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Pay vs Performance Disclosure - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Pay vs Performance Disclosure        
Pay vs Performance Disclosure, Table
Pay Versus Performance
As required by Section 953(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and Item 402(v) of Regulation
S-K,
we are providing the following information about the relationship between executive compensation actually paid and certain financial performance of the Company.
 
Year
Summary
Compensation
Table Total
for PEO
(1)
Compensation
Actually Paid
to
PEO
(2)
Average
Summary
Compensation
Table Total for
Non-PEO

NEOs
(3)
Average
Compensation
Actually Paid
to
Non-PEO

NEOs
(4)
Value of Initial Fixed $100
Investment Based On:
Net Income
(thousands)
(7)
Adjusted
EBITDA
(thousands)
(8)
Total
Shareholder
Return
(5)
Peer Group
Total
Shareholder
Return
(6)
(a)
(b)
(c)
(d)
(e)
(f)
(g)
(h)
(i)
2024
$
3,481,966
$
3,805,705
$
1,301,646
$
1,419,416
$
40.08
$
58.56
$
52,903
$
207,050
2023
(9)
$
3,249,806
$
10,128,470
$
919,235
$
2,637,379
$
43.24
$
59.15
$
72,181
$
224,835
2022
$
793,820
$
(7,215,267
)
$
793,020
$
(1,349,647
)
$
43.60
$
46.12
$
17,676
$
125,570
2021
(10)
$
567,092
$
13,334,200
$
637,347
$
6,011,246
$
74.90
$
71.28
$
81,248
$
105,490
 
(1)
The dollar amounts reported in column (b) are the amounts of total compensation reported for Mr. Bricker (our Chief Executive Officer) for each corresponding year in the “Total” column of the Summary Compensation Table.
(2)
The dollar amounts reported in column (c) represent the amount of “compensation actually paid” to Mr. Bricker, as computed in accordance with Item 402(v) of Regulation
S-K.
The dollar amounts do not reflect the actual amount of compensation earned by or paid to Mr. Bricker during the applicable year. In accordance with the requirements of Item 402(v) of Regulation
S-K,
the following adjustments were made to Mr. Bricker’s total compensation for each year to determine the compensation actually paid:
 
Year
Reported
Summary
Compensation
Table Total for
PEO
Reported
Value of Equity
Awards
(a)
Equity
Award
Adjustments
(b)
Compensation
Actually Paid to
PEO
2024
$
3,481,966
$
(2,000,000
)
$
2,323,739
$
3,805,705
2023
$
3,249,806
$
(1,500,000
)
$
8,378,664
$
10,128,470
2022
$
793,820
$
(492,195
)
$
(7,516,892
)
$
(7,215,267
)
2021
$
567,092
$
0
$
12,767,108
$
13,334,200
 
(a)
The grant date fair value of equity awards represents the total of the amounts reported in the “Stock Awards” column in the Summary Compensation Table for the applicable year.
(b)
The equity award adjustments for each applicable year include the addition (or subtraction, as applicable) of the following: (i) the
year-end
fair value of any equity awards granted in the applicable year that are outstanding and unvested as of the end of the year; (ii) the amount of change as of the end of the applicable year (from the end of the prior fiscal year) in fair value of any awards granted in prior years that are outstanding and unvested as of the end of the applicable year; (iii) for awards that are granted and vest in same applicable year, the fair value as of the vesting date; (iv) for awards granted in prior years that vest in the applicable year, the amount equal to the change as of the vesting date (from the end of the prior fiscal year) in fair value; (v) for awards granted in prior years that are determined to fail to meet the applicable vesting conditions during the applicable year, a deduction for the amount equal to the fair value at the end of the prior fiscal year; and (vi) the dollar value of any dividends or other earnings paid on stock or option awards in the applicable year prior to the vesting date that are not otherwise reflected in the fair value of such award or included in any other component of total compensation for the applicable year. The valuation assumptions used to calculate fair values did not materially differ from those disclosed at the time of grant. All performance-based stock options were fully-vested as of December 31, 2023.
 
