Sun Country Airlines (SNCY) 10-Q6 May 212021 Q1 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information	3 Months Ended
Document and Entity Information	Mar. 31, 2021shares
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2021
Entity File Number	001-40217
Entity Registrant Name	Sun Country Airlines Holdings, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-4092570
Entity Address, Address Line One	2005 Cargo Road
Entity Address, City or Town	Minneapolis
Entity Address State Or Province	MN
Entity Address, Postal Zip Code	55450
City Area Code	651
Local Phone Number	681-3900
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	SNCY
Security Exchange Name	NASDAQ
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	57,153,467
Entity Central Index Key	0001743907
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current Assets:
Cash and Equivalents	$ 269,599	$ 62,028
Restricted Cash	6,019	8,335
Investments	5,777	5,624
Accounts Receivable, net of an allowance for credit losses of $293 and $224, respectively	25,897	28,690
Short-term Lessor Maintenance Deposits	1,723	3,101
Inventory, net of a reserve for obsolescence of $1,089 and $996, respectively	5,457	5,407
Prepaid Expenses	11,678	8,002
Derivative Assets	1,205
Other Current Assets	804	5,553
Total Current Assets	328,159	126,740
Property & Equipment, net:
Property & Equipment	533,396	479,580
Accumulated Depreciation & Amortization	(76,467)	(65,065)
Total Property & Equipment, net	456,929	414,515
Other Assets:
Goodwill	222,223	222,223
Other Intangible Assets, net	92,110	93,110
Operating Lease Right-of-use Assets	80,587	121,269
Aircraft Lease Deposits	8,027	10,253
Long-term Lessor Maintenance Deposits	18,855	22,584
Deferred Tax Asset	30,810	36,216
Other Assets	6,502	6,357
Total Other Assets	459,114	512,012
Total Assets	1,244,202	1,053,267
Current Liabilities:
Accounts Payable	34,171	34,035
Accrued Salaries, Wages, and Benefits	16,870	16,368
Accrued Transportation Taxes	10,402	5,883
Air Traffic Liabilities	94,733	101,075
Derivative Liabilities		1,174
Over-market Liabilities	5,487	9,281
Finance Lease Obligations	9,995	11,460
Loyalty Program Liabilities	7,115	7,016
Operating Lease Obligations	20,672	34,492
Current Maturities of Long-term Debt	29,232	26,118
Other Current Liabilities	8,963	6,841
Total Current Liabilities	237,640	253,743
Long-term Liabilities:
Over-market Liabilities	16,113	28,128
Finance Lease Obligations	93,293	95,710
Loyalty Program Liabilities	13,659	15,053
Operating Lease Obligations	77,840	112,707
Long-term Debt	274,109	256,345
Income Tax Receivable Agreement	115,200
Other Long-term Liabilities	6,388	7,764
Total Long-term Liabilities	596,602	515,707
Total Liabilities	834,242	769,450
Commitments and Contingencies
Stockholders' Equity:
Common stock with $0.01 par value, 995,000,000 shares authorized, 57,153,467 and 46,839,659 issued at March 31, 2021 and December 31, 2020, respectively.	572	468
Loans to Stockholders		(3,500)
Additional Paid in Capital	473,848	248,525
Retained Earnings / (Deficit)	(64,460)	38,324
Total Stockholders' Equity	409,960	283,817
Total Liabilities and Stockholders' Equity	1,244,202	1,053,267
Aircraft and Flight Equipment
Property & Equipment, net:
Property & Equipment	384,950	331,685
Leasehold Improvements and Ground Equipment
Property & Equipment, net:
Property & Equipment	13,856	13,526
Computer Hardware and Software
Property & Equipment, net:
Property & Equipment	7,949	7,845
Finance Lease Assets
Property & Equipment, net:
Property & Equipment	117,833	117,833
Rotable Parts
Property & Equipment, net:
Property & Equipment	$ 8,808	$ 8,691

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
CONDENSED CONSOLIDATED BALANCE SHEETS
Accounts Receivable, allowance for credit losses	$ 293	$ 224
Inventory, reserve for obsolescence	$ 1,089	$ 996
Common stock-par value (in dollars per share)	$ 0.01	$ 0.01
Common stock-shares authorized	995,000,000
Common stock-shares issued	57,153,467	46,839,659

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating Revenues:
Operating Revenues	$ 127,611	$ 180,330
Operating Expenses:
Aircraft Fuel	24,274	55,561
Salaries, Wages, and Benefits	44,075	38,091
Aircraft Rent	5,599	11,032
Maintenance	9,210	6,478
Sales and Marketing	5,110	8,572
Depreciation and Amortization	12,615	10,527
Ground Handling	5,230	9,292
Landing Fees and Airport Rent	8,785	11,114
Special Items, net	(26,871)
Other Operating, net	14,651	14,433
Total Operating Expenses	102,678	165,100
Operating Income	24,933	15,230
Non-operating Income (Expense):
Interest Income	15	251
Interest Expense	(7,121)	(5,616)
Other, net	(5)	(169)
Total Non-operating Expense, net	(7,111)	(5,534)
Income before Income Tax	17,822	9,696
Income Tax Expense	5,406	2,445
Net Income	$ 12,416	$ 7,251
Net Income per share to common stockholders:
Basic earnings per share	$ 0.26	$ 0.16
Diluted earnings per share	$ 0.24	$ 0.15
Shares used for computation:
Weighted Average Common Shares Outstanding - Basic	48,496,077	46,805,951
Weighted Average Common Shares Outstanding - Diluted	52,508,186	48,225,603
Passenger
Operating Revenues:
Operating Revenues	$ 104,195	$ 178,486
Cargo
Operating Revenues:
Operating Revenues	21,585
Other
Operating Revenues:
Operating Revenues	$ 1,831	$ 1,844

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Warrants	Common Stock	Loans to Stockholders	APIC	Retained Earnings	Total
Balances, at Beginning of period at Dec. 31, 2019		$ 68	$ (3,500)	$ 244,928	$ 42,228	$ 283,724
Balances, at Beginning of period (in shares) at Dec. 31, 2019	40,005,885	6,800,065
Stockholder's Equity
Exercise of Apollo Warrants		$ 400		(379)		21
Exercise of Apollo Warrants (in shares)	(40,005,885)	40,005,885
Net Income					7,251	7,251
Stock-based Compensation				369		369
Balances, at End of period at Mar. 31, 2020		$ 468	(3,500)	244,918	49,479	291,365
Balances, at End of period (in shares) at Mar. 31, 2020		46,805,950
Balances, at Beginning of period at Dec. 31, 2020		$ 468	(3,500)	248,525	38,324	283,817
Balances, at Beginning of period (in shares) at Dec. 31, 2020		46,839,659
Stockholder's Equity
Shares Surrendered by Stockholders		$ (1)	$ 3,500	(3,499)
Shares Surrendered by Stockholders (in shares)		(140,737)
Initial Public Offering		$ 105		224,552		224,657
Initial Public Offering (in shares)		10,454,545
Net Income					12,416	12,416
Income Tax Receivable Agreement					(115,200)	(115,200)
Amazon Warrants				1,400		1,400
Stock-based Compensation				2,870		2,870
Balances, at End of period at Mar. 31, 2021		$ 572		$ 473,848	$ (64,460)	$ 409,960
Balances, at End of period (in shares) at Mar. 31, 2021		57,153,467

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Net Income	$ 12,416	$ 7,251
Adjustments to reconcile Net Income to Cash from Operating Activities:
Depreciation and Amortization	12,615	10,527
Reduction in Operating Lease Right-of-use Assets	5,401	6,951
Non-Cash Loss on Asset Transactions, net	(8,729)	72
Unrealized Loss (Gain) on Fuel Derivatives	(2,386)	21,752
Amortization of Over-market Liabilities	(2,004)	(2,913)
Deferred Income Taxes	5,406	2,471
Amazon Warrants Vested	1,400
Stock-based Compensation Expense	2,870	369
Amortization of Debt Issuance Costs	1,496	708
Changes in Operating Assets and Liabilities:
Accounts Receivable	2,358	5,322
Inventory	(173)	(367)
Prepaid Expenses	(3,676)	(403)
Lessor Maintenance Deposits	(2,219)	(5,476)
Aircraft Lease Deposits	2,226	600
Other Assets	233	(2,313)
Accounts Payable	626	7,107
Accrued Transportation Taxes	4,519	(10,539)
Air Traffic Liabilities	(6,343)	(21,903)
Loyalty Program Liabilities	(1,295)	(570)
Reduction in Operating Lease Obligations	(10,722)	(7,803)
Other Liabilities	1,820	3,015
Net Cash Provided by Operating Activities	15,839	13,858
Cash Flows from Investing Activities:
Purchases of Property & Equipment	(54,399)	(75,250)
Purchase of Investments	(337)
Proceeds from the Sale of Investments	184	202
Net Cash Used in Investing Activities	(54,552)	(75,048)
Cash Flows from Financing Activities:
Cash Received from Stock Offering	235,894
Costs of Stock Offering	(7,226)
Proceeds Received from Exercise of Apollo Warrants		21
Proceeds from Borrowings	68,000	108,777
Repayment of Finance Lease Obligations	(3,911)	(4,256)
Repayment of Borrowings	(46,068)	(47,255)
Debt Issuance Costs	(2,721)	(2,432)
Net Cash Provided by Financing Activities	243,968	54,855
Net Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash	205,255	(6,335)
Cash, Cash Equivalents and Restricted Cash--Beginning of the Period	70,363	64,478
Cash, Cash Equivalents and Restricted Cash--End of the Period	275,618	58,143
Supplemental information:
Cash Payments for Interest	2,728	3,278
Cash Payments (Receipts) for Income Taxes, net	(7)	(55)
Lease Deposits Applied Against the Purchase of Aircraft	2,766
Purchases of Property & Equipment in Accounts Payable	243	$ 1,186
Costs of Stock Offering in Accounts Payable	$ 1,829

