Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Nov. 01, 2014 | |
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 | ' | 17,484,393 |
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 | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Consolidated_Balance_Sheets_Cu
Consolidated Balance Sheets (Current Period Unaudited) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $86,197 | $97,711 |
Restricted cash | 17,682 | 10,531 |
Short-term investments | 272,555 | 253,378 |
Accounts receivable | 16,508 | 16,857 |
Expendable parts, supplies and fuel, net of allowance | 16,402 | 19,428 |
Prepaid expenses | 24,215 | 26,643 |
Deferred income taxes | 3,003 | 4,206 |
Other current assets | 3,751 | 1,167 |
Total current assets | 440,313 | 429,921 |
Property and equipment, net | 717,058 | 451,584 |
Restricted cash, net of current portion | 305 | 305 |
Long-term investments | 99,143 | 36,037 |
Investment in and advances to unconsolidated affiliates, net | 1,703 | 1,655 |
Deposits and other assets | 11,382 | 10,689 |
Total assets | 1,269,904 | 930,191 |
Current liabilities: | ' | ' |
Current maturities of long-term debt | 51,895 | 20,237 |
Accounts payable | 18,678 | 15,823 |
Accrued liabilities | 60,260 | 87,203 |
Air traffic liability | 195,128 | 167,388 |
Total current liabilities | 325,961 | 290,651 |
Long-term debt and other long-term liabilities: [Abstract] | ' | ' |
Long-term debt, net of current maturities | 554,421 | 214,063 |
Deferred income taxes | 48,289 | 48,160 |
Total liabilities | 928,671 | 552,874 |
Stockholders' equity: | ' | ' |
Common stock, par value $.001, 100,000,000 shares authorized; 22,176,778 and 22,036,893 shares issued; 17,484,393 and 18,544,248 shares outstanding, as of September 30, 2014 and December 31, 2013, respectively | 22 | 22 |
Treasury stock, at cost, 4,692,385 and 3,492,645 shares at September 30, 2014 and December 31, 2013, respectively | -315,614 | -186,291 |
Additional paid in capital | 220,229 | 209,213 |
Accumulated other comprehensive gain (loss), net | 672 | -12 |
Retained earnings | 434,690 | 352,811 |
Total Allegiant Travel Company stockholders' equity | 339,999 | 375,743 |
Noncontrolling interest | 1,234 | 1,574 |
Total equity | 341,233 | 377,317 |
Total liabilities and stockholders' equity | $1,269,904 | $930,191 |
Consolidated_Balance_Sheets_Cu1
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Allowance for obsolescence (in dollars) | $2,658 | $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 | 22,176,778 | 22,036,893 |
Common stock, shares outstanding | 17,484,393 | 18,544,248 |
Treasury stock, shares | 4,692,385 | 3,492,645 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
OPERATING REVENUE: | ' | ' | ' | ' |
Scheduled service revenue | $166,893 | $148,466 | $559,587 | $493,700 |
Ancillary revenue: | ' | ' | ' | ' |
Air-related charges | 77,198 | 66,577 | 248,432 | 219,904 |
Third party products, net | 8,051 | 8,646 | 28,338 | 29,733 |
Total ancillary revenue | 85,249 | 75,223 | 276,770 | 249,637 |
Fixed fee contract revenue | 4,899 | 3,985 | 10,508 | 12,267 |
Other revenue | 7,988 | 1,200 | 11,229 | 2,075 |
Total operating revenue | 265,029 | 228,874 | 858,094 | 757,679 |
OPERATING EXPENSES: | ' | ' | ' | ' |
Aircraft fuel | 94,864 | 89,195 | 308,308 | 294,762 |
Salary and benefits | 52,109 | 38,135 | 145,845 | 118,951 |
Station operations | 21,064 | 19,114 | 63,453 | 58,670 |
Maintenance and repairs | 22,562 | 18,310 | 64,590 | 56,773 |
Sales and marketing | 7,808 | 4,514 | 22,269 | 15,727 |
Aircraft lease rentals | 1,565 | 2,025 | 12,897 | 3,693 |
Depreciation and amortization | 22,174 | 17,106 | 60,355 | 51,890 |
Other | 14,016 | 11,243 | 37,826 | 32,758 |
Total operating expenses | 236,162 | 199,642 | 715,543 | 633,224 |
OPERATING INCOME | 28,867 | 29,232 | 142,551 | 124,455 |
OTHER (INCOME) EXPENSE: | ' | ' | ' | ' |
Earnings from unconsolidated affiliates, net | -101 | -214 | -173 | -384 |
Interest income | -106 | -328 | -545 | -806 |
Interest expense | 7,097 | 2,257 | 13,817 | 6,739 |
Total other expense | 6,890 | 1,715 | 13,099 | 5,549 |
INCOME BEFORE INCOME TAXES | 21,977 | 27,517 | 129,452 | 118,906 |
PROVISION FOR INCOME TAXES | 7,866 | 10,520 | 47,900 | 44,391 |
NET INCOME | 14,111 | 16,997 | 81,552 | 74,515 |
Net loss attributable to noncontrolling interest | -61 | -109 | -340 | -283 |
NET INCOME ATTRIBUTABLE TO ALLEGIANT TRAVEL COMPANY | $14,172 | $17,106 | $81,892 | $74,798 |
Earnings per share to common stockholders: | ' | ' | ' | ' |
Basic (in Dollars per share) | $0.80 | $0.91 | $4.56 | $3.92 |
Diluted (in Dollars per share) | $0.80 | $0.91 | $4.54 | $3.90 |
Weighted average shares outstanding used in computing earnings per share to common stockholders: | ' | ' | ' | ' |
Basic (in Shares) | 17,605 | 18,629 | 17,848 | 18,925 |
Diluted (in Shares) | 17,704 | 18,794 | 17,912 | 19,042 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $14,111 | $16,997 | $81,552 | $74,515 |
Other comprehensive income: | ' | ' | ' | ' |
Unrealized (loss) gain on available-for-sale securities, net | -202 | 63 | -139 | 158 |
Income tax expense related to unrealized gain or loss on derivative activities | 66 | -23 | 54 | -59 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 959 | 0 | 1,221 | 0 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | -343 | 0 | -452 | 0 |
Total other comprehensive income | 480 | 40 | 684 | 99 |
Total comprehensive income | 14,591 | 17,037 | 82,236 | 74,614 |
Net loss attributable to noncontrolling interest | -61 | -109 | -340 | -283 |
Comprehensive income attributable to Allegiant Travel Company | $14,652 | $17,146 | $82,576 | $74,897 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
OPERATING ACTIVITIES: | ' | ' |
Net income | $81,552 | $74,515 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 60,355 | 51,890 |
Loss on aircraft and other equipment disposals | 3,967 | 4,967 |
Provision for obsolescence of expendable parts, supplies and fuel | 956 | 540 |
Amortization of deferred financing costs and original issue discount | -2,209 | 481 |
Stock-based compensation expense | 13,813 | 7,930 |
Deferred income taxes | 1,332 | -980 |
Excess tax benefits from stock-based compensation | -3,339 | -1,628 |
Changes in certain assets and liabilities: | ' | ' |
Restricted cash | -7,151 | -3,803 |
Accounts receivable | 349 | 2,046 |
Expendable parts, supplies and fuel | 2,070 | -3,182 |
Prepaid expenses | 4,928 | 2,134 |
Other current assets | -3,741 | 2,911 |
Accounts payable | 6,194 | -1,167 |
Accrued liabilities | 8,338 | 1,193 |
Air traffic liability | 27,740 | 12,585 |
Net cash provided by operating activities | 195,154 | 150,432 |
INVESTING ACTIVITIES: | ' | ' |
Purchase of investment securities | -285,918 | -226,763 |
Proceeds from maturities and sale of investment securities | 204,306 | 219,387 |
Purchase of property and equipment, including pre-delivery deposits | -188,131 | -161,560 |
Interest during refurbishment of aircraft | 0 | -123 |
Proceeds from sale of property and equipment | 295 | 494 |
Investment in unconsolidated affiliates, net | -48 | -2,310 |
Change in deposits and other assets | 506 | 10,224 |
Net cash used in investing activities | -268,990 | -160,651 |
FINANCING ACTIVITIES: | ' | ' |
Cash dividends paid to shareholders | -41,787 | 0 |
Excess tax benefits from stock-based compensation | 3,339 | 1,628 |
Proceeds from exercise of stock options and stock-settled SARs | 370 | 2,041 |
Proceeds from the issuance of long-term debt | 385,300 | 48,000 |
Proceeds from sale of ownership interest in subsidiary | 0 | 1,400 |
Repurchase of common stock | -129,323 | -79,990 |
Principal payments on long-term debt | -155,577 | -19,225 |
Payments for deferred financing costs | 0 | -204 |
Net cash provided by (used in) financing activities | 62,322 | -46,350 |
Net change in cash and cash equivalents | -11,514 | -56,569 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 97,711 | 89,557 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 86,197 | 32,988 |
Non- cash transactions: | ' | ' |
Assets acquired in sale of ownership interest in subsidiary | 0 | 473 |
Notes Assumed | 141,960 | 0 |
Noncash or Part Noncash Divestiture, Amount of Consideration Received | $0 | $1,225 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 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. | |
Use of estimates | |
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. | |
Recent Accounting Pronouncements | |
In April 2014, the Financial Accounting Standards Board ("FASB") issued new guidance related to reporting discontinued operations. This new standard raises the threshold for a disposal to qualify as a discontinued operation and requires new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. The new standard is effective for fiscal years beginning on or after December 15, 2014. Early adoption is permitted but only for disposals that have not been reported in financial statements previously issued. The Company is evaluating the impact, if any, of adopting this new accounting standard on its financial statements. | |
In May 2014, the FASB issued new accounting guidance related to revenue recognition. This new standard will replace all current U.S. GAAP guidance on this topic and eliminate all industry-specific guidance. The new revenue recognition standard provides a unified model to determine when and how revenue is recognized. The core principle is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This guidance will be effective for the Company beginning January 1, 2017 and at that time, can be applied either retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. The Company is evaluating the impact of adopting this new accounting standard on its financial statements. |
