Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2014 | 1-May-14 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'Allegiant Travel CO | ' |
Document Type | '10-Q | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Common Stock, Shares Outstanding | ' | 17,907,363 |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0001362468 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Well Known Seasoned Issuer | 'Yes | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Consolidated_Balance_Sheets_Cu
Consolidated Balance Sheets (Current Period Unaudited) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $90,118 | $97,711 |
Restricted cash | 10,774 | 10,531 |
Short-term investments | 254,769 | 253,378 |
Accounts receivable | 18,651 | 16,857 |
Expendable parts, supplies and fuel, net of an allowance for obsolescence of $1,997 and $1,702 at March 31, 2014 and December 31, 2013, respectively | 17,642 | 19,428 |
Prepaid expenses | 30,116 | 26,643 |
Deferred income taxes | 3,503 | 4,206 |
Other current assets | 1,350 | 1,167 |
Total current assets | 426,923 | 429,921 |
Property and equipment, net | 442,818 | 451,584 |
Restricted cash, net of current portion | 305 | 305 |
Long-term investments | 20,924 | 36,037 |
Investment in and advances to unconsolidated affiliates, net | 2,138 | 1,655 |
Deposits and other assets | 11,134 | 10,689 |
Total assets | 904,242 | 930,191 |
Current liabilities: | ' | ' |
Current maturities of long-term debt | 20,434 | 20,237 |
Accounts payable | 21,927 | 15,823 |
Accrued liabilities | 51,488 | 87,203 |
Air traffic liability | 209,114 | 167,388 |
Total current liabilities | 302,963 | 290,651 |
Long-term debt and other long-term liabilities: [Abstract] | ' | ' |
Long-term debt, net of current maturities | 208,905 | 214,063 |
Deferred income taxes | 49,505 | 48,160 |
Total liabilities | 561,373 | 552,874 |
Stockholders' equity: | ' | ' |
Common stock, par value $.001, 100,000,000 shares authorized; 22,143,224 and 22,036,893 shares issued; 17,907,911 and 18,544,248 shares outstanding, as of March 31, 2014 and December 31, 2013, respectively | 22 | 22 |
Treasury stock, at cost, 4,235,313 and 3,492,645 shares at March 31, 2014 and December 31, 2013, respectively | -259,689 | -186,291 |
Additional paid in capital | 214,093 | 209,213 |
Accumulated other comprehensive loss, net | -4 | -12 |
Retained earnings | 387,020 | 352,811 |
Total Allegiant Travel Company stockholders' equity | 341,442 | 375,743 |
Noncontrolling interest | 1,427 | 1,574 |
Total equity | 342,869 | 377,317 |
Total liabilities and stockholders' equity | $904,242 | $930,191 |
Consolidated_Balance_Sheets_Cu1
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Allowance for obsolescence (in dollars) | $1,997 | $1,702 |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 22,143,224 | 22,036,893 |
Common stock, shares outstanding | 17,907,911 | 18,544,248 |
Treasury stock, shares | 4,235,313 | 3,492,645 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
OPERATING REVENUE: | ' | ' |
Scheduled service revenue | $203,521 | $179,933 |
Ancillary revenue: | ' | ' |
Air-related charges | 85,454 | 76,813 |
Third party products | 10,629 | 10,717 |
Total ancillary revenue | 96,083 | 87,530 |
Fixed fee contract revenue | 2,646 | 5,187 |
Other revenue | 274 | 309 |
Total operating revenue | 302,524 | 272,959 |
OPERATING EXPENSES: | ' | ' |
Aircraft fuel | 108,949 | 108,491 |
Salary and benefits | 46,439 | 41,162 |
Station operations | 22,233 | 19,345 |
Maintenance and repairs | 20,600 | 18,128 |
Sales and marketing | 7,818 | 5,808 |
Aircraft lease rentals | 9,429 | 303 |
Depreciation and amortization | 18,431 | 16,892 |
Other | 11,354 | 10,463 |
Total operating expenses | 245,253 | 220,592 |
OPERATING INCOME | 57,271 | 52,367 |
OTHER (INCOME) EXPENSE: | ' | ' |
(Earnings) loss from unconsolidated affiliates, net | 3 | -38 |
Interest income | -205 | -262 |
Interest expense | 3,128 | 2,188 |
Total other expense | 2,926 | 1,888 |
INCOME BEFORE INCOME TAXES | 54,345 | 50,479 |
PROVISION FOR INCOME TAXES | 20,270 | 18,648 |
NET INCOME | 34,075 | 31,831 |
Net loss attributable to noncontrolling interest | -147 | -101 |
NET INCOME ATTRIBUTABLE TO ALLEGIANT TRAVEL COMPANY | $34,222 | $31,932 |
Earnings per share to common stockholders: | ' | ' |
Basic (in Dollars per share) | $1.87 | $1.66 |
Diluted (in Dollars per share) | $1.86 | $1.65 |
Weighted average shares outstanding used in computing earnings per share to common stockholders: | ' | ' |
Basic (in Shares) | 18,166 | 19,081 |
Diluted (in Shares) | 18,248 | 19,207 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' |
Net income | $34,075 | $31,831 |
Other comprehensive income: | ' | ' |
Unrealized gain on available-for-sale securities | 13 | 83 |
Income tax expense related to unrealized gain or loss on available-for-sale securities | -5 | -31 |
Total other comprehensive income | 8 | 52 |
Total comprehensive income | 34,083 | 31,883 |
Comprehensive loss attributable to noncontrolling interest | -147 | -101 |
Comprehensive income attributable to Allegiant Travel Company | $34,230 | $31,984 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
OPERATING ACTIVITIES: | ' | ' |
Net income | $34,075 | $31,831 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 18,431 | 16,892 |
Loss on aircraft and other equipment disposals | 1,350 | 1,315 |
Provision for obsolescence of expendable parts, supplies and fuel | 295 | 180 |
Amortization of deferred financing costs and original issue discount | 149 | 183 |
Stock-based compensation expense | 2,189 | 2,309 |
Deferred income taxes | 2,048 | 4,207 |
Excess tax benefits from stock-based compensation | -1,323 | -607 |
Changes in certain assets and liabilities: | ' | ' |
Restricted cash | -243 | -1,827 |
Accounts receivable | -1,794 | 4,019 |
Expendable parts, supplies and fuel | 1,491 | 2,748 |
Prepaid expenses | -3,473 | -2,287 |
Other current assets | -183 | 420 |
Accounts payable | 7,427 | 5,123 |
Accrued liabilities | 5,200 | 5,331 |
Air traffic liability | 41,726 | 37,987 |
Net cash provided by operating activities | 107,365 | 107,824 |
INVESTING ACTIVITIES: | ' | ' |
Purchase of investment securities | -66,086 | -147,591 |
Proceeds from maturities and sale of investment securities | 79,802 | 95,627 |
