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Nature of Operations and Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2020
Nature of Operations and Summary of Significant Accounting Policies [Line Items] |
Schedule of number of aircraft held by entity |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | CRJ200 |  | CRJ700 |  | CRJ900 |  | E175 |  | Total |
Delta |  | 26 | ​ | 6 | ​ | 39 | ​ | 71 | ​ | 142 | ​
United |  | 104 | ​ | 19 | ​ | — | ​ | 90 | ​ | 213 | ​
American |  | — | ​ | 65 | ​ | — | ​ | — | ​ | 65 | ​
Alaska |  | — | ​ | — | ​ | — | ​ | 32 | ​ | 32 | ​
Aircraft in scheduled service | ​ | 130 | ​ | 90 | ​ | 39 | ​ | 193 | ​ | 452 | ​
Leased to third parties |  | 2 | ​ | 34 | ​ | 5 | ​ | — | ​ | 41 | ​
Other* |  | 74 | ​ | 30 | ​ | 4 | ​ | — | ​ | 108 | ​
Total Fleet |  | 206 | ​ | 154 | ​ | 48 | ​ | 193 | ​ | 601 | ​
*As of December 31, 2020, these aircraft have been removed from service and are in the process of being placed under a leasing arrangement with a third party, are aircraft transitioning between code-share agreements with the Company’s major airline partners and being used as a supplemental spare aircraft, or are in the process of being parted out.
Schedule of marketable securities | At December 31, 2020 and 2019, the fair market value of the available-for-sale securities was the amortized cost. The Company’s position in marketable securities as of December 31, 2020 and 2019 was as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Gross unrealized | ​ | Gross unrealized | ​ | ​ | ​ | ​
At December 31, 2020 |  | Amortized Cost |  | holding gains |  | holding losses |  | Fair market value |
Total cash and cash equivalents | ​ | $ | 215,723 | ​ | $ | — | ​ | $ | — | ​ | $ | 215,723 | ​
Marketable securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Bond and bond funds | ​ | $ | 117,928 | ​ | $ | — | ​ | $ | — | ​ | $ | 117,928 | ​
Commercial Paper | ​ |  | 492,257 | ​ |  | — | ​ |  | — | ​ |  | 492,257 | ​
Total marketable securities | ​ | $ | 610,185 | ​ | $ | — | ​ | $ | — | ​ | $ | 610,185 | ​
Total assets measured at fair value | ​ | $ | 825,908 | ​ | $ | — | ​ | $ | — | ​ | $ | 825,908 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Gross unrealized | ​ | ​ | Gross unrealized | ​ | ​ | ​ | ​
At December 31, 2019 |  | Amortized Cost |  | holding gains |  | holding losses |  | Fair market value |
Total cash and cash equivalents | ​ | $ | 87,206 | ​ | $ | — | ​ | $ | — | ​ | $ | 87,206 | ​
Marketable securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Bond and bond funds | ​ | $ | 267,243 | ​ | $ | — | ​ | $ | — | ​ | $ | 267,243 | ​
Commercial Paper | ​ |  | 165,723 | ​ |  | — | ​ |  | — | ​ |  | 165,723 | ​
Total marketable securities | ​ | $ | 432,966 | ​ | $ | — | ​ | $ | — | ​ | $ | 432,966 | ​
Total assets measured at fair value | ​ | $ | 520,172 | ​ | $ | — | ​ | $ | — | ​ | $ | 520,172 | ​
​ As of December 31, 2020 and 2019, the Company had classified $610.2 million and $433.0 million of marketable securities, respectively, as short-term since it had the ability to redeem the securities within one year.
Schedule of property and equipment |
| ​ |  |  |  |  | ​
Assets | ​ | Depreciable Life | ​ | Current Residual Value | ​
Aircraft, rotable spares, and spare engines | ​ | up to 22 years |  | up to 20 | % | ​
Ground equipment | ​ | up to 10 years |  | 0 | % | ​
Office equipment | ​ | up to 7 years | ​ | 0 | % | ​
Leasehold improvements | ​ | Shorter of 15 years or lease term |  | 0 | % | ​
Buildings | ​ | 20 - 39.5 years |  | 0 | % | ​
Schedule of future minimum rental payments for operating leases | The following table summarizes future minimum rental payments primarily related to leased aircraft required under operating leases that had initial or remaining non-cancelable lease terms as of December 31, 2020 (in thousands): ​
​ | ​ | ​ | ​ | ​
2021 |  | $ | 85,869 |
2022 | ​ |  | 77,780 | ​
2023 | ​ |  | 69,530 | ​
2024 | ​ |  | 28,091 | ​
2025 | ​ |  | 15,751 | ​
Thereafter | ​ |  | 82,719 | ​
​ | ​ | $ | 359,740 | ​
Schedule of allowance for credit losses | The following table summarizes the changes in allowance for credit losses:
​ | ​ | ​ | ​
​ |  | Allowance for Credit Losses
Balance at January 1, 2020 | ​ | $ | 15,388
Additions to credit loss reserves | ​ |  | 30,837
Write-offs charged against allowance | ​ |  | —
Balance at December 31, 2020 | ​ | $ | 46,225
Schedule of net income (loss) per common share |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ | ​ | 2020 | ​ | 2019 | ​ | 2018 |
Numerator: |  | ​ |  |  | ​ |  |  | ​ |  | ​
Net income (loss) | ​ | $ | (8,515) | ​ | $ | 340,099 | ​ | $ | 280,372 | ​
Denominator: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic earnings per share weighted average shares | ​ |  | 50,195 | ​ |  | 50,932 | ​ |  | 51,914 | ​
Dilution due to stock options and restricted stock units | ​ |  | — | ​ |  | 443 | ​ |  | 957 | ​
