PHI (PHIG) 10-Q 4 Aug 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Jul. 31, 2017
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Trading Symbol	PHII
Entity Registrant Name	PHI INC
Entity Central Index Key	350,403
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Voting Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,905,757
Non-Voting Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		12,892,321

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Current Assets:
Cash	$ 2,323	$ 2,596
Short-term investments	237,433	289,806
Accounts receivable – net
Trade	133,934	128,662
Other	13,570	9,603
Inventories of spare parts – net	76,155	70,402
Prepaid expenses	13,131	9,259
Deferred income taxes	10,798	10,798
Income taxes receivable	414	540
Total current assets	487,758	521,666
Property and equipment – net	918,134	903,977
Restricted cash and investments	12,396	13,038
Other assets	10,172	9,759
Total assets	1,428,460	1,448,440
Current Liabilities:
Accounts payable	27,791	28,704
Accrued and other current liabilities	33,384	28,346
Total current liabilities	61,175	57,050
Long-term debt:
Revolving credit facility	133,225	134,000
Senior Notes issued March 17, 2014, net of debt issuance costs of $2,129 and $2,753, respectively	497,871	497,247
Deferred income taxes	143,030	151,713
Other long-term liabilities	9,098	8,652
Commitments and contingencies (Note 9)
Shareholders’ Equity:
Additional paid-in capital	305,787	304,246
Accumulated other comprehensive loss	(254)	(478)
Retained earnings	276,948	294,441
Total shareholders’ equity	584,061	599,778
Total liabilities and shareholders’ equity	1,428,460	1,448,440
Voting Common Stock [Member]
Shareholders’ Equity:
Common stock	291	291
Non-Voting Common Stock [Member]
Shareholders’ Equity:
Common stock	1,289	1,278
Total shareholders’ equity	$ 1,289	$ 1,278

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Debt issuance costs	$ 2,129	$ 2,753
Voting Common Stock [Member]
Common stock, par value (in USD per share)	$ 0.10	$ 0.10
Common stock, shares authorized (shares)	12,500,000	12,500,000
Common stock, shares issued (shares)	2,905,757	2,905,757
Common stock, shares outstanding (shares)	2,905,757	2,905,757
Non-Voting Common Stock [Member]
Common stock, par value (in USD per share)	$ 0.10	$ 0.10
Common stock, shares authorized (shares)	37,500,000	37,500,000
Common stock, shares issued (shares)	12,892,321	12,779,646
Common stock, shares outstanding (shares)	12,892,321	12,779,646

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Income Statement [Abstract]
Operating revenues, net	$ 146,424	$ 167,136	$ 281,042	$ 331,152
Expenses:
Direct expenses	126,951	152,417	263,464	304,971
Selling, general and administrative expenses	14,247	11,778	27,290	23,451
Total operating expenses	141,198	164,195	290,754	328,422
Loss (gain) on disposal of assets	7	(4,298)	7	(3,939)
Equity in loss of unconsolidated affiliates, net	991	76	1,994	76
Operating income (loss)	4,228	7,163	(11,713)	6,593
Interest expense	8,083	7,540	16,278	15,073
Other income – net	(705)	(494)	(1,768)	(1,109)
Total expenses	7,378	7,046	14,510	13,964
(Loss) earnings before income taxes	(3,150)	117	(26,223)	(7,371)
Income tax expense (benefit)	123	(4,160)	(7,702)	(2,716)
Net (loss) earnings	$ (3,273)	$ 4,277	$ (18,521)	$ (4,655)
Weighted average shares outstanding:
Basic (shares)	15,716	15,677	15,716	15,650
Diluted (shares)	15,716	15,718	15,716	15,650
Net (loss) earnings per share:
Basic (in USD per share)	$ (0.21)	$ 0.27	$ (1.18)	$ (0.30)
Diluted (in USD per share)	$ (0.21)	$ 0.27	$ (1.18)	$ (0.30)

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Statement of Comprehensive Income [Abstract]
Net (loss) earnings	$ (3,273)	$ 4,277	$ (18,521)	$ (4,655)
Unrealized gain on short-term investments	167	210	329	1,017
Changes in pension plan assets and benefit obligations	23	1	22	2
Tax effect of the above-listed adjustments	(68)	(75)	(127)	(407)
Total comprehensive (loss) income	$ (3,151)	$ 4,413	$ (18,297)	$ (4,043)

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Non-Voting Common Stock [Member]	Voting Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive (Loss) Income [Member]	Retained Earnings [Member]
Balance at Dec. 31, 2015	$ 626,998	$ 1,269	$ 291	$ 304,884	$ (567)	$ 321,121
Balance, Shares at Dec. 31, 2015		12,685	2,906
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(4,655)					(4,655)
Unrealized gain on short-term investments	611				611
Changes in pension plan assets and benefit obligations	1				1
Amortization of unearned stock-based compensation	2,882			2,882
Issuance of non-voting common stock (upon vesting of restricted stock units)	12	$ 12
Issuance of non-voting common stock (upon vesting of restricted stock units), shares		121
Cancellation of restricted non-voting stock units for tax withholdings on vested shares	(503)	$ (3)		(500)
Cancellation of restricted non-voting stock units for tax withholdings on vested shares, Shares		(27)
Retirement of treasury stock, shares		(8)
Balance at Jun. 30, 2016	625,346	$ 1,278	$ 291	307,266	45	316,466
Balance, Shares at Jun. 30, 2016		12,771	2,906
Balance at Dec. 31, 2016	599,778	$ 1,278	$ 291	304,246	(478)	294,441
Balance, Shares at Dec. 31, 2016		12,779	2,906
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(18,521)					(18,521)
Unrealized gain on short-term investments	210				210
Changes in pension plan assets and benefit obligations	14				14
Amortization of unearned stock-based compensation	1,816			1,816
Issuance of non-voting common stock (upon vesting of restricted stock units)	13	$ 13
Issuance of non-voting common stock (upon vesting of restricted stock units), shares		134
Cancellation of restricted non-voting stock units for tax withholdings on vested shares	(277)	$ (2)		(275)
Cancellation of restricted non-voting stock units for tax withholdings on vested shares, Shares		(21)
Cumulative effect adjustment of unrecognized tax benefits	1,028					1,028
Balance at Jun. 30, 2017	$ 584,061	$ 1,289	$ 291	$ 305,787	$ (254)	$ 276,948
Balance, Shares at Jun. 30, 2017		12,892	2,906

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Operating activities:
Net loss	$ (18,521)	$ (4,655)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	34,011	34,761
Deferred income taxes	(7,791)	(3,572)
Loss (gain) on disposal of assets	7	(3,939)
Equity in loss of unconsolidated affiliate, net	1,994	76
Inventory valuation reserves	2,214	2,613
Changes in operating assets and liabilities	(19,863)	(24,485)
Net cash (used in) provided by operating activities	(7,949)	799
Investing activities:
Purchase of property and equipment	(43,892)	(39,908)
Proceeds from asset dispositions	17	10,998
Purchase of short-term investments	(134,518)	(151,436)
Proceeds from sale of short-term investments	187,217	148,838
Payment of deposits on aircraft	(110)	(131)
Net cash provided by (used in) investing activities	8,714	(31,639)
Financing activities:
Proceeds from line of credit	66,525	150,800
Payments on line of credit	(67,300)	(113,300)
Repurchase of common stock	(263)	(500)
Net cash (used in) provided by financing activities	(1,038)	37,000
(Decrease) increase in cash	(273)	6,160
Cash, beginning of period	2,596	2,407
Cash, end of period	2,323	8,567
Cash paid during the period for:
Interest	15,250	14,329
Income taxes	1,131	1,879
Noncash investing activities:
Other current liabilities and accrued payables related to purchase of property and equipment	$ 15	$ 64

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements include the accounts of PHI, Inc. and its subsidiaries (“PHI” or the “Company” or “we” or “our”). In the opinion of management, these condensed consolidated financial statements reflect all adjustments, consisting of only normal, recurring adjustments, necessary to present fairly the financial results for the interim periods presented. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the accompanying notes contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 . Our financial results, particularly as they relate to our Oil and Gas segment, are influenced by seasonal fluctuations as discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 . For this and other reasons, the results of operations for interim periods are not necessarily indicative of the operating results that may be expected for a full fiscal year. Recently Adopted Accounting Pronouncements - Effective January 1, 2017, we adopted Accounting Standards Update (“ASU”) 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, which was issued by the Financial Accounting Standards Board (“FASB”) in March 2016 . This new standard requires that excess tax benefits and deficiencies resulting from stock-based compensation awards vesting and exercises be recognized in the income statement. Previously, these amounts were recognized in additional paid-in capital. As a result, during the first quarter of 2017 we recorded a cumulative-effect adjustment of $1.0 million increasing retained earnings and decreasing deferred tax liability on our balance sheet dated June 30, 2017. Accordingly, we recorded income tax expense of $1.5 million in our consolidated statement of income for the six months ended June 30, 2017, in recognition of excess tax deficiencies related to equity compensation. Under this new standard, the corresponding cash flows are now reflected in cash provided by operating activities instead of financing activities, as was previously required. ASU 2016-09 also allows an employer with a statutory income tax withholding obligation to withhold shares with a fair value up to the amount of tax owed using the maximum statutory tax rate in the employee’s applicable jurisdiction. We have elected to continue to withhold the minimum statutory withholding obligation for outstanding awards. We have also elected to continue to estimate equity award forfeitures expected to occur to determine the amount of compensation cost to be recognized in each period. New Accounting Pronouncements - In May 2014, the FASB issued Accounting Standards Update ASU 2014-09, Revenue from Contracts with Customers , which provides a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. Entities can transition to the standard either retrospectively or as a cumulative effect adjustment as of the date of adoption. The new standard is effective for the Company beginning on January 1, 2018. Revenues from our Oil and Gas segment and Air Medical segment hospital contracts are primarily comprised of a fixed monthly fee for a particular model of aircraft, plus a variable component based on flight time. Under the independent provider programs of our Air Medical segment, our revenues are based on a flat rate plus a variable charge per patient-loaded mile, and are recorded net of contractual allowances. We also generate revenue on a cost-plus basis in our Technical Services segment. Based on our initial assessment, the Company does not expect the adoption of this ASU to have a material impact on its condensed consolidated financial statements. Remaining implementation matters include establishing new policies, procedures, and controls and quantifying any adoption date adjustments. The Company will adopt this standard on January 1, 2018 utilizing the modified retrospective method. In February 2016, the FASB issued ASU 2016-02, Leases , which replaces the existing guidance on leasing transactions in ASC 840 to require recognition of the assets and liabilities for the rights and obligations created by those leases on the balance sheet. We are currently evaluating the effects of this standard, and expect the adoption of this standard will result in a material change to our consolidated assets and liabilities based on our lease portfolio as of June 30, 2017. We plan to adopt this standard no later than January 1, 2019. In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other than Inventory , which will require an entity to recognize the income tax consequences of an intra-entity transfer of an asset, other than inventory, when the transfer occurs. ASU 2016-16 is effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods. The effects of this standard on our financial position, results of operations, and cash flows are not yet known. We plan to adopt this standard beginning January 1, 2018. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business . ASU 2017-01 clarifies the definition of a business and requires that an entity apply certain criteria in order to determine when a set of assets and activities qualifies as a business. The adoption of this standard is expected to result in fewer acquisitions of properties qualifying as acquisitions of businesses and, accordingly, acquisition costs for those acquisitions that do not qualify as businesses will be capitalized rather than expensed. This standard is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, and should be applied on a prospective basis. Early adoption is permitted. The effects of this standard on our financial position, results of operations, and cash flows are not yet known. We plan to adopt this standard beginning January 1, 2018. In January 2017, the FASB issued ASU 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment . ASU 2017-04 simplifies the current two-step goodwill impairment test by eliminating the second step of the test. The new standard requires a one-step impairment test in which an entity compares the fair value of a reporting unit with its carrying amount and recognizes an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, if any. This standard is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, and should be applied on a prospective basis. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. We do not expect this ASU to have a material impact on our consolidated financial statements.