 
The amounts deducted or added in calculating the equity award adjustments are as follows:
 
Year
Year End
Fair Value
of Equity
Awards
Year over
Year Change
in Fair Value
of
Outstanding
and Unvested
Equity
Awards
Fair Value as
of Vesting
Date of
Equity
Awards
Granted and
Vested in the
Year
Change in
Fair Value
of Equity
Awards
Granted in
Prior Years
that Vested
in the Year
Fair Value at
the End of
the Prior
Year of
Equity
Awards that
Failed to
Meet
Vesting
Conditions
in the Year
Value of
Dividends or
other
Earnings Paid
on Stock or
Option
Awards not
Otherwise
Reflected in
Fair Value or
Total
Compensation
Total
Equity
Award
Adjustments
2024
$
2,416,066
$
(31,837
)
$
0
$
(60,490
)
$
0
$
0
$
2,323,739
2023
$
870,970
$
0
$
566,682
$
6,941,012
$
0
$
0
$
8,378,664
2022
$
352,663
$
(7,401,352
)
$
27,519
$
(495,722
)
$
0
$
0
$
(7,516,892
)
2021
$
0
$
10,480,064
$
0
$
2,287,044
$
0
$
0
$
12,767,108
 
(3)
The dollar amounts reported in column (d) represent the average of the amounts reported for the Company’s NEOs as a group (excluding Mr. Bricker, who serves as our PEO) in the “Total” column of the Summary Compensation Table in each applicable year. The names of each of these NEOs included for purposes of calculating the average amounts in each applicable year are as follows: (i) for 2021, Dave Davis and Gregory Mays; (ii) for 2022, Dave Davis and Rose Neale; (iii) for 2023, Dave Davis, Grant Whitney, Gregory Mays, Rose Neale and Eric Levenhagen, and (iv) for 2024, Dave Davis, Grant Whitney, Gregory Mays, and Rose Neale. The amount reported in the Summary Compensation Table for Mr. Davis in the 2023 proxy statement inadvertently omitted an additional bonus payment of $50,026 that was paid during 2023 pursuant to the terms of Mr. Davis’ prior employment agreement, which amount has been included for 2023 for purposes of the calculations included in this Pay Versus Performance disclosure. The Summary Compensation Table Total for
Non-PEO
NEOs as shown for 2024 is higher as compared to 2023 as a result of the fact that there was one less
non-PEO
NEO during 2024 than during 2023, that
non-NEO
PEO’s Summary Compensation Table amount for 2023 was on the lower spectrum of all
non-NEO
PEO compensation reported for 2023, and as a result of the averaging of compensation for the remaining
non-PEO
NEOs, the amount for 2024 was calculated as being higher.
(4)
The dollar amounts reported in column (e) represent the average amount of “compensation actually paid” to the NEOs as a group (excluding Mr. Bricker), as computed in accordance with Item 402(v) of Regulation
S-K.
The dollar amounts do not reflect the actual average amount of compensation earned by or paid to these NEOs as a group during the applicable year. In accordance with the requirements of Item 402(v) of Regulation
S-K,
the following adjustments were made to average total compensation for these NEOs as a group for each year to determine the compensation actually paid, using the same methodology described above in Note 2:
 
Year
Average
Reported
Summary
Compensation
Table Total for
Non-PEO

NEOs
Average
Reported
Value of Equity
Awards
Average Equity
Award
Adjustments
(a)
Average
Reported
Change in the
Actuarial Present
Value of Pension
Benefits
Average
Compensation
Actually Paid to
Non-PEO NEOs
2024
$
1,301,646
$
(595,000
)
$
712,770
$
—
$
1,419,416
2023
$
919,235
$
(255,000
)
$
1,973,144
$
—
$
2,637,379
2022
$
793,020
$
(368,752
)
$
(1,773,915
)
$
—
$
(1,349,647
)
2021
$
637,347
$
0
$
5,373,899
$
—
$
6,011,246
 
 
(a) The amounts deducted or added in calculating the total average equity award adjustments are as follows:
 
