Sun Country Airlines (SNCY) 10-Q 10 Aug 22 2022 Q2 Quarterly report Financial data

Cover

Cover	6 Months Ended
	Jun. 30, 2022 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	001-40217
Entity Registrant Name	Sun Country Airlines Holdings, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-4092570
Entity Address, Address Line One	2005 Cargo Road
Entity Address, City or Town	Minneapolis
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55450
City Area Code	651
Local Phone Number	681-3900
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	SNCY
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	58,143,901
Entity Central Index Key	0001743907
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current Assets:
Cash and Cash Equivalents	$ 212,858	$ 309,338
Restricted Cash	4,132	8,447
Investments	76,724	6,283
Accounts Receivable, net of an allowance for credit losses of $197 and $250, respectively	38,479	30,156
Short-term Lessor Maintenance Deposits	7,394	5,505
Inventory, net of a reserve for obsolescence of $1,434 and $1,275, respectively	6,320	5,405
Prepaid Expenses	16,245	8,511
Other Current Assets	1,186	1,798
Total Current Assets	363,338	375,443
Property & Equipment, net:
Finance Lease Assets	251,887	209,457
Total Property & Equipment	889,788	695,587
Accumulated Depreciation & Amortization	(144,165)
Total Property & Equipment, net	745,623	578,518
Other Assets:
Goodwill	222,223	222,223
Other Intangible Assets, net	87,110	89,110
Operating Lease Right-of-use Assets	27,019	61,658
Aircraft Deposits	11,520	10,021
Long-term Lessor Maintenance Deposits	25,813	20,346
Deferred Tax Asset	15,813	17,608
Other Assets	8,279	5,495
Total Other Assets	397,777	426,461
Total Assets	1,506,738	1,380,422
Current Liabilities:
Accounts Payable	58,051	39,805
Accrued Salaries, Wages, and Benefits	25,342	28,527
Accrued Transportation Taxes	14,549	12,736
Air Traffic Liabilities	123,958	118,562
Over-market Liabilities	3,063	4,309
Finance Lease Obligations	29,392	11,705
Loyalty Program Liabilities	11,548	11,451
Operating Lease Obligations	10,172	17,231
Current Maturities of Long-term Debt	43,810	29,412
Income Tax Receivable Agreement Liability	1,100	0
Other Current Liabilities	10,376	7,913
Total Current Liabilities	331,361	281,651
Long-term Liabilities:
Over-market Liabilities	3,964	10,428
Finance Lease Obligations	220,229	180,450
Loyalty Program Liabilities	5,056	8,267
Operating Lease Obligations	21,410	58,810
Long-term Debt	319,733	248,014
Income Tax Receivable Agreement Liability	106,200	98,800
Other Long-term Liabilities	2,897	3,413
Total Long-term Liabilities	679,489	608,182
Total Liabilities	1,010,850	889,833
Commitments and Contingencies (see Note 13)
Common Stock, Number of Shares, Par Value and Other Disclosure [Abstract]
Common stock, with $0.01 par value, 995,000,000 shares authorized, 58,145,724 and 57,872,452 issued at June 30, 2022 and December 31, 2021, respectively	581	579
Preferred Stock, Number of Shares, Par Value and Other Disclosure [Abstract]
Preferred stock, with $0.01 par value, 5,000,000 shares authorized, no shares issued and outstanding at June 30, 2022 and December 31, 2021	0	0
Treasury stock, at cost, 1,823 shares held at June 30, 2022 and no shares held at December 31, 2021	52	0
Additional Paid-In Capital	491,492	485,638
Retained Earnings	(4,087)	(4,372)
Accumulated Other Comprehensive Loss	(220)	0
Total Stockholders' Equity	495,888	490,589
Total Liabilities and Stockholders' Equity	1,506,738	1,380,422
Aircraft and Flight Equipment
Property & Equipment, net:
Aircraft and Flight Equipment	589,690	447,319
Ground Equipment and Leasehold Improvements
Property & Equipment, net:
Aircraft and Flight Equipment	27,092	20,876
Computer Hardware and Software
Property & Equipment, net:
Aircraft and Flight Equipment	10,161	8,785
Rotable Parts
Property & Equipment, net:
Aircraft and Flight Equipment	$ 10,958	$ 9,150

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Accounts Receivable, allowance for credit losses	$ 197	$ 250
Inventory, reserve for obsolescence	$ 1,434	$ 1,275
Common stock-par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	995,000,000	995,000,000
Common stock, shares issued (in shares)	58,145,724	57,872,452
Preferred stock-par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Treasury stock (in shares)	1,823	0

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Operating Revenues:
Total Operating Revenue	$ 219,067	$ 149,189	$ 445,591	$ 276,802
Operating Expenses:
Aircraft Fuel	76,947	29,709	141,492	53,984
Salaries, Wages, and Benefits	60,298	42,316	119,915	86,392
Aircraft Rent	2,211	3,815	5,397	9,414
Maintenance	12,782	11,300	24,777	20,510
Sales and Marketing	7,881	5,822	16,509	10,932
Depreciation and Amortization	16,854	14,208	32,182	26,823
Ground Handling	8,212	6,551	16,170	11,781
Landing Fees and Airport Rent	9,496	8,752	19,782	17,537
Special Items, net	0	(39,819)	0	(72,355)
Other Operating, net	21,017	16,746	44,166	31,397
Total Operating Expenses	215,698	99,400	420,390	196,415
Operating Income	3,369	49,789	25,201	80,387
Non-operating Income (Expense):
Interest Income	532	9	556	24
Interest Expense	(7,042)	(6,080)	(15,604)	(13,201)
Other, net	(1,702)	18,054	(8,577)	18,049
Total Non-operating Income (Expense), net	(8,212)	11,983	(23,625)	4,872
Income (Loss) Before Income Tax	(4,843)	61,772	1,576	85,259
Income Tax Expense (Benefit)	(921)	9,595	1,861	16,304
Net Income (Loss)	$ (3,922)	$ 52,177	$ (285)	$ 68,955
Net Income (Loss) per share to common stockholders:
Basic (in dollars per share)	$ (0.07)	$ 0.91	$ 0	$ 1.30
Diluted (in dollars per share)	$ (0.07)	$ 0.84	$ 0	$ 1.20
Shares used for computation:
Basic (in shares)	58,060,716	57,156,159	57,984,608	52,850,041
Diluted (in shares)	58,060,716	61,982,441	57,984,608	57,403,593
Passenger
Operating Revenues:
Total Operating Revenue	$ 195,362	$ 125,130	$ 397,394	$ 229,325
Cargo
Operating Revenues:
Total Operating Revenue	21,190	22,098	42,243	43,684
Other
Operating Revenues:
Total Operating Revenue	$ 2,515	$ 1,961	$ 5,954	$ 3,793

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Net Income	$ (3,922)	$ 52,177	$ (285)	$ 68,955
Other Comprehensive Loss:
Net unrealized loss on Available-for-Sale securities, net of deferred tax benefit of $66, $—, $66 and $—, respectively	(220)	0	(220)	0
Other Comprehensive Loss	(220)	0	(220)	0
Comprehensive Income (Loss)	$ (4,142)	$ 52,177	$ (505)	$ 68,955

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Loans to Stockholders	Treasury Stock	Additional Paid-in Capital	Retained Earnings (Deficit)	Accumulated Other Comprehensive Loss
Common stock, outstanding, at beginning of period (in shares) at Dec. 31, 2020		46,839,659
Balances, at beginning of period at Dec. 31, 2020	$ 283,817	$ 468	$ (3,500)		$ 248,525	$ 38,324
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares Surrendered by Stockholders (in shares)		(140,737)
Shares Surrendered by Stockholders	0	$ (1)	3,500		(3,499)
Initial Public Offering, net (in shares)		10,454,545
Initial Public Offering, net	224,657	$ 105			224,552
Net Income (Loss)	16,778					16,778
Income Tax Receivable Agreement	(115,200)					(115,200)
Amazon Warrants	1,400				1,400
Stock-based Compensation	2,870				2,870
Common stock, outstanding, at end of period (in shares) at Mar. 31, 2021		57,153,467
Balances, at end of period at Mar. 31, 2021	414,322	$ 572	0		473,848	(60,098)
Common stock, outstanding, at beginning of period (in shares) at Dec. 31, 2020		46,839,659
Balances, at beginning of period at Dec. 31, 2020	283,817	$ 468	(3,500)		248,525	38,324
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	68,955
Common stock, outstanding, at end of period (in shares) at Jun. 30, 2021		57,158,467
Balances, at end of period at Jun. 30, 2021	469,019	$ 572	0		476,368	(7,921)
Common stock, outstanding, at beginning of period (in shares) at Mar. 31, 2021		57,153,467
Balances, at beginning of period at Mar. 31, 2021	414,322	$ 572	0		473,848	(60,098)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	52,177					52,177
Amazon Warrants	1,400				1,400
Stock-based Compensation	744				744
Initial Public Offering Expense Adjustment	349				349
Stock Option Exercises (in shares)		5,000
Stock Option Exercises	27				27
Common stock, outstanding, at end of period (in shares) at Jun. 30, 2021		57,158,467
Balances, at end of period at Jun. 30, 2021	469,019	$ 572	$ 0		476,368	(7,921)
Common stock, outstanding, at beginning of period (in shares) at Dec. 31, 2021		57,872,452
Balances, at beginning of period at Dec. 31, 2021	490,589	$ 579		$ 0	485,638	4,372	$ 0
Treasury Stock, at beginning of period (in shares) at Dec. 31, 2021				0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	3,637					3,637
Amazon Warrants	1,400				1,400
Stock-based Compensation	920				920
Stock Option Exercises (in shares)		91,868
Stock Option Exercises	523	$ 1			522
Common stock, outstanding, at end of period (in shares) at Mar. 31, 2022		57,964,320
Balances, at end of period at Mar. 31, 2022	497,069	$ 580		$ 0	488,480	8,009	0
Treasury Stock, at end of period (in shares) at Mar. 31, 2022				0
Common stock, outstanding, at beginning of period (in shares) at Dec. 31, 2021		57,872,452
Balances, at beginning of period at Dec. 31, 2021	490,589	$ 579		$ 0	485,638	4,372	0
Treasury Stock, at beginning of period (in shares) at Dec. 31, 2021				0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	(285)
Common stock, outstanding, at end of period (in shares) at Jun. 30, 2022		58,145,724
Balances, at end of period at Jun. 30, 2022	495,888	$ 581		$ (52)	491,492	4,087	(220)
Treasury Stock, at end of period (in shares) at Jun. 30, 2022				1,823
Common stock, outstanding, at beginning of period (in shares) at Mar. 31, 2022		57,964,320
Balances, at beginning of period at Mar. 31, 2022	497,069	$ 580		$ 0	488,480	8,009	0
Treasury Stock, at beginning of period (in shares) at Mar. 31, 2022				0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	(3,922)					(3,922)
Amazon Warrants	1,400				1,400
Stock-based Compensation	575				575
Stock Issued for Stock-Based Awards (in shares)		181,404
Stock Issued for Stock-Based Awards	1,038	$ 1			1,037
Net Stock Settlement of Stock-Based Awards (in shares)				1,823
Net Stock Settlement of Stock-Based Awards	(52)			$ (52)
Other Comprehensive Loss	(220)						(220)
Common stock, outstanding, at end of period (in shares) at Jun. 30, 2022		58,145,724
Balances, at end of period at Jun. 30, 2022	$ 495,888	$ 581		$ (52)	$ 491,492	$ 4,087	$ (220)
Treasury Stock, at end of period (in shares) at Jun. 30, 2022				1,823

