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Nature of Operations and Summary of Significant Accounting Policies (Policies) | 12 Months Ended
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Dec. 31, 2023
Nature of Operations and Summary of Significant Accounting Policies |
Basis of Presentation | Basis of Presentation The Company’s consolidated financial statements include the accounts of the Company and the SkyWest Airlines and SWC and SkyWest Leasing segments, with all inter-company transactions and balances having been eliminated. In preparing the accompanying consolidated financial statements, the Company has reviewed, as determined necessary by the Company’s management, events that have occurred after December 31, 2023, through the filing date of the Company’s annual report with the U.S. Securities and Exchange Commission.
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates and assumptions.
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. The Company had no restricted cash as of December 31, 2023 and 2022.
Marketable Securities | Marketable Securities The Company’s investments in debt securities are classified as available-for-sale and are reported at fair market value with the net unrealized appreciation (depreciation) reported as a component of accumulated other comprehensive income in stockholders’ equity. At the time of sale, any realized appreciation or depreciation, calculated by the specific identification method, is recognized in other income and expense. The Company’s position in marketable securities as of December 31, 2023 and 2022 was as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Gross unrealized | ​ | Gross unrealized | ​ | ​ | ​ | ​
At December 31, 2023 |  | Amortized Cost |  | holding gains |  | holding losses |  | Fair market value |
Marketable securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Bond and bond funds | ​ | $ | 676,644 | ​ | $ | 430 | ​ | $ | — | ​ | $ | 677,074 | ​
Commercial Paper | ​ |  | 9,872 | ​ |  | — | ​ |  | — | ​ |  | 9,872 | ​
Total marketable securities | ​ | $ | 686,516 | ​ | $ | 430 | ​ | $ | — | ​ | $ | 686,946 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Gross unrealized | ​ | ​ | Gross unrealized | ​ | ​ | ​ | ​
At December 31, 2022 |  | Amortized Cost |  | holding gains |  | holding losses |  | Fair market value |
Marketable securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Bond and bond funds | ​ | $ | 629,280 | ​ | $ | — | ​ | $ | (5,026) | ​ | $ | 624,254 | ​
Commercial Paper | ​ |  | 319,977 | ​ |  | — | ​ |  | — | ​ |  | 319,977 | ​
Total marketable securities | ​ | $ | 949,257 | ​ | $ | — | ​ | $ | (5,026) | ​ | $ | 944,231 | ​
​ As of December 31, 2023 and 2022, the Company had classified $686.9 million and $944.2 million of marketable securities, respectively, as short-term because it had the intent to maintain a liquid portfolio and the ability to redeem the securities within one year.
Inventories | Inventories Inventories include expendable parts, fuel and supplies and are valued at cost (FIFO basis) less an allowance for obsolescence based on historical part turnover, excess parts and management’s expectations of future operations. Expendable inventory parts are charged to expense as used. An obsolescence allowance for flight equipment expendable parts is accrued based on estimated lives of the corresponding fleet types, anticipated part usage and salvage values. The inventory allowance as of December 31, 2023 and 2022, was $26.1 million and $24.2 million, respectively.
Property and Equipment | Property and Equipment Property and equipment are stated at cost and depreciated over their useful lives to their estimated residual values using the straight-line method as follows: ​
​ ​ ​ | ​ |  |  |  |
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 5 years | ​ | 0 | %
Leasehold improvements | ​ | Shorter of 15 years or lease term |  | 0 | %
Buildings | ​ | 20 - 39.5 years |  | 0 | %
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets As of December 31, 2023, the Company had approximately $5.5 billion of property and equipment, net. In accounting for these long-lived assets, the Company makes estimates about the expected useful lives of the assets, the expected residual values of such assets, and the potential for impairment based on projected future cash flows and estimated fair value of the assets. Factors indicating potential impairment include, but are not limited to, significant decreases in the market value of the long-lived assets, a significant change in the condition of the long-lived assets and operating cash flow losses associated with the use of the long-lived assets. On a periodic basis, the Company evaluates whether impairment indicators are present. When considering whether or not impairment of long-lived assets exists, the Company groups similar assets together at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities and compare the undiscounted cash flows for each asset group to the net carrying amount of the assets supporting the asset group. Asset groupings are done at the aircraft type level. During 2022, the Company committed to a plan to sell 14 CRJ700 aircraft, resulting in an impairment on the assets held for sale of $51.4 million. During 2023, the Company wrote-down the assets held for sale for an additional $2.3 million. See Note 8, “Assets Held for Sale” for more information on the assets held for sale.
