XML 45 R9.htm IDEA: XBRL DOCUMENT v2.4.0.8
Special Charges and Credits
12 Months Ended
Dec. 31, 2013
Restructuring and Related Activities [Abstract]  
Special Charges and Credits
Special Charges and Credits
Slot Transaction and Restructuring
In 2012, the Company sold four permanent air carrier slots at Ronald Reagan National Airport (DCA) to another airline for $9.1 million. The Company recognized the $9.1 million gain within special charges (credits) in the third quarter of 2012, the period in which the FAA operating restriction lapsed and written confirmation of the slot transfer was received by the buyer from the FAA. 
In 2013, the Company incurred an additional $0.1 million of cost in connection with the DCA exit and relieved $0.2 million of previously accrued exit cost in connection with Chicago O'Hare (ORD).
Secondary Offering Costs
In the third quarter of 2013, the Company incurred costs of $0.3 million, recorded within special charges (credits), related to an underwritten public offering of 12,070,920 shares of common stock by certain stockholders affiliated with Indigo Partners LLC (Indigo). Upon completion of this offering, investment funds affiliated with Indigo owned no shares of common stock of Spirit Airlines. The Company did not receive any proceeds from this offering.
In the third quarter of 2012, the Company incurred costs of $0.7 million, recorded within special charges (credits), related to an underwritten public offering of 9,394,927 shares of common stock by certain stockholders affiliated with Oaktree Capital Management (Oaktree). Upon completion of this offering, investment funds affiliated with Oaktree owned no shares of common stock of Spirit Airlines. The Company did not receive any proceeds from this offering.
In January 2012, certain stockholders of the Company, including affiliates of Oaktree and Indigo Partners, LLC (Indigo) and certain members of the Company's executive team, sold an aggregate of 12,650,000 shares of common stock in an underwritten public offering. The Company incurred a total of $1.3 million in costs between 2011 and 2012 related to this offering, of which $0.5 million were incurred during the year ended December 31, 2012, offset by reimbursements from certain selling shareholders of $0.6 million in accordance with the Fourth Amendment to the Second Amended and Restated Investor Rights Agreement. The Company did not receive any proceeds from this offering.

Initial Public Offering Costs
In June 2011, the Company issued and sold 15,600,000 shares of common stock in its initial public offering (IPO). The Company incurred contract termination costs and fees of $2.3 million in connection with the IPO during the year ended December 31, 2011, which included $1.8 million paid to Indigo to terminate its professional services agreement with the Company, and $0.5 million paid to three individual, unaffiliated holders of the Company’s subordinated notes.