Sun Country Airlines (SNCY) 10-K 18 Feb 22 2021 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Jun. 30, 2021
Document and Entity Information [Abstract]
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Amendment Flag	false
Entity Central Index Key	0001743907
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float		$ 861
Entity Common Stock, Shares Outstanding	57,872,452
Auditor Name	KPMG LLP
Auditor Firm ID	185
Auditor Location	Minneapolis, Minnesota
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current Assets:
Cash and Cash Equivalents	$ 309,338	$ 62,028
Restricted Cash	8,447	8,335
Investments	6,283	5,624
Accounts Receivable, net of an allowance for credit losses of $250 and $224, respectively	30,156	28,690
Short-term Lessor Maintenance Deposits	5,505	3,101
Inventory, net of a reserve for obsolescence of $1,275 and $996, respectively	5,405	5,407
Prepaid Expenses	8,511	8,002
Other Current Assets	1,798	5,553
Total Current Assets	375,443	126,740
Property & Equipment, net:
Property & Equipment	688,624	479,580
Accumulated Depreciation & Amortization	(115,013)	(65,065)
Total Property & Equipment, net	573,611	414,515
Other Assets:
Goodwill	222,223	222,223
Other Intangible Assets, net	89,110	93,110
Operating Lease Right-of-use Assets	61,658	121,269
Aircraft Deposits	10,021	10,253
Long-term Lessor Maintenance Deposits	20,346	22,584
Deferred Tax Asset	18,737	36,216
Other Assets	5,495	6,357
Total Other Assets	427,590	512,012
Total Assets	1,376,644	1,053,267
Current Liabilities:
Accounts Payable	39,805	34,035
Accrued Salaries, Wages, and Benefits	28,527	16,368
Accrued Transportation Taxes	12,736	5,883
Air Traffic Liabilities	118,562	101,075
Derivative Liabilities		1,174
Over-market Liabilities	4,309	9,281
Finance Lease Obligations	11,705	11,460
Loyalty Program Liabilities	11,451	7,016
Operating Lease Obligations	17,231	34,492
Current Maturities of Long-term Debt	29,412	26,118
Other Current Liabilities	7,913	6,841
Total Current Liabilities	281,651	253,743
Long-term Liabilities:
Over-market Liabilities	10,428	28,128
Finance Lease Obligations	180,450	95,710
Loyalty Program Liabilities	8,267	15,053
Operating Lease Obligations	58,810	112,707
Long-term Debt	248,014	256,345
Income Tax Receivable Agreement Liability	98,800
Other Long-term Liabilities	3,413	7,764
Total Long-term Liabilities	608,182	515,707
Total Liabilities	889,833	769,450
Commitments and Contingencies (Note 16)
Stockholders' Equity:
Common stock with $0.01 par value, 995,000,000 shares authorized, 57,872,452 and 46,839,659 issued and outstanding at December 31, 2021 and 2020, respectively.	579	468
Preferred stock with $0.01 par value, 5,000,000 shares authorized, no shares issued and outstanding at December 31, 2021 and 2020.
Loans to Stockholders		(3,500)
Additional Paid In Capital	485,638	248,525
Retained Earnings	594	38,324
Total Stockholders' Equity	486,811	283,817
Total Liabilities and Stockholders' Equity	1,376,644	1,053,267
Aircraft and Flight Equipment
Property & Equipment, net:
Property & Equipment	440,356	331,685
Leasehold Improvements, Aircraft, other
Property & Equipment, net:
Property & Equipment	20,876	13,526
Computer Hardware and Software
Property & Equipment, net:
Property & Equipment	8,785	7,845
Finance leases
Property & Equipment, net:
Property & Equipment	209,457	117,833
Rotable Parts
Property & Equipment, net:
Property & Equipment	$ 9,150	$ 8,691

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
CONSOLIDATED BALANCE SHEETS
Accounts Receivable, allowance for credit losses	$ 250	$ 224
Inventory, reserve for obsolescence	$ 1,275	$ 996
Common stock-par value (in dollars per share)	$ 0.01	$ 0.01
Common stock-shares authorized	995,000,000	995,000,000
Common stock-shares issued	57,872,452	46,839,659
Common stock-shares outstanding	57,872,452	46,839,659
Preferred stock-par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock-shares authorized	5,000,000	5,000,000
Preferred stock-shares issued	0	0
Preferred stock-shares outstanding	0	0

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating Revenues:
Operating Revenues	$ 623,015	$ 401,486	$ 701,384
Operating Expenses:
Aircraft Fuel	129,110	83,392	165,666
Salaries, Wages, and Benefits	178,207	141,641	140,739
Aircraft Rent	17,653	30,989	49,908
Maintenance	40,095	27,416	35,286
Sales and Marketing	22,060	16,570	35,388
Depreciation and Amortization	55,019	48,086	34,877
Ground Handling	26,981	20,596	41,719
Landing Fees and Airport Rent	40,726	31,256	44,400
Special Items, net	(65,456)	(64,563)	7,092
Other Operating, net	71,580	48,718	68,187
Total Operating Expenses	515,975	384,101	623,262
Operating Income	107,040	17,385	78,122
Non-operating Income (Expense):
Interest Income	85	377	937
Interest Expense	(26,326)	(22,073)	(17,170)
Other, net	14,624	(371)	(1,729)
Total Non-operating Income (Expense), net	(11,617)	(22,067)	(17,962)
Income (Loss) before Income Tax	95,423	(4,682)	60,160
Income Tax Expense (Benefit)	17,953	(778)	14,088
Net Income (Loss)	$ 77,470	$ (3,904)	$ 46,072
Net Income (Loss) per share to common stockholders:
Basic	$ 1.40	$ (0.08)	$ 0.99
Diluted	$ 1.31	$ (0.08)	$ 0.96
Shares used for computation:
Basic	55,182,811	46,806,042	46,773,038
Diluted	59,324,040	46,806,042	47,909,413
Passenger
Operating Revenues:
Operating Revenues	$ 523,945	$ 359,232	$ 688,833
Cargo
Operating Revenues:
Operating Revenues	91,428	36,809
Other
Operating Revenues:
Operating Revenues	$ 7,642	$ 5,445	$ 12,551

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Warrants	Common Stock	Loans to Stockholders	APIC	Retained EarningsCumulative Effect of New ASU	Retained Earnings	Cumulative Effect of New ASU	Total
Balances, at Beginning of period at Dec. 31, 2018		$ 68	$ (3,500)	$ 239,446	$ (3,477)	$ (367)	$ (3,477)	$ 235,647
Balances, at Beginning of period (in shares) at Dec. 31, 2018	40,005,885	6,743,400
Stockholder's Equity
Shares Granted to Stockholders (in shares)		56,665
Net Income (Loss)						46,072		46,072
Stock-based Compensation				1,888				1,888
Amazon Warrants				3,594				3,594
Balances, at End of period at Dec. 31, 2019		$ 68	(3,500)	244,928		42,228		283,724
Balances, at End 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 (Loss)						(3,904)		(3,904)
Stock-based Compensation				2,110				2,110
Stock-based Compensation (in shares)		33,709
Amazon Warrants				1,866				1,866
Balances, at End of period at Dec. 31, 2020		$ 468	(3,500)	248,525		38,324		283,817
Balances, at End of period (in shares) at Dec. 31, 2020		46,839,659
Stockholder's Equity
Exercise of Stock Options		$ 7		4,226				4,233
Exercise of Stock Options (in shares)		718,985
Shares Surrendered by Stockholders		$ (1)	$ 3,500	(3,499)
Shares Surrendered by Stockholders (in shares)		(140,737)
Initial Public Offering		$ 105		225,224				225,329
Initial Public Offering (in shares)		10,454,545
Net Income (Loss)						77,470		77,470
Income Tax Receivable Agreement						(115,200)		(115,200)
Stock-based Compensation				5,562				5,562
Amazon Warrants				5,600				5,600
Balances, at End of period at Dec. 31, 2021		$ 579		$ 485,638		$ 594		$ 486,811
Balances, at End of period (in shares) at Dec. 31, 2021		57,872,452

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
CONSOLIDATED STATEMENTS OF CASH FLOWS
Net Income (Loss)	$ 77,470	$ (3,904)	$ 46,072
Adjustments to reconcile Net Income (Loss) to Cash from Operating Activities:
Depreciation and Amortization	55,019	48,086	34,877
Tax Receivable Agreement Adjustment	(16,400)
Operating Lease Right-of-use Assets	16,477	25,880	33,541
Non-Cash (Gain) Loss on Asset Transactions, net	(12,673)	413	1,249
Unrealized (Gain) Loss on Fuel Derivatives	(3,527)	12,206	(10,791)
Amortization of Over-market Liabilities	(5,236)	(10,421)	(14,064)
Deferred Income Taxes	17,480	(789)	14,022
Amazon Warrants Vested	5,600	1,866
Stock-based Compensation Expense	5,562	2,110	1,888
Amortization of Debt Issuance Costs	2,463	1,523	481
Changes in Operating Assets and Liabilities:
Accounts Receivable	(481)	(6,282)	(11,353)
Inventory	(484)	(614)	(869)
Prepaid Expenses	(510)	15	2,278
Lessor Maintenance Deposits	(8,089)	(9,415)	(17,466)
Aircraft Lease Deposits	445	1,290	(1,179)
Other Assets	2,351	(5,447)	(566)
Accounts Payable	5,820	(7,174)	9,037
Accrued Transportation Taxes	6,853	(7,845)	3,359
Air Traffic Liabilities	17,486	(15,584)	11,309
Loyalty Program Liabilities	(2,351)	(823)	(5,925)
Operating Lease Obligations	(24,433)	(28,352)	(34,365)
Other Liabilities	13,171	3,635	1,737
Net Cash Provided by Operating Activities	152,013	374	63,272
Cash Flows from Investing Activities:
Purchases of Property & Equipment	(116,369)	(96,298)	(69,816)
Proceeds from the Sale of Property & Equipment	56	200
Purchase of Investments	(1,797)	(927)	(3,394)
Proceeds from the Sale of Investments	1,137	997	3,646
Net Cash Used in Investing Activities	(116,973)	(96,028)	(69,564)
Cash Flows from Financing Activities:
Cash Received from Stock Offering	235,894
Costs of Stock Offering	(8,384)
Proceeds from Stock Option and Warrant Exercises	4,233	21
Proceeds from Borrowings	80,500	265,307	41,630
Proceeds Received for Amazon Warrants			4,667
Repayment of Finance Lease Obligations	(11,931)	(89,697)	(8,258)
Repayment of Borrowings	(85,370)	(69,906)	(10,153)
Debt Issuance Costs	(2,560)	(4,186)	(557)
Net Cash Provided by Financing Activities	212,382	101,539	27,329
Net Increase in Cash, Cash Equivalents and Restricted Cash	247,422	5,885	21,037
Cash, Cash Equivalents and Restricted Cash--Beginning of the Period	70,363	64,478	43,441
Cash, Cash Equivalents and Restricted Cash--End of the Period	317,785	70,363	64,478
Supplemental information:
Cash Payments for Interest	23,601	20,304	16,424
Cash Payments for Income Taxes, net	172	47	385
Lease Deposits Applied Against the Purchase of Aircraft	3,296	19,976
Aircraft and Flight Equipment Acquired through Finance Leases	91,134		108,978
Right-of-use Assets Acquired through Operating Leases			5,470
Purchases of Property & Equipment in Accounts Payable	$ 221	$ 734	$ 991

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of Cash, Cash Equivalents and Restricted Cash
Cash and Cash Equivalents	$ 309,338	$ 62,028	$ 51,006
Restricted Cash	8,447	8,335	13,472
Total Cash, Cash Equivalents and Restricted Cash	$ 317,785	$ 70,363	$ 64,478

COMPANY BACKGROUND

COMPANY BACKGROUND	12 Months Ended
	Dec. 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, air cargo service, charter air transportation and related services. Services are provided to the general public, cargo customers, 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”). Equity Transactions When certain investment funds managed by affiliates of Apollo Global Management, Inc. (the “Apollo Funds”) purchased the Company in 2018, SCA Horus Holdings, LLC, (the “Apollo Stockholder”) was issued 5,326,755 shares of common stock of SCA Acquisition Holdings, LLC with no par value. Also in 2018, SCA Acquisition Holdings, LLC issued 40,005,885 warrants to the Apollo Stockholder allowing it to acquire shares of common stock of SCA Acquisition Holdings, LLC at the exercise price of approximately $0.0005 per share. On January 31, 2020, all 40,005,885 outstanding warrants were exercised to purchase common stock of SCA Acquisition Holdings, LLC. In conjunction with the issuance of 1,416,645 shares of common stock of SCA Acquisition Holdings, LLC in 2018 to two stockholders, the Company issued, recourse promissory notes of $3,500, which are included as Loans to Stockholders on the Consolidated Statements of Changes in Stockholders’ Equity. In February of 2021, these promissory notes were repaid in full with equivalent shares of stock. In 2019, an additional 56,665 shares of common stock were issued to one of these stockholders for work performed on the Apollo Funds acquisition of Sun Country. On January 31, 2020, SCA Acquisition Holdings, LLC was converted into a Delaware corporation pursuant to a statutory conversion and changed its name to Sun Country Airlines Holdings, Inc. In connection with the conversion to a corporation, all of the outstanding shares, warrants and options were converted into shares or rights to shares of Sun Country Airlines Holdings, Inc. 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 $0.01 par value of the common stock was not adjusted in connection with 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 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 Other Stock Sales 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 $225,329 after deducting underwriting discounts and commissions, and other offering expenses. Concurrently with the closing of the initial public offering, 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 initial In May 2021, the Apollo Stockholder sold 7,250,000 shares of the Company’s common stock at a public offering price of $34.50 per share. The underwriters in this offering exercised their option to purchase an additional 1,087,500 shares at the public offering price, bringing the total offering to 8,337,500 shares. The Company incurred offering expenses of $640 and did not receive any of the proceeds from the offering. All proceeds went to the Apollo Stockholder. In October 2021, the Apollo Stockholder and Jude Bricker, the Company’s Chief Executive Officer (together, the “Selling Stockholders”), sold a total of 8,500,000 shares of the Company’s common stock at a public offering price of $32.50 per share. In addition, the Selling Stockholders and another existing stockholder of the Company granted the underwriters a 30-day option to purchase up to 1,275,000 additional shares of the Company’s common stock at the public offering price, less underwriting discounts and commissions. In November 2021, the underwriters elected to purchase 435,291 of the option shares. The Company incurred offering expenses of $1,123 through December 31, 2021, and did not receive any of the proceeds from the offering. All proceeds went to the Apollo Stockholder, Jude Bricker, and the third selling stockholder. 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 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 services to Amazon. Sun Country began flying for Amazon in May 2020. On June 30, 2020, Amazon and the Company signed an amendment to the December 2019 agreement that increased the number of 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 years ended December 31, 2021 and 2020, 758,608, and 252,869 total warrants vested, respectively. This resulted in Amazon holding 1,643,660 vested warrants as of December 31, 2021. ​

BASIS OF PRESENTATION AND SUMMA

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2021
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation – 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 the remaining dollars to Additional Paid-In Capital. These reclasses were $238,694, $239,073, and $239,073 for the years ended December 31, 2020, 2019 and 2018, respectively. The Company operates its fiscal year on a calendar year basis. Use of Estimates Management believes that all adjustments necessary for the fair presentation of results, consisting of normally recurring items, have been included in the Consolidated Financial Statements. A summary of significant accounting policies consistently applied in the preparation of the accompanying financial statements is as follows: Revenue Recognition The Company initially defers ticket sales as an air traffic liability and recognizes revenue when the passenger flight occurs. Unused non-refundable tickets expire at the date of scheduled travel and are recorded as revenue unless the customer notifies the Company in advance of such date that the customer will not travel. If notification is made, a travel credit is created for the face value less applicable change fees. Travel credits may generally be redeemed toward future travel for up to 12 months after the date of the original booking. A portion of travel credits will expire unused. The Company records an estimate for travel credits that will expire unused in passenger revenue. These estimates are based on historical experience of travel credit activity and consider other facts, such as recent program changes and modifications that could affect the ultimate usage patterns of tickets and travel credits. Ancillary revenue for baggage fees, seat selection fees, and on-board sales is recognized when the associated flight occurs. Revenue for change fees is deferred and recognized when the passenger travel is provided. Fees received in advance of the flight date are initially recorded as an air traffic liability. Charter revenue is recognized at the time of departure when transportation is provided. Cargo revenue is typically recognized based on hours flown, number of flights, and the amount of aircraft resources provided during a reporting period. The ATSA contains three performance obligations: Flight Services, Heavy Maintenance and Fuel. As Sun Country is the principal in providing Flight Services, revenue and related costs are recognized gross on the Statement of Operations. Sun Country acts as the agent in providing the Heavy Maintenance and Fuel performance obligations, which are reimbursed by Amazon based on the actual costs incurred. Consumption of aircraft fuel and heavy maintenance are recognized in revenue, net of the associated costs incurred to fulfill the performance obligations. The transaction price is allocated to the performance obligations based on their relative standalone selling price. The transaction price for flight services, which includes an upfront payment for startup costs, is reduced by the estimated value of warrants to be issued to Amazon based on expected performance under the ATSA. Loyalty Program Accounting Asset Impairment Analysis Valuation of the TRA Liability Goodwill and Other Intangible Assets The value of Goodwill and Other Indefinite-lived Intangible Assets is assessed under either a qualitative or quantitative approach. Under a qualitative approach, the Company considers various market factors, including certain key assumptions, such as the market value of other airlines, fuel prices, the overall economy, passenger yields and changes to the regulatory environment. The Company analyzes these factors to determine if events and circumstances have affected the fair value of Goodwill and Other Indefinite-lived Intangible Assets. If it is determined that it is more likely than not that the asset may be impaired, the Company uses a quantitative approach to determine the reporting unit or intangible asset’s fair value incorporating the key assumptions listed below. An impairment charge is recorded for the amount of carrying value that exceeds the determined fair value as of the testing date. When the Company evaluates Goodwill for impairment using a quantitative approach, the Company estimates the fair value of the Company by considering the number of Sun Country common shares outstanding times the market price per share (a market approach) and projected discounted future cash flows utilizing operating margins of the two reporting units (an income approach). When the Company performs a quantitative impairment assessment of indefinite-lived intangible assets, fair value is estimated based on (1) recent market transactions, where available, (2) the royalty method for the Sun Country tradename (which assumes hypothetical royalties generated from using the Company’s tradename) or (3) projected discounted future cash flows (an income approach). The Company performed its most recent annual Goodwill and Other Indefinite-Lived Intangible Assets impairment analysis as of October 1, 2021 and did not recognize any impairment losses for the years ended December 31, 2021, 2020 or 2019. Cash and Equivalents Restricted Cash Investments Accounts Receivable Lessor Maintenance Deposits Maintenance reserve payments that are expected to be recoverable via reimbursable expenses are reflected as Lessor Maintenance Deposits on the accompanying Consolidated Balance Sheets. These deposits are expected to be reimbursed to the Company upon performance of maintenance activities. Upon completion of the maintenance event, the lessor is billed and the amount due is recorded in Accounts Receivable. Amounts not deemed probable of recovery are expensed as incurred. At the April 11, 2018 acquisition date of Sun Country, Inc. (the “Acquisition Date”), the Company established a contra-asset to represent the Company’s obligation to perform planned maintenance events on leased aircraft held as of the Acquisition Date. As reimbursable maintenance events are performed and maintenance expense is incurred, the contra-asset is recognized as a reduction to Maintenance expense. Inventory Property & Equipment ​ ​ ​ ​ Airframes 10-25 years (depending on age) Engines – 7 or 12 years (based on remaining cycles) Engines - Initial Greentime (time remaining until the first scheduled major maintenance event) 1 st Leasehold Improvements, Aircraft, other 3-25 years (or life of lease, if shorter) Office and Ground Equipment 5-7 years Computer Hardware and Software 3-5 years Property and Equipment under Finance Leases 3-25 years (or life of lease, if shorter) Rotable Parts 6-16 years (average remaining life of aircraft fleet) ​ Modifications that enhance the operating performance or extend the useful lives of leased airframes are considered leasehold improvements and are capitalized and depreciated over the economic life of the asset or the term of the lease, whichever is shorter. Similar modifications made to owned aircraft are capitalized and depreciated consistent with the Company’s policy. The Company capitalizes certain internal and external costs associated with the acquisition and development of internal-use software for new products, and enhancements to existing products, that have reached the application development stage and meet recoverability tests. Capitalized costs include external direct costs of materials and services utilized in developing or obtaining internal-use software, and labor cost for employees who are directly associated with, and devote time to, internal-use software projects. The Company depreciates Rotable Parts to an estimated residual value using the pooling life method. Depreciation under the pooling life method is calculated over the estimated average useful life of the passenger aircraft fleet. Leases . Operating Lease Right-of-Use Asset and Liabilities For all operating leases with a term greater than 12 months, the Company recognizes a right-of-use asset and a lease liability at the lease commencement date based on the estimated present value of future minimum lease payments over the lease term. Operating Lease Right-of-use Assets and Operating Lease Obligations have their own lines on the Consolidated Balance Sheets. Finance Leases Finance leases are initially recorded at the net present value of future minimum lease payments. Finance leases generally have one of these five attributes: (a) ownership of the underlying asset transfers to the Company at the end of the lease term, (b) the lease agreement contains a purchase option that the Company is reasonably certain to exercise, (c) the lease term represents the major part of the asset’s economic life , . Leased Aircraft Return Costs The Company's aircraft lease agreements often contain provisions that require the Company to return aircraft airframes, engines, and other aircraft components to the lessor in a certain condition or pay an amount to the lessor based on the airframe and engine's actual return condition. Lease return costs are recognized beginning when it is probable that such costs will be incurred and they can be estimated. The Company assesses the need to accrue lease return costs periodically throughout the year or whenever facts and circumstances warrant an assessment. Expense associated with lease returns in the standard course of operating the aircraft is included in Maintenance in the Consolidated Statements of Operations. Airframe and Engine Maintenance The Company applies the Built-in Overhaul method for significant maintenance costs of owned engines, as well as to engines acquired via finance leases where the Company is reasonably certain to exercise a purchase option. Under this method, engine values are separated into amounts for life limited parts and “greentime”, representing the value of the engine for the time on-wing remaining until the next anticipated major maintenance event. Amounts capitalized as life limited parts are depreciated down to a residual value over the useful life. Initial engine greentime and subsequent major engine maintenance events are capitalized and depreciated until the next anticipated major maintenance event, assuming no residual value. These expenses are reported as a component of Depreciation and Amortization on the accompanying Consolidated Statements of Operations. The estimated period until the next scheduled major maintenance event is estimated based on assumptions such as estimated cycles, hours, and months, required maintenance intervals, and the age/condition of related parts. Equity Incentive Plan Co-branded Credit Card Program Income Taxes Concentration Risk Approximately 56% and 41% of the Company’s Accounts Receivable balances as of December 31, 2021, and 2020 were due from Amazon. In addition, approximately 8% and 5% of the Company’s Accounts Receivable balances as of December 31, 2021 and 2020, were due from one financial institution for tickets purchased via credit cards. Approximately 54%, 57% and 58% of the Company’s fuel purchases were made from two vendors for the years ended December 31, 2021, 2020 and 2019, respectively. Approximately 46% of the Company’s workforce were under union contracts as of December 31, 2021 with three different unions: Air Line Pilots Association (“ALPA”), International Brotherhood of Teamsters (“IBT”) and Transport Workers Union (“TWU”). Approximately 52% of the Company’s union workforce are under contracts that have expired or will be expiring within a year. The following table shows the Company’s airline employee groups represented by unions: ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Active ​ Employees ​ ​ Date on which Collective ​ Represented at ​ ​ Bargaining Agreement Employee Group December 31, 2021 Union Becomes Amendable Sun Country Pilots 456 ALPA ​ December 31, 2026 Sun Country Flight Attendants 527 IBT ​ December 31, 2019 Sun Country Dispatchers 27 TWU ​ November 30, 2024 ​ Recently Adopted Accounting Standards Income Taxes - Simplifying the Accounting for Income Taxes Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes Recently Issued Accounting Standards On May 3, 2021, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options. ​

