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Nature of Operations and Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2019
Nature of Operations and Summary of Significant Accounting Policies [Line Items]  
Schedule of number of aircraft held by entity

    

CRJ200

    

CRJ700

    

CRJ900

    

E175

    

Total

 

Delta

 

84

13

43

59

199

United

 

99

19

65

183

American

 

7

62

69

Alaska

 

32

32

Aircraft in scheduled service

190

94

43

156

483

Subleased to an un-affiliated entity

 

4

10

5

19

Other*

 

20

22

42

Total Fleet

 

214

126

48

156

544

*As of December 31, 2019, these aircraft have been removed from service and are in the process of being placed under a leasing arrangement with a third party, are aircraft transitioning between code-share agreements with the Company’s major airline partners and being used as a supplemental spare aircraft, or are in the process of being parted out.

Schedule of marketable securities At December 31, 2019, the fair market value of the available-for-sale securities was the amortized cost. The Company’s position in marketable securities as of December 31, 2019 and 2018 was as follows (in thousands):

Gross unrealized

Gross unrealized

At December 31, 2019

    

Amortized Cost

    

holding gains

    

holding losses

    

Fair market value

 

Total cash and cash equivalents

$

87,206

$

$

$

87,206

Marketable securities:

Bond and bond funds

$

267,243

$

$

$

267,243

Commercial Paper

 

165,723

 

 

 

165,723

Total marketable securities

$

432,966

$

$

$

432,966

Total assets measured at fair value

$

520,172

$

$

$

520,172

Gross unrealized

Gross unrealized

At December 31, 2018

    

Amortized Cost

    

holding gains

    

holding losses

    

Fair market value

 

Total cash and cash equivalents

$

328,384

$

$

$

328,384

Marketable securities:

Bond and bond funds

$

229,825

$

$

(42)

$

229,783

Commercial Paper

 

131,163

 

 

(1)

 

131,162

Total marketable securities

$

360,988

$

$

(43)

$

360,945

Total assets measured at fair value

$

689,372

$

$

(43)

$

689,329

Schedule of property and equipment

Assets

Depreciable Life

Current Residual Value

Aircraft, rotable spares, and spare engines

up to 22 years

 

up to 20

%

Ground equipment

up to 10 years

 

0

%

Office equipment

up to 7 years

0

%

Leasehold improvements

Shorter of 15 years or lease term

 

0

%

Buildings

20 - 39.5 years

 

0

%

Schedule of future minimum rental payments for operating leases

2020

    

$

94,806

 

2021

 

84,285

2022

 

73,960

2023

 

68,581

2024

 

27,282

Thereafter

 

94,746

$

443,660

Schedule of net income (loss) per common share

Year Ended December 31,

2019

2018

2017

 

Numerator:

    

    

    

    

    

    

Net Income

$

340,099

$

280,372

$

428,907

Denominator:

Basic earnings per share weighted average shares

 

50,932

 

51,914

 

51,804

Dilution due to stock options and restricted stock units

 

443

 

957

 

1,296

Diluted earnings per share weighted average shares

 

51,375

 

52,871

 

53,100

Basic earnings per share

$

6.68

$

5.40

$

8.28

Diluted earnings per share

$

6.62

$

5.30

$

8.08

Flying agreements  
Nature of Operations and Summary of Significant Accounting Policies [Line Items]  
Schedule of revenue

The following table represents the Company’s flying agreements revenue by type for the years ended December 31, 2019, 2018 and 2017 (in thousands):

For the year ended December 31,

    

2019

   

2018

   

2017

Capacity purchase agreements revenue: flight operations

$

1,538,062

$

1,856,253

$

1,805,510

Capacity purchase agreements revenue: aircraft lease

 

830,247

 

814,518

 

834,366

Prorate agreements revenue

 

520,956

 

498,749

 

438,421

Flying agreements revenue

$

2,889,265

$

3,169,520

$

3,078,297

Airport customer service and other  
Nature of Operations and Summary of Significant Accounting Policies [Line Items]  
Schedule of revenue

The following table represents the Company’s airport customer service and other revenue for the years ended December 31, 2019, 2018 and 2017 (in thousands):

For the year ended December 31,

    

2019

    

2018

    

2017

Airport customer service revenue

$

45,538

$

48,236

$

41,002

Operating lease income relating to lease payments

 

27,552

 

3,923

 

3,293

Operating lease income relating to variable lease payments

 

9,608

 

 

Airport customer service and other

$

82,698

$

52,159

$

44,295

Delta Connection Agreement  
Nature of Operations and Summary of Significant Accounting Policies [Line Items]  
Schedule of details of aircraft and agreements with other airlines

Delta Connection Agreements

Agreement

    

Aircraft type

Number of Aircraft

    

Term / Termination Dates

 

Delta Connection Agreement

(fixed-fee arrangement)

CRJ 200

CRJ 700

CRJ 900

E175

55

13

43

59

Individual aircraft have scheduled removal dates from 2020 to 2029

The average remaining term of the aircraft under contract is 4.1 years

Delta Connection Prorate Agreement (revenue-sharing arrangement)

CRJ 200

29

Terminable with 30-day notice

United Express Agreements  
Nature of Operations and Summary of Significant Accounting Policies [Line Items]  
Schedule of details of aircraft and agreements with other airlines

United Express Agreements

Agreement

    

Aircraft type

Number of Aircraft

    

Term / Termination Dates

 

United Express Agreements

(fixed-fee arrangement)

CRJ 200

CRJ 700

E175

68

19

65

Individual aircraft have scheduled removal dates under the agreement between 2020 and 2029

The average remaining term of the aircraft under contract is 4.3 years

United Express Prorate Agreement (revenue-sharing arrangement)

CRJ 200

31

Terminable with 120-day notice

American Agreements  
Nature of Operations and Summary of Significant Accounting Policies [Line Items]  
Schedule of details of aircraft and agreements with other airlines

American Agreements

Agreement

    

Aircraft type

Number of Aircraft

    

Term / Termination Dates

 

American Agreement

(fixed-fee arrangement)

CRJ 700

62

Individual aircraft have scheduled removal dates from 2022 to 2025

The average remaining term of the aircraft under contract is 4.1 years

American Prorate Agreement

(revenue-sharing arrangement)

CRJ 200

7

Terminable with 120-day notice

Alaska Capacity Purchase Agreement  
Nature of Operations and Summary of Significant Accounting Policies [Line Items]  
Schedule of details of aircraft and agreements with other airlines

Alaska Capacity Purchase Agreement

Agreement

    

Aircraft type

Number of Aircraft

    

Term / Termination Dates

 

Alaska Agreement

(fixed-fee arrangement)

E175

32

Individual aircraft have scheduled removal dates from 2027 to 2030

The average remaining term of the aircraft under contract is 9.2 years

Aircraft  
Nature of Operations and Summary of Significant Accounting Policies [Line Items]  
Schedule of future minimum rental payments for operating leases The following table summarizes future minimum rental income under operating leases primarily related to leased aircraft that had remaining non-cancelable lease terms as of December 31, 2019 (in thousands):

2020

    

$

32,724

 

2021

 

31,344

2022

 

24,786

2023

 

18,530

2024

 

18,222

Thereafter

 

54,932

$

180,538