Investment_Securities
Investment Securities | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [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 ("AOCI") in stockholders’ equity. Excluded from the table below is the change in fair value attributable to the foreign currency risk being hedged. Refer to Note 7 - Derivative Instruments for additional information related to the Company's foreign currency hedge. 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 and 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. Investment securities consisted of the following: | ||||||||||||||||||||||||||||||||
As of September 30, 2014 | As of December 31, 2013 | |||||||||||||||||||||||||||||||
Gross Unrealized | Gross Unrealized | |||||||||||||||||||||||||||||||
Cost | Gains | (Losses) | Market Value | Cost | Gains | (Losses) | Market Value | |||||||||||||||||||||||||
Money market funds | $ | 35,795 | $ | — | $ | — | $ | 35,795 | $ | 20,172 | $ | — | $ | — | $ | 20,172 | ||||||||||||||||
Certificates of deposit | 10,038 | 3 | — | 10,041 | — | — | — | — | ||||||||||||||||||||||||
Commercial paper | 66,956 | 6 | (10 | ) | 66,952 | 75,905 | 8 | (2 | ) | 75,911 | ||||||||||||||||||||||
Municipal debt securities | 137,936 | 30 | (3 | ) | 137,963 | 181,870 | 17 | (19 | ) | 181,868 | ||||||||||||||||||||||
Government debt securities | 28,992 | — | (29 | ) | 28,963 | 10,008 | — | — | 10,008 | |||||||||||||||||||||||
Corporate debt securities | 141,153 | 1 | (99 | ) | 141,055 | 45,150 | — | (16 | ) | 45,134 | ||||||||||||||||||||||
Federal agency debt securities | $ | 4,709 | $ | 1 | $ | — | $ | 4,710 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Total | $ | 425,579 | $ | 41 | $ | (141 | ) | $ | 425,479 | $ | 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 gains for the nine months ended September 30, 2014 and 2013. |
Property_and_Equipment
Property and Equipment | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment Disclosure | ' | ||||||||
Property and Equipment | |||||||||
As of September 30, 2014, the Company owned 53 MD-80 aircraft, six Boeing 757-200 aircraft, seven Airbus A320 aircraft and 15 Airbus A319 aircraft, which include 12 Airbus A319 aircraft on lease to a third party. The Airbus A320 aircraft and Airbus A319 aircraft are sometimes referred to collectively as Airbus A320 series aircraft. | |||||||||
Property and equipment consist of the following: | |||||||||
As of September 30, 2014 | As of December 31, 2013 | ||||||||
Flight equipment | $ | 936,462 | $ | 629,715 | |||||
Ground property and equipment | 90,065 | 73,638 | |||||||
Total property and equipment | 1,026,527 | 703,353 | |||||||
Less accumulated depreciation and amortization | (309,469 | ) | (251,769 | ) | |||||
Property and equipment, net | $ | 717,058 | $ | 451,584 | |||||
In August 2014, the Company terminated the existing lease agreements and agreed to purchase eight Airbus A320 series aircraft subject to previously executed lease agreements. Concurrently with the execution of the agreement, the Company closed on the purchase of two of these aircraft which were previously on lease to the Company and were part of the Company’s operating fleet. The Company expects to take delivery of the remaining aircraft between December 2014 and December 2015. The financial impact of this transaction is reflected in the table above for the two purchased aircraft and in the contractual obligations table included in Note 10 - Commitments and Contingencies. | |||||||||
In June 2014, the Company entered into separate agreements to acquire the ownership interests in 12 special purpose companies each owning one Airbus A320 series aircraft currently on lease to a European carrier until 2018. The purchase price for the special purpose companies was approximately $236.1 million, of which approximately $142.0 million was by assumption of debt secured by the aircraft with the remaining balance funded by cash. Refer to Note 4 - Long Term Debt for details on the assumed notes payable. | |||||||||
The Company performed a fair value assessment of the assumed debt and the in-place leases and determined both to be at fair value. Upon expiration of the current leases in 2018, the Company intends to bring these aircraft into its operating fleet. Currently, the Company recognizes lease revenue and incurs minimal administrative costs to maintain the leases during the term these Airbus A320 series aircraft are under lease. Lease revenue and administrative costs related to this transaction are reflected in the Company's results of operations. Additionally, interest expense and depreciation expense related to the assumed notes payable and asset ownership of the acquired Airbus A320 series aircraft since their acquisition in June 2014 are reflected in the Company’s results of operations. | |||||||||
The following table summarizes the Company's total aircraft fleet as of September 30, 2014: | |||||||||
Aircraft Type | Owned (1) | Seating Capacity (per aircraft) | Average Age in Years | ||||||
MD-88/83 | 53 | 166 | 24.8 | ||||||
B757-200 | 6 | 215 | 21.6 | ||||||
A319 (2) | 15 | 156 | 10 | ||||||
A320 | 7 | 177 | 14 | ||||||
Total aircraft | 81 | ||||||||
-1 | Two of the Company's owned Airbus A319 aircraft are unencumbered. Refer to Note 4 - Long-Term Debt for further information on the Company's notes payable. | ||||||||
-2 | Of the 15 Airbus A319 aircraft at September 30, 2014, three Airbus A319 aircraft are in revenue service and included in the Company's operating fleet and 12 Airbus A319 aircraft currently are on lease to a European carrier until 2018. |
LongTerm_Debt
Long-Term Debt | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Long-Term Debt | ' | |||||||
Long-Term Debt | ||||||||
Long-term debt consisted of the following: | ||||||||
As of September 30, 2014 | As of December 31, 2013 | |||||||
5.50% Senior Notes, due July 2019 | $ | 300,000 | $ | — | ||||
Notes payable, secured by aircraft, interest at LIBOR plus 3.08%, due November 2018 | 135,995 | — | ||||||
Notes payable, secured by aircraft, interest at LIBOR plus 2.46%, due November 2019 | 43,302 | 48,000 | ||||||
Note payable, secured by aircraft, interest at LIBOR plus 2.95%, due April 2018 | 41,053 | — | ||||||
Notes payable, secured by aircraft, interest at 3.99%, due October 2018 | 39,110 | 45,775 | ||||||
Notes payable, secured by aircraft, interest at LIBOR plus 2.95%, due May 2018 | 37,108 | — | ||||||
Note payable, secured by real estate, interest at 2.86%, due October 2018 | 9,748 | 9,953 | ||||||
Senior secured term loan facility, interest at LIBOR plus 4.25% with LIBOR floor of 1.5%, due March 2017 | — | 121,230 | ||||||
Note payable, secured by aircraft, interest at 4.65%, due July 2016 | — | 9,342 | ||||||
Total long-term debt | 606,316 | 234,300 | ||||||
Less current maturities | 51,895 | 20,237 | ||||||
Long-term debt, net of current maturities | $ | 554,421 | $ | 214,063 | ||||
Maturities of long-term debt, as of September 30, 2014, for the remainder of 2014 and for the next four years and thereafter, in aggregate, are: | ||||||||
September 30, 2014 | ||||||||
2014 | $ | 13,200 | ||||||
2015 | 53,879 | |||||||
2016 | 55,554 | |||||||
2017 | 57,323 | |||||||
2018 | 112,601 | |||||||
Thereafter | 313,759 | |||||||
Total | $ | 606,316 | ||||||
General Unsecured Senior Notes | ||||||||
In June 2014, the Company completed an offering of $300.0 million aggregate principal amount of senior unsecured obligations (the "Notes") which will mature in July 2019. The Notes constitute general unsecured senior obligations of the Company and rank equally in right of payment with all existing and future senior unsecured indebtedness and liabilities (including trade payables) of the Company. The Notes are effectively junior to the Company’s existing and future secured indebtedness. The Notes are guaranteed by all of the Company’s wholly-owned domestic subsidiaries and rank equally in right of payment with all existing and future unsecured indebtedness and liabilities (including trade payables) of the Company’s guarantor subsidiaries, but effectively junior to the guarantors’ existing and future secured indebtedness. | ||||||||
The Notes bear interest at a rate of 5.50 percent per year, payable in cash semi-annually, on January 15 and July 15 of each year, commencing on January 15, 2015, and will mature on July 15, 2019. | ||||||||
At any time, the Company may redeem the Notes, in whole or in part, at a price equal to 100% of the principal amount of the Notes, plus accrued and unpaid interest, plus a “make-whole premium”. The occurrence of specific kinds of changes in control will be a triggering event requiring the Company to offer to purchase from the holders all or a portion of the Notes at a price equal to 101% of the principal amount, together with accrued and unpaid interest, if any, to the date of purchase. | ||||||||
The indenture pursuant to which the Notes were issued includes operating and financial restrictions on the Company. These restrictions limit or restrict, among other things, the Company’s ability and the ability of its restricted subsidiaries to (i) incur additional indebtedness; (ii) incur liens; (iii) make restricted payments (including paying dividends on, redeeming, repurchasing or retiring capital stock); (iv) make investments; and (v) consolidate, merge or sell all or substantially all of its assets. These covenants are subject to various exceptions and qualifications under the terms of the indenture. | ||||||||