Capitalized Interest | Capitalized Interest Interest is capitalized on aircraft purchase deposits as a portion of the cost of the asset and is depreciated over the estimated useful life of the asset. During the years ended December 31, 2023, 2022 and 2021, the Company capitalized interest costs of approximately $1.5 million, $1.9 million and $1.9 million, respectively.
Maintenance | Maintenance The Company operates under a U.S. Federal Aviation Administration approved continuous inspection and maintenance program. The Company uses the direct expense method of accounting for its regional jet engine overhauls. The Company has engine services agreements with third-party vendors to provide long-term engine services covering the scheduled and unscheduled repairs for most of its aircraft. Under the terms of the agreements, the Company pays a fixed dollar amount per engine hour flown per month and the third-party vendors will assume the responsibility to repair the engines at no additional cost to the Company, subject to certain specified exclusions. Maintenance costs under these contracts are recognized when the engine hour is flown pursuant to the terms of each contract. The repair costs for engines not covered by these hourly service agreements are expensed when repair services are incurred. The costs of maintenance for airframe and avionics components, landing gear and other recurring maintenance are expensed as incurred.
Flying Agreements and Airport Customer Service and Other Revenues | Flying Agreements and Airport Customer Service and Other Revenues The Company recognizes revenue under its flying agreements and under its lease, airport services and other service agreements when the service is provided under the applicable agreement. Under the Company’s capacity purchase agreements with United, Delta, American and Alaska (each, a “major airline partner”), the major airline partner generally pays the Company a fixed-fee for each departure, flight hour (measured from takeoff to landing, excluding taxi time) or block hour (measured from takeoff to landing, including taxi time) incurred, and an amount per aircraft in service each month (a portion of which is accounted for as aircraft lease consideration), with additional incentives based on flight completion, on-time performance or other performance metrics. The major airline partner also directly pays for or reimburses the Company for certain direct expenses incurred under the capacity purchase agreement, such as fuel, airport landing fees and airport rents. Under the capacity purchase agreements, the Company’s performance obligation is met when each flight is completed, measured in completed block hours, and is reflected in flying agreements revenue. The transaction price for the capacity purchase agreements is determined from the fixed-fee consideration, incentive consideration and directly reimbursed expenses earned as flights are completed over the agreement term. For the years ended December 31, 2023, 2022 and 2021, capacity purchase arrangements represented approximately 86.5%, 88.0% and 84.3% of the Company’s flying agreements revenue, respectively. Under the Company’s prorate arrangements (also referred to as a “prorate” agreements), the major airline partner and the Company negotiate a passenger fare proration formula, pursuant to which the Company receives a percentage of the ticket revenues for those passengers traveling for one portion of their trip on a Company airline and the other portion of their trip on the major airline partner. Under the Company’s prorate flying agreements, the performance obligation is met and revenue is recognized when each flight is completed based upon the portion of the prorate passenger fare the Company determines that it will receive for each completed flight. The transaction price for the prorate agreements is determined from the proration formula derived from each passenger ticket amount on each completed flight over the agreement term. Certain routes under the Company’s prorate arrangements are subsidized by the U.S. Department of Transportation under the Essential Air Service (“EAS”) program, a program created to ensure small communities in the United States maintain a minimum level of scheduled air service. The EAS contracts are generally two years in duration and the Company recognizes EAS revenue on a