Investments

Investments	6 Months Ended
	Jun. 30, 2017
Investments, Debt and Equity Securities [Abstract]
Investments	INVESTMENTS We classify all of our short-term investments as available-for-sale. We carry these at fair value and report unrealized gains and losses, net of taxes, in Accumulated other comprehensive loss, which is a separate component of shareholders’ equity in our Condensed Consolidated Balance Sheets. These unrealized gains and losses are also reflected in our Condensed Consolidated Statements of Comprehensive Income and Condensed Consolidated Statements of Shareholders’ Equity. We determine cost, gains, and losses using the specific identification method. Investments consisted of the following as of June 30, 2017 : Cost Basis Unrealized Unrealized Fair (Thousands of dollars) Investments: Money market mutual funds $ 18,079 $ — $ — $ 18,079 Commercial paper 17,008 — (10 ) 16,998 U.S. Government agencies 15,301 — (19 ) 15,282 Corporate bonds and notes 199,772 1 (318 ) 199,455 Subtotal 250,160 1 (347 ) 249,814 Deferred compensation plan assets included in other assets 2,562 — — 2,562 Total $ 252,722 $ 1 $ (347 ) $ 252,376 Investments consisted of the following as of December 31, 2016 : Cost Basis Unrealized Gains Unrealized Losses Fair Value (Thousands of dollars) Investments: Money market mutual funds $ 18,118 $ — $ — $ 18,118 Commercial paper 27,906 — (39 ) 27,867 U.S. government agencies 13,295 — (32 ) 13,263 Corporate bonds and notes 244,202 2 (622 ) 243,582 Subtotal 303,521 2 (693 ) 302,830 Deferred compensation plan assets included in other assets 2,394 — — 2,394 Total $ 305,915 $ 2 $ (693 ) $ 305,224 At June 30, 2017 and December 31, 2016 , we classified $12.4 million and $ 13.0 million respectively, of our aggregate investments as long-term investments and recorded them in our Condensed Consolidated Balance Sheets as Restricted cash and investments, as they are securing outstanding letters of credit with maturities beyond one year and a bond relating to foreign operations. The following table presents the cost and fair value of our debt investments based on maturities as of: June 30, 2017 December 31, 2016 Amortized Fair Amortized Fair (Thousands of dollars) Due in one year or less $ 175,910 $ 175,682 $ 184,587 $ 184,334 Due within two years 56,171 56,053 100,816 100,378 Total $ 232,081 $ 231,735 $ 285,403 $ 284,712 The following table presents the average coupon rate percentage and the average days to maturity of our debt investments as of: June 30, 2017 December 31, 2016 Average Average Average Average Commercial paper 0.985 83 1.001 184 U.S. Government agencies 1.056 264 0.970 400 Corporate bonds and notes 1.720 246 1.745 318 The following table presents the fair value and unrealized losses related to our investments that have been in a continuous unrealized loss position for less than twelve months as of: June 30, 2017 December 31, 2016 Fair Value Unrealized Fair Value Unrealized (Thousands of dollars) Commercial paper $ 16,998 $ (10 ) $ 27,867 $ (39 ) U.S. Government agencies 13,287 (15 ) 13,263 (32 ) Corporate bonds and notes 172,179 (286 ) 210,836 (602 ) Total $ 202,464 $ (311 ) $ 251,966 $ (673 ) The following table presents the fair value and unrealized losses related to our investments that have been in a continuous unrealized loss position for more than twelve months as of: June 30, 2017 December 31, 2016 Fair Value Unrealized Fair Value Unrealized (Thousands of dollars) U.S. Government agencies $ 1,996 $ (4 ) $ — $ — Corporate bonds and notes 19,064 (32 ) 24,196 (20 ) Total $ 21,060 $ (36 ) $ 24,196 $ (20 ) From time to time over the periods covered in our financial statements included herein (and as illustrated in the foregoing tables), our investments have experienced net unrealized losses. We consider these declines in market value to be due to customary market fluctuations, and we do not plan to sell these investments prior to maturity. For these reasons, we do not consider any of our investments to be other than temporarily impaired at June 30, 2017 or December 31, 2016 . We have also determined that we did not have any other than temporary impairments relating to credit losses on debt securities for the quarter ended June 30, 2017 . For additional information regarding our criteria for making these assessments, see Note 2 to the financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2016 .

Revenue Recognition and Valuati

Revenue Recognition and Valuation Accounts	6 Months Ended
	Jun. 30, 2017
Revenue Recognition And Valuation Accounts [Abstract]
Revenue Recognition and Valuation Accounts	REVENUE RECOGNITION AND VALUATION ACCOUNTS We establish the amount of our allowance for doubtful accounts based upon factors relating to the credit risk of specific customers, current market conditions, and other information. Our allowance for doubtful accounts was approximately $6.0 million at June 30, 2017 , and December 31, 2016 . Revenues related to flights generated by our Air Medical segment are recorded net of contractual allowances under agreements with third party payors and estimated uncompensated care when the services are provided. The allowance for contractual discounts was $110.9 million and $111.9 million as of June 30, 2017 and December 31, 2016 , respectively. The allowance for uncompensated care was $46.2 million and $46.3 million as of June 30, 2017 and December 31, 2016 , respectively. Included in the allowance for uncompensated care listed above is the value of services to patients who are unable to pay when it is determined that they qualify for charity care. The value of these services was $2.0 million and $2.2 million for the quarters ended June 30, 2017 and 2016 , respectively. The value of these services was $4.4 million and $4.7 million for the six months ended June 30, 2017 and 2016 , respectively. The estimated cost of providing charity services was $0.4 million for the quarter ended June 30, 2017 and $0.5 million for the quarter ended June 30, 2016 . The estimated cost of providing charity services was $1.0 million and $ 1.2 million for the six months ended June 30, 2017 and 2016 , respectively. The estimated costs of providing charity services are based on a calculation that applies a ratio of costs to the charges for uncompensated charity care. The ratio of costs to charges is based on our Air Medical segment’s total expenses divided by gross patient service revenue. The allowance for contractual discounts and estimated uncompensated care (expressed as a percentage of gross segment accounts receivable) as of the dates listed below was as follows: June 30, 2017 December 31, 2016 Allowance for Contractual Discounts 56 % 56 % Allowance for Uncompensated Care 23 % 23 % Under a three-year contract that commenced on September 29, 2012, our Air Medical affiliate provided multiple services to a customer in the Middle East, including helicopter leasing, emergency medical helicopter flight services, aircraft maintenance, provision of spare parts, insurance coverage for the customer-owned aircraft, training services, and base construction. Each of the major services mentioned above qualified as separate units of accounting under the accounting guidance for such arrangements. The selling price for each specific service was determined based upon third-party evidence and estimates. As discussed in greater detail in our Form 10-K for year ended December 2016, this contract, after being extended one year, lapsed on September 30, 2016 . We have also established valuation reserves related to obsolete and slow-moving spare parts inventory. The inventory valuation reserves were $17.7 million and $17.3 million at June 30, 2017 and December 31, 2016 , respectively.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurements	FAIR VALUE MEASUREMENTS Accounting standards require that assets and liabilities carried at fair value will be classified and disclosed in one of the following three categories: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data. The following table summarizes the valuation of our investments and financial instruments by the above pricing levels as of the valuation dates listed: June 30, 2017 Total (Level 1) (Level 2) (Thousands of dollars) Investments: Money market mutual funds $ 18,079 $ 18,079 $ — Commercial paper 16,998 — 16,998 U.S. Government agencies 15,282 — 15,282 Corporate bonds and notes 199,455 — 199,455 249,814 18,079 231,735 Deferred compensation plan assets 2,562 2,562 — Total $ 252,376 $ 20,641 $ 231,735 December 31, 2016 Total (Level 1) (Level 2) (Thousands of dollars) Investments: Money market mutual funds $ 18,118 $ 18,118 $ — Commercial paper 27,867 — 27,867 U.S. government agencies 13,263 — 13,263 Corporate bonds and notes 243,582 — 243,582 302,830 18,118 284,712 Deferred compensation plan assets 2,394 2,394 — Total $ 305,224 $ 20,512 $ 284,712 We hold our short-term investments in an investment fund consisting of high quality money market instruments of governmental and private issuers, which is classified as a short-term investment. Level 1 inputs are quoted prices (unadjusted) for identical assets or liabilities in active markets. These items are traded with sufficient frequency and volume to provide pricing on an ongoing basis. The fair values of the investments in these funds are based on observable market prices, and therefore, have been categorized in Level 1 in the fair value hierarchy. Level 2 inputs reflect quoted prices for identical assets or liabilities that are not actively traded. These items may not be traded daily; examples include commercial paper, corporate bonds and U.S. government agencies debt. There have been no reclassifications of assets between Level 1 and Level 2 investments during the periods covered by the financial statements included in this report. We hold no Level 3 investments. Investments reflected on our balance sheets as Other assets, which we hold to fund liabilities under our Officers’ Deferred Compensation Plan, consist mainly of multiple investment funds that are highly liquid and diversified. Cash, accounts receivable, accounts payable and accrued liabilities, and our revolving credit facility debt all had fair values approximating their carrying amounts at June 30, 2017 and December 31, 2016 . Our determination of the estimated fair value of our 5.25% Senior Notes due 2019 and our revolving credit facility debt is derived using Level 2 inputs, including quoted market indications of similar publicly-traded debt. The fair value of our 5.25% Senior Notes due 2019, based on quoted market prices, was $463.0 million and $474.4 million at June 30, 2017 and December 31, 2016 , respectively.