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from Operating Activities
Net Income	$ (285,000)	$ 68,955,000
Adjustments to reconcile Net Income (Loss) to Cash from Operating Activities:
Depreciation and Amortization	32,182,000	26,823,000
Tax Receivable Agreement Adjustment	8,500,000	(18,700,000)
Operating Lease Right-of-use Assets	5,255,000	9,419,000
Non-Cash Gain on Asset Transactions, net	(79,000)	0
Unrealized Gain on Fuel Derivatives	0	(3,599,000)
Amortization of Over-market Liabilities	(1,687,000)	(3,081,000)
Deferred Income Taxes	1,861,000	16,304,000
Amazon Warrants Vested	2,800,000	2,800,000
Stock-based Compensation Expense	1,495,000	3,613,000
Amortization of Debt Issuance Costs and Debt Securities	515,000	687,000
Loss on Extinguishment of Debt	1,557,000	1,224,000
Changes in Operating Assets and Liabilities:
Accounts Receivable	(8,023,000)	4,265,000
Inventory	(1,184,000)	(224,000)
Prepaid Expenses	(7,733,000)	(6,446,000)
Lessor Maintenance Deposits	(7,356,000)	(3,220,000)
Aircraft Deposits	(1,720,000)	1,496,000
Other Assets	18,000	1,294,000
Accounts Payable	15,692,000	3,546,000
Accrued Transportation Taxes	1,813,000	7,024,000
Air Traffic Liabilities	5,396,000	12,695,000
Loyalty Program Liabilities	(3,113,000)	(1,192,000)
Operating Lease Obligations	(5,698,000)	(28,494,000)
Other Liabilities	(3,146,000)	1,615,000
Net Cash Provided by Operating Activities	37,060,000	96,804,000
Cash Flows from Investing Activities:
Purchases of Property & Equipment	(137,647,000)	(73,699,000)
Proceeds from the Sale of Property & Equipment	515,000	0
Proceeds from Insurance Settlements	8,865,000	0
Purchases of Investments	(71,629,000)	(1,436,000)
Proceeds from the Sale of Investments	935,000	984,000
Net Cash Used in Investing Activities	(198,961,000)	(74,151,000)
Cash Flows from Financing Activities:
Cash Received from Stock Offering	0	235,894,000
Costs of Stock Offering	0	(8,669,000)
Proceeds from Stock Option and Warrant Exercises	1,371,000	26,000
Taxes Paid for Net Stock Settlement of Stock-Based Awards	(31,000)	0
Proceeds from Borrowings	172,507,000	80,500,000
Repayment of Finance Lease Obligations	(24,293,000)	(7,864,000)
Repayment of Borrowings	(86,046,000)	(74,709,000)
Debt Issuance Costs	(2,402,000)	(2,709,000)
Net Cash Provided by Financing Activities	61,106,000	222,469,000
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash	(100,795,000)	245,122,000
Cash, Cash Equivalents and Restricted Cash--Beginning of the Period	317,785,000	70,363,000
Cash, Cash Equivalents and Restricted Cash--End of the Period	216,990,000	315,485,000
Supplemental Cash Flow Information [Abstract]
Lease Deposits Applied Against the Purchase of Aircraft	0	3,296,000
Aircraft and Flight Equipment Acquired through Finance Leases	19,928,000	42,911,000
Finance Lease Asset Modifications	46,311,000	0
Aircraft Acquired From Exercise of Finance Lease Purchase Option, net of Accumulated Depreciation	19,083,000	0
Derecognition of Operating Lease Right-of-Use Assets, net	0	41,135,000
Derecognition of Operating Lease Obligations	0	44,726,000
Reconciliation of Cash, Cash Equivalents and Restricted Cash
Cash and Cash Equivalents	212,858,000	310,723,000
Restricted Cash	4,132,000	4,762,000
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Total	$ 216,990,000	$ 315,485,000

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Deferred tax benefit	$ 66	$ 0	$ 66	$ 0

COMPANY BACKGROUND

COMPANY BACKGROUND	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
COMPANY BACKGROUND	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 On April 11, 2018 (the "Acquisition Date"), certain investment funds (the “Apollo Funds”) managed by affiliates of Apollo Global Management, Inc. (“Apollo”) acquired Sun Country, Inc. For more information on the Company’s equity transactions, see Note 1 of Notes to the Consolidated Financial Statements included in Part II, Item 8 “Financial Statements” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 as filed with the U.S. Securities and Exchange Commission (“2021 10-K”). Initial Public Offering of Common Stock 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, SCA Horus Holdings, LLC, an affiliate of investment funds managed by affiliates of Apollo (the “Apollo Stockholder”), also completed a private placement in which the Apollo Stockholder sold 2,216,312 and 2,216,308 shares of common stock to PAR Investment Partners, L.P. and certain funds or accounts managed by an investment adviser subsidiary of Blackrock, Inc., respectively. Each of the two sales was based on an aggregate purchase price of $50,000 and a price per share equal to 94% of the initial public offering price of $24.00 per share. Secondary Offerings During May 2021 and October 2021, the Apollo Stockholder and other selling stockholders sold 7,250,000 and 8,500,000 shares of the Company's common stock at the public offering prices of $34.50 and $32.50, respectively. Under both transactions, the underwriters were given options to purchase additional shares of the Company's common stock at the public offering price. During the May 2021 and October 2021 offerings, the underwriters elected to purchase 1,087,500 and 435,291 of the option shares, respectively. The Company incurred offering expenses of $1,763 in conjunction with the two secondary offerings a nd did not receive any of the proceeds from these offerings. For more information on the 2021 secondary offerings, see Note 1 of Notes to the Consolidated Financial Statements included in Part II, Item 8 “Financial Statements” in the 2021 10-K. Amazon Agreement On December 13, 2019, the Company signed a six-year contract (with two, two-year extension options, for a maximum term of 10 years) with Amazon.com Services, Inc. (together with its affiliates, “Amazon”) to provide cargo services under an Air Transportation Services Agreement (the “ATSA”). 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. There were 632,183 warrants that vested upon execution of the ATSA and 63,217 warrants will vest for each milestone of $8,000 in qualifying payments made by Amazon to the Company. During the six months ended June 30, 2022 and June 30, 2021, 379,304 warrants vested in each respective period. As of June 30, 2022 and June 30, 2021, the cumulative vested warrants held by Amazon were 2,022,963 and 1,264,356, respectively. The exercise period of these warrants is through the eighth anniversary of the issue date.

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION The Company has prepared the Condensed Consolidated Financial Statements according to U.S. Generally Accepted Accounting Principles (“GAAP”) and has included the accounts of Sun Country Airlines Holdings, Inc. and its subsidiaries. The accompanying unaudited Condensed Consolidated Financial Statements of Sun Country Airlines Holdings, Inc. should be read in conjunction with the Consolidated Financial Statements contained in the 2021 10-K. Management believes that all adjustments necessary for the fair presentation of results, consisting of normally recurring items, have been included in the unaudited Condensed Consolidated Financial Statements for the interim periods presented. The Company reclassified certain prior period amounts to conform to the current period presentation. All material intercompany balances and transactions have been eliminated in consolidation. The preparation of financial statements in accordance with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. Significant areas of judgment relate to passenger revenue recognition, maintenance under the built-in overhaul method, equity-based compensation, tax receivable agreement, lease accounting, impairment of goodwill, impairment of long-lived and intangible assets, air traffic liabilities, the loyalty program, as well as the valuation of Amazon warrants. During the six months ended June 30, 2022, there were no significant changes to the Company’s critical accounting policies. Due to impacts from the global coronavirus (“COVID-19”) pandemic, seasonal variations in the demand for air travel, the volatility of aircraft fuel prices, uncertainties in pilot staffing and other factors, operating results for the six months ended June 30, 2022 are not necessarily indicative of operating results for future quarters or for the year ending December 31, 2022. Air travel is also significantly impacted by general economic conditions, the amount of disposable income available to consumers, unemployment levels, corporate travel budgets, extreme or severe weather and natural disasters, disease outbreaks, fears of terrorism or war, and other factors beyond the Company's control. Revision of Previously Issued Consolidated Financial Statements During the second quarter of 2022, the Company identified an immaterial misstatement in the Company's Condensed Consolidated Financial Statements for the quarter and year-to-date interim periods in the year ended December 31, 2021 (the "previously issued financial statements"). The error related to the improper application of Accounting Standards Codification (ASC) Topic 842, Leases regarding the treatment of the incremental difference between the net purchase price of the leased aircraft and the net operating lease recorded on the balance sheet immediately prior to the transaction. This difference should have been capitalized as part of the acquisition costs incurred to purchase the aircraft off the operating lease. The Company incorrectly expensed this amount as incurred within Special Items, net on the Condensed Consolidated Statements of Operations. The error resulted in an understatement of the benefit within Special Items, net, partially offset by incremental Depreciation and Amortization Expense for the three and six months ended June 30, 2021, and an understatement of Aircraft and Flight Equipment. The Company assessed the materiality of the errors on the prior period financial statements in accordance with Securities and Exchange Commission Staff Accounting Bulletin No. 99, Materiality , codified in ASC 250, Presentation of Financial Statements . Management concluded it was immaterial to the Company's previously issued annual or interim financial statements. While management believes the effect of the error is immaterial, the Company has revised the previously issued financial statements as presented in these Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q. In addition, the immaterial error will be corrected in the comparative amounts presented in the Company’s subsequent quarterly and annual filings. The impact of the revision on the Company's previously issued Consolidated Balance Sheets as of December 31, 2021 are as follows: December 31, 2021 As Previously Issued Correction As Revised Assets Aircraft and Flight Equipment $ 440,356 $ 6,963 $ 447,319 Total Property & Equipment 688,624 6,963 695,587 Accumulated Depreciation & Amortization (115,013) (2,056) (117,069) Total Property & Equipment, net 573,611 4,907 578,518 Deferred Tax Asset 18,737 (1,129) 17,608 Total Other Assets 427,590 (1,129) 426,461 Total Assets 1,376,644 3,778 1,380,422 Stockholder's Equity Retained Earnings 594 3,778 4,372 Total Stockholders' Equity 486,811 3,778 490,589 Total Liabilities and Stockholders' Equity 1,376,644 3,778 1,380,422 The impact of the revision on the Company's previously issued Condensed Consolidated Statements of Operations for the three and six-month periods ended June 30, 2021 are as follows: Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 As Previously Issued Correction As Revised As Previously Issued Correction As Revised Operating Expenses Depreciation and Amortization $ 13,460 $ 748 $ 14,208 $ 26,075 $ 748 $ 26,823 Special Items, net (38,520) (1,299) (39,819) (65,392) (6,963) (72,355) Total Operating Expenses 99,951 (551) 99,400 202,630 (6,215) 196,415 Operating Income 49,238 551 49,789 74,172 6,215 80,387 Income Before Income Tax 61,221 551 61,772 79,044 6,215 85,259 Income Tax Expense 9,468 127 9,595 14,875 1,429 16,304 Net Income 51,753 424 52,177 64,169 4,786 68,955 Basic Income per share $ 0.91 $ 0.00 $ 0.91 $ 1.21 $ 0.09 $ 1.30 Diluted Income per share $ 0.83 $ 0.01 $ 0.84 $ 1.12 $ 0.08 $ 1.20 The revision also impacted the Company's previously issued Condensed Consolidated Statements of Changes in Stockholders Equity as follows: For the Three Months Ended March 31, 2021 As Previously Issued Correction As Revised Net Income $ 12,416 $ 4,362 $ 16,778 As of March 31, 2022 As of June 30, 2021 As of March 31, 2021 As Previously Issued Correction As Revised As Previously Issued Correction As Revised As Previously Issued Correction As Revised Retained Earnings (Deficit) $ 4,231 $ 3,778 $ 8,009 $ (12,707) $ 4,786 $ (7,921) $ (64,460) $ 4,362 $ (60,098) Total Stockholders' Equity 493,291 3,778 497,069 464,233 4,786 469,019 409,960 4,362 414,322 The Company's Condensed Consolidated Statement of Changes Stockholders' Equity as of December 31, 2021 has been corrected to reflect the changes to the impacted Stockholders' Equity accounts as described above. The impact of the revision on the Company's previously issued Condensed Consolidated Statements of Cash Flow for the six months ended June 30, 2021 is as follows: Six Months Ended June 30, 2021 As Previously Issued Correction As Revised Operating Activities Net Income $ 64,169 $ 4,786 $ 68,955 Depreciation and Amortization 26,075 748 26,823 Non-Cash Gain on Asset Transaction, Net (12,668) 12,668 — Deferred Income Taxes 14,875 1,429 16,304 Operating Lease Obligations (15,826) (12,668) (28,494) Net Cash Provided by Operating Activities 89,841 6,963 96,804 Investing Activities Purchases of Property & Equipment (66,736) (6,963) (73,699) Net Cash Used in Investing Activities (67,188) (6,963) (74,151) The revision had no impact on the Company's Net Cash Provided by Financing Activities for the six months ended June 30, 2021. Investments Investments consist of debt securities and Certificates of Deposit. The Certificates of Deposit are recorded at cost, plus accrued interest. These certificates serve as collateral for letters of credit required by various airports and other vendors. All of the certificates have original maturities greater than 90 days. During the quarter ended June 30, 2022, the Company purchased $70,391 of debt securities with original maturities of three months or greater. The investments are classified as current assets on the Condensed Consolidated Balance Sheets because the securities are highly liquid and are available to be quickly converted into cash to fund current operations. Primarily all of the Company's Available-for-Sale securities will mature within one year. The Company limits its exposure to any one issuer or market sector, and largely limits its investments to investment grade quality securities. The Company's investment securities are classified as Available-for-Sale and are reported at fair value on the Company's Condensed Consolidated Balance Sheets. Unrealized gains and losses on the Company's Available-for-Sale securities are excluded from net earnings and are reported as a component of Accumulated Other Comprehensive Income (Loss), net of income tax effects, within Stockholders' Equity on the Condensed Consolidated Balance Sheets until realized. Realized gains and losses are recorded using the specific identification method and reflected in Other, net within Non-operating Income (Expense) on the Company's Condensed Consolidated Statement of Operations. Premiums and discounts recorded on Available-for-Sale debt securities are accounted for in Other, net within Non-operating Income (Expense) on the Company's Condensed Consolidated Statement of Operations. At each reporting period, the Company assesses its Available-for-Sale investments in an unrealized loss position to determine whether an impairment exists. The Company will record an impairment if management intends to sell an impaired security, will likely be required to sell a security before recovery of the entire amortized cost, or the same level of collectible cash flows from the security is no longer expected. The entire impairment will be included in Other, net within Non-operating Income (Expense) on the Company's Condensed Consolidated Statement of Operations. Recently Adopted Accounting Standards On May 3, 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("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. This new standard provides clarification and reduces diversity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options (such as warrants) that remain equity classified after modification or exchange. On January 1, 2022, the Company adopted ASU 2021-04 on a prospective basis, as required by the Standard. There was no financial statement impact upon adoption. In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832), Disclosures by Business Entities about Government Assistance . The new standard requires additional disclosures regarding government grants and money contributions. The standard requires disclosures on the nature of the transactions and related accounting policies, including significant terms and conditions, as well as the amounts and specific financial statement line items affected by the transactions. The Company adopted this standard as of January 1, 2022, see Note 3 for additional information on COVID-19 related government assistance the Company has received.