per-completed-flight basis pursuant to the terms of each contract. Under the Company’s charter operations, SWC, the Company negotiates a fare for the charter flight with the customer. The performance obligation is met and revenue is recognized upon completion of the flight. For the years ended December 31, 2023, 2022 and 2021, prorate flying agreements and SWC revenue represented approximately 13.5%, 12.0%, and 15.7% of the Company’s flying agreements revenue, respectively. The following table represents the Company’s flying agreements revenue by type for the years ended December 31, 2023, 2022 and 2021 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 31,
​ |  | 2023 |  | 2022 | ​ | 2021
Capacity purchase agreements flight operations revenue (non-lease component) | ​ | $ | 1,976,743 | ​ | $ | 2,028,308 | ​ | $ | 1,678,219
Capacity purchase agreements fixed aircraft lease revenue | ​ | ​ | 296,047 | ​ | ​ | 504,529 | ​ | ​ | 527,173
Capacity purchase agreements variable aircraft lease revenue | ​ |  | 180,218 | ​ | ​ | 17,664 | ​ | ​ | —
Prorate agreements and SWC revenue | ​ |  | 381,389 | ​ | ​ | 349,336 | ​ | ​ | 409,684
Flying agreements revenue | ​ | $ | 2,834,397 |  | $ | 2,899,837 | ​ | $ | 2,615,076
​ The Company allocates the total consideration received under its capacity purchase agreements between lease and non-lease components based on stand-alone selling prices. A portion of the Company’s compensation under its capacity purchase agreements is designed to reimburse the Company for certain aircraft ownership costs. The consideration for aircraft ownership costs varies by agreement but is intended to cover either the Company’s aircraft principal and interest debt service costs, its aircraft depreciation and interest expense or its aircraft lease expense costs while the aircraft is under contract. The consideration received for the use of the aircraft under the Company’s capacity purchase agreements is accounted for as lease revenue, inasmuch as the agreements identify the “right of use” of a specific type and number of aircraft over a stated period of time. The lease revenue associated with the Company’s capacity purchase agreements is accounted for as an operating lease and is reflected as flying agreements revenue on the Company’s consolidated statements of comprehensive income. During the three months ended December 31, 2022, the Company amended certain of its capacity purchase agreements resulting in a portion of the Company’s aircraft lease revenue becoming variable beginning in the fourth quarter of 2022. As a result of these capacity purchase agreement amendments executed in 2022, during the year ended December 31, 2023, the Company deferred recognizing lease revenue on $78.5 million of the allocated fixed monthly lease payments received during the year ended December 31, 2023, under the straight-line method. The Company deferred recognizing lease revenue on $22.1 million of the allocated fixed monthly lease payments received during the year ended December 31, 2022, under the straight-line method. The Company has not separately stated aircraft rental income and aircraft rental expense in the consolidated statement of comprehensive income because the use of the aircraft is not a separate activity of the total service provided under the capacity purchase agreements. A portion of the Company’s compensation under its capacity purchase agreements relates to operating the aircraft, identified as the non-lease component of the capacity purchase agreement. The Company recognizes revenue attributed to the non-lease component received as fixed-fees for each departure, flight hour or block hour on an as-completed basis for each reporting period. The Company recognizes revenue attributed to the non-lease component received as fixed monthly payments per aircraft proportionate to the number of block hours completed during each reporting period, relative to the estimated number of block hours the Company anticipates completing over the remaining contract term. Accordingly, the Company’s revenue recognition will likely vary from the timing of cash receipts under the Company’s capacity purchase agreements. The Company refers to cash received under its capacity purchase agreements prior to recognizing revenue as “deferred revenue,” and the Company refers to revenue recognized prior to billing its major