Long Term Debt

Long Term Debt	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Long Term Debt	LONG-TERM DEBT The components of long-term debt as of the dates indicated below were as follows: June 30, 2017 December 31, 2016 Principal Unamortized Principal Unamortized (Thousands of dollars) Senior Notes issued March 17, 2014, interest only payable semi-annually at 5.25%, maturing March 15, 2019 $ 500,000 $ 2,129 $ 500,000 $ 2,753 Revolving Credit Facility due October 1, 2018 with a group of commercial banks, interest payable at variable rates 133,225 — 134,000 — Total long-term debt $ 633,225 $ 2,129 $ 634,000 $ 2,753 Our 5.25% Senior Notes (the “2019 Notes”) will mature on March 15, 2019 , are unconditionally guaranteed on a senior basis by each of PHI, Inc’s wholly-owned domestic subsidiaries, and are the general, unsecured obligations of PHI, Inc. and the guarantors. Interest is payable semi-annually on March 15 and September 15 of each year. PHI has the option to redeem some or all of the 2019 Notes at any time on or after March 15, 2016 at specified redemption prices. The indenture governing the 2019 Notes (the “2019 Indenture”) contains, among other things, certain restrictive covenants, including limitations on incurring indebtedness, creating liens, selling assets and entering into certain transactions with affiliates. The covenants also limit PHI’s ability to, among other things, pay cash dividends on common stock, repurchase or redeem common or preferred equity, prepay subordinated debt and make certain investments. Upon the occurrence of a “Change in Control Repurchase Event” (as defined in the 2019 Indenture), PHI will be required, unless it has previously elected to redeem the 2019 Notes as described above, to make an offer to purchase the 2019 Notes for a cash price equal to 101% of their principal amount. Revolving Credit Facility – We have an amended and restated revolving credit facility (our “credit facility”) that matures on October 1, 2018 . Under this facility, we can borrow up to $150.0 million at floating interest rates based on either the London Interbank Offered Rate plus 225 basis points or the prime rate (each as defined in our credit facility), at our option. Our credit facility includes usual and customary covenants and events of default for credit facilities of its type. Our ability to borrow under the credit facility is conditioned upon our continued compliance with such covenants, including, among others, (i) covenants that restrict our ability to engage in certain asset sales, mergers or other fundamental changes, to incur liens or to engage in certain other transactions or activities and (ii) financial covenants that stipulate that PHI will maintain a consolidated working capital ratio of at least 2 to 1, a net funded debt to consolidated net worth ratio not greater than 1.5 to 1, a fixed charge coverage ratio of at least 1.1 to 1 if our short term investments fall below $150.0 million , and consolidated net worth of at least $450.0 million (with all such terms or amounts as defined in or determined under our credit facility). As of June 30, 2017 , we believe we were in compliance with these covenants. Cash paid to fund interest expense was $1.2 million for the quarter ended June 30, 2017 and $0.6 million for the quarter ended June 30, 2016 . Cash paid to fund interest expense was $15.3 million for the six months ended June 30, 2017 and $14.3 million for the six months ended June 30, 2016 . Letter of Credit Facility - We maintain a separate letter of credit facility that had $12.4 million and $13.0 million in letters of credit outstanding at June 30, 2017 and December 31, 2016 respectively. We have letters of credit securing our workers compensation policies, a traditional provider contract, and a bond relating to foreign operations. We also have outstanding a letter of credit for $7.6 million issued under our $150.0 million credit facility that reduces the amount we can borrow under that facility. The letter of credit was issued to guaranty our performance under an international contract that was awarded in late 2016 . Other - PHI, Inc. has cash management arrangements with certain of its principal subsidiaries, in which substantial portions of the subsidiaries’ cash is regularly advanced to PHI, Inc. Although PHI, Inc. periodically repays these advances to fund the subsidiaries’ cash requirements throughout the year, at any given point in time PHI, Inc. may owe a substantial sum to its subsidiaries under these advances, which, in accordance with generally accepted accounting principles, are eliminated in consolidation and therefore not recognized on our consolidated balance sheets. For additional information, see Note 13.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
Earnings Per Share	EARNINGS PER SHARE The components of basic and diluted earnings per share for the quarter and six months ended June 30, 2017 and 2016 are as follows: Quarter Ended Six Months Ended 2017 2016 2017 2016 (Thousands of dollars) Weighted average outstanding shares of common stock, basic 15,716 15,677 15,716 15,650 Dilutive effect of unvested restricted stock units — 41 — — Weighted average outstanding shares of common stock, diluted (1) 15,716 15,718 15,716 15,650 (1) For the six months ended June 30, 2017 , and 2016, 438,812 and 3,180 unvested restricted stock units were excluded from the weighted average outstanding shares of common stock, diluted, respectively as they were anti-dilutive to earnings per share.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	STOCK-BASED COMPENSATION We recognize the cost of employee compensation received in the form of equity instruments based on the grant date fair value of those awards. The table below sets forth the total amount of stock-based compensation expense for the six months and quarter ended June 30, 2017 and 2016 . Quarter Ended Six Months Ended 2017 2016 2017 2016 (Thousands of dollars) Stock-based compensation expense: Time-based restricted stock units $ 556 $ 597 $ 1,111 $ 1,216 Performance-based restricted stock units 705 809 705 1,680 Total stock-based compensation expense $ 1,261 $ 1,406 $ 1,816 $ 2,896 During the quarter and six months ended June 30, 2017 , 417,266 and 447,477 time-based restricted units, respectively, were awarded to managerial employees and 365,539 performance-based restricted units were awarded to managerial employees. During the quarter and six months ended June 30, 2016 , 14,288 time-based restricted units were awarded to managerial employees and 5,102 and 308,163 performance-based restricted units were awarded to managerial employees, respectively.