IMPACT OF THE COVID-19 PANDEMIC

IMPACT OF THE COVID-19 PANDEMIC	6 Months Ended
	Jun. 30, 2022
Unusual or Infrequent Items, or Both [Abstract]
IMPACT OF THE COVID-19 PANDEMIC	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 experienced a significant decrease in demand related to the COVID-19 pandemic, which caused a material decline in 2021 revenues as compared to pre-pandemic levels, and negatively impacted the Company’s financial condition and operating results. During the second quarter of 2022, Sun Country continued to see recovery in demand from the COVID-19 pandemic relative to demand in 2021, which may impact the comparability of results to prior periods. However, the ongoing impact of the COVID-19 pandemic on overall demand for air travel remains uncertain and cannot be predicted at this time. Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) During 2021 and 2020, the Company received certain funds from the CARES Act. The cash awarded to the Company through the CARES Act was accounted for as grants, debt, and tax credits based on the terms and nature of the funds awarded. During the six months ended June 30, 2021, the Company received and recognized as income within Special Items, net $71,587 from the U.S. Treasury under the Payroll Support Program Extension (“PSP2”) and the American Rescue Plan Act of 2021 ("PSP3"). The CARES Act provides an employee retention credit (“CARES Employee Retention Credit”), which is a refundable tax credit against certain employment taxes. During the six months ended June 30, 2021, the Company recorded $780 related to the CARES Employee Retention Credit within Special Items, net. Under the CARES Act Loan Program, the Company received a $45,000 loan (the “CARES Act Loan”) from the U.S. Treasury, which was repaid in full on March 24, 2021 using proceeds from the IPO. For more information on funds awarded through the CARES Act, see Note 3 of Notes to the Consolidated Financial Statements included in Part II, Item 8 “Financial Statements” in the 2021 10-K.

REVENUE

REVENUE	6 Months Ended
	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
REVENUE	REVENUE Sun Country is a certificated air carrier generating Operating Revenues from Scheduled service, Charter service, Ancillary, Cargo and Other revenue. Scheduled service revenue mainly consists of base fares. Charter service revenue is primarily generated through service provided to the U.S. Department of Defense, collegiate and professional sports teams, and casinos. Ancillary revenues consist of revenue earned from air travel-related services, such as: baggage fees, seat selection fees, passenger interface fee 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: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Scheduled Service $ 108,412 $ 67,073 $ 232,479 $ 121,693 Charter Service 42,749 28,898 75,628 54,703 Ancillary 44,201 29,159 89,287 52,929 Passenger 195,362 125,130 397,394 229,325 Cargo 21,190 22,098 42,243 43,684 Other 2,515 1,961 5,954 3,793 Total Operating Revenue $ 219,067 $ 149,189 $ 445,591 $ 276,802 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: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Domestic $ 211,012 $ 142,774 $ 419,851 $ 262,020 Latin America 8,014 6,266 25,634 14,228 Other 41 149 106 554 Total Operating Revenue $ 219,067 $ 149,189 $ 445,591 $ 276,802 Contract Balances The Company’s contract assets primarily relate to costs incurred to get Amazon cargo aircraft ready for service. The balances are included in Other Current Assets and Other Assets on the Condensed Consolidated Balance Sheets. These deferred up-front costs are being amortized into Maintenance expense on a pro-rata basis over the initial six years of the ATSA. The amount expensed during the three and six months ended June 30, 2022 was $157 and $318, respectively. The expense for both the three and six months ended June 30, 2021 was $169 and $307, respectively. The Company’s significant contract liabilities are comprised of, 1) ticket sales for transportation that has not yet been provided (reported as Air Traffic Liabilities on the Condensed Consolidated Balance Sheets), 2) outstanding loyalty points that may be redeemed for future travel and other non-air travel awards (reported as Loyalty Program Liabilities on the Condensed Consolidated Balance Sheets) and, 3) the Amazon Deferred Up-front Payment received (reported within Other Liabilities on the Condensed Consolidated Balance Sheets). 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 Condensed Consolidated Balance Sheets. 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 three and six months ended June 30, 2022, $233 and $474 was amortized into Cargo revenue, respectively. For the three and six months ended June 30, 2021, $237 and $468 was amortized into Cargo revenue, respectively. Contract Assets and Liabilities are as follows: June 30, 2022 December 31, 2021 Contract Assets Costs to fulfill contract with Amazon $ 2,501 $ 2,819 Air Traffic Liabilities 123,958 118,562 Loyalty Program Liabilities 16,604 19,718 Amazon Deferred Up-front Payment 3,726 4,200 Total Contract Liabilities $ 144,288 $ 142,480 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 six months ended June 30, 2022, $105,518 of revenue was recognized in Passenger revenue that was included in the Air Traffic Liabilities as of December 31, 2021. Loyalty Program The Sun Country Rewards program provides loyalty awards to program members based on accumulated loyalty points. The Company records a liability for loyalty points earned by passengers under the Sun Country Rewards program using two methods: (1) a liability for points that are earned by passengers on purchases of the Company’s services is established by deferring revenue based on the redemption value, net of estimated loyalty points that will expire unused, or breakage; and (2) a liability for points attributed to loyalty points issued to the Company’s Visa card holders is established by deferring a portion of payments received from the Company’s co-branded agreement. The balance of the Loyalty Program Liabilities fluctuates based on seasonal patterns, which impacts 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). Due to these reasons, the timing of loyalty point redemptions can vary significantly. Changes in the Loyalty Program Liabilities are as follows: 2022 2021 Balance – January 1 $ 19,718 $ 22,069 Loyalty Points Earned 3,471 1,904 Loyalty Points Redeemed (1) (6,585) (3,096) Balance – June 30 $ 16,604 $ 20,877 ______________________ (1) Loyalty points are combined in one homogenous pool, that includes both air and non-air travel awards, 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

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE The following table shows the computation of basic and diluted earnings per share: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Numerator: Net Income (Loss) $ (3,922) $ 52,177 $ (285) $ 68,955 Denominator: Weighted Average Common Shares Outstanding - Basic 58,060,716 57,156,159 57,984,608 52,850,041 Dilutive effect of Stock Options, RSUs and Warrants (1) — 4,826,282 — 4,553,552 Weighted Average Common Shares Outstanding - Diluted 58,060,716 61,982,441 57,984,608 57,403,593 Basic earnings per share $ (0.07) $ 0.91 $ 0.00 $ 1.30 Diluted earnings per share $ (0.07) $ 0.84 $ 0.00 $ 1.20 ______________________ (1) There were 3,372,527 and 3,547,524 performance-based stock options outstanding at June 30, 2022 and 2021, respectively. As a result of the IPO and other ongoing factors, the Company estimated that approximately 74% of these options are expected to meet the performance conditions as of June 30, 2022 and are included in the measure above to the extent they are dilutive. As of June 30, 2022, 25% of the eligible outstanding performance-based stock options vested and were considered exercisable. The vested performance-based stock options are included in the measure above to the extent they are dilutive. Due to the Net Loss for the three and six months ended June 30, 2022, there were 3,529,406 and 3,676,847 stock options, restricted stock units, and vested warrants that were not included in the computation of diluted earnings per share due to their anti-dilutive effect. The Company's anti-dilutive shares for all other periods presented were not material to the Condensed Consolidated Financial Statements.

AIRCRAFT

AIRCRAFT	6 Months Ended
	Jun. 30, 2022
Property, Plant and Equipment [Abstract]
AIRCRAFT	AIRCRAFT As of June 30, 2022, Sun Country operated a fleet of 53 Boeing 737-NG aircraft, consisting of 52 Boeing 737-800s and one Boeing 737-700. The following tables summarize the Company’s aircraft fleet activity for the six months ended June 30, 2022 and 2021, respectively: December 31, 2021 Additions Reclassifications Removals June 30, 2022 Passenger: Owned 21 5 1 (1) 26 Finance leases (1) 9 1 1 — 11 Operating leases 6 — (2) — 4 Sun Country Airlines’ Fleet 36 6 — (1) 41 Cargo: Aircraft Operated for Amazon 12 — — — 12 Total Aircraft Operated 48 6 — (1) 53 December 31, 2020 Additions Reclassifications Removals June 30, 2021 Passenger: Owned 14 — 6 — 20 Finance leases 5 2 — — 7 Operating leases 12 — (6) — 6 Sun Country Airlines’ Fleet 31 2 — — 33 Cargo: Aircraft Operated for Amazon 12 — — — 12 Total Aircraft Operated 43 2 — — 45 (1) Two aircraft operating leases were reclassified into finance lease and a separate aircraft finance lease purchase option was exercised, resulting in a net change of one finance lease reclassification. During the six months ended June 30, 2022, the Company acquired six incremental aircraft, five of which were financed using proceeds from the issuance of Class A and Class B pass-through trust certificates (the "2022-1 EETC"), and one through a finance lease arrangement that is set to expire in fiscal year 2030. As of June 30, 2022, 25 of the aircraft were financed and one aircraft was unencumbered. For more information on the Company's financing arrangements see Note 7 of these Condensed Consolidated Financial Statements. During the six months ended June 30, 2022, the Company completed transactions that adjusted the composition of its fleet. The Company executed lease amendments to purchase two aircraft at the end of the lease term, which modified the classification from operating leases to finance leases with expiration dates in fiscal year 2026. Further, the Company purchased an aircraft previously classified as a finance lease using proceeds from the 2022-1 EETC. During the six months ended June 30, 2022, an owned aircraft was retired due to the aircraft sustaining damage beyond economic repair. The retirement had no impact on the Company's Condensed Consolidated Results of Operations, see Note 13 for more information. Subsequent to June 30, 2022, the Company took delivery of an aircraft contracted under a six-year lease, with lease payments approximating $2,220 per year. The six aircraft purchased during the six months ended June 30, 2021 were financed through the Delayed Draw Term Loan Facility (see Note 7 ). All six aircraft were previously accounted for as operating leases. Additionally, the Company obtained an additional two aircraft under finance leases. Depreciation, amortization, and rent expense on aircraft are as follows: Three Months Ended June 30, Six Months Ended June 30, Aircraft Status Expense Type 2022 2021 2022 2021 Owned Depreciation $ 10,175 $ 9,400 $ 18,848 $ 17,230 Finance Leased Amortization 4,044 2,435 8,113 4,870 Operating Leased Aircraft Rent (1) 2,211 3,815 5,397 9,414 $ 16,430 $ 15,650 $ 32,358 $ 31,514 (1) Aircraft Rent expense includes credits for the amortization of over-market liabilities established at the Acquisition Date. Depreciation expense on owned aircraft and amortization expense on finance leased aircraft are both classified in Depreciation and Amortization on the Condensed Consolidated Statements of Operations. Aircraft Maintenance Deposits Contra-Assets As of the Acquisition Date, the Company established a maintenance deposit contra-asset to offset the acquired maintenance deposits assets included in Short-term Lessor Maintenance Deposits on the Condensed Consolidated Balance Sheets. The assets represent funds paid by the previous owners of the Company to the lessor that were kept as funds on deposit for maintenance events and the contra-assets 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, a portion of the contra-asset is recognized as a reduction to Maintenance Expense on the Condensed Consolidated Statements of Operations due to the fact that the previously acquired maintenance deposit is partially funding the maintenance event. As of June 30, 2022 and December 31, 2021, the remaining balance of the contra-asset was $21,897 and $22,348, respectively. Over-market Liabilities As of the Acquisition Date, the Company recognized a liability representing lease terms which are unfavorable compared with market terms of similar leases. The over-market lease liability is recorded as a contra-asset offsetting the corresponding lease asset. The remaining unamortized balance of this contra-asset as of June 30, 2022 and December 31, 2021 was $344 and $10,363, respectively and is recorded