airline partners under its capacity purchase agreements as “unbilled revenue” for each reporting period. In 2023, the Company deferred recognizing revenue on $151.4 million of fixed monthly payments under certain agreements and unbilled revenue decreased by $12.6 million under certain other agreements, compared to deferring revenue of $18.7 million and recognizing $11.5 million of unbilled revenue in 2022. The Company’s total deferred revenue balance as of December 31, 2023, was $374.6 million, including $61.0 million in other current liabilities and $313.6 million in other long-term liabilities. The Company’s unbilled revenue balance as of December 31, 2023, was $7.3 million, including $1.2 million in other current assets and $6.1 million in other long-term assets. The Company’s total deferred revenue balance as of December 31, 2022, was $144.7 million, including $5.2 million in other current liabilities and $139.5 million in other long-term liabilities. The Company’s unbilled revenue balance as of December 31, 2022, was $19.9 million, including $9.9 million in other current assets and $10.0 million in other long-term assets. The Company’s capacity purchase and prorate agreements include weekly provisional cash payments from the respective major airline partner based on a projected level of flying each month. The Company and each major airline partner subsequently reconcile these payments to the actual completed flight activity on a monthly or quarterly basis. In several of the Company’s agreements, the Company is eligible to receive incentive compensation upon the achievement of certain performance criteria. The incentives are defined in the agreements and are measured and determined on a monthly, quarterly or semi-annual basis. At the end of each period during the term of an agreement, the Company calculates the incentives achieved during that period and recognizes revenue attributable to that agreement accordingly, subject to the variable constraint guidance under Accounting Standard Codification (“ASC”) Topic 606. The following summarizes the significant provisions of each code-share agreement the Company has with each major airline partner through SkyWest Airlines: United Express Agreements
Agreement |  | Aircraft type |  | Number of Aircraft |  | Term / Termination Dates
United Express Agreements (capacity purchase agreement) | ​ | · E175 · CRJ 700 · CRJ 200 | ​ | 90 19 70 | ​ | · Individual aircraft have scheduled removal dates under the agreement between 2024 and 2029 · The average remaining term of the aircraft under contract is 2.7 years
United Express Prorate Agreement (prorate agreement) | ​ | · CRJ 200 | ​ | *19 | ​ | · Terminable with 120-day notice
Total under United Express Agreements | ​ | ​ | ​ | 198 | ​ | ​
​ Delta Connection Agreements
Agreement |  | Aircraft type |  | Number of Aircraft |  | Term / Termination Dates
Delta Connection Agreement (capacity purchase agreement) | ​ | · E175 · CRJ 900 · CRJ 700 | ​ | 85 35 5 | ​ | · Individual aircraft have scheduled removal dates from 2024 to 2034 · The average remaining term of the aircraft under contract is 4.8 years
Delta Connection Prorate Agreement (prorate agreement) | ​ | · CRJ 900 · CRJ 700 | ​ | 6* 4* | ​ | · Terminable with 30-day notice
Total under Delta Connection Agreements | ​ | ​ | ​ | 135 | ​ | ​
​ American Capacity Purchase Agreement
Agreement |  | Aircraft type |  | Number of Aircraft |  | Term / Termination Dates
American Agreement (capacity purchase agreement) | ​ | · E175 · CRJ 700 | ​ | 20 90 | ​ | · Individual aircraft have scheduled removal dates from 2024 to 2032 · The average remaining term of the aircraft under contract is 3.1 years
Total under American Agreement | ​ | ​ | ​ | 110 | ​ | ​
​ Alaska Capacity Purchase Agreement
Agreement |  | Aircraft type |  | Number of Aircraft |  | Term / Termination Dates
Alaska Agreement (capacity purchase agreement) | ​ | · E175 | ​ | 42 | ​ | · Individual aircraft have scheduled removal dates from 2030 to 2034 · The average remaining term of the aircraft under contract is 7.5 years
​ * The Company’s prorate agreements are based on specific routes, not a specific aircraft count. The number of aircraft listed above for each prorate agreement approximates the number of aircraft the Company uses to serve the prorate routes. In addition to the contractual arrangements described above, as of December 31, 2023, SkyWest Airlines reached agreements to place the following E175 aircraft under a capacity purchase agreement with the respective partners: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2025 |  | 2026 | ​ | Total