Asset Disposals

Asset Disposals	6 Months Ended
	Jun. 30, 2017
Property, Plant and Equipment [Abstract]
Asset Disposals	ASSET DISPOSALS There were no sales or disposals of aircraft during the first quarter of 2017 . During the second quarter of 2017 , we disposed five medium aircraft and related parts inventory utilized in the Oil and Gas segment. These aircraft no longer met our strategic needs. During the first quarter of 2016, we sold one light aircraft previously utilized in the Oil and Gas segment. Cash proceeds totaled $0.9 million , resulting in the loss on the sale of this asset of $0.4 million . During the second quarter of 2016, we sold four light and three medium aircraft and related parts inventory utilized in the Oil and Gas segment. Cash proceeds totaled $10.1 million , resulting in a gain on the sale of these assets of $4.3 million . These aircraft no longer met our strategic needs.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Commitments – We currently have no aircraft purchase commitments. Total aircraft deposits of $0.5 million were included in Other Assets as of June 30, 2017 . This amount represents a deposit on a future lease buyout option. In the event we do not exercise the buyout option, the deposit will be applied against lease payments. As of June 30, 2017 , we had options to purchase aircraft under leases, with such purchase options becoming exercisable in 2017 through 2020. The aggregate option purchase prices are $18.5 million in 2017 , $127.0 million in 2018 , $129.0 million in 2019 , and $22.7 million in 2020 . In the second quarter of 2017 , we purchased one heavy aircraft from a lessor for $17.0 million . Under current conditions, we believe it is unlikely that we will exercise the remaining 2017 purchase options, unless opportunistic conditions arise. Environmental Matters – PHI has recorded an estimated liability of $0.15 million as of June 30, 2017 for environmental response costs. Previously, PHI conducted environmental surveys of its former Lafayette Facility located at the Lafayette Regional Airport, which we vacated in 2001, PHI has determined that limited soil and groundwater contamination exist at two parcels of land at the former facility. An Assessment Report for both parcels was submitted in 2003 (and updated in 2006) to the Louisiana Department of Environmental Quality (LDEQ) and the Louisiana Department of Natural Resources (LDNR). Approvals for the Assessment Report were received from the LDEQ and LDNR in 2010 and 2011, respectively. Since that time, PHI has performed groundwater sampling of the required groundwater monitor well installations at both parcels and submitted these sampling reports to the LDEQ. Pursuant to an agreement with the LDEQ, PHI provided groundwater sample results semi-annually to the LDEQ for both parcels from 2005 to 2015. LDEQ approved a reduction in the sampling program from semi-annual to annual groundwater monitoring in 2015. Based on PHI’s working relationship and agreements with the LDEQ, and the results of ongoing former facility parcel monitoring, PHI believes that ultimate remediation costs for the subject parcels will not be material to PHI’s consolidated financial position, operations or cash flows. Legal Matters – From time to time, we are involved in various legal actions incidental to our business, including actions relating to employee claims, medical malpractice claims, tax issues, grievance hearings before labor regulatory agencies, and miscellaneous third party tort actions. The outcome of these proceedings is not predictable. However, based on current circumstances, we do not believe that the ultimate resolution of our presently pending proceedings, after considering available defenses and any insurance coverage or indemnification rights, will have a material adverse effect on our financial position, results of operations or cash flows. Operating Leases – We lease certain aircraft, facilities, and equipment used in our operations. The related lease agreements, which include both non-cancelable and month-to-month terms, generally provide for fixed monthly rentals, and certain real estate leases also include renewal options. We generally pay all insurance, taxes, and maintenance expenses associated with these leases. All aircraft leases contain purchase options exercisable by us at certain dates in the lease agreements. At June 30, 2017 , we had approximately $205.2 million in aggregate commitments under operating leases of which approximately $21.6 million is payable through the second half of 2017. The total lease commitments include $191.4 million for aircraft and $13.8 million for facility lease commitments.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2017
Segment Reporting [Abstract]
Segment Information	SEGMENT INFORMATION PHI is primarily a provider of helicopter transport services, including helicopter maintenance and repair services. We report our financial results through the three reportable segments further described below. A segment’s operating profit or loss is its operating revenues less its direct expenses and selling, general and administrative expenses. A portion of our total selling, general and administrative expenses is charged directly to each segment, and a small portion is allocated to that segment. Direct charges represent the vast majority of segment selling, general and administrative expenses. Allocated selling, general and administrative expenses are based primarily on total segment costs as a percentage of total operating costs. Oil and Gas Segment - Our Oil and Gas segment, headquartered in Lafayette, Louisiana, provides helicopter services primarily for the major integrated and independent oil and gas production companies transporting personnel or equipment to offshore platforms in the Gulf of Mexico. Our customers include Shell Oil Company, BP America Production Company, ExxonMobil Production Company, and ConocoPhillips Company, with whom we have worked for 30 or more years, and ENI Petroleum, with whom we have worked for more than 15 years. At June 30, 2017 , we had available for use 128 aircraft in this segment. Operating revenue from our Oil and Gas segment is derived mainly from contracts that include a fixed monthly rate for a particular model of aircraft, plus a variable payments based on the amount of flight time. Operating costs for the Oil and Gas segment are primarily aircraft operation costs, including costs for pilots and maintenance personnel. We typically operate under fixed-term contracts with our customers, a substantial portion of which are competitively bid. Our fixed-term contracts have terms of one to seven years (subject to provisions permitting early termination by the customers), with payment in U.S. dollars. For the quarters ended June 30, 2017 and 2016 , respectively, approximately 51% and 52% of our total operating revenues were generated by our Oil and Gas segment, with approximately 88% and 92% of these revenues from fixed-term customer contracts. For the six months ended June 30, 2017 and 2016, respectively, approximately 52% of our total operating revenues were generated by our Oil and Gas segment, with approximately 88% and 92% of these revenues from fixed-term customer contracts. The remaining 12% and 8% of these revenues were attributable to work in the spot market and ad hoc flights for contracted customers. Air Medical Segment - The operations of our Air Medical segment are headquartered in Phoenix, Arizona, where we maintain significant separate facilities and administrative staff dedicated to this segment. We provide Air Medical transportation services for hospitals and emergency service agencies throughout the U.S. As of June 30, 2017 , our Air Medical segment operated approximately 104 aircraft in 18 states at 72 separate locations. Our Air Medical segment operates primarily under the independent provider model and, to a lesser extent, under the traditional provider model. Under the independent provider model, we have no fixed revenue stream and compete for transport referrals on a daily basis with other independent operators in the area. Under the traditional provider model, we contract directly with the customer to provide their transportation services, with the contracts typically awarded or renewed through competitive bidding. For the quarter ended June 30, 2017 and 2016 , approximately 46% and 45% of our total operating revenues were generated by our Air Medical segment, respectively. For the six months ended June 30, 2017 and 2016 , approximately 44% of our total operating revenues were generated by our Air Medical segment. As an independent provider, we bill for our services on the basis of a flat rate plus a variable charge per patient-loaded mile, regardless of aircraft model, and are typically compensated by private insurance, Medicaid or Medicare, or directly by transported patients who self-pay. As further described in Note 3, revenues are recorded net of contractual allowances under agreements with third party payors and estimated uncompensated care at the time the services are provided. Contractual allowances and uncompensated care are estimated based on historical collection experience by payor category (consisting mainly of insurance, Medicaid, Medicare, and self-pay). Estimates regarding the payor mix and changes in reimbursement rates are the factors most subject to sensitivity and variability in calculating our allowances. We compute a historical payment analysis of accounts fully closed, by category. Provisions for contractual discounts and estimated uncompensated care for our Air Medical segment (expressed as a percentage of gross segment billings) were as follows: Quarter Ended Quarter Ended 2017 2016 2017 2016 Provision for contractual discounts 63 % 65 % 66 % 69 % Provision for uncompensated care 10 % 7 % 7 % 4 % These percentages are affected by various factors, including rate increases and changes in the number of transports by payor mix. Net reimbursement per transport from commercial payors generally increases when a rate increase is implemented. Net reimbursement from certain commercial payors, as well as Medicare and Medicaid, generally does not increase proportionately with rate increases. Net revenue attributable to Insurance, Medicare, Medicaid, and Self-Pay (expressed as a percentage of net Air Medical revenues) were as follows: Quarter Ended Quarter Ended 2017 2016 2017 2016 Insurance 72 % 69 % 71 % 70 % Medicare 18 % 18 % 18 % 18 % Medicaid 8 % 9 % 9 % 10 % Self-Pay 2 % 4 % 2 % 2 % We also have a limited number of contracts with hospitals under which we receive a fixed fee component for aircraft availability and a variable fee component for flight time. Most of our contracts with hospitals contain provisions permitting early termination by the hospital, typically with 180 days’ notice for any reason and generally with penalty. Those contracts generated approximately 18% and 29% of the segment’s revenues for the quarters ended June 30, 2017 and 2016 , respectively. For the six months ended June 30, 2017 and 2016, these contracts generated approximately 30% of the segment's revenues. Technical Services Segment - Our Technical Services segment provides helicopter repair and overhaul services for flight operations customers that own their aircraft. Costs associated with these services are primarily labor, and customers are generally billed at a percentage above our service costs. We also periodically provide flight services to governmental customers under this segment, including our agreement to operate six aircraft for the National Science Foundation in Antarctica, typically in the first and fourth quarters each year. Also included in this segment is our proprietary Helipass operations, which provides software as a service to certain of our Oil and Gas customers for the purpose of passenger check-in and compliance verification. For the quarters ended June 30, 2017 and 2016 , approximately 3% and 5% , respectively, of our total operating revenues were generated by our Technical Services segment. For the six month period ended June 30, 2017 and 2016 , approximately 4% , respectively, of our total operating revenues were generated by our Technical Services segment. Summarized financial information concerning our reportable operating segments for the quarters and six months ended June 30, 2017 and 2016 is as follows: Quarter Ended Six Months Ended 2017 2016 2017 2016 (Thousands of dollars) Segment operating revenues Oil and Gas $ 74,668 $ 83,185 $ 146,399 $ 171,622 Air Medical 67,222 75,547 122,559 145,607 Technical Services 4,534 8,404 12,084 13,923 Total operating revenues, net 146,424 167,136 281,042 331,152 Segment direct expenses (1) Oil and Gas (2) 73,681 87,400 155,410 179,316 Air Medical 50,402 58,997 101,243 116,041 Technical Services 3,858 6,096 8,804 9,690 Total segment direct expenses 127,941 152,493 265,457 305,047 Segment selling, general and administrative expenses Oil and Gas 1,635 1,605 3,354 3,132 Air Medical 3,263 2,642 6,144 5,237 Technical Services 356 273 694 497 Total segment selling, general and administrative expenses 5,254 4,520 10,192 8,866 Total segment expenses 133,195 157,013 275,649 313,913 Net segment (loss) profit Oil and Gas (648 ) (5,820 ) (12,365 ) (10,826 ) Air Medical 13,557 13,908 15,172 24,329 Technical Services 320 2,035 2,586 3,736 Total net segment profit 13,229 10,123 5,393 17,239 Other, net (3) 697 4,792 1,761 5,048 Unallocated selling, general and administrative costs (1) (8,993 ) (7,258 ) (17,099 ) (14,585 ) Interest expense (8,083 ) (7,540 ) (16,278 ) (15,073 ) (Loss) earnings before income taxes $ (3,150 ) $ 117 $ (26,223 ) $ (7,371 ) (1) Included in direct expenses and unallocated selling, general, and administrative costs are the depreciation and amortization expense amounts below: Depreciation and Amortization Expense Quarter Ended Six Months Ended 2017 2016 2017 2016 (Thousands of dollars) Segment Direct Expense: Oil and Gas $ 9,824 $ 10,024 $ 19,686 $ 19,942 Air Medical 5,219 5,132 10,696 9,387 Technical Services 148 157 294 285 Total $ 15,191 $ 15,313 $ 30,676 $ 29,614 Unallocated SG&A $ 622 $ 2,476 $ 3,335 $ 5,147 (2) Includes Equity in loss of unconsolidated affiliates, net. (3) Consists of gains on disposition of property and equipment and other income.

Investment in Variable Interest

Investment in Variable Interest Entity and Other Investments and Affiliates	6 Months Ended
	Jun. 30, 2017
Investment in Variable Interest Entity and Other Investments and Affiliates [Abstract]
Investment in Variable Interest Entity and Other Investments and Affiliates	INVESTMENT IN VARIABLE INTEREST ENTITY AND OTHER INVESTMENTS AND AFFILIATES PHI Century Limited - We account for our investment in our West African operations as a variable interest entity, which is defined as an entity that either (a) has insufficient equity to permit the entity to finance its operations without additional subordinated financial support or (b) has equity investors who lack the characteristics of a controlling financial interest. As of June 30, 2017 , we had a 49% investment in the common stock of PHI Century Limited (“PHIC”), a Ghanaian entity. We acquired our 49% interest on May 26, 2011 , PHIC’s date of incorporation. The purpose of PHIC is to provide oil and gas flight services in Ghana and the West African region. For the quarter ended June 30, 2017 , we recorded income in equity of this unconsolidated affiliate of $0.1 million relative to our 49% equity ownership. For the six months ended June 30, 2017 and 2016, we recorded a loss in equity of this unconsolidated affiliate of $0.9 million and $0.1 million relative to our 49% equity ownership, respectively. We had $2.4 million and $2.0 million of trade receivables as of June 30, 2017 and December 31, 2016, respectively, from PHIC. Our investment in the common stock of PHIC is included in Other assets on our Condensed Consolidated Balance Sheets and was $0.4 million and $0.2 million at June 30, 2017 and December 31, 2016 , respectively. PHI-HNZ Australia Ltd - In the fourth quarter of 2016, the Company and HNZ Group, Inc. (HHNZ) jointly formed PHI-HNZ Australia Pty Ltd., a legal entity held 50% by PHI, Inc. and 50% by HNZ Group, Inc. (“HNZ”), to provide helicopter transportation services in support of a gas development project offshore of western Australia. PHI-HNZ Australia Pty, Ltd began operations in April, 2017. For the quarter and six months ended June 30, 2017, we recorded a loss in equity of unconsolidated affiliate of $1.1 million , primarily related to startup costs associated with the contract.

Other Comprehensive Income

Other Comprehensive Income	6 Months Ended
	Jun. 30, 2017
Equity [Abstract]
Other Comprehensive Income	OTHER COMPREHENSIVE INCOME Amounts reclassified from Accumulated other comprehensive income are not material and, therefore, not presented separately in the Condensed Consolidated Statements of Comprehensive Income.