Purchase of property and equipment, including pre-delivery deposits | -11,070 | -13,097 |
Interest during refurbishment of aircraft | 0 | -123 |
Proceeds from sale of property and equipment | 55 | 243 |
Investment in unconsolidated affiliates, net | -483 | -709 |
Change in deposits and other assets | -272 | 10,187 |
Net cash provided by (used in) investing activities | 1,946 | -55,463 |
FINANCING ACTIVITIES: | ' | ' |
Cash dividends paid to shareholders | -41,787 | 0 |
Excess tax benefits from stock-based compensation | 1,323 | 607 |
Proceeds from exercise of stock options and stock-settled SARs | 2,240 | 189 |
Repurchase of common stock | -73,397 | -23,180 |
Principal payments on long-term debt | -4,987 | -2,877 |
Payments for deferred financing costs | -296 | 0 |
Payments for sale of ownership interest in subsidiary | 0 | -50 |
Net cash used in financing activities | -116,904 | -25,311 |
Net change in cash and cash equivalents | -7,593 | 27,050 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 97,711 | 89,557 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 90,118 | 116,607 |
Non- cash transactions: | ' | ' |
Assets acquired in sale of ownership interest in subsidiary | $0 | $56 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
Summary of Significant Accounting Policies | |
Basis of Presentation: The accompanying unaudited consolidated financial statements include the accounts of Allegiant Travel Company (the “Company”) and its majority-owned operating subsidiaries. Investments in affiliates in which the Company’s ownership interest ranges from 20 to 50 percent and in which the Company has the ability to exercise significant influence over operating and financial policies are accounted for under the equity method. All intercompany balances and transactions have been eliminated. | |
These unaudited consolidated financial statements reflect all normal recurring adjustments, which management believes are necessary to present fairly the financial position, results of operations, and cash flows of the Company for the respective periods presented. Certain information and footnote disclosures normally included in the annual consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission for Form 10-Q. These unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements of the Company and notes thereto included in the annual report of the Company on Form 10-K for the year ended December 31, 2013, filed with the Securities and Exchange Commission. | |
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. | |
The interim results reflected in the unaudited consolidated financial statements are not necessarily indicative of the results that may be expected for other interim periods or for the full year. |
Investment_Securities
Investment Securities | 3 Months Ended | |||||||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||||||
Investments In Debt And Marketable Equity Securities And Certain Trading Assets Disclosure Text Block [Abstract] | ' | |||||||||||||||||||||||||||||||
Investment Securities | ' | |||||||||||||||||||||||||||||||
Investment Securities | ||||||||||||||||||||||||||||||||
The Company’s investments in marketable securities are classified as available-for-sale and are reported at fair market value with the net unrealized gain or (loss) reported as a component of accumulated other comprehensive income in stockholders’ equity. Investment securities are classified as cash equivalents, short-term investments and long-term investments based on maturity date. Cash equivalents have maturities of three months or less, short-term investments have maturities of greater than three months but equal to or less than one year and long-term investments are those with a maturity date greater than one year. As of March 31, 2014, all of the Company’s long-term investments consisted of government debt securities and municipal debt securities with contractual maturities of less than 18 months. Investment securities consisted of the following: | ||||||||||||||||||||||||||||||||
As of March 31, 2014 | As of December 31, 2013 | |||||||||||||||||||||||||||||||
Gross Unrealized | Gross Unrealized | |||||||||||||||||||||||||||||||
Cost | Gains | (Losses) | Market Value | Cost | Gains | (Losses) | Market Value | |||||||||||||||||||||||||
Money market funds | $ | 239 | $ | — | $ | — | $ | 239 | $ | 20,172 | $ | — | $ | — | $ | 20,172 | ||||||||||||||||
Certificates of deposit | 10,014 | — | (4 | ) | 10,010 | — | — | — | — | |||||||||||||||||||||||
Commercial paper | 77,790 | 8 | (2 | ) | 77,796 | 75,905 | 8 | (2 | ) | 75,911 | ||||||||||||||||||||||
Municipal debt securities | 139,159 | 23 | (1 | ) | 139,181 | 181,870 | 17 | (19 | ) | 181,868 | ||||||||||||||||||||||
Government debt securities | 10,003 | — | — | 10,003 | 10,008 | — | — | 10,008 | ||||||||||||||||||||||||
Corporate debt securities | 39,073 | — | (28 | ) | 39,045 | 45,150 | — | (16 | ) | 45,134 | ||||||||||||||||||||||
Total | $ | 276,278 | $ | 31 | $ | (35 | ) | $ | 276,274 | $ | 333,105 | $ | 25 | $ | (37 | ) | $ | 333,093 | ||||||||||||||
The amortized cost of investment securities sold is determined by the specific identification method with any realized gains or losses reflected in other (income) expense. The Company had minimal realized losses for the three-months ended March 31, 2014 and 2013. |
LongTerm_Debt
Long-Term Debt | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Long-Term Debt | ' | |||||||
Long-Term Debt | ||||||||
Long-term debt consisted of the following: | ||||||||
As of March 31, 2014 | As of December 31, 2013 | |||||||
Senior secured term loan facility, interest at LIBOR plus 4.25% with LIBOR floor of 1.5%, due March 2017 | $ | 120,944 | $ | 121,230 | ||||
Notes payable, secured by aircraft, interest at LIBOR plus 2.46%, due November 2019 | 46,450 | 48,000 | ||||||
Note payable, secured by real estate, interest at 2.86%, due October 2018 | 9,884 | 9,953 | ||||||
Notes payable, secured by aircraft, interest at 3.99%, due October 2018 | 43,575 | 45,775 | ||||||
Note payable, secured by aircraft, interest at 4.65%, due July 2016 | 8,486 | 9,342 | ||||||
Total long-term debt | 229,339 | 234,300 | ||||||
Less current maturities | 20,434 | 20,237 | ||||||