DEBT

DEBT	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
DEBT	DEBT Credit Facilities – On February 10, 2021, the Company executed a five-year credit agreement (the “Credit Agreement”) with a group of lenders that replaced the Company’s prior $25,000 asset-based revolving credit facility. The Credit Agreement includes a $25,000 Revolving Credit Facility (the "Revolving Credit Facility") and a $90,000 Delayed Draw Term Loan Facility (“DDTL”), which are collectively referred to as the “Credit Facilities.” The proceeds from the Revolving Credit Facility can be used for general corporate purposes, whereas the proceeds from the DDTL were to be used solely to finance the acquisition of aircraft or engines to be registered in the United States. The Credit Agreement includes financial covenants that require a minimum trailing 12-month EBITDAR ($87,700 as of March 31, 2022 and beyond) and minimum liquidity of $30,000 at the close of any business day. The Company was in compliance with these covenants as of June 30, 2022. During 2021, the Company drew $80,500 on the DDTL to purchase six aircraft, which were previously under operating leases. During the six months ended June 30, 2022, the Company repaid the outstanding balance of the DDTL in full using proceeds it received from the 2022-1 EETC, which terminated the DDTL. As a result, no amounts under the DDTL were available to the Company as of June 30, 2022. The Company recorded a $1,557 loss on extinguishment of debt related to the repayment of the DDTL, which represents the write-off of the unamortized deferred financing costs. As of June 30, 2022, the Revolving Credit Facility remained undrawn and available to the Company. Long-term Debt – In December 2019, the Company arranged for the issuance of Class A, Class B and Class C pass-through trust certificates Series 2019-1 (the “2019-1 EETC”), in an aggregate face amount of $248,587 for the purpose of financing or refinancing 13 used aircraft, which was completed in 2020. In March 2022, the Company arranged for the issuance of the 2022-1 EETC in an aggregate face amount of $188,277 for the purpose of financing or refinancing 13 aircraft. The Company recorded $2,402 in debt issuance costs associated with the 2022-1 EETC. Of the 12 aircraft financed by the 2022-1 EETC during the six months ended June 30, 2022, five were existing owned aircraft previously financed by the DDTL, two of the aircraft were owned outright, four of the aircraft were acquired incrementally, and one aircraft was bought-out from an existing finance lease. The 13th and final aircraft to be financed by the 2022-1 EETC is currently under lease and is expected to be purchased from the lessor in the third quarter of 2022. During the six months ended June 30, 2022, the Company received gross proceeds of $172,507 with respect to 12 of the aircraft. The remaining $15,770 of gross proceeds is expected to be received on or before September 15, 2022 in connection with purchasing the 13th aircraft from the lessor. The Company is required to make semi-annual principal and interest payments each March and September beginning with the first payment on September 15, 2022. The 2022-1 EETC is secured by a lien on the financed or refinanced aircraft and will be cross-collateralized by the other aircraft financed through the issuance. Total appraised value of the 12 currently financed aircraft was approximately $237,936 as of the original date of the agreement. During the six months ended June 30, 2022, the Company capitalized $1,278 of Interest Expense related to aircraft financed with the proceeds of the 2022-1 EETC. The Company expects these aircrafts to be placed into service by the end of 2022. Long-term Debt includes the following: June 30, 2022 December 31, 2021 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 between 4.13% and 6.95% and the weighted average interest rate is 4.73% as of June 30, 2022. $ 194,884 $ 202,984 Notes payable under the Company's 2022-1 EETC agreement dated March 2022, with a face amount of $188,277 payable in bi-annual installments, in March and September, through March 2031. These notes bear interest at an annual rate between 4.84% and 5.75% and the weighted average interest rate is 5.06% as of June 30, 2022. 172,507 — Delayed Draw Term Loan Facility — 77,481 Other Notes payable — 466 Total Debt 367,391 280,931 Less: Unamortized debt issuance costs (3,848) (3,505) Less: Current Maturities of Long-term Debt (43,810) (29,412) Total Long-term Debt $ 319,733 $ 248,014 Future maturities of the outstanding Debt are as follows: Debt Principal Amortization of Debt Net Debt Remainder of 2022 $ 27,446 $ (511) $ 26,935 2023 56,791 (938) 55,853 2024 58,430 (757) 57,673 2025 63,514 (584) 62,930 2026 43,941 (401) 43,540 Thereafter 117,269 (657) 116,612 Total as of June 30, 2022 $ 367,391 $ (3,848) $ 363,543 The fair value of Debt was $357,039 as of June 30, 2022 and $272,004 as of December 31, 2021. The fair value of the Company’s debt was based on the discounted amount of future cash flows using the Company’s

FUEL DERIVATIVES AND RISK MANAG

FUEL DERIVATIVES AND RISK MANAGEMENT	6 Months Ended
	Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
FUEL DERIVATIVES AND RISK MANAGEMENT	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. As of June 30, 2022 and December 31, 2021, the Company had no outstanding fuel derivative contracts. Fuel derivative contracts are recognized at fair value on the Condensed Consolidated Balance Sheets as Derivative Assets, if the fair value is in an asset position, or as Derivative Liabilities, if the fair value is in a liability position. Derivatives where the payment due date is greater than one year from the balance sheet date are classified as long-term. Fuel derivative gains and losses are classified in Aircraft Fuel on the Condensed Consolidated Statements of Operations. Changes in Derivative Assets (Liabilities) are as follows: Six Months Ended June 30, 2022 2021 Balance - January 1 $ — $ (1,174) Non-cash Gains — 3,599 Contract Settlements — (827) Balance - June 30 $ — $ 1,598 Fuel Derivative Gains consist of the following: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Non-cash Gains $ — $ 1,213 $ — $ 3,599 Cash Premiums Paid — — — — Total Fuel Derivative Gains $ — $ 1,213 $ — $ 3,599

INVESTMENTS

INVESTMENTS	6 Months Ended
	Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]
INVESTMENTS	INVESTMENTS A summary of debt securities by major security type: June 30, 2022 (1) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-Sale Securities (2) : Municipal Debt Securities $ 26,263 $ 3 $ (86) $ 26,180 Corporate Debt Securities 44,161 — (203) 43,958 Total $ 70,424 $ 3 $ (289) $ 70,138 (1) As the Company purchased these investments during the three months ended June 30, 2022, there is no comparable prior period information. (2) The Company also holds Certificates of Deposit that are included in Investments on the Condensed Consolidated Balance Sheets totaling $6,586 and $6,283 as of June 30, 2022 and December 31, 2021, respectively. As of June 30, 2022, the Company's investments that have unrealized losses have been in a continuous unrealized loss position for less than 12 months. The unrealized losses were the result of increases in market interest rates and were not the result of a deterioration in the credit quality of the securities. As of June 30, 2022, the Company had the intent and ability to hold its Available-for-Sale securities that are in an unrealized loss position to maturity. Therefore, the Company believes these losses to be temporary.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS For a description of the methods and assumptions that are used to estimate the fair value and determine the fair value hierarchy classification of each class of financial instrument, see Note 12 of the Notes to the Consolidated Financial Statements in Part II, Item 8, “Financial Statements” in the 2021 10-K. Financial Instruments – Financial instruments including Restricted Cash, Certificates of Deposit, Accounts Receivable, Accounts Payable and all other Current Liabilities have carrying values that approximate fair value. Cash & Cash Equivalents – The carrying value of cash and cash equivalents approximates fair value. Fair values of cash equivalent instruments that do not trade on a regular basis in active markets are classified as Level 2. Available-for-Sale Securities - Available-for-Sale investment securities include debt securities such as municipal and corporate notes. All of these investments are classified as Level 2 because they do not trade in active markets on a regular basis. The Company obtains its pricing per security from a third-party, which uses quoted market prices, when available, or other observable inputs for determination of fair value. Derivative Instruments – Derivative instruments are accounted for as either assets or liabilities and are carried at fair value. The fair value for fuel derivative options and swaps is determined utilizing an option pricing model that uses inputs that are readily available in active markets or can be derived from information available in active markets and are classified within Level 2. Non-Financial Assets – 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. Debt – See Note 7 for more information on the Company's debt financings and related fair values. The following table summarizes the assets measured at fair value on a recurring basis: June 30, 2022 Level 1 Level 2 Level 3 Total Cash & Cash Equivalents $ 96,096 $ 116,762 $ — $ 212,858 Available-for-Sale Securities: Municipal Debt Securities — 26,180 — 26,180 Corporate Debt Securities — 43,958 — 43,958 Total Available-for-Sale Securities — 70,138 — 70,138 Total Assets Measured at Fair Value on a Recurring Basis $ 96,096 $ 186,900 $ — $ 282,996 December 31, 2021 Level 1 Level 2 Level 3 Total Cash & Cash Equivalents $ 309,338 $ — $ — $ 309,338 Total Assets Measured at Fair Value on a Recurring Basis $ 309,338 $ — $ — $ 309,338

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company's effective tax rate for the three and six months ended June 30, 2022 was 19.0% and 118.1%, respectively. The effective tax rate for the three and six months ended June 30, 2021 was 15.5% and 19.1%, respectively. The effective tax rate represents a blend of federal and state taxes and includes the impact of certain nondeductible or nontaxable items. The increase for the three and six months ended June 30, 2022 effective tax rate is primarily due to a non-deductible expense related to the Tax Receivable Agreement (the "Tax Receivable Agreement" or "TRA") liability, partially offset by stock compensation benefits. Tax Receivable Agreement In connection with the Company’s IPO, the Company entered into the TRA with our 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. Upon the closing of the IPO in the first quarter of 2021, 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 under the TRA, with an offset to Stockholders’ Equity. The TRA balance as of June 30, 2022 and December 31, 2021 was $107,300 and $98,800, respectively. The TRA liability is an estimate and actual amounts payable under the Tax Receivable Agreement could differ from this estimate. During the six months ended June 30, 2022, the Company recorded an adjustment to the estimated TRA liability of $8,500. Adjustments to the TRA are recorded in Other, net Non-Operating Income (Expense) on the Company’s Condensed Consolidated Statements of Operations. For more information on the TRA, see Note 13 of the Notes to the Consolidated Financial Statements in Part II, Item 8, “Financial Statements” in the 2021 10-K.