Condensed Consolidating Financi

Condensed Consolidating Financial Information	6 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Condensed Consolidating Financial Information	CONDENSED CONSOLIDATING FINANCIAL INFORMATION As discussed further in Note 5, on March 17, 2014, PHI, Inc. issued $500.0 million aggregate principal amount of 5.25% Senior Notes due 2019 that are fully and unconditionally guaranteed on a joint and several, senior basis by all of PHI, Inc.’s domestic subsidiaries. PHI, Inc. directly or indirectly owns 100% of all of its domestic subsidiaries. The supplemental condensed financial information on the following pages sets forth, on a consolidated basis, the balance sheet, statement of operations, statement of comprehensive income, and statement of cash flows information for PHI, Inc. (“Parent Company”) the guarantor subsidiaries and the non-guarantor subsidiaries, each under separate headings (except for periods ending on or before December 31, 2016, in which case such information for the guarantor and non-guarantor subsidiaries is presented together). The eliminating entries eliminate investments in subsidiaries, intercompany balances, and intercompany revenues and expenses. The condensed consolidating financial statements have been prepared on the same basis as the consolidated financial statements of PHI, Inc. The equity method is followed by the Parent Company within the financial information presented below. The transactions reflected in “Due to/from affiliates, net” in the following condensed consolidated statements of cash flows primarily consist of centralized cash management activities between PHI, Inc. and its subsidiaries, pursuant to which cash earned by the guarantor subsidiaries is regularly transferred to PHI, Inc. to be centrally managed. Because these balances are treated as short-term borrowings of the Parent Company, serve as a financing and cash management tool to meet our short-term operating needs, turn over quickly and are payable to the guarantor subsidiaries on demand, we present borrowings and repayments with our affiliates on a net basis within the condensed consolidating statement of cash flows. Net receivables from our affiliates are considered advances and net payables to our affiliates are considered borrowings, and both changes are presented as financing activities in the following condensed consolidating statements of cash flows. Due to the growth of our international affiliates in Trinidad and Australia which no longer qualify as minor subsidiaries under regulation S-X 210.3-10(h)6, we have begun reporting all of our non-guarantors subs in a separate column beginning with the quarter ended June 30, 2017. PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS (Thousands of dollars) (Unaudited) June 30, 2017 Parent Guarantor Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Current Assets: Cash $ 48 $ 1,328 $ 947 $ — $ 2,323 Short-term investments 237,433 — — — 237,433 Accounts receivable – net 78,334 63,020 8,969 (2,819 ) 147,504 Intercompany receivable — 105,938 — (105,938 ) — Inventories of spare parts – net 67,148 9,007 — — 76,155 Prepaid expenses 10,554 2,394 183 — 13,131 Deferred income taxes 10,798 — — — 10,798 Income taxes receivable 418 (4 ) — — 414 Total current assets 404,733 181,683 10,099 (108,757 ) 487,758 Investment in subsidiaries 376,032 — — (376,032 ) — Property and equipment – net 626,402 291,118 614 — 918,134 Restricted cash and investments 12,382 — 14 — 12,396 Other assets 9,168 1,004 — — 10,172 Total assets $ 1,428,717 $ 473,805 $ 10,727 $ (484,789 ) $ 1,428,460 LIABILITIES AND SHAREHOLDERS’ EQUITY Current Liabilities: Accounts payable $ 24,177 $ 3,200 $ 3,233 $ (2,819 ) $ 27,791 Accrued and other current liabilities 24,508 7,836 1,040 — 33,384 Intercompany payable 97,739 — 8,199 (105,938 ) — Total current liabilities 146,424 11,036 12,472 (108,757 ) 61,175 Long-term debt 631,096 — — — 631,096 Deferred income taxes and other long-term liabilities 67,136 83,926 1,066 — 152,128 Shareholders’ Equity: Common stock and paid-in capital 307,367 77,951 1,375 (79,326 ) 307,367 Accumulated other comprehensive loss (254 ) — — — (254 ) Retained earnings 276,948 300,892 (4,186 ) (296,706 ) 276,948 Total shareholders’ equity 584,061 378,843 (2,811 ) (376,032 ) 584,061 Total liabilities and shareholders’ equity $ 1,428,717 $ 473,805 $ 10,727 $ (484,789 ) $ 1,428,460 PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS (Thousands of dollars) December 31, 2016 Parent Guarantor (1) Eliminations Consolidated ASSETS Current Assets: Cash $ 36 $ 2,560 $ — $ 2,596 Short-term investments 289,806 — — 289,806 Accounts receivable – net 71,458 66,807 — 138,265 Intercompany receivable — 57,904 (57,904 ) — Inventories of spare parts – net 61,834 8,568 — 70,402 Prepaid expenses 6,990 2,269 — 9,259 Deferred income taxes 10,798 — — 10,798 Income taxes receivable 558 (18 ) — 540 Total current assets 441,480 138,090 (57,904 ) 521,666 Investment in subsidiaries and others 353,160 — (353,160 ) — Property and equipment – net 589,104 314,873 — 903,977 Restricted investments 13,023 15 — 13,038 Other assets 8,660 1,099 — 9,759 Total assets $ 1,405,427 $ 454,077 $ (411,064 ) $ 1,448,440 LIABILITIES AND SHAREHOLDERS’ EQUITY Current Liabilities: Accounts payable $ 22,744 $ 5,960 $ — $ 28,704 Accrued and other current liabilities 18,725 9,621 — 28,346 Intercompany payable 57,904 — (57,904 ) — Total current liabilities 99,373 15,581 (57,904 ) 57,050 Long-term debt 631,247 — — 631,247 Deferred income taxes and other long-term liabilities 75,029 85,336 — 160,365 Shareholders’ Equity: Common stock and paid-in capital 305,815 79,191 (79,191 ) 305,815 Accumulated other comprehensive loss (478 ) — — (478 ) Retained earnings 294,441 273,969 (273,969 ) 294,441 Total shareholders’ equity 599,778 353,160 (353,160 ) 599,778 Total liabilities and shareholders’ equity $ 1,405,427 $ 454,077 $ (411,064 ) $ 1,448,440 (1) Foreign subsidiaries represent minor subsidiaries and are included in the guarantors’ subsidiaries amounts. PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Thousands of dollars) (Unaudited) For the quarter ended June 30, 2017 Parent Guarantor Non-Guarantor Subsidiaries Eliminations Consolidated Operating revenues, net $ 75,045 $ 68,857 $ 5,341 $ (2,819 ) $ 146,424 Expenses: Direct expenses 72,598 51,806 5,366 (2,819 ) 126,951 Selling, general and administrative expenses 10,916 3,269 66 (4 ) 14,247 Total operating expenses 83,514 55,075 5,432 (2,823 ) 141,198 Loss (gain) on disposal of assets, net 8 (1 ) — — 7 Equity in (income) loss of unconsolidated affiliates, net (75 ) — 1,066 — 991 Operating (loss) income (8,402 ) 13,783 (1,157 ) 4 4,228 Equity in net income of consolidated subsidiaries (14,613 ) — — 14,613 — Interest expense 8,082 1 — — 8,083 Other income, net (708 ) (1 ) — 4 (705 ) (7,239 ) — — 14,617 7,378 (Loss) earnings before income taxes (1,163 ) 13,783 (1,157 ) (14,613 ) (3,150 ) Income tax expense (benefit) 2,110 (1,987 ) — — 123 Net (loss) earnings $ (3,273 ) $ 15,770 $ (1,157 ) $ (14,613 ) $ (3,273 ) PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Thousands of dollars) For the quarter ended June 30, 2016 Parent Guarantor (1) Eliminations Consolidated Operating revenues, net $ 89,365 $ 77,771 $ — $ 167,136 Expenses: Direct expenses 89,535 62,882 — 152,417 Selling, general and administrative expenses 9,232 2,871 (325 ) 11,778 Total operating expenses 98,767 65,753 (325 ) 164,195 Gain on disposal of assets, net (4,298 ) — — (4,298 ) Equity in loss of consolidated affiliates, net 76 — — 76 Operating (loss) income (5,180 ) 12,018 325 7,163 Equity in net income of consolidated subsidiaries (7,035 ) — 7,035 — Interest expense 7,534 6 — 7,540 Other income, net (819 ) — 325 (494 ) (320 ) 6 7,360 7,046 (Loss) earnings before income taxes (4,860 ) 12,012 (7,035 ) 117 Income tax (benefit) expense (9,137 ) 4,977 — (4,160 ) Net earnings $ 4,277 $ 7,035 $ (7,035 ) $ 4,277 (1) Foreign subsidiaries represent minor subsidiaries and are included in the guarantors’ subsidiaries amounts. CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Thousands of dollars) (Unaudited) For the six months ended June 30, 2017 Parent Guarantor Non-Guarantor Subsidiaries Eliminations Consolidated Operating revenues, net $ 149,329 $ 126,330 $ 8,202 $ (2,819 ) $ 281,042 Expenses: Direct expenses 154,942 104,187 7,154 (2,819 ) 263,464 Selling, general and administrative expenses 21,024 6,155 120 (9 ) 27,290 Total operating expenses 175,966 110,342 7,274 (2,828 ) 290,754 Loss (gain) on disposal of assets, net 8 (1 ) — — 7 Equity in loss (income) of unconsolidated affiliates, net 928 — 1,066 — 1,994 Operating income (loss) (27,573 ) 15,989 (138 ) 9 (11,713 ) Equity in net income of consolidated subsidiaries (17,243 ) — — 17,243 — Interest expense 16,256 22 — — 16,278 Other income, net (1,776 ) (1 ) — 9 (1,768 ) (2,763 ) 21 — 17,252 14,510 (Loss) earnings before income taxes (24,810 ) 15,968 (138 ) (17,243 ) (26,223 ) Income tax (benefit) expense (6,289 ) (1,413 ) — — (7,702 ) Net (loss) earnings $ (18,521 ) $ 17,381 $ (138 ) $ (17,243 ) $ (18,521 ) PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Thousands of dollars) For the six months ended June 30, 2016 Parent Guarantor (1) Eliminations Consolidated Operating revenues, net $ 181,234 $ 149,918 $ — $ 331,152 Expenses: Direct expenses 181,572 123,399 — 304,971 Selling, general and administrative expenses 18,275 5,674 (498 ) 23,451 Total operating expenses 199,847 129,073 (498 ) 328,422 Gain on disposal of assets, net (3,939 ) — — (3,939 ) Equity in loss of unconsolidated affiliate 76 — — 76 Operating (loss) income (14,750 ) 20,845 498 6,593 Equity in net income of consolidated subsidiaries (12,090 ) — 12,090 — Interest expense 15,047 26 — 15,073 Other income, net (1,603 ) (4 ) 498 (1,109 ) 1,354 22 12,588 13,964 (Loss) earnings before income taxes (16,104 ) 20,823 (12,090 ) (7,371 ) Income tax (benefit) expense (11,449 ) 8,733 — (2,716 ) Net (loss) earnings $ (4,655 ) $ 12,090 $ (12,090 ) $ (4,655 ) (1) Foreign subsidiaries represent minor subsidiaries and are included in the guarantors’ subsidiaries amounts. PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Thousands of dollars) (Unaudited) For the quarter ended June 30, 2017 Parent Guarantor Non-Guarantor Subsidiaries Eliminations Consolidated Net (loss) earnings $ (3,273 ) $ 15,770 $ (1,157 ) $ (14,613 ) $ (3,273 ) Unrealized gain on short-term investments 167 — — — 167 Changes in pension plan asset and benefit obligation 23 — — — 23 Tax effect of the above-listed adjustments (68 ) — — — (68 ) Total comprehensive (loss) income $ (3,151 ) $ 15,770 $ (1,157 ) $ (14,613 ) $ (3,151 ) PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Thousands of dollars) For the quarter ended June 30, 2016 Parent Guarantor (1) Eliminations Consolidated Net earnings $ 4,277 $ 7,035 $ (7,035 ) $ 4,277 Unrealized gain on short-term investments 210 — — 210 Changes in pension plan asset and benefit obligations 1 — — 1 Tax effect of the above-listed adjustments (75 ) — — (75 ) Total comprehensive (loss) income $ 4,413 $ 7,035 $ (7,035 ) $ 4,413 (1) Foreign subsidiaries represent minor subsidiaries and are included in the guarantors’ subsidiaries amounts. PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Thousands of dollars) (Unaudited) For the six months ended June 30, 2017 Parent Guarantor Non-Guarantor Subsidiaries Eliminations Consolidated Net (loss) earnings $ (18,521 ) $ 17,381 $ (138 ) $ (17,243 ) $ (18,521 ) Unrealized gain on short-term investments 329 — — — 329 Changes in pension plan asset and benefit obligation 22 — — — 22 Tax effect of the above-listed adjustments (127 ) — — — (127 ) Total comprehensive (loss) income $ (18,297 ) $ 17,381 $ (138 ) $ (17,243 ) $ (18,297 ) PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Thousands of dollars) For the six months ended June 30, 2016 Parent Guarantor (1) Eliminations Consolidated Net (loss) earnings $ (4,655 ) $ 12,090 $ (12,090 ) $ (4,655 ) Unrealized gain on short-term investments 1,017 — — 1,017 Changes in pension plan asset and benefit obligations 2 — — 2 Tax effect of the above-listed adjustments (407 ) — — (407 ) Total comprehensive (loss) income $ (4,043 ) $ 12,090 $ (12,090 ) $ (4,043 ) (1) Foreign subsidiaries represent minor subsidiaries and are included in the guarantors’ subsidiaries amounts. PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (Thousands of dollars) (Unaudited) For the six months ended June 30, 2017 Parent Guarantor Non-Guarantor Subsidiaries Eliminations Consolidated Net cash (used in) provided by operating activities $ (34,236 ) $ 18,916 $ 7,371 $ — $ (7,949 ) Investing activities: Purchase of property and equipment (43,892 ) — — — (43,892 ) Proceeds from asset dispositions 17 — — — 17 Purchase of short-term investments (134,518 ) — — — (134,518 ) Proceeds from sale of short-term investments 187,217 — — — 187,217 Payments of deposits on aircraft (110 ) — — — (110 ) Net cash provided by (used in) investing activities 8,714 — — — 8,714 Financing activities: Proceeds from line of credit 66,525 — — — 66,525 Payments on line of credit (67,300 ) — — — (67,300 ) Repurchase of common stock (263 ) — — — (263 ) Due to/from affiliate, net 26,572 (19,688 ) (6,884 ) — — Net cash provided by (used in) financing activities 25,534 (19,688 ) (6,884 ) — (1,038 ) Increase (decrease) in cash 12 (772 ) 487 — (273 ) Cash, beginning of period 36 2,100 460 — 2,596 Cash, end of period $ 48 $ 1,328 $ 947 $ — $ 2,323 PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (Thousands of dollars) For the six months ended June 30, 2016 Parent Guarantor (1) Eliminations Consolidated Net cash (used in) provided by operating activities $ (12,954 ) $ 13,753 $ — $ 799 Investing activities: Purchase of property and equipment (39,535 ) (373 ) — (39,908 ) Proceeds from asset dispositions 10,998 — — 10,998 Purchase of short-term investments (151,436 ) — — (151,436 ) Proceeds from sale of short-term investments 148,838 — — 148,838 Payments of deposits on aircraft (131 ) — — (131 ) Net cash used in investing activities (31,266 ) (373 ) — (31,639 ) Financing activities: Proceeds from line of credit 150,800 — — 150,800 Payments on line of credit (113,300 ) — — (113,300 ) Repurchase of common stock (500 ) — — (500 ) Due to/from affiliate, net 7,214 (7,214 ) — — Net cash provided by (used in) financing activities 44,214 (7,214 ) — 37,000 (Decrease) increase in cash (6 ) 6,166 — 6,160 Cash, beginning of period 46 2,361 — 2,407 Cash, end of period $ 40 $ 8,527 $ — $ 8,567 (1) Foreign subsidiaries represent minor subsidiaries and are included in the guarantors’ subsidiaries amounts.