Year
Average
Year End
Fair Value
of Equity
Awards
Year over
Year Average
Change in Fair
Value of
Outstanding
and Unvested
Equity Awards
Average Fair
Value as of
Vesting Date
of Equity
Awards
Granted and
Vested in
the Year
Average
Change in
Fair Value
of Equity
Awards
Granted in
Prior Years
that Vested
in the Year
Average Fair
Value at the
End of the
Prior Year
of Equity
Awards that
Failed to
Meet
Vesting
Conditions
in the Year
Average
Value of
Dividends or
other
Earnings Paid
on Stock or
Option
Awards not
Otherwise
Reflected in
Fair Value or
Total
Compensation
Total
Average
Equity
Award
Adjustments
2024
$
745,661
$
(11,591
)
$
0
$
(21,300
)
$
—
$
—
$
712,770
2023
$
221,412
$
(831
)
$
76,247
$
1,676,316
$
—
$
—
$
1,973,144
2022
$
264,220
$
(1,950,545
)
$
20,619
$
(108,208
)
$
—
$
—
$
(1,773,915
)
2021
$
0
$
4,477,443
$
0
$
896,456
$
—
$
—
$
5,373,899
 
(5)
Cumulative TSR is calculated by dividing the sum of the cumulative amount of dividends for the measurement period, assuming dividend reinvestment, and the difference between the Company’s share price at the end and the beginning of the measurement period by the Company’s share price at the beginning of the measurement period.
(6)
Represents the weighted peer group TSR, weighted according to the respective companies’ stock market capitalization at the beginning of each period for which a return is indicated. The peer group used for this purpose is the following published industry index: NYSE ARCA Airline Index.
(7)
The dollar amounts reported represent the amount of net income reflected in the Company’s audited financial statements for the applicable year.
(8)
Adjusted EBITDA is defined as net income adjusted for interest expense, depreciation and amortization, interest income, provision for income taxes, stock-based compensation expense, impact of Special Items, net, adjustments to the Tax Receivable Agreement (“TRA”) for the period (as presented in Note 13 of Part II, Item 8 of the 2024
10-K)
and other cash and
non-cash
charges resulting from matters we consider not to be indicative of our ongoing operations.
(9)
Compensation Actually Paid for 2023 reflects the fact that a number of the NEOs’ performance-based stock options vested during 2023 and were fully vested by December 31, 2023. These options vested based on achievement of certain multiples of invested capital of our former major private equity holder and do not reflect amounts actually paid to the NEOs during such year.
(10)
Actual Compensation Paid for 2021 reflects the fact that the Company’s stock price increased following its IPO, which results in correspondingly higher valuations of equity-based awards as presented in the table above. These amounts do not necessarily reflect compensation paid or received during such year.
     
Company Selected Measure Name Adjusted EBITDA      
Named Executive Officers, Footnote The names of each of these NEOs included for purposes of calculating the average amounts in each applicable year are as follows: (i) for 2021, Dave Davis and Gregory Mays; (ii) for 2022, Dave Davis and Rose Neale; (iii) for 2023, Dave Davis, Grant Whitney, Gregory Mays, Rose Neale and Eric Levenhagen, and (iv) for 2024, Dave Davis, Grant Whitney, Gregory Mays, and Rose Neale.      
Peer Group Issuers, Footnote Represents the weighted peer group TSR, weighted according to the respective companies’ stock market capitalization at the beginning of each period for which a return is indicated. The peer group used for this purpose is the following published industry index: NYSE ARCA Airline Index.      
PEO Total Compensation Amount $ 3,481,966 $ 3,249,806 $ 793,820 $ 567,092
PEO Actually Paid Compensation Amount $ 3,805,705 10,128,470 (7,215,267) 13,334,200
Adjustment To PEO Compensation, Footnote
(2)
The dollar amounts reported in column (c) represent the amount of “compensation actually paid” to Mr. Bricker, as computed in accordance with Item 402(v) of Regulation
S-K.
The dollar amounts do not reflect the actual amount of compensation earned by or paid to Mr. Bricker during the applicable year. In accordance with the requirements of Item 402(v) of Regulation
S-K,
the following adjustments were made to Mr. Bricker’s total compensation for each year to determine the compensation actually paid:
 
Year
Reported
Summary
Compensation
Table Total for
PEO
Reported
Value of Equity
Awards
(a)
Equity
Award
Adjustments
(b)
Compensation
Actually Paid to
PEO
2024
$
3,481,966
$
(2,000,000
)
$
2,323,739
$
3,805,705
2023
$
3,249,806
$
(1,500,000
)
$
8,378,664
$
10,128,470
2022
$
793,820
$
(492,195
)
$
(7,516,892
)
$
(7,215,267
)
2021
$
567,092
$
0
$
12,767,108
$
13,334,200
 