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Reconciliation of Cash, Cash Equivalents and Restricted Cash
Cash and Equivalents	$ 269,599	$ 53,112
Restricted Cash	6,019	5,031
Total Cash, Cash Equivalents and Restricted Cash	$ 275,618	$ 58,143

COMPANY BACKGROUND

COMPANY BACKGROUND	3 Months Ended
COMPANY BACKGROUND	Mar. 31, 2021
COMPANY BACKGROUND
COMPANY BACKGROUND	1. COMPANY BACKGROUND Sun Country Airlines Holdings, Inc. is the parent company of Sun Country, Inc., which is a certificated air carrier providing scheduled passenger service, cargo customers, charter air transportation and related services. Services are provided to the general public, Amazon, military branches, wholesale tour operators, individual entities, schools and companies for air transportation to various U.S. and international destinations. Except as otherwise stated, the financial information, accounting policies, and activities of Sun Country Airlines Holdings, Inc. are referred to as those of the Company (the “Company” or “Sun Country”). Stock Split In March 2021, the Company effected an approximately 18.8886 for 1 stock split of its common stock (the “Stock Split”), with exercise prices for outstanding warrants and options adjusted accordingly by dividing such prices by the Stock Split ratio. The par value of the common stock was not adjusted as a result of the Stock Split. As a result of the Stock Split, the Company issued an additional 44,226,587 shares of common stock. All references to common stock, warrants to purchase common stock, stock options, per share amounts and related information contained in the accompanying Condensed Consolidated Financial Statements and applicable disclosures have been retroactively adjusted to reflect the effect of the Stock Split for all periods. Initial Public Offering of Common Stock and Concurrent Private Placements On March 16, 2021, the Company priced its initial public offering of 9,090,909 shares of common stock to the public at $24.00 per share. The stock began trading on the NASDAQ on March 17, 2021 under the symbol SNCY. The underwriters had an option to purchase an additional 1,363,636 shares from the Company at the public offering price, which they exercised. In total, all 10,454,545 shares were issued on March 19, 2021 and the net proceeds to the Company were $224,657 after deducting underwriting discounts and commissions, and other offering expenses. Concurrently with the closing of the initial public offering, SCA Horus Holdings, LLC, an affiliate of investment funds managed by affiliates of Apollo Global Management (the “Apollo Stockholder”), also completed a concurrent private placement in which the Apollo Stockholder sold 2,216,312 and 2,216,308 shares of common stock to PAR Investment Partners, L.P. and certain funds or accounts managed by an investment adviser subsidiary of Blackrock, Inc., respectively. Each of the two sales was based on an aggregate purchase price of $50,000 and a price per share equal to 94% of the initial public offering price of $24.00 per share. Amazon Agreement On December 13, 2019, the Company signed a six-year contract (with two, two-year extension options, for a maximum term of 10 years) with Amazon.com Services, Inc. (together with its affiliates, “Amazon”) to provide cargo services under an Air Transportation Services Agreement (the “ATSA”). The agreement is structured for the Company to provide crew, maintenance, and insurance (“CMI”) services to Amazon. Sun Country began flying for Amazon in May 2020. On June 27, 2020, Amazon and the Company signed an amendment to the December 2019 agreement that increased the aircraft Sun Country operates from 10 to 12. In December 2019, in connection with the ATSA, the Company issued warrants to Amazon to purchase an aggregate of up to 9,482,606 shares of common stock at an exercise price of approximately $15.17 per share. The exercise period of these warrants is through the eighth anniversary of the issue date. Of the 9,482,606 total Amazon warrants issued, 632,183 vested upon execution of the ATSA in December 2019. Thereafter, an additional 63,217 warrants will vest for each milestone of $8,000 in qualifying payments made by Amazon to the Company. During the three months ended March 31, 2021, 189,652 warrants vested and the cumulative warrants vested as of March 31, 2021 were 1,074,704. No warrants vested during the three months ended March 31, 2020.

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
BASIS OF PRESENTATION	Mar. 31, 2021
BASIS OF PRESENTATION
BASIS OF PRESENTATION	2. BASIS OF PRESENTATION The accompanying unaudited Condensed Consolidated Financial Statements of Sun Country Airlines Holdings, Inc. should be read in conjunction with the consolidated financial statements contained in the Company’s Annual Report for the year ended December 31, 2020, which is included in the Company’s Final Prospectus dated March 16, 2021. During the three months ended March 31, 2021, there were no significant changes to the Company’s critical accounting policies. Certain prior period Stockholders’ Equity amounts were reclassified to conform to the current period presentation. This involved reducing the Common Stock values to $0.01 times the Shares outstanding and reclassifying those dollars to Additional Paid-In Capital. These reclasses were $238,694 as of December 31, 2020 and March 31, 2020. The reclass as of December 31, 2019 was $239,073. Also, historical shares of common stock have been adjusted to reflect the March 2021 approximately 18.8886 for 1 stock split. Management believes that all adjustments necessary for the fair presentation of results, consisting of normally recurring items, have been included in the unaudited Condensed Consolidated Financial Statements for the interim periods presented. All material intercompany balances and transactions have been eliminated in consolidation. The preparation of financial statements in accordance with accounting principles generally accepted in the United States (“GAAP”) requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. Significant areas of judgment relate to passenger revenue recognition, maintenance under the built-in overhaul method, equity-based compensation, tax receivable agreement, impairment of goodwill, impairment of long-lived and intangible assets, air traffic liabilities, the loyalty program, as well as the valuation of Amazon warrants. Due to severe impacts from the global coronavirus (“COVID-19”) pandemic, seasonal variations in the demand for air travel, the volatility of aircraft fuel prices and other factors, operating results for the three months ended March 31, 2021 are not necessarily indicative of operating results for future quarters or for the year ended December 31, 2021. Air travel is also significantly impacted by general economic conditions, the amount of disposable income available to consumers, unemployment levels, corporate travel budgets, extreme or severe weather and natural disasters, disease outbreaks, fears of terrorism or war, and other factors beyond the Company’s control. The Company operates its fiscal year on a calendar year basis. Recently Adopted Accounting Standards Income Taxes - Simplifying the Accounting for Income Taxes Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes Simplifying the Test for Goodwill Impairment Simplifying the Test for Goodwill Impairment Financial Instruments—Credit Losses Financial Instruments—Credit Losses : Measurement of Credit Losses on Financial Instruments

IMPACT OF THE COVID19 PANDEMIC

IMPACT OF THE COVID19 PANDEMIC	3 Months Ended
IMPACT OF THE COVID19 PANDEMIC	Mar. 31, 2021
IMPACT OF THE COVID19 PANDEMIC
IMPACT OF THE COVID19 PANDEMIC	3. IMPACT OF THE COVID-19 PANDEMIC All major U.S. passenger airlines were negatively impacted by the declining demand environment resulting from the COVID-19 pandemic. The U.S. Department of State has issued international travel advisories and restrictions and the U.S. federal government has also implemented enhanced screenings and quarantine requirements in connection with the outbreak. State and local governments may have additional restrictions that adversely impact travel. In addition, the U.S. Centers for Disease Control has issued travel advisories for domestic travel within the United States. Certain Latin American countries where the Company operates scheduled passenger service have also restricted travel to residents only. Accordingly, the Company experienced a dramatic decline in flight bookings and an increase in cancellations beginning in March 2020, as a result of the outbreak. In addition, the federal government has encouraged social distancing efforts and limits on gathering size. Many popular tourist destinations have been closed, or operations are being curtailed, reducing the demand for leisure air travel. The continued distribution of effective vaccines and the easing of travel advisories and restrictions has lead to growing customer confidence and increased demand. There have been fluctuations in the rate of infections during 2021 and the U.S. Food and Drug Administration has issued an emergency use authorization for COVID-19 vaccines. The timing and pace of the recovery from the COVID-19 pandemic are uncertain as certain markets have reopened, some of which have since experienced a resurgence of COVID-19 cases, while others, particularly international markets, remain closed or are enforcing extended quarantines for most U.S. residents. Federal, state, and local authorities have at various times instituted measures such as imposing self-quarantine requirements, issuing directives forcing businesses to temporarily close, restricting international air travel, and issuing shelter-in-place and similar orders limiting the movement of individuals. Additionally, certain businesses have restricted non-essential travel for their employees. The Company’s charter air transportation services have also been impacted due to a decline in international military charter service, the suspension or cancellation of major U.S. professional and college sports, and the voluntary or mandated closing of casinos. In addition, the Company has experienced increased competition for domestic charters as competitors are now offering charter services with otherwise grounded aircraft due to a decline in their passenger service. As the COVID-19 pandemic continues to evolve, the Company’s financial and operational outlook remains subject to change. Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) On March 27, 2020, the CARES Act was passed by the U.S. Government. The provisions in the act provide for economic relief to eligible individuals and businesses affected by COVID-19. As a provider of scheduled passenger service, air cargo service, charter air transportation and related services, the Company is eligible for and has received certain benefits outlined in the CARES Act including but not limited to payroll tax breaks, government grants and government loans. The grant amount The CARES Act provides an employee retention credit (“CARES Employee Retention Credit”) which is a refundable tax credit against certain employment taxes. During the year ended December 31, 2020, the Company recorded $2,328 related to the CARES Employee Retention Credit within Special Items, net and an additional $334 was recognized in the first quarter of 2021. Under the CARES Act Loan Program, the Company received a $45,000 loan (the “CARES Act Loan”) from the Treasury on October 26, 2020, which was repaid in full on March 24, 2021. Further, the Company was notified on April 15, 2021 that it will receive a grant of approximately $34,547 under the American Rescue Plan Act of 2021 (“PSP3”) enacted on March 11, 2021, in which the Treasury is authorized to provide additional assistance to passenger air carriers and contractors that received financial assistance under the CARES Act. Of this grant amount, $17,274 was received on April 29, 2021. In accordance with any grants and/or loans received under the CARES Act, the Company is required to comply with the relevant provisions of the CARES Act and the related implementing agreements which, among other things, include the following: the requirement to use the Payroll Support Payments exclusively for the continuation of payment of crewmember and employee wages, salaries and benefits; the requirement that certain levels of commercial air service be maintained until March 1, 2021, or if ordered by the DOT, March 1, 2022; the prohibitions on share repurchases of listed securities and the payment of common stock (or equivalent) dividends until the later of March 31, which was extended to September 30, 2022 under PSP3; and restrictions on the payment of certain executive compensation until the October 1, 2022, which was extended to April 1, 2023 under PSP3.