SPECIAL ITEMS, NET

SPECIAL ITEMS, NET	6 Months Ended
	Jun. 30, 2022
Unusual or Infrequent Items, or Both [Abstract]
SPECIAL ITEMS, NET	SPECIAL ITEMS, NET Special Items, net reflects expenses, or credits to expense, that are not representative of our ongoing costs for the periods presented and may vary from period to period in nature, frequency, and amount. Special Items, net on the Condensed Consolidated Statements of Operations consist of the following: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 CARES Act grant recognition (see Note 3 ) $ — $ (39,378) $ — $ (71,587) CARES Act employee retention credit (See Note 3 ) — (446) — (780) Other — 5 — 12 Total Special Items, net $ — $ (39,819) $ — $ (72,355)

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES The Company has contractual obligations and commitments primarily with regard to lease arrangements, repayment of debt (see Note 7 ), payments under the TRA (see Note 1 1 ), and probable future purchases of aircraft. During the six months ended June 30, 2022, an owned aircraft was retired due to the aircraft sustaining damage beyond economic repair. The best estimate of this event was recorded as of June 30, 2022 and had no financial impact on the Company's Condensed Consolidated Statement of Operations. The estimate will be revised if any additional information becomes available during the third quarter when the contingency is expected to be finalized. The Company does not believe the finalization of the contingency will have a material effect on the Company's Condensed Consolidated Results of Operations. During the six months ended June 30, 2022, the Company executed an agreement to purchase a flight simulator at a total purchase price of $9,745. An initial installment of $2,934 was remitted to the seller during the first half of 2022 and a second installment of $5,847 was remitted to the seller during July 2022, prior to shipment. The remaining purchase price will be remitted to the seller upon receipt and installation of the simulator. The first installment payment for the simulator is accounted for within Property & Equipment on the Condensed Consolidated Balance Sheets as of June 30, 2022. During the six months ended June 30, 2022, the Company gave an irrevocable notice to the lessor of its intent to purchase an aircraft currently under lease for approximately $12,000. This lease is currently accounted for as a finance lease and the purchase price will be financed with the remaining proceeds from the 2022-1 EETC. The Company expects for this transaction to be complete in September 2022. 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	6 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
OPERATING SEGMENTS	OPERATING SEGMENTS The following tables present financial information for the Company’s two operating segments: Passenger and Cargo. For more information on the Company’s segments, see Note 17 of the Notes to the Consolidated Financial Statements in Part II, Item 8, “Financial Statements” in the 2021 10-K. Three Months Ended June 30, 2022 Three Months Ended June 30, 2021 Passenger Cargo Consolidated Passenger Cargo Consolidated Operating Revenues $ 197,877 $ 21,190 $ 219,067 $ 127,091 $ 22,098 $ 149,189 Non-Fuel Operating Expenses 117,297 21,454 138,751 93,109 16,401 109,510 Aircraft Fuel 76,947 — 76,947 29,657 52 29,709 Special Items, net — — — (30,083) (9,736) (39,819) Total Operating Expenses 194,244 21,454 215,698 92,683 6,717 99,400 Operating Income (Loss) $ 3,633 $ (264) 3,369 $ 34,408 $ 15,381 49,789 Interest Income 532 9 Interest Expense (7,042) (6,080) Other, net (1,702) 18,054 Income (Loss) Before Income Tax $ (4,843) $ 61,772 Six Months Ended June 30, 2022 Six Months Ended June 30, 2021 Passenger Cargo Consolidated Passenger Cargo Consolidated Operating Revenues $ 403,348 $ 42,243 $ 445,591 $ 233,118 $ 43,684 $ 276,802 Non-Fuel Operating Expenses 238,105 40,793 278,898 180,314 34,472 214,786 Aircraft Fuel 141,492 — 141,492 53,912 72 53,984 Special Items, net — — — (53,954) (18,401) (72,355) Total Operating Expenses 379,597 40,793 420,390 180,272 16,143 196,415 Operating Income $ 23,751 $ 1,450 25,201 $ 52,846 $ 27,541 80,387 Interest Income 556 24 Interest Expense (15,604) (13,201) Other, net (8,577) 18,049 Income Before Income Tax $ 1,576 $ 85,259

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS The Company evaluated subsequent events for the period from the Balance Sheet date through August 10, 2022, the date that the Condensed Consolidated Financial Statements were available to be issued. For more information on the subsequent events, see Note 6 and N ote 13 of the Notes to the Condensed Consolidated Financial Statements included elsewhere in this report.

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Principles of Consolidation	The Company has prepared the Condensed Consolidated Financial Statements according to U.S. Generally Accepted Accounting Principles (“GAAP”) and has included the accounts of Sun Country Airlines Holdings, Inc. and its subsidiaries. The accompanying unaudited Condensed Consolidated Financial Statements of Sun Country Airlines Holdings, Inc. should be read in conjunction with the Consolidated Financial Statements contained in the 2021 10-K. Management believes that all adjustments necessary for the fair presentation of results, consisting of normally recurring items, have been included in the unaudited Condensed Consolidated Financial Statements for the interim periods presented. The Company reclassified certain prior period amounts to conform to the current period presentation. All material intercompany balances and transactions have been eliminated in consolidation.
Estimates and Assumptions	The preparation of financial statements in accordance with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. Significant areas of judgment relate to passenger revenue recognition, maintenance under the built-in overhaul method, equity-based compensation, tax receivable agreement, lease accounting, impairment of goodwill, impairment of long-lived and intangible assets, air traffic liabilities, the loyalty program, as well as the valuation of Amazon warrants.
Investments	Investments Investments consist of debt securities and Certificates of Deposit. The Certificates of Deposit are recorded at cost, plus accrued interest. These certificates serve as collateral for letters of credit required by various airports and other vendors. All of the certificates have original maturities greater than 90 days. During the quarter ended June 30, 2022, the Company purchased $70,391 of debt securities with original maturities of three months or greater. The investments are classified as current assets on the Condensed Consolidated Balance Sheets because the securities are highly liquid and are available to be quickly converted into cash to fund current operations. Primarily all of the Company's Available-for-Sale securities will mature within one year. The Company limits its exposure to any one issuer or market sector, and largely limits its investments to investment grade quality securities. The Company's investment securities are classified as Available-for-Sale and are reported at fair value on the Company's Condensed Consolidated Balance Sheets. Unrealized gains and losses on the Company's Available-for-Sale securities are excluded from net earnings and are reported as a component of Accumulated Other Comprehensive Income (Loss), net of income tax effects, within Stockholders' Equity on the Condensed Consolidated Balance Sheets until realized. Realized gains and losses are recorded using the specific identification method and reflected in Other, net within Non-operating Income (Expense) on the Company's Condensed Consolidated Statement of Operations. Premiums and discounts recorded on Available-for-Sale debt securities are accounted for in Other, net within Non-operating Income (Expense) on the Company's Condensed Consolidated Statement of Operations. At each reporting period, the Company assesses its Available-for-Sale investments in an unrealized loss position to determine whether an impairment exists. The Company will record an impairment if management intends to sell an impaired security, will likely be required to sell a security before recovery of the entire amortized cost, or the same level of collectible cash flows from the security is no longer expected. The
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards On May 3, 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("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. This new standard provides clarification and reduces diversity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options (such as warrants) that remain equity classified after modification or exchange. On January 1, 2022, the Company adopted ASU 2021-04 on a prospective basis, as required by the Standard. There was no financial statement impact upon adoption. In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832), Disclosures by Business Entities about Government Assistance . The new standard requires additional disclosures regarding government grants and money contributions. The standard requires disclosures on the nature of the transactions and related accounting policies, including significant terms and conditions, as well as the amounts and specific financial statement line items affected by the transactions. The Company adopted this standard as of January 1, 2022, see Note 3 for additional information on COVID-19 related government assistance the Company has received.

BASIS OF PRESENTATION (Tables)

BASIS OF PRESENTATION (Tables)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Schedule of Error Corrections and Prior Period Adjustments	The impact of the revision on the Company's previously issued Consolidated Balance Sheets as of December 31, 2021 are as follows: December 31, 2021 As Previously Issued Correction As Revised Assets Aircraft and Flight Equipment $ 440,356 $ 6,963 $ 447,319 Total Property & Equipment 688,624 6,963 695,587 Accumulated Depreciation & Amortization (115,013) (2,056) (117,069) Total Property & Equipment, net 573,611 4,907 578,518 Deferred Tax Asset 18,737 (1,129) 17,608 Total Other Assets 427,590 (1,129) 426,461 Total Assets 1,376,644 3,778 1,380,422 Stockholder's Equity Retained Earnings 594 3,778 4,372 Total Stockholders' Equity 486,811 3,778 490,589 Total Liabilities and Stockholders' Equity 1,376,644 3,778 1,380,422 The impact of the revision on the Company's previously issued Condensed Consolidated Statements of Operations for the three and six-month periods ended June 30, 2021 are as follows: Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 As Previously Issued Correction As Revised As Previously Issued Correction As Revised Operating Expenses Depreciation and Amortization $ 13,460 $ 748 $ 14,208 $ 26,075 $ 748 $ 26,823 Special Items, net (38,520) (1,299) (39,819) (65,392) (6,963) (72,355) Total Operating Expenses 99,951 (551) 99,400 202,630 (6,215) 196,415 Operating Income 49,238 551 49,789 74,172 6,215 80,387 Income Before Income Tax 61,221 551 61,772 79,044 6,215 85,259 Income Tax Expense 9,468 127 9,595 14,875 1,429 16,304 Net Income 51,753 424 52,177 64,169 4,786 68,955 Basic Income per share $ 0.91 $ 0.00 $ 0.91 $ 1.21 $ 0.09 $ 1.30 Diluted Income per share $ 0.83 $ 0.01 $ 0.84 $ 1.12 $ 0.08 $ 1.20 The revision also impacted the Company's previously issued Condensed Consolidated Statements of Changes in Stockholders Equity as follows: For the Three Months Ended March 31, 2021 As Previously Issued Correction As Revised Net Income $ 12,416 $ 4,362 $ 16,778 As of March 31, 2022 As of June 30, 2021 As of March 31, 2021 As Previously Issued Correction As Revised As Previously Issued Correction As Revised As Previously Issued Correction As Revised Retained Earnings (Deficit) $ 4,231 $ 3,778 $ 8,009 $ (12,707) $ 4,786 $ (7,921) $ (64,460) $ 4,362 $ (60,098) Total Stockholders' Equity 493,291 3,778 497,069 464,233 4,786 469,019 409,960 4,362 414,322 The Company's Condensed Consolidated Statement of Changes Stockholders' Equity as of December 31, 2021 has been corrected to reflect the changes to the impacted Stockholders' Equity accounts as described above. The impact of the revision on the Company's previously issued Condensed Consolidated Statements of Cash Flow for the six months ended June 30, 2021 is as follows: Six Months Ended June 30, 2021 As Previously Issued Correction As Revised Operating Activities Net Income $ 64,169 $ 4,786 $ 68,955 Depreciation and Amortization 26,075 748 26,823 Non-Cash Gain on Asset Transaction, Net (12,668) 12,668 — Deferred Income Taxes 14,875 1,429 16,304 Operating Lease Obligations (15,826) (12,668) (28,494) Net Cash Provided by Operating Activities 89,841 6,963 96,804 Investing Activities Purchases of Property & Equipment (66,736) (6,963) (73,699) Net Cash Used in Investing Activities (67,188) (6,963) (74,151)

REVENUE (Tables)

REVENUE (Tables)	6 Months Ended
	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
Schedule of significant categories comprising operating revenues	The significant categories comprising Operating Revenues are as follows: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Scheduled Service $ 108,412 $ 67,073 $ 232,479 $ 121,693 Charter Service 42,749 28,898 75,628 54,703 Ancillary 44,201 29,159 89,287 52,929 Passenger 195,362 125,130 397,394 229,325 Cargo 21,190 22,098 42,243 43,684 Other 2,515 1,961 5,954 3,793 Total Operating Revenue $ 219,067 $ 149,189 $ 445,591 $ 276,802
Schedule of operating revenues by geographic region	Total Operating Revenues by geographic region are as follows: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Domestic $ 211,012 $ 142,774 $ 419,851 $ 262,020 Latin America 8,014 6,266 25,634 14,228 Other 41 149 106 554 Total Operating Revenue $ 219,067 $ 149,189 $ 445,591 $ 276,802
Summary of contract assets and liabilities	Contract Assets and Liabilities are as follows: June 30, 2022 December 31, 2021 Contract Assets Costs to fulfill contract with Amazon $ 2,501 $ 2,819 Air Traffic Liabilities 123,958 118,562 Loyalty Program Liabilities 16,604 19,718 Amazon Deferred Up-front Payment 3,726 4,200 Total Contract Liabilities $ 144,288 $ 142,480
Schedule of change in contract with customer, liability	Changes in the Loyalty Program Liabilities are as follows: 2022 2021 Balance – January 1 $ 19,718 $ 22,069 Loyalty Points Earned 3,471 1,904 Loyalty Points Redeemed (1) (6,585) (3,096) Balance – June 30 $ 16,604 $ 20,877 ______________________ (1) Loyalty points are combined in one homogenous pool, that includes both air and non-air travel awards, 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)	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Summary of computation of basic and diluted earnings per share	The following table shows the computation of basic and diluted earnings per share: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Numerator: Net Income (Loss) $ (3,922) $ 52,177 $ (285) $ 68,955 Denominator: Weighted Average Common Shares Outstanding - Basic 58,060,716 57,156,159 57,984,608 52,850,041 Dilutive effect of Stock Options, RSUs and Warrants (1) — 4,826,282 — 4,553,552 Weighted Average Common Shares Outstanding - Diluted 58,060,716 61,982,441 57,984,608 57,403,593 Basic earnings per share $ (0.07) $ 0.91 $ 0.00 $ 1.30 Diluted earnings per share $ (0.07) $ 0.84 $ 0.00 $ 1.20 ______________________ (1) There were 3,372,527 and 3,547,524 performance-based stock options outstanding at June 30, 2022 and 2021, respectively. As a result of the IPO and other ongoing factors, the Company estimated that approximately 74% of these options are expected to meet the performance conditions as of June 30, 2022 and are included in the measure above to the extent they are dilutive. As of June 30, 2022, 25% of the eligible outstanding performance-based stock options vested and were considered exercisable. The vested performance-based stock options are included in the measure above to the extent they are dilutive.