IMPACT OF THE COVID19 PANDEMIC

IMPACT OF THE COVID19 PANDEMIC	12 Months Ended
	Dec. 31, 2021
IMPACT OF THE COVID19 PANDEMIC
IMPACT OF THE COVID19 PANDEMIC	3. IMPACT OF THE COVID-19 PANDEMIC The COVID-19 pandemic resulted in a dramatic decline in passenger demand across the U.S. airline industry. Sun Country has experienced a significant decline in demand related to the COVID-19 pandemic, which has caused a material decline in 2020 and 2021 revenues as compared to pre-pandemic levels, and has negatively impacted the Company’s financial condition and operating results. During 2021, Sun Country continued to see recovery in demand from the COVID-19 pandemic relative to demand in 2020. However, the ongoing impact of the COVID-19 pandemic on overall demand for air travel remains uncertain and cannot be predicted at this time. In addition, the impact of COVID-19 vaccine mandates could impact Sun Country’s business and results of operations in the near term. 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 CARES 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 was 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 amounts recognized under the CARES Act Payroll Support Program for the years ended December 31, 2021 and 2020 were $71,587 and $62,312, respectively, and were recorded in Special Items, net in the Company’s Consolidated Statements of Operations. The CARES Act provides an employee retention credit (“CARES Employee Retention Credit”) which is a refundable tax credit against certain employment taxes. During the years ended December 31, 2021 and 2020, the Company recorded a benefit of $848 and $2,328, respectively, related to the CARES Employee Retention Credit within Special Items, net in the Company's Consolidated Statements of Operations. 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. 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, 2022, if ordered by the DOT; the prohibitions on share repurchases of listed securities and the payment of common stock (or equivalent) dividends until September 30, 2022; and restrictions on the payment of certain executive compensation until April 1, 2023. The Company has complied with these provisions.

REVENUE

REVENUE	12 Months Ended
	Dec. 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 and upgrade fees, itinerary service 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 Vacations products. The significant categories comprising Operating Revenues are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 2019 Scheduled service $ 279,377 $ 193,047 $ 396,113 Charter service ​ 127,331 ​ 98,130 ​ 174,562 Ancillary ​ 117,237 ​ 68,055 ​ 118,158 Passenger ​ 523,945 ​ 359,232 ​ 688,833 Cargo ​ 91,428 ​ 36,809 ​ — Other ​ 7,642 ​ 5,445 ​ 12,551 Total Operating Revenue ​ $ 623,015 ​ $ 401,486 ​ $ 701,384 ​ The Company attributes and measures its Operating Revenue by geographic region as defined by the DOT 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 Revenues by geographic region are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 2019 Domestic $ 597,005 $ 382,463 $ 666,332 Latin America ​ 24,646 ​ 18,515 ​ 33,716 Other ​ 1,364 ​ 508 ​ 1,336 Total Operating Revenue ​ $ 623,015 ​ $ 401,486 ​ $ 701,384 ​ 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 Consolidated Balance Sheets. These deferred up-front costs are being amortized into expense on a pro-rata basis over the initial six years of the ATSA. The amount expensed during fiscal years 2021 and 2020 was $691 and $271 respectively, and is included in Maintenance expense on the Company’s Consolidated Statements of Operations. 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 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 Consolidated Balance Sheets) and 3) the Amazon deferred up-front payment received (reported within Other Current Liabilities and Other Long-term Liabilities on the Consolidated Balance Sheets). Contract Assets and Liabilities are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 Contract Assets ​ ​ Costs to fulfill contract with Amazon ​ $ 2,819 ​ $ 3,614 ​ ​ ​ ​ ​ ​ ​ Air Traffic Liabilities ​ ​ 118,562 ​ ​ 101,075 Loyalty Program Liabilities ​ 19,718 ​ 22,069 Amazon Deferred Up-front Payment ​ 4,200 ​ 5,240 Total Contract Liabilities ​ $ 142,480 ​ $ 128,384 ​ 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 year ended December 31, 2021, $95,982 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 was recorded in Other Liabilities on the Company’s Consolidated Balance Sheet. This deferred up-front payment is being amortized into revenue on a pro-rata basis over the initial six years of the ATSA. For the years ended December 31, 2021 and 2020, $1,040 and $393 was amortized into Cargo revenue, respectively, on the Company’s Consolidated Statements of Operations. 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 ​ 4,562 ​ 4,015 Loyalty Points Redeemed (1) ​ (6,913) ​ (4,838) Balance - December 31 ​ $ 19,718 ​ $ 22,069 (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 recognized is comprised of points that were part of the Loyalty Program Liabilities 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 later redeemed. 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	12 Months Ended
	Dec. 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 (Loss) 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 ​ 2020 ​ 2019 Net Income (Loss) $ 77,470 $ (3,904) $ 46,072 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ Weighted Average Common Shares Outstanding - Basic ​ 55,182,811 ​ 46,806,042 ​ 46,773,038 Dilutive effect of Stock Options, RSUs and Warrants (1) ​ 4,141,229 ​ — ​ 1,136,375 Weighted Average Common Shares Outstanding - Diluted ​ 59,324,040 ​ 46,806,042 ​ 47,909,413 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic earnings (loss) per share ​ $ 1.40 ​ $ (0.08) ​ $ 0.99 Diluted earnings (loss) per share ​ $ 1.31 ​ $ (0.08) ​ $ 0.96 (1) There were 3,636,771 , 3,577,252 and 3,502,925 performance-based stock options outstanding at December 31, 2021, 2020, and 2019, respectively. As a result of the Company ’ s initial public offering, 75% of these options are expected to meet the performance conditions and are included in dilutive options at December 31, 2021. At December 31, 2020 and 2019 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. As of December 31, 2021, 2020 and 2019, unvested Amazon warrants excluded from dilutive shares were 7,838,946, 8,597,554 and 8,850,423, respectively.

AIRCRAFT

AIRCRAFT	12 Months Ended
	Dec. 31, 2021
AIRCRAFT
AIRCRAFT	6. AIRCRAFT Aircraft Fleet As of December 31, 2021, Sun Country operated a fleet of 48 Boeing 737-NG aircraft, consisting of 47 Boeing 737-800s and one Boeing 737-700. The following tables summarize the Company’s aircraft fleet activity for the years ended 2021 and 2020, respectively: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 Additions Removals December 31, 2021 Passenger: Owned 14 7 — 21 Finance leases 5 4 — 9 Operating leases 12 — (6) 6 Sun Country Airlines' Fleet 31 11 (6) 36 ​ ​ ​ ​ ​ ​ ​ ​ ​ Cargo Aircraft Operated for Amazon 12 — — 12 Total Aircraft Operated 43 11 (6) 48 ​ Six of the aircraft purchased during fiscal year 2021 were financed through the Delayed Draw Term Loan Facility (see Note 8). All six of these were previously under operating leases. The remaining purchased aircraft was new to the Company’s fleet. The Company obtained an additional four aircraft under finance leases during 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 Additions Removals December 31, 2020 Passenger: Owned 5 9 — 14 Finance leases 10 — (5) 5 Operating leases 14 — (2) 12 Seasonal leases ​ 2 ​ — ​ (2) ​ — Sun Country Airlines' Fleet 31 9 (9) 31 ​ ​ ​ ​ ​ ​ ​ ​ ​ Cargo Aircraft Operated for Amazon — 12 — 12 Total Aircraft Operated 31 21 (9) 43 ​ The nine passenger aircraft purchased during the year ended December 31, 2020 were financed through equipment trust certificates (see Note 8). Two of these aircraft were previously under operating leases, five were previously under finance leases, and the other two aircraft were new to the Company’s fleet. In addition to the nine purchases discussed above, the Company refinanced three previously owned aircraft in January 2020 utilizing equipment trust certificates (see Note 8). During the year ended December 31, 2021 the Company executed lease agreements to add four incremental aircraft to its passenger fleet. The lease expiration dates range from fiscal year 2027 to fiscal year 2029 and these leases have been classified as finance leases. Three of these aircraft are currently within a “power-by-the-hour” (“PBH”) period during which monthly lease payments are determined based on aircraft utilization, subject to minimums and limits set forth in the lease agreements. The PBH period ranges from twelve Depreciation, amortization, and rent expense on aircraft is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, Aircraft Status ​ Expense Type ​ 2021 ​ 2020 ​ 2019 Owned Depreciation ​ $ 33,799 ​ $ 25,294 ​ $ 12,900 Finance Leased Amortization ​ 11,507 ​ 13,253 ​ 12,069 Operating Leased Aircraft Rent (1) ​ 17,653 ​ 30,989 ​ 49,908 ​ ​ ​ ​ $ 62,959 ​ $ 69,536 ​ $ 74,877 (1) Aircraft Rent expense includes credits for the amortization of over-market liabilities established at the Acquisition Date (see Note 9). Depreciation expense on owned aircraft and amortization expense on finance leased aircraft are both classified in Depreciation and Amortization on the Consolidated Statements of Operations. Aircraft Maintenance Deposits Contra-Assets On April 11, 2018, the Company established a deposit contra-asset to represent the Company’s obligation to perform planned maintenance events on leased aircraft held as of that date. As of December 31, 2021 and 2020, the remaining balance of the contra-asset was $22,348 and $36,729, respectively. Of the $14,381 reduction in the contra-asset during the year ended December 31, 2021, $12,749 related to the purchase of six aircraft 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 15). There was also a $337 adjustment to this contra-asset and the related asset since a deposit on one engine was recovered for less than the original established amount. For the years ended December 31, 2021, 2020 and 2019, the Company recognized $1,295, $1,402 and $12,263 respectively, of the contra-asset as a reduction to Maintenance expense on the accompanying 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 unamortized balance of this contra-asset as of December 31, 2021 and 2020 was $10,363 and $16,501, respectively and is recorded within Operating Lease Right-of-Use Assets. During fiscal year 2021 the Company purchased six aircraft which were previously under leases with unfavorable terms, contributing to $3,765 of the decrease. The contra-asset representing over-market lease rates for those six aircraft are included in Aircraft lease buy-out expense in Special Items, net (see Note 15). 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 December 31, 2021 and 2020 was $14,737 and $37,409, respectively. Of the $22,672 reduction in the over-market maintenance reserve liabilities during fiscal year 2021, $17,435 related to the purchase of six aircraft previously leased. The over-market maintenance reserves for those aircraft are included in Aircraft lease buy-out expense in Special Items, net (see Note 15).

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	12 Months Ended
	Dec. 31, 2021
GOODWILL AND OTHER INTANGIBLE ASSETS
GOODWILL AND OTHER INTANGIBLE ASSETS	7. GOODWILL AND OTHER INTANGIBLE ASSETS Components of Goodwill and Other Intangible Assets were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ Gross Carrying ​ Accumulated ​ Net Carrying ​ Amount Amortization Value Goodwill ​ $ 222,223 ​ $ — ​ $ 222,223 Intangible Assets with Finite Lives: ​ ​ ​ ​ ​ ​ Customer Relationships ​ 48,000 ​ (14,890) ​ 33,110 Intangible Assets with Indefinite Lives: ​ ​ ​ ​ ​ ​ ​ ​ ​ Tradename ​ 56,000 ​ — ​ 56,000 Total Other Intangible Assets ​ 104,000 ​ (14,890) ​ 89,110 Total Goodwill and Other Intangible Assets ​ $ 326,223 ​ $ (14,890) ​ $ 311,333 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ Gross Carrying ​ Accumulated ​ Net Carrying ​ Amount Amortization Value Goodwill ​ $ 222,223 ​ $ — ​ $ 222,223 Intangible Assets with Finite Lives: ​ ​ ​ ​ ​ ​ ​ ​ ​ Customer Relationships ​ 48,000 ​ (10,890) ​ 37,110 Intangible Assets with Indefinite Lives: ​ ​ ​ ​ ​ ​ ​ ​ ​ Tradename ​ 56,000 ​ — ​ 56,000 Total Other Intangible Assets ​ 104,000 ​ (10,890) ​ 93,110 Total Goodwill and Other Intangible Assets ​ $ 326,223 ​ $ (10,890) ​ $ 315,333 ​ Finite-Lived Intangible Assets are amortized over an estimated useful life based on several factors, including the effects of demand, competition, contractual relationship, and other business factors. The Company concluded that the Customer Relationships Finite-Lived Intangible Assets have an estimated life of 12 years and are being amortized over this period on a straight-line basis. The Company recognized $4,000 of amortization expense on intangible assets with finite-lives during each of the years ended December 31, 2021, 2020 and 2019. As of December 31, 2021, estimated annual amortization expense for each of the next five fiscal years

DEBT

DEBT	12 Months Ended
	Dec. 31, 2021
DEBT
DEBT	8. DEBT Credit Facilities Term Loan Facility, which are collectively referred to as the “Credit Facilities.” The interest rate on borrowings is determined by various alternative base rates plus an applicable margin ranging from 4% to 5%. The interest rate in effect as of December 31, 2021 on the Delayed Draw Term Loan facility is 6%, which is the minimum interest rate allowed under the Credit Agreement. Borrowings on the Delayed Draw Term Loan Facility are subject to possible interest rate adjustment in February 2022. In addition, there is a commitment fee on the unused Revolving Credit Facility of 0.5%. The proceeds from the Revolving Credit Facility can be used for general corporate purposes. The proceeds from the Delayed Draw Term Loan Facility are to be used solely to finance the acquisition of aircraft or engines to be registered in the United States. During 2021, the Company drew $80,500 on the Delayed Draw Term Loan Facility to purchase six aircraft, which were previously under operating leases. Principal payments of $1,006 are due at the end of each calendar quarter. Interest is paid approximately every 90 days, based on the original principal draw date. As of December 31, 2021, the Credit Facilities had an outstanding principal balance of $77,481. The Credit Agreement includes financial covenants that require a minimum trailing 12-month EBITDAR (ranging from $78,100 as of December 31, 2021, and $87,700 as of March 31, 2022 and beyond) and a minimum liquidity of $30,000 at the close of any business day. Long-term Debt th 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 loan bore interest at a rate per annum equal to the Adjusted LIBO Rate plus 6.50% and was due to be repaid on the earlier of (i) October 24, 2025 or (ii) six months prior to the expiration date of any material loyalty program securing the loan. On March 24, 2021, the CARES Act Loan was repaid in full, including outstanding principal and accrued interest for a total repayment amount of $46,260. The Company was in compliance with all covenants in its debt agreements at December 31, 2021. Long-term Debt includes the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 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, in June and December, through December 2027. These notes bear interest at an annual rate of between 4.13% and 6.95% and the weighted average interest rate is 4.76% as of December 31, 2021. ​ $ 202,984 ​ $ 227,347 Delayed Draw Term Loan Facility (see terms and conditions above) ​ 77,481 ​ — U. S. Department of the Treasury CARES Act Loan (see terms and conditions above) ​ — ​ 45,419 Notes payable to Wilmington Trust Company. Notes bore interest at an annual rate of 8.45% and were scheduled to mature Nov. 2023 to Feb. 2024. In April 2021, these notes were repaid. ​ — ​ 12,506 Other Notes payable. These notes bear interest at an annual rate of approximately 5.0% and mature March 2029. ​ 466 ​ 529 Total Debt ​ 280,931 ​ 285,801 Less: Unamortized debt issuance costs ​ (3,505) ​ (3,338) Less: Current Maturities of Long-term Debt ​ (29,412) ​ (26,118) Total Long-term Debt ​ $ 248,014 ​ $ 256,345 ​ Debt issuance costs are capitalized and amortized over the term of the respective agreement, primarily utilizing the effective interest method. Future maturities of the outstanding Debt are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt Principal ​ Amortization of Debt ​ ​ ​ December 31 Payments Issuance Costs Net Debt 2022 ​ $ 30,367 $ (955) $ 29,412 2023 ​ 42,358 ​ (882) ​ 41,476 2024 ​ 44,000 ​ (758) ​ 43,242 2025 ​ 49,087 ​ (643) ​ 48,444 2026 ​ 84,281 ​ (199) ​ 84,082 Thereafter ​ 30,838 ​ (68) ​ 30,770 Total ​ $ 280,931 ​ $ (3,505) ​ $ 277,426 ​ The table below presents the Company’s debt measured at fair value: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 December 31, 2020 Carrying Amount ​ $ 280,931 ​ $ 285,801 Fair Value ​ $ 272,004 ​ $ 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.