Other | ||||||||
In June 2014, the Company assumed $142.0 million of debt in connection with the acquisition of 12 separate special purpose companies, each owning one Airbus A320 series aircraft. The notes payable assumed bear interest at LIBOR plus 3.08 percent and are payable in monthly installments through November 2018 when a balloon payment is due. | ||||||||
In May 2014, the Company borrowed $40.0 million secured by six Boeing 757-200 aircraft. The notes payable bear interest at LIBOR plus 2.95 percent and are payable in monthly installments through May 2018 when a balloon payment is due. | ||||||||
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 when a balloon payment is due. | ||||||||
In September 2013, the Company borrowed $48.0 million 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 $10.0 million under a loan agreement secured by real estate now used as the Company's headquarter offices. 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 of $8.5 million is due. | ||||||||
In November 2013, the Company borrowed $48.0 million 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 when a balloon payment is due. | ||||||||
In the second quarter 2014, the Company prepaid in full the $8.5 million balance owed on its note payable secured by two Boeing 757-200 aircraft originally due in July 2016. |
Stockholders_Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 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 nine months ended September 30, 2014, the Company repurchased 953,309 shares through open market purchases at an average cost of $103.44 per share for a total expenditure of $98,606. In addition to open market purchases during the nine months ended September 30, 2014, the Company repurchased shares through private transactions totaling 246,431 shares at current market prices. Refer to Part II Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds for detail on these transactions. Open market and private repurchases bring total repurchases for the first nine months of 2014 to 1,199,740 shares for a total expenditure of $129,323. During the nine months ended September 30, 2013, the Company repurchased 880,991 shares through open market purchases at an average price of $85.64 per share for a total expenditure of $75,449. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value, Measurement Inputs, Disclosure | ' | ||||||||||||||||
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, federal agency 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 dates, 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. | |||||||||||||||||
Derivative Financial Instruments | |||||||||||||||||
The fair value of the Company's derivative instrument is determined using standard valuation models. The significant inputs used in these models are readily available in public markets or can be derived from observable market transactions and therefore have been classified as Level 2. Inputs used in these standard valuation models for derivative instruments include the applicable exchange and interest rates. | |||||||||||||||||
Assets measured at fair value on a recurring basis at September 30, 2014 and December 31, 2013 were as follows: | |||||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||
Description | September 30, 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 | $ | 35,795 | $ | 35,795 | $ | — | $ | — | |||||||||
Commercial paper | 9,999 | — | 9,999 | — | |||||||||||||
Municipal debt securities | 7,283 | — | 7,283 | — | |||||||||||||
Corporate debt securities | 704 | — | 704 | — | |||||||||||||
Total cash equivalents | 53,781 | 35,795 | 17,986 | — | |||||||||||||
Short-term investments | |||||||||||||||||
Municipal debt securities | 122,204 | — | 122,204 | — | |||||||||||||
Corporate debt securities | 78,647 | — | 78,647 | — | |||||||||||||
Commercial paper | 56,953 | — | 56,953 | — | |||||||||||||
Certificates of deposit | 10,041 | — | 10,041 | — | |||||||||||||
Federal agency debt securities | 4,710 | — | 4,710 | — | |||||||||||||
Total short-term investments | 272,555 | — | 272,555 | — | |||||||||||||
Long-term investments | |||||||||||||||||
Corporate debt securities | 61,704 | — | 61,704 | — | |||||||||||||
Government debt securities | 28,963 | — | 28,963 | — | |||||||||||||
Municipal debt securities | 8,476 | — | 8,476 | — | |||||||||||||
Derivative instrument | 1,221 | — | 1,221 | — | |||||||||||||
Total long-term investments | 100,364 | — | 100,364 | — | |||||||||||||
Total financial assets | $ | 426,700 | $ | 35,795 | $ | 390,905 | $ | — | |||||||||
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 | |||||||||||||||||
Municipal debt securities | 122,325 | — | 122,325 | — | |||||||||||||
Commercial paper | 75,911 | — | 75,911 | — | |||||||||||||
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 | $ | — | |||||||||
The Company had no transfers between Level 1 and Level 2 assets for the nine months ended September 30, 2014 and no significant transfers between Level 1 and Level 2 assets during the year ended December 31, 2013. | |||||||||||||||||
The carrying amounts and estimated fair value of the Company's long-term debt (including current maturities), as well as the applicable fair value hierarchy tier, at September 30, 2014, are presented in the table below. The fair value of the Company’s publicly held long-term debt is determined based on inputs that are readily available in public markets or can be derived from information available in publicly quoted markets; therefore, the Company has categorized its publicly held debt as Level 2. The remaining six of the Company’s debt agreements are not publicly held. The Company has determined the estimated fair value of this debt to be Level 3, as certain inputs used to determine the fair value of these agreements are unobservable. The Company utilizes indicative pricing from counterparties and a discounted cash flow method to estimate the fair value of the Level 3 items. | |||||||||||||||||
As of September 30, 2014 | |||||||||||||||||
Carrying value | Estimated fair value | Fair value level hierarchy | |||||||||||||||
5.50% Senior Notes, due July 2019 | $ | 300,000 | $ | 307,500 | Level 2 | ||||||||||||
Notes payable, secured by aircraft, interest at LIBOR plus 3.08%, due November 2018 | 135,995 | 134,842 | Level 3 | ||||||||||||||
Notes payable, secured by aircraft, interest at LIBOR plus 2.46%, due November 2019 | 43,302 | 43,037 | Level 3 | ||||||||||||||
Note payable, secured by aircraft, interest at LIBOR plus 2.95%, due April 2018 | 41,053 | 40,753 | Level 3 | ||||||||||||||
Notes payable, secured by aircraft, interest at 3.99%, due October 2018 | 39,110 | 38,724 | Level 3 | ||||||||||||||
Notes payable, secured by aircraft, interest at LIBOR plus 2.95%, due May 2018 | 37,108 | 36,836 | Level 3 | ||||||||||||||
Note payable, secured by real estate, interest at 2.86%, due October 2018 | 9,748 | 9,679 | Level 3 | ||||||||||||||
Total | $ | 606,316 | $ | 611,371 | |||||||||||||
Derivative_Instruments
Derivative Instruments | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Derivative Instruments [Abstract] | ' | ||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure | ' | ||||||||||||||||
Derivative Instruments | |||||||||||||||||
The Company is directly and indirectly affected by changes in certain market conditions. These changes in market conditions may adversely impact the Company's financial performance and are referred to as "market risks." When deemed appropriate, the Company will use derivatives as a risk management tool to mitigate the potential impact of certain market risks. The market risk managed by the Company through the use of a derivative instrument is foreign currency exchange rate risk. The Company is currently using a foreign currency swap which is a contract between two parties to exchange cash flows based on specified underlying notional amounts, assets and/or indices. The Company does not enter into derivative financial instruments for trading purposes. | |||||||||||||||||
For derivatives that will be accounted for as hedging instruments, the Company formally designates and documents, at inception, the financial instrument as a hedge of a specific underlying exposure, the risk management objective and the strategy for undertaking the hedge transaction. In addition, the Company formally assesses, both at inception and at least quarterly thereafter, whether the financial instruments used in hedging transactions are effective at offsetting changes in either the fair values or cash flows of the related underlying exposures. Any change in fair market value of any ineffective portion of a financial instrument is immediately recognized into earnings. | |||||||||||||||||
The Company determines the fair value of its derivative based on quoted market prices or pricing models using current market rates. Refer to Note 6 - Fair Value Measurements. The amounts exchanged are calculated by reference to the notional amounts and by other terms of the derivatives, such as interest rates, foreign currency exchange rates or other financial indices. The Company does not view the fair value of its derivative in isolation, but rather in relation to the fair value or cash flows of the underlying hedged transaction or other exposures. The Company's derivative is a straightforward over-the-counter instrument with liquid markets. | |||||||||||||||||
The following table presents the fair value of the Company's derivative instrument that was designated and qualified as part of a hedging relationship (in thousands): | |||||||||||||||||