REVENUE

REVENUE	3 Months Ended
REVENUE	Mar. 31, 2021
REVENUE
REVENUE	4. REVENUE Sun Country is a certificated air carrier generating Operating Revenues from Scheduled service, Charter service, Ancillary, Cargo and Other revenue. Scheduled service revenue mainly consists of base fares. Charter service revenue is primarily generated through service provided to the U.S. Department of Defense, collegiate and professional sports teams and casinos. Ancillary revenues consist of revenue earned from air travel-related services such as baggage fees, seat selection fees and on-board sales. Cargo consists of revenue earned from flying cargo aircraft under the ATSA. Other revenue consists primarily of revenue from services in connection with Sun Country Vacation products. The significant categories comprising Operating Revenues are as follows: Three Months Ended March 31, 2021 2020 Scheduled service $ 54,620 $ 114,228 Charter service 25,805 29,227 Ancillary 23,770 35,031 Passenger 104,195 178,486 Cargo 21,585 — Other 1,831 1,844 Total Operating Revenue $ 127,611 $ 180,330 The Company attributes and measures its Operating Revenue by geographic region as defined by the Department of Transportation for airline reporting based upon the origin of each passenger and cargo flight segment. The Company’s operations are highly concentrated in the U.S. but include service to many international locations, primarily based on scheduled service to Latin America during the winter season and on military charter services. Total Operating Revenue by geographic region are as follows: Three Months Ended March 31, 2021 2020 Domestic $ 119,312 $ 163,038 Latin America 7,877 17,076 Other 422 216 Total Operating Revenue $ 127,611 $ 180,330 Contract Balances The Company’s contract assets primarily relate to costs incurred to get the 12 Amazon cargo aircraft ready for service. The balances are included in Other Current Assets and Other Assets on the Condensed Consolidated Balance Sheets. The amount expensed during the three months ended March 31, 2021 was $138 and is included in Maintenance expense. There was nothing expensed in the three months ended March 31, 2020, since the Amazon cargo services had not started yet. The Company’s significant contract liabilities are comprised of 1) ticket sales for transportation that has not yet been provided (reported as Air Traffic Liabilities on the Condensed Consolidated Balance Sheets), 2) outstanding loyalty points that may be redeemed for future travel and other non-air travel awards (reported as Loyalty Program Liabilities on the Condensed Consolidated Balance Sheets) and 3) Amazon Deferred Up-front Payment received (reported within Other Liabilities on the Condensed Consolidated Balance Sheets). Contract Assets and Liabilities are as follows: March 31, 2021 December 31, 2020 Contract Assets Costs to fulfill contract with Amazon $ 3,312 $ 3,614 Air Traffic Liabilities $ 94,733 $ 101,075 Loyalty Program Liabilities 20,774 22,068 Amazon Deferred Up-front Payment 5,010 5,240 Total Contract Liabilities $ 120,517 $ 128,383 The balance in the Air Traffic Liabilities fluctuates with seasonal travel patterns. Most tickets can be purchased no more than twelve months in advance, therefore any revenue associated with tickets sold for future travel will be recognized within that timeframe. For the period ended March 31, 2021, $60,039 of revenue was recognized in Passenger revenue that was included in the Air Traffic Liabilities as of December 31, 2020. As part of the ATSA executed in December 2019, Amazon paid the Company $10,300 toward start-up costs. Upon signing the ATSA, Amazon received 632,183 fully vested warrants to purchase the Company’s common stock, with a fair value of $4,667. This fair value was assigned to a portion of the $10,300 cash received from Amazon and the remaining $5,633 is being amortized into revenue on a pro-rata basis over the initial six years of the ATSA. For the three months ended March 31, 2021, $231 was amortized into Cargo revenue. Nothing was amortized for the three months ended March 31, 2020 as services did not begin until the second quarter of 2020. Loyalty Program The Sun Country Rewards program provides loyalty awards to program members based on accumulated loyalty points. Loyalty points are earned as a result of travel and purchases using the Company’s co- branded credit card. The balance of the Loyalty Program Liabilities fluctuates based on seasonal patterns, which impact the volume of loyalty points awarded through travel or issued to co-branded credit card and other partners (deferral of revenue) and loyalty points redeemed (recognition of revenue). Changes in the Loyalty Program Liabilities are as follows: 2021 2020 Balance - January 1 $ 22,069 $ 22,892 Loyalty Points Earned 857 1,635 Loyalty Points Redeemed (1) (2,152) (2,206) Balance - March 31 $ 20,774 $ 22,321 (1) Principally relates to revenue recognized from the redemption of loyalty points for both air and non-air travel awards. Loyalty points are combined in one homogenous pool and are not separately identifiable. As such, the revenue is comprised of points that were part of the loyalty program deferred revenue balance at the beginning of the period, as well as points that were earned during the period. The timing of loyalty point redemptions can vary significantly, however most new points, that are not left to expire, are redeemed within two years. Given the inherent uncertainty of the current operating environment due to COVID-19, the Company will continue to monitor redemption patterns and will adjust estimates in the future, which could be material.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
EARNINGS PER SHARE	Mar. 31, 2021
EARNINGS PER SHARE
EARNINGS PER SHARE	5. EARNINGS PER SHARE Basic earnings per share, which excludes dilution, is computed by dividing Net Income available to common stockholders by the weighted average number of shares of common stock outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. The number of incremental shares from the assumed issuance of shares relating to share based awards is calculated by applying the treasury stock method. The following table shows the computation of basic and diluted earnings per share: Three Months Ended March 31, 2021 2020 Numerator: Net Income $ 12,416 $ 7,251 Denominator: Weighted Average Common Shares Outstanding - Basic 48,496,077 46,805,951 Dilutive effect of Stock Options and Warrants (1) 4,012,109 1,419,652 Weighted Average Common Shares Outstanding - Diluted 52,508,186 48,225,603 Basic earnings per share $ 0.26 $ 0.16 Diluted earnings per share $ 0.24 $ 0.15 (1) There were 3,557,432 and 3,646,690 performance-based stock options outstanding at March 31, 2021 and 2020, respectively. As a result of the Company’s initial public offering, 75 percent of these options are expected to meet the performance conditions and are included in dilutive options at March 31, 2021. At March 31, 2020, these options were excluded from the calculation of diluted EPS since the performance conditions were not considered likely to be met. Prior to their exercise on January 31, 2020, all 40,005,885 warrants held by the Apollo Stockholder were included in basic and diluted weighted average shares outstanding as they were equity classified, had an exercise price of approximately $0.0005, and all necessary conditions for issuance were met. Warrants held by Amazon are included in dilutive weighted average shares outstanding as of the date the warrants vest. The unvested warrants held by Amazon have not been included in dilutive shares as their performance condition had not been satisfied.