LEASES

LEASES	12 Months Ended
	Dec. 31, 2021
LEASES
LEASES	9. LEASES The Company classifies its Operating Leases into three categories: Aircraft, Real Estate, and Other. Aircraft leases consist of aircrafts, engines, and aircraft equipment under operating lease agreements. As of December 31, 2021, the Company had 15 leases for aircraft, of which nine were under finance leases and six were right-of-use operating leases. Real estate leases consist of leased hangar and administration facilities and other leases consist of non-aircraft equipment under operating lease agreements. Real estate and other leases have initial terms of up to ten years. The Company’s fleet of 12 freighters is subleased directly from Amazon and the Company operates them pursuant to the ATSA. Based upon review of the ATSA, the sublease arrangement does not qualify as a lease, because the Company does not control the use of the aircraft. As such, no right-of-use asset and lease liability The Company also has various airport terminal agreements which include provisions for variable lease payments which are based on several factors, including, but not limited to, number of carriers, enplaned passengers, and airports’ annual operating budgets. Due to the variable nature of the rates, these leases are not recorded on the Company’s Consolidated Balance Sheets as a right-of-use asset and lease liability. Certain aircraft lease agreements include an option to extend the lease term beyond the original expiration date. As of December 31, 2021, the Company remains uncertain as to whether it will exercise any of the available extension options. As such, the Company’s operating and finance lease obligations do not reflect lease payments associated with extension periods that remain unexercised. Also, none of the Company’s aircraft leases contain an early termination provision. Certain aircraft lease agreements grant the Company the option to purchase the aircraft at the end of the lease term. To the extent the Company is reasonably certain to exercise the purchase option, the lease arrangement has been accounted for as a finance lease with the purchase option price recognized as part of the lease obligation. The following table summarizes the lease-related assets and liabilities recorded on the Company’s Consolidated Balance Sheets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ Classification 2021 2020 Assets ​ ​ Finance lease assets, net Property and Equipment, net ​ $ 181,097 ​ $ 104,815 Operating lease assets Operating Lease Right-of-use Assets ​ 61,658 ​ 121,269 Total lease assets ​ $ 242,755 ​ $ 226,084 Liabilities ​ ​ Current: ​ ​ Finance lease liabilities Short-term Finance Lease Obligations ​ $ 11,705 ​ $ 11,460 Operating lease liabilities Short-term Operating Lease Obligations ​ 17,231 ​ 34,492 Long-term: ​ ​ Finance lease liabilities Long-term Finance Lease Obligations ​ 180,450 ​ 95,710 Operating lease liabilities Long-term Operating Lease Obligations ​ 58,810 ​ 112,707 Total lease liabilities ​ $ 268,196 ​ $ 254,369 ​ 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 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 Consolidated Balance Sheet. There were no amounts deferred as of December 31, 2021. The following table provides details of the Company’s obligations under Finance and Operating Leases as of December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance ​ Operating Leases Year Ending December 31 Leases Aircraft Real Estate Other Total 2022 ​ $ 23,052 ​ $ 18,221 ​ $ 1,962 ​ $ 358 ​ $ 20,541 2023 ​ ​ 25,492 ​ ​ 18,418 ​ ​ 1,466 ​ ​ 358 ​ ​ 20,242 2024 ​ ​ 35,209 ​ ​ 15,492 ​ ​ 1,466 ​ ​ — ​ ​ 16,958 2025 ​ ​ 37,444 ​ ​ 9,400 ​ ​ 1,466 ​ ​ — ​ ​ 10,866 2026 ​ ​ 18,790 ​ ​ 8,222 ​ ​ 1,466 ​ ​ — ​ ​ 9,688 Thereafter ​ ​ 110,666 ​ ​ — ​ ​ 3,605 ​ ​ — ​ ​ 3,605 Total Minimum Lease Payments ​ ​ 250,654 ​ ​ 69,753 ​ ​ 11,431 ​ ​ 716 ​ ​ 81,900 Less: Amount Representing Interest ​ ​ (58,499) ​ ​ (8,054) ​ ​ (2,073) ​ ​ (39) ​ ​ (10,166) Present Value of Minimum Lease Payments ​ ​ 192,155 ​ ​ 61,699 ​ ​ 9,358 ​ ​ 677 ​ ​ 71,734 Plus: Tennant Improvements ​ ​ — ​ ​ — ​ ​ 4,307 ​ ​ — ​ ​ 4,307 Less: Short-term Obligations ​ ​ (11,705) ​ ​ (14,930) ​ ​ (1,972) ​ ​ (329) ​ ​ (17,231) Long-term Lease Obligations ​ $ 180,450 ​ $ 46,769 ​ $ 11,693 ​ $ 348 ​ $ 58,810 ​ The following table presents lease costs related to the Company’s Finance and Operating Leases: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ Classification 2021 2020 2019 Finance lease cost ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of leased assets Depreciation and Amortization ​ $ 12,536 ​ $ 11,948 ​ $ 13,104 Interest on lease liabilities Interest Expense ​ ​ 8,021 ​ 8,659 ​ 10,741 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating lease cost ​ ​ ​ ​ ​ ​ Included in ROU asset - Aircraft ​ Aircraft Rent (1) ​ ​ 18,608 ​ ​ 30,717 ​ ​ 40,043 Included in ROU asset - Real Estate & Other ​ Ground Handling, Landing Fees and Airport Rent & Other Operating ​ ​ 3,976 ​ ​ 4,872 ​ ​ 5,415 Short-term ​ Aircraft Rent ​ ​ 277 ​ ​ 1,813 ​ ​ 5,345 Variable - Aircraft ​ Aircraft Rent (1) ​ ​ (1,232) ​ ​ (1,541) ​ ​ 4,520 Variable - Other ​ Landing Fees & Airport Rentals ​ ​ 1,210 ​ ​ 1,049 ​ ​ 1,345 Total Lease cost ​ ​ ​ $ 43,396 ​ $ 57,517 ​ $ 80,513 (1) The years ended December 31, 2021, 2020 and 2019, include credits of $7,609 , $14,110 and $20,386 , respectively, for the amortization of Over-market Liabilities established at the Acquisition Date related to lease rates and maintenance reserves. The following table presents Supplemental cash flow information related to leases, included in the Consolidated Statements of Cash Flows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 ​ 2020 ​ 2019 Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ Operating Cash Flows for Operating Leases ​ $ 29,360 ​ $ 34,576 ​ $ 50,081 Operating Cash Flows for Finance Leases ​ $ 8,021 ​ $ 8,659 ​ $ 10,741 Financing Cash Flows for Finance Leases ​ $ 11,931 ​ $ 89,697 ​ $ 8,258 ​ The table below presents lease-related terms and discount rates related to the Company’s Finance and Operating Leases: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 ​ 2020 ​ 2019 Weighted-average remaining lease term ​ Operating Leases 4.6 years 4.8 years 5.7 years ​ Finance Leases 7.2 years 8.6 years 6.4 years ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average discount rates ​ ​ ​ ​ ​ ​ ​ Operating Leases 6.0 % 6.0 % 6.0 % Finance Leases 6.1 % 6.1 % 5.8 % ​ During the years ended December 31, 2021, 2020, and 2019 the Company expensed $4,004, $8,691 and $18,584 of maintenance reserve payments, respectively. These expenses are reflected in Aircraft Rent on the accompanying Consolidated Statements of Operations.

STOCK BASED COMPENSATION

STOCK BASED COMPENSATION	12 Months Ended
	Dec. 31, 2021
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	10. STOCK-BASED COMPENSATION In March 2021, the stockholders approved the Sun Country Airlines Holdings, Inc. 2021 Omnibus Incentive Plan (the “Plan”). The Plan authorizes that no more than 3,600,000 shares of Common Stock may be delivered in the aggregate pursuant to Awards granted under the Plan. An “Award” means any Incentive Stock Option, Nonqualified Stock Option, Stock Appreciation Right, Restricted Stock, Restricted Stock Unit, Other Stock-Based Award, or Other Cash-Based Award granted under the Plan. As of December 31, 2021, there were 3,434,074 shares available for future grants. Upon implementation of this new Plan, grants under the October 2018 equity incentive plan ceased. Awards already issued under the 2018 plan are not impacted by the new Plan. Compensation expense related to time-based stock options is recognized in an amount equal to the fair value on the date of the grant and is recognized on a straight-line basis over the employee’s requisite service period, generally the four year A summary of stock option activity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Time-Based Stock Options ​ ​ ​ Weighted ​ ​ Weighted ​ ​ ​ ​ average ​ Weighted ​ average ​ ​ ​ ​ exercise ​ average ​ remaining ​ ​ Number of ​ price per ​ grant date ​ contractual ​ ​ shares ​ share ​ fair value ​ term (years) Outstanding as of December 31, 2018 2,243,588 ​ $ 5.30 ​ $ 2.39 9.8 Granted 472,253 ​ $ 7.93 ​ $ 3.14 Forfeited (434,533) ​ $ 5.30 ​ $ 2.39 Outstanding as of December 31, 2019 2,281,308 ​ $ 5.84 ​ $ 2.54 9.0 Granted 221,941 ​ $ 17.99 ​ $ 7.02 Forfeited (173,788) ​ $ 14.65 ​ $ 5.70 Outstanding as of December 31, 2020 2,329,461 ​ $ 6.36 ​ $ 2.74 7.6 Granted 62,080 ​ $ 33.10 ​ $ 13.47 Forfeited (18,613) ​ $ 11.75 ​ $ 5.15 Exercised (718,985) ​ $ 5.89 ​ $ 2.56 Outstanding as of December 31, 2021 1,653,943 ​ $ 7.57 ​ $ 3.22 7.2 Exercisable as of December 31, 2021 881,742 ​ $ 5.93 ​ $ 2.61 Vested or expected to vest, December 31, 2021 1,653,943 ​ $ 7.57 ​ $ 3.22 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Performance-Based Stock Options ​ ​ Weighted ​ Weighted ​ ​ ​ ​ average ​ Weighted ​ average ​ ​ ​ ​ exercise ​ average ​ remaining ​ ​ Number of ​ price per ​ grant date ​ contractual ​ ​ shares ​ share ​ fair value ​ term (years) Outstanding as of December 31, 2018 3,583,923 ​ $ 5.30 ​ $ 1.50 9.8 Granted 746,836 ​ $ 7.96 ​ $ 2.01 Forfeited (827,812) ​ $ 5.30 ​ $ 1.50 Outstanding as of December 31, 2019 3,502,947 ​ $ 5.86 ​ $ 1.61 9.0 Granted 346,984 ​ $ 17.99 ​ $ 4.36 Forfeited (272,679) ​ $ 14.65 ​ $ 3.59 Outstanding as of December 31, 2020 3,577,252 ​ $ 6.38 ​ $ 1.72 7.6 Granted 99,167 ​ $ 33.10 ​ $ 10.08 Forfeited (39,648) ​ $ 6.89 ​ $ 1.67 Outstanding as of December 31, 2021 3,636,771 ​ $ 7.10 ​ $ 1.53 7.2 Exercisable as of December 31, 2021 — ​ $ — ​ $ — Vested or expected to vest, December 31, 2021 (1) 2,727,578 ​ $ 7.10 ​ $ 1.53 (1) As a result of the Company's initial public offering, 75% of Performance-Based options are expected to meet the performance conditions and are included in dilutive options at December 31, 2021. At December 31, 2020, these options were excluded from the calculation of diluted EPS since the performance conditions were not considered likely to be met. Additionally, as of December 31, 2021, there were 4,679 shares of common stock that may be issued upon the vesting of outstanding RSUs. During 2021, 7,634 RSUs were granted and 2,955 were forfeited. Stock compensation expense was $5,562, $2,110, and $1,888 during the years ended December 31, 2021, 2020 and 2019, respectively. The 2021 expense includes $3,804 for performance-based options, which were expensed for the first time in 2021 since a majority of the performance conditions are expected to be achieved. As of December 31, 2021, there was $3,777 of total unrecognized compensation expense related to stock options and restricted stock units (“RSUs”). This unrecognized compensation is expected to be fully recognized over a weighted average period of approximately 1.4 years. The intrinsic value of stock options exercised in 2021 was $18,621. A third-party valuation advisor was utilized to assist management in determining the fair value of options granted using the Black-Scholes option-pricing model based on the grant price and assumptions regarding the expected term, expected volatility, dividends, and risk-free interest rates. The grant price was determined based on the fair value of the Company’s stock on the date the Compensation Committee of the Board approves the grant. The fair value of the time-based stock options granted was estimated using the Black-Scholes option-pricing model with the following weighted-average assumptions used for grants: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 2019 Expected Term 5.11 years 5.59 years 5.67 years ​ Expected Volatility 34.0 % 38.8 % 33.9 % Risk-free Interest Rate 1.2 % 1.7 % 1.7 % Expected Dividend Yield — — — ​ ​ The expected term was based on vesting criteria and time to expiration. The expected volatility was based on historical volatility of stock prices and assets of a public company peer group. The risk-free interest rate was based on the implied risk-free rate using the expected term and yields of U.S Treasury stock and S&P bond yields. The fair value of performance-based stock options granted was estimated by simulating the future stock price using geometric brownian motion and risk-free rate of return at intervals specified in the grant agreement. The number of shares vested and future price at each interval were recorded for each simulation and then multiplied together and discounted to present value at the risk-free rate of return.

FUEL DERIVATIVES AND RISK MANAG

FUEL DERIVATIVES AND RISK MANAGEMENT	12 Months Ended
	Dec. 31, 2021
FUEL DERIVATIVES AND RISK MANAGEMENT
FUEL DERIVATIVES AND RISK MANAGEMENT	11. 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 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 December 31, 2021 and 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) are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 Balance - January 1 ​ $ (1,174) ​ $ 2,233 Non-cash Gains (Losses) ​ 3,527 ​ (12,206) Contract Settlements ​ (2,353) ​ 8,799 Balance - December 31 ​ $ — ​ $ (1,174) ​ Fuel Derivative Gains (Losses) consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 2019 Non-cash Gains (Losses) ​ $ 3,527 ​ $ (12,206) ​ $ 10,791 Cash Premiums Paid ​ — ​ (2,053) ​ (665) Total Fuel Derivative Gains (Losses) ​ $ 3,527 ​ $ (14,259) ​ $ 10,126 ​ Fuel derivative gains and losses are classified in Aircraft Fuel on the Consolidated Statements of Operations. As of December 31, 2021, the Company had no outstanding fuel derivative contracts.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 2021
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	12. 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 There were no assets or liabilities measured at fair value on a recurring basis as of December 31, 2021. The following table summarizes the assets and liabilities measured at fair value on a recurring basis as of December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ Level 1 Level 2 Level 3 Total Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fuel Derivative Contracts ​ $ — ​ $ 1,174 ​ $ — ​ $ 1,174 Total Liabilities measured at fair value on a recurring basis ​ $ — ​ $ 1,174 ​ $ — ​ $ 1,174 ​ Certain assets are measured at fair value on a nonrecurring basis. The Company’s non-financial assets, which primarily consist of Property & 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 8 for debt fair values.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2021
INCOME TAXES
INCOME TAXES	13. INCOME TAXES The following table summarizes the significant components of the provision for income taxes from continuing operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 2019 Current: ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal $ — $ — $ — State and Local ​ 135 ​ 10 ​ 66 Total Current Tax Expense ​ 135 ​ 10 ​ 66 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred: ​ ​ ​ Federal ​ 15,818 ​ (597) ​ 12,509 State and Local ​ 2,000 ​ (191) ​ 1,513 Total Deferred Tax Expense (Benefit) ​ 17,818 ​ (788) ​ 14,022 Total Income Tax Expense (Benefit) ​ $ 17,953 ​ $ (778) ​ $ 14,088 ​ The income tax provision differs from that computed at the federal statutory corporate tax rate as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 ​ 2020 ​ 2019 Expected Provision at Federal Statutory Tax Rate ​ 21.0 % ​ 21.0 % ​ 21.0 % State Tax, net of Federal Impact ​ 1.8 % 3.1 % 2.1 % Stock Option benefit ​ (3.8) % 0.0 % 0.0 % Tax receivable agreement ​ (3.6) % 0.0 % 0.0 % Executive Compensation Limitation ​ 3.2 % 0.0 % 0.0 % Employee Parking ​ 0.2 % (3.3) % 0.2 % Meals and Entertainment ​ 0.0 % (2.2) % 0.2 % Other Permanent Adjustments ​ 0.0 % (2.0) % 0.0 % Effective Tax Rate ​ 18.8 % 16.6 % 23.5 % ​ The following table summarizes the significant components of the Company’s deferred taxes: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 Deferred Tax Assets: ​ ​ Net Operating Loss ​ $ 77,920 ​ $ 75,389 Operating Lease Obligations ​ 16,544 ​ 32,942 Finance Lease Obligations ​ 40,178 ​ 20,095 Goodwill and Other Intangible Assets ​ 9,699 ​ 12,586 Loyalty Program Liabilities ​ 4,407 ​ 4,911 Accrued Maintenance ​ 718 ​ 4,434 Other ​ 5,105 ​ 4,318 Total Deferred Tax Assets ​ 154,571 ​ 154,675 ​ ​ ​ ​ ​ ​ ​ Deferred Tax Liabilities: ​ ​ Accelerated Depreciation ​ (80,001) ​ (67,105) Operating Lease Right-of-use Assets ​ (14,181) ​ (27,892) Finance Lease Assets ​ (41,652) ​ (23,462) Total Deferred Tax Liabilities ​ (135,834) ​ (118,459) Total Net Deferred Tax Assets ​ $ 18,737 ​ $ 36,216 ​ As of December 31, 2021, the Company has $75,610 of federal net operating losses and $2,310 of state net operating losses, net of tax effect, available that may be applied against future tax liabilities. As a result of ownership changes that occurred in 2021, the existing federal and state NOLs may be subject to certain limitations under Section 382 of the Internal Revenue Code. However, the Company does not believe these limitations will adversely impact its ability to use these losses to offset taxable income in future periods. There is no expiration of federal net operating losses. The state net operating losses begin to expire in 2025. In assessing the realizability of Deferred Tax Assets, management considers whether it is more likely than not that some portion or all the Deferred Tax Assets will not be realized. The ultimate realization of the Deferred Tax Assets is dependent upon the generation of future taxable income during periods in which the temporary differences become deductible. Management considers the scheduled reversal of the liabilities (including the impact of available carryback and carryforward periods), projected future taxable income, and tax-planning strategies in making this assessment. As of December 31, 2021, management believes that it is more likely than not that the future results of the operations will generate sufficient taxable income to realize the tax benefits related to its Deferred Tax Assets. The Company recognizes the consolidated financial statement effect of a tax position when it is more likely than not, based on the technical merits, that the position will be sustained upon examination. If applicable, the Company reports both accrued interest and penalties related to unrecognized tax benefits as a component of Income Tax Expense in the Consolidated Statements of Operations. As of December 31, 2021 and 2020, the Company had no liability for unrecognized tax benefits recorded in its Consolidated Balance Sheets. The Company files income tax returns in the United States and various states. In the normal course of business, the Company is subject to potential income tax examination by the federal and state tax authorities in these jurisdictions for tax years that are open under local statute. For U.S. federal and state income tax purposes, the Company's 2020, 2019 and 2018 tax returns remain open to examination. Tax Receivable Agreement In connection with the Company’s IPO, the Company entered into a TRA with pre-IPO stockholders (the “TRA holders”). The TRA 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. Pursuant to certain CARES Act restrictions, payments under the TRA are prohibited through September 30, 2022. Based on the Company’s current participation in the CARES Act Program, the Company does not expect to make payments under the TRA until 2023, and thus is presented as non-current liability” on the Consolidated Balance Sheet. If the Company does not generate sufficient taxable income in the aggregate over the term of the TRA to utilize the tax benefits, then it 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 represented undiscounted aggregate payments that were expected to be paid to the TRA holders, with an offset to Stockholders’ Equity. Subsequent changes in the measurement of the liability are being adjusted through the Consolidated Statements of Operations. During fiscal year 2021, the TRA liability balance decreased $16,400 from $115,200 to $98,800 as of December 31, 2021. Any quarterly income statement adjustments to the TRA are recorded in other non-operating income (expense). The decrease in the TRA liability was mainly due to the receipt of an additional CARES Act grant in 2021, which extended the time period in which distributions made to shareholders are restricted from March 31, 2022 to September 30, 2022, and also resulted from an increase in 2021 pre-tax income.

DEFINED CONTRIBUTION 401K

DEFINED CONTRIBUTION 401K	12 Months Ended
	Dec. 31, 2021
DEFINED CONTRIBUTION 401K
DEFINED CONTRIBUTION 401K	14. DEFINED CONTRIBUTION 401(k) PLAN The Company has a 401(k) profit-sharing retirement plan covering substantially all employees. The plan allows employee contributions up to 50% of a participant’s eligible compensation, subject to limits established under the 401(k) plan and annual IRS elective deferral limits. The Company currently matches 100% of participants contribution up to a maximum of 4% for non-pilot participants’ and 6% for pilot participants’ eligible compensation. The Company was also required to make a non-discretionary 2% Company contribution for pilots based on gross earnings. Starting in 2022, this non-discretionary Company contribution for pilots will increase to 13%, followed by 14% in 2023, and 15% for 2024 and thereafter. The Company made 401(k) contributions as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 ​ 2020 ​ 2019 Non-Discretionary $ 1,187 $ 1,040 $ 908 Discretionary ​ 5,220 ​ 4,263 ​ 4,246 Total 401(k) Contributions ​ $ 6,407 ​ $ 5,303 ​ $ 5,154 ​ Contributions are classified in Salaries, Wages, and Benefits on the Consolidated Statements of Operations.