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements - Effective January 1, 2017, we adopted Accounting Standards Update (“ASU”) 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, which was issued by the Financial Accounting Standards Board (“FASB”) in March 2016 . This new standard requires that excess tax benefits and deficiencies resulting from stock-based compensation awards vesting and exercises be recognized in the income statement. Previously, these amounts were recognized in additional paid-in capital. As a result, during the first quarter of 2017 we recorded a cumulative-effect adjustment of $1.0 million increasing retained earnings and decreasing deferred tax liability on our balance sheet dated June 30, 2017. Accordingly, we recorded income tax expense of $1.5 million in our consolidated statement of income for the six months ended June 30, 2017, in recognition of excess tax deficiencies related to equity compensation. Under this new standard, the corresponding cash flows are now reflected in cash provided by operating activities instead of financing activities, as was previously required. ASU 2016-09 also allows an employer with a statutory income tax withholding obligation to withhold shares with a fair value up to the amount of tax owed using the maximum statutory tax rate in the employee’s applicable jurisdiction. We have elected to continue to withhold the minimum statutory withholding obligation for outstanding awards. We have also elected to continue to estimate equity award forfeitures expected to occur to determine the amount of compensation cost to be recognized in each period. New Accounting Pronouncements - In May 2014, the FASB issued Accounting Standards Update ASU 2014-09, Revenue from Contracts with Customers , which provides a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. Entities can transition to the standard either retrospectively or as a cumulative effect adjustment as of the date of adoption. The new standard is effective for the Company beginning on January 1, 2018. Revenues from our Oil and Gas segment and Air Medical segment hospital contracts are primarily comprised of a fixed monthly fee for a particular model of aircraft, plus a variable component based on flight time. Under the independent provider programs of our Air Medical segment, our revenues are based on a flat rate plus a variable charge per patient-loaded mile, and are recorded net of contractual allowances. We also generate revenue on a cost-plus basis in our Technical Services segment. Based on our initial assessment, the Company does not expect the adoption of this ASU to have a material impact on its condensed consolidated financial statements. Remaining implementation matters include establishing new policies, procedures, and controls and quantifying any adoption date adjustments. The Company will adopt this standard on January 1, 2018 utilizing the modified retrospective method. In February 2016, the FASB issued ASU 2016-02, Leases , which replaces the existing guidance on leasing transactions in ASC 840 to require recognition of the assets and liabilities for the rights and obligations created by those leases on the balance sheet. We are currently evaluating the effects of this standard, and expect the adoption of this standard will result in a material change to our consolidated assets and liabilities based on our lease portfolio as of June 30, 2017. We plan to adopt this standard no later than January 1, 2019. In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other than Inventory , which will require an entity to recognize the income tax consequences of an intra-entity transfer of an asset, other than inventory, when the transfer occurs. ASU 2016-16 is effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods. The effects of this standard on our financial position, results of operations, and cash flows are not yet known. We plan to adopt this standard beginning January 1, 2018. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business . ASU 2017-01 clarifies the definition of a business and requires that an entity apply certain criteria in order to determine when a set of assets and activities qualifies as a business. The adoption of this standard is expected to result in fewer acquisitions of properties qualifying as acquisitions of businesses and, accordingly, acquisition costs for those acquisitions that do not qualify as businesses will be capitalized rather than expensed. This standard is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, and should be applied on a prospective basis. Early adoption is permitted. The effects of this standard on our financial position, results of operations, and cash flows are not yet known. We plan to adopt this standard beginning January 1, 2018. In January 2017, the FASB issued ASU 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment . ASU 2017-04 simplifies the current two-step goodwill impairment test by eliminating the second step of the test. The new standard requires a one-step impairment test in which an entity compares the fair value of a reporting unit with its carrying amount and recognizes an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, if any. This standard is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, and should be applied on a prospective basis. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. We do not expect this ASU to have a material impact on our consolidated financial statements.

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2017
Investments, Debt and Equity Securities [Abstract]
Components of Investments	Investments consisted of the following as of June 30, 2017 : Cost Basis Unrealized Unrealized Fair (Thousands of dollars) Investments: Money market mutual funds $ 18,079 $ — $ — $ 18,079 Commercial paper 17,008 — (10 ) 16,998 U.S. Government agencies 15,301 — (19 ) 15,282 Corporate bonds and notes 199,772 1 (318 ) 199,455 Subtotal 250,160 1 (347 ) 249,814 Deferred compensation plan assets included in other assets 2,562 — — 2,562 Total $ 252,722 $ 1 $ (347 ) $ 252,376 Investments consisted of the following as of December 31, 2016 : Cost Basis Unrealized Gains Unrealized Losses Fair Value (Thousands of dollars) Investments: Money market mutual funds $ 18,118 $ — $ — $ 18,118 Commercial paper 27,906 — (39 ) 27,867 U.S. government agencies 13,295 — (32 ) 13,263 Corporate bonds and notes 244,202 2 (622 ) 243,582 Subtotal 303,521 2 (693 ) 302,830 Deferred compensation plan assets included in other assets 2,394 — — 2,394 Total $ 305,915 $ 2 $ (693 ) $ 305,224
Cost and Fair Value of Debt Investments Based on Maturities	The following table presents the cost and fair value of our debt investments based on maturities as of: June 30, 2017 December 31, 2016 Amortized Fair Amortized Fair (Thousands of dollars) Due in one year or less $ 175,910 $ 175,682 $ 184,587 $ 184,334 Due within two years 56,171 56,053 100,816 100,378 Total $ 232,081 $ 231,735 $ 285,403 $ 284,712
Average Coupon Rate Percentage and Average Days to Maturity of Debt	The following table presents the average coupon rate percentage and the average days to maturity of our debt investments as of: June 30, 2017 December 31, 2016 Average Average Average Average Commercial paper 0.985 83 1.001 184 U.S. Government agencies 1.056 264 0.970 400 Corporate bonds and notes 1.720 246 1.745 318
Investments in Continuous Unrealized Loss Position for Less Than Twelve Months	The following table presents the fair value and unrealized losses related to our investments that have been in a continuous unrealized loss position for less than twelve months as of: June 30, 2017 December 31, 2016 Fair Value Unrealized Fair Value Unrealized (Thousands of dollars) Commercial paper $ 16,998 $ (10 ) $ 27,867 $ (39 ) U.S. Government agencies 13,287 (15 ) 13,263 (32 ) Corporate bonds and notes 172,179 (286 ) 210,836 (602 ) Total $ 202,464 $ (311 ) $ 251,966 $ (673 )
Investments in Continuous Unrealized Loss Position for More Than Twelve Months	The following table presents the fair value and unrealized losses related to our investments that have been in a continuous unrealized loss position for more than twelve months as of: June 30, 2017 December 31, 2016 Fair Value Unrealized Fair Value Unrealized (Thousands of dollars) U.S. Government agencies $ 1,996 $ (4 ) $ — $ — Corporate bonds and notes 19,064 (32 ) 24,196 (20 ) Total $ 21,060 $ (36 ) $ 24,196 $ (20 )