Long-term debt, net of current maturities | $ | 208,905 | $ | 214,063 | ||||
Senior Secured Term Loan Facility | ||||||||
In March 2011, the Company borrowed $125,000 under a senior secured term loan facility (the “Term Loan”). The Term Loan matures in March 2017, bears interest based on the London Interbank Offered Rate (“LIBOR”) or prime rate with interest payable quarterly or more frequently until maturity and includes a LIBOR floor of 1.5 percent. The Term Loan contains restrictions on future borrowing, provides for maximum annual capital expenditures and contains other affirmative and negative covenants. In addition to quarterly principal payments equal to 0.25 percent of the initial loan, the Term Loan also provides for mandatory and optional prepayment provisions. | ||||||||
The mandatory prepayment provisions are associated with cash proceeds from the sale of certain assets (which are not reinvested), cash proceeds from the issuance or incurrence of indebtedness for money borrowed in violation of the covenants in the Term Loan, cash proceeds from insurance or condemnation awards (which are not reinvested) and for 25 percent of the Company’s excess cash flow (as defined in the Term Loan) if the Company’s leverage ratio exceeds 1.5:1 as of the end of any year. In the event the Company does not reinvest the cash proceeds from the sale of certain assets or from insurance or condemnation awards or if the Company incurs indebtedness in violation of the covenants in the Term Loan, the prepayment will be due within three business days following the date of the event requiring the prepayment. The prepayment associated with a failure to meet the leverage ratio test would be payable within a specified number of days after the end of the year for the covenant calculation. | ||||||||
As of March 31,2014, the Company is in compliance with all covenants under the Term Loan and no events occurred which would have required any prepayment of the debt. | ||||||||
In April 2014, the Company prepaid in full the $120.9 million balance and accrued interest of $0.2 million of the Company's Term Loan. See Note 9 — Subsequent Events for additional information related to the Term Loan repayment. | ||||||||
Other | ||||||||
In April 2014, the Company borrowed $45.3 million under a loan agreement secured by 53 MD-80 aircraft. The note payable issued under the loan agreement bears interest at LIBOR plus 2.95 percent and is payable in monthly installments through April 2018. | ||||||||
In September 2013, the Company borrowed $48,000 under a modified loan agreement secured by four Airbus A320 series aircraft. The notes payable issued under the modified loan agreement bear interest at 3.99 percent per annum and are payable in monthly installments through October 2018. | ||||||||
In October 2013, the Company borrowed $10,000 under a loan agreement secured by real estate purchased for the Company's headquarter offices in the second quarter of 2013. The note payable issued under the loan agreement bears interest at 2.86 percent per annum and is payable in monthly installments through October 2018 when a balloon payment is due. | ||||||||
In November 2013, the Company borrowed $48,000 under a loan agreement secured by four Airbus A320 series aircraft. The notes payable issued under the loan agreement bear interest at LIBOR plus 2.46 percent per annum and are payable in monthly installments through November 2019. | ||||||||
In June 2012, the Company borrowed $14,000 under loan agreements secured by two Boeing 757-200 aircraft purchased in the first half of 2012. The note payable issued under the loan agreements bears interest at 4.65 percent per annum and is payable in monthly installments through July 2016. In April 2014, the Company prepaid the portion of the note relating to one Boeing 757-200 aircraft in the amount of $4.1 million. Currently, only one Boeing 757-200 remains encumbered under this loan agreement. See Note 9 — Subsequent Events. |
Stockholders_Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2014 | |
Equity [Abstract] | ' |
Stockholders' Equity | ' |
Stockholders’ Equity | |
The Company is authorized by the Board of Directors to acquire the Company’s stock through open market purchases under its share repurchase program. During the three months ended March 31, 2014, the Company repurchased 730,162 shares through open market purchases at an average price of $98.82 per share for a total expenditure of $72,157. During the three months ended March 31, 2013, the Company repurchased 284,283 shares through open market purchases at an average price of $78.15 per share for a total expenditure of $22,218. After an increase in repurchase authority approved in February 2014, the Company had $67,657 in unused stock repurchase authority remaining as of March 31, 2014. | |
On November 14, 2013, the Company’s Board of Directors declared a special cash dividend of $2.25 per share on its outstanding common stock payable to stockholders of record on December 13, 2013. On January 3, 2014, the Company paid cash dividends of $41,787 to these stockholders. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
Fair Value Measurements | |||||||||||||||||
The Company measures certain financial assets and liabilities at fair value on a recurring basis. Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Accounting standards pertaining to fair value measurements establish a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: | |||||||||||||||||
Level 1 - Defined as observable inputs such as quoted prices in active markets for identical assets or liabilities | |||||||||||||||||
Level 2 - Defined as inputs other than Level 1 inputs that are either directly or indirectly observable | |||||||||||||||||
Level 3 - Defined as unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own assumptions | |||||||||||||||||
The Company uses the market approach valuation technique to determine fair value for investment securities. The assets classified as Level 1 consist of money market funds for which original cost approximates fair value. The assets classified as Level 2 consist of certificates of deposit, commercial paper, municipal debt securities, government debt securities, and corporate debt securities, which are valued using quoted market prices or alternative pricing sources including transactions involving identical or comparable assets and models utilizing market observable inputs. | |||||||||||||||||