SPECIAL ITEMS, NET

SPECIAL ITEMS, NET	12 Months Ended
	Dec. 31, 2021
SPECIAL ITEMS, NET
SPECIAL ITEMS, NET	15. SPECIAL ITEMS, NET Special Items, net on the Consolidated Statements of Operations consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 ​ 2020 ​ 2019 CARES Act grant recognition (see Note 3) $ (71,587) $ (62,312) $ — CARES Act employee retention credit (see Note 3) ​ (848) ​ (2,328) ​ — Aircraft lease buy-out expense (1) ​ 6,963 ​ — ​ — Contractual obligations for retired technology (2) ​ — ​ — ​ 7,578 Sale of airport slot rights (3) ​ — ​ — ​ (1,200) Other (4) ​ 16 ​ 77 ​ 714 Total Special Items, net ​ $ (65,456) ​ $ (64,563) ​ $ 7,092 (1) Six aircraft were purchased in 2021 that were previously under operating leases. Aircraft lease buy-out expense represents the net impact of these transactions, including the associated lease termination costs, write-off of previously capitalized maintenance deposits, and the write-off of over-market liabilities (see Note 6). (2) Represents contractual obligations for retired technology. In connection with implementing Sun Country ’ s updated reservations systems, the Company incurred obligations under the contracts for existing systems that were being phased out ahead of their scheduled contract terms. (3) Represents proceeds from the sale of unused airport slot rights. Sun Country does not hold any other remaining airport slot rights; therefore, this gain does not reflect the Company ’ s continuing operations. (4) The 2021 and 2020 costs were related to relocation of flight attendant bases due to the closure of the Portland and Las Vegas bases, and the 2019 costs were related to exiting the Company ’ s prior headquarters building .

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2021
COMMITMENTS AND CONTINGENCIES.
COMMITMENTS AND CONTINGENCIES	16. COMMITMENTS AND CONTINGENCIES The Company has contractual obligations and commitments primarily with regard to lease arrangements (see Note 9), repayment of debt (see Note 8), payments under the TRA (see Note 13), and probable future purchases of aircraft. As of December 31, 2021, the Company had a commitment of approximately $20,000 to purchase an aircraft which is anticipated to be delivered in the first quarter of 2022. The Company also had a commitment to lease an aircraft starting in the first quarter of 2022, which calls for annual lease payments of approximately $2,200 per year for 8 years. The Company is subject to various legal proceedings in the normal course of business and expenses legal costs as incurred. Management does not believe these proceedings will have a materially adverse effect on the Company.

OPERATING SEGMENTS

OPERATING SEGMENTS	12 Months Ended
	Dec. 31, 2021
OPERATING SEGMENTS
OPERATING SEGMENTS	17. OPERATING SEGMENTS Operating segments are defined as components of an enterprise about which separate financial information is both available and 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 resources are shared 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 aircraft fuel revenue is presented net of such reimbursements 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 the Cargo 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 tables present 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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2021 ​ Year Ended December 31, 2020 ​ ​ Passenger ​ Cargo ​ Consolidated ​ Passenger ​ Cargo (1) ​ Consolidated Operating Revenues $ 531,587 $ 91,428 $ 623,015 $ 364,677 $ 36,809 $ 401,486 Non-Fuel Operating Expenses ​ 383,524 ​ 68,797 ​ 452,321 ​ 332,742 ​ 32,530 ​ 365,272 Aircraft Fuel ​ 128,863 ​ 247 ​ 129,110 ​ 83,392 ​ — ​ 83,392 Special Items, net ​ (47,056) ​ (18,400) ​ (65,456) ​ (53,842) ​ (10,721) ​ (64,563) Total Operating Expenses ​ 465,331 ​ 50,644 ​ 515,975 ​ 362,292 ​ 21,809 ​ 384,101 Operating Income ​ $ 66,256 ​ $ 40,784 ​ 107,040 ​ $ 2,385 ​ $ 15,000 ​ 17,385 Interest Income ​ ​ ​ 85 ​ ​ ​ 377 Interest Expense ​ ​ ​ (26,326) ​ ​ ​ (22,073) Other, net ​ ​ ​ 14,624 ​ ​ ​ (371) Income (Loss) before Income Tax ​ ​ ​ $ 95,423 ​ ​ ​ $ (4,682) ​ (1) As air cargo operations commenced in May 2020, there are limited Cargo amounts included in the year ended December 31, 2020.

PARENT COMPANY FINANCIAL STATEM

PARENT COMPANY FINANCIAL STATEMENTS	12 Months Ended
	Dec. 31, 2021
PARENT COMPANY FINANCIAL STATEMENTS
PARENT COMPANY FINANCIAL STATEMENTS	18. PARENT COMPANY FINANCIAL STATEMENTS The following parent company financial information is presented to show only the parent company, Sun Country Airlines Holdings, Inc. Balance Sheets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2021 ​ 2020 ASSETS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current Assets: ​ ​ ​ ​ ​ ​ Cash and Cash Equivalents ​ $ — ​ $ — Total Current Assets ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ Other Assets: ​ ​ ​ ​ ​ ​ Investment in Subsidiary ​ ​ 602,561 ​ ​ 282,569 Other Assets ​ ​ — ​ ​ 1,429 Total Other Assets ​ ​ 602,561 ​ ​ 283,998 Total Assets ​ $ 602,561 ​ $ 283,998 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 LIABILITIES AND STOCKHOLDERS' EQUITY ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current Liabilities: ​ ​ ​ ​ ​ ​ Accounts Payable ​ $ (1) ​ $ — Other Current Liabilities ​ ​ 57 ​ ​ 181 Total Current Liabilities ​ ​ 56 ​ ​ 181 ​ ​ ​ ​ ​ ​ ​ Other Long-term Liabilities ​ ​ 494 ​ ​ — Total Liabilities ​ ​ 550 ​ ​ 181 ​ ​ ​ ​ ​ ​ ​ Stockholders' Equity: ​ ​ ​ ​ ​ ​ Common Stock ​ ​ 579 ​ ​ 468 Loans to Stockholders ​ ​ — ​ ​ (3,500) Additional Paid In Capital ​ ​ 485,638 ​ ​ 248,525 Retained Earnings ​ ​ 115,794 ​ ​ 38,324 Total Stockholders' Equity ​ ​ 602,011 ​ ​ 283,817 Total Liabilities and Stockholders' Equity ​ $ 602,561 ​ $ 283,998 ​ ​ Statements of Operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 ​ 2020 ​ 2019 Operating Expenses: ​ ​ ​ Other Operating, net ​ $ 64 ​ $ 179 ​ $ 439 Total Operating Expenses ​ 64 ​ 179 ​ 439 Operating Income (Loss) ​ (64) ​ (179) ​ (439) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-operating Income (Expense): ​ ​ ​ Equity in Income (Loss) of Subsidiaries ​ 77,534 ​ (3,725) ​ 46,283 Other, net ​ — ​ — ​ 228 Total Non-operating Income (Expense), net ​ 77,534 ​ (3,725) ​ 46,511 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (Loss) before Income Tax ​ 77,470 ​ (3,904) ​ 46,072 Income Tax Expense (Benefit) ​ — ​ — ​ — Net Income (Loss) ​ $ 77,470 ​ $ (3,904) ​ $ 46,072 ​ ​ Statements of Cash Flows ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 ​ 2020 ​ 2019 Cash Flows from Operating Activities: ​ ​ ​ Net Cash Provided by Operating Activities ​ $ — ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash Flows from Investing Activities: ​ ​ ​ Net Payments to Subsidiary ​ — ​ (28) ​ — Net Cash Used in Investing Activities ​ — ​ (28) ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash Flows from Financing Activities: ​ ​ ​ Cash Contributions from Stockholders ​ — ​ — ​ — Net Payments from Subsidiary ​ — ​ — ​ 7 Proceeds Received from Exercise of Apollo Warrants ​ — ​ 21 ​ — Net Cash Provided by Financing Activities ​ — ​ 21 ​ 7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash ​ — ​ (7) ​ 7 Cash, Cash Equivalents and Restricted Cash--Beginning of the Period ​ — ​ 7 ​ — Cash, Cash Equivalents and Restricted Cash--End of the Period ​ $ — ​ $ — ​ $ 7 ​ Basis of Presentation These condensed Parent company-only financial statements are not general-purpose financial statements and should be read in conjunction with the consolidated financial statements. The Parent’s significant accounting policies are consistent with those described in the consolidated financial statements, except that all subsidiaries are accounted for as equity method investments.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2021
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	19. SUBSEQUENT EVENTS The Company evaluated subsequent events for the period from the Balance Sheet date through February 18, 2022, the date that the Consolidated Financial Statements were available to be issued. Subsequent to December 31, 2021, the Company entered into letters of intent to acquire four additional 737-800 aircraft, at a total cost of approximately $75,000. The Company also committed to lease an aircraft for six years at approximately $2,000 per year. All five aircraft are expected to be delivered in 2022. There is also an aircraft currently under an operating lease that the Company committed in 2022 to purchase when the lease expires in 2026.

QUARTERLY FINANCIAL DATA (UNAUD

QUARTERLY FINANCIAL DATA (UNAUDITED)	12 Months Ended
	Dec. 31, 2021
QUARTERLY FINANCIAL DATA (UNAUDITED)
QUARTERLY FINANCIAL DATA (UNAUDITED)	20. QUARTERLY FINANCIAL DATA (UNAUDITED) Quarterly results of operations for the years ended December 31, 2021 and 2020 are summarized below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ First ​ Second ​ Third ​ Fourth ​ Quarter Quarter Quarter Quarter 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Revenues ​ $ 127,611 ​ $ 149,189 ​ $ 173,663 ​ $ 172,552 Operating Expenses ​ 102,678 ​ 99,951 ​ 151,661 ​ 161,685 Operating Income ​ 24,933 ​ 49,238 ​ 22,002 ​ 10,867 Net Income (Loss) ​ $ 12,416 ​ $ 51,753 ​ $ 13,903 ​ $ (602) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings (Loss) Per Share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 0.26 ​ $ 0.91 ​ $ 0.24 ​ $ (0.01) Diluted ​ $ 0.24 ​ $ 0.83 ​ $ 0.23 ​ $ (0.01) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Shares Used for Computation: ​ ​ ​ ​ Basic ​ 48,496,077 ​ 57,156,159 ​ 57,355,104 ​ 57,712,097 Diluted ​ 52,508,186 ​ 61,982,441 ​ 61,712,378 ​ 57,712,097 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Revenues ​ $ 180,330 ​ $ 35,376 ​ $ 77,973 ​ $ 107,807 Operating Expenses ​ 165,100 ​ 37,610 ​ 69,156 ​ 112,235 Operating Income (Loss) ​ 15,230 ​ (2,234) ​ 8,817 ​ (4,428) Net Income / (Loss) ​ $ 7,251 ​ $ (6,040) ​ $ 2,927 ​ $ (8,042) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings (Loss) Per Share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 0.16 ​ $ (0.13) ​ $ 0.06 ​ $ (0.17) Diluted ​ $ 0.15 ​ $ (0.13) ​ $ 0.06 ​ $ (0.17) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Shares Used for Computation: ​ ​ ​ ​ Basic ​ 46,805,950 ​ 46,805,950 ​ 46,805,950 ​ 46,806,317 Diluted ​ 48,225,603 ​ 46,805,950 ​ 48,350,943 ​ 46,806,317 ​ The sum of the quarterly Earnings (Loss) Per Share amounts does not equal the annual amount reported since per share amounts are computed independently for each quarter and for the full year based on respective weighted-average shares of common stock outstanding and other dilutive potential common stock.

BASIS OF PRESENTATION AND SUM_2

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2021
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Principles of Consolidation	Principles of Consolidation – 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 the remaining dollars to Additional Paid-In Capital. These reclasses were $238,694, $239,073, and $239,073 for the years ended December 31, 2020, 2019 and 2018, respectively.
Fiscal Year	The Company operates its fiscal year on a calendar year basis.
Use of Estimates	Use of Estimates Management believes that all adjustments necessary for the fair presentation of results, consisting of normally recurring items, have been included in the Consolidated Financial Statements.
Revenue Recognition	Revenue Recognition The Company initially defers ticket sales as an air traffic liability and recognizes revenue when the passenger flight occurs. Unused non-refundable tickets expire at the date of scheduled travel and are recorded as revenue unless the customer notifies the Company in advance of such date that the customer will not travel. If notification is made, a travel credit is created for the face value less applicable change fees. Travel credits may generally be redeemed toward future travel for up to 12 months after the date of the original booking. A portion of travel credits will expire unused. The Company records an estimate for travel credits that will expire unused in passenger revenue. These estimates are based on historical experience of travel credit activity and consider other facts, such as recent program changes and modifications that could affect the ultimate usage patterns of tickets and travel credits. Ancillary revenue for baggage fees, seat selection fees, and on-board sales is recognized when the associated flight occurs. Revenue for change fees is deferred and recognized when the passenger travel is provided. Fees received in advance of the flight date are initially recorded as an air traffic liability. Charter revenue is recognized at the time of departure when transportation is provided. Cargo revenue is typically recognized based on hours flown, number of flights, and the amount of aircraft resources provided during a reporting period. The ATSA contains three performance obligations: Flight Services, Heavy Maintenance and Fuel. As Sun Country is the principal in providing Flight Services, revenue and related costs are recognized gross on the Statement of Operations. Sun Country acts as the agent in providing the Heavy Maintenance and Fuel performance obligations, which are reimbursed by Amazon based on the actual costs incurred. Consumption of aircraft fuel and heavy maintenance are recognized in revenue, net of the associated costs incurred to fulfill the performance obligations. The transaction price is allocated to the performance obligations based on their relative standalone selling price. The transaction price for flight services, which includes an upfront payment for startup costs, is reduced by the estimated value of warrants to be issued to Amazon based on expected performance under the ATSA.
Loyalty Program Accounting	Loyalty Program Accounting
Asset Impairment Analysis	Asset Impairment Analysis
Valuation of the TRA Liability	Valuation of the TRA Liability
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets The value of Goodwill and Other Indefinite-lived Intangible Assets is assessed under either a qualitative or quantitative approach. Under a qualitative approach, the Company considers various market factors, including certain key assumptions, such as the market value of other airlines, fuel prices, the overall economy, passenger yields and changes to the regulatory environment. The Company analyzes these factors to determine if events and circumstances have affected the fair value of Goodwill and Other Indefinite-lived Intangible Assets. If it is determined that it is more likely than not that the asset may be impaired, the Company uses a quantitative approach to determine the reporting unit or intangible asset’s fair value incorporating the key assumptions listed below. An impairment charge is recorded for the amount of carrying value that exceeds the determined fair value as of the testing date. When the Company evaluates Goodwill for impairment using a quantitative approach, the Company estimates the fair value of the Company by considering the number of Sun Country common shares outstanding times the market price per share (a market approach) and projected discounted future cash flows utilizing operating margins of the two reporting units (an income approach). When the Company performs a quantitative impairment assessment of indefinite-lived intangible assets, fair value is estimated based on (1) recent market transactions, where available, (2) the royalty method for the Sun Country tradename (which assumes hypothetical royalties generated from using the Company’s tradename) or (3) projected discounted future cash flows (an income approach). The Company performed its most recent annual Goodwill and Other Indefinite-Lived Intangible Assets impairment analysis as of October 1, 2021 and did not recognize any impairment losses for the years ended December 31, 2021, 2020 or 2019.
Cash and Equivalents	Cash and Equivalents
Restricted Cash	Restricted Cash
Investments	Investments
Accounts Receivable	Accounts Receivable
Lessor Maintenance Deposits	Lessor Maintenance Deposits Maintenance reserve payments that are expected to be recoverable via reimbursable expenses are reflected as Lessor Maintenance Deposits on the accompanying Consolidated Balance Sheets. These deposits are expected to be reimbursed to the Company upon performance of maintenance activities. Upon completion of the maintenance event, the lessor is billed and the amount due is recorded in Accounts Receivable. Amounts not deemed probable of recovery are expensed as incurred. At the April 11, 2018 acquisition date of Sun Country, Inc. (the “Acquisition Date”), the Company established a contra-asset to represent the Company’s obligation to perform planned maintenance events on leased aircraft held as of the Acquisition Date. As reimbursable maintenance events are performed and maintenance expense is incurred, the contra-asset is recognized as a reduction to Maintenance expense.
Inventory	Inventory
Property & Equipment	Property & Equipment ​ ​ ​ ​ Airframes 10-25 years (depending on age) Engines – 7 or 12 years (based on remaining cycles) Engines - Initial Greentime (time remaining until the first scheduled major maintenance event) 1 st Leasehold Improvements, Aircraft, other 3-25 years (or life of lease, if shorter) Office and Ground Equipment 5-7 years Computer Hardware and Software 3-5 years Property and Equipment under Finance Leases 3-25 years (or life of lease, if shorter) Rotable Parts 6-16 years (average remaining life of aircraft fleet) ​ Modifications that enhance the operating performance or extend the useful lives of leased airframes are considered leasehold improvements and are capitalized and depreciated over the economic life of the asset or the term of the lease, whichever is shorter. Similar modifications made to owned aircraft are capitalized and depreciated consistent with the Company’s policy. The Company capitalizes certain internal and external costs associated with the acquisition and development of internal-use software for new products, and enhancements to existing products, that have reached the application development stage and meet recoverability tests. Capitalized costs include external direct costs of materials and services utilized in developing or obtaining internal-use software, and labor cost for employees who are directly associated with, and devote time to, internal-use software projects. The Company depreciates Rotable Parts to an estimated residual value using the pooling life method. Depreciation under the pooling life method is calculated over the estimated average useful life of the passenger aircraft fleet.
Leases	Leases . Operating Lease Right-of-Use Asset and Liabilities For all operating leases with a term greater than 12 months, the Company recognizes a right-of-use asset and a lease liability at the lease commencement date based on the estimated present value of future minimum lease payments over the lease term. Operating Lease Right-of-use Assets and Operating Lease Obligations have their own lines on the Consolidated Balance Sheets. Finance Leases Finance leases are initially recorded at the net present value of future minimum lease payments. Finance leases generally have one of these five attributes: (a) ownership of the underlying asset transfers to the Company at the end of the lease term, (b) the lease agreement contains a purchase option that the Company is reasonably certain to exercise, (c) the lease term represents the major part of the asset’s economic life , . Leased Aircraft Return Costs The Company's aircraft lease agreements often contain provisions that require the Company to return aircraft airframes, engines, and other aircraft components to the lessor in a certain condition or pay an amount to the lessor based on the airframe and engine's actual return condition. Lease return costs are recognized beginning when it is probable that such costs will be incurred and they can be estimated. The Company assesses the need to accrue lease return costs periodically throughout the year or whenever facts and circumstances warrant an assessment. Expense associated with lease returns in the standard course of operating the aircraft is included in Maintenance in the Consolidated Statements of Operations.
Airframe and Engine Maintenance	Airframe and Engine Maintenance The Company applies the Built-in Overhaul method for significant maintenance costs of owned engines, as well as to engines acquired via finance leases where the Company is reasonably certain to exercise a purchase option. Under this method, engine values are separated into amounts for life limited parts and “greentime”, representing the value of the engine for the time on-wing remaining until the next anticipated major maintenance event. Amounts capitalized as life limited parts are depreciated down to a residual value over the useful life. Initial engine greentime and subsequent major engine maintenance events are capitalized and depreciated until the next anticipated major maintenance event, assuming no residual value. These expenses are reported as a component of Depreciation and Amortization on the accompanying Consolidated Statements of Operations. The estimated period until the next scheduled major maintenance event is estimated based on assumptions such as estimated cycles, hours, and months, required maintenance intervals, and the age/condition of related parts.
Equity Incentive Plan	Equity Incentive Plan
Co-branded Credit Card Program	Co-branded Credit Card Program
Income Taxes	Income Taxes
Concentration Risk	Concentration Risk Approximately 56% and 41% of the Company’s Accounts Receivable balances as of December 31, 2021, and 2020 were due from Amazon. In addition, approximately 8% and 5% of the Company’s Accounts Receivable balances as of December 31, 2021 and 2020, were due from one financial institution for tickets purchased via credit cards. Approximately 54%, 57% and 58% of the Company’s fuel purchases were made from two vendors for the years ended December 31, 2021, 2020 and 2019, respectively. Approximately 46% of the Company’s workforce were under union contracts as of December 31, 2021 with three different unions: Air Line Pilots Association (“ALPA”), International Brotherhood of Teamsters (“IBT”) and Transport Workers Union (“TWU”). Approximately 52% of the Company’s union workforce are under contracts that have expired or will be expiring within a year. The following table shows the Company’s airline employee groups represented by unions: ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Active ​ Employees ​ ​ Date on which Collective ​ Represented at ​ ​ Bargaining Agreement Employee Group December 31, 2021 Union Becomes Amendable Sun Country Pilots 456 ALPA ​ December 31, 2026 Sun Country Flight Attendants 527 IBT ​ December 31, 2019 Sun Country Dispatchers 27 TWU ​ November 30, 2024
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 Recently Issued Accounting Standards On May 3, 2021, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options. ​