Revenue Recognition and Valua23

Revenue Recognition and Valuation Accounts (Tables)	6 Months Ended
	Jun. 30, 2017
Revenue Recognition And Valuation Accounts [Abstract]
Schedule of Allowance for Contractual Discounts and Estimated Uncompensated Care as a Percentage of Gross Segment Accounts Receivable	The allowance for contractual discounts and estimated uncompensated care (expressed as a percentage of gross segment accounts receivable) as of the dates listed below was as follows: June 30, 2017 December 31, 2016 Allowance for Contractual Discounts 56 % 56 % Allowance for Uncompensated Care 23 % 23 %

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Summary of Valuation of Investments and Financial Instruments Pricing Levels	The following table summarizes the valuation of our investments and financial instruments by the above pricing levels as of the valuation dates listed: June 30, 2017 Total (Level 1) (Level 2) (Thousands of dollars) Investments: Money market mutual funds $ 18,079 $ 18,079 $ — Commercial paper 16,998 — 16,998 U.S. Government agencies 15,282 — 15,282 Corporate bonds and notes 199,455 — 199,455 249,814 18,079 231,735 Deferred compensation plan assets 2,562 2,562 — Total $ 252,376 $ 20,641 $ 231,735 December 31, 2016 Total (Level 1) (Level 2) (Thousands of dollars) Investments: Money market mutual funds $ 18,118 $ 18,118 $ — Commercial paper 27,867 — 27,867 U.S. government agencies 13,263 — 13,263 Corporate bonds and notes 243,582 — 243,582 302,830 18,118 284,712 Deferred compensation plan assets 2,394 2,394 — Total $ 305,224 $ 20,512 $ 284,712

Long Term Debt (Tables)

Long Term Debt (Tables)	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Components of Long-term Debt	The components of long-term debt as of the dates indicated below were as follows: June 30, 2017 December 31, 2016 Principal Unamortized Principal Unamortized (Thousands of dollars) Senior Notes issued March 17, 2014, interest only payable semi-annually at 5.25%, maturing March 15, 2019 $ 500,000 $ 2,129 $ 500,000 $ 2,753 Revolving Credit Facility due October 1, 2018 with a group of commercial banks, interest payable at variable rates 133,225 — 134,000 — Total long-term debt $ 633,225 $ 2,129 $ 634,000 $ 2,753

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
Components of Basic and Diluted Earnings Per Share	The components of basic and diluted earnings per share for the quarter and six months ended June 30, 2017 and 2016 are as follows: Quarter Ended Six Months Ended 2017 2016 2017 2016 (Thousands of dollars) Weighted average outstanding shares of common stock, basic 15,716 15,677 15,716 15,650 Dilutive effect of unvested restricted stock units — 41 — — Weighted average outstanding shares of common stock, diluted (1) 15,716 15,718 15,716 15,650 (1) For the six months ended June 30, 2017 , and 2016, 438,812 and 3,180 unvested restricted stock units were excluded from the weighted average outstanding shares of common stock, diluted, respectively as they were anti-dilutive to earnings per share.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of Share Based Compensation Expense	The table below sets forth the total amount of stock-based compensation expense for the six months and quarter ended June 30, 2017 and 2016 . Quarter Ended Six Months Ended 2017 2016 2017 2016 (Thousands of dollars) Stock-based compensation expense: Time-based restricted stock units $ 556 $ 597 $ 1,111 $ 1,216 Performance-based restricted stock units 705 809 705 1,680 Total stock-based compensation expense $ 1,261 $ 1,406 $ 1,816 $ 2,896

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2017
Segment Reporting [Abstract]
Schedule of Provisions for Contractual Discounts and Estimated Uncompensated Care as a Percentage of Gross Segment Billings	Provisions for contractual discounts and estimated uncompensated care for our Air Medical segment (expressed as a percentage of gross segment billings) were as follows: Quarter Ended Quarter Ended 2017 2016 2017 2016 Provision for contractual discounts 63 % 65 % 66 % 69 % Provision for uncompensated care 10 % 7 % 7 % 4 %
Schedule of Net Revenue Attributable to Insurance, Medicare, Medicaid, and Self-Pay as Percentage of Net Air Medical Revenues	Quarter Ended Quarter Ended 2017 2016 2017 2016 Insurance 72 % 69 % 71 % 70 % Medicare 18 % 18 % 18 % 18 % Medicaid 8 % 9 % 9 % 10 % Self-Pay 2 % 4 % 2 % 2 %
Schedule of Financial Information Concerning Reportable Operating Segments	Summarized financial information concerning our reportable operating segments for the quarters and six months ended June 30, 2017 and 2016 is as follows: Quarter Ended Six Months Ended 2017 2016 2017 2016 (Thousands of dollars) Segment operating revenues Oil and Gas $ 74,668 $ 83,185 $ 146,399 $ 171,622 Air Medical 67,222 75,547 122,559 145,607 Technical Services 4,534 8,404 12,084 13,923 Total operating revenues, net 146,424 167,136 281,042 331,152 Segment direct expenses (1) Oil and Gas (2) 73,681 87,400 155,410 179,316 Air Medical 50,402 58,997 101,243 116,041 Technical Services 3,858 6,096 8,804 9,690 Total segment direct expenses 127,941 152,493 265,457 305,047 Segment selling, general and administrative expenses Oil and Gas 1,635 1,605 3,354 3,132 Air Medical 3,263 2,642 6,144 5,237 Technical Services 356 273 694 497 Total segment selling, general and administrative expenses 5,254 4,520 10,192 8,866 Total segment expenses 133,195 157,013 275,649 313,913 Net segment (loss) profit Oil and Gas (648 ) (5,820 ) (12,365 ) (10,826 ) Air Medical 13,557 13,908 15,172 24,329 Technical Services 320 2,035 2,586 3,736 Total net segment profit 13,229 10,123 5,393 17,239 Other, net (3) 697 4,792 1,761 5,048 Unallocated selling, general and administrative costs (1) (8,993 ) (7,258 ) (17,099 ) (14,585 ) Interest expense (8,083 ) (7,540 ) (16,278 ) (15,073 ) (Loss) earnings before income taxes $ (3,150 ) $ 117 $ (26,223 ) $ (7,371 ) (1) Included in direct expenses and unallocated selling, general, and administrative costs are the depreciation and amortization expense amounts below:
Depreciation and Amortization Expense Included in Direct Expenses and Unallocated Selling, General, and Administrative Costs	Depreciation and Amortization Expense Quarter Ended Six Months Ended 2017 2016 2017 2016 (Thousands of dollars) Segment Direct Expense: Oil and Gas $ 9,824 $ 10,024 $ 19,686 $ 19,942 Air Medical 5,219 5,132 10,696 9,387 Technical Services 148 157 294 285 Total $ 15,191 $ 15,313 $ 30,676 $ 29,614 Unallocated SG&A $ 622 $ 2,476 $ 3,335 $ 5,147 (2) Includes Equity in loss of unconsolidated affiliates, net. (3) Consists of gains on disposition of property and equipment and other income