Fair Value (1)(2) | |||||||||||||||||
Derivative Designated as Hedging Instrument | Balance Sheet Location (1) | September 30, 2014 | December 31, 2013 | ||||||||||||||
Foreign currency swap | Deposits and other assets | $ | 1,221 | $ | — | ||||||||||||
(1) The Company's derivative instrument is carried at fair value in its consolidated balance sheet after considering the impact of legally enforceable master netting agreements and cash collateral held or placed with the same counterparties, as applicable. At September 30, 2014, no amounts were netted under a master netting arrangement and no collateral was held or placed with the counterparty. | |||||||||||||||||
(2) Refer to Note 6 - Fair Value Measurements for additional information related to the estimated fair value. | |||||||||||||||||
Cash Flow Hedging Strategy | |||||||||||||||||
The Company has entered into a foreign currency swap in order to mitigate the foreign currency exchange rate risk associated with the forecasted lease revenue from 12 Airbus A320 series aircraft leased to a European based company. The Company uses a cash flow hedge to minimize the variability in cash flows of assets or liabilities or forecasted transactions caused by fluctuations in foreign currency exchange rates. The change in the fair value of a derivative designated as a cash flow hedge is recorded in AOCI. | |||||||||||||||||
The Company maintains a foreign currency cash flow hedge to reduce the risk that its eventual U.S. dollar net cash inflows from leased aircraft outside the United States will be adversely affected by fluctuations in foreign currency exchange rates. The Company entered into a forward swap to hedge certain portions of forecasted cash flows denominated in euros. When the U.S. dollar strengthens against the foreign currency, the decline in the present value of future foreign currency cash flows is partially offset by gains in the fair value of the derivative instrument. Conversely, when the U.S. dollar weakens, the increase in the present value of future foreign currency cash flows is partially offset by losses in the fair value of the derivative instrument. | |||||||||||||||||
The total notional value of the Company's derivative instrument that was designated and qualified for the Company's foreign currency cash flow hedge was $1.2 million as of September 30, 2014. | |||||||||||||||||
The following table presents the pretax impact that changes in the fair values of the derivative instrument designated as a cash flow hedge had on AOCI during the three and nine months ended September 30, 2014 and 2013 (in thousands): | |||||||||||||||||
Gain (Loss) Recognized in Other Comprehensive Income ("OCI") | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Foreign currency swap | $ | 343 | $ | — | $ | 452 | $ | — | |||||||||
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
For the three and nine months ended September 30, 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 September 30, 2014. |
Earnings_per_Share
Earnings per Share | 9 Months Ended | |||||||||||||||
Sep. 30, 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. | |||||||||||||||
Both methods resulted in the same diluted net income per share for the three months ended September 30, 2014 and 2013. For the nine months ended September 30, 2014 and 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 shown in and below the following table are in thousands): | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Basic: | ||||||||||||||||
Net income attributable to Allegiant Travel Company | $ | 14,172 | $ | 17,106 | $ | 81,892 | $ | 74,798 | ||||||||
Less: Net income allocated to participating securities | (90 | ) | (135 | ) | (586 | ) | (563 | ) | ||||||||
Net income attributable to common stock | $ | 14,082 | $ | 16,971 | $ | 81,306 | $ | 74,235 | ||||||||
Net income per share, basic | $ | 0.8 | $ | 0.91 | $ | 4.56 | $ | 3.92 | ||||||||
Weighted-average shares outstanding | 17,605 | 18,629 | 17,848 | 18,925 | ||||||||||||
Diluted: | ||||||||||||||||
Net income attributable to Allegiant Travel Company | $ | 14,172 | $ | 17,106 | $ | 81,892 | $ | 74,798 | ||||||||
Less: Net income allocated to participating securities | — | — | (584 | ) | (559 | ) | ||||||||||
Net income attributable to common stock | $ | 14,172 | $ | 17,106 | $ | 81,308 | $ | 74,239 | ||||||||
Net income per share, diluted | $ | 0.8 | $ | 0.91 | $ | 4.54 | $ | 3.9 | ||||||||
Weighted-average shares outstanding | 17,605 | 18,629 | 17,848 | 18,925 | ||||||||||||
Dilutive effect of stock options, restricted stock and stock-settled stock appreciation rights | 99 | 165 | 101 | 151 | ||||||||||||
Adjusted weighted-average shares outstanding under treasury stock method | 17,704 | 18,794 | 17,949 | 19,076 | ||||||||||||
Participating securities excluded under two-class method | N/A | N/A | (37 | ) | (34 | ) | ||||||||||
Adjusted weighted-average shares outstanding under two-class method | N/A | N/A | 17,912 | 19,042 | ||||||||||||
Stock awards outstanding of 50 shares for the three months ended September 30, 2014 and 75 shares for the nine months ended September 30, 2014 were excluded from the computation of diluted earnings per share as they were antidilutive. For the three and nine months ended September 30, 2013, stock awards outstanding of 33 shares and 191 shares were excluded, respectively. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Commitments and Contingencies | ' | ||||
Commitments and Contingencies | |||||
As of September 30, 2014, the Company had firm commitments to purchase the following aircraft: | |||||
Aircraft Type | Number of Firm Commitments | ||||
Airbus A319 | 7 | ||||
Airbus A320 | 3 | ||||
The aircraft listed in the table above are scheduled for delivery starting in the last quarter of 2014 through 2016. | |||||
The table below summarizes the Company's commitments as of September 30, 2014, which primarily relate to the acquisition of aircraft, aircraft improvements, operating lease obligations, and other commitments primarily to acquire information technology services and assets and other capital expenditure projects. | |||||
As of September 30, 2014 | |||||
Last three months of 2014 | $ | 73,987 | |||
2015 | 156,993 | ||||
2016 | 47,303 | ||||
2017 | 6,286 | ||||
2018 | 46 | ||||
After 2018 | 91 | ||||
Total commitments | $ | 284,706 | |||
As of September 30, 2014, the Company has adequate liquidity resourses and may use operating cash flows, future financing or cash balances to meet these future commitments. The Company can provide no assurance that financing for aircraft purchases will be available to the Company on acceptable terms when necessary or at all. | |||||
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. |
Related_Party
Related Party | 9 Months Ended |
Sep. 30, 2014 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions Disclosure | ' |
Related Party Transactions | |
The buildings where the Company has maintained its headquarters and training facility during the nine months ended September 30, 2014 are leased from a limited liability company in which our Chief Executive Officer and one outside Director own a significant interest as non-controlling members. Under the terms of these agreements, the Company made rent payments totaling $2.5 million for the nine months ended September 30, 2014 and $2.1 million for the same period in 2013. | |
For the nine months ended September 30, 2014, Game Plane, LLC, a wholly owned subsidiary of the Company, paid $3.0 million in program development costs to Alpine Labs, LLC. Alpine Labs, LLC has partnered with Game Plane, LLC to produce and distribute game shows filmed on Company flights. The game shows are part of promotional efforts for the Company. The Company’s Chairman and Chief Executive Officer owns a 25 percent interest in and is on the managing board of Alpine Labs, LLC. | |
The Company, as part of its stock repurchase plan, agreed to repurchase all of Andrew Levy's, former President, Director, and Chief Operating Officer, previously unvested shares of restricted stock (23,623 shares) and all of his previously unexercised stock options (options to purchase 127,512 shares at exercise prices between $36.97 per share and $108.59 per share). The repurchases were made based on a stock price of $124.05 per share, which was the average closing price of the Company’s stock over the five trading days prior to the date of the separation agreement. As a result, the Company paid Mr. Levy approximately $8.5 million for the cancellation of these shares of restricted stock and stock options. | |
During the quarter, the Company repurchased 200,000 shares of the Company's common stock from Maurice Gallagher, Chairman and Chief Executive Officer, as part of the Company's stock repurchase program. The price paid was $126.20 per share, based on the average closing price over the five days preceding the transaction for a total purchase price of $25.2 million. |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
In October 2014, the Company purchased five additional buildings, totaling 82,000 square feet, adjacent to the Company's headquarters for approximately $10.1 million. The buildings are unencumbered and were acquired to facilitate the Company's future growth opportunities. | |
In October 2014, the Company entered into an agreement to purchase two Airbus A320 series aircraft. The Company expects to take delivery of the two Airbus A320 series aircraft in 2016. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies - (Policies) | 9 Months Ended |
Sep. 30, 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. | |