BASIS OF PRESENTATION AND SUM_3

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2021
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of estimated useful lives of property and equipment	​ ​ ​ ​ Airframes 10-25 years (depending on age) Engines – 7 or 12 years (based on remaining cycles) Engines - Initial Greentime (time remaining until the first scheduled major maintenance event) 1 st Leasehold Improvements, Aircraft, other 3-25 years (or life of lease, if shorter) Office and Ground Equipment 5-7 years Computer Hardware and Software 3-5 years Property and Equipment under Finance Leases 3-25 years (or life of lease, if shorter) Rotable Parts 6-16 years (average remaining life of aircraft fleet)
Schedule of airline employee groups represented by unions	​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Active ​ Employees ​ ​ Date on which Collective ​ Represented at ​ ​ Bargaining Agreement Employee Group December 31, 2021 Union Becomes Amendable Sun Country Pilots 456 ALPA ​ December 31, 2026 Sun Country Flight Attendants 527 IBT ​ December 31, 2019 Sun Country Dispatchers 27 TWU ​ November 30, 2024

REVENUE (Tables)

REVENUE (Tables)	12 Months Ended
	Dec. 31, 2021
REVENUE
Schedule of significant categories comprising operating revenues	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 2019 Scheduled service $ 279,377 $ 193,047 $ 396,113 Charter service ​ 127,331 ​ 98,130 ​ 174,562 Ancillary ​ 117,237 ​ 68,055 ​ 118,158 Passenger ​ 523,945 ​ 359,232 ​ 688,833 Cargo ​ 91,428 ​ 36,809 ​ — Other ​ 7,642 ​ 5,445 ​ 12,551 Total Operating Revenue ​ $ 623,015 ​ $ 401,486 ​ $ 701,384 ​
Schedule of operating revenue by geographic region	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 2019 Domestic $ 597,005 $ 382,463 $ 666,332 Latin America ​ 24,646 ​ 18,515 ​ 33,716 Other ​ 1,364 ​ 508 ​ 1,336 Total Operating Revenue ​ $ 623,015 ​ $ 401,486 ​ $ 701,384
Summary of contract assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 Contract Assets ​ ​ Costs to fulfill contract with Amazon ​ $ 2,819 ​ $ 3,614 ​ ​ ​ ​ ​ ​ ​ Air Traffic Liabilities ​ ​ 118,562 ​ ​ 101,075 Loyalty Program Liabilities ​ 19,718 ​ 22,069 Amazon Deferred Up-front Payment ​ 4,200 ​ 5,240 Total Contract Liabilities ​ $ 142,480 ​ $ 128,384
Schedule of change in contract with customer, liability	​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Balance - January 1 ​ $ 22,069 ​ $ 22,892 Loyalty Points Earned ​ 4,562 ​ 4,015 Loyalty Points Redeemed (1) ​ (6,913) ​ (4,838) Balance - December 31 ​ $ 19,718 ​ $ 22,069 (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 recognized is comprised of points that were part of the Loyalty Program Liabilities 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)	12 Months Ended
	Dec. 31, 2021
EARNINGS PER SHARE
Summary of computation of basic and diluted earnings per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 ​ 2020 ​ 2019 Net Income (Loss) $ 77,470 $ (3,904) $ 46,072 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ Weighted Average Common Shares Outstanding - Basic ​ 55,182,811 ​ 46,806,042 ​ 46,773,038 Dilutive effect of Stock Options, RSUs and Warrants (1) ​ 4,141,229 ​ — ​ 1,136,375 Weighted Average Common Shares Outstanding - Diluted ​ 59,324,040 ​ 46,806,042 ​ 47,909,413 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic earnings (loss) per share ​ $ 1.40 ​ $ (0.08) ​ $ 0.99 Diluted earnings (loss) per share ​ $ 1.31 ​ $ (0.08) ​ $ 0.96 (1) There were 3,636,771 , 3,577,252 and 3,502,925 performance-based stock options outstanding at December 31, 2021, 2020, and 2019, respectively. As a result of the Company ’ s initial public offering, 75% of these options are expected to meet the performance conditions and are included in dilutive options at December 31, 2021. At December 31, 2020 and 2019 these options were excluded from the calculation of diluted EPS since the performance conditions were not considered likely to be met.

AIRCRAFT (Tables)

AIRCRAFT (Tables)	12 Months Ended
	Dec. 31, 2021
AIRCRAFT
Summary of aircraft fleet activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 Additions Removals December 31, 2021 Passenger: Owned 14 7 — 21 Finance leases 5 4 — 9 Operating leases 12 — (6) 6 Sun Country Airlines' Fleet 31 11 (6) 36 ​ ​ ​ ​ ​ ​ ​ ​ ​ Cargo Aircraft Operated for Amazon 12 — — 12 Total Aircraft Operated 43 11 (6) 48 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 Additions Removals December 31, 2020 Passenger: Owned 5 9 — 14 Finance leases 10 — (5) 5 Operating leases 14 — (2) 12 Seasonal leases ​ 2 ​ — ​ (2) ​ — Sun Country Airlines' Fleet 31 9 (9) 31 ​ ​ ​ ​ ​ ​ ​ ​ ​ Cargo Aircraft Operated for Amazon — 12 — 12 Total Aircraft Operated 31 21 (9) 43
Schedule of depreciation, amortization, and rent expense on aircraft	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, Aircraft Status ​ Expense Type ​ 2021 ​ 2020 ​ 2019 Owned Depreciation ​ $ 33,799 ​ $ 25,294 ​ $ 12,900 Finance Leased Amortization ​ 11,507 ​ 13,253 ​ 12,069 Operating Leased Aircraft Rent (1) ​ 17,653 ​ 30,989 ​ 49,908 ​ ​ ​ ​ $ 62,959 ​ $ 69,536 ​ $ 74,877 (1) Aircraft Rent expense includes credits for the amortization of over-market liabilities established at the Acquisition Date (see Note 9).

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	12 Months Ended
	Dec. 31, 2021
GOODWILL AND OTHER INTANGIBLE ASSETS
Schedule of goodwill and other intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ Gross Carrying ​ Accumulated ​ Net Carrying ​ Amount Amortization Value Goodwill ​ $ 222,223 ​ $ — ​ $ 222,223 Intangible Assets with Finite Lives: ​ ​ ​ ​ ​ ​ Customer Relationships ​ 48,000 ​ (14,890) ​ 33,110 Intangible Assets with Indefinite Lives: ​ ​ ​ ​ ​ ​ ​ ​ ​ Tradename ​ 56,000 ​ — ​ 56,000 Total Other Intangible Assets ​ 104,000 ​ (14,890) ​ 89,110 Total Goodwill and Other Intangible Assets ​ $ 326,223 ​ $ (14,890) ​ $ 311,333 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ Gross Carrying ​ Accumulated ​ Net Carrying ​ Amount Amortization Value Goodwill ​ $ 222,223 ​ $ — ​ $ 222,223 Intangible Assets with Finite Lives: ​ ​ ​ ​ ​ ​ ​ ​ ​ Customer Relationships ​ 48,000 ​ (10,890) ​ 37,110 Intangible Assets with Indefinite Lives: ​ ​ ​ ​ ​ ​ ​ ​ ​ Tradename ​ 56,000 ​ — ​ 56,000 Total Other Intangible Assets ​ 104,000 ​ (10,890) ​ 93,110 Total Goodwill and Other Intangible Assets ​ $ 326,223 ​ $ (10,890) ​ $ 315,333

DEBT (Tables)

DEBT (Tables)	12 Months Ended
	Dec. 31, 2021
DEBT
Summary of long term debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 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, in June and December, through December 2027. These notes bear interest at an annual rate of between 4.13% and 6.95% and the weighted average interest rate is 4.76% as of December 31, 2021. ​ $ 202,984 ​ $ 227,347 Delayed Draw Term Loan Facility (see terms and conditions above) ​ 77,481 ​ — U. S. Department of the Treasury CARES Act Loan (see terms and conditions above) ​ — ​ 45,419 Notes payable to Wilmington Trust Company. Notes bore interest at an annual rate of 8.45% and were scheduled to mature Nov. 2023 to Feb. 2024. In April 2021, these notes were repaid. ​ — ​ 12,506 Other Notes payable. These notes bear interest at an annual rate of approximately 5.0% and mature March 2029. ​ 466 ​ 529 Total Debt ​ 280,931 ​ 285,801 Less: Unamortized debt issuance costs ​ (3,505) ​ (3,338) Less: Current Maturities of Long-term Debt ​ (29,412) ​ (26,118) Total Long-term Debt ​ $ 248,014 ​ $ 256,345
Schedule of future maturities of the outstanding debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt Principal ​ Amortization of Debt ​ ​ ​ December 31 Payments Issuance Costs Net Debt 2022 ​ $ 30,367 $ (955) $ 29,412 2023 ​ 42,358 ​ (882) ​ 41,476 2024 ​ 44,000 ​ (758) ​ 43,242 2025 ​ 49,087 ​ (643) ​ 48,444 2026 ​ 84,281 ​ (199) ​ 84,082 Thereafter ​ 30,838 ​ (68) ​ 30,770 Total ​ $ 280,931 ​ $ (3,505) ​ $ 277,426
Schedule of debt measured at fair value	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 December 31, 2020 Carrying Amount ​ $ 280,931 ​ $ 285,801 Fair Value ​ $ 272,004 ​ $ 279,119

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2021
LEASES
Summary of lease-related assets and liabilities	The following table summarizes the lease-related assets and liabilities recorded on the Company’s Consolidated Balance Sheets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ Classification 2021 2020 Assets ​ ​ Finance lease assets, net Property and Equipment, net ​ $ 181,097 ​ $ 104,815 Operating lease assets Operating Lease Right-of-use Assets ​ 61,658 ​ 121,269 Total lease assets ​ $ 242,755 ​ $ 226,084 Liabilities ​ ​ Current: ​ ​ Finance lease liabilities Short-term Finance Lease Obligations ​ $ 11,705 ​ $ 11,460 Operating lease liabilities Short-term Operating Lease Obligations ​ 17,231 ​ 34,492 Long-term: ​ ​ Finance lease liabilities Long-term Finance Lease Obligations ​ 180,450 ​ 95,710 Operating lease liabilities Long-term Operating Lease Obligations ​ 58,810 ​ 112,707 Total lease liabilities ​ $ 268,196 ​ $ 254,369
Summary of obligations under finance leases	The following table provides details of the Company’s obligations under Finance and Operating Leases as of December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance ​ Operating Leases Year Ending December 31 Leases Aircraft Real Estate Other Total 2022 ​ $ 23,052 ​ $ 18,221 ​ $ 1,962 ​ $ 358 ​ $ 20,541 2023 ​ ​ 25,492 ​ ​ 18,418 ​ ​ 1,466 ​ ​ 358 ​ ​ 20,242 2024 ​ ​ 35,209 ​ ​ 15,492 ​ ​ 1,466 ​ ​ — ​ ​ 16,958 2025 ​ ​ 37,444 ​ ​ 9,400 ​ ​ 1,466 ​ ​ — ​ ​ 10,866 2026 ​ ​ 18,790 ​ ​ 8,222 ​ ​ 1,466 ​ ​ — ​ ​ 9,688 Thereafter ​ ​ 110,666 ​ ​ — ​ ​ 3,605 ​ ​ — ​ ​ 3,605 Total Minimum Lease Payments ​ ​ 250,654 ​ ​ 69,753 ​ ​ 11,431 ​ ​ 716 ​ ​ 81,900 Less: Amount Representing Interest ​ ​ (58,499) ​ ​ (8,054) ​ ​ (2,073) ​ ​ (39) ​ ​ (10,166) Present Value of Minimum Lease Payments ​ ​ 192,155 ​ ​ 61,699 ​ ​ 9,358 ​ ​ 677 ​ ​ 71,734 Plus: Tennant Improvements ​ ​ — ​ ​ — ​ ​ 4,307 ​ ​ — ​ ​ 4,307 Less: Short-term Obligations ​ ​ (11,705) ​ ​ (14,930) ​ ​ (1,972) ​ ​ (329) ​ ​ (17,231) Long-term Lease Obligations ​ $ 180,450 ​ $ 46,769 ​ $ 11,693 ​ $ 348 ​ $ 58,810
Summary of obligations under operating leases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance ​ Operating Leases Year Ending December 31 Leases Aircraft Real Estate Other Total 2022 ​ $ 23,052 ​ $ 18,221 ​ $ 1,962 ​ $ 358 ​ $ 20,541 2023 ​ ​ 25,492 ​ ​ 18,418 ​ ​ 1,466 ​ ​ 358 ​ ​ 20,242 2024 ​ ​ 35,209 ​ ​ 15,492 ​ ​ 1,466 ​ ​ — ​ ​ 16,958 2025 ​ ​ 37,444 ​ ​ 9,400 ​ ​ 1,466 ​ ​ — ​ ​ 10,866 2026 ​ ​ 18,790 ​ ​ 8,222 ​ ​ 1,466 ​ ​ — ​ ​ 9,688 Thereafter ​ ​ 110,666 ​ ​ — ​ ​ 3,605 ​ ​ — ​ ​ 3,605 Total Minimum Lease Payments ​ ​ 250,654 ​ ​ 69,753 ​ ​ 11,431 ​ ​ 716 ​ ​ 81,900 Less: Amount Representing Interest ​ ​ (58,499) ​ ​ (8,054) ​ ​ (2,073) ​ ​ (39) ​ ​ (10,166) Present Value of Minimum Lease Payments ​ ​ 192,155 ​ ​ 61,699 ​ ​ 9,358 ​ ​ 677 ​ ​ 71,734 Plus: Tennant Improvements ​ ​ — ​ ​ — ​ ​ 4,307 ​ ​ — ​ ​ 4,307 Less: Short-term Obligations ​ ​ (11,705) ​ ​ (14,930) ​ ​ (1,972) ​ ​ (329) ​ ​ (17,231) Long-term Lease Obligations ​ $ 180,450 ​ $ 46,769 ​ $ 11,693 ​ $ 348 ​ $ 58,810
Summary of lease costs related to the Finance and Operating Leases	The following table presents lease costs related to the Company’s Finance and Operating Leases: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ Classification 2021 2020 2019 Finance lease cost ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of leased assets Depreciation and Amortization ​ $ 12,536 ​ $ 11,948 ​ $ 13,104 Interest on lease liabilities Interest Expense ​ ​ 8,021 ​ 8,659 ​ 10,741 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating lease cost ​ ​ ​ ​ ​ ​ Included in ROU asset - Aircraft ​ Aircraft Rent (1) ​ ​ 18,608 ​ ​ 30,717 ​ ​ 40,043 Included in ROU asset - Real Estate & Other ​ Ground Handling, Landing Fees and Airport Rent & Other Operating ​ ​ 3,976 ​ ​ 4,872 ​ ​ 5,415 Short-term ​ Aircraft Rent ​ ​ 277 ​ ​ 1,813 ​ ​ 5,345 Variable - Aircraft ​ Aircraft Rent (1) ​ ​ (1,232) ​ ​ (1,541) ​ ​ 4,520 Variable - Other ​ Landing Fees & Airport Rentals ​ ​ 1,210 ​ ​ 1,049 ​ ​ 1,345 Total Lease cost ​ ​ ​ $ 43,396 ​ $ 57,517 ​ $ 80,513 (1) The years ended December 31, 2021, 2020 and 2019, include credits of $7,609 , $14,110 and $20,386 , respectively, for the amortization of Over-market Liabilities established at the Acquisition Date related to lease rates and maintenance reserves.
Summary of supplemental cash flow information related to leases	The following table presents Supplemental cash flow information related to leases, included in the Consolidated Statements of Cash Flows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 ​ 2020 ​ 2019 Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ Operating Cash Flows for Operating Leases ​ $ 29,360 ​ $ 34,576 ​ $ 50,081 Operating Cash Flows for Finance Leases ​ $ 8,021 ​ $ 8,659 ​ $ 10,741 Financing Cash Flows for Finance Leases ​ $ 11,931 ​ $ 89,697 ​ $ 8,258 ​
Summary of lease-related terms and discount rates	The table below presents lease-related terms and discount rates related to the Company’s Finance and Operating Leases: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 ​ 2020 ​ 2019 Weighted-average remaining lease term ​ Operating Leases 4.6 years 4.8 years 5.7 years ​ Finance Leases 7.2 years 8.6 years 6.4 years ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average discount rates ​ ​ ​ ​ ​ ​ ​ Operating Leases 6.0 % 6.0 % 6.0 % Finance Leases 6.1 % 6.1 % 5.8 % ​

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2021
STOCK-BASED COMPENSATION
Summary of stock option activity	A summary of stock option activity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Time-Based Stock Options ​ ​ ​ Weighted ​ ​ Weighted ​ ​ ​ ​ average ​ Weighted ​ average ​ ​ ​ ​ exercise ​ average ​ remaining ​ ​ Number of ​ price per ​ grant date ​ contractual ​ ​ shares ​ share ​ fair value ​ term (years) Outstanding as of December 31, 2018 2,243,588 ​ $ 5.30 ​ $ 2.39 9.8 Granted 472,253 ​ $ 7.93 ​ $ 3.14 Forfeited (434,533) ​ $ 5.30 ​ $ 2.39 Outstanding as of December 31, 2019 2,281,308 ​ $ 5.84 ​ $ 2.54 9.0 Granted 221,941 ​ $ 17.99 ​ $ 7.02 Forfeited (173,788) ​ $ 14.65 ​ $ 5.70 Outstanding as of December 31, 2020 2,329,461 ​ $ 6.36 ​ $ 2.74 7.6 Granted 62,080 ​ $ 33.10 ​ $ 13.47 Forfeited (18,613) ​ $ 11.75 ​ $ 5.15 Exercised (718,985) ​ $ 5.89 ​ $ 2.56 Outstanding as of December 31, 2021 1,653,943 ​ $ 7.57 ​ $ 3.22 7.2 Exercisable as of December 31, 2021 881,742 ​ $ 5.93 ​ $ 2.61 Vested or expected to vest, December 31, 2021 1,653,943 ​ $ 7.57 ​ $ 3.22 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Performance-Based Stock Options ​ ​ Weighted ​ Weighted ​ ​ ​ ​ average ​ Weighted ​ average ​ ​ ​ ​ exercise ​ average ​ remaining ​ ​ Number of ​ price per ​ grant date ​ contractual ​ ​ shares ​ share ​ fair value ​ term (years) Outstanding as of December 31, 2018 3,583,923 ​ $ 5.30 ​ $ 1.50 9.8 Granted 746,836 ​ $ 7.96 ​ $ 2.01 Forfeited (827,812) ​ $ 5.30 ​ $ 1.50 Outstanding as of December 31, 2019 3,502,947 ​ $ 5.86 ​ $ 1.61 9.0 Granted 346,984 ​ $ 17.99 ​ $ 4.36 Forfeited (272,679) ​ $ 14.65 ​ $ 3.59 Outstanding as of December 31, 2020 3,577,252 ​ $ 6.38 ​ $ 1.72 7.6 Granted 99,167 ​ $ 33.10 ​ $ 10.08 Forfeited (39,648) ​ $ 6.89 ​ $ 1.67 Outstanding as of December 31, 2021 3,636,771 ​ $ 7.10 ​ $ 1.53 7.2 Exercisable as of December 31, 2021 — ​ $ — ​ $ — Vested or expected to vest, December 31, 2021 (1) 2,727,578 ​ $ 7.10 ​ $ 1.53 (1) As a result of the Company's initial public offering, 75% of Performance-Based options are expected to meet the performance conditions and are included in dilutive options at December 31, 2021. At December 31, 2020, these options were excluded from the calculation of diluted EPS since the performance conditions were not considered likely to be met.
Schedule of stock options valuation assumptions	The fair value of the time-based stock options granted was estimated using the Black-Scholes option-pricing model with the following weighted-average assumptions used for grants: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 2019 Expected Term 5.11 years 5.59 years 5.67 years ​ Expected Volatility 34.0 % 38.8 % 33.9 % Risk-free Interest Rate 1.2 % 1.7 % 1.7 % Expected Dividend Yield — — — ​ ​

