Nature of Operations and Summary of Significant Accounting Policies (Tables)

As of December 31, 2015, the Company had a combined fleet of 702 aircraft consisting of the following:


	CRJ200	CRJ700	CRJ900	ERJ135	ERJ145	E175	EMB120	Total
United	83	70	—	5	166	40	—	364
Delta	111	60	64	—	—	—	—	235
American	31	—	—	—	16	—	—	47
Alaska	—	9	—	—	—	5	—	14
Aircraft in scheduled service	225	139	64	5	182	45	—	660
Subleased to an un-affiliated entity	2	—	—	—	—	—	—	2
Other*	10	—	—	4	—	—	26	40
Total	237	139	64	9	182	45	26	702

*Other aircraft consisted of leased aircraft removed from service that were in the process of being returned to the lessor and owned aircraft removed from service that were held for sale.

The Company’s position in marketable securities as of December 31, 2015 and 2014 was as follows (in thousands):


			Gross unrealized		Gross unrealized
At December 31, 2015	Amortized Cost		holding gains		holding losses		Fair market value
Total cash and cash equivalents	$	203,035	$	—	$	—	$	203,035
Available-for-sale securities:
Bond and bond funds	$	286,857	$	—	$	(220)	$	286,637
Asset backed securities		30		1		—		31
Total available-for-sale securities	$	286,887	$	1	$	(220)	$	286,668
Total cash and cash equivalents and available for sale securities	$	489,922	$	1	$	(220)	$	489,703


			Gross unrealized			Gross unrealized
At December 31, 2014	Amortized Cost		holding gains		holding losses		Fair market value
Total cash and cash equivalents	$	132,275	$	—	$	—	$	132,275
Available-for-sale securities:
Bond and bond funds	$	410,618	$	9	$	(464)	$	410,163
Asset backed securities		5,108		3		(1)		5,110
Total available-for-sale securities	$	415,726	$	12	$	(465)	$	415,273
Total cash and cash equivalents and available for sale securities	$	548,001	$	12	$	(465)	$	547,548

Marketable securities had the following maturities as of December 31, 2015 (in thousands):


Maturities	Amount
Year 2016	$	231,298
Years 2017 through 2020		55,370


Assets	Depreciable Life	Residual Value
New Aircraft	18 years	30	%
Used Aircraft and rotable spares	3 – 10 years	0 - 30	%
Ground equipment	5 – 10 years	0	%
Office equipment	5 – 7 years	0	%
Leasehold improvements	Shorter of 15 years or lease term	0	%
Buildings	20 – 39.5 years	0	%



	Year Ended December 31,
	2015		2014		2013
Numerator:
Net Income (Loss)	$	117,817	$	(24,154)	$	58,956
Denominator:
Denominator for basic earnings per-share weighted average shares		51,077		51,237		51,688
Dilution due to stock options and restricted stock		748		—		734
Denominator for diluted earnings per-share weighted average shares		51,825		51,237		52,422
Basic earnings (loss) per-share	$	2.31	$	(0.47)	$	1.14
Diluted earnings (loss) per-share	$	2.27	$	(0.47)	$	1.12


	Number of		Pass through costs
	aircraft under	Term / Termination	or costs paid directly
Agreement	agreements	Dates	by major partner
SkyWest Airlines	• CRJ 200 - 48	• The contract is scheduled to expire on an individual aircraft basis commencing in 2016	• Fuel
Delta Connection	• CRJ 700 - 19	• The final aircraft is scheduled to expire in 2022	• Engine Maintenance
Agreement (fixed-fee arrangement)	• CRJ 900 - 36	• The average remaining term of the aircraft under contract is 3.8 years	• Landing fees
		• Upon expiration, aircraft may be renewed or extended	• Station Rents, Deice
			• Insurance
ExpressJet Delta	• CRJ 200 - 42	• The contract is scheduled to expire on an individual aircraft basis commencing in 2016	• Fuel
Connection	• CRJ 700 - 41	• The final aircraft is scheduled to expire in 2022	• Engine Maintenance
Agreement (fixed-fee arrangement)	• CRJ 900 - 28	• The average remaining term of the aircraft under contract is 3.7 years	• Landing fees
		• Upon expiration, aircraft may be renewed or extended	• Station Rents, Deice
			• Insurance
SkyWest Airlines	• CRJ 200 - 21	• Terminable with 30 days' notice	• None
Pro-rate Agreement (revenue-sharing agreement)


			Pass through costs
	Number of		or costs paid
	aircraft under	Term / Termination	directly by major
Agreement	agreements	Dates	partner
SkyWest Airlines	• CRJ 200 - 57	• The contract is scheduled to expire on an individual aircraft basis commencing in 2016	• Fuel
United Express	• CRJ 700 - 70	• The final aircraft is scheduled to expire in 2027	• Landing fees
Agreements (fixed-fee	• E175 - 40	• The average remaining term of the aircraft under contract is 4.3 years	• Station Rents, Deice
arrangement)		• Upon expiration, aircraft may be renewed or extended	• Insurance
ExpressJet United ERJ	• ERJ 135 - 5	• The contract is scheduled to expire on an individual aircraft basis commencing in 2016	• Fuel
Agreement (fixed-fee arrangement)	• ERJ 145 - 166	• The final aircraft is scheduled to expire in 2017	• Engine Maintenance
		• The average remaining term of the aircraft under contract is 1.9 years	• Landing fees
		• Upon expiration, aircraft may be renewed or extended	• Station Rents, Deice
			• Insurance
SkyWest Airlines United	• CRJ 200 - 26	• Terminable with 120 days' notice	• None
Express Pro-rate Agreement (revenue-sharing arrangement)


			Pass through costs
	Number of		or costs paid
	aircraft under	Term / Termination	directly by major
Agreement	agreements	Dates	partner
SkyWest Airlines	• CRJ 700 - 9	• The contract is scheduled to expire on an individual aircraft basis commencing in 2016	• Fuel
Alaska Agreement	• E175 - 5	• The final aircraft is scheduled to expire in 2028	• Landing fees
(fixed-fee arrangement)		• Upon expiration, aircraft may be renewed or extended	• Station Rents, Deice
			• Insurance


			Pass through costs
	Number of		or costs paid
	aircraft under	Term / Termination	directly by major
Agreement	agreements	Dates	partner
SkyWest Airlines	• CRJ 200 - 12	• Scheduled to expire in 2016	• Fuel
American Agreement		• Upon expiration, aircraft may be renewed or extended	• Landing fees
(fixed-fee agreement)			• Station Rents, Deice
			• Insurance
SkyWest Airlines	• CRJ 200 - 5	• Terminable with 120 days' notice	• None
American Pro-rate
Agreement (revenue-
sharing agreement)
ExpressJet American	• CRJ 200 - 11	• Scheduled to expire in 2017	• Fuel
Agreement (fixed-fee	• ERJ 145 - 16	• Upon expiration, aircraft may be renewed or extended	• Landing fees
agreement)			• Station Rents, Deice
			• Insurance
ExpressJet American Pro-rate	• CRJ 200 - 3	• Terminable with 120 days' notice	• None
Agreement (revenue-sharing agreement)