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Net Income Per Common Share (Tables)

9 Months Ended

Sep. 30, 2023

Net Income Per Common Share

Schedule of antidilutive securities excluded from calculation of diluted EPS

The computation of Diluted EPS does not assume exercise or conversion of securities that would have an anti-dilutive effect on net income per common share. Securities that could potentially dilute Basic EPS in the future, and which were excluded from the calculation of Diluted EPS because inclusion of such share would be anti-dilutive, are as follows (in thousands):


		Three Months Ended						Nine Months Ended
		September 30,						September 30,
		2023			2022			2023			2022
PSP1 and Treasury Loan Warrants ⁽¹⁾			—			582			194			388
PSP2 Warrants ⁽²⁾			—			125			83			125
PSP3 Warrants ⁽³⁾			78			78			78			78
Employee Stock Awards			—			308			20			124
Total antidilutive securities			78			1,093			375			715

(1)

Pursuant to the payroll support program established under the Coronavirus Aid, Relief, and Economic Security (CARES) Act (“PSP1”) and Loan and Guarantee Agreement with the U.S. Department of the Treasury (“U.S. Treasury”), SkyWest issued to U.S. Treasury warrants to purchase shares of SkyWest common stock for an exercise price of $28.38 per share.

(2)	Pursuant to the payroll support program established under the Consolidated Appropriations Act, 2021 (“PSP2”), SkyWest issued to U.S. Treasury warrants to purchase shares of SkyWest common stock for an exercise price of $40.41 per share.

(3)	Pursuant to the payroll support program established under the American Rescue Plan Act of 2021 (“PSP3”), SkyWest issued to U.S. Treasury warrants to purchase shares of SkyWest common stock for an exercise price of $57.47 per share.

Schedule of Basic EPS and Diluted EPS

The calculation of the weighted average number of shares of common stock outstanding for Basic EPS and Diluted EPS are as follows for the periods indicated (in thousands, except per share data):


		Three Months Ended						Nine Months Ended
		September 30,						September 30,
		2023			2022			2023			2022
Numerator:
Net income		$	23,478		$	48,372		$	16,826		$	120,057
Denominator:
Basic earnings per share weighted average shares			41,826			50,593			45,018			50,531
Dilutive effect of employee stock awards and warrants			754			43			522			105
Diluted earnings per share weighted average shares			42,580			50,636			45,540			50,636

Basic earnings per share		$	0.56		$	0.96		$	0.37		$	2.38
Diluted earnings per share		$	0.55		$	0.96		$	0.37		$	2.37