FUEL DERIVATIVES AND RISK MAN_2

FUEL DERIVATIVES AND RISK MANAGEMENT (Tables)	12 Months Ended
	Dec. 31, 2021
FUEL DERIVATIVES AND RISK MANAGEMENT
Schedule of changes in derivative assets (liabilities)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 Balance - January 1 ​ $ (1,174) ​ $ 2,233 Non-cash Gains (Losses) ​ 3,527 ​ (12,206) Contract Settlements ​ (2,353) ​ 8,799 Balance - December 31 ​ $ — ​ $ (1,174)
Schedule of fuel derivative gains (losses)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 2019 Non-cash Gains (Losses) ​ $ 3,527 ​ $ (12,206) ​ $ 10,791 Cash Premiums Paid ​ — ​ (2,053) ​ (665) Total Fuel Derivative Gains (Losses) ​ $ 3,527 ​ $ (14,259) ​ $ 10,126

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Dec. 31, 2021
FAIR VALUE MEASUREMENTS
Summary of assets and liabilities measured at fair value on a recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ Level 1 Level 2 Level 3 Total Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fuel Derivative Contracts ​ $ — ​ $ 1,174 ​ $ — ​ $ 1,174 Total Liabilities measured at fair value on a recurring basis ​ $ — ​ $ 1,174 ​ $ — ​ $ 1,174 ​

INCOME TAXES (Table)

INCOME TAXES (Table)	12 Months Ended
	Dec. 31, 2021
INCOME TAXES
Summary of the significant components of the provision for income taxes from continuing operations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 2019 Current: ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal $ — $ — $ — State and Local ​ 135 ​ 10 ​ 66 Total Current Tax Expense ​ 135 ​ 10 ​ 66 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred: ​ ​ ​ Federal ​ 15,818 ​ (597) ​ 12,509 State and Local ​ 2,000 ​ (191) ​ 1,513 Total Deferred Tax Expense (Benefit) ​ 17,818 ​ (788) ​ 14,022 Total Income Tax Expense (Benefit) ​ $ 17,953 ​ $ (778) ​ $ 14,088
Summary of difference of income tax provision from that computed at the federal statutory corporate tax rate	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 ​ 2020 ​ 2019 Expected Provision at Federal Statutory Tax Rate ​ 21.0 % ​ 21.0 % ​ 21.0 % State Tax, net of Federal Impact ​ 1.8 % 3.1 % 2.1 % Stock Option benefit ​ (3.8) % 0.0 % 0.0 % Tax receivable agreement ​ (3.6) % 0.0 % 0.0 % Executive Compensation Limitation ​ 3.2 % 0.0 % 0.0 % Employee Parking ​ 0.2 % (3.3) % 0.2 % Meals and Entertainment ​ 0.0 % (2.2) % 0.2 % Other Permanent Adjustments ​ 0.0 % (2.0) % 0.0 % Effective Tax Rate ​ 18.8 % 16.6 % 23.5 % ​
Summary of the significant components of the deferred taxes	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 Deferred Tax Assets: ​ ​ Net Operating Loss ​ $ 77,920 ​ $ 75,389 Operating Lease Obligations ​ 16,544 ​ 32,942 Finance Lease Obligations ​ 40,178 ​ 20,095 Goodwill and Other Intangible Assets ​ 9,699 ​ 12,586 Loyalty Program Liabilities ​ 4,407 ​ 4,911 Accrued Maintenance ​ 718 ​ 4,434 Other ​ 5,105 ​ 4,318 Total Deferred Tax Assets ​ 154,571 ​ 154,675 ​ ​ ​ ​ ​ ​ ​ Deferred Tax Liabilities: ​ ​ Accelerated Depreciation ​ (80,001) ​ (67,105) Operating Lease Right-of-use Assets ​ (14,181) ​ (27,892) Finance Lease Assets ​ (41,652) ​ (23,462) Total Deferred Tax Liabilities ​ (135,834) ​ (118,459) Total Net Deferred Tax Assets ​ $ 18,737 ​ $ 36,216

DEFINED CONTRIBUTION 401K (Tabl

DEFINED CONTRIBUTION 401K (Tables)	12 Months Ended
	Dec. 31, 2021
DEFINED CONTRIBUTION 401K
Schedule of 401(k) contributions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 ​ 2020 ​ 2019 Non-Discretionary $ 1,187 $ 1,040 $ 908 Discretionary ​ 5,220 ​ 4,263 ​ 4,246 Total 401(k) Contributions ​ $ 6,407 ​ $ 5,303 ​ $ 5,154

SPECIAL ITEMS, NET (Tables)

SPECIAL ITEMS, NET (Tables)	12 Months Ended
	Dec. 31, 2021
SPECIAL ITEMS, NET
Schedule of special items, net	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 ​ 2020 ​ 2019 CARES Act grant recognition (see Note 3) $ (71,587) $ (62,312) $ — CARES Act employee retention credit (see Note 3) ​ (848) ​ (2,328) ​ — Aircraft lease buy-out expense (1) ​ 6,963 ​ — ​ — Contractual obligations for retired technology (2) ​ — ​ — ​ 7,578 Sale of airport slot rights (3) ​ — ​ — ​ (1,200) Other (4) ​ 16 ​ 77 ​ 714 Total Special Items, net ​ $ (65,456) ​ $ (64,563) ​ $ 7,092 (1) Six aircraft were purchased in 2021 that were previously under operating leases. Aircraft lease buy-out expense represents the net impact of these transactions, including the associated lease termination costs, write-off of previously capitalized maintenance deposits, and the write-off of over-market liabilities (see Note 6). (2) Represents contractual obligations for retired technology. In connection with implementing Sun Country ’ s updated reservations systems, the Company incurred obligations under the contracts for existing systems that were being phased out ahead of their scheduled contract terms. (3) Represents proceeds from the sale of unused airport slot rights. Sun Country does not hold any other remaining airport slot rights; therefore, this gain does not reflect the Company ’ s continuing operations. (4) The 2021 and 2020 costs were related to relocation of flight attendant bases due to the closure of the Portland and Las Vegas bases, and the 2019 costs were related to exiting the Company ’ s prior headquarters building .

OPERATING SEGMENTS (Tables)

OPERATING SEGMENTS (Tables)	12 Months Ended
	Dec. 31, 2021
OPERATING SEGMENTS
Summary of financial information for the operating segments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2021 ​ Year Ended December 31, 2020 ​ ​ Passenger ​ Cargo ​ Consolidated ​ Passenger ​ Cargo (1) ​ Consolidated Operating Revenues $ 531,587 $ 91,428 $ 623,015 $ 364,677 $ 36,809 $ 401,486 Non-Fuel Operating Expenses ​ 383,524 ​ 68,797 ​ 452,321 ​ 332,742 ​ 32,530 ​ 365,272 Aircraft Fuel ​ 128,863 ​ 247 ​ 129,110 ​ 83,392 ​ — ​ 83,392 Special Items, net ​ (47,056) ​ (18,400) ​ (65,456) ​ (53,842) ​ (10,721) ​ (64,563) Total Operating Expenses ​ 465,331 ​ 50,644 ​ 515,975 ​ 362,292 ​ 21,809 ​ 384,101 Operating Income ​ $ 66,256 ​ $ 40,784 ​ 107,040 ​ $ 2,385 ​ $ 15,000 ​ 17,385 Interest Income ​ ​ ​ 85 ​ ​ ​ 377 Interest Expense ​ ​ ​ (26,326) ​ ​ ​ (22,073) Other, net ​ ​ ​ 14,624 ​ ​ ​ (371) Income (Loss) before Income Tax ​ ​ ​ $ 95,423 ​ ​ ​ $ (4,682) ​ (1) As air cargo operations commenced in May 2020, there are limited Cargo amounts included in the year ended December 31, 2020.

PARENT COMPANY FINANCIAL STAT_2

PARENT COMPANY FINANCIAL STATEMENTS (Tables)	12 Months Ended
	Dec. 31, 2021
PARENT COMPANY FINANCIAL STATEMENTS
Schedule of condensed financial statements	Balance Sheets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2021 ​ 2020 ASSETS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current Assets: ​ ​ ​ ​ ​ ​ Cash and Cash Equivalents ​ $ — ​ $ — Total Current Assets ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ Other Assets: ​ ​ ​ ​ ​ ​ Investment in Subsidiary ​ ​ 602,561 ​ ​ 282,569 Other Assets ​ ​ — ​ ​ 1,429 Total Other Assets ​ ​ 602,561 ​ ​ 283,998 Total Assets ​ $ 602,561 ​ $ 283,998 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 LIABILITIES AND STOCKHOLDERS' EQUITY ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current Liabilities: ​ ​ ​ ​ ​ ​ Accounts Payable ​ $ (1) ​ $ — Other Current Liabilities ​ ​ 57 ​ ​ 181 Total Current Liabilities ​ ​ 56 ​ ​ 181 ​ ​ ​ ​ ​ ​ ​ Other Long-term Liabilities ​ ​ 494 ​ ​ — Total Liabilities ​ ​ 550 ​ ​ 181 ​ ​ ​ ​ ​ ​ ​ Stockholders' Equity: ​ ​ ​ ​ ​ ​ Common Stock ​ ​ 579 ​ ​ 468 Loans to Stockholders ​ ​ — ​ ​ (3,500) Additional Paid In Capital ​ ​ 485,638 ​ ​ 248,525 Retained Earnings ​ ​ 115,794 ​ ​ 38,324 Total Stockholders' Equity ​ ​ 602,011 ​ ​ 283,817 Total Liabilities and Stockholders' Equity ​ $ 602,561 ​ $ 283,998 ​ ​ Statements of Operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 ​ 2020 ​ 2019 Operating Expenses: ​ ​ ​ Other Operating, net ​ $ 64 ​ $ 179 ​ $ 439 Total Operating Expenses ​ 64 ​ 179 ​ 439 Operating Income (Loss) ​ (64) ​ (179) ​ (439) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-operating Income (Expense): ​ ​ ​ Equity in Income (Loss) of Subsidiaries ​ 77,534 ​ (3,725) ​ 46,283 Other, net ​ — ​ — ​ 228 Total Non-operating Income (Expense), net ​ 77,534 ​ (3,725) ​ 46,511 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (Loss) before Income Tax ​ 77,470 ​ (3,904) ​ 46,072 Income Tax Expense (Benefit) ​ — ​ — ​ — Net Income (Loss) ​ $ 77,470 ​ $ (3,904) ​ $ 46,072 ​ ​ Statements of Cash Flows ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 ​ 2020 ​ 2019 Cash Flows from Operating Activities: ​ ​ ​ Net Cash Provided by Operating Activities ​ $ — ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash Flows from Investing Activities: ​ ​ ​ Net Payments to Subsidiary ​ — ​ (28) ​ — Net Cash Used in Investing Activities ​ — ​ (28) ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash Flows from Financing Activities: ​ ​ ​ Cash Contributions from Stockholders ​ — ​ — ​ — Net Payments from Subsidiary ​ — ​ — ​ 7 Proceeds Received from Exercise of Apollo Warrants ​ — ​ 21 ​ — Net Cash Provided by Financing Activities ​ — ​ 21 ​ 7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash ​ — ​ (7) ​ 7 Cash, Cash Equivalents and Restricted Cash--Beginning of the Period ​ — ​ 7 ​ — Cash, Cash Equivalents and Restricted Cash--End of the Period ​ $ — ​ $ — ​ $ 7

QUARTERLY FINANCIAL DATA (UNA_2

QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables)	12 Months Ended
	Dec. 31, 2021
QUARTERLY FINANCIAL DATA (UNAUDITED)
Schedule of quarterly financial data	Quarterly results of operations for the years ended December 31, 2021 and 2020 are summarized below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ First ​ Second ​ Third ​ Fourth ​ Quarter Quarter Quarter Quarter 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Revenues ​ $ 127,611 ​ $ 149,189 ​ $ 173,663 ​ $ 172,552 Operating Expenses ​ 102,678 ​ 99,951 ​ 151,661 ​ 161,685 Operating Income ​ 24,933 ​ 49,238 ​ 22,002 ​ 10,867 Net Income (Loss) ​ $ 12,416 ​ $ 51,753 ​ $ 13,903 ​ $ (602) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings (Loss) Per Share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 0.26 ​ $ 0.91 ​ $ 0.24 ​ $ (0.01) Diluted ​ $ 0.24 ​ $ 0.83 ​ $ 0.23 ​ $ (0.01) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Shares Used for Computation: ​ ​ ​ ​ Basic ​ 48,496,077 ​ 57,156,159 ​ 57,355,104 ​ 57,712,097 Diluted ​ 52,508,186 ​ 61,982,441 ​ 61,712,378 ​ 57,712,097 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Revenues ​ $ 180,330 ​ $ 35,376 ​ $ 77,973 ​ $ 107,807 Operating Expenses ​ 165,100 ​ 37,610 ​ 69,156 ​ 112,235 Operating Income (Loss) ​ 15,230 ​ (2,234) ​ 8,817 ​ (4,428) Net Income / (Loss) ​ $ 7,251 ​ $ (6,040) ​ $ 2,927 ​ $ (8,042) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings (Loss) Per Share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 0.16 ​ $ (0.13) ​ $ 0.06 ​ $ (0.17) Diluted ​ $ 0.15 ​ $ (0.13) ​ $ 0.06 ​ $ (0.17) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Shares Used for Computation: ​ ​ ​ ​ Basic ​ 46,805,950 ​ 46,805,950 ​ 46,805,950 ​ 46,806,317 Diluted ​ 48,225,603 ​ 46,805,950 ​ 48,350,943 ​ 46,806,317

COMPANY BACKGROUND (Details)

COMPANY BACKGROUND (Details) $ / shares in Units, $ in Thousands	Jun. 30, 2020aircraft	Jun. 29, 2020aircraft	Dec. 13, 2019item	Apr. 11, 2018$ / sharesshares	Dec. 31, 2019USD ($)$ / sharesshares	Dec. 31, 2021aircraft$ / sharesshares	Dec. 31, 2020aircraft$ / sharesshares	Mar. 31, 2021$ / shares	Jan. 30, 2020$ / shares
Additions | aircraft						11	21
Exercise price (in dollars per share) | $ / shares									$ 0.0005
Common stock-par value (in dollars per share) | $ / shares						$ 0.01	$ 0.01	$ 0.01
Warrants issued (in shares)					8,850,423	7,838,946	8,597,554
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 (in dollars per share) | $ / shares					$ 15.17
Warrants vested					632,183	252,869	758,608
Number of warrants that vest on achievement of each milestone					63,217
Milestone achievement for warrants to vest | $					$ 8,000
Cumulative warrants vested						1,643,660
Apollo Global Management, Inc. and its Subsidiaries
Exercise price (in dollars per share) | $ / shares				$ 0.0005
Common stock-par value (in dollars per share) | $ / shares				$ 0
Equity interest issued or Issuable, number of shares				5,326,755
Warrants issued (in shares)				40,005,885

COMPANY BACKGROUND - Equity Tra

COMPANY BACKGROUND - Equity Transactions (Details) $ / shares in Units, $ in Thousands	Jan. 31, 2020shares	Apr. 11, 2018USD ($)stockholder$ / sharesshares	Dec. 31, 2019shares	Dec. 31, 2021$ / sharesshares	Mar. 31, 2021$ / shares	Dec. 31, 2020$ / sharesshares	Jan. 30, 2020$ / shares
Warrants issued (in shares)			8,850,423	7,838,946		8,597,554
Common stock-par value (in dollars per share) | $ / shares				$ 0.01	$ 0.01	$ 0.01
Exercise price (in dollars per share) | $ / shares							$ 0.0005
Apollo Global Management, Inc. and its Subsidiaries
Equity interest issued or Issuable, number of shares		5,326,755
Warrants issued (in shares)		40,005,885
Common stock-par value (in dollars per share) | $ / shares		$ 0
Exercise price (in dollars per share) | $ / shares		$ 0.0005
Warrants exercised	40,005,885
Shares issued		1,416,645	56,665
Number of stockholders | stockholder		2
Notes Issued | $		$ 3,500

COMPANY BACKGROUND- Stock split

COMPANY BACKGROUND- Stock split (Details)	1 Months Ended
	Mar. 31, 2021$ / sharesshares	Dec. 31, 2021$ / shares	Dec. 31, 2020$ / shares
COMPANY BACKGROUND
Stock split ratio	18.8886
Common stock-par value (in dollars per share) | $ / shares	$ 0.01	$ 0.01	$ 0.01
Share issued as a result of stock split | shares	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	Nov. 30, 2021	Oct. 31, 2021	May 31, 2021	Dec. 31, 2021
Offering expenses							$ 8,384
Apollo Stockholder
Shares issued						7,250,000
Share price						$ 34.50
Apollo Stockholder | Jude Bricker, the Chief Executive Officer
Shares issued					8,500,000
Share price					$ 32.50
IPO
Shares issued	10,454,545		9,090,909			8,337,500
Share price			$ 24
Offering expenses					$ 1,123	$ 640
Proceeds from issuance of common stock	$ 225,329
Underwriters option
Shares issued		1,363,636		435,291	1,275,000	1,087,500
Private placement
Share price							$ 24
Private placement | Apollo Stockholder | P A R Investment Partners, L.P
Shares issued							2,216,312
Aggregate purchase price							$ 50,000
Share price percentage of I P O share price							94.00%
Private placement | Apollo Stockholder | Certain funds or accounts managed by an investment adviser subsidiary of Blackrock, Inc
Shares issued							2,216,308
Aggregate purchase price							$ 50,000
Share price percentage of I P O share price							94.00%

BASIS OF PRESENTATION AND SUM_4

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Mar. 31, 2021
Stockholders' Equity
Common stock-par value (in dollars per share)	$ 0.01	$ 0.01		$ 0.01
Reclassification in common stock value	$ 238,694	$ 239,073	$ 239,073
Common stock-shares issued	57,872,452	46,839,659
Warrants issued (in shares)	7,838,946	8,597,554	8,850,423

BASIS OF PRESENTATION AND SUM_5

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property and Equipment (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)
PROPERTY & EQUIPMENT
Impairment of its long-lived assets	$ 0
Airframes | Minimum
PROPERTY & EQUIPMENT
Estimated useful life	10 years
Airframes | Maximum
PROPERTY & EQUIPMENT
Estimated useful life	25 years
Engines - Core | Minimum
PROPERTY & EQUIPMENT
Estimated useful life	7 years
Engines - Core | Maximum
PROPERTY & EQUIPMENT
Estimated useful life	12 years
Leasehold Improvements, Aircraft, other | Minimum
PROPERTY & EQUIPMENT
Estimated useful life	3 years
Leasehold Improvements, Aircraft, other | Maximum
PROPERTY & EQUIPMENT
Estimated useful life	25 years
Office and Ground Equipment | Minimum
PROPERTY & EQUIPMENT
Estimated useful life	5 years
Office and Ground Equipment | Maximum
PROPERTY & EQUIPMENT
Estimated useful life	7 years
Computer Hardware and Software | Minimum
PROPERTY & EQUIPMENT
Estimated useful life	3 years
Computer Hardware and Software | Maximum
PROPERTY & EQUIPMENT
Estimated useful life	5 years
Finance Lease Assets | Minimum
PROPERTY & EQUIPMENT
Estimated useful life	3 years
Finance Lease Assets | Maximum
PROPERTY & EQUIPMENT
Estimated useful life	25 years
Rotable Parts | Minimum
PROPERTY & EQUIPMENT
Estimated useful life	6 years
Rotable Parts | Maximum
PROPERTY & EQUIPMENT
Estimated useful life	16 years

BASIS OF PRESENTATION AND SUM_6

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Goodwill and Other Intangible Assets (Details)	12 Months Ended
	Dec. 31, 2021item
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Number of reporting units	2