For those assets classified as Level 2 that are not in active markets, the Company obtained fair value from pricing sources using quoted market prices for identical or comparable instruments and based on pricing models which include all significant observable inputs, including maturity dates, issue dates, settlement date, benchmark yields, reported trades, broker-dealer quotes, issue spreads, benchmark securities, bids, offers and other market related data. These inputs are observable or can be derived from or corroborated by observable market data for substantially the full term of the asset. | |||||||||||||||||
Assets measured at fair value on a recurring basis at March 31, 2014 and December 31, 2013 were as follows: | |||||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||
Description | March 31, 2014 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||
Cash equivalents | |||||||||||||||||
Money market funds | $ | 239 | $ | 239 | $ | — | $ | — | |||||||||
Municipal debt securities | 342 | — | 342 | — | |||||||||||||
Total cash equivalents | 581 | 239 | 342 | — | |||||||||||||
Short-term investments | |||||||||||||||||
Certificates of deposit | 10,010 | — | 10,010 | — | |||||||||||||
Commercial paper | 77,796 | — | 77,796 | — | |||||||||||||
Municipal debt securities | 117,915 | — | 117,915 | — | |||||||||||||
Corporate debt securities | 39,045 | — | 39,045 | — | |||||||||||||
Government debt securities | 10,003 | — | 10,003 | — | |||||||||||||
Total short-term investments | 254,769 | — | 254,769 | — | |||||||||||||
Long-term investments | |||||||||||||||||
Municipal debt securities | 20,924 | — | 20,924 | — | |||||||||||||
Total long-term investments | 20,924 | — | 20,924 | — | |||||||||||||
Total investment securities | $ | 276,274 | $ | 239 | $ | 276,035 | $ | — | |||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||
Description | December 31, 2013 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||
Cash equivalents | |||||||||||||||||
Money market funds | $ | 20,172 | $ | 20,172 | $ | — | $ | — | |||||||||
Municipal debt securities | 23,506 | — | 23,506 | — | |||||||||||||
Total cash equivalents | 43,678 | 20,172 | 23,506 | — | |||||||||||||
Short-term investments | |||||||||||||||||
Commercial paper | 75,911 | — | 75,911 | — | |||||||||||||
Municipal debt securities | 122,325 | — | 122,325 | — | |||||||||||||
Corporate debt securities | 45,134 | — | 45,134 | — | |||||||||||||
Government debt securities | 10,008 | — | 10,008 | — | |||||||||||||
Total short-term investments | 253,378 | — | 253,378 | — | |||||||||||||
Long-term investments | |||||||||||||||||
Municipal debt securities | 36,037 | — | 36,037 | — | |||||||||||||
Total long-term investments | 36,037 | — | 36,037 | — | |||||||||||||
Total investment securities | $ | 333,093 | $ | 20,172 | $ | 312,921 | $ | — | |||||||||
There were no significant transfers between Level 1 and Level 2 assets for the three months ended March 31, 2014 or during the year ended December 31, 2013. | |||||||||||||||||
The Company has determined the estimated fair value of its debt to be Level 3 as certain inputs used are unobservable. The fair value of the Company's debt was estimated using either indicative pricing from market information or the discounted amount of future cash flows. The discounted cash flows use the current rates available to the Company for debt of the same remaining maturities and consideration of default and credit risk. As of March 31, 2014, the estimated fair value and the carrying value of its debt, including current maturities were $218,542 and $229,339, respectively. As of December 31, 2013, the estimated fair value and the carrying value of its debt, including current maturities were $224,850 and $234,300, respectively. |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
For the three months ended March 31, 2014, the Company did not have any material unrecognized tax benefits. The Company’s policy is to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. There was no accrued interest or penalties at March 31, 2014. |
Earnings_per_Share
Earnings per Share | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Earnings per Share | ' | |||||||
Earnings per Share | ||||||||
Basic and diluted earnings per share are computed pursuant to the two-class method. Under this method, the Company attributes net income to two classes, common stock and unvested restricted stock awards. Unvested restricted stock awards granted to employees under the Company’s Long-Term Incentive Plan are considered participating securities as they receive non-forfeitable rights to cash dividends at the same rate as common stock. | ||||||||
Diluted net income per share is calculated using the more dilutive of two methods. Under both methods, the exercise of employee stock options and stock-settled stock appreciation rights are assumed using the treasury stock method. The assumption of vesting of restricted stock, however, differs: | ||||||||
1 | Assume vesting of restricted stock using the treasury stock method. | |||||||
2 | Assume unvested restricted stock awards are not vested, and allocate earnings to common shares and unvested restricted stock awards using the two-class method. | |||||||
For the three months ended March 31, 2014 and March 31, 2013, the second method which assumes unvested awards are not vested, was used in the computation because it was more dilutive than the first method. The following table sets forth the computation of net income per share, on a basic and diluted basis for the periods indicated (shares in table below are in thousands): | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Basic: | ||||||||
Net income attributable to Allegiant Travel Company | $ | 34,222 | $ | 31,932 | ||||
Less: Net income allocated to participating securities | (254 | ) | (216 | ) | ||||
Net income attributable to common stock | $ | 33,968 | $ | 31,716 | ||||
Net income per share, basic | $ | 1.87 | $ | 1.66 | ||||
Weighted-average shares outstanding | 18,166 | 19,081 | ||||||
Diluted: | ||||||||