AIRCRAFT - Owned and Leased

AIRCRAFT - Owned and Leased	3 Months Ended
AIRCRAFT - Owned and Leased	Mar. 31, 2021
AIRCRAFT - Owned and Leased
AIRCRAFT - Owned and Leased	6. AIRCRAFT – Owned and Leased Aircraft Fleet The following tables summarize the Company’s aircraft fleet activity for the three months ended March 31, 2021 and 2020, respectively: December 31, 2020 Additions Removals March 31, 2021 Passenger: Owned 14 5 — 19 Finance leases 5 — — 5 Operating leases 12 — (5) 7 Sun Country Airlines' Fleet 31 5 (5) 31 Cargo: Aircraft Operated for Amazon 12 — — 12 Total Aircraft Operated 43 5 (5) 43 The five aircraft purchased during the three months ended March 31, 2021 were financed through the Delayed Draw Term Loan Facility (see Note 7). All five of these were previously under operating leases. December 31, 2019 Additions Removals March 31, 2020 Passenger: Owned 5 3 — 8 Finance leases 10 — — 10 Operating leases 14 — (1) 13 Seasonal leases 2 — (1) 1 Sun Country Airlines' Fleet 31 3 (2) 32 The three aircraft purchased during the three months ended March 31, 2020 were financed through equipment trust certificates (see Note 7). One of these aircraft was previously under an operating lease and the other two aircraft were new to the Company’s fleet. In addition, the Company refinanced three previously owned and financed aircraft in January 2020 utilizing equipment trust certificates (see Note 7). The Accumulated Depreciation on owned assets was $57,950 and $52,048 as of March 31, 2021 and December 31, 2020, respectively. Depreciation expense was $8,800 and $5,121 for the three months ended March 31, 2021 and 2020, respectively. The Accumulated Amortization on Finance Lease Assets was $18,517 and $13,018 as of March 31, 2021 and December 31, 2020, respectively. Amortization Expense was $2,692 and $4,290 for the three months ended March 31, 2021 and 2020, respectively. Depreciation expense on owned assets and amortization expense on Finance Lease Assets are each classified in Depreciation and Amortization on the Condensed Consolidated Statements of Operations. Aircraft Lease Payment Deferrals During the year ended December 31, 2020 the Company negotiated rent payment deferrals with a majority of its aircraft lessors due to COVID-19 cash flow impacts. The amount deferred as of March 31, 2021 was $975, consisting of $533 under finance leases and $442 under operating leases. The amount deferred as of December 31, 2020 was $7,569, consisting of $2,133 under finance leases and $5,436 under operating leases. These deferrals are classified within the current portion of the respective lease liabilities on the Condensed Consolidated Balance Sheets. Aircraft Maintenance Deposits Contra-Assets At April 11, 2018 (the “Acquisition Date”), the Company established a deposit contra-asset to represent the Company’s obligation to perform planned maintenance events on leased aircraft held as of the Acquisition Date. As of March 31, 2021 and December 31, 2020, the remaining balance of the contra-asset was $26,512 and $36,729, respectively. Of the $10,217 reduction in the contra-asset during the three months ended March 31, 2021, $9,880 related to the purchase of five aircrafts previously leased, whereupon the contra-assets and related maintenance deposits were written-off concurrently to Aircraft lease buy-out expense in Special Items, net (see Note 11). For the three months ended March 31, 2021 and 2020, the Company recognized none and $425, respectively, of the contra-asset as a reduction to Maintenance expense on the accompanying Condensed Consolidated Statements of Operations. Over-market Liabilities At the Acquisition Date, the Company acquired liabilities related to its over-market lease rates and over-market maintenance reserve payments. As of the Acquisition Date, the Company recognized a liability representing lease terms which are unfavorable compared with market terms of similar leases. The remaining balance of this contra-asset as of March 31, 2021 and December 31, 2020 was $12,891 and $16,501, respectively and is recorded within Operating Lease Right-of-Use Assets. The purchase of five aircraft in March 2021 contributed $2,858 of the decrease. As of the Acquisition Date, Sun Country’s existing leases included payments for maintenance reserves in addition to the stated aircraft lease payments. For a substantial portion of these maintenance reserve payments, the Company does not expect to be reimbursed by the lessor. Therefore, a liability was established representing over-market maintenance reserve lease terms compared to market terms of similar leases. The remaining balance of this liability at March 31, 2021 and December 31, 2020 was $21,600 and $37,409, respectively. Of the $15,809 reduction in the over-market maintenance reserve liabilities during the three months ended March 31, 2021, $13,805 related to the purchase of five aircrafts previously leased, whereupon the over-market liabilities for those aircraft are included in Aircraft lease buy-out expense in Special Items, net (see Note 11). Aircraft Rent expense for the three months ended March 31, 2021 and 2020, includes credits of $2,755 and $4,103, respectively, for the amortization of over-market liabilities established at the Acquisition Date related to lease rates and maintenance reserves.

DEBT

DEBT	3 Months Ended
DEBT	Mar. 31, 2021
DEBT
DEBT	7. DEBT Lines of Credit Long-term Debt Under the CARES Act Loan Program, on October 26, 2020, the Company was awarded a $45,000 loan, which was secured by the Company’s loyalty program and certain cash deposit accounts. The Company was in compliance with all covenants in its debt agreements at March 31, 2021. Long-term Debt included the following: March 31, 2021 December 31, 2020 Notes payable under the Company's 2019-1 EETC agreement dated December 2019, with original loan amounts of $248,587 payable in bi-annual installments through December 2027. These notes bear interest at an annual rate of between 4.13% and 6.95% and are secured by the equipment for which the loan was used. $ 227,347 $ 227,347 Delayed Draw Term Loan Facility 68,000 — (see terms and conditions above) U. S. Department of the Treasury CARES Act Loan — 45,419 (see terms and conditions above) Notes payable to Wilmington Trust Company. Notes bear interest at an annual rate of 8.45% and mature Nov. 2023 to Feb. 2024. 11,880 12,506 Other Notes payable. These notes bear interest at an annual rate of approximately 5.0% and mature March 2029. 505 529 Total Debt 307,732 285,801 Less: Unamortized debt issuance costs (4,391) (3,338) Less: Current Maturities of Long-term Debt (29,232) (26,118) Total Long-term Debt $ 274,109 $ 256,345 Future maturities of the outstanding Debt are as follows: Debt Principal Amortization of Debt March 31, 2021 Payments Issuance Costs Net Debt Remainder of 2021 $ 28,799 $ (775) $ 28,024 2022 32,059 (983) 31,076 2023 44,900 (908) 43,992 2024 43,962 (785) 43,177 2025 45,062 (670) 44,392 Thereafter 112,950 (270) 112,680 Total $ 307,732 $ (4,391) $ 303,341 The table below presents the Company’s debt measured at fair value: March 31, 2021 December 31, 2020 Carrying Amount $ 307,732 $ 285,801 Fair Value $ 301,513 $ 279,119 The fair value of the Company’s debt was based on the discounted amount of future cash flows using the Company’s end-of-period incremental borrowing rate for similar obligations. The estimates were primarily based on Level 3 inputs.

FUEL DERIVATIVES AND RISK MANAG

FUEL DERIVATIVES AND RISK MANAGEMENT	3 Months Ended
FUEL DERIVATIVES AND RISK MANAGEMENT	Mar. 31, 2021
FUEL DERIVATIVES AND RISK MANAGEMENT
FUEL DERIVATIVES AND RISK MANAGEMENT	8. FUEL DERIVATIVES AND RISK MANAGEMENT The Company’s operations are inherently dependent upon the price of aircraft fuel. To manage economic risks associated with fluctuations in aircraft fuel prices, the Company periodically enters into fuel option and swap contracts. The Company does not apply hedge accounting to its fuel derivative contracts, nor does it hold or issue them for trading purposes. Fuel derivative contracts are recognized at fair value on the Condensed Consolidated Balance Sheets as Derivative Assets, if the fair value is in an asset position, or as Derivative Liabilities, if the fair value is in a liability position. The Company did not have any collateral held by counterparties to these agreements as of March 31, 2021 and December 31, 2020. Derivatives where the payment due date is greater than one year from the balance sheet date are classified as long-term. Changes in Derivative Assets (Liabilities) were as follows: Three Months Ended March 31, 2021 2020 Balance - January 1 $ (1,173) $ 2,233 Non-cash Gains (Losses) 2,386 (21,752) Contract Settlements (8) 65 Balance - March 31 $ 1,205 $ (19,454) Fuel Derivative Gains (Losses) consisted of the following: Three Months Ended March 31, 2021 2020 Non-cash Gains (Losses) $ 2,386 $ (21,752) Cash Premiums Paid — (284) Total Fuel Derivative Gains (Losses) $ 2,386 $ (22,036) The gain in the quarter ended March 31, 2021 was primarily due to an increase in oil prices. The loss in the quarter ended March 31, 2020 was primarily due to the significant decline in oil prices. There were fuel derivative gains in the second, third and fourth quarters of 2020, primarily due to the partial recovery of oil prices following the decline during the first quarter of 2020. Fuel derivative gains and losses are classified in Aircraft Fuel on the Condensed Consolidated Statements of Operations. As of March 31, 2021, the Company had outstanding fuel derivative contracts covering 12.7 million gallons of crude oil and jet fuel that will settle between April 2021 and September 2021.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
FAIR VALUE MEASUREMENTS	Mar. 31, 2021
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	9. FAIR VALUE MEASUREMENTS Accounting standards define fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The standards also establish a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Under GAAP, there are three levels of inputs that may be used to measure fair value: Level 1 Level 2 Level 3 The Company uses the following valuation methodologies for financial instruments measured at fair value on a recurring basis. Derivative Instruments The following table summarizes the assets and liabilities measured at fair value on a recurring basis: March 31, 2021 Level 1 Level 2 Level 3 Total Assets Fuel Derivative Contracts $ — $ 1,205 $ — $ 1,205 Total Assets measured at fair value on a recurring basis $ — $ 1,205 $ — $ 1,205 December 31, 2020 Level 1 Level 2 Level 3 Total Liabilities Fuel Derivative Contracts $ — $ 1,173 $ — $ 1,173 Total Liabilities measured at fair value on a recurring basis $ — $ 1,173 $ — $ 1,173 Certain assets are measured at fair value on a nonrecurring basis. The Company’s non-financial assets, which primarily consist of property and equipment, goodwill and other intangible assets are not required to be measured at fair value on a recurring basis and are reported at carrying value. However, on a periodic basis whenever events or changes in circumstances indicate that their carrying value may not be recoverable, non-financial assets are assessed for impairment and, if applicable, written down to fair value using significant unobservable inputs, classified as Level 3. The Company’s debt portfolio consists of 2019-1 EETC certificates, borrowings under the Delayed Draw Term Loan Facility, and fixed-rate notes payable. See Note 7 for debt fair values.

