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Related-Party Transactions
12 Months Ended
Dec. 31, 2015
Related-Party Transactions  
Related-Party Transactions

(12) Related‑Party Transactions

The Company’s Chairman of the Board and former Chief Executive Officer, serves on the Board of Directors of Zions Bancorporation (“Zions”). The Company maintains a line of credit (see Note 3) and certain bank accounts with Zions. Zions is an equity participant in leveraged leases on one CRJ200, two CRJ700 and four EMB120 aircraft leased by the Company’s subsidiaries. Zions also refinanced five CRJ200 and two CRJ700 aircraft in 2012 for terms of three to four years, becoming the debtor on these aircraft. Zions also serves as the Company’s transfer agent. The Company’s cash balance in the accounts held at Zions as of December 31, 2015 and 2014 was $65.0 million and $90.6 million, respectively.

During the year ended December 31, 2015, the Company purchased $363,910 of spare aircraft parts from an entity affiliated with a director of the Company.