Net income attributable to Allegiant Travel Company | $ | 34,222 | $ | 31,932 | ||||
Less: Net income allocated to participating securities | (253 | ) | (214 | ) | ||||
Net income attributable to common stock | $ | 33,969 | $ | 31,718 | ||||
Net income per share, diluted | $ | 1.86 | $ | 1.65 | ||||
Weighted-average shares outstanding | 18,166 | 19,081 | ||||||
Dilutive effect of stock options, restricted stock and stock-settled stock appreciation rights | 121 | 172 | ||||||
Adjusted weighted-average shares outstanding under treasury stock method | 18,287 | 19,253 | ||||||
Participating securities excluded under two-class method | (39 | ) | (46 | ) | ||||
Adjusted weighted-average shares outstanding under two-class method | 18,248 | 19,207 | ||||||
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
The Company is subject to certain legal and administrative actions it considers routine to its business activities. The Company believes the ultimate outcome of any pending legal or administrative matters will not have a material adverse impact on its financial position, liquidity or results of operations. | |
In August 2013, the Company entered into purchase agreements for two Airbus A320 series aircraft. As of March 31, 2014, the contractual obligations for these two aircraft were $23.4 million to be paid in 2014 upon taking ownership of the aircraft. | |
In August 2012, the Company entered into lease agreements for nine used Airbus A319 aircraft with expected deliveries through the third quarter of 2015. As of March 31, 2014, two of these leased Airbus A319 aircraft were inducted into revenue service. The Company expects to take possession of the remaining aircraft under these lease agreements in 2014 and 2015. |
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
In April 2014, the Company borrowed $45.3 million under a loan agreement secured by 53 MD-80 aircraft. The note payable issued under the loan agreement bears interest at a floating rate based on LIBOR and is payable in monthly installments through April 2018. The proceeds along with internally generated funds were used to prepay in full the $120.9 million balance and accrued interest of $0.2 million of the Company's Term Loan originally due March 2017. | |
Additionally, in April 2014, the Company prepaid the portion of the note payable related to one Boeing 757-200 aircraft in the amount of $4.1 million originally due July 2016. Currently, only one Boeing 757-200 remains encumbered under this loan agreement. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies - (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation: The accompanying unaudited consolidated financial statements include the accounts of Allegiant Travel Company (the “Company”) and its majority-owned operating subsidiaries. Investments in affiliates in which the Company’s ownership interest ranges from 20 to 50 percent and in which the Company has the ability to exercise significant influence over operating and financial policies are accounted for under the equity method. All intercompany balances and transactions have been eliminated. | |
These unaudited consolidated financial statements reflect all normal recurring adjustments, which management believes are necessary to present fairly the financial position, results of operations, and cash flows of the Company for the respective periods presented. Certain information and footnote disclosures normally included in the annual consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission for Form 10-Q. These unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements of the Company and notes thereto included in the annual report of the Company on Form 10-K for the year ended December 31, 2013, filed with the Securities and Exchange Commission. | |
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. | |
The interim results reflected in the unaudited consolidated financial statements are not necessarily indicative of the results that may be expected for other interim periods or for the full year. |
Investment_Securities_Tables
Investment Securities (Tables) | 3 Months Ended | |||||||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||||||
Investments In Debt And Marketable Equity Securities And Certain Trading Assets Disclosure Text Block [Abstract] | ' | |||||||||||||||||||||||||||||||
Summary of Investment Securities | ' | |||||||||||||||||||||||||||||||
Investment securities consisted of the following: | ||||||||||||||||||||||||||||||||
As of March 31, 2014 | As of December 31, 2013 | |||||||||||||||||||||||||||||||
Gross Unrealized | Gross Unrealized | |||||||||||||||||||||||||||||||
Cost | Gains | (Losses) | Market Value | Cost | Gains | (Losses) | Market Value | |||||||||||||||||||||||||
Money market funds | $ | 239 | $ | — | $ | — | $ | 239 | $ | 20,172 | $ | — | $ | — | $ | 20,172 | ||||||||||||||||
Certificates of deposit | 10,014 | — | (4 | ) | 10,010 | — | — | — | — | |||||||||||||||||||||||
Commercial paper | 77,790 | 8 | (2 | ) | 77,796 | 75,905 | 8 | (2 | ) | 75,911 | ||||||||||||||||||||||
Municipal debt securities | 139,159 | 23 | (1 | ) | 139,181 | 181,870 | 17 | (19 | ) | 181,868 | ||||||||||||||||||||||
Government debt securities | 10,003 | — | — | 10,003 | 10,008 | — | — | 10,008 | ||||||||||||||||||||||||
Corporate debt securities | 39,073 | — | (28 | ) | 39,045 | 45,150 | — | (16 | ) | 45,134 | ||||||||||||||||||||||
Total | $ | 276,278 | $ | 31 | $ | (35 | ) | $ | 276,274 | $ | 333,105 | $ | 25 | $ | (37 | ) | $ | 333,093 | ||||||||||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Summary of Long-Term Debt | ' | |||||||
Long-term debt consisted of the following: | ||||||||
As of March 31, 2014 | As of December 31, 2013 | |||||||
Senior secured term loan facility, interest at LIBOR plus 4.25% with LIBOR floor of 1.5%, due March 2017 | $ | 120,944 | $ | 121,230 | ||||
Notes payable, secured by aircraft, interest at LIBOR plus 2.46%, due November 2019 | 46,450 | 48,000 | ||||||
Note payable, secured by real estate, interest at 2.86%, due October 2018 | 9,884 | 9,953 | ||||||
Notes payable, secured by aircraft, interest at 3.99%, due October 2018 | 43,575 | 45,775 | ||||||
Note payable, secured by aircraft, interest at 4.65%, due July 2016 | 8,486 | 9,342 | ||||||