Delta Air Lines |  | 1 |  | — |  | — | ​ | 1
United Airlines |  | 4 |  | 7 |  | 8 | ​ | 19
Alaska Airlines |  | — |  | 1 |  | — | ​ | 1
Total |  | 5 |  | 8 |  | 8 | ​ | 21
​ Final delivery and in-service dates for aircraft to be placed under contract may be adjusted based on various factors. When an aircraft is scheduled to be removed from a capacity purchase arrangement, the Company may, as practical under the circumstances, negotiate an extension with the respective major airline partner, negotiate the placement of the aircraft with another major airline partner, return the aircraft to the major airline partner when the aircraft is leased from the major airline partner, place owned aircraft for sale or pursue other uses for the aircraft. Other uses for the aircraft may include placing the aircraft in a prorate agreement, leasing the aircraft or engines to a third party or disassembling aircraft components such as the engines and parts to be used as spare inventory. Lease, airport services and other revenues primarily consists of revenue generated from aircraft and spare engines leased to third parties and from airport customer service agreements, such as gate and ramp agent services at various airports where the Company has been contracted by third parties to provide such services. The following table represents the Company’s lease, airport services and other revenues for the years ended December 31, 2023, 2022 and 2021 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 31,
​ |  | 2023 |  | 2022 | ​ | 2021
Operating lease revenue | ​ | $ | 47,554 | ​ | $ | 48,714 | ​ | $ | 46,532
Operating lease revenue relating to variable lease payments | ​ | ​ | 18,420 | ​ | ​ | 17,050 | ​ | ​ | 19,998
Airport customer service and other revenue | ​ | ​ | 35,061 | ​ | ​ | 39,324 | ​ | ​ | 31,885
Lease, airport services and other | ​ | $ | 101,035 | ​ | $ | 105,088 | ​ | $ | 98,415
The following table summarizes future minimum rental income under operating leases primarily related to leased aircraft and engines that had remaining non-cancelable lease terms as of December 31, 2023 (in thousands):
​ | ​ | ​ | ​
2024 |  | $ | 46,119
2025 | ​ |  | 41,172
2026 | ​ |  | 35,630
2027 | ​ |  | 35,586
2028 | ​ |  | 35,024
Thereafter | ​ |  | 53,122
Total future minimum rental income under operating leases | ​ | $ | 246,653
Of the Company’s $5.5 billion of property and equipment, net as of December 31, 2023, $216.0 million of regional jet aircraft and spare engines were leased to third parties under operating leases. The Company’s mitigation strategy for the residual asset risks of these assets includes leasing aircraft and engine types that can be operated by the Company in the event of a default. Additionally, the operating leases typically have specified lease return condition requirements paid by the lessee to the Company and the Company typically maintains inspection rights under the leases. The transaction price for airport customer service agreements is determined from an agreed-upon rate by location applied to the applicable number of flights handled by the Company over the agreement term. The Company’s operating revenues could be impacted by several factors, including changes to the Company’s code-share agreements with its major airline partners, changes in flight schedules, contract modifications resulting from contract renegotiations, the Company’s ability to earn incentive payments contemplated under the Company’s code-share agreements and settlement of reimbursement disputes with the Company’s major airline partners. Other ancillary revenues commonly associated with airlines, such as baggage fee revenue, ticket change fee revenue and the marketing component of the sale of mileage credits, are retained by the Company’s major airline partners on flights that the Company operates under its code-share agreements. As of December 31, 2023, the Company had $82.9 million in accounts receivable of which $73.6 million related to flying agreements. As of December 31, 2022, the Company had $100.5 million in accounts receivable of which $73.7 million related to flying agreements.