Use of Estimates | ' |
Use of estimates | |
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. | |
New Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
In April 2014, the Financial Accounting Standards Board ("FASB") issued new guidance related to reporting discontinued operations. This new standard raises the threshold for a disposal to qualify as a discontinued operation and requires new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. The new standard is effective for fiscal years beginning on or after December 15, 2014. Early adoption is permitted but only for disposals that have not been reported in financial statements previously issued. The Company is evaluating the impact, if any, of adopting this new accounting standard on its financial statements. | |
In May 2014, the FASB issued new accounting guidance related to revenue recognition. This new standard will replace all current U.S. GAAP guidance on this topic and eliminate all industry-specific guidance. The new revenue recognition standard provides a unified model to determine when and how revenue is recognized. The core principle is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This guidance will be effective for the Company beginning January 1, 2017 and at that time, can be applied either retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. The Company is evaluating the impact of adopting this new accounting standard on its financial statements. |
Investment_Securities_Tables
Investment Securities (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||||||||||||||
Summary of Investment Securities | ' | |||||||||||||||||||||||||||||||
Investment securities consisted of the following: | ||||||||||||||||||||||||||||||||
As of September 30, 2014 | As of December 31, 2013 | |||||||||||||||||||||||||||||||
Gross Unrealized | Gross Unrealized | |||||||||||||||||||||||||||||||
Cost | Gains | (Losses) | Market Value | Cost | Gains | (Losses) | Market Value | |||||||||||||||||||||||||
Money market funds | $ | 35,795 | $ | — | $ | — | $ | 35,795 | $ | 20,172 | $ | — | $ | — | $ | 20,172 | ||||||||||||||||
Certificates of deposit | 10,038 | 3 | — | 10,041 | — | — | — | — | ||||||||||||||||||||||||
Commercial paper | 66,956 | 6 | (10 | ) | 66,952 | 75,905 | 8 | (2 | ) | 75,911 | ||||||||||||||||||||||
Municipal debt securities | 137,936 | 30 | (3 | ) | 137,963 | 181,870 | 17 | (19 | ) | 181,868 | ||||||||||||||||||||||
Government debt securities | 28,992 | — | (29 | ) | 28,963 | 10,008 | — | — | 10,008 | |||||||||||||||||||||||
Corporate debt securities | 141,153 | 1 | (99 | ) | 141,055 | 45,150 | — | (16 | ) | 45,134 | ||||||||||||||||||||||
Federal agency debt securities | $ | 4,709 | $ | 1 | $ | — | $ | 4,710 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Total | $ | 425,579 | $ | 41 | $ | (141 | ) | $ | 425,479 | $ | 333,105 | $ | 25 | $ | (37 | ) | $ | 333,093 | ||||||||||||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Property, Plant and Equipment [Line Items] | ' | |||||||
Property, Plant and Equipment | ' | |||||||
Property and equipment consist of the following: | ||||||||
As of September 30, 2014 | As of December 31, 2013 | |||||||
Flight equipment | $ | 936,462 | $ | 629,715 | ||||
Ground property and equipment | 90,065 | 73,638 | ||||||
Total property and equipment | 1,026,527 | 703,353 | ||||||
Less accumulated depreciation and amortization | (309,469 | ) | (251,769 | ) | ||||
Property and equipment, net | $ | 717,058 | $ | 451,584 | ||||
Property_and_Equipment_Types_o
Property and Equipment Types of Commercial Aircraft (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Types of Commercial Aircraft [Abstract] | ' | ||||||||
Types of Commercial Aircraft | ' | ||||||||
The following table summarizes the Company's total aircraft fleet as of September 30, 2014: | |||||||||
Aircraft Type | Owned (1) | Seating Capacity (per aircraft) | Average Age in Years | ||||||
MD-88/83 | 53 | 166 | 24.8 | ||||||
B757-200 | 6 | 215 | 21.6 | ||||||
A319 (2) | 15 | 156 | 10 | ||||||
A320 | 7 | 177 | 14 | ||||||
Total aircraft | 81 | ||||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Summary of Long-Term Debt | ' | |||||||
Long-term debt consisted of the following: | ||||||||
As of September 30, 2014 | As of December 31, 2013 | |||||||
5.50% Senior Notes, due July 2019 | $ | 300,000 | $ | — | ||||
Notes payable, secured by aircraft, interest at LIBOR plus 3.08%, due November 2018 | 135,995 | — | ||||||
Notes payable, secured by aircraft, interest at LIBOR plus 2.46%, due November 2019 | 43,302 | 48,000 | ||||||
Note payable, secured by aircraft, interest at LIBOR plus 2.95%, due April 2018 | 41,053 | — | ||||||
Notes payable, secured by aircraft, interest at 3.99%, due October 2018 | 39,110 | 45,775 | ||||||
Notes payable, secured by aircraft, interest at LIBOR plus 2.95%, due May 2018 | 37,108 | — | ||||||
Note payable, secured by real estate, interest at 2.86%, due October 2018 | 9,748 | 9,953 | ||||||
Senior secured term loan facility, interest at LIBOR plus 4.25% with LIBOR floor of 1.5%, due March 2017 | — | 121,230 | ||||||
Note payable, secured by aircraft, interest at 4.65%, due July 2016 | — | 9,342 | ||||||
Total long-term debt | 606,316 | 234,300 | ||||||
Less current maturities | 51,895 | 20,237 | ||||||
Long-term debt, net of current maturities | $ | 554,421 | $ | 214,063 | ||||
LongTerm_Debt_Schedule_of_Matu
Long-Term Debt Schedule of Maturities of Long-Term Debt (Tables) | 9 Months Ended | |||
Sep. 30, 2014 | ||||
Schedule of Maturities of Long-Term Debt [Abstract] | ' | |||
Schedule of Maturities of Long-term Debt | ' | |||
Maturities of long-term debt, as of September 30, 2014, for the remainder of 2014 and for the next four years and thereafter, in aggregate, are: | ||||
September 30, 2014 | ||||
2014 | $ | 13,200 | ||
2015 | 53,879 | |||
2016 | 55,554 | |||
2017 | 57,323 | |||
2018 | 112,601 | |||
Thereafter | 313,759 | |||
Total | $ | 606,316 | ||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Assets Measured at Fair Value On a Recurring Basis | ' | ||||||||||||||||
Assets measured at fair value on a recurring basis at September 30, 2014 and December 31, 2013 were as follows: | |||||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||
Description | September 30, 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 | $ | 35,795 | $ | 35,795 | $ | — | $ | — | |||||||||
Commercial paper | 9,999 | — | 9,999 | — | |||||||||||||
Municipal debt securities | 7,283 | — | 7,283 | — | |||||||||||||
Corporate debt securities | 704 | — | 704 | — | |||||||||||||
Total cash equivalents | 53,781 | 35,795 | 17,986 | — | |||||||||||||
Short-term investments | |||||||||||||||||
Municipal debt securities | 122,204 | — | 122,204 | — | |||||||||||||
Corporate debt securities | 78,647 | — | 78,647 | — | |||||||||||||
Commercial paper | 56,953 | — | 56,953 | — | |||||||||||||
Certificates of deposit | 10,041 | — | 10,041 | — | |||||||||||||
Federal agency debt securities | 4,710 | — | 4,710 | — | |||||||||||||
Total short-term investments | 272,555 | — | 272,555 | — | |||||||||||||
Long-term investments | |||||||||||||||||
Corporate debt securities | 61,704 | — | 61,704 | — | |||||||||||||
Government debt securities | 28,963 | — | 28,963 | — | |||||||||||||
Municipal debt securities | 8,476 | — | 8,476 | — | |||||||||||||
Derivative instrument | 1,221 | — | 1,221 | — | |||||||||||||
Total long-term investments | 100,364 | — | 100,364 | — | |||||||||||||
Total financial assets | $ | 426,700 | $ | 35,795 | $ | 390,905 | $ | — | |||||||||
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 | |||||||||||||||||
Municipal debt securities | 122,325 | — | 122,325 | — | |||||||||||||
Commercial paper | 75,911 | — | 75,911 | — | |||||||||||||
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 | $ | — | |||||||||
Fair Value, Liabilities Measured on Recurring Basis | ' | ||||||||||||||||
The Company utilizes indicative pricing from counterparties and a discounted cash flow method to estimate the fair value of the Level 3 items. | |||||||||||||||||
As of September 30, 2014 | |||||||||||||||||
Carrying value | Estimated fair value | Fair value level hierarchy | |||||||||||||||
5.50% Senior Notes, due July 2019 | $ | 300,000 | $ | 307,500 | Level 2 | ||||||||||||
Notes payable, secured by aircraft, interest at LIBOR plus 3.08%, due November 2018 | 135,995 | 134,842 | Level 3 | ||||||||||||||
Notes payable, secured by aircraft, interest at LIBOR plus 2.46%, due November 2019 | 43,302 | 43,037 | Level 3 | ||||||||||||||
Note payable, secured by aircraft, interest at LIBOR plus 2.95%, due April 2018 | 41,053 | 40,753 | Level 3 | ||||||||||||||
Notes payable, secured by aircraft, interest at 3.99%, due October 2018 | 39,110 | 38,724 | Level 3 | ||||||||||||||
Notes payable, secured by aircraft, interest at LIBOR plus 2.95%, due May 2018 | 37,108 | 36,836 | Level 3 | ||||||||||||||
Note payable, secured by real estate, interest at 2.86%, due October 2018 | 9,748 | 9,679 | Level 3 | ||||||||||||||
Total | $ | 606,316 | $ | 611,371 | |||||||||||||
Derivative_Instruments_Designa
Derivative Instruments Designated as Hedging (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Summary of Derivative Instruments by Hedge Designation [Abstract] | ' | ||||||||||||||||
Derivative Instruments, Fair Value, Designated as Hedging Instruments | ' | ||||||||||||||||
The following table presents the fair value of the Company's derivative instrument that was designated and qualified as part of a hedging relationship (in thousands): | |||||||||||||||||