BASIS OF PRESENTATION AND SUM_7

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Accounts Receivable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounts Receivable
Accounts Receivable	$ 30,156	$ 28,690
Amazon
Accounts Receivable
Accounts Receivable	2,163	2,178
Accounts receivable write offs	$ 17	$ 982	$ 343

BASIS OF PRESENTATION AND SUM_8

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Inventory (Details)	Dec. 31, 2021
Parts Related to Flight Equipment
PROPERTY & EQUIPMENT
Estimated residual value (as a percent)	10.00%

BASIS OF PRESENTATION AND SUM_9

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognition (Details)	Dec. 31, 2021item
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Performance obligations	3

BASIS OF PRESENTATION AND SU_10

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Concentration Risk (Details)	12 Months Ended
	Dec. 31, 2021employeeitem	Dec. 31, 2020	Dec. 31, 2019
Concentration Risk
Number of unions | item	3
ALPA
Concentration Risk
Number of Active Employees Represented | employee	456
IBT
Concentration Risk
Number of Active Employees Represented | employee	527
TWU
Concentration Risk
Number of Active Employees Represented | employee	27
Accounts Receivable | Customer Concentration Risk | Amazon
Concentration Risk
Percentage of concentration risk	56.00%	41.00%
Accounts Receivable | Customer Concentration Risk | One Financial Institution
Concentration Risk
Percentage of concentration risk	8.00%	5.00%
Number of Financial Institutions | item	1
Fuel Purchases | Supplier Concentration Risk | Two Vendors
Concentration Risk
Percentage of concentration risk	54.00%	57.00%	58.00%
Number Of Vendors | item	2
Workforce Under Union Contracts | Unionized Employees Concentration Risk
Concentration Risk
Percentage of concentration risk	46.00%
Workforce Under Union Contracts with Expiring Contracts | Unionized Employees Concentration Risk
Concentration Risk
Percentage of concentration risk	52.00%

IMPACT OF THE COVID19 PANDEMIC

IMPACT OF THE COVID19 PANDEMIC (Details) - USD ($) $ in Thousands	Oct. 26, 2020	Dec. 31, 2021	Dec. 31, 2020
IMPACT OF THE COVID19 PANDEMIC
Grants recognized		$ 71,587	$ 62,312
U. S. Department of the Treasury CARES Act Loan
IMPACT OF THE COVID19 PANDEMIC
Loan received	$ 45,000
PSP2
IMPACT OF THE COVID19 PANDEMIC
Grants recognized		$ 71,587	$ 62,312

IMPACT OF THE COVID19 PANDEMI_2

IMPACT OF THE COVID19 PANDEMIC - CARES Employee Retention Credit (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
IMPACT OF THE COVID19 PANDEMIC
CARES Act employee retention credit	$ 848	$ 2,328

REVENUE - Disaggregation of Ope

REVENUE - Disaggregation of Operating Revenue (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
REVENUE
Operating Revenues	$ 172,552	$ 173,663	$ 149,189	$ 127,611	$ 107,807	$ 77,973	$ 35,376	$ 180,330	$ 623,015	$ 401,486	$ 701,384
Domestic
REVENUE
Operating Revenues									597,005	382,463	666,332
Latin America
REVENUE
Operating Revenues									24,646	18,515	33,716
Other Countries
REVENUE
Operating Revenues									1,364	508	1,336
Passenger
REVENUE
Operating Revenues									523,945	359,232	688,833
Scheduled service
REVENUE
Operating Revenues									279,377	193,047	396,113
Charter service
REVENUE
Operating Revenues									127,331	98,130	174,562
Ancillary
REVENUE
Operating Revenues									117,237	68,055	118,158
Cargo
REVENUE
Operating Revenues									91,428	36,809
Other
REVENUE
Operating Revenues									$ 7,642	$ 5,445	$ 12,551

REVENUE - Contract Balances (De

REVENUE - Contract Balances (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)aircraft	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
REVENUE
Maintenance expense	$ 40,095	$ 27,416	$ 35,286
Total Contract Liabilities	142,480	128,384
Air Traffic Liabilities
REVENUE
Total Contract Liabilities	$ 118,562	101,075
Threshold period in which tickets can be booked in advance	12 months
Loyalty Program Liabilities
REVENUE
Total Contract Liabilities	$ 19,718	22,069	$ 22,892
Revenue recognized	6,913	4,838
Amazon Deferred Up-front Payment
REVENUE
Total Contract Liabilities	$ 4,200	5,240
Costs to fulfill contract with Amazon
REVENUE
Number of cargo aircraft | aircraft	12
Deferred up-front costs amortization period	6 years
Maintenance expense	$ 691	271
Contract Assets	2,819	$ 3,614
Passenger | Air Traffic Liabilities
REVENUE
Revenue recognized	$ 95,982

REVENUE (Details)

REVENUE (Details) - Amazon Deferred Up-front Payment - USD ($) shares in Thousands, $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
REVENUE
Proceeds from startup costs	$ 10,300
Warrants vested				632,183
Fair value of warrants vested	$ 4,667			$ 4,667
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-12-01
REVENUE
Amortization period	6 years			6 years
Other Liabilities
REVENUE
Remaining start up costs	$ 5,633			$ 5,633
Cargo
REVENUE
Revenue recognized		$ 1,040	$ 393

REVENUE - Loyalty Program (Deta

REVENUE - Loyalty Program (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Changes in the Loyalty Program Liabilities
Balance - January 1	$ 128,384
Balance - December 31	142,480	$ 128,384
Loyalty Program Liabilities
Changes in the Loyalty Program Liabilities
Balance - January 1	22,069	22,892
Loyalty Points Earned	4,562	4,015
Loyalty Points Redeemed	(6,913)	(4,838)
Balance - December 31	$ 19,718	$ 22,069

EARNINGS PER SHARE - Computatio

EARNINGS PER SHARE - Computation of basic and diluted earnings (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Numerator:
Net Income (Loss)	$ (602)	$ 13,903	$ 51,753	$ 12,416	$ (8,042)	$ 2,927	$ (6,040)	$ 7,251	$ 77,470	$ (3,904)	$ 46,072
Denominator:
Weighted Average Common Shares Outstanding - Basic	57,712,097	57,355,104	57,156,159	48,496,077	46,806,317	46,805,950	46,805,950	46,805,950	55,182,811	46,806,042	46,773,038
Dilutive effect of Stock Options and Warrants (1)									4,141,229		1,136,375
Diluted	57,712,097	61,712,378	61,982,441	52,508,186	46,806,317	48,350,943	46,805,950	48,225,603	59,324,040	46,806,042	47,909,413
Basic	$ (0.01)	$ 0.24	$ 0.91	$ 0.26	$ (0.17)	$ 0.06	$ (0.13)	$ 0.16	$ 1.40	$ (0.08)	$ 0.99
Diluted	$ (0.01)	$ 0.23	$ 0.83	$ 0.24	$ (0.17)	$ 0.06	$ (0.13)	$ 0.15	$ 1.31	$ (0.08)	$ 0.96

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - $ / shares	Jan. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Warrants held	40,005,885
Exercise price (in dollars per share)	$ 0.0005
Unvested Amazon warrants excluded from dilutive shares		7,838,946	8,597,554	8,850,423
Performance-based stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Outstanding shares		3,636,771	3,577,252	3,502,925
Percentage Of Stock Options Expected To Meet Performance Conditions		75.00%

AIRCRAFT - Aircraft fleet (Deta

AIRCRAFT - Aircraft fleet (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2020aircraft	Dec. 31, 2021USD ($)aircraft	Dec. 31, 2020USD ($)aircraft	Dec. 31, 2019USD ($)aircraft
AIRCRAFT - Owned and Leased
Balance at beginning of period	31	43	31
Additions		11	21
Removals		(6)	(9)
Balance at end of period		48	43	31
Number of aircrafts previously under operating leases		6
Number of aircrafts in power by hour period		3
Owned
AIRCRAFT - Owned and Leased
Depreciation expense | $		$ 33,799	$ 25,294	$ 12,900
Finance leases
AIRCRAFT - Owned and Leased
Amortization | $		$ 11,507	$ 13,253	$ 12,069
Passenger.
AIRCRAFT - Owned and Leased
Balance at beginning of period	31	31	31
Additions		11	9
Removals		(6)	(9)
Balance at end of period		36	31	31
Number of aircrafts previously under operating leases		6
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	9	7	9
Balance at end of period		21	14	5
Number of aircrafts previously under operating leases		2
Number of aircrafts previously under finance leases		4	5
Passenger. | Finance leases
AIRCRAFT - Owned and Leased
Balance at beginning of period	10	5	10
Additions		4
Removals			(5)
Balance at end of period		9	5	10
Number of aircrafts under finance leases		4
Passenger. | Finance leases | Minimum
AIRCRAFT - Owned and Leased
Lease term		12 months
Passenger. | Finance leases | Maximum
AIRCRAFT - Owned and Leased
Lease term		18 months
Passenger. | Operating leases
AIRCRAFT - Owned and Leased
Balance at beginning of period	14	12	14
Removals		(6)	(2)
Balance at end of period		6	12	14
Passenger. | Seasonal leases
AIRCRAFT - Owned and Leased
Balance at beginning of period	2		2
Removals			(2)
Balance at end of period				2
Cargo, | Aircraft Operated for Amazon
AIRCRAFT - Owned and Leased
Balance at beginning of period		12
Additions			12
Balance at end of period		12	12
Boeing 737-800
AIRCRAFT - Owned and Leased
Balance at end of period		47
Boeing 737-700
AIRCRAFT - Owned and Leased
Balance at end of period		1
Delayed Draw Term Loan Facility
AIRCRAFT - Owned and Leased
Number of aircrafts previously under operating leases		6
Delayed Draw Term Loan Facility | Passenger. | Owned
AIRCRAFT - Owned and Leased
Additions		6

AIRCRAFT - Depreciation, Amorti

AIRCRAFT - Depreciation, Amortization, and Rent Expense on Aircraft (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Amortization	$ 12,536	$ 11,948	$ 13,104
Aircraft Rent	17,653	30,989	49,908
Depreciation amortization and aircraft rent	62,959	69,536	74,877
Owned
Property, Plant and Equipment [Line Items]
Depreciation	33,799	25,294	12,900
Operating leases
Property, Plant and Equipment [Line Items]
Aircraft Rent	$ 17,653	$ 30,989	$ 49,908

AIRCRAFT - Aircraft Lease Payme

AIRCRAFT - Aircraft Lease Payment Deferrals (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
AIRCRAFT - Owned and Leased
Aircraft Lease Payment Deferrals	$ 0	$ 7,569
Finance leases
AIRCRAFT - Owned and Leased
Aircraft Lease Payment Deferrals	2,133
Operating leases
AIRCRAFT - Owned and Leased
Aircraft Lease Payment Deferrals	$ 5,436

AIRCRAFT - Aircraft Maintenance

AIRCRAFT - Aircraft Maintenance Deposits Contra-Assets (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)aircraftengine	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
AIRCRAFT - Owned and Leased
Number of aircrafts previously under operating leases | aircraft	6
Aircraft maintenance deposits contra assets
AIRCRAFT - Owned and Leased
Remaining unamortized balance contra assets	$ 22,348	$ 36,729
Reduction in contra assets	(14,381)
Additional adjustment in contra assets	$ 337
Number of engines for deposit recovered | engine	1
Number of aircrafts previously under operating leases | aircraft	6
Contra assets as a reduction to maintenance expense	$ 1,295	1,402	$ 12,263
Aircraft maintenance deposits contra assets | Owned
AIRCRAFT - Owned and Leased
Reduction in contra assets	12,749
Over-market rent and maintenance reserves
AIRCRAFT - Owned and Leased
Remaining unamortized balance contra assets	10,363	16,501
Decrease in purchase of aircrafts previously leased	$ 3,765
Number of aircrafts previously under operating leases | aircraft	6
Over market liabilities	$ 14,737	37,409
Reduction in over-market maintenance reserve liabilities	22,672
Amortization of Over-market Liabilities	7,609	$ 14,110	$ 20,386
Over-market rent and maintenance reserves | Owned
AIRCRAFT - Owned and Leased
Reduction in over-market maintenance reserve liabilities	$ 17,435

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLE ASSETS - Components (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 222,223	$ 222,223
Intangible Assets with Finite Lives
Gross Carrying Amount	48,000	48,000
Accumulated Amortization	(14,890)	(10,890)
Net Carrying Value	33,110	37,110
Total Other Intangible Assets
Gross Carrying Amount	104,000	104,000
Total Other Intangible Assets	89,110	93,110
Total Goodwill and Other Intangible Assets Gross	326,223	326,223
Total Goodwill and Other Intangible Assets	311,333	315,333
Tradename
Intangible Assets with Indefinite Lives:
Intangible Assets with Indefinite Lives	$ 56,000	$ 56,000

GOODWILL AND OTHER INTANGIBLE_4

GOODWILL AND OTHER INTANGIBLE ASSETS - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
GOODWILL AND OTHER INTANGIBLE ASSETS
Assets estimated life	12 years
Amortization expense	$ 4,000	$ 4,000	$ 4,000
Annual amortization expense fiscal year maturity
2022	4,000
2023	4,000
2024	4,000
2025	4,000
2026	4,000
Thereafter	$ 13,110

DEBT - Lines of Credit (Details

DEBT - Lines of Credit (Details)	Mar. 31, 2022USD ($)	Feb. 10, 2021USD ($)	Dec. 31, 2021USD ($)aircraft
DEBT
Number of aircrafts previously under operating leases | aircraft			6
Prior revolving credit agreement
DEBT
Maximum borrowing capacity		$ 25,000,000
Credit Facilities
DEBT
Term of debt		5 years
Amount drawn			$ 77,481,000
Minimum liquidity required to be maintained			30,000,000
Credit Facilities | Minimum
DEBT
Minimum EBITDAR required to be maintained			$ 78,100,000
Credit Facilities | Subsequent Event | Minimum
DEBT
Minimum EBITDAR required to be maintained	$ 87,700,000
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		$ 25,000,000
Commitment fee on unused facility (as a percent)		0.50%
Delayed Draw Term Loan Facility
DEBT
Maximum borrowing capacity		$ 90,000,000
Debt instrument fixed interest rate			6.00%
Amount of draw			$ 80,500
Amount drawn			$ 1,006,000
Number of aircrafts previously under operating leases | aircraft			6
Delayed Draw Term Loan Facility | Minimum
DEBT
Amount drawn			$ 202,984,000

DEBT - Long-term Debt (Details)

DEBT - Long-term Debt (Details) $ in Thousands	Feb. 24, 2021USD ($)	Oct. 26, 2020USD ($)	Dec. 31, 2019USD ($)aircraft	Dec. 31, 2021USD ($)aircraft	Dec. 31, 2020USD ($)aircraft
DEBT
Number Of Aircrafts Purchased | aircraft				11	21
Unamortized Debt Issuance Costs				$ 3,505	$ 3,338
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
Appraised value of aircraft purchased			$ 292,450
Number of aircraft serve as security for loan | aircraft			13
U. S. Department of the Treasury CARES Act Loan
DEBT
Face amount		$ 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%
Credit Facilities | Minimum
DEBT
Minimum EBITDAR required to be maintained				$ 78,100

DEBT - Long-term Debt schedule

DEBT - Long-term Debt schedule (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Oct. 26, 2020
DEBT
Total Debt	$ 280,931	$ 285,801
Less: Unamortized debt issuance costs	(3,505)	(3,338)
Less: Current Maturities of Long-term Debt	(29,412)	(26,118)
Total Long-term Debt	248,014	256,345
Notes payable under the Company's 2019-1 EETC agreement
DEBT
Total Debt	202,984	227,347
Face amount	$ 248,587	$ 248,587
Weighted average interest rate	4.76%
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	$ 77,481
U. S. Department of the Treasury CARES Act Loan
DEBT
Total Debt		$ 45,419
Face amount			$ 45,000
Notes payable to Wilmington Trust Company
DEBT
Total Debt		$ 12,506
Interest Rate		8.45%
Other Notes payable
DEBT
Total Debt	$ 466	$ 529
Interest Rate	5.00%	5.00%

DEBT - Future maturities of the

DEBT - Future maturities of the outstanding Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Principal Payments
2022	$ 30,367
2023	42,358
2024	44,000
2025	49,087
2026	84,281
Thereafter	30,838
Total	280,931	$ 285,801
Amortization of Debt Issuance Costs
2022	(955)
2023	(882)
2024	(758)
2025	(643)
2026	(199)
Thereafter	(68)
Total	(3,505)	$ (3,338)
Debt, net
2022	29,412
2023	41,476
2024	43,242
2025	48,444
2026	84,082
Thereafter	30,770
Net Debt	$ 277,426

DEBT - Measured at fair value (

DEBT - Measured at fair value (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
DEBT
Carrying Amount	$ 280,931	$ 285,801
Fair Value	$ 272,004	$ 279,119

LEASES - Summary (Details)

LEASES - Summary (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)lease	Mar. 31, 2022	Dec. 31, 2020USD ($)	Jan. 01, 2019USD ($)
LEASES
Number of categories in operating leases | lease	3
Initial terms		8 years
Operating Lease Right-of-use Assets	$ 61,658		$ 121,269
Lease liability	$ 71,734
Aircraft Operated for Amazon
LEASES
Number of freighters subleased directly | lease	12
Operating Lease Right-of-use Assets				$ 0
Lease liability				$ 0
Aircraft
LEASES
Number of leases for aircraft | lease	15
Number of leases under finance leases | lease	9
Number of leases under Right-of-use operating leases | lease	6
Lease liability	$ 61,699
Real Estate
LEASES
Lease liability	$ 9,358
Real Estate | Maximum
LEASES
Initial terms	10 years
Other.
LEASES
Lease liability	$ 677

LEASES - Lease-related assets a

LEASES - Lease-related assets and liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets
Finance lease assets, net	$ 181,097	$ 104,815
Operating Lease Right-of-use Assets	61,658	121,269
Total lease assets	242,755	226,084
Liabilities
Finance lease liabilities, current	11,705	11,460
Operating lease liabilities, current	17,231	34,492
Finance lease liabilities, long-term	180,450	95,710
Operating lease liabilities, long-term	58,810	112,707
Total lease liabilities	$ 268,196	$ 254,369

LEASES - Rent payment deferrals

LEASES - Rent payment deferrals (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
LEASES
Aircraft Lease Payment Deferrals	$ 0	$ 7,569
Finance leases
LEASES
Aircraft Lease Payment Deferrals	2,133
Operating leases
LEASES
Aircraft Lease Payment Deferrals	$ 5,436

LEASES - Finance lease obligati

LEASES - Finance lease obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Finance Leases
2022	$ 23,052
2023	25,492
2024	35,209
2025	37,444
2026	18,790
Thereafter	110,666
Total Minimum Lease Payments	250,654
Less: Amount Representing Interest	(58,499)
Present Value of Minimum Lease Payments	192,155
Less: Short-term Obligations	(11,705)	$ (11,460)
Finance lease liabilities, long-term	$ 180,450	$ 95,710

LEASES - Operating lease obliga

LEASES - Operating lease obligations (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating Leases
2022		$ 20,541
2023		20,242
2024		16,958
2025		10,866
2026		9,688
Thereafter		3,605
Total Minimum Lease Payments	$ 2,200	81,900
Less: Amount Representing Interest		(10,166)
Present Value of Minimum Lease Payments		71,734
Plus: Tennant Improvements		4,307
Less: Short-term Obligations		(17,231)	$ (34,492)
Operating lease liabilities, long-term		58,810	$ 112,707
Aircraft
Operating Leases
2022		18,221
2023		18,418
2024		15,492
2025		9,400
2026		8,222
Total Minimum Lease Payments		69,753
Less: Amount Representing Interest		(8,054)
Present Value of Minimum Lease Payments		61,699
Less: Short-term Obligations		(14,930)
Operating lease liabilities, long-term		46,769
Real Estate
Operating Leases
2022		1,962
2023		1,466
2024		1,466
2025		1,466
2026		1,466
Thereafter		3,605
Total Minimum Lease Payments		11,431
Less: Amount Representing Interest		(2,073)
Present Value of Minimum Lease Payments		9,358
Plus: Tennant Improvements		4,307
Less: Short-term Obligations		(1,972)
Operating lease liabilities, long-term		11,693
Other.
Operating Leases
2022		358
2023		358
Total Minimum Lease Payments		716
Less: Amount Representing Interest		(39)
Present Value of Minimum Lease Payments		677
Less: Short-term Obligations		(329)
Operating lease liabilities, long-term		$ 348

LEASES - Lease cost (Details)