Diluted earnings per share weighted average shares | ​ |  | 50,195 | ​ |  | 51,375 | ​ |  | 52,871 | ​
Basic earnings (loss) per share | ​ | $ | (0.17) | ​ | $ | 6.68 | ​ | $ | 5.40 | ​
Diluted earnings (loss) per share | ​ | $ | (0.17) | ​ | $ | 6.62 | ​ | $ | 5.30 | ​
Flying agreements |
Nature of Operations and Summary of Significant Accounting Policies [Line Items] |
Schedule of revenue by type | The following table represents the Company’s flying agreements revenue by type for the years ended December 31, 2020, 2019 and 2018 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 31,
​ |  | 2020 |  | 2019 |  | 2018
Capacity purchase agreements revenue: flight operations | ​ | $ | 945,008 | ​ | $ | 1,538,062 | ​ | $ | 1,856,253
Capacity purchase agreements revenue: aircraft lease | ​ |  | 846,933 | ​ |  | 830,247 | ​ |  | 814,518
Prorate agreements revenue | ​ |  | 268,860 | ​ |  | 520,956 | ​ |  | 498,749
Flying agreements revenue | ​ | $ | 2,060,801 | ​ | $ | 2,889,265 | ​ | $ | 3,169,520
Airport customer service and other revenue |
Nature of Operations and Summary of Significant Accounting Policies [Line Items] |
Schedule of revenue by type | ​ The following table represents the Company’s lease, airport services and other revenues for the years ended December 31, 2020, 2019 and 2018 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 31,
​ |  | 2020 |  | 2019 |  | 2018
Airport customer service and other revenue | ​ | $ | 25,804 | ​ | $ | 45,538 | ​ | $ | 48,236
Operating lease income relating to lease payments | ​ |  | 34,791 | ​ |  | 27,552 | ​ |  | 3,923
Operating lease income relating to variable lease payments | ​ |  | 5,710 | ​ |  | 9,608 | ​ |  | —
Lease, airport services and other | ​ | $ | 66,305 | ​ | $ | 82,698 | ​ | $ | 52,159
Delta Connection Agreement |
Nature of Operations and Summary of Significant Accounting Policies [Line Items] |
Schedule of details of aircraft and agreements with other airlines | Delta Connection Agreements
Agreement |  | Aircraft type | ​ | Number of Aircraft |  | Term / Termination Dates |
Delta Connection Agreement (capacity purchase arrangement) | ​ | ● E175 ● CRJ 900 ● CRJ 700 | ​ | 71 39 6 | ​ | ● Individual aircraft have scheduled removal dates from 2021 to 2030 ● The average remaining term of the aircraft under contract is 5.7 years | ​
Delta Connection Prorate Agreement (prorate arrangement) | ​ | ● CRJ 200 | ​ | 26 | ​ | ● Terminable with 30-day notice | ​
United Express Agreements |
Nature of Operations and Summary of Significant Accounting Policies [Line Items] |
Schedule of details of aircraft and agreements with other airlines | United Express Agreements
|  |  | ​ |  |  |  |
--- | --- | --- | --- | --- | --- | --- | ---
Agreement |  | Aircraft type | ​ | Number of Aircraft |  | Term / Termination Dates |
United Express Agreements (capacity purchase arrangement) | ​ | ● E175 ● CRJ 700 ● CRJ 200 | ​ | 90 19 70 ​ | ​ | ● Individual aircraft have scheduled removal dates under the agreement between 2022 and 2029 ● The average remaining term of the aircraft under contract is 4.9 years | ​
United Express Prorate Agreement (prorate arrangement) | ​ | ● CRJ 200 ​ | ​ | 34 | ​ | ● Terminable with 120-day notice | ​
American Agreements |
Nature of Operations and Summary of Significant Accounting Policies [Line Items] |
Schedule of details of aircraft and agreements with other airlines | American Capacity Purchase Agreement
| ​ |  | ​ | ​ | ​ |  | ​
Agreement |  | Aircraft type | ​ | Number of Aircraft |  | Term / Termination Dates |
American Agreement (capacity purchase arrangement) | ​ | ● CRJ 700 ​ | ​ | 65 | ​ | ● Individual aircraft have scheduled removal dates from 2022 to 2026 ● The average remaining term of the aircraft under contract is 3.3 years | ​
Alaska Capacity Purchase Agreement |
Nature of Operations and Summary of Significant Accounting Policies [Line Items] |
Schedule of details of aircraft and agreements with other airlines | Alaska Capacity Purchase Agreement
| ​ |  | ​ | ​ | ​ |  | ​
| ​ |  | ​ | ​ | ​ |  | ​
Agreement |  | Aircraft type | ​ | Number of Aircraft |  | Term / Termination Dates |
Alaska Agreement (capacity purchase arrangement) | ​ | ● E175 ​ | ​ | 32 | ​ | ● Individual aircraft have scheduled removal dates from 2027 to 2030 ● The average remaining term of the aircraft under contract is 8.2 years | ​
Aircraft |
Nature of Operations and Summary of Significant Accounting Policies [Line Items] |
Schedule of future minimum rental payments for operating leases | The following table summarizes future minimum rental income under operating leases primarily related to leased aircraft that had remaining non-cancelable lease terms as of December 31, 2020 (in thousands):
​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​
2021 |  | $ | 43,573 |
2022 | ​ |  | 43,390 | ​
2023 | ​ |  | 42,837 | ​
2024 | ​ |  | 42,530 | ​
2025 | ​ |  | 39,082 | ​
Thereafter | ​ |  | 155,089 | ​
​ | ​ | $ | 366,501 | ​

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