INCOME TAXES

INCOME TAXES	3 Months Ended
INCOME TAXES	Mar. 31, 2021
INCOME TAXES
INCOME TAXES	10. INCOME TAXES The Company’s effective tax rate for the three months ended March 31, 2021 and 2020 was 30.3% and 25.2%, respectively. The effective tax rate represents a blend of federal and state taxes and includes the impact of certain nondeductible items. The increase is primarily related to an unfavorable permanent difference and discrete items related to executive compensation disallowed under Internal Revenue Code Section 162(m), partially offset by the reduction in meals and entertainment disallowed expenses during the current year. Tax Receivable Agreement In connection with the Company’s IPO, we entered into an income tax receivable agreement (the “Tax Receivable Agreement” or “TRA”)) with our pre-IPO stockholders (the “TRA holders”). The Tax Receivable Agreement provides for the payment by the Company to the TRA holders of 85% of the amount of cash savings, if any, in U.S. federal, state, local, and foreign income tax that the Company actually realizes (or are deemed to realize in certain circumstances) as a result of certain tax attributes that existed at the time of the IPO (the “Pre-IPO Tax Attributes”). The Company will retain the benefit of the remaining 15% of these cash savings. Payments under the Tax Receivable Agreement will not begin until at least 12 months after the closing of the Company’s IPO. In the event that the Company is prohibited from making payments under the Tax Receivable Agreement for tax benefits utilized during any periods pursuant to the CARES Act or other governmental programs, the Company is not required to make payments under the Tax Receivable Agreement for Pre-IPO Tax Attributes utilized in such periods. Based on our current participation in the CARES Act Loan Program, the Company does not expect to make payments under the Tax Receivable Agreement until 2023. The Tax Receivable Agreement liability is an estimate and actual amounts payable under the Tax Receivable Agreement could differ from this estimate based on, among other things, (i) generation of future taxable income over the term of the Tax Receivable Agreement, (ii) the Company’s participation in future government programs, (iii) stock option activity during periods prior to the commencement of payments under the Tax Receivable Agreement and (iv) future changes in tax laws. These factors could result in an increase or decrease in the related liability which would be recognized in the Company’s earnings in the period of such change. In April 2021, the Company was notified that it is to receive a PSP3 grant of approximately $34,547 under the American Rescue Plan Act of 2021, which will result in a decrease to the Tax Receivable Agreement liability in Q2 2021. This TRA liability decrease is due to an extension in the time period in which distributions made to shareholders are restricted. If we do not generate sufficient taxable income in the aggregate over the term of the Tax Receivable Agreement to utilize the tax benefits, then we would not be required to make the related TRA Payments. Upon the closing of the IPO, the Company recognized a non-current liability of $115,200 which represents undiscounted aggregate payments that we expect to pay the TRA holders under the Tax Receivable Agreement and is presented in “Long-term Liabilities” on the Condensed Consolidated Balance Sheet as of March 31, 2021, with an offset to Stockholders’ Equity. Subsequent changes in the measurement of the liability will be adjusted through the Consolidated Statements of Operations.

SPECIAL ITEMS, NET

SPECIAL ITEMS, NET	3 Months Ended
SPECIAL ITEMS, NET	Mar. 31, 2021
SPECIAL ITEMS, NET
SPECIAL ITEMS, NET	11. SPECIAL ITEMS, NET Special Items, net on the Condensed Consolidated Statements of Operations consisted of the following: Three Months Ended March 31, 2021 2020 CARES Act grant recognition (1) $ (32,208) $ — CARES Act employee retention credit (2) (334) — Aircraft lease buy-out expense (3) 5,664 — Other 7 — Total Special Items, net $ (26,871) $ — (1) In the quarter ended March 31, 2021, the Treasury awarded the Company a grant under PSP2. (2) Relates to a credit recognized under the CARES Act Employee Retention credit which is a refundable tax credit against certain employment taxes. (3) Five aircraft were purchased in March 2021 that were previously under operating leases. Aircraft lease buy-out expense represents the net costs incurred to terminate the leases on those five aircraft. This includes the associated lease termination costs, write-off of previously capitalized maintenance deposits, and the write-off of over-market liabilities (see Note 6).

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2021
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	12. COMMITMENTS AND CONTINGENCIES The Company has contractual obligations and commitments primarily with regard to lease arrangements, repayment of debt (see Note 7) and future purchases of aircraft. The Company is subject to various legal proceedings in the normal course of business and expenses legal costs as incurred. Management believes these proceedings will not have a materially adverse effect on the Company.

OPERATING SEGMENTS

OPERATING SEGMENTS	3 Months Ended
OPERATING SEGMENTS	Mar. 31, 2021
OPERATING SEGMENTS
OPERATING SEGMENTS	13. OPERATING SEGMENTS Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker and is used in resource allocation and performance assessments. The Company’s chief operating decision maker is considered to be the Company’s Chief Executive Officer. The Company’s chief operating decision maker makes resource allocation decisions to maximize the Company’s consolidated financial results. Substantially all the Company’s tangible assets are located in the U.S. or relate to flight equipment, which is mobile across geographic markets. The Company has two operating segments: Passenger and Cargo. The Company’s Passenger segment has two internal passenger groups (Scheduled and Charter), but since they share resources and expenses are combined, they are considered one Passenger operating segment. The Company’s Passenger operations are highly concentrated in the U.S. but include service to many international locations, primarily based on scheduled service to Latin America during the winter season and on military charter services. All goodwill is related to the Passenger Operating Segment. The Cargo segment began providing air cargo services under the ATSA in May 2020. Fuel consumed in Cargo operations is directly reimbursed by Amazon and therefore presented net on the Consolidated Statements of Operations. Fuel consumed in Cargo maintenance activities is included in the Cargo segment. Certain operating expenses are directly attributable to this operating segment. Certain operating expenses are allocated between the operating segments. Non-Fuel operating expenses are allocated based on metrics such as block hours, fleet count and departures, which best align with the nature of the respective expense. CARES Act credits, included in Special Items, net, are allocated based on the respective segment salaries, wages, and benefits. The following table presents financial information for the Company’s two operating segments: Passenger and Cargo. Assets by segment are not reviewed by the Chief Operating Decision Maker and have not been presented herein. Three Months Ended March 31, 2021 (1) Passenger Cargo Consolidated Operating Revenues $ 106,026 $ 21,585 $ 127,611 Non-Fuel Operating Expenses 87,205 18,070 105,275 Aircraft Fuel 24,253 21 24,274 Special Items, net (18,206) (8,665) (26,871) Total Operating Expenses 93,252 9,426 102,678 Operating Income $ 12,774 $ 12,159 24,933 Interest Income 15 Interest Expense (7,121) Other, net (5) Income before Income Tax $ 17,822 (1) As air cargo operations commenced in May 2020, there is no comparable prior period information.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
SUBSEQUENT EVENTS	Mar. 31, 2021
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	14. SUBSEQUENT EVENTS The Company evaluated subsequent events for the period from the Balance Sheet date through May 6, 2021, the date that the Condensed Consolidated Financial Statements were available to be issued. On April 22, 2021, we received $4,831 from the Treasury as a top-off grant under PSP2. Further, the Company was notified on April 15, 2021 that it will receive a grant of approximately $34,547 under PSP3, of which $17,274 was received on April 29, 2021 (see Note 3). ******

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	3 Months Ended
BASIS OF PRESENTATION (Policies)	Mar. 31, 2021
BASIS OF PRESENTATION
Recently Adopted And Issued Accounting Standards	Recently Adopted Accounting Standards Income Taxes - Simplifying the Accounting for Income Taxes Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes Simplifying the Test for Goodwill Impairment Simplifying the Test for Goodwill Impairment Financial Instruments—Credit Losses Financial Instruments—Credit Losses : Measurement of Credit Losses on Financial Instruments

REVENUE (Tables)

REVENUE (Tables)	3 Months Ended
REVENUE (Tables)	Mar. 31, 2021
REVENUE
Schedule of significant categories comprising operating revenues	Three Months Ended March 31, 2021 2020 Scheduled service $ 54,620 $ 114,228 Charter service 25,805 29,227 Ancillary 23,770 35,031 Passenger 104,195 178,486 Cargo 21,585 — Other 1,831 1,844 Total Operating Revenue $ 127,611 $ 180,330
Schedule of operating revenue by geographic region	Three Months Ended March 31, 2021 2020 Domestic $ 119,312 $ 163,038 Latin America 7,877 17,076 Other 422 216 Total Operating Revenue $ 127,611 $ 180,330
Summary of contract assets and liabilities	March 31, 2021 December 31, 2020 Contract Assets Costs to fulfill contract with Amazon $ 3,312 $ 3,614 Air Traffic Liabilities $ 94,733 $ 101,075 Loyalty Program Liabilities 20,774 22,068 Amazon Deferred Up-front Payment 5,010 5,240 Total Contract Liabilities $ 120,517 $ 128,383
Schedule of change in contract with customer, liability	2021 2020 Balance - January 1 $ 22,069 $ 22,892 Loyalty Points Earned 857 1,635 Loyalty Points Redeemed (1) (2,152) (2,206) Balance - March 31 $ 20,774 $ 22,321 (1) Principally relates to revenue recognized from the redemption of loyalty points for both air and non-air travel awards. Loyalty points are combined in one homogenous pool and are not separately identifiable. As such, the revenue is comprised of points that were part of the loyalty program deferred revenue balance at the beginning of the period, as well as points that were earned during the period.