Allowance for Credit Losses | Allowance for Credit Losses The Company monitors publicly available credit ratings for entities for which the Company has a significant receivable balance. As of December 31, 2023, the Company had gross receivables of $86.1 million in current assets and gross receivables of $199.8 million in other long-term assets. The Company has established credit loss reserves based on publicly available historic default rates issued by a third party for companies with similar credit ratings, factoring in the term of the respective accounts receivable or note receivable. During the year ended December 31, 2023, the Company recorded $0.2 million of adjustments to the credit loss reserve and wrote-off $18.5 million in receivables that were fully reserved as of December 31, 2022. There were no other significant changes in the outstanding accounts receivable, notes receivable or credit ratings of the entities. The following table summarizes the changes in allowance for credit losses: ​
​ | ​ | ​ | ​
​ |  | Allowance for Credit Losses
Balance at December 31, 2020 | ​ | $ | 46,225
Adjustments to credit loss reserves | ​ | ​ | (4,249)
Write-offs charged against allowance | ​ | ​ | —
Balance at December 31, 2021 | ​ | $ | 41,976
Adjustments to credit loss reserves | ​ | ​ | (4,591)
Write-offs charged against allowance | ​ | ​ | —
Balance at December 31, 2022 | ​ | $ | 37,385
Adjustments to credit loss reserves | ​ |  | (185)
Write-offs charged against allowance | ​ |  | (18,501)
Balance at December 31, 2023 | ​ | $ | 18,699
Income Taxes | ​
​ | ​ | ​ | ​
​ |  | Allowance for Credit Losses
Balance at December 31, 2020 | ​ | $ | 46,225
Adjustments to credit loss reserves | ​ | ​ | (4,249)
Write-offs charged against allowance | ​ | ​ | —
Balance at December 31, 2021 | ​ | $ | 41,976
Adjustments to credit loss reserves | ​ | ​ | (4,591)
Write-offs charged against allowance | ​ | ​ | —
Balance at December 31, 2022 | ​ | $ | 37,385
Adjustments to credit loss reserves | ​ |  | (185)
Write-offs charged against allowance | ​ |  | (18,501)
Balance at December 31, 2023 | ​ | $ | 18,699
Net Income Per Common Share | Net Income Per Common Share Basic net income per common share (“Basic EPS”) excludes dilution and is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted net income per common share (“Diluted EPS”) reflects the potential dilution that could occur if stock options or other contracts to issue common stock were exercised or converted into common stock. The computation of Diluted EPS does not assume exercise or conversion of securities that would have an anti-dilutive effect on net income per common share. Securities that could potentially dilute Basic EPS in the future, and which were excluded from the calculation of Diluted EPS because inclusion of such share would be anti-dilutive, are as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ | ​ | 2023 | ​ | 2022 | ​ | 2021
Treasury Warrants (1) | ​ | ​ | 286 | ​ | ​ | 640 | ​ | ​ | 78
Employee Stock Awards | ​ | ​ | 15 | ​ | ​ | 219 | ​ | ​ | —
Total antidilutive securities | ​ | ​ | 301 | ​ | ​ | 859 | ​ | ​ | 78
(1) | U.S. Department of the Treasury (“Treasury”) warrants to purchase shares of SkyWest common stock issued pursuant to the three Payroll Support Program Agreements and a loan agreement. See Note 10, “Payroll Support Programs” and Note 11, “Capital Transactions” for further discussion on the warrants issued to Treasury.