Total long-term debt | 229,339 | 234,300 | ||||||
Less current maturities | 20,434 | 20,237 | ||||||
Long-term debt, net of current maturities | $ | 208,905 | $ | 214,063 | ||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Assets Measured at Fair Value On a Recurring Basis | ' | ||||||||||||||||
Assets measured at fair value on a recurring basis at March 31, 2014 and December 31, 2013 were as follows: | |||||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||
Description | March 31, 2014 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||
Cash equivalents | |||||||||||||||||
Money market funds | $ | 239 | $ | 239 | $ | — | $ | — | |||||||||
Municipal debt securities | 342 | — | 342 | — | |||||||||||||
Total cash equivalents | 581 | 239 | 342 | — | |||||||||||||
Short-term investments | |||||||||||||||||
Certificates of deposit | 10,010 | — | 10,010 | — | |||||||||||||
Commercial paper | 77,796 | — | 77,796 | — | |||||||||||||
Municipal debt securities | 117,915 | — | 117,915 | — | |||||||||||||
Corporate debt securities | 39,045 | — | 39,045 | — | |||||||||||||
Government debt securities | 10,003 | — | 10,003 | — | |||||||||||||
Total short-term investments | 254,769 | — | 254,769 | — | |||||||||||||
Long-term investments | |||||||||||||||||
Municipal debt securities | 20,924 | — | 20,924 | — | |||||||||||||
Total long-term investments | 20,924 | — | 20,924 | — | |||||||||||||
Total investment securities | $ | 276,274 | $ | 239 | $ | 276,035 | $ | — | |||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||
Description | December 31, 2013 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||
Cash equivalents | |||||||||||||||||
Money market funds | $ | 20,172 | $ | 20,172 | $ | — | $ | — | |||||||||
Municipal debt securities | 23,506 | — | 23,506 | — | |||||||||||||
Total cash equivalents | 43,678 | 20,172 | 23,506 | — | |||||||||||||
Short-term investments | |||||||||||||||||
Commercial paper | 75,911 | — | 75,911 | — | |||||||||||||
Municipal debt securities | 122,325 | — | 122,325 | — | |||||||||||||
Corporate debt securities | 45,134 | — | 45,134 | — | |||||||||||||
Government debt securities | 10,008 | — | 10,008 | — | |||||||||||||
Total short-term investments | 253,378 | — | 253,378 | — | |||||||||||||
Long-term investments | |||||||||||||||||
Municipal debt securities | 36,037 | — | 36,037 | — | |||||||||||||
Total long-term investments | 36,037 | — | 36,037 | — | |||||||||||||
Total investment securities | $ | 333,093 | $ | 20,172 | $ | 312,921 | $ | — | |||||||||
Earnings_per_Share_Tables
Earnings per Share (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Computation of Net Income Per Share, Basic and Diluted | ' | |||||||
The following table sets forth the computation of net income per share, on a basic and diluted basis for the periods indicated (shares in table below are in thousands): | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Basic: | ||||||||
Net income attributable to Allegiant Travel Company | $ | 34,222 | $ | 31,932 | ||||
Less: Net income allocated to participating securities | (254 | ) | (216 | ) | ||||
Net income attributable to common stock | $ | 33,968 | $ | 31,716 | ||||
Net income per share, basic | $ | 1.87 | $ | 1.66 | ||||
Weighted-average shares outstanding | 18,166 | 19,081 | ||||||
Diluted: | ||||||||
Net income attributable to Allegiant Travel Company | $ | 34,222 | $ | 31,932 | ||||
Less: Net income allocated to participating securities | (253 | ) | (214 | ) | ||||
Net income attributable to common stock | $ | 33,969 | $ | 31,718 | ||||
Net income per share, diluted | $ | 1.86 | $ | 1.65 | ||||
Weighted-average shares outstanding | 18,166 | 19,081 | ||||||
Dilutive effect of stock options, restricted stock and stock-settled stock appreciation rights | 121 | 172 | ||||||
Adjusted weighted-average shares outstanding under treasury stock method | 18,287 | 19,253 | ||||||
Participating securities excluded under two-class method | (39 | ) | (46 | ) | ||||
Adjusted weighted-average shares outstanding under two-class method | 18,248 | 19,207 | ||||||
Investment_Securities_Detail_I
Investment Securities (Detail) - Investment Securities (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Cost | $276,278 | $333,105 |
Gross Unrealized Gains | 31 | 25 |
Gross Unrealized Losses | 35 | 37 |
Market Value | 276,274 | 333,093 |
Money market funds | ' | ' |
Cost | 239 | 20,172 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Market Value | 239 | 20,172 |
Certificates of deposit | ' | ' |
Cost | 10,014 | 0 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 4 | 0 |
Market Value | 10,010 | 0 |
Commercial paper | ' | ' |
Cost | 77,790 | 75,905 |
Gross Unrealized Gains | 8 | 8 |
Gross Unrealized Losses | 2 | 2 |
Market Value | 77,796 | 75,911 |
Municipal debt securities | ' | ' |
Cost | 139,159 | 181,870 |
Gross Unrealized Gains | 23 | 17 |
Gross Unrealized Losses | 1 | 19 |
Market Value | 139,181 | 181,868 |
Government debt securities | ' | ' |
Cost | 10,003 | 10,008 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Market Value | 10,003 | 10,008 |
Corporate debt securities | ' | ' |
Cost | 39,073 | 45,150 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 28 | 16 |
Market Value | $39,045 | $45,134 |
LongTerm_Debt_LongTerm_Debt_Co
Long-Term Debt Long-Term Debt - Components of Long-Term Debt (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Nov. 30, 2013 | Dec. 31, 2013 | Oct. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2012 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Due March 2017 | Due March 2017 | Due November 2019 | Due November 2019 | Due November 2019 | Due October 2018 | Due October 2018 | Due October 2018 | Due July 2016 | Due July 2016 | Due July 2016 | Notes Payable, Three Point Nine Nine Percent, Due October Two Thousand Eighteen | Notes Payable, Three Point Nine Nine Percent, Due October Two Thousand Eighteen | Notes Payable, Two Point Eight Six Percent, Due October Two Thousand Eighteen | Notes Payable, Two Point Eight Six Percent, Due October Two Thousand Eighteen | ||
Due October 2018 | Due October 2018 | Due October 2018 | Due October 2018 | ||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Secured Long-term Debt, Noncurrent | ' | ' | $120,944 | $121,230 | $46,450 | $48,000 | $48,000 | ' | $10,000 | $48,000 | $8,486 | $9,342 | $14,000 | $43,575 | $45,775 | $9,884 | $9,953 |