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
EARNINGS PER SHARE (Tables)	Mar. 31, 2021
EARNINGS PER SHARE
Summary of computation of basic and diluted earnings per share	Three Months Ended March 31, 2021 2020 Numerator: Net Income $ 12,416 $ 7,251 Denominator: Weighted Average Common Shares Outstanding - Basic 48,496,077 46,805,951 Dilutive effect of Stock Options and Warrants (1) 4,012,109 1,419,652 Weighted Average Common Shares Outstanding - Diluted 52,508,186 48,225,603 Basic earnings per share $ 0.26 $ 0.16 Diluted earnings per share $ 0.24 $ 0.15 (1) There were 3,557,432 and 3,646,690 performance-based stock options outstanding at March 31, 2021 and 2020, respectively. As a result of the Company’s initial public offering, 75 percent of these options are expected to meet the performance conditions and are included in dilutive options at March 31, 2021. At March 31, 2020, these options were excluded from the calculation of diluted EPS since the performance conditions were not considered likely to be met.

AIRCRAFT - Owned and Leased (Ta

AIRCRAFT - Owned and Leased (Tables)	3 Months Ended
AIRCRAFT - Owned and Leased (Tables)	Mar. 31, 2021
AIRCRAFT - Owned and Leased
Summary of aircraft fleet activity	December 31, 2020 Additions Removals March 31, 2021 Passenger: Owned 14 5 — 19 Finance leases 5 — — 5 Operating leases 12 — (5) 7 Sun Country Airlines' Fleet 31 5 (5) 31 Cargo: Aircraft Operated for Amazon 12 — — 12 Total Aircraft Operated 43 5 (5) 43 December 31, 2019 Additions Removals March 31, 2020 Passenger: Owned 5 3 — 8 Finance leases 10 — — 10 Operating leases 14 — (1) 13 Seasonal leases 2 — (1) 1 Sun Country Airlines' Fleet 31 3 (2) 32

DEBT (Tables)

DEBT (Tables)	3 Months Ended
DEBT (Tables)	Mar. 31, 2021
DEBT
Summary of long term debt	March 31, 2021 December 31, 2020 Notes payable under the Company's 2019-1 EETC agreement dated December 2019, with original loan amounts of $248,587 payable in bi-annual installments through December 2027. These notes bear interest at an annual rate of between 4.13% and 6.95% and are secured by the equipment for which the loan was used. $ 227,347 $ 227,347 Delayed Draw Term Loan Facility 68,000 — (see terms and conditions above) U. S. Department of the Treasury CARES Act Loan — 45,419 (see terms and conditions above) Notes payable to Wilmington Trust Company. Notes bear interest at an annual rate of 8.45% and mature Nov. 2023 to Feb. 2024. 11,880 12,506 Other Notes payable. These notes bear interest at an annual rate of approximately 5.0% and mature March 2029. 505 529 Total Debt 307,732 285,801 Less: Unamortized debt issuance costs (4,391) (3,338) Less: Current Maturities of Long-term Debt (29,232) (26,118) Total Long-term Debt $ 274,109 $ 256,345
Schedule of future maturities of the outstanding debt	Debt Principal Amortization of Debt March 31, 2021 Payments Issuance Costs Net Debt Remainder of 2021 $ 28,799 $ (775) $ 28,024 2022 32,059 (983) 31,076 2023 44,900 (908) 43,992 2024 43,962 (785) 43,177 2025 45,062 (670) 44,392 Thereafter 112,950 (270) 112,680 Total $ 307,732 $ (4,391) $ 303,341
Schedule of debt measured at fair value	March 31, 2021 December 31, 2020 Carrying Amount $ 307,732 $ 285,801 Fair Value $ 301,513 $ 279,119

FUEL DERIVATIVES AND RISK MAN_2

FUEL DERIVATIVES AND RISK MANAGEMENT (Tables)	3 Months Ended
FUEL DERIVATIVES AND RISK MANAGEMENT (Tables)	Mar. 31, 2021
FUEL DERIVATIVES AND RISK MANAGEMENT
Schedule of changes in derivative assets (liabilities)	Three Months Ended March 31, 2021 2020 Balance - January 1 $ (1,173) $ 2,233 Non-cash Gains (Losses) 2,386 (21,752) Contract Settlements (8) 65 Balance - March 31 $ 1,205 $ (19,454)
Schedule of fuel derivative gains (losses)	Three Months Ended March 31, 2021 2020 Non-cash Gains (Losses) $ 2,386 $ (21,752) Cash Premiums Paid — (284) Total Fuel Derivative Gains (Losses) $ 2,386 $ (22,036)

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
FAIR VALUE MEASUREMENTS (Tables)	Mar. 31, 2021
FAIR VALUE MEASUREMENTS
Summary of assets and liabilities measured at fair value on a recurring basis	March 31, 2021 Level 1 Level 2 Level 3 Total Assets Fuel Derivative Contracts $ — $ 1,205 $ — $ 1,205 Total Assets measured at fair value on a recurring basis $ — $ 1,205 $ — $ 1,205 December 31, 2020 Level 1 Level 2 Level 3 Total Liabilities Fuel Derivative Contracts $ — $ 1,173 $ — $ 1,173 Total Liabilities measured at fair value on a recurring basis $ — $ 1,173 $ — $ 1,173

SPECIAL ITEMS, NET (Tables)

SPECIAL ITEMS, NET (Tables)	3 Months Ended
SPECIAL ITEMS, NET (Tables)	Mar. 31, 2021
SPECIAL ITEMS, NET
Schedule of special items, net	Three Months Ended March 31, 2021 2020 CARES Act grant recognition (1) $ (32,208) $ — CARES Act employee retention credit (2) (334) — Aircraft lease buy-out expense (3) 5,664 — Other 7 — Total Special Items, net $ (26,871) $ — (1) In the quarter ended March 31, 2021, the Treasury awarded the Company a grant under PSP2. (2) Relates to a credit recognized under the CARES Act Employee Retention credit which is a refundable tax credit against certain employment taxes. (3) Five aircraft were purchased in March 2021 that were previously under operating leases. Aircraft lease buy-out expense represents the net costs incurred to terminate the leases on those five aircraft. This includes the associated lease termination costs, write-off of previously capitalized maintenance deposits, and the write-off of over-market liabilities (see Note 6).

OPERATING SEGMENTS (Tables)

OPERATING SEGMENTS (Tables)	3 Months Ended
OPERATING SEGMENTS (Tables)	Mar. 31, 2021
OPERATING SEGMENTS
Summary of financial information for the operating segments	Three Months Ended March 31, 2021 (1) Passenger Cargo Consolidated Operating Revenues $ 106,026 $ 21,585 $ 127,611 Non-Fuel Operating Expenses 87,205 18,070 105,275 Aircraft Fuel 24,253 21 24,274 Special Items, net (18,206) (8,665) (26,871) Total Operating Expenses 93,252 9,426 102,678 Operating Income $ 12,774 $ 12,159 24,933 Interest Income 15 Interest Expense (7,121) Other, net (5) Income before Income Tax $ 17,822 (1) As air cargo operations commenced in May 2020, there is no comparable prior period information.