Fair Value (1)(2) | |||||||||||||||||
Derivative Designated as Hedging Instrument | Balance Sheet Location (1) | September 30, 2014 | December 31, 2013 | ||||||||||||||
Foreign currency swap | Deposits and other assets | $ | 1,221 | $ | — | ||||||||||||
Schedule of Cash Flow Hedges Gains or Losses Recognized in AOCI and Earnings | ' | ||||||||||||||||
The following table presents the pretax impact that changes in the fair values of the derivative instrument designated as a cash flow hedge had on AOCI during the three and nine months ended September 30, 2014 and 2013 (in thousands): | |||||||||||||||||
Gain (Loss) Recognized in Other Comprehensive Income ("OCI") | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Foreign currency swap | $ | 343 | $ | — | $ | 452 | $ | — | |||||||||
Earnings_per_Share_Tables
Earnings per Share (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 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 shown in and below the following table are in thousands): | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Basic: | ||||||||||||||||
Net income attributable to Allegiant Travel Company | $ | 14,172 | $ | 17,106 | $ | 81,892 | $ | 74,798 | ||||||||
Less: Net income allocated to participating securities | (90 | ) | (135 | ) | (586 | ) | (563 | ) | ||||||||
Net income attributable to common stock | $ | 14,082 | $ | 16,971 | $ | 81,306 | $ | 74,235 | ||||||||
Net income per share, basic | $ | 0.8 | $ | 0.91 | $ | 4.56 | $ | 3.92 | ||||||||
Weighted-average shares outstanding | 17,605 | 18,629 | 17,848 | 18,925 | ||||||||||||
Diluted: | ||||||||||||||||
Net income attributable to Allegiant Travel Company | $ | 14,172 | $ | 17,106 | $ | 81,892 | $ | 74,798 | ||||||||
Less: Net income allocated to participating securities | — | — | (584 | ) | (559 | ) | ||||||||||
Net income attributable to common stock | $ | 14,172 | $ | 17,106 | $ | 81,308 | $ | 74,239 | ||||||||
Net income per share, diluted | $ | 0.8 | $ | 0.91 | $ | 4.54 | $ | 3.9 | ||||||||
Weighted-average shares outstanding | 17,605 | 18,629 | 17,848 | 18,925 | ||||||||||||
Dilutive effect of stock options, restricted stock and stock-settled stock appreciation rights | 99 | 165 | 101 | 151 | ||||||||||||
Adjusted weighted-average shares outstanding under treasury stock method | 17,704 | 18,794 | 17,949 | 19,076 | ||||||||||||
Participating securities excluded under two-class method | N/A | N/A | (37 | ) | (34 | ) | ||||||||||
Adjusted weighted-average shares outstanding under two-class method | N/A | N/A | 17,912 | 19,042 | ||||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies Commitments to Purchase (Tables) | 9 Months Ended | ||
Sep. 30, 2014 | |||
Commitments to Purchase Aircraft [Abstract] | ' | ||
Long-term Purchase Commitment | ' | ||
As of September 30, 2014, the Company had firm commitments to purchase the following aircraft: | |||
Aircraft Type | Number of Firm Commitments | ||
Airbus A319 | 7 | ||
Airbus A320 | 3 |
Commitments_and_Contingencies_1
Commitments and Contingencies Payments Related to Commitments to Purchase (Tables) | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Payments Related to Commitments to Purchase [Abstract] | ' | ||||
Long-term Purchase Commitment | ' | ||||
The table below summarizes the Company's commitments as of September 30, 2014, which primarily relate to the acquisition of aircraft, aircraft improvements, operating lease obligations, and other commitments primarily to acquire information technology services and assets and other capital expenditure projects. | |||||
As of September 30, 2014 | |||||
Last three months of 2014 | $ | 73,987 | |||
2015 | 156,993 | ||||
2016 | 47,303 | ||||
2017 | 6,286 | ||||
2018 | 46 | ||||
After 2018 | 91 | ||||
Total commitments | $ | 284,706 | |||
Investment_Securities_Detail_I
Investment Securities (Detail) - Investment Securities (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Cost | $425,579 | $333,105 |
Gross Unrealized Gains | 41 | 25 |
Gross Unrealized Losses | 141 | 37 |
Market Value | 425,479 | 333,093 |
Money market funds | ' | ' |
Cost | 35,795 | 20,172 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Market Value | 35,795 | 20,172 |
Certificates of deposit | ' | ' |
Cost | 10,038 | 0 |
Gross Unrealized Gains | 3 | 0 |
Gross Unrealized Losses | 0 | 0 |
Market Value | 10,041 | 0 |
Commercial paper | ' | ' |
Cost | 66,956 | 75,905 |
Gross Unrealized Gains | 6 | 8 |
Gross Unrealized Losses | 10 | 2 |
Market Value | 66,952 | 75,911 |
Municipal debt securities | ' | ' |
Cost | 137,936 | 181,870 |
Gross Unrealized Gains | 30 | 17 |
Gross Unrealized Losses | 3 | 19 |
Market Value | 137,963 | 181,868 |
Government debt securities | ' | ' |
Cost | 28,992 | 10,008 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 29 | 0 |
Market Value | 28,963 | 10,008 |
Corporate debt securities | ' | ' |
Cost | 141,153 | 45,150 |
Gross Unrealized Gains | 1 | 0 |
Gross Unrealized Losses | 99 | 16 |
Market Value | 141,055 | 45,134 |
US Government Agencies Debt Securities | ' | ' |
Cost | 4,709 | ' |
Gross Unrealized Gains | 1 | ' |
Gross Unrealized Losses | 0 | ' |
Market Value | $4,710 | ' |
Property_and_Equipment_Details
Property and Equipment (Details) (USD $) | 9 Months Ended | 9 Months Ended | 9 Months Ended | ||||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Aug. 05, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Oct. 31, 2014 | Sep. 30, 2014 |
aircraft | aircraft | MD-80 Aircraft | Boeing 757 | Airbus A319 | Airbus A320 | Airbus A320 Aircraft Series | Notes Payable, Three Point Zero Eight Percent, Due May Two Thousand Eighteen | Subsequent Event | Capital Addition Purchase Commitments [Member] | ||
seats | seats | aircraft | aircraft | Airbus A320 Aircraft Series | Airbus A319 | Airbus A320 | |||||
aircraft | aircraft | seats | seats | aircraft | aircraft | ||||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number Of Aircraft Committed To Purchase | ' | 8 | ' | ' | ' | 7 | 3 | ' | ' | 2 | 2 |
Debt Instrument, Collateral | ' | ' | ' | ' | ' | ' | ' | ' | '1 | ' | ' |
Assets | $1,269,904 | ' | $930,191 | ' | ' | ' | ' | $236,100 | ' | ' | ' |
Secured Long-term Debt, Noncurrent | 606,316 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Aircraft Owned | 81 | ' | ' | 53 | 6 | 15 | 7 | ' | ' | ' | ' |
Seating Capacity | ' | ' | ' | 166 | 215 | 156 | 177 | ' | ' | ' | ' |
Average Age of Aircraft | ' | ' | ' | '24 years 9 months 18 days | '21 years 7 months 6 days | '10 years | '14 years | ' | ' | ' | ' |
Property, Plant and Equipment, Gross | 936,462 | ' | 629,715 | ' | ' | ' | ' | ' | ' | ' | ' |
Ground property and equipment | 90,065 | ' | 73,638 | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Gross | 1,026,527 | ' | 703,353 | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | -309,469 | ' | -251,769 | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Net | $717,058 | ' | $451,584 | ' | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_LongTerm_Debt_Co
Long-Term Debt Long-Term Debt - Components of Long-Term Debt (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Nov. 30, 2013 | Sep. 30, 2014 | Apr. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Oct. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Jun. 20, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | 31-May-14 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Due July 2019 | Due July 2019 | Due July 2019 | Due November 2019 | Due November 2019 | Due November 2019 | Due April 2018 | Due April 2018 | Due April 2018 | Due October 2018 | Due October 2018 | Due October 2018 | Due March 2017 | Due March 2017 | Due July 2016 | Due July 2016 | Notes Payable, Three Point Zero Eight Percent, Due May Two Thousand Eighteen | Notes Payable, Three Point Zero Eight Percent, Due May Two Thousand Eighteen | Notes Payable, Three Point Zero Eight Percent, Due May 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 Nine Five Percent, Due May Two Thousand Eighteen | Notes Payable, Two Point Nine Five Percent, Due May Two Thousand Eighteen | Notes Payable, Two Point Nine Five Percent, Due May 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 November 2018 | Due November 2018 | Due November 2018 | Due October 2018 | Due October 2018 | Due May 2018 | Due May 2018 | Due May 2018 | Due October 2018 | Due October 2018 | |||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Secured Long-term Debt, Noncurrent | $606,316 | ' | $300,000 | $300,000 | $0 | $43,302 | $48,000 | $48,000 | $41,053 | $45,300 | $0 | ' | $10,000 | $48,000 | $0 | $121,230 | $0 | $9,342 | $135,995 | $142,000 | $0 | $39,110 | $45,775 | $37,108 | $40,000 | $0 | $9,748 | $9,953 |
Long-term Debt, Fair Value | 606,316 | 234,300 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Less current maturities | 51,895 | 20,237 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt, net of current maturities | $554,421 | $214,063 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Rate | ' | ' | 5.50% | 5.50% | 0.00% | 2.46% | 2.46% | 2.46% | 2.95% | ' | 0.00% | 2.86% | 2.86% | 3.99% | 0.00% | 4.25% | 0.00% | 4.65% | 3.08% | ' | 0.00% | 3.99% | 3.99% | 2.95% | ' | 2.95% | 2.86% | ' |
Notes Payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 1.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_Detail
Long-Term Debt (Detail) (USD $) | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Apr. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Oct. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jun. 20, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | 31-May-14 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 |
