Commitments and Contingencies

3 Months Ended

Mar. 31, 2015

Commitments and Contingencies

Commitments and Contingencies

Note F — Commitments and Contingencies

As of March 31, 2015, the Company leased 534 aircraft, as well as airport facilities, office space, and various other property and equipment under non-cancelable operating leases which are generally on a long-term net rent basis where the Company pays taxes, maintenance, insurance and certain other operating expenses applicable to the leased property.  The Company expects that, in the normal course of business, such operating leases that expire will be renewed or replaced by other leases.  The following table summarizes future minimum rental payments required under operating leases that had initial or remaining non-cancelable lease terms in excess of one year as of March 31, 2015 (in thousands):

April through December 2015	$	199,108
2016	270,706
2017	201,467
2018	156,437
2019	119,618
Thereafter	453,545
	$	1,400,881

During the three months ended March 31, 2015, the Company took delivery of nine Embraer E175 dual-class jet aircraft (“E175s”) and financed the aircraft through the issuance of $203.1 million of long-term debt.  The debt associated with the E175 aircraft delivered during the three months ended March 31, 2015 has a twelve year term with a fixed annual interest rate ranging from 3.5% to 3.7% and is secured by the E175 aircraft.

As of March 31, 2015 and December 31, 2014, the Company had $2.9 and $3.8 million, respectively, for future lease obligations associated with EMB120 aircraft removed from service.  The lease payments for the EMB120s will continue through June 2016.