LEASES - Lease cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Finance lease cost
Amortization of leased assets	$ 12,536	$ 11,948	$ 13,104
Interest on lease liabilities	8,021	8,659	10,741
Operating lease cost
Short-term	277	1,813	5,345
Total Lease cost	43,396	57,517	80,513
Over-market rent and maintenance reserves
Operating lease cost
Credits for amortization of Over-market Liabilities	7,609	14,110	20,386
Aircraft
Operating lease cost
Included in ROU asset	18,608	30,717	40,043
Variable	(1,232)	(1,541)
Variable			4,520
Other.
Operating lease cost
Included in ROU asset	3,976	4,872	5,415
Variable	$ 1,210	$ 1,049	$ 1,345

LEASES - Supplemental cash flow

LEASES - Supplemental cash flow information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating Cash Flows for Operating Leases	$ 29,360	$ 34,576	$ 50,081
Operating Cash Flows for Finance Leases	8,021	8,659	10,741
Financing Cash Flows for Finance Leases	$ 11,931	$ 89,697	$ 8,258

LEASES - Terms and discount rat

LEASES - Terms and discount rates (Details)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
LEASES
Weighted-average remaining lease term, operating leases	4 years 7 months 6 days	4 years 9 months 18 days	5 years 8 months 12 days
Weighted-average remaining lease term, finance leases	7 years 2 months 12 days	8 years 7 months 6 days	6 years 4 months 24 days
Weighted-average discount rates, operating leases	6.00%	6.00%	6.00%
Weighted-average discount rates, finance leases	6.10%	6.10%	5.80%

LEASES - Additional disclosures

LEASES - Additional disclosures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
LEASES
Maintenance reserve payments expensed	$ 4,004	$ 8,691	$ 18,584

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Mar. 31, 2021
STOCK-BASED COMPENSATION
Stock compensation expense	$ 5,562	$ 2,110	$ 1,888
Total unrecognized compensation expense, expected to be recognized	$ 3,777
Unrecognized compensation expense, weighted average period in which expected to be recognized	1 year 4 months 24 days
Intrinsic value of stock options exercised	$ 18,621
Performance based vesting
STOCK-BASED COMPENSATION
Vesting percentage	75.00%
Stock compensation expense	$ 3,804
Time-Based Stock Options
STOCK-BASED COMPENSATION
Granted	62,080	221,941	472,253
Vesting period	4 years
Vesting percentage each year over four years	25.00%
Initial vesting period from grant date	4 years
Expiration period	10 years
Restricted stock units ("RSUs")
STOCK-BASED COMPENSATION
Shares issued	4,679
Shares granted	7,634
Shares forfeited	2,955
Equity incentive plan
STOCK-BASED COMPENSATION
Available for grant	3,434,074
Equity incentive plan | Maximum
STOCK-BASED COMPENSATION
Authorized				3,600,000

STOCK-BASED COMPENSATION - Stoc

STOCK-BASED COMPENSATION - Stock option activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Time-Based Stock Options
Number of shares
Outstanding at beginning of period (in shares)	2,329,461	2,281,308	2,243,588
Granted (in shares)	62,080	221,941	472,253
Forfeited (in shares)	(18,613)	(173,788)	(434,533)
Exercised (in shares)	(718,985)
Outstanding at end of period (in shares)	1,653,943	2,329,461	2,281,308	2,243,588
Exercisable at end of period (in shares)	881,742
Vested or expected to vest, at end of period (in shares)	1,653,943
Weighted average exercise price per share
Outstanding at beginning of period (in dollars per share)	$ 6.36	$ 5.84	$ 5.30
Granted (in dollars per share)	33.10	17.99	7.93
Forfeited (in dollars per share)	11.75	14.65	5.30
Exercised (in dollars per share)	5.89
Outstanding at end of period (in dollars per share)	7.57	6.36	5.84	$ 5.30
Exercisable at end of period (in dollars per share)	5.93
Vested or expected to vest, at end of period (in dollars per share)	7.57
Weighted average grant date fair value
Outstanding at beginning of period (in dollars per share)	2.74	2.54	2.39
Granted (in dollars per share)	13.47	7.02	3.14
Forfeited (in dollars per share)	5.15	5.70	2.39
Exercised (in dollars per share)	2.56
Outstanding at end of period (in dollars per share)	3.22	$ 2.74	$ 2.54	$ 2.39
Exercisable at end of period (in dollars per share)	2.61
Vested or expected to vest, at end of period (in dollars per share)	$ 3.22
Weighted average remaining contractual term, outstanding (in years)	7 years 2 months 12 days	7 years 7 months 6 days	9 years	9 years 9 months 18 days
Performance-Based Stock Options
Number of shares
Outstanding at beginning of period (in shares)	3,577,252	3,502,947	3,583,923
Granted (in shares)	99,167	346,984	746,836
Forfeited (in shares)	(39,648)	(272,679)	(827,812)
Outstanding at end of period (in shares)	3,636,771	3,577,252	3,502,947	3,583,923
Vested or expected to vest, at end of period (in shares)	2,727,578
Weighted average exercise price per share
Outstanding at beginning of period (in dollars per share)	$ 6.38	$ 5.86	$ 5.30
Granted (in dollars per share)	33.10	17.99	7.96
Forfeited (in dollars per share)	6.89	14.65	5.30
Outstanding at end of period (in dollars per share)	7.10	6.38	5.86	$ 5.30
Vested or expected to vest, at end of period (in dollars per share)	7.10
Weighted average grant date fair value
Outstanding at beginning of period (in dollars per share)	1.72	1.61	1.50
Granted (in dollars per share)	10.08	4.36	2.01
Forfeited (in dollars per share)	1.67	3.59	1.50
Outstanding at end of period (in dollars per share)	1.53	$ 1.72	$ 1.61	$ 1.50
Vested or expected to vest, at end of period (in dollars per share)	$ 1.53
Weighted average remaining contractual term, outstanding (in years)	7 years 2 months 12 days	7 years 7 months 6 days	9 years	9 years 9 months 18 days

STOCK-BASED COMPENSATION - St_2

STOCK-BASED COMPENSATION - Stock options valuation assumptions (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Expected Term	5 years 1 month 9 days	5 years 7 months 2 days	5 years 8 months 1 day
Expected Volatility	34.00%	38.80%	33.90%
Risk-free Interest Rate	1.20%	1.70%	1.70%

FUEL DERIVATIVES AND RISK MAN_3

FUEL DERIVATIVES AND RISK MANAGEMENT (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Fuel Derivative Gains (Losses)
Outstanding derivative contracts	$ 0
Fuel Derivative Contracts
Changes in Derivative Assets (Liabilities)
Balance - January 1	(1,174)	$ 2,233
Non-cash Gains (Losses)	3,527	(12,206)
Contract Settlements	(2,353)	8,799
Balance - End of period		(1,174)	$ 2,233
Fuel Derivative Gains (Losses)
Non-cash Gains (Losses)	3,527	(12,206)	10,791
Cash Premiums Paid		(2,053)	(665)
Total Fuel Derivative Gains (Losses)	$ 3,527	$ (14,259)	$ 10,126

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - Recurring $ in Thousands	Dec. 31, 2020USD ($)
FAIR VALUE MEASUREMENTS
Total Liabilities measured at fair value on a recurring basis	$ 1,174
Fuel Derivative Contracts
FAIR VALUE MEASUREMENTS
Total Liabilities measured at fair value on a recurring basis	1,174
Level 2
FAIR VALUE MEASUREMENTS
Total Liabilities measured at fair value on a recurring basis	1,174
Level 2 | Fuel Derivative Contracts
FAIR VALUE MEASUREMENTS
Total Liabilities measured at fair value on a recurring basis	$ 1,174

INCOME TAXES - Components of In

INCOME TAXES - Components of Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current:
State and Local	$ 135	$ 10	$ 66
Total Current Tax Expense	135	10	66
Deferred:
Federal	15,818	(597)	12,509
State and Local	2,000	(191)	1,513
Total Deferred Tax Expense (Benefit)	17,480	(789)	14,022
Total Income Tax Expense (Benefit)	$ 17,953	$ (778)	$ 14,088

INCOME TAXES - Tax Rate Reconci

INCOME TAXES - Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Expected Provision at Federal Statutory
Tax Rate	21.00%	21.00%	21.00%
State Tax, net of Federal Impact	1.80%	3.10%	2.10%
Stock Option benefit	(3.80%)	0.00%	0.00%
Tax receivable agreement	(3.60%)	0.00%	0.00%
Executive Compensation Limitation	3.20%	0.00%	0.00%
Employee Parking	0.20%	(3.30%)	0.20%
Meals and Entertainment	0.00%	(2.20%)	0.20%
Other Permanent Adjustments	0.00%	(2.00%)	0.00%
Effective Tax Rate	18.80%	16.60%	23.50%

INCOME TAXES - Deferred taxes (

INCOME TAXES - Deferred taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred Tax Assets:
Net Operating Loss	$ 77,920	$ 75,389
Operating Lease Obligations	16,544	32,942
Finance Lease Obligations	40,178	20,095
Goodwill and Other Intangible Assets	9,699	12,586
Loyalty Program Liabilities	4,407	4,911
Accrued Maintenance	718	4,434
Other	5,105	4,318
Total Deferred Tax Assets	154,571	154,675
Deferred Tax Liabilities:
Accelerated Depreciation	(80,001)	(67,105)
Operating Lease Right-of-use Assets	(14,181)	(27,892)
Finance Lease Assets	(41,652)	(23,462)
Total Deferred Tax Liabilities	(135,834)	(118,459)
Total Net Deferred Tax Assets	$ 18,737	$ 36,216

INCOME TAXES - Paragraphs (Deta

INCOME TAXES - Paragraphs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
INCOME TAXES
Federal net operating losses	$ 75,610
State net operating losses	2,310
Liability for unrecognized tax benefits		$ 0	$ 0
Tax receivable agreement liability non current	98,800	$ 115,200
Increase (decrease) in tax receivable agreement liability	$ (16,400)
Percentage of cash savings	85.00%
Percentage of cash savings retained	15.00%

DEFINED CONTRIBUTION 401K (Deta

DEFINED CONTRIBUTION 401K (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
DEFINED CONTRIBUTION 401(K) PLAN
Employee's maximum contribution allowed (as a percent)	50.00%
Matching contribution of participants' contribution (as a percent)	100.00%
Non-discretionary contribution for pilots based on gross earnings	2.00%
Non-discretionary contributions 2022	13.00%
Non-discretionary contributions 2023	14.00%
Non-discretionary contributions 2024	15.00%
Non-Discretionary	$ 1,187	$ 1,040	$ 908
Discretionary	5,220	4,263	4,246
Total 401(k) Contributions	$ 6,407	$ 5,303	$ 5,154
Non Pilot Employees [Member]
DEFINED CONTRIBUTION 401(K) PLAN
Maximum contribution as a percent of participants' compensation	4.00%
Pilot Employees [Member]
DEFINED CONTRIBUTION 401(K) PLAN
Maximum contribution as a percent of participants' compensation	6.00%

SPECIAL ITEMS, NET - Schedule o

SPECIAL ITEMS, NET - Schedule of special items, net (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)aircraft	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
CARES Act grant recognition	$ (71,587)	$ (62,312)
CARES Act employee retention credit	(848)	(2,328)
Aircraft lease buy-out expense	6,963
Contractual obligations for retired technology			$ 7,578
Sale of airport slot rights			(1,200)
Other	16	77	714
Total Special Items, net	$ (65,456)	(64,563)	$ 7,092
Number of aircrafts previously under operating leases | aircraft	6
PSP2
CARES Act grant recognition	$ (71,587)	$ (62,312)

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
COMMITMENTS AND CONTINGENCIES.
Commitment to purchase an aircraft		$ 20,000
Annual lease payments	$ 2,200	$ 81,900
Lessee, Operating Lease, Term of Contract	8 years

OPERATING SEGMENTS (Details)

OPERATING SEGMENTS (Details) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021USD ($)	Sep. 30, 2021USD ($)	Jun. 30, 2021USD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Sep. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2021USD ($)itemsegment	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
OPERATING SEGMENTS
Number of operating segments | segment									2
Number of internal passenger groups | item									2
Operating Revenues	$ 172,552	$ 173,663	$ 149,189	$ 127,611	$ 107,807	$ 77,973	$ 35,376	$ 180,330	$ 623,015	$ 401,486	$ 701,384
Non-Fuel Operating Expenses									452,321	365,272
Aircraft Fuel									129,110	83,392	165,666
Special Items, net									(65,456)	(64,563)	7,092
Total Operating Expenses	161,685	151,661	99,951	102,678	112,235	69,156	37,610	165,100	515,975	384,101	623,262
Operating Income	$ 10,867	$ 22,002	$ 49,238	$ 24,933	$ (4,428)	$ 8,817	$ (2,234)	$ 15,230	107,040	17,385	78,122
Interest Income									85	377	937
Interest Expense									(26,326)	(22,073)	(17,170)
Other, net									14,624	(371)	(1,729)
Income (Loss) before Income Tax									95,423	(4,682)	$ 60,160
Passenger,
OPERATING SEGMENTS
Operating Revenues									531,587	364,677
Non-Fuel Operating Expenses									383,524	332,742
Aircraft Fuel									128,863	83,392
Special Items, net									(47,056)	(53,842)
Total Operating Expenses									465,331	362,292
Operating Income									66,256	2,385
Cargo.
OPERATING SEGMENTS
Operating Revenues									91,428	36,809
Non-Fuel Operating Expenses									68,797	32,530
Aircraft Fuel									247
Special Items, net									(18,400)	(10,721)
Total Operating Expenses									50,644	21,809
Operating Income									$ 40,784	$ 15,000

PARENT COMPANY FINANCIAL STAT_3

PARENT COMPANY FINANCIAL STATEMENTS - Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current Assets:
Cash and Cash Equivalents	$ 309,338	$ 62,028	$ 51,006
Total Current Assets	375,443	126,740
Other Assets:
Other Assets	5,495	6,357
Total Other Assets	427,590	512,012
Total Assets	1,376,644	1,053,267
Current Liabilities:
Accounts Payable	39,805	34,035
Other Current Liabilities	7,913	6,841
Total Current Liabilities	281,651	253,743
Other Long-term Liabilities	3,413	7,764
Total Liabilities	889,833	769,450
Stockholders' Equity:
Common Stock	579	468
Loans to Stockholders		(3,500)
Additional Paid In Capital	485,638	248,525
Retained Earnings	594	38,324
Total Stockholders' Equity	486,811	283,817
Total Liabilities and Stockholders' Equity	1,376,644	1,053,267
Parent Company
Other Assets:
Investment in Subsidiary	602,561	282,569
Other Assets		1,429
Total Other Assets	602,561	283,998
Total Assets	602,561	283,998
Current Liabilities:
Accounts Payable	(1)
Other Current Liabilities	57	181
Total Current Liabilities	56	181
Other Long-term Liabilities	494
Total Liabilities	550	181
Stockholders' Equity:
Common Stock	579	468
Loans to Stockholders		(3,500)
Additional Paid In Capital	485,638	248,525
Retained Earnings	115,794	38,324
Total Stockholders' Equity	602,011	283,817
Total Liabilities and Stockholders' Equity	$ 602,561	$ 283,998

PARENT COMPANY FINANCIAL STAT_4

PARENT COMPANY FINANCIAL STATEMENTS - Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating Expenses:
Other Operating, net									$ 71,580	$ 48,718	$ 68,187
Total Operating Expenses	$ 161,685	$ 151,661	$ 99,951	$ 102,678	$ 112,235	$ 69,156	$ 37,610	$ 165,100	515,975	384,101	623,262
Operating Income (Loss)	10,867	22,002	49,238	24,933	(4,428)	8,817	(2,234)	15,230	107,040	17,385	78,122
Non-operating Income (Expense):
Other, net									14,624	(371)	(1,729)
Total Non-operating Income (Expense), net									(11,617)	(22,067)	(17,962)
Income (Loss) before Income Tax									95,423	(4,682)	60,160
Income Tax Expense (Benefit)									17,953	(778)	14,088
Net Income (Loss)	$ (602)	$ 13,903	$ 51,753	$ 12,416	$ (8,042)	$ 2,927	$ (6,040)	$ 7,251	77,470	(3,904)	46,072
Parent Company
Operating Expenses:
Other Operating, net									64	179	439
Total Operating Expenses									64	179	439
Operating Income (Loss)									(64)	(179)	(439)
Non-operating Income (Expense):
Equity in Income / (Loss) of Subsidiaries									77,534	(3,725)	46,283
Other, net											228
Total Non-operating Income (Expense), net									77,534	(3,725)	46,511
Income (Loss) before Income Tax									77,470	(3,904)	46,072
Net Income (Loss)									$ 77,470	$ (3,904)	$ 46,072

PARENT COMPANY FINANCIAL STAT_5

PARENT COMPANY FINANCIAL STATEMENTS - Statements of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash Flows from Operating Activities:
Net Cash Provided by Operating Activities	$ 152,013	$ 374	$ 63,272
Cash Flows from Investing Activities:
Net Cash Used in Investing Activities	(116,973)	(96,028)	(69,564)
Cash Flows from Financing Activities:
Proceeds Received from Exercise of Apollo Warrants			4,667
Net Cash Provided by Financing Activities	212,382	101,539	27,329
Net Increase in Cash, Cash Equivalents and Restricted Cash	247,422	5,885	21,037
Cash, Cash Equivalents and Restricted Cash--Beginning of the Period	70,363	64,478	43,441
Cash, Cash Equivalents and Restricted Cash--End of the Period	317,785	70,363	64,478
Parent Company
Cash Flows from Investing Activities:
Net Payments to Subsidiary		(28)
Net Cash Used in Investing Activities		(28)
Cash Flows from Financing Activities:
Net Payments from Subsidiary			7
Proceeds Received from Exercise of Apollo Warrants		21
Net Cash Provided by Financing Activities		21	7
Net Increase in Cash, Cash Equivalents and Restricted Cash		(7)	7
Cash, Cash Equivalents and Restricted Cash--Beginning of the Period	$ 7	7
Cash, Cash Equivalents and Restricted Cash--End of the Period		$ 7	$ 7

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) $ in Thousands	Mar. 31, 2022	Jan. 01, 2022USD ($)aircraft	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)
SUBSEQUENT EVENTS
Initial terms	8 years
Property & Equipment			$ 688,624	$ 479,580
Aircraft and Flight Equipment
SUBSEQUENT EVENTS
Property & Equipment			$ 440,356	$ 331,685
Subsequent Event | Boeing 737-800
SUBSEQUENT EVENTS
Aircrarfts purchased | aircraft		4
Initial terms		6 years
Payments committed per year		$ 2,000
Number of aircrafts expected to be delivered | aircraft		5
Subsequent Event | Aircraft and Flight Equipment | Boeing 737-800
SUBSEQUENT EVENTS
Property & Equipment		$ 75,000

QUARTERLY FINANCIAL DATA (UNA_3

QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
QUARTERLY FINANCIAL DATA (UNAUDITED)
Operating Revenues	$ 172,552	$ 173,663	$ 149,189	$ 127,611	$ 107,807	$ 77,973	$ 35,376	$ 180,330	$ 623,015	$ 401,486	$ 701,384
Operating Expenses	161,685	151,661	99,951	102,678	112,235	69,156	37,610	165,100	515,975	384,101	623,262
Operating Income	10,867	22,002	49,238	24,933	(4,428)	8,817	(2,234)	15,230	107,040	17,385	78,122
Net Income (Loss)	$ (602)	$ 13,903	$ 51,753	$ 12,416	$ (8,042)	$ 2,927	$ (6,040)	$ 7,251	$ 77,470	$ (3,904)	$ 46,072
Earnings / (Loss) Per Share:
Basic (in dollars per share)	$ (0.01)	$ 0.24	$ 0.91	$ 0.26	$ (0.17)	$ 0.06	$ (0.13)	$ 0.16	$ 1.40	$ (0.08)	$ 0.99
Diluted (in dollars per share)	$ (0.01)	$ 0.23	$ 0.83	$ 0.24	$ (0.17)	$ 0.06	$ (0.13)	$ 0.15	$ 1.31	$ (0.08)	$ 0.96
Shares used for computation:
Basic	57,712,097	57,355,104	57,156,159	48,496,077	46,806,317	46,805,950	46,805,950	46,805,950	55,182,811	46,806,042	46,773,038
Diluted	57,712,097	61,712,378	61,982,441	52,508,186	46,806,317	48,350,943	46,805,950	48,225,603	59,324,040	46,806,042	47,909,413