Due July 2016 | Due July 2016 | Due March 2017 | Due March 2017 | Due April 2018 | Due April 2018 | Due April 2018 | Due July 2019 | Due July 2019 | Due July 2019 | Due October 2018 | Due October 2018 | Due October 2018 | MD-80 Aircraft | Boeing 757 | Boeing 757 | Notes Payable, Three Point Zero Eight Percent, Due May Two Thousand Eighteen | Notes Payable, Three Point Zero Eight Percent, Due May Two Thousand Eighteen | Notes Payable, Three Point Zero Eight Percent, Due May Two Thousand Eighteen | Notes Payable, Three Point Zero Eight Percent, Due May Two Thousand Eighteen | Notes Payable, Three Point Nine Nine Percent, Due October Two Thousand Eighteen | Notes Payable, Two Point Nine Five Percent, Due May Two Thousand Eighteen | Notes Payable, Two Point Nine Five Percent, Due May Two Thousand Eighteen | Notes Payable, Two Point Nine Five Percent, Due May 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, 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 2019 | Due November 2018 | Due November 2018 | Due November 2018 | Airbus A320 Aircraft Series | Due November 2018 | Due May 2018 | Due May 2018 | Due May 2018 | Due October 2018 | Due October 2018 | Airbus A320 | Due October 2018 | Due October 2018 | Airbus A320 | |||||||||||||||
aircraft | aircraft | aircraft | |||||||||||||||||||||||||||||
Number Of Aircraft Used As Collateral | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 53 | 6 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | 4 |
Debt Instrument LIBOR Percentage Rate Minimum | ' | ' | ' | 0.00% | 1.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Secured Long-term Debt, Noncurrent | $606,316,000 | $0 | $9,342,000 | $0 | $121,230,000 | $41,053,000 | $45,300,000 | $0 | $300,000,000 | $300,000,000 | $0 | ' | $10,000,000 | $48,000,000 | ' | ' | ' | $135,995,000 | $142,000,000 | $0 | ' | ' | $37,108,000 | $40,000,000 | $0 | $39,110,000 | $45,775,000 | ' | $9,748,000 | $9,953,000 | ' |
Debt Instrument, Collateral | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '12 | ' | ' | '1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Rate | ' | 0.00% | 4.65% | 0.00% | 4.25% | 2.95% | ' | 0.00% | 5.50% | 5.50% | 0.00% | 2.86% | 2.86% | 3.99% | 2.95% | ' | ' | 3.08% | ' | 0.00% | ' | 3.08% | 2.95% | ' | 2.95% | 3.99% | 3.99% | ' | 2.86% | ' | ' |
Repayments of Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $8,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_Schedule_of_Matu1
Long-Term Debt Schedule of Maturities of Long-Term Debt (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $13,200 | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 53,879 | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 55,554 | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 57,323 | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 112,601 | ' |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 313,759 | ' |
Long-term Debt, Fair Value | $606,316 | $234,300 |
Stockholders_Equity_Detail
Stockholders' Equity (Detail) (USD $) | 9 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Stock Repurchased During Period, Shares | ' | 880,991 |
Treasury Stock Acquired, Average Cost Per Share | ' | $85.64 |
Stock Repurchased During Period Through Private Transactions, Shares | 246,431 | ' |
Total Stock Repurchased, Shares | 1,199,740 | ' |
Payments for Repurchase of Common Stock | $129,323 | $79,990 |
PaymentOfDividendsParticipatingSecurities | 41,787 | 0 |
Open Market Purchases | ' | ' |
Stock Repurchased During Period, Shares | 953,309 | ' |
Treasury Stock Acquired, Average Cost Per Share | $103.44 | ' |
Stock Repurchased During Period, Value | $98,606 | $75,449 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Detail) - Fair Value Measurements at Reporting Date Using (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investment Securities | $425,479 | $333,093 |
Fair Value, Measurements, Recurring | Estimate of Fair Value | ' | ' |
Cash Equivalents | 53,781 | 43,678 |
Investment Securities | 272,555 | 253,378 |
Derivative Asset | 1,221 | ' |
Investments, Fair Value Disclosure | 100,364 | 36,037 |
Assets, Fair Value Disclosure | 426,700 | 333,093 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | ' | ' |
Cash Equivalents | 35,795 | 20,172 |
Investment Securities | 0 | 0 |
Derivative Asset | 0 | ' |
Investments, Fair Value Disclosure | 0 | 0 |
Assets, Fair Value Disclosure | 35,795 | 20,172 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ' | ' |
Cash Equivalents | 17,986 | 23,506 |
Investment Securities | 272,555 | 253,378 |
Derivative Asset | 1,221 | ' |
Investments, Fair Value Disclosure | 100,364 | 36,037 |
Assets, Fair Value Disclosure | 390,905 | 312,921 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | ' | ' |
Cash Equivalents | 0 | 0 |
Investment Securities | 0 | 0 |
Derivative Asset | 0 | ' |
Investments, Fair Value Disclosure | 0 | 0 |
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring | Money market funds | Estimate of Fair Value | ' | ' |
Cash Equivalents | 35,795 | 20,172 |
Fair Value, Measurements, Recurring | Money market funds | Fair Value, Inputs, Level 1 | ' | ' |
Cash Equivalents | 35,795 | 20,172 |
Fair Value, Measurements, Recurring | Money market funds | Fair Value, Inputs, Level 2 | ' | ' |
Cash Equivalents | 0 | 0 |
Fair Value, Measurements, Recurring | Money market funds | Fair Value, Inputs, Level 3 | ' | ' |
Cash Equivalents | 0 | 0 |
Fair Value, Measurements, Recurring | Commercial paper | Estimate of Fair Value | ' | ' |
Cash Equivalents | 9,999 | ' |
Investment Securities | 56,953 | 75,911 |
Fair Value, Measurements, Recurring | Commercial paper | Fair Value, Inputs, Level 1 | ' | ' |
Cash Equivalents | 0 | ' |
Investment Securities | 0 | 0 |
Fair Value, Measurements, Recurring | Commercial paper | Fair Value, Inputs, Level 2 | ' | ' |
Cash Equivalents | 9,999 | ' |
Investment Securities | 56,953 | 75,911 |
Fair Value, Measurements, Recurring | Commercial paper | Fair Value, Inputs, Level 3 | ' | ' |
Cash Equivalents | 0 | ' |
Investment Securities | 0 | 0 |
Fair Value, Measurements, Recurring | Municipal debt securities | Estimate of Fair Value | ' | ' |
Cash Equivalents | 7,283 | 23,506 |
Investment Securities | 122,204 | 122,325 |
Investments, Fair Value Disclosure | ' | 36,037 |
Fair Value, Measurements, Recurring | Municipal debt securities | Fair Value, Inputs, Level 1 | ' | ' |
Cash Equivalents | 0 | 0 |
Investment Securities | 0 | 0 |
Investments, Fair Value Disclosure | ' | 0 |
Fair Value, Measurements, Recurring | Municipal debt securities | Fair Value, Inputs, Level 2 | ' | ' |
Cash Equivalents | 7,283 | 23,506 |
Investment Securities | 122,204 | 122,325 |
Investments, Fair Value Disclosure | ' | 36,037 |
Fair Value, Measurements, Recurring | Municipal debt securities | Fair Value, Inputs, Level 3 | ' | ' |
Cash Equivalents | 0 | 0 |
Investment Securities | 0 | 0 |
Investments, Fair Value Disclosure | ' | 0 |
Fair Value, Measurements, Recurring | Corporate debt securities | Estimate of Fair Value | ' | ' |
Cash Equivalents | 704 | ' |
Investment Securities | 78,647 | 45,134 |
Fair Value, Measurements, Recurring | Corporate debt securities | Fair Value, Inputs, Level 1 | ' | ' |
Cash Equivalents | 0 | ' |
Investment Securities | 0 | 0 |
Fair Value, Measurements, Recurring | Corporate debt securities | Fair Value, Inputs, Level 2 | ' | ' |
Cash Equivalents | 704 | ' |
Investment Securities | 78,647 | 45,134 |
Fair Value, Measurements, Recurring | Corporate debt securities | Fair Value, Inputs, Level 3 | ' | ' |
Cash Equivalents | 0 | ' |
Investment Securities | 0 | 0 |
Fair Value, Measurements, Recurring | Government debt securities | Estimate of Fair Value | ' | ' |
Investment Securities | ' | 10,008 |
Fair Value, Measurements, Recurring | Government debt securities | Fair Value, Inputs, Level 1 | ' | ' |
Investment Securities | ' | 0 |
Fair Value, Measurements, Recurring | Government debt securities | Fair Value, Inputs, Level 2 | ' | ' |
Investment Securities | ' | 10,008 |
Fair Value, Measurements, Recurring | Government debt securities | Fair Value, Inputs, Level 3 | ' | ' |
Investment Securities | ' | 0 |
Fair Value, Measurements, Recurring | Certificates of deposit | Estimate of Fair Value | ' | ' |
Investment Securities | 10,041 | ' |
Fair Value, Measurements, Recurring | Certificates of deposit | Fair Value, Inputs, Level 1 | ' | ' |
Investment Securities | 0 | ' |
Fair Value, Measurements, Recurring | Certificates of deposit | Fair Value, Inputs, Level 2 | ' | ' |
Investment Securities | 10,041 | ' |
Fair Value, Measurements, Recurring | Certificates of deposit | Fair Value, Inputs, Level 3 | ' | ' |
Investment Securities | 0 | ' |
Fair Value, Measurements, Recurring | US Government Agencies Debt Securities | Estimate of Fair Value | ' | ' |
Investment Securities | 4,710 | ' |
Fair Value, Measurements, Recurring | US Government Agencies Debt Securities | Fair Value, Inputs, Level 1 | ' | ' |
Investment Securities | 0 | ' |
Fair Value, Measurements, Recurring | US Government Agencies Debt Securities | Fair Value, Inputs, Level 2 | ' | ' |
Investment Securities | 4,710 | ' |
Fair Value, Measurements, Recurring | US Government Agencies Debt Securities | Fair Value, Inputs, Level 3 | ' | ' |
Investment Securities | 0 | ' |
Long Term Investments | Municipal debt securities | Estimate of Fair Value | ' | ' |
Investment Securities | 8,476 | ' |
Long Term Investments | Municipal debt securities | Fair Value, Inputs, Level 1 | ' | ' |
Investment Securities | 0 | ' |
Long Term Investments | Municipal debt securities | Fair Value, Inputs, Level 2 | ' | ' |
Investment Securities | 8,476 | ' |