Long-term Debt, Fair Value | 229,339 | 234,300 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Less current maturities | 20,434 | 20,237 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt, net of current maturities | $208,905 | $214,063 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Rate | ' | ' | 4.25% | 4.25% | 2.46% | 2.46% | 2.46% | 2.86% | 2.86% | 3.99% | 4.65% | 4.65% | 4.65% | 3.99% | 3.99% | 2.86% | ' |
Notes Payable | ' | ' | 1.50% | 1.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_Detail
Long-Term Debt (Detail) (USD $) | 3 Months Ended | 1 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | Mar. 10, 2011 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2012 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Oct. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2014 | Jun. 30, 2012 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Apr. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | |
Due July 2016 | Due July 2016 | Due July 2016 | Due March 2017 | Due March 2017 | Due October 2018 | Due October 2018 | Due October 2018 | Boeing 757 [Member] | Boeing 757 [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Due March 2017 | Notes Payable, Three Point Nine Nine Percent, Due October Two Thousand Eighteen | Notes Payable, Three Point Nine Nine Percent, Due October Two Thousand Eighteen | Notes Payable, Three Point Nine Nine Percent, Due October Two Thousand Eighteen | Notes Payable, Two Point Eight Six Percent, Due October Two Thousand Eighteen | Notes Payable, Two Point Eight Six Percent, Due October Two Thousand Eighteen | Notes Payable, Two Point Eight Six Percent, Due October Two Thousand Eighteen | |||
aircraft | aircraft | Due July 2016 | Due April 2018 | MD-80 Aircraft [Member] | Subsequent Event [Member] | Due October 2018 | Due October 2018 | Airbus A320 [Member] | Due October 2018 | Due October 2018 | Airbus A320 [Member] | |||||||||||
aircraft | Secured Debt | aircraft | aircraft | |||||||||||||||||||
Number Of Aircraft Used As Collateral | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 2 | ' | ' | 53 | ' | ' | ' | 4 | ' | ' | 4 |
Loan Payable (in Dollars) | ' | $125,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument LIBOR Percentage Rate Minimum | ' | ' | ' | ' | ' | 1.50% | 1.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument Periodic Payment Principal Percent | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of Company's Excess Cash Flow | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Leverage Ratio | 1.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Secured Long-term Debt, Noncurrent | ' | ' | 8,486,000 | 9,342,000 | 14,000,000 | 120,944,000 | 121,230,000 | ' | 10,000,000 | 48,000,000 | ' | ' | 4,102,000 | 45,300,000 | ' | ' | 43,575,000 | 45,775,000 | ' | 9,884,000 | 9,953,000 | ' |
Interest Rate | ' | ' | 4.65% | 4.65% | 4.65% | 4.25% | 4.25% | 2.86% | 2.86% | 3.99% | ' | ' | ' | ' | ' | ' | 3.99% | 3.99% | ' | 2.86% | ' | ' |
Repayments of Secured Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 120,944,000 | ' | ' | ' | ' | ' | ' |
Interest Payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $200,000 | ' | ' | ' | ' | ' | ' |
Stockholders_Equity_Detail
Stockholders' Equity (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Jan. 03, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Stock Repurchased During Period, Shares (in Shares) | ' | 730,162 | 284,283 | ' |
Treasury Stock Acquired, Average Cost Per Share (in Dollars per share) | ' | $98.82 | $78.15 | ' |
Payments for Repurchase of Common Stock | ' | $4,987 | $2,877 | ' |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | ' | 67,657 | ' | ' |
DividendsPaidCommonAndRestrictedStock | ' | ' | ' | $2.25 |
PaymentOfDividendsParticipatingSecurities | 41,787 | 41,787 | 0 | ' |
Open Market Purchases | ' | ' | ' | ' |
Payments for Repurchase of Common Stock | ' | $72,157 | $22,218 | ' |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value Disclosures [Abstract] | ' | ' |
Debt Instrument, Fair Value Disclosure | $218,542 | $224,850 |
Long-term Debt, Fair Value | $229,339 | $234,300 |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Detail) - Fair Value Measurements at Reporting Date Using (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investment Securities | $276,274 | $333,093 |
Estimate of Fair Value | ' | ' |
Investment Securities | ' | 333,093 |
Estimate of Fair Value | Cash equivalents | ' | ' |
Cash Equivalents | 581 | 43,678 |
Estimate of Fair Value | Short-term investments | ' | ' |
Investment Securities | 254,769 | 253,378 |
Estimate of Fair Value | Long-term investments | ' | ' |
Investment Securities | 276,274 | 36,037 |
Fair Value, Inputs, Level 1 | ' | ' |
Investment Securities | ' | 20,172 |
Fair Value, Inputs, Level 1 | Cash equivalents | ' | ' |
Cash Equivalents | 239 | 20,172 |
Fair Value, Inputs, Level 1 | Short-term investments | ' | ' |
Investment Securities | 0 | 0 |
Fair Value, Inputs, Level 1 | Long-term investments | ' | ' |
Investment Securities | 239 | 0 |
Fair Value, Inputs, Level 2 | ' | ' |
Investment Securities | ' | 312,921 |
Fair Value, Inputs, Level 2 | Cash equivalents | ' | ' |
Cash Equivalents | 342 | 23,506 |
Fair Value, Inputs, Level 2 | Short-term investments | ' | ' |
Investment Securities | 254,769 | 253,378 |
Fair Value, Inputs, Level 2 | Long-term investments | ' | ' |
Investment Securities | 276,035 | 36,037 |
Fair Value, Inputs, Level 3 | ' | ' |
Cash Equivalents | 0 | 0 |
Investment Securities | ' | 0 |
Fair Value, Inputs, Level 3 | Short-term investments | ' | ' |
Investment Securities | 0 | 0 |
Fair Value, Inputs, Level 3 | Long-term investments | ' | ' |
Investment Securities | 0 | 0 |
Money market funds | Estimate of Fair Value | Cash equivalents | ' | ' |
Cash Equivalents | 239 | 20,172 |
Money market funds | Fair Value, Inputs, Level 1 | Cash equivalents | ' | ' |
Cash Equivalents | 239 | 20,172 |
Money market funds | Fair Value, Inputs, Level 2 | ' | ' |
Cash Equivalents | 0 | 0 |
Money market funds | Fair Value, Inputs, Level 3 | ' | ' |
Cash Equivalents | 0 | 0 |