COMPANY BACKGROUND- Stock split

COMPANY BACKGROUND- Stock split (Details)	3 Months Ended
COMPANY BACKGROUND- Stock split (Details)	Mar. 31, 2021shares
COMPANY BACKGROUND
Stock split ratio	18.8886
Share issued as a result of stock split	44,226,587

COMPANY BACKGROUND - Initial Pu

COMPANY BACKGROUND - Initial Public Offering (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 19, 2021	Mar. 17, 2021	Mar. 16, 2021	Mar. 31, 2021
IPO
Shares issued	10,454,545		9,090,909
Share price			$ 24	$ 24
Proceeds from issuance of common stock	$ 224,657
Aggregate purchase price				$ 50,000
Share Price Percentage Of I P O Share Price				94.00%
Underwriters option
Shares issued		1,363,636
Private placement \| SCA Horus Holdings, LLC \| P A R Investment Partners, L.P
Shares issued				2,216,312
Private placement \| SCA Horus Holdings, LLC \| Certain funds or accounts managed by an investment adviser subsidiary of Blackrock, Inc
Shares issued				2,216,308

COMPANY BACKGROUND (Details)

COMPANY BACKGROUND (Details) $ / shares in Units, $ in Thousands	Jun. 27, 2020aircraft	Jun. 26, 2020aircraft	Dec. 13, 2019item	Mar. 31, 2021shares	Mar. 31, 2020shares	Dec. 31, 2019USD ($)$ / sharesshares	Jan. 30, 2020$ / shares
Exercise price \| $ / shares							$ 0.0005
Amazon Agreement
Term of agreement			6 years
Number of extension option \| item			2
Term of agreement			2 years
Threshold term of agreement			10 years
Number of aircrafts operated \| aircraft	12	10
Warrants issued						9,482,606
Exercise price \| $ / shares						$ 15.17
Warrants vested				189,652	0	632,183
Number of warrants that vest on achievement of each milestone						63,217
Milestone achievement for warrants to vest \| $						$ 8,000
Cumulative warrants vested				1,074,704

BASIS OF PRESENTATION (Details)

BASIS OF PRESENTATION (Details) $ in Thousands	3 Months Ended		12 Months Ended
BASIS OF PRESENTATION (Details) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
BASIS OF PRESENTATION
Reclassification In common stock Value		$ 238,694	$ 238,694	$ 239,073
Stockholders' Equity Note, Stock Split, Conversion Ratio	18.8886

IMPACT OF THE COVID19 PANDEMIC

IMPACT OF THE COVID19 PANDEMIC (Details) - USD ($) $ in Thousands	Apr. 29, 2021	Apr. 22, 2021	Oct. 26, 2020	Mar. 31, 2021	Dec. 31, 2020	Apr. 15, 2021
IMPACT OF THE COVID19 PANDEMIC
Grants recognized		$ 4,831		$ 32,208	$ 62,312
CARES Act employee retention credit				$ 334	$ 2,328
Subsequent Event
IMPACT OF THE COVID19 PANDEMIC
Grants recognized		$ 4,831
Grants receivable under Payroll Support Program PSP3						$ 34,547
Proceeds from government grants	$ 17,274
U. S. Department of the Treasury CARES Act Loan
IMPACT OF THE COVID19 PANDEMIC
Loan received			$ 45,000

REVENUE - Disaggregation of Ope

REVENUE - Disaggregation of Operating Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
REVENUE
Operating Revenues	$ 127,611	$ 180,330
Domestic
REVENUE
Operating Revenues	119,312	163,038
Latin America
REVENUE
Operating Revenues	7,877	17,076
Other
REVENUE
Operating Revenues	422	216
Passenger
REVENUE
Operating Revenues	104,195	178,486
Scheduled service
REVENUE
Operating Revenues	54,620	114,228
Charter service
REVENUE
Operating Revenues	25,805	29,227
Ancillary
REVENUE
Operating Revenues	23,770	35,031
Cargo
REVENUE
Operating Revenues	21,585
Other
REVENUE
Operating Revenues	$ 1,831	$ 1,844

REVENUE - Contract Balances (De

REVENUE - Contract Balances (Details) $ in Thousands	3 Months Ended
REVENUE - Contract Balances (Details) $ in Thousands	Mar. 31, 2021USD ($)aircraft	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
REVENUE
Maintenance expense	$ 9,210	$ 6,478
Total Contract Liabilities	120,517		$ 128,383
Air Traffic Liabilities
REVENUE
Total Contract Liabilities	$ 94,733		101,075
Threshold period in which tickets can be booked in advance	12 months
Loyalty Program Liabilities
REVENUE
Total Contract Liabilities	$ 20,774	22,321	22,069	$ 22,892
Revenue recognized	2,152	$ 2,206
Amazon Deferred Up-front Payment
REVENUE
Total Contract Liabilities	$ 5,010		5,240
Costs to fulfill contract with Amazon
REVENUE
Number of cargo aircraft \| aircraft	12
Maintenance expense	$ 138
Contract Assets	3,312		$ 3,614
Passenger \| Air Traffic Liabilities
REVENUE
Revenue recognized	$ 60,039

REVENUE (Details)

REVENUE (Details) - Amazon Deferred Up-front Payment - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Dec. 31, 2019	Mar. 31, 2021
REVENUE
Proceeds from startup costs	$ 10,300
Warrants vested	632,183
Fair value of warrants vested	$ 4,667
Remaining start up costs	$ 5,633
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-12-01
REVENUE
Amortization period	6 years
Cargo
REVENUE
Revenue recognized		$ 231

Revenue - Loyalty Program (Deta

Revenue - Loyalty Program (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Changes in the Loyalty Program Liabilities
Balance - January 1	$ 128,383
Balance - March 31	120,517
Loyalty Program Liabilities
Changes in the Loyalty Program Liabilities
Balance - January 1	22,069	$ 22,892
Loyalty Points Earned	857	1,635
Loyalty Points Redeemed	(2,152)	(2,206)
Balance - March 31	$ 20,774	$ 22,321
Loyalty points redemption period	2 years

EARNINGS PER SHARE - Computatio

EARNINGS PER SHARE - Computation of basic and diluted earnings (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Numerator:
Net Income	$ 12,416	$ 7,251
Denominator:
Weighted Average Common Shares Outstanding - Basic	48,496,077	46,805,951
Dilutive effect of Stock Options and Warrants (1)	4,012,109	1,419,652
Weighted Average Common Shares Outstanding - Diluted	52,508,186	48,225,603
Basic earnings per share	$ 0.26	$ 0.16
Diluted earnings per share	$ 0.24	$ 0.15

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - $ / shares	Jan. 30, 2020	Mar. 31, 2021	Mar. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average shares outstanding	40,005,885
Exercise price	$ 0.0005
Performance-based stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Outstanding shares		3,557,432	3,646,690
Percentage Of Stock Options Expected To Meet Performance Conditions		75.00%

AIRCRAFT - Owned and Leased - A

AIRCRAFT - Owned and Leased - Aircraft fleet (Details) $ in Thousands	1 Months Ended	3 Months Ended
	Jan. 31, 2020aircraft	Mar. 31, 2021USD ($)aircraft	Mar. 31, 2020USD ($)aircraft	Dec. 31, 2020USD ($)
AIRCRAFT - Owned and Leased
Balance at beginning of period		43
Additions		5
Removals		(5)
Balance at end of period		43
Number of aircrafts previously under operating leases		5
Operating leases
AIRCRAFT - Owned and Leased
Number of aircrafts previously under operating leases		5
Passenger
AIRCRAFT - Owned and Leased
Balance at beginning of period	31	31	31
Additions		5	3
Removals		(5)	(2)
Balance at end of period		31	32
Number of aircrafts previously under operating leases			3
Number of new aircrafts purchased			2
Number of aircrafts refinanced	3
Passenger \| Owned
AIRCRAFT - Owned and Leased
Balance at beginning of period	5	14	5
Additions		5	3
Balance at end of period		19	8
Accumulated depreciation on owned assets \| $		$ 57,950		$ 52,048
Depreciation expense \| $		$ 8,800	$ 5,121
Passenger \| Finance leases
AIRCRAFT - Owned and Leased
Balance at beginning of period	10	5	10
Balance at end of period		5	10
Accumulated amortization on finance lease assets \| $		$ 18,517		$ 13,018
Amortization expense \| $		$ 2,692	$ 4,290
Passenger \| Operating leases
AIRCRAFT - Owned and Leased
Balance at beginning of period	14	12	14
Removals		(5)	(1)
Balance at end of period		7	13
Number of aircrafts previously under operating leases			1
Passenger \| Seasonal leases
AIRCRAFT - Owned and Leased
Balance at beginning of period	2		2
Removals			(1)
Balance at end of period			1
Cargo \| Aircraft Operated for Amazon
AIRCRAFT - Owned and Leased
Balance at beginning of period		12
Balance at end of period		12

AIRCRAFT - Owned and Leased -_2

AIRCRAFT - Owned and Leased - Aircraft Lease Payment Deferrals (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
AIRCRAFT - Owned and Leased
Aircraft Lease Payment Deferrals	$ 975	$ 7,569
Finance leases
AIRCRAFT - Owned and Leased
Aircraft Lease Payment Deferrals	533	2,133
Operating leases
AIRCRAFT - Owned and Leased
Aircraft Lease Payment Deferrals	$ 442	$ 5,436

AIRCRAFT - Owned and Leased -_3

AIRCRAFT - Owned and Leased - Aircraft Maintenance Deposits Contra-Assets (Details) $ in Thousands	Apr. 11, 2018USD ($)aircraft	Mar. 31, 2021USD ($)aircraft	Mar. 31, 2021USD ($)aircraft	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)
AIRCRAFT - Owned and Leased
Number Of Purchased Aircrafts Previously Under Operating Leases \| aircraft			5
Amortization of Over-market Liabilities			$ 2,004	$ 2,913
Aircraft maintenance deposits contra assets
AIRCRAFT - Owned and Leased
Remaining contra assets		$ 26,512	26,512		$ 36,729
Reduction in contra assets			(10,217)
Decrease in contra assets relating to purchase of aircrafts previously leased	$ 9,880
Number Of Purchased Aircrafts Previously Under Operating Leases \| aircraft	5
Contra assets as a reduction to maintenance expense			0	425
Over-market lease rates
AIRCRAFT - Owned and Leased
Remaining contra assets		12,891	$ 12,891		16,501
Decrease in contra assets relating to purchase of aircrafts previously leased		$ 2,858
Number Of Purchased Aircrafts Previously Under Operating Leases \| aircraft		5	5
Over market liabilities		$ 21,600	$ 21,600		$ 37,409
Reduction in over-market maintenance reserve liabilities			(15,809)
Reduction in the over-market liabilities			13,805
Amortization of Over-market Liabilities			$ 2,755	$ 4,103