Long Term Investments | Municipal debt securities | Fair Value, Inputs, Level 3 | ' | ' |
Investment Securities | 0 | ' |
Long Term Investments | Corporate debt securities | Estimate of Fair Value | ' | ' |
Investment Securities | 61,704 | ' |
Long Term Investments | Corporate debt securities | Fair Value, Inputs, Level 1 | ' | ' |
Investment Securities | 0 | ' |
Long Term Investments | Corporate debt securities | Fair Value, Inputs, Level 2 | ' | ' |
Investment Securities | 61,704 | ' |
Long Term Investments | Corporate debt securities | Fair Value, Inputs, Level 3 | ' | ' |
Investment Securities | 0 | ' |
Long Term Investments | Government debt securities | Estimate of Fair Value | ' | ' |
Investment Securities | 28,963 | ' |
Long Term Investments | Government debt securities | Fair Value, Inputs, Level 1 | ' | ' |
Investment Securities | 0 | ' |
Long Term Investments | Government debt securities | Fair Value, Inputs, Level 2 | ' | ' |
Investment Securities | 28,963 | ' |
Long Term Investments | Government debt securities | Fair Value, Inputs, Level 3 | ' | ' |
Investment Securities | $0 | ' |
Fair_Value_Measurements_Estima
Fair Value Measurements Estimated Fair Value of Debt (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Jun. 20, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | 31-May-14 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Nov. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Apr. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Oct. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | Fair Value, Measurements, Recurring | Due July 2019 | Due July 2019 | Due July 2019 | Due July 2019 | Due November 2018 | Due November 2018 | Due November 2018 | Due November 2018 | Due May 2018 | Due May 2018 | Due May 2018 | Due May 2018 | Due November 2019 | Due November 2019 | Due November 2019 | Due November 2019 | Due April 2018 | Due April 2018 | Due April 2018 | Due April 2018 | Due October 2018 | Due October 2018 | Due October 2018 | Due October 2018 | Due October 2018 | Due October 2018 | Due October 2018 | Due October 2018 | |
Corporate debt securities | Fair Value, Measurements, Recurring | Notes Payable, Three Point Zero Eight Percent, Due May Two Thousand Eighteen | Notes Payable, Three Point Zero Eight Percent, Due May Two Thousand Eighteen | Notes Payable, Three Point Zero Eight Percent, Due May Two Thousand Eighteen | Fair Value, Measurements, Recurring | Notes Payable, Two Point Nine Five Percent, Due May Two Thousand Eighteen | Notes Payable, Two Point Nine Five Percent, Due May Two Thousand Eighteen | Notes Payable, Two Point Nine Five Percent, Due May Two Thousand Eighteen | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | 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 | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | |||||||||||||
Corporate debt securities | Corporate debt securities | Corporate debt securities | Corporate debt securities | Corporate debt securities | Corporate debt securities | Corporate debt securities | ||||||||||||||||||||||||
Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | ||||||||||||||||||||||||
Notes Payable, Three Point Zero Eight Percent, Due May Two Thousand Eighteen | Notes Payable, Two Point Nine Five Percent, Due May 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 | |||||||||||||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Secured Long-term Debt, Noncurrent | $606,316 | ' | $300,000 | $300,000 | $0 | ' | $135,995 | $142,000 | $0 | ' | $37,108 | $40,000 | $0 | ' | $43,302 | $48,000 | $48,000 | ' | $41,053 | $45,300 | $0 | ' | $10,000 | $48,000 | $39,110 | $45,775 | $9,748 | $9,953 | ' | ' |
Secured Long-term Debt, Noncurrent | ' | $611,371 | ' | ' | ' | $307,500 | ' | ' | ' | $134,842 | ' | ' | ' | $36,836 | ' | ' | ' | $43,037 | ' | ' | ' | $40,753 | ' | ' | ' | ' | ' | ' | $38,724 | $9,679 |
Derivative_Instruments_Derivat
Derivative Instruments Derivative Instruments - Textuals (Details) (USD $) | Sep. 30, 2014 |
In Millions, unless otherwise specified | |
Summary of Derivative Instruments by Hedge Designation [Abstract] | ' |
Derivative, Notional Amount | $1.20 |
Derivative_Instruments_Derivat1
Derivative Instruments Derivative Designated as Hedging (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Summary of Derivative Instruments by Hedge Designation [Abstract] | ' | ' |
Derivative Asset | $1,221 | $0 |
Derivative_Instruments_Pretax_
Derivative Instruments Pretax Impact of Derivative Instrument on AOCI (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Pretax Impact of Derivative Instrument on AOCI [Abstract] | ' | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $343 | $0 | $452 | $0 | ' |
Derivative Asset | $1,221 | ' | $1,221 | ' | $0 |
Income_Taxes_Income_Taxes_Deta
Income Taxes Income Taxes (Details) (Notes Payable, Three Point Zero Eight Percent, Due May Two Thousand Eighteen, Due November 2018) | 9 Months Ended |
Sep. 30, 2014 | |
Notes Payable, Three Point Zero Eight Percent, Due May Two Thousand Eighteen | Due November 2018 | ' |
Debt Instrument, Collateral | '12 |
Earnings_per_Share_Detail_Earn
Earnings per Share (Detail) - Earnings Per Share (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Basic: | ' | ' | ' | ' |
Net income attributable to Allegiant Travel Company (in Dollars) | $14,172 | $17,106 | $81,892 | $74,798 |
Net income attributable to common stock (in Dollars) | 14,172 | 17,106 | 81,308 | 74,239 |
Net income per share, diluted (in Dollars per share) | $0.80 | $0.91 | $4.54 | $3.90 |
Net income attributable to common stock (in Dollars) | 14,082 | 16,971 | 81,306 | 74,235 |
Net income per share, basic (in Dollars per share) | $0.80 | $0.91 | $4.56 | $3.92 |
Weighted-average shares outstanding | 17,605 | 18,629 | 17,848 | 18,925 |
Dilutive effect of stock options, restricted stock and stock-settled stock appreciation rights | 99 | 165 | 101 | 151 |
Adjusted weighted-average shares outstanding under treasury stock method | 17,704 | 18,794 | 17,949 | 19,076 |
Participating securities excluded under two-class method | ' | ' | -37 | -34 |
Two-Class Method, Weighted Average Number of Shares Outstanding, Diluted | ' | ' | 17,912 | 19,042 |
Basic | ' | ' | ' | ' |
Basic: | ' | ' | ' | ' |
Less: Net income allocated to participating securities (in Dollars) | 90 | 135 | 586 | 563 |
Diluted | ' | ' | ' | ' |
Basic: | ' | ' | ' | ' |
Less: Net income allocated to participating securities (in Dollars) | $0 | $0 | $584 | $559 |
Earnings_per_Share_Details_Tex
Earnings per Share (Details Textual) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Earnings per Share (Textual) [Abstract] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 50 | 33 | 75 | 191 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Detail) | Aug. 05, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
aircraft | Airbus A319 | Airbus A320 | |
aircraft | aircraft | ||
Long-term Purchase Commitment [Line Items] | ' | ' | ' |
Number Of Aircraft Committed To Purchase | 8 | 7 | 3 |
Commitments_and_Contingencies_3
Commitments and Contingencies Payments Related to Commitments to Purchase (Details) (USD $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |
Payments Related to Commitments to Purchase [Abstract] | ' |
Unrecorded Unconditional Purchase Obligation, Due in Remainder of Fiscal Year | $73,987 |
Unrecorded Unconditional Purchase Obligation, Due within Two Years | 156,993 |
Unrecorded Unconditional Purchase Obligation, Due within Three Years | 47,303 |
Unrecorded Unconditional Purchase Obligation, Due within Four Years | 6,286 |
Unrecorded Unconditional Purchase Obligation, Due within Five Years | 46 |
Unrecorded Unconditional Purchase Obligation, Due after Five Years | 91 |
Unrecorded Unconditional Purchase Obligation | $284,706 |
Related_Party_Details
Related Party (Details) (USD $) | 9 Months Ended | 3 Months Ended | 3 Months Ended | ||||||
Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | |
Office Space | Office Space | Game Plane, LLC | Chief Executive Officer | Chief Executive Officer | Chief Operating Officer | Maximum | Minimum | ||
Beneficial Owner | Beneficial Owner | Chief Operating Officer | Chief Operating Officer | ||||||
Stock Ownership | Stock Ownership | Beneficial Owner | Beneficial Owner | ||||||
Stock Ownership | Stock Ownership | ||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related Party Transaction, Amounts of Transaction | ' | $2,500,000 | $2,100,000 | $3,000,000 | ' | ' | ' | ' | ' |
Related Party, Ownership Percentage | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | ' | ' | ' | ' | ' | ' | 23,623 | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | ' | ' | ' | ' | ' | ' | 127,512 | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | ' | ' | ' | ' | ' | ' | ' | $108.59 | $36.97 |
Accelerated Share Repurchases, Final Price Paid Per Share | ' | ' | ' | ' | $126.20 | ' | $124.05 | ' | ' |
Total Stock Repurchased, Shares | 1,199,740 | ' | ' | ' | 200,000 | ' | ' | ' | ' |
Total Stock Repurchased, Value | ' | ' | ' | ' | $25,200,000 | ' | $8,500,000 | ' | ' |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | Aug. 05, 2014 | Oct. 31, 2014 | Sep. 30, 2014 | Oct. 31, 2014 |
aircraft | Building | Airbus A319 | Airbus A319 | |
Subsequent Event | aircraft | Subsequent Event | ||
aircraft | ||||
Subsequent Event [Line Items] | ' | ' | ' | ' |
Number of Buildings Purchased, Total | ' | 5 | ' | ' |
Square Footage of Buildings Purchased, Total | ' | $82,000 | ' | ' |
Payments to Acquire Buildings | ' | $10,100,000 | ' | ' |
Number Of Aircraft Committed To Purchase | 8 | ' | 7 | 2 |