Long-term Debt

12 Months Ended

Dec. 31, 2012

(3) Long-term Debt

Long-term debt consisted of the following as of December 31, 2012 and 2011 (in thousands):

	December 31, 2012			December 31, 2011

Notes payable to banks, due in semi-annual installments, variable interest based on LIBOR, or with interest rates ranging from 1.34% to 2.55% through 2013 to 2020, secured by aircraft	$	273,515		$	364,741
Notes payable to a financing company, due in semi-annual installments, variable interest based on LIBOR, or with interest rates ranging from 0.70% to 2.36% through 2013 to 2021, secured by aircraft		434,716			477,241
Notes payable to banks, due in semi-annual installments plus interest at 6.06% to 7.18% through 2021, secured by aircraft		168,937			193,197
Notes payable to a financing company, due in semi-annual installments plus interest at 5.78% to 6.23% through 2019, secured by aircraft		39,548			53,803
Notes payable to banks, due in monthly installments plus interest of 3.15% to 8.18% through 2025, secured by aircraft		665,867			706,463
Notes payable to banks, due in semi-annual installments, plus interest at 6.05% through 2020, secured by aircraft		17,872			19,946
Notes payable to a bank, due in monthly installments interest based on LIBOR plus interest at 2.00% to 4.00% through 2016, secured by aircraft		41,567			—

Long-term debt		1,642,022			1,815,391

Less current maturities		(171,454	)		(208,398	)

Long-term debt, net of current maturities		1,470,568			1,606,993

As of December 31, 2012, the Company had $1.6 billion of long-term debt obligations related to the acquisition of CRJ200, CRJ700 and CRJ900 aircraft. The average effective interest rate on the debt related to the CRJ aircraft was approximately 4.5% at December 31, 2012.

The aggregate amounts of principal maturities of long-term debt as of December 31, 2012 were as follows (in thousands):


2013	$	171,454
2014		177,390
2015		184,510
2016		188,240
2017		161,735
Thereafter		758,693

	$	1,642,022

As of December 31, 2012 and 2011, SkyWest Airlines had a $25 million line of credit. As of December 31, 2012 and 2011, SkyWest Airlines had no amount outstanding under the facility. The facility expires on March 31, 2013 and has a fixed interest rate of 4.0%.

As of December 31, 2012, the Company had $75.1 million in letters of credit and surety bonds outstanding with various banks and surety institutions.

As of December 31, 2012, the Company was in compliance with all debt covenants.