • Upon expiration, aircraft may be renewed or extended |  | • Landing fees |  |
(fixed-fee agreement) |  |  |  |  |  | • Station Rents, Deice |  |
|  |  |  |  |  | • Insurance |  |
SkyWest Airlines |  | • CRJ 200 - 5 |  | • Terminable with 120 days' notice |  | • None |  |
American Pro-rate |  |  |  |  |  |  |  |
Agreement (revenue- |  |  |  |  |  |  |  |
sharing agreement) |  |  |  |  |  |  |  |
ExpressJet American |  | • CRJ 200 - 11 |  | • Scheduled to expire in 2017 |  | • Fuel |  |
Agreement (fixed-fee |  | • ERJ 145 - 16 |  | • Upon expiration, aircraft may be renewed or extended |  | • Landing fees |  |
agreement) |  |  |  |  |  | • Station Rents, Deice |  |
|  |  |  |  |  | • Insurance |  |
ExpressJet American Pro-rate |  | • CRJ 200 - 3 |  | • Terminable with 120 days' notice |  | • None |  |
Agreement (revenue-sharing agreement) |  |  |  |  |  |  |  |

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