(a)
The grant date fair value of equity awards represents the total of the amounts reported in the “Stock Awards” column in the Summary Compensation Table for the applicable year.
(b)
The equity award adjustments for each applicable year include the addition (or subtraction, as applicable) of the following: (i) the
year-end
fair value of any equity awards granted in the applicable year that are outstanding and unvested as of the end of the year; (ii) the amount of change as of the end of the applicable year (from the end of the prior fiscal year) in fair value of any awards granted in prior years that are outstanding and unvested as of the end of the applicable year; (iii) for awards that are granted and vest in same applicable year, the fair value as of the vesting date; (iv) for awards granted in prior years that vest in the applicable year, the amount equal to the change as of the vesting date (from the end of the prior fiscal year) in fair value; (v) for awards granted in prior years that are determined to fail to meet the applicable vesting conditions during the applicable year, a deduction for the amount equal to the fair value at the end of the prior fiscal year; and (vi) the dollar value of any dividends or other earnings paid on stock or option awards in the applicable year prior to the vesting date that are not otherwise reflected in the fair value of such award or included in any other component of total compensation for the applicable year. The valuation assumptions used to calculate fair values did not materially differ from those disclosed at the time of grant. All performance-based stock options were fully-vested as of December 31, 2023.
 
 
The amounts deducted or added in calculating the equity award adjustments are as follows:
 
Year
Year End
Fair Value
of Equity
Awards
Year over
Year Change
in Fair Value
of
Outstanding
and Unvested
Equity
Awards
Fair Value as
of Vesting
Date of
Equity
Awards
Granted and
Vested in the
Year
Change in
Fair Value
of Equity
Awards
Granted in
Prior Years
that Vested
in the Year
Fair Value at
the End of
the Prior
Year of
Equity
Awards that
Failed to
Meet
Vesting
Conditions
in the Year
Value of
Dividends or
other
Earnings Paid
on Stock or
Option
Awards not
Otherwise
Reflected in
Fair Value or
Total
Compensation
Total
Equity
Award
Adjustments
2024
$
2,416,066
$
(31,837
)
$
0
$
(60,490
)
$
0
$
0
$
2,323,739
2023
$
870,970
$
0
$
566,682
$
6,941,012
$
0
$
0
$
8,378,664
2022
$
352,663
$
(7,401,352
)
$
27,519
$
(495,722
)
$
0
$
0
$
(7,516,892
)
2021
$
0
$
10,480,064
$
0
$
2,287,044
$
0
$
0
$
12,767,108
     
Non-PEO NEO Average Total Compensation Amount $ 1,301,646 919,235 793,020 637,347
Non-PEO NEO Average Compensation Actually Paid Amount $ 1,419,416 2,637,379 (1,349,647) 6,011,246
Adjustment to Non-PEO NEO Compensation Footnote
(4)
The dollar amounts reported in column (e) represent the average amount of “compensation actually paid” to the NEOs as a group (excluding Mr. Bricker), as computed in accordance with Item 402(v) of Regulation
S-K.
The dollar amounts do not reflect the actual average amount of compensation earned by or paid to these NEOs as a group during the applicable year. In accordance with the requirements of Item 402(v) of Regulation
S-K,
the following adjustments were made to average total compensation for these NEOs as a group for each year to determine the compensation actually paid, using the same methodology described above in Note 2:
 
Year
Average
Reported
Summary
Compensation
Table Total for
Non-PEO

NEOs
Average
Reported
Value of Equity
Awards
Average Equity
Award
Adjustments
(a)
Average
Reported
Change in the
Actuarial Present
Value of Pension
Benefits
Average
Compensation
Actually Paid to
Non-PEO NEOs
2024
$
1,301,646
$
(595,000
)
$
712,770
$
—
$
1,419,416
2023
$
919,235
$
(255,000
)
$
1,973,144
$
—
$
2,637,379
2022
$
793,020
$
(368,752
)
$
(1,773,915
)
$
—
$
(1,349,647
)
2021
$
637,347
$
0
$
5,373,899
$
—
$
6,011,246
 
