Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2021

Quarterly Financial Information Disclosure [Abstract]

Quarterly results of operations for the years ended December 31, 2021 and 2020 are summarized below:


	Three Months Ended
	March 31		June 30		September 30		December 31
	(in thousands, except per-share amounts)
2021
Operating revenue	$	461,279	$	859,309	$	922,631	$	987,556
Operating income (loss)	(102,530)		93,211		13,995		(61,550)
Net income (loss)	(112,321)		(287,863)		14,774		(87,159)
Basic earnings (loss) per share	(1.15)		(2.73)		0.14		(0.80)
Diluted earnings (loss) per share	(1.15)		(2.73)		0.14		(0.80)

2020
Operating revenue	$	771,081	$	138,529	$	401,922	$	498,490
Operating income (loss)	(57,992)		(190,384)		(99,471)		(159,915)
Net income (loss)	(27,828)		(144,428)		(99,140)		(157,304)
Basic earnings (loss) per share	(0.41)		(1.81)		(1.07)		(1.61)
Diluted earnings (loss) per share	(0.41)		(1.81)		(1.07)		(1.61)

Interim results are not necessarily indicative of the results that may be expected for other interim periods or for the full year. The air transportation business is subject to significant seasonal fluctuations as demand is generally greater in the second

and third quarters of each year. The air transportation business is also volatile and highly affected by economic cycles and trends.