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

12 Months Ended

Dec. 31, 2021

Nature of Operations and Summary of Significant Accounting Policies [Line Items]

Schedule of number of aircraft held by entity

	E175		CRJ900	CRJ700	CRJ200	Total
United	90		—	19	111	220
Delta	71		44	5	29	149
American	18	**	—	90	—	108
Alaska	32		—	—	—	32
Aircraft in scheduled service or under contract	211		44	114	140	509
Leased to third parties	—		5	34	—	39
Other*	—		—	18	63	81
Total Fleet	211		49	166	203	629

*As of December 31, 2021, other aircraft included: supplemental spare aircraft supporting our code-share agreements which may be used in future code-share or leasing arrangements, aircraft transitioning between code-share agreements with our major airline partners, or aircraft that are scheduled to be disassembled for use as spare parts.

**The Company took delivery of the 18 E175 aircraft under its contract with American as of December 31, 2021. The 18 E175 aircraft are scheduled to begin service in 2022.

Schedule of marketable securities

			Gross unrealized		Gross unrealized
At December 31, 2021	Amortized Cost		holding gains		holding losses		Fair market value
Total cash and cash equivalents	$	258,421	$	—	$	—	$	258,421
Marketable securities:
Bond and bond funds	$	54,673	$	—	$	—	$	54,673
Commercial Paper		547,316		—		—		547,316
Total marketable securities	$	601,989	$	—	$	—	$	601,989
Total assets measured at fair value	$	860,410	$	—	$	—	$	860,410

			Gross unrealized			Gross unrealized
At December 31, 2020	Amortized Cost		holding gains		holding losses		Fair market value
Total cash and cash equivalents	$	215,723	$	—	$	—	$	215,723
Marketable securities:
Bond and bond funds	$	117,928	$	—	$	—	$	117,928
Commercial Paper		492,257		—		—		492,257
Total marketable securities	$	610,185	$	—	$	—	$	610,185
Total assets measured at fair value	$	825,908	$	—	$	—	$	825,908

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 aircraft and agreements with major airline partners

United Express Agreements

Agreement	Aircraft type	Number of Aircraft	Term / Termination Dates
United Express Agreements (capacity purchase agreement)	· E175 · CRJ 700 · CRJ 200	90 19 70	· Individual aircraft have scheduled removal dates under the agreement between 2024 and 2029 · The average remaining term of the aircraft under contract is 4.2 years
United Express Prorate Agreement (prorate agreement)	· CRJ 200	41	· Terminable with 120-day notice
Total under United Express Agreements		220

Delta Connection Agreements

Agreement	Aircraft type	Number of Aircraft	Term / Termination Dates
Delta Connection Agreement (capacity purchase agreement)	· E175 · CRJ 900 · CRJ 700	71 44 5	· Individual aircraft have scheduled removal dates from 2022 to 2031 · The average remaining term of the aircraft under contract is 5.5 years
Delta Connection Prorate Agreement (prorate agreement)	· CRJ 200	29	· Terminable with 30-day notice
Total under Delta Connection Agreements		149

American Capacity Purchase Agreement

Agreement	Aircraft type	Number of Aircraft	Term / Termination Dates
American Agreement (capacity purchase agreement)	· E175 · CRJ 700	18 90	· Individual aircraft have scheduled removal dates from 2024 to 2032 · The average remaining term of the aircraft under contract is 4.8 years
Total under American Agreements		108

Alaska Capacity Purchase Agreement

Agreement	Aircraft type	Number of Aircraft	Term / Termination Dates
Alaska Agreement (capacity purchase agreement)	· E175	32	· Individual aircraft have scheduled removal dates in 2030 · The average remaining term of the aircraft under contract is 8.6 years

Schedule of future minimum rental payments for operating leases

The following table summarizes future minimum rental payments primarily related to leased aircraft required under operating leases that had initial or remaining non-cancelable lease terms as of December 31, 2021 (in thousands):

2022	$	81,911
2023		75,598
2024		31,446
2025		17,481
2026		15,427
Thereafter		72,402
	$	294,265

Schedule of allowance for credit losses

The following table summarizes the changes in allowance for credit losses:

	Allowance for Credit Losses
Balance at January 1, 2020	$	15,388
Adjustments to credit loss reserves		30,837
Write-offs charged against allowance		—
Balance at December 31, 2020	$	46,225
Adjustments to credit loss reserves		(4,249)
Write-offs charged against allowance		—
Balance at December 31, 2021	$	41,976

Schedule of net income (loss) per common share

	Year Ended December 31,
	2021		2020		2019
Numerator:
Net income (loss)	$	111,910	$	(8,515)	$	340,099
Denominator:
Basic earnings per share weighted average shares		50,348		50,195		50,932
Dilution due to stock options and restricted stock units		405		—		443
Diluted earnings per share weighted average shares		50,753		50,195		51,375
Basic earnings (loss) per share	$	2.22	$	(0.17)	$	6.68
Diluted earnings (loss) per share	$	2.20	$	(0.17)	$	6.62

Flying agreements

Nature of Operations and Summary of Significant Accounting Policies [Line Items]

Schedule of revenue by type

The following table represents the Company’s flying agreements revenue by type for the years ended December 31, 2021, 2020 and 2019 (in thousands):

	For the year ended December 31,
	2021		2020		2019
Capacity purchase agreements revenue: flight operations	$	1,146,375	$	945,008	$	1,538,062
Capacity purchase agreements revenue: aircraft lease and fixed revenue		1,059,017		846,933		830,247
Prorate agreements revenue		409,684		268,860		520,956
Flying agreements revenue	$	2,615,076	$	2,060,801	$	2,889,265

Airport customer service and other revenue

Nature of Operations and Summary of Significant Accounting Policies [Line Items]

Schedule of revenue by type

	For the year ended December 31,
	2021		2020		2019
Operating lease revenue relating to lease payments	$	46,532	$	34,791	$	27,552
Operating lease revenue relating to variable lease payments		19,998		5,710		9,608
Airport customer service and other revenue		31,885		25,804		45,538
Lease, airport services and other	$	98,415	$	66,305	$	82,698

Aircraft

Nature of Operations and Summary of Significant Accounting Policies [Line Items]

Schedule of future minimum rental payments for operating leases

2022	$	45,777
2023		45,008
2024		42,593
2025		39,145
2026		34,516
Thereafter		120,636
	$	327,675