AIRCRAFT (Tables)

AIRCRAFT (Tables)	6 Months Ended
	Jun. 30, 2022
Property, Plant and Equipment [Abstract]
Summary of aircraft fleet activity	The following tables summarize the Company’s aircraft fleet activity for the six months ended June 30, 2022 and 2021, respectively: December 31, 2021 Additions Reclassifications Removals June 30, 2022 Passenger: Owned 21 5 1 (1) 26 Finance leases (1) 9 1 1 — 11 Operating leases 6 — (2) — 4 Sun Country Airlines’ Fleet 36 6 — (1) 41 Cargo: Aircraft Operated for Amazon 12 — — — 12 Total Aircraft Operated 48 6 — (1) 53 December 31, 2020 Additions Reclassifications Removals June 30, 2021 Passenger: Owned 14 — 6 — 20 Finance leases 5 2 — — 7 Operating leases 12 — (6) — 6 Sun Country Airlines’ Fleet 31 2 — — 33 Cargo: Aircraft Operated for Amazon 12 — — — 12 Total Aircraft Operated 43 2 — — 45 (1) Two aircraft operating leases were reclassified into finance lease and a separate aircraft finance lease purchase option was exercised, resulting in a net change of one finance lease reclassification.
Schedule of depreciation, amortization, and rent expense on aircraft	Depreciation, amortization, and rent expense on aircraft are as follows: Three Months Ended June 30, Six Months Ended June 30, Aircraft Status Expense Type 2022 2021 2022 2021 Owned Depreciation $ 10,175 $ 9,400 $ 18,848 $ 17,230 Finance Leased Amortization 4,044 2,435 8,113 4,870 Operating Leased Aircraft Rent (1) 2,211 3,815 5,397 9,414 $ 16,430 $ 15,650 $ 32,358 $ 31,514 (1) Aircraft Rent expense includes credits for the amortization of over-market liabilities established at the Acquisition Date.

DEBT (Tables)

DEBT (Tables)	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Summary of long term debt	Long-term Debt includes the following: June 30, 2022 December 31, 2021 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 between 4.13% and 6.95% and the weighted average interest rate is 4.73% as of June 30, 2022. $ 194,884 $ 202,984 Notes payable under the Company's 2022-1 EETC agreement dated March 2022, with a face amount of $188,277 payable in bi-annual installments, in March and September, through March 2031. These notes bear interest at an annual rate between 4.84% and 5.75% and the weighted average interest rate is 5.06% as of June 30, 2022. 172,507 — Delayed Draw Term Loan Facility — 77,481 Other Notes payable — 466 Total Debt 367,391 280,931 Less: Unamortized debt issuance costs (3,848) (3,505) Less: Current Maturities of Long-term Debt (43,810) (29,412) Total Long-term Debt $ 319,733 $ 248,014
Schedule of future maturities of the outstanding debt	Future maturities of the outstanding Debt are as follows: Debt Principal Amortization of Debt Net Debt Remainder of 2022 $ 27,446 $ (511) $ 26,935 2023 56,791 (938) 55,853 2024 58,430 (757) 57,673 2025 63,514 (584) 62,930 2026 43,941 (401) 43,540 Thereafter 117,269 (657) 116,612 Total as of June 30, 2022 $ 367,391 $ (3,848) $ 363,543

FUEL DERIVATIVES AND RISK MAN_2

FUEL DERIVATIVES AND RISK MANAGEMENT (Tables)	6 Months Ended
	Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of changes in derivative assets (liabilities)	Changes in Derivative Assets (Liabilities) are as follows: Six Months Ended June 30, 2022 2021 Balance - January 1 $ — $ (1,174) Non-cash Gains — 3,599 Contract Settlements — (827) Balance - June 30 $ — $ 1,598
Schedule of fuel derivative gains (losses)	Fuel Derivative Gains consist of the following: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Non-cash Gains $ — $ 1,213 $ — $ 3,599 Cash Premiums Paid — — — — Total Fuel Derivative Gains $ — $ 1,213 $ — $ 3,599

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Debt Securities, Available-for-Sale	A summary of debt securities by major security type: June 30, 2022 (1) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-Sale Securities (2) : Municipal Debt Securities $ 26,263 $ 3 $ (86) $ 26,180 Corporate Debt Securities 44,161 — (203) 43,958 Total $ 70,424 $ 3 $ (289) $ 70,138 (1) As the Company purchased these investments during the three months ended June 30, 2022, there is no comparable prior period information. (2) The Company also holds Certificates of Deposit that are included in Investments on the Condensed Consolidated Balance Sheets totaling $6,586 and $6,283 as of June 30, 2022 and December 31, 2021, respectively.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Summary of assets and liabilities measured at fair value on a recurring basis	The following table summarizes the assets measured at fair value on a recurring basis: June 30, 2022 Level 1 Level 2 Level 3 Total Cash & Cash Equivalents $ 96,096 $ 116,762 $ — $ 212,858 Available-for-Sale Securities: Municipal Debt Securities — 26,180 — 26,180 Corporate Debt Securities — 43,958 — 43,958 Total Available-for-Sale Securities — 70,138 — 70,138 Total Assets Measured at Fair Value on a Recurring Basis $ 96,096 $ 186,900 $ — $ 282,996 December 31, 2021 Level 1 Level 2 Level 3 Total Cash & Cash Equivalents $ 309,338 $ — $ — $ 309,338 Total Assets Measured at Fair Value on a Recurring Basis $ 309,338 $ — $ — $ 309,338

SPECIAL ITEMS, NET (Tables)

SPECIAL ITEMS, NET (Tables)	6 Months Ended
	Jun. 30, 2022
Unusual or Infrequent Items, or Both [Abstract]
Schedule of special items, net	Special Items, net on the Condensed Consolidated Statements of Operations consist of the following: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 CARES Act grant recognition (see Note 3 ) $ — $ (39,378) $ — $ (71,587) CARES Act employee retention credit (See Note 3 ) — (446) — (780) Other — 5 — 12 Total Special Items, net $ — $ (39,819) $ — $ (72,355)

OPERATING SEGMENTS (Tables)

OPERATING SEGMENTS (Tables)	6 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
Summary of financial information for the operating segments	The following tables present financial information for the Company’s two operating segments: Passenger and Cargo. For more information on the Company’s segments, see Note 17 of the Notes to the Consolidated Financial Statements in Part II, Item 8, “Financial Statements” in the 2021 10-K. Three Months Ended June 30, 2022 Three Months Ended June 30, 2021 Passenger Cargo Consolidated Passenger Cargo Consolidated Operating Revenues $ 197,877 $ 21,190 $ 219,067 $ 127,091 $ 22,098 $ 149,189 Non-Fuel Operating Expenses 117,297 21,454 138,751 93,109 16,401 109,510 Aircraft Fuel 76,947 — 76,947 29,657 52 29,709 Special Items, net — — — (30,083) (9,736) (39,819) Total Operating Expenses 194,244 21,454 215,698 92,683 6,717 99,400 Operating Income (Loss) $ 3,633 $ (264) 3,369 $ 34,408 $ 15,381 49,789 Interest Income 532 9 Interest Expense (7,042) (6,080) Other, net (1,702) 18,054 Income (Loss) Before Income Tax $ (4,843) $ 61,772 Six Months Ended June 30, 2022 Six Months Ended June 30, 2021 Passenger Cargo Consolidated Passenger Cargo Consolidated Operating Revenues $ 403,348 $ 42,243 $ 445,591 $ 233,118 $ 43,684 $ 276,802 Non-Fuel Operating Expenses 238,105 40,793 278,898 180,314 34,472 214,786 Aircraft Fuel 141,492 — 141,492 53,912 72 53,984 Special Items, net — — — (53,954) (18,401) (72,355) Total Operating Expenses 379,597 40,793 420,390 180,272 16,143 196,415 Operating Income $ 23,751 $ 1,450 25,201 $ 52,846 $ 27,541 80,387 Interest Income 556 24 Interest Expense (15,604) (13,201) Other, net (8,577) 18,049 Income Before Income Tax $ 1,576 $ 85,259

COMPANY BACKGROUND - Offerings

COMPANY BACKGROUND - Offerings (Details) - USD ($)				1 Months Ended		6 Months Ended
	Mar. 19, 2021	Mar. 17, 2021	Mar. 16, 2021	Oct. 31, 2021	May 31, 2021	Jun. 30, 2022	Oct. 31, 2021	Jun. 30, 2021
Subsidiary, Sale of Stock [Line Items]
Proceeds from issuance of common stock							$ 0
Offering expenses						$ 0	$ 1,763,000	$ 8,669,000
Apollo Stockholder
Subsidiary, Sale of Stock [Line Items]
Shares issued (in shares)				8,500,000	7,250,000
Share price (in dollars per share)				$ 32.50	$ 34.50		$ 32.50
IPO
Subsidiary, Sale of Stock [Line Items]
Shares issued (in shares)	10,454,545		9,090,909
Share price (in dollars per share)			$ 24
Proceeds from issuance of common stock	$ 225,329,000
Underwriters option
Subsidiary, Sale of Stock [Line Items]
Shares issued (in shares)		1,363,636		435,291	1,087,500
Private placement | Apollo Stockholder | PAR Investment Partners, L.P
Subsidiary, Sale of Stock [Line Items]
Shares issued (in shares)			2,216,312
Aggregate purchase price			$ 50,000,000
Share price percentage of IPO share price			94%
Private placement | Apollo Stockholder | Certain funds or accounts managed by an investment adviser subsidiary of Blackrock, Inc
Subsidiary, Sale of Stock [Line Items]
Shares issued (in shares)			2,216,308
Aggregate purchase price			$ 50,000,000
Share price percentage of IPO share price			94%

COMPANY BACKGROUND - Amazon Agr

COMPANY BACKGROUND - Amazon Agreement (Details) - Amazon Agreement $ / shares in Units, $ in Thousands		6 Months Ended
	Dec. 13, 2019 USD ($) item $ / shares shares	Jun. 30, 2022 shares	Jun. 30, 2021 shares
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Term of agreement	6 years
Number of extension option | item	2
Term of renewal of agreement	2 years
Threshold term of agreement	10 years
Warrants issued (in shares)	9,482,606
Exercise price (in dollars per share) | $ / shares	$ 15.17
Warrants vested (in shares)	632,183	379,304	379,304
Number of warrants that vest on achievement of each milestone (in shares)	63,217
Milestone achievement for warrants to vest | $	$ 8,000
Cumulative warrants vested (in shares)		2,022,963	1,264,356