DEBT - Lines of Credit (Details

DEBT - Lines of Credit (Details) $ in Thousands	Feb. 10, 2021USD ($)	Mar. 31, 2021USD ($)aircraft	Apr. 06, 2021USD ($)
DEBT
Number of aircrafts previously under operating leases \| aircraft		5
Prior revolving credit agreement
DEBT
Maximum borrowing capacity	$ 25,000
Credit Facilities
DEBT
Term of debt	5 years
Minimum liquidity required to be maintained		$ 30,000
Credit Facilities \| Minimum
DEBT
Minimum EBITDAR required to be maintained		62,100
Credit Facilities \| Maximum
DEBT
Minimum EBITDAR required to be maintained		87,700
Credit Facilities \| Base rate
DEBT
Minimum interest rate	2
Credit Facilities \| Base rate \| Minimum
DEBT
Margin (as a percent)	4.00%
Credit Facilities \| Base rate \| Maximum
DEBT
Margin (as a percent)	5.00%
Revolving Credit Facility
DEBT
Maximum borrowing capacity	$ 25,000
Commitment fee on unused facility (as a percent)	0.50%
Delayed Draw Term Loan Facility
DEBT
Maximum borrowing capacity	$ 90,000
Amount drawn		$ 68,000
Number of aircrafts previously under operating leases \| aircraft		5
Delayed Draw Term Loan Facility \| Subsequent Event
DEBT
Amount drawn			$ 12,500

DEBT - Long-term Debt (Details)

DEBT - Long-term Debt (Details) $ in Thousands	Mar. 24, 2021USD ($)	Oct. 26, 2020USD ($)	Dec. 31, 2020USD ($)aircraft	Mar. 31, 2021USD ($)
Notes payable under the Company's 2019-1 EETC agreement
DEBT
Face amount			$ 248,587	$ 248,587
Number of used aircrafts purchased or refinanced \| aircraft			13
U. S. Department of the Treasury CARES Act Loan
DEBT
Appraised value of aircraft purchased		$ 45,000
Repayment period prior to expiration date of loyalty program		6 months
Repayment of debt	$ 46,260
U. S. Department of the Treasury CARES Act Loan \| Adjusted LIBOR Rate
DEBT
Margin (as a percent)		6.50%

DEBT - Long-term Debt schedule

DEBT - Long-term Debt schedule (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
DEBT
Total Debt	$ 307,732	$ 285,801
Less: Unamortized debt issuance costs	(4,391)	(3,338)
Less: Current Maturities of Long-term Debt	(29,232)	(26,118)
Total Long-term Debt	274,109	256,345
Notes payable under the Company's 2019-1 EETC agreement
DEBT
Total Debt	227,347	227,347
Face amount	$ 248,587	$ 248,587
Notes payable under the Company's 2019-1 EETC agreement \| Minimum
DEBT
Interest Rate	4.13%	4.13%
Notes payable under the Company's 2019-1 EETC agreement \| Maximum
DEBT
Interest Rate	6.95%	6.95%
Delayed Draw Term Loan Facility
DEBT
Total Debt	$ 68,000
U. S. Department of the Treasury CARES Act Loan
DEBT
Total Debt		$ 45,419
Notes payable to Wilmington Trust Company
DEBT
Total Debt	$ 11,880	$ 12,506
Interest Rate	8.45%	8.45%
Other Notes payable
DEBT
Total Debt	$ 505	$ 529
Interest Rate	5.00%	5.00%

DEBT - Future maturities of the

DEBT - Future maturities of the outstanding Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt Principal Payments
Remaining 2021	$ 28,799
2022	32,059
2023	44,900
2024	43,962
2025	45,062
Thereafter	112,950
Total	307,732	$ 285,801
Amortization of Debt Issuance Costs
Remaining 2021	(775)
2022	(983)
2023	(908)
2024	(785)
2025	(670)
Thereafter	(270)
Total	(4,391)	$ (3,338)
Debt, net
Remaining 2021	28,024
2022	31,076
2023	43,992
2024	43,177
2025	44,392
Thereafter	112,680
Net Debt	$ 303,341

DEBT - Measured at fair value (

DEBT - Measured at fair value (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
DEBT
Carrying Amount	$ 307,732	$ 285,801
Fair Value	$ 301,513	$ 279,119

FUEL DERIVATIVES AND RISK MAN_3

FUEL DERIVATIVES AND RISK MANAGEMENT (Details) - Fuel Derivative Contracts $ in Thousands, gal in Millions	3 Months Ended
	Mar. 31, 2021USD ($)gal	Mar. 31, 2020USD ($)
Changes in Derivative Assets (Liabilities)
Balance - January 1	$ (1,173)	$ 2,233
Non-cash Gains (Losses)	2,386	(21,752)
Contract Settlements	(8)	65
Balance - March 31	1,205	(19,454)
Fuel Derivative Gains (Losses)
Non-cash Gains (Losses)	2,386	(21,752)
Cash Premiums Paid		(284)
Total Fuel Derivative Gains (Losses)	$ 2,386	$ (22,036)
Outstanding volume \| gal	12.7

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - Recurring - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
FAIR VALUE MEASUREMENTS
Total Assets measured at fair value on a recurring basis	$ 1,205
Total Liabilities measured at fair value on a recurring basis		$ 1,173
Fuel Derivative Contracts
FAIR VALUE MEASUREMENTS
Total Assets measured at fair value on a recurring basis	1,205
Total Liabilities measured at fair value on a recurring basis		1,173
Level 2
FAIR VALUE MEASUREMENTS
Total Assets measured at fair value on a recurring basis	1,205
Total Liabilities measured at fair value on a recurring basis		1,173
Level 2 \| Fuel Derivative Contracts
FAIR VALUE MEASUREMENTS
Total Assets measured at fair value on a recurring basis	$ 1,205
Total Liabilities measured at fair value on a recurring basis		$ 1,173

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020	Apr. 15, 2021
Income Taxes
Effective tax rate	30.30%	25.20%
Percentage of cash savings	85.00%
Percentage of cash savings retained	15.00%
Income Tax Receivable Agreement	$ 115,200
Subsequent Event
Income Taxes
Grants receivable under Payroll Support Program PSP3			$ 34,547

SPECIAL ITEMS, NET - Schedule o

SPECIAL ITEMS, NET - Schedule of special items, net (Details) - USD ($) $ in Thousands	Apr. 22, 2021	Mar. 31, 2021	Dec. 31, 2020
SPECIAL ITEMS, NET
CARES Act grant recognition	$ (4,831)	$ (32,208)	$ (62,312)
CARES Act employee retention credit		(334)	$ (2,328)
Aircraft purchase impacts		5,664
Other		7
Total Special Items, net		$ (26,871)

SPECIAL ITEMS, NET (Details)

SPECIAL ITEMS, NET (Details)	3 Months Ended
SPECIAL ITEMS, NET (Details)	Mar. 31, 2021aircraft
SPECIAL ITEMS, NET
Number of aircrafts previously under operating leases	5

OPERATING SEGMENTS (Details)

OPERATING SEGMENTS (Details) $ in Thousands	3 Months Ended
OPERATING SEGMENTS (Details) $ in Thousands	Mar. 31, 2021USD ($)itemsegment	Mar. 31, 2020USD ($)
OPERATING SEGMENTS
Number of operating segments \| segment	2
Number of internal passenger groups \| item	2
Operating Revenues	$ 127,611	$ 180,330
Non-Fuel Operating Expenses	105,275
Aircraft Fuel	24,274	55,561
Special Items, net	(26,871)
Total Operating Expenses	102,678	165,100
Operating Income	24,933	15,230
Interest Income	15	251
Interest Expense	(7,121)	(5,616)
Other, net	(5)	(169)
Income before Income Tax	17,822	$ 9,696
Passenger
OPERATING SEGMENTS
Operating Revenues	106,026
Non-Fuel Operating Expenses	87,205
Aircraft Fuel	24,253
Special Items, net	(18,206)
Total Operating Expenses	93,252
Operating Income	12,774
Cargo
OPERATING SEGMENTS
Operating Revenues	21,585
Non-Fuel Operating Expenses	18,070
Aircraft Fuel	21
Special Items, net	(8,665)
Total Operating Expenses	9,426
Operating Income	$ 12,159

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($) $ in Thousands	Apr. 29, 2021	Apr. 22, 2021	Mar. 31, 2021	Dec. 31, 2020	Apr. 15, 2021
SUBSEQUENT EVENTS
Grants recognized		$ 4,831	$ 32,208	$ 62,312
Subsequent Event
SUBSEQUENT EVENTS
Grants recognized		$ 4,831
Grants receivable under Payroll Support Program PSP3					$ 34,547
Proceeds from government grants	$ 17,274