Additionally, for the years ended December 31, 2023, 2022 and 2021, 334,000, 146,000 and 140,000 performance share units (at target performance) were excluded from the computation of Diluted EPS since the Company had not achieved the minimum target thresholds for these units as of December 31, 2023, 2022 and 2021, respectively. The calculation of the weighted average number of common shares outstanding for Basic EPS and Diluted EPS are as follows for the years ended December 31, 2023, 2022 and 2021 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ | ​ | 2023 | ​ | 2022 | ​ | 2021
Numerator: |  | ​ |  |  | ​ |  | ​ | ​ |
Net income | ​ | $ | 34,342 | ​ | $ | 72,953 | ​ | $ | 111,910
Denominator: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic earnings per share weighted average shares | ​ |  | 43,940 | ​ |  | 50,548 | ​ |  | 50,348
Dilution due to employee equity awards and warrants | ​ |  | 659 | ​ |  | 96 | ​ |  | 405
Diluted earnings per share weighted average shares | ​ |  | 44,599 | ​ |  | 50,644 | ​ |  | 50,753
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic earnings per share | ​ | $ | 0.78 | ​ | $ | 1.44 | ​ | $ | 2.22
Diluted earnings per share | ​ | $ | 0.77 | ​ | $ | 1.44 | ​ | $ | 2.20
Comprehensive Income |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ | ​ | 2023 | ​ | 2022 | ​ | 2021
Numerator: |  | ​ |  |  | ​ |  | ​ | ​ |
Net income | ​ | $ | 34,342 | ​ | $ | 72,953 | ​ | $ | 111,910
Denominator: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic earnings per share weighted average shares | ​ |  | 43,940 | ​ |  | 50,548 | ​ |  | 50,348
Dilution due to employee equity awards and warrants | ​ |  | 659 | ​ |  | 96 | ​ |  | 405
Diluted earnings per share weighted average shares | ​ |  | 44,599 | ​ |  | 50,644 | ​ |  | 50,753
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic earnings per share | ​ | $ | 0.78 | ​ | $ | 1.44 | ​ | $ | 2.22
Diluted earnings per share | ​ | $ | 0.77 | ​ | $ | 1.44 | ​ | $ | 2.20
Fair Value of Financial Instruments | Fair Value of Financial Instruments The carrying amounts reported in the consolidated balance sheets for receivables and accounts payable approximate fair values because of the immediate or short-term maturity of these financial instruments. Marketable securities are reported at fair value based on market quoted prices in the consolidated balance sheets. If quoted prices in active markets are no longer available, the Company has estimated the fair values of these securities utilizing a discounted cash flow analysis. These analyses consider, among other items, the collateralization underlying the security investments, the creditworthiness of the counterparty, the timing of expected future cash flows, and the expectation of the next time the security is expected to have a successful auction. Certain investments in other companies are reported at fair value based on market quoted prices or using the Black Scholes Option Pricing model in the consolidated balance sheets. The fair value of the Company’s long-term debt is estimated based on current rates offered to the Company for similar debt.
Segment Reporting | Segment Reporting GAAP requires disclosures related to components of a company for which separate financial information is available to, and regularly evaluated by, the Company’s chief operating decision maker when deciding how to allocate resources and in assessing performance. The Company’s two reportable segments consist of (1) the operations of SkyWest Airlines and SWC (collectively, “SkyWest Airlines and SWC”) and (2) SkyWest Leasing activities. Information pertaining to the Company’s reportable segments is presented in Note 2, Segment Reporting. The Company has two reportable segments: (1) SkyWest Airlines and SWC and (2) SkyWest Leasing.
Recent Accounting Pronouncements | Recent Accounting Pronouncements In November 2023, the FASB issued Accounting Standards Update No. 2023-07, “Segment Reporting (ASC Topic 280) – Improvements to Reportable Segment Disclosures,” which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This ASU also expands disclosure requirements to enable users of financial statements to better understand the entity’s measurement and assessment of segment performance and resource allocation. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the potential impact of adopting this new guidance on its consolidated financial statements and related disclosures. In December 2023, the FASB issued Accounting Standards Update No. 2023-09, “Income Taxes (ASC Topic 740) – Improvements to Income Tax Disclosures”, which enhances the transparency, effectiveness and comparability of income tax disclosures by requiring consistent categories and greater disaggregation of information related to income tax rate reconciliations and the jurisdictions in which income taxes are paid. The guidance is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the potential impact of adopting this new guidance on its consolidated financial statements and related disclosures.

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