BASIS OF PRESENTATION -Revision

BASIS OF PRESENTATION -Revision of Previously Issued Consolidated Financial Statements (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Balance Sheet Related Disclosures [Abstract]
Total Property & Equipment	$ 889,788				$ 889,788		$ 695,587
Accumulated Depreciation & Amortization							(117,069)
Total Property & Equipment, net	745,623				745,623		578,518
Deferred Tax Asset	15,813				15,813		17,608
Total Other Assets							426,461
Total Assets	1,506,738				1,506,738		1,380,422
Retained Earnings	4,087				4,087		4,372
Retained Earnings (Deficit)	495,888	$ 497,069	$ 469,019	$ 414,322	495,888	$ 469,019	490,589	$ 283,817
Total Liabilities and Stockholders' Equity	1,506,738				1,506,738		1,380,422
Operating Expenses
Depreciation and Amortization	16,854		14,208		32,182	26,823
Special Items, net	0		(39,819)		0	(72,355)
Total Operating Expenses			99,400			196,415
Operating Income	3,369		49,789		25,201	80,387
Income Before Income Tax	(4,843)		61,772		1,576	85,259
Income Tax Expense	(921)		9,595		1,861	16,304
Net Income (Loss)	$ (3,922)	3,637	$ 52,177	16,778	$ (285)	$ 68,955
Basic (in dollars per share)	$ (0.07)		$ 0.91		$ 0	$ 1.30
Diluted (in dollars per share)	$ (0.07)		$ 0.84		$ 0	$ 1.20
Stockholder's Equity
Net Income	$ (3,922)	3,637	$ 52,177	16,778	$ (285)	$ 68,955
Total Stockholders' Equity	495,888	497,069	469,019	414,322	495,888	469,019	490,589	283,817
Statement of Cash Flows [Abstract]
Net Income (Loss)	(3,922)	3,637	52,177	16,778	(285)	68,955
Depreciation and Amortization	16,854		14,208		32,182	26,823
Non-Cash Gain on Asset Transaction, Net					(79)	0
Deferred Income Taxes					1,861	16,304
Operating Lease Obligations					(5,698)	(28,494)
Net Cash Provided by Operating Activities					37,060	96,804
Purchases of Property & Equipment					(137,647)	(73,699)
Net Cash Used in Investing Activities					(198,961)	(74,151)
Retained Earnings (Deficit)
Balance Sheet Related Disclosures [Abstract]
Retained Earnings (Deficit)	4,087	8,009	(7,921)	(60,098)	4,087	(7,921)	4,372	38,324
Operating Expenses
Net Income (Loss)	(3,922)	3,637	52,177	16,778
Stockholder's Equity
Net Income	(3,922)	3,637	52,177	16,778
Total Stockholders' Equity	4,087	8,009	(7,921)	(60,098)	4,087	(7,921)	4,372	$ 38,324
Statement of Cash Flows [Abstract]
Net Income (Loss)	(3,922)	3,637	52,177	16,778
Previously Reported
Balance Sheet Related Disclosures [Abstract]
Total Property & Equipment							688,624
Accumulated Depreciation & Amortization							(115,013)
Total Property & Equipment, net							573,611
Deferred Tax Asset							18,737
Total Other Assets							427,590
Total Assets							1,376,644
Retained Earnings							594
Retained Earnings (Deficit)		493,291	464,233	409,960		464,233	486,811
Total Liabilities and Stockholders' Equity							1,376,644
Operating Expenses
Depreciation and Amortization			13,460			26,075
Special Items, net			(38,520)			(65,392)
Total Operating Expenses			99,951			202,630
Operating Income			49,238			74,172
Income Before Income Tax			61,221			79,044
Income Tax Expense			9,468			14,875
Net Income (Loss)			$ 51,753	12,416		$ 64,169
Basic (in dollars per share)			$ 0.91			$ 1.21
Diluted (in dollars per share)			$ 0.83			$ 1.12
Stockholder's Equity
Net Income			$ 51,753	12,416		$ 64,169
Total Stockholders' Equity		493,291	464,233	409,960		464,233	486,811
Statement of Cash Flows [Abstract]
Net Income (Loss)			51,753	12,416		64,169
Depreciation and Amortization			13,460			26,075
Non-Cash Gain on Asset Transaction, Net						(12,668)
Deferred Income Taxes						14,875
Operating Lease Obligations						(15,826)
Net Cash Provided by Operating Activities						89,841
Purchases of Property & Equipment						(66,736)
Net Cash Used in Investing Activities						(67,188)
Previously Reported | Retained Earnings (Deficit)
Balance Sheet Related Disclosures [Abstract]
Retained Earnings (Deficit)		4,231	(12,707)	(64,460)		(12,707)
Stockholder's Equity
Total Stockholders' Equity		4,231	(12,707)	(64,460)		(12,707)
Revision of Prior Period, Error Correction, Adjustment
Balance Sheet Related Disclosures [Abstract]
Total Property & Equipment							6,963
Accumulated Depreciation & Amortization							(2,056)
Total Property & Equipment, net							4,907
Deferred Tax Asset							(1,129)
Total Other Assets							(1,129)
Total Assets							3,778
Retained Earnings							3,778
Retained Earnings (Deficit)		3,778	4,786	4,362		4,786	3,778
Total Liabilities and Stockholders' Equity							3,778
Operating Expenses
Depreciation and Amortization			748			748
Special Items, net			(1,299)			(6,963)
Total Operating Expenses			(551)			(6,215)
Operating Income			551			6,215
Income Before Income Tax			551			6,215
Income Tax Expense			127			1,429
Net Income (Loss)			$ 424	4,362		$ 4,786
Basic (in dollars per share)			$ 0			$ 0.09
Diluted (in dollars per share)			$ 0.01			$ 0.08
Stockholder's Equity
Net Income			$ 424	4,362		$ 4,786
Total Stockholders' Equity		3,778	4,786	4,362		4,786	3,778
Statement of Cash Flows [Abstract]
Net Income (Loss)			424	4,362		4,786
Depreciation and Amortization			748			748
Non-Cash Gain on Asset Transaction, Net						12,668
Deferred Income Taxes						1,429
Operating Lease Obligations						(12,668)
Net Cash Provided by Operating Activities						6,963
Purchases of Property & Equipment						(6,963)
Net Cash Used in Investing Activities						(6,963)
Revision of Prior Period, Error Correction, Adjustment | Retained Earnings (Deficit)
Balance Sheet Related Disclosures [Abstract]
Retained Earnings (Deficit)		3,778	4,786	4,362		4,786
Stockholder's Equity
Total Stockholders' Equity		$ 3,778	$ 4,786	$ 4,362		$ 4,786
Aircraft and Flight Equipment
Balance Sheet Related Disclosures [Abstract]
Aircraft and Flight Equipment	$ 589,690				$ 589,690		447,319
Aircraft and Flight Equipment | Previously Reported
Balance Sheet Related Disclosures [Abstract]
Aircraft and Flight Equipment							440,356
Aircraft and Flight Equipment | Revision of Prior Period, Error Correction, Adjustment
Balance Sheet Related Disclosures [Abstract]
Aircraft and Flight Equipment							$ 6,963

BASIS OF PRESENTATION - Investm

BASIS OF PRESENTATION - Investments (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022	Jun. 30, 2021
Accounting Policies [Abstract]
Debt securities purchased	$ 70,391,000	$ 71,629,000	$ 1,436,000

IMPACT OF THE COVID-19 PANDEM_2

IMPACT OF THE COVID-19 PANDEMIC (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
IMPACT OF THE COVID19 PANDEMIC
Grants recognized	$ 0	$ 39,378	$ 0	$ 71,587
CARES Act employee retention credit	$ 0	$ 446	$ 0	780
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

REVENUE - Significant Categorie

REVENUE - Significant Categories of Operating Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
REVENUE
Total Operating Revenue	$ 219,067	$ 149,189	$ 445,591	$ 276,802
Passenger
REVENUE
Total Operating Revenue	195,362	125,130	397,394	229,325
Scheduled Service
REVENUE
Total Operating Revenue	108,412	67,073	232,479	121,693
Charter Service
REVENUE
Total Operating Revenue	42,749	28,898	75,628	54,703
Ancillary
REVENUE
Total Operating Revenue	44,201	29,159	89,287	52,929
Cargo
REVENUE
Total Operating Revenue	21,190	22,098	42,243	43,684
Other
REVENUE
Total Operating Revenue	$ 2,515	$ 1,961	$ 5,954	$ 3,793

REVENUE - Operating Revenues by

REVENUE - Operating Revenues by Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
REVENUE
Total Operating Revenue	$ 219,067	$ 149,189	$ 445,591	$ 276,802
Domestic
REVENUE
Total Operating Revenue	211,012	142,774	419,851	262,020
Latin America
REVENUE
Total Operating Revenue	8,014	6,266	25,634	14,228
Other
REVENUE
Total Operating Revenue	$ 41	$ 149	$ 106	$ 554

REVENUE - Contract Balances (De

REVENUE - Contract Balances (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended		6 Months Ended
	Dec. 13, 2019	Dec. 31, 2019	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
REVENUE
Maintenance expense			$ 12,782	$ 11,300	$ 24,777	$ 20,510
Total Contract Liabilities			144,288		$ 144,288		$ 142,480
Amazon Agreement
REVENUE
Warrants vested (in shares)	632,183				379,304	379,304
Air Traffic Liabilities
REVENUE
Total Contract Liabilities			123,958		$ 123,958		118,562
Loyalty Program Liabilities
REVENUE
Revenue recognized					6,585	$ 3,096
Total Contract Liabilities			16,604	20,877	16,604	20,877	19,718	$ 22,069
Amazon Deferred Up-front Payment
REVENUE
Proceeds from startup costs		$ 10,300
Fair value of warrants vested		4,667
Total Contract Liabilities			3,726		$ 3,726		4,200
Amazon Deferred Up-front Payment | Other Liabilities
REVENUE
Fair value of warrants vested		$ 5,633
Costs to fulfill contract with Amazon
REVENUE
Amortization period					6 years
Maintenance expense			157	169	$ 318	307
Contract Assets			2,501		2,501		$ 2,819
Passenger
REVENUE
Revenue recognized					105,518
Cargo | Amazon Deferred Up-front Payment
REVENUE
Revenue recognized			$ 233	$ 237	$ 474	$ 468

REVENUE - Loyalty Program (Deta

REVENUE - Loyalty Program (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Change in Contract with Customer, Liability [Roll Forward]
Balance – January 1	$ 142,480
Balance – June 30	144,288
Loyalty Program Liabilities
Change in Contract with Customer, Liability [Roll Forward]
Balance – January 1	19,718	$ 22,069
Loyalty Points Earned	3,471	1,904
Loyalty Points Redeemed	(6,585)	(3,096)
Balance – June 30	$ 16,604	$ 20,877

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Numerator:
Net Income (Loss)	$ (3,922)	$ 3,637	$ 52,177	$ 16,778	$ (285)	$ 68,955
Denominator:
Weighted Average Common Shares Outstanding - Basic (in shares)	58,060,716		57,156,159		57,984,608	52,850,041
Dilutive effect of Stock Options, RSUs and Warrants (in shares)	0		4,826,282		0	4,553,552
Weighted Average Common Shares Outstanding - Diluted (in shares)	58,060,716		61,982,441		57,984,608	57,403,593
Basic earnings per share (in dollars per share)	$ (0.07)		$ 0.91		$ 0	$ 1.30
Diluted earnings per share (in dollars per share)	$ (0.07)		$ 0.84		$ 0	$ 1.20
Antidilutive securities excluded from computation of earnings per share (in shares)	3,529,406				3,676,847
Performance-based stock options
Denominator:
Outstanding shares (in shares)	3,372,527		3,547,524		3,372,527	3,547,524
Percentage of stock options expected to meet performance conditions					74%
Percentage of stock options vested and exercisable					25%

AIRCRAFT - Additional Informati

AIRCRAFT - Additional Information (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($) aircraft	Jun. 30, 2021 aircraft	Aug. 10, 2022 USD ($)	Dec. 31, 2021 USD ($) aircraft	Dec. 31, 2020 aircraft
AIRCRAFT - Owned and Leased
Number of aircraft	53	45		48	43
Number of aircraft modified to finance leases	2
Amount reclassified to finance lease, right-of-use asset | $	$ 9,687
Over-market maintenance reserve liability reclassified to finance lease liability | $	$ 6,023
Number of aircrafts financed using proceeds from issuance of pass-through trust certificates	5
Number of aircrafts financed using finance lease arrangement	1	2,000
Number of aircrafts previously under operating leases		6,000
Subsequent Event
AIRCRAFT - Owned and Leased
Annual payment | $			$ 2,220
Aircraft maintenance deposits contra assets
AIRCRAFT - Owned and Leased
Remaining unamortized balance contra assets | $	$ 21,897			$ 22,348
Over-market lease rates
AIRCRAFT - Owned and Leased
Remaining unamortized balance contra assets | $	344			10,363
Over market liabilities | $	7,027			$ 14,737
Reduction in over-market maintenance reserve liabilities | $	$ 7,710
Boeing 737-800
AIRCRAFT - Owned and Leased
Number of aircraft	52
Boeing 737-700
AIRCRAFT - Owned and Leased
Number of aircraft	1
Passenger
AIRCRAFT - Owned and Leased
Number of aircraft	41	33		36	31
Number of aircraft modified to finance leases	2
Number of aircrafts financed	25
Number of aircrafts unencumbered	1

AIRCRAFT - Aircraft Fleet (Deta

AIRCRAFT - Aircraft Fleet (Details) - aircraft	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Movement in Property, Plant and Equipment [Roll Forward]
Balance at beginning of period	48	43
Additions	6	2
Reclassifications	0	0
Removals	(1)	0
Balance at end of period	53	45
Number of aircraft modified to finance leases	2
Reclassifications, net change	1
Passenger
Movement in Property, Plant and Equipment [Roll Forward]
Balance at beginning of period	36	31
Additions	6	2
Reclassifications	0	0
Removals	(1)	0
Balance at end of period	41	33
Number of aircraft modified to finance leases	2
Passenger | Owned
Movement in Property, Plant and Equipment [Roll Forward]
Balance at beginning of period	21	14
Additions	5	0
Reclassifications	1	6
Removals	(1)	0
Balance at end of period	26	20
Passenger | Finance leases
Movement in Property, Plant and Equipment [Roll Forward]
Balance at beginning of period	9	5
Additions	1	2
Reclassifications	1	0
Removals	0	0
Balance at end of period	11	7
Passenger | Operating leases
Movement in Property, Plant and Equipment [Roll Forward]
Balance at beginning of period	6	12
Additions	0	0
Reclassifications	(2)	(6)
Removals	0	0
Balance at end of period	4	6
Cargo | Aircraft Operated for Amazon
Movement in Property, Plant and Equipment [Roll Forward]
Balance at beginning of period	12	12
Additions	0	0
Reclassifications	0	0
Removals	0	0
Balance at end of period	12	12

