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Long-term Debt
 12 Months Ended
Dec. 31, 2013
Long-term Debt  
Long-term Debt

(3) Long-term Debt

        Long-term debt consisted of the following as of December 31, 2013 and 2012 (in thousands):

 
   December 31,
2013		   December 31,
2012		  

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 2014 to 2020, secured by aircraft

   $ 224,915   $ 273,515  

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 2014 to 2021, secured by aircraft

     392,660     434,716  

Notes payable to banks, due in semi-annual installments plus interest at 6.06% to 7.18% through 2021, secured by aircraft

     149,477     168,937  

Notes payable to a financing company, due in semi-annual installments plus interest at 5.78% to 6.23% through 2019, secured by aircraft

     32,528     39,548  

Notes payable to banks, due in monthly installments plus interest of 3.15% to 8.18% through 2025, secured by aircraft

     623,315     665,867  

Notes payable to banks, due in semi-annual installments, plus interest at 6.05% through 2020, secured by aircraft

     15,740     17,872  

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

     31,933     41,567  
           
​ ​ ​ ​ ​ ​ ​ ​

Long-term debt

     1,470,568     1,642,022  
           
​ ​ ​ ​ ​ ​ ​ ​

Less current maturities

     (177,389 )   (171,454 )
           
​ ​ ​ ​ ​ ​ ​ ​

Long-term debt, net of current maturities

     1,293,179     1,470,568  
           
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​
           

        As of December 31, 2013, the Company had $1.5 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, 2013.

        The aggregate amounts of principal maturities of long-term debt as of December 31, 2013 were as follows (in thousands):

2014

     177,389  

2015

     184,510  

2016

     188,240  

2017

     161,735  

2018

     139,020  

Thereafter

     619,674  
       
​ ​ ​ ​ ​

 

     1,470,568  
       
​ ​ ​ ​ ​
​ ​ ​ ​ ​
       

        As of December 31, 2013 and 2012, SkyWest Airlines had a $25 million line of credit. As of December 31, 2013 and 2012, SkyWest Airlines had no amount outstanding under the facility. The facility expires on March 31, 2014 and has a variable interest rate of Libor plus 3.0%.

        As of December 31, 2013, the Company had $88.5 million in letters of credit and surety bonds outstanding with various banks and surety institutions.

        As of December 31, 2013, the Company was in compliance with all debt covenants to which it was subject.