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Share-Based Compensation and Stock Repurchases | 9 Months Ended
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Sep. 30, 2019
Share-Based Compensation and Stock Repurchases |
Share-Based Compensation and Stock Repurchases | Note 3 — Share-Based Compensation and Stock Repurchases ​ During the nine months ended September 30, 2019, the Company granted 104,120 restricted stock units and 87,864 performance shares to certain employees of the Company and its subsidiaries under the SkyWest, Inc. 2010 Long-Term Incentive Plan and the SkyWest, Inc. 2019 Long-Term Incentive Plan. Both the restricted stock units and performance shares have a three-year vesting period, during which the recipient must remain employed with the Company or one of the Company’s subsidiaries. The number of performance shares awardable from the 2019 grants can range from 0% to 200% of the original amount granted depending on the Company’s performance over the three-year vesting period against the pre-established targets. Upon vesting, each restricted stock unit and performance share will be replaced with one share of common stock. The weighted average fair value of these restricted stock units and performance shares on their date of grant was $48.73 per share. During the nine months ended September 30, 2019, the Company did not grant any options to purchase shares of common stock. Additionally, during the nine months ended September 30, 2019, the Company granted 18,576 fully vested shares of common stock to the Company’s directors at a grant date fair value of $48.45. The Company accounts for forfeitures of stock options, restricted stock units and performance share grants when forfeitures occur. The estimated fair value of the stock options, restricted stock units and performance shares is amortized over the applicable vesting periods. During the nine months ended September 30, 2019 and 2018, the Company recorded pre-tax share-based compensation expense of $8.0 million and $10.4 million, respectively. Additionally, the Company incurred $7.9 million of employee severance related costs associated with the sale of ExpressJet, partially offset by a forfeiture credit of $4.5 million, primarily resulting from stock-based compensation awards that terminated upon the sale of ExpressJet during the nine months ended September 30, 2019. During the nine months ended September 30, 2019, the Company repurchased 1,496,648 shares of its common stock for $84.6 million and paid $9.3 million for the income tax obligation on vested employee equity awards and issued the net, after-tax shares to employees. During the nine months ended September 30, 2018, the Company repurchased 427,869 shares of its common stock for $25.2 million and paid $13.6 million for the income tax obligation on vested employee equity awards and issued the net, after-tax shares to employees. ​

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