AIRCRAFT - Depreciation, Amorti

AIRCRAFT - Depreciation, Amortization, and Rent Expense on Aircraft (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
AIRCRAFT - Owned and Leased
Aircraft Rent	$ 2,211	$ 3,815	$ 5,397	$ 9,414
Depreciation amortization and aircraft rent	16,430	15,650	32,358	31,514
Owned
AIRCRAFT - Owned and Leased
Depreciation	10,175	9,400	18,848	17,230
Finance leases
AIRCRAFT - Owned and Leased
Amortization	4,044	2,435	8,113	4,870
Operating leases
AIRCRAFT - Owned and Leased
Aircraft Rent	$ 2,211	$ 3,815	$ 5,397	$ 9,414

DEBT - Lines of Credit (Details

DEBT - Lines of Credit (Details)		6 Months Ended		12 Months Ended
	Feb. 10, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($) aircraft	Dec. 31, 2021 USD ($) aircraft
DEBT
Number of aircrafts previously under operating leases | aircraft			6,000
Loss on Extinguishment of Debt		$ 1,557,000	$ 1,224,000
Credit Facilities | Line of Credit
DEBT
Term of debt	5 years
Minimum EBITDAR required to be maintained		87,700,000
Minimum liquidity required to be maintained		30,000,000
Revolving Credit Facility | Line of Credit | Revolving Credit Facility
DEBT
Maximum borrowing capacity	$ 25,000,000
Delayed Draw Term Loan Facility
DEBT
Number of aircrafts previously under operating leases | aircraft				6
Delayed Draw Term Loan Facility | Loans Payable
DEBT
Maximum borrowing capacity	90,000,000
Amount of draw				$ 80,500,000
Current borrowing capacity		$ 0
Prior revolving credit agreement | Line of Credit | Revolving Credit Facility
DEBT
Maximum borrowing capacity	$ 25,000,000

DEBT - Long-term Debt (Details)

DEBT - Long-term Debt (Details)	1 Months Ended	3 Months Ended	6 Months Ended
	Dec. 31, 2019 USD ($) aircraft	Sep. 15, 2022 USD ($)	Jun. 30, 2022 USD ($) aircraft	Jun. 30, 2021 USD ($)	Mar. 31, 2022 USD ($) aircraft
DEBT
Proceeds from debt			$ 172,507,000	$ 80,500,000
Notes payable under the Company's 2019-1 EETC agreement | Notes payable
DEBT
Face amount	$ 248,587,000
Number of used aircrafts purchased or refinanced | aircraft	13
Notes payable under the Company's 2022-1 EETC agreement | Notes payable
DEBT
Face amount					$ 188,277,000
Number of aircraft financed by debt | aircraft					13
Debt issuance costs					$ 2,402,000
Number of aircraft purchased in current fiscal period | aircraft			12
Number of aircraft owned and refinanced | aircraft			5
Number of aircraft owned | aircraft			2
Number of aircraft acquired in current period | aircraft			4
Number of aircraft bought-out from existing finance lease | aircraft			1
Proceeds from debt			$ 172,507,000
Appraised value			237,936,000
Interest expense capitalized			$ 1,278,000
Notes payable under the Company's 2022-1 EETC agreement | Forecast | Notes payable
DEBT
Proceeds from debt		$ 15,770,000

DEBT - Long-term Debt Schedule

DEBT - Long-term Debt Schedule (Details) - USD ($)	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2019
DEBT
Total Debt	$ 367,391,000		$ 280,931,000
Less: Unamortized debt issuance costs	(3,848,000)		(3,505,000)
Less: Current Maturities of Long-term Debt	(43,810,000)		(29,412,000)
Total Long-term Debt	319,733,000		248,014,000
Notes payable under the Company's 2019-1 EETC agreement | Notes payable
DEBT
Total Debt	$ 194,884,000		202,984,000
Face amount				$ 248,587,000
Weighted average interest rate	4.73%
Notes payable under the Company's 2019-1 EETC agreement | Minimum | Notes payable
DEBT
Interest Rate				4.13%
Notes payable under the Company's 2019-1 EETC agreement | Maximum | Notes payable
DEBT
Interest Rate				6.95%
Notes payable under the Company's 2022-1 EETC agreement | Notes payable
DEBT
Total Debt	$ 172,507,000		0
Face amount		$ 188,277,000
Weighted average interest rate	5.06%
Notes payable under the Company's 2022-1 EETC agreement | Minimum | Notes payable
DEBT
Interest Rate	4.84%
Notes payable under the Company's 2022-1 EETC agreement | Maximum | Notes payable
DEBT
Interest Rate	5.75%
Delayed Draw Term Loan Facility | Loans Payable
DEBT
Total Debt	$ 0		77,481,000
Notes payable
DEBT
Total Debt	$ 0		$ 466,000

DEBT - Future Maturities of the

DEBT - Future Maturities of the Outstanding Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Debt Principal Payments
Remainder of 2022	$ 27,446
2023	56,791
2024	58,430
2025	63,514
2026	43,941
Thereafter	117,269
Total	367,391	$ 280,931
Amortization of Debt Issuance Costs
Remainder of 2022	(511)
2023	(938)
2024	(757)
2025	(584)
2026	(401)
Thereafter	(657)
Total	(3,848)	$ (3,505)
Net Debt
Remainder of 2022	26,935
2023	55,853
2024	57,673
2025	62,930
2026	43,540
Thereafter	116,612
Net Debt	$ 363,543

DEBT - Fair Value (Details)

DEBT - Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
Fair value	$ 357,039	$ 272,004

FUEL DERIVATIVES AND RISK MAN_3

FUEL DERIVATIVES AND RISK MANAGEMENT - Additional Information (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Fuel Derivative Contracts
FUEL DERIVATIVES AND RISK MANAGEMENT
Outstanding derivative contracts	$ 0	$ 0

FUEL DERIVATIVES AND RISK MAN_4

FUEL DERIVATIVES AND RISK MANAGEMENT - Changes in Derivative Assets (Liabilities) (Details) - Fuel Derivative Contracts - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Changes in Derivative Assets (Liabilities)
Balance - January 1	$ 0	$ (1,174)
Non-cash Gains	0	3,599
Contract Settlements	0	(827)
Balance - June 30	$ 0	$ 1,598

FUEL DERIVATIVES AND RISK MAN_5

FUEL DERIVATIVES AND RISK MANAGEMENT - Fuel Derivative Gains (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Fuel Derivative Gains (Losses)
Total Fuel Derivative Gains	$ 0	$ 1,213	$ 0	$ 3,599
Fuel Derivative Contracts
Fuel Derivative Gains (Losses)
Non-cash Gains	0	1,213	0	3,599
Cash Premiums Paid	$ 0	$ 0	$ 0	$ 0

Investments (Details)

Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	$ 70,424
Gross Unrealized Gains	3
Gross Unrealized Losses	(289)
Fair Value	70,138
Municipal Debt Securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	26,263
Gross Unrealized Gains	3
Gross Unrealized Losses	(86)
Fair Value	26,180
Corporate Debt Securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	44,161
Gross Unrealized Gains	0
Gross Unrealized Losses	(203)
Fair Value	43,958
Certificates of Deposit
Debt Securities, Available-for-Sale [Line Items]
Certificates of deposit	$ 6,586	$ 6,283

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
FAIR VALUE MEASUREMENTS
Fair Value	$ 70,138
Municipal Debt Securities
FAIR VALUE MEASUREMENTS
Fair Value	26,180
Corporate Debt Securities
FAIR VALUE MEASUREMENTS
Fair Value	43,958
Recurring
FAIR VALUE MEASUREMENTS
Cash & Cash Equivalents	212,858	$ 309,338
Fair Value	70,138
Total Assets Measured at Fair Value on a Recurring Basis	282,996	309,338
Recurring | Municipal Debt Securities
FAIR VALUE MEASUREMENTS
Fair Value	26,180
Recurring | Corporate Debt Securities
FAIR VALUE MEASUREMENTS
Fair Value	43,958
Recurring | Level 1
FAIR VALUE MEASUREMENTS
Cash & Cash Equivalents	96,096	309,338
Fair Value	0
Total Assets Measured at Fair Value on a Recurring Basis	96,096	309,338
Recurring | Level 1 | Municipal Debt Securities
FAIR VALUE MEASUREMENTS
Fair Value	0
Recurring | Level 1 | Corporate Debt Securities
FAIR VALUE MEASUREMENTS
Fair Value	0
Recurring | Level 2
FAIR VALUE MEASUREMENTS
Cash & Cash Equivalents	116,762	0
Fair Value	70,138
Total Assets Measured at Fair Value on a Recurring Basis	186,900	0
Recurring | Level 2 | Municipal Debt Securities
FAIR VALUE MEASUREMENTS
Fair Value	26,180
Recurring | Level 2 | Corporate Debt Securities
FAIR VALUE MEASUREMENTS
Fair Value	43,958
Recurring | Level 3
FAIR VALUE MEASUREMENTS
Cash & Cash Equivalents	0	0
Fair Value	0
Total Assets Measured at Fair Value on a Recurring Basis	0	$ 0
Recurring | Level 3 | Municipal Debt Securities
FAIR VALUE MEASUREMENTS
Fair Value	0
Recurring | Level 3 | Corporate Debt Securities
FAIR VALUE MEASUREMENTS
Fair Value	$ 0

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Mar. 16, 2021	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Effective tax rate		19%	15.50%	118.10%	19.10%
Percentage of cash savings	85%
Percentage of cash savings retained	15%
Non-current liability recognized	$ 115,200	$ 107,300		$ 107,300		$ 98,800
Decrease to the tax receivable agreement liability				$ 8,500

SPECIAL ITEMS, NET - Schedule o

SPECIAL ITEMS, NET - Schedule of Special Items, Net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Unusual or Infrequent Items, or Both [Abstract]
CARES Act grant recognition (see Note 3)	$ 0	$ (39,378)	$ 0	$ (71,587)
CARES Act employee retention credit (See Note 3)	0	(446)	0	(780)
Other	0	5	0	12
Total Special Items, net	$ 0	$ (39,819)	$ 0	$ (72,355)

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended
	Jul. 31, 2022	Jun. 30, 2022	Jun. 30, 2021
Long-term Purchase Commitment [Line Items]
Commitment		$ 12,000
Installment payment		137,647	$ 73,699
Flight Simulator
Long-term Purchase Commitment [Line Items]
Commitment		9,745
Installment payment		$ 2,934
Flight Simulator | Subsequent Event
Long-term Purchase Commitment [Line Items]
Installment payment	$ 5,847

OPERATING SEGMENTS (Details)

OPERATING SEGMENTS (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) segment	Jun. 30, 2021 USD ($)
OPERATING SEGMENTS
Number of operating segments | segment			2
Total Operating Revenue	$ 219,067	$ 149,189	$ 445,591	$ 276,802
Non-Fuel Operating Expenses	138,751	109,510	278,898	214,786
Aircraft Fuel	76,947	29,709	141,492	53,984
Special Items, net	0	(39,819)	0	(72,355)
Total Operating Expenses	215,698	99,400	420,390	196,415
Operating Income (Loss)	3,369	49,789	25,201	80,387
Interest Income	532	9	556	24
Interest Expense	(7,042)	(6,080)	(15,604)	(13,201)
Other, net	(1,702)	18,054	(8,577)	18,049
Income (Loss) Before Income Tax	(4,843)	61,772	1,576	85,259
Passenger
OPERATING SEGMENTS
Total Operating Revenue	197,877	127,091	403,348	233,118
Non-Fuel Operating Expenses	117,297	93,109	238,105	180,314
Aircraft Fuel	76,947	29,657	141,492	53,912
Special Items, net	0	(30,083)	0	(53,954)
Total Operating Expenses	194,244	92,683	379,597	180,272
Operating Income (Loss)	3,633	34,408	23,751	52,846
Cargo
OPERATING SEGMENTS
Total Operating Revenue	21,190	22,098	42,243	43,684
Non-Fuel Operating Expenses	21,454	16,401	40,793	34,472
Aircraft Fuel	0	52	0	72
Special Items, net	0	(9,736)	0	(18,401)
Total Operating Expenses	21,454	6,717	40,793	16,143
Operating Income (Loss)	$ (264)	$ 15,381	$ 1,450	$ 27,541