Commercial paper | Estimate of Fair Value | Short-term investments | ' | ' |
Investment Securities | 77,796 | 75,911 |
Commercial paper | Fair Value, Inputs, Level 1 | Short-term investments | ' | ' |
Investment Securities | 0 | 0 |
Commercial paper | Fair Value, Inputs, Level 2 | Short-term investments | ' | ' |
Investment Securities | 77,796 | 75,911 |
Commercial paper | Fair Value, Inputs, Level 3 | Short-term investments | ' | ' |
Investment Securities | 0 | 0 |
Municipal debt securities | Estimate of Fair Value | Cash equivalents | ' | ' |
Cash Equivalents | 342 | 23,506 |
Municipal debt securities | Estimate of Fair Value | Short-term investments | ' | ' |
Investment Securities | 117,915 | 122,325 |
Municipal debt securities | Estimate of Fair Value | Long-term investments | ' | ' |
Investment Securities | 20,924 | 36,037 |
Municipal debt securities | Fair Value, Inputs, Level 1 | ' | ' |
Cash Equivalents | 0 | 0 |
Municipal debt securities | Fair Value, Inputs, Level 1 | Short-term investments | ' | ' |
Investment Securities | 0 | 0 |
Municipal debt securities | Fair Value, Inputs, Level 1 | Long-term investments | ' | ' |
Investment Securities | 0 | 0 |
Municipal debt securities | Fair Value, Inputs, Level 2 | Cash equivalents | ' | ' |
Cash Equivalents | 342 | 23,506 |
Municipal debt securities | Fair Value, Inputs, Level 2 | Short-term investments | ' | ' |
Investment Securities | 117,915 | 122,325 |
Municipal debt securities | Fair Value, Inputs, Level 2 | Long-term investments | ' | ' |
Investment Securities | 20,924 | 36,037 |
Municipal debt securities | Fair Value, Inputs, Level 3 | ' | ' |
Cash Equivalents | 0 | 0 |
Municipal debt securities | Fair Value, Inputs, Level 3 | Short-term investments | ' | ' |
Investment Securities | 0 | 0 |
Municipal debt securities | Fair Value, Inputs, Level 3 | Long-term investments | ' | ' |
Investment Securities | 0 | 0 |
Corporate debt securities | Estimate of Fair Value | Short-term investments | ' | ' |
Investment Securities | 39,045 | 45,134 |
Corporate debt securities | Fair Value, Inputs, Level 1 | Short-term investments | ' | ' |
Investment Securities | 0 | 0 |
Corporate debt securities | Fair Value, Inputs, Level 2 | Short-term investments | ' | ' |
Investment Securities | 39,045 | 45,134 |
Corporate debt securities | Fair Value, Inputs, Level 3 | Short-term investments | ' | ' |
Investment Securities | 0 | 0 |
Government debt securities | Estimate of Fair Value | Short-term investments | ' | ' |
Investment Securities | 10,003 | 10,008 |
Government debt securities | Estimate of Fair Value | Long-term investments | ' | ' |
Investment Securities | 20,924 | ' |
Government debt securities | Fair Value, Inputs, Level 1 | Short-term investments | ' | ' |
Investment Securities | 0 | 0 |
Government debt securities | Fair Value, Inputs, Level 1 | Long-term investments | ' | ' |
Investment Securities | 0 | ' |
Government debt securities | Fair Value, Inputs, Level 2 | Short-term investments | ' | ' |
Investment Securities | 10,003 | 10,008 |
Government debt securities | Fair Value, Inputs, Level 2 | Long-term investments | ' | ' |
Investment Securities | 20,924 | ' |
Government debt securities | Fair Value, Inputs, Level 3 | Short-term investments | ' | ' |
Investment Securities | 0 | 0 |
Government debt securities | Fair Value, Inputs, Level 3 | Long-term investments | ' | ' |
Investment Securities | 0 | ' |
Certificates of deposit | Estimate of Fair Value | Short-term investments | ' | ' |
Investment Securities | 10,010 | ' |
Certificates of deposit | Fair Value, Inputs, Level 1 | Short-term investments | ' | ' |
Investment Securities | 0 | ' |
Certificates of deposit | Fair Value, Inputs, Level 2 | Short-term investments | ' | ' |
Investment Securities | 10,010 | ' |
Certificates of deposit | Fair Value, Inputs, Level 3 | Short-term investments | ' | ' |
Investment Securities | $0 | ' |
Earnings_per_Share_Detail_Earn
Earnings per Share (Detail) - Earnings Per Share (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Basic: | ' | ' |
Net income attributable to Allegiant Travel Company (in Dollars) | $34,222 | $31,932 |
Net income attributable to common stock (in Dollars) | 33,969 | 31,718 |
Net income per share, diluted (in Dollars per share) | $1.86 | $1.65 |
Net income attributable to common stock (in Dollars) | 33,968 | 31,716 |
Net income per share, basic (in Dollars per share) | $1.87 | $1.66 |
Weighted-average shares outstanding | 18,166 | 19,081 |
Dilutive effect of stock options, restricted stock and stock-settled stock appreciation rights | 121 | 172 |
Adjusted weighted-average shares outstanding under treasury stock method | 18,287 | 19,253 |
Participating securities excluded under two-class method | -39 | -46 |
Two-Class Method, Weighted Average Number of Shares Outstanding, Diluted | 18,248 | 19,207 |
Basic | ' | ' |
Basic: | ' | ' |
Less: Net income allocated to participating securities (in Dollars) | 254 | 216 |
Diluted | ' | ' |
Basic: | ' | ' |
Less: Net income allocated to participating securities (in Dollars) | $253 | $214 |
Commitments_and_Contingencies_
Commitments and Contingencies (Detail) (USD $) | Mar. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2012 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | Airbus A320 [Member] | Airbus A319 [Member] | Airbus A319 [Member] | |
Capital Addition Purchase Commitments [Member] | aircraft | aircraft | ||
aircraft | ||||
Long-term Purchase Commitment [Line Items] | ' | ' | ' | ' |
Number Of Aircraft Committed To Purchase | ' | 2 | ' | ' |
Number Of Aircraft Leased | ' | ' | 9 | 2 |
Purchase Commitment, Remaining Minimum Amount Committed | $23,360 | ' | ' | ' |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2014 | Jun. 30, 2012 | Mar. 31, 2014 | Apr. 30, 2014 |
Due April 2018 | Boeing 757 [Member] | Boeing 757 [Member] | MD-80 Aircraft [Member] | Due March 2017 | |
Subsequent Event [Member] | aircraft | aircraft | Subsequent Event [Member] | Secured Debt | |
aircraft | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' |
Secured Long-term Debt, Noncurrent | $45,300,000 | ' | ' | ' | ' |
Number Of Aircraft Used As Collateral | ' | 1 | 2 | 53 | ' |
Repayments of Secured Debt | ' | ' | ' | ' | 120,944,000 |
Interest Payable | ' | ' | ' | ' | $200,000 |