 
(a) The amounts deducted or added in calculating the total average equity award adjustments are as follows:
 
Year
Average
Year End
Fair Value
of Equity
Awards
Year over
Year Average
Change in Fair
Value of
Outstanding
and Unvested
Equity Awards
Average Fair
Value as of
Vesting Date
of Equity
Awards
Granted and
Vested in
the Year
Average
Change in
Fair Value
of Equity
Awards
Granted in
Prior Years
that Vested
in the Year
Average Fair
Value at the
End of the
Prior Year
of Equity
Awards that
Failed to
Meet
Vesting
Conditions
in the Year
Average
Value of
Dividends or
other
Earnings Paid
on Stock or
Option
Awards not
Otherwise
Reflected in
Fair Value or
Total
Compensation
Total
Average
Equity
Award
Adjustments
2024
$
745,661
$
(11,591
)
$
0
$
(21,300
)
$
—
$
—
$
712,770
2023
$
221,412
$
(831
)
$
76,247
$
1,676,316
$
—
$
—
$
1,973,144
2022
$
264,220
$
(1,950,545
)
$
20,619
$
(108,208
)
$
—
$
—
$
(1,773,915
)
2021
$
0
$
4,477,443
$
0
$
896,456
$
—
$
—
$
5,373,899
     
Tabular List, Table
Financial Performance
As described in greater detail in “Executive Compensation – Compensation Discussion and Analysis,” the Company’s executive compensation program reflects a variable
pay-for-performance
philosophy. The metrics that the Company uses for both our long-term and short-term incentive awards are selected based on an objective of incentivizing our NEOs to increase the value of our enterprise for our shareholders. The most important financial performance measures used by the Company to link executive compensation actually paid to the Company’s NEOs, for the most recently completed fiscal year, to the Company’s performance are as follows, in no particular order:
 
 
•
  
Fuel-neutral Adjusted EBT Margin
 
 
•
  
Adjusted EBT Margin Ranking
 
 
•
  
Adjusted CASM
 
 
•
  
Relative Adjusted
Pre-Tax
Margin Ranking
 
 
•
  
Adjusted Earnings Per Share
     
Total Shareholder Return Amount $ 40.08 43.24 43.6 74.9
Peer Group Total Shareholder Return Amount 58.56 59.15 46.12 71.28
Net Income (Loss) $ 52,903 $ 72,181,000 $ 17,676,000 $ 81,248,000
Company Selected Measure Amount 207,050 224,835,000 125,570,000 105,490,000
PEO Name Mr. Bricker      
Measure:: 1        
Pay vs Performance Disclosure        
Name Fuel-neutral Adjusted EBT Margin      
Measure:: 2        
Pay vs Performance Disclosure        
Name Adjusted EBT Margin Ranking      
Measure:: 3        
Pay vs Performance Disclosure        
Name Adjusted CASM      
Measure:: 4        
Pay vs Performance Disclosure        
Name Relative Adjusted Pre-Tax Margin Ranking      
Measure:: 5        
Pay vs Performance Disclosure        
Name Adjusted Earnings Per Share      
PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount $ (2,000,000) $ (1,500,000) $ (492,195) $ 0
PEO | Equity Awards Adjustments, Excluding Value Reported in Compensation Table        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 2,323,739 8,378,664 (7,516,892) 12,767,108
PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 2,416,066 870,970 352,663 0
PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (31,837) 0 (7,401,352) 10,480,064
PEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 0 566,682 27,519 0
PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (60,490) 6,941,012 (495,722) 2,287,044
PEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 0 0 0 0
PEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 0 0 0 0
Non-PEO NEO | Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 0 0 0 0
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (595,000) (255,000) (368,752) 0
Non-PEO NEO | Equity Awards Adjustments, Excluding Value Reported in Compensation Table        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 712,770 1,973,144 (1,773,915) 5,373,899
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 745,661 221,412 264,220 0
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (11,591) (831) (1,950,545) 4,477,443
Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 0 76,247 20,619 0
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (21,300) 1,676,316 (108,208) 896,456
Non-PEO NEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 0 0 0 0
Non-PEO NEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount $ 0 $ 0 $ 0 $ 0