Condensed Consolidating Finan29

Condensed Consolidating Financial Information (Tables)	6 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Condensed Consolidating Balance Sheets	PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS (Thousands of dollars) (Unaudited) June 30, 2017 Parent Guarantor Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Current Assets: Cash $ 48 $ 1,328 $ 947 $ — $ 2,323 Short-term investments 237,433 — — — 237,433 Accounts receivable – net 78,334 63,020 8,969 (2,819 ) 147,504 Intercompany receivable — 105,938 — (105,938 ) — Inventories of spare parts – net 67,148 9,007 — — 76,155 Prepaid expenses 10,554 2,394 183 — 13,131 Deferred income taxes 10,798 — — — 10,798 Income taxes receivable 418 (4 ) — — 414 Total current assets 404,733 181,683 10,099 (108,757 ) 487,758 Investment in subsidiaries 376,032 — — (376,032 ) — Property and equipment – net 626,402 291,118 614 — 918,134 Restricted cash and investments 12,382 — 14 — 12,396 Other assets 9,168 1,004 — — 10,172 Total assets $ 1,428,717 $ 473,805 $ 10,727 $ (484,789 ) $ 1,428,460 LIABILITIES AND SHAREHOLDERS’ EQUITY Current Liabilities: Accounts payable $ 24,177 $ 3,200 $ 3,233 $ (2,819 ) $ 27,791 Accrued and other current liabilities 24,508 7,836 1,040 — 33,384 Intercompany payable 97,739 — 8,199 (105,938 ) — Total current liabilities 146,424 11,036 12,472 (108,757 ) 61,175 Long-term debt 631,096 — — — 631,096 Deferred income taxes and other long-term liabilities 67,136 83,926 1,066 — 152,128 Shareholders’ Equity: Common stock and paid-in capital 307,367 77,951 1,375 (79,326 ) 307,367 Accumulated other comprehensive loss (254 ) — — — (254 ) Retained earnings 276,948 300,892 (4,186 ) (296,706 ) 276,948 Total shareholders’ equity 584,061 378,843 (2,811 ) (376,032 ) 584,061 Total liabilities and shareholders’ equity $ 1,428,717 $ 473,805 $ 10,727 $ (484,789 ) $ 1,428,460 PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS (Thousands of dollars) December 31, 2016 Parent Guarantor (1) Eliminations Consolidated ASSETS Current Assets: Cash $ 36 $ 2,560 $ — $ 2,596 Short-term investments 289,806 — — 289,806 Accounts receivable – net 71,458 66,807 — 138,265 Intercompany receivable — 57,904 (57,904 ) — Inventories of spare parts – net 61,834 8,568 — 70,402 Prepaid expenses 6,990 2,269 — 9,259 Deferred income taxes 10,798 — — 10,798 Income taxes receivable 558 (18 ) — 540 Total current assets 441,480 138,090 (57,904 ) 521,666 Investment in subsidiaries and others 353,160 — (353,160 ) — Property and equipment – net 589,104 314,873 — 903,977 Restricted investments 13,023 15 — 13,038 Other assets 8,660 1,099 — 9,759 Total assets $ 1,405,427 $ 454,077 $ (411,064 ) $ 1,448,440 LIABILITIES AND SHAREHOLDERS’ EQUITY Current Liabilities: Accounts payable $ 22,744 $ 5,960 $ — $ 28,704 Accrued and other current liabilities 18,725 9,621 — 28,346 Intercompany payable 57,904 — (57,904 ) — Total current liabilities 99,373 15,581 (57,904 ) 57,050 Long-term debt 631,247 — — 631,247 Deferred income taxes and other long-term liabilities 75,029 85,336 — 160,365 Shareholders’ Equity: Common stock and paid-in capital 305,815 79,191 (79,191 ) 305,815 Accumulated other comprehensive loss (478 ) — — (478 ) Retained earnings 294,441 273,969 (273,969 ) 294,441 Total shareholders’ equity 599,778 353,160 (353,160 ) 599,778 Total liabilities and shareholders’ equity $ 1,405,427 $ 454,077 $ (411,064 ) $ 1,448,440 (1) Foreign subsidiaries represent minor subsidiaries and are included in the guarantors’ subsidiaries amounts.
Condensed Consolidating Statements of Operations	PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Thousands of dollars) (Unaudited) For the quarter ended June 30, 2017 Parent Guarantor Non-Guarantor Subsidiaries Eliminations Consolidated Operating revenues, net $ 75,045 $ 68,857 $ 5,341 $ (2,819 ) $ 146,424 Expenses: Direct expenses 72,598 51,806 5,366 (2,819 ) 126,951 Selling, general and administrative expenses 10,916 3,269 66 (4 ) 14,247 Total operating expenses 83,514 55,075 5,432 (2,823 ) 141,198 Loss (gain) on disposal of assets, net 8 (1 ) — — 7 Equity in (income) loss of unconsolidated affiliates, net (75 ) — 1,066 — 991 Operating (loss) income (8,402 ) 13,783 (1,157 ) 4 4,228 Equity in net income of consolidated subsidiaries (14,613 ) — — 14,613 — Interest expense 8,082 1 — — 8,083 Other income, net (708 ) (1 ) — 4 (705 ) (7,239 ) — — 14,617 7,378 (Loss) earnings before income taxes (1,163 ) 13,783 (1,157 ) (14,613 ) (3,150 ) Income tax expense (benefit) 2,110 (1,987 ) — — 123 Net (loss) earnings $ (3,273 ) $ 15,770 $ (1,157 ) $ (14,613 ) $ (3,273 ) PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Thousands of dollars) For the quarter ended June 30, 2016 Parent Guarantor (1) Eliminations Consolidated Operating revenues, net $ 89,365 $ 77,771 $ — $ 167,136 Expenses: Direct expenses 89,535 62,882 — 152,417 Selling, general and administrative expenses 9,232 2,871 (325 ) 11,778 Total operating expenses 98,767 65,753 (325 ) 164,195 Gain on disposal of assets, net (4,298 ) — — (4,298 ) Equity in loss of consolidated affiliates, net 76 — — 76 Operating (loss) income (5,180 ) 12,018 325 7,163 Equity in net income of consolidated subsidiaries (7,035 ) — 7,035 — Interest expense 7,534 6 — 7,540 Other income, net (819 ) — 325 (494 ) (320 ) 6 7,360 7,046 (Loss) earnings before income taxes (4,860 ) 12,012 (7,035 ) 117 Income tax (benefit) expense (9,137 ) 4,977 — (4,160 ) Net earnings $ 4,277 $ 7,035 $ (7,035 ) $ 4,277 (1) Foreign subsidiaries represent minor subsidiaries and are included in the guarantors’ subsidiaries amounts. CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Thousands of dollars) (Unaudited) For the six months ended June 30, 2017 Parent Guarantor Non-Guarantor Subsidiaries Eliminations Consolidated Operating revenues, net $ 149,329 $ 126,330 $ 8,202 $ (2,819 ) $ 281,042 Expenses: Direct expenses 154,942 104,187 7,154 (2,819 ) 263,464 Selling, general and administrative expenses 21,024 6,155 120 (9 ) 27,290 Total operating expenses 175,966 110,342 7,274 (2,828 ) 290,754 Loss (gain) on disposal of assets, net 8 (1 ) — — 7 Equity in loss (income) of unconsolidated affiliates, net 928 — 1,066 — 1,994 Operating income (loss) (27,573 ) 15,989 (138 ) 9 (11,713 ) Equity in net income of consolidated subsidiaries (17,243 ) — — 17,243 — Interest expense 16,256 22 — — 16,278 Other income, net (1,776 ) (1 ) — 9 (1,768 ) (2,763 ) 21 — 17,252 14,510 (Loss) earnings before income taxes (24,810 ) 15,968 (138 ) (17,243 ) (26,223 ) Income tax (benefit) expense (6,289 ) (1,413 ) — — (7,702 ) Net (loss) earnings $ (18,521 ) $ 17,381 $ (138 ) $ (17,243 ) $ (18,521 ) PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Thousands of dollars) For the six months ended June 30, 2016 Parent Guarantor (1) Eliminations Consolidated Operating revenues, net $ 181,234 $ 149,918 $ — $ 331,152 Expenses: Direct expenses 181,572 123,399 — 304,971 Selling, general and administrative expenses 18,275 5,674 (498 ) 23,451 Total operating expenses 199,847 129,073 (498 ) 328,422 Gain on disposal of assets, net (3,939 ) — — (3,939 ) Equity in loss of unconsolidated affiliate 76 — — 76 Operating (loss) income (14,750 ) 20,845 498 6,593 Equity in net income of consolidated subsidiaries (12,090 ) — 12,090 — Interest expense 15,047 26 — 15,073 Other income, net (1,603 ) (4 ) 498 (1,109 ) 1,354 22 12,588 13,964 (Loss) earnings before income taxes (16,104 ) 20,823 (12,090 ) (7,371 ) Income tax (benefit) expense (11,449 ) 8,733 — (2,716 ) Net (loss) earnings $ (4,655 ) $ 12,090 $ (12,090 ) $ (4,655 ) (1) Foreign subsidiaries represent minor subsidiaries and are included in the guarantors’ subsidiaries amounts.
Condensed Consolidated Statements of Comprehensive Income (Loss)	PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Thousands of dollars) (Unaudited) For the quarter ended June 30, 2017 Parent Guarantor Non-Guarantor Subsidiaries Eliminations Consolidated Net (loss) earnings $ (3,273 ) $ 15,770 $ (1,157 ) $ (14,613 ) $ (3,273 ) Unrealized gain on short-term investments 167 — — — 167 Changes in pension plan asset and benefit obligation 23 — — — 23 Tax effect of the above-listed adjustments (68 ) — — — (68 ) Total comprehensive (loss) income $ (3,151 ) $ 15,770 $ (1,157 ) $ (14,613 ) $ (3,151 ) PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Thousands of dollars) For the quarter ended June 30, 2016 Parent Guarantor (1) Eliminations Consolidated Net earnings $ 4,277 $ 7,035 $ (7,035 ) $ 4,277 Unrealized gain on short-term investments 210 — — 210 Changes in pension plan asset and benefit obligations 1 — — 1 Tax effect of the above-listed adjustments (75 ) — — (75 ) Total comprehensive (loss) income $ 4,413 $ 7,035 $ (7,035 ) $ 4,413 (1) Foreign subsidiaries represent minor subsidiaries and are included in the guarantors’ subsidiaries amounts. PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Thousands of dollars) (Unaudited) For the six months ended June 30, 2017 Parent Guarantor Non-Guarantor Subsidiaries Eliminations Consolidated Net (loss) earnings $ (18,521 ) $ 17,381 $ (138 ) $ (17,243 ) $ (18,521 ) Unrealized gain on short-term investments 329 — — — 329 Changes in pension plan asset and benefit obligation 22 — — — 22 Tax effect of the above-listed adjustments (127 ) — — — (127 ) Total comprehensive (loss) income $ (18,297 ) $ 17,381 $ (138 ) $ (17,243 ) $ (18,297 ) PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Thousands of dollars) For the six months ended June 30, 2016 Parent Guarantor (1) Eliminations Consolidated Net (loss) earnings $ (4,655 ) $ 12,090 $ (12,090 ) $ (4,655 ) Unrealized gain on short-term investments 1,017 — — 1,017 Changes in pension plan asset and benefit obligations 2 — — 2 Tax effect of the above-listed adjustments (407 ) — — (407 ) Total comprehensive (loss) income $ (4,043 ) $ 12,090 $ (12,090 ) $ (4,043 ) (1) Foreign subsidiaries represent minor subsidiaries and are included in the guarantors’ subsidiaries amounts.
Condensed Consolidating Statements of Cash Flows	PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (Thousands of dollars) (Unaudited) For the six months ended June 30, 2017 Parent Guarantor Non-Guarantor Subsidiaries Eliminations Consolidated Net cash (used in) provided by operating activities $ (34,236 ) $ 18,916 $ 7,371 $ — $ (7,949 ) Investing activities: Purchase of property and equipment (43,892 ) — — — (43,892 ) Proceeds from asset dispositions 17 — — — 17 Purchase of short-term investments (134,518 ) — — — (134,518 ) Proceeds from sale of short-term investments 187,217 — — — 187,217 Payments of deposits on aircraft (110 ) — — — (110 ) Net cash provided by (used in) investing activities 8,714 — — — 8,714 Financing activities: Proceeds from line of credit 66,525 — — — 66,525 Payments on line of credit (67,300 ) — — — (67,300 ) Repurchase of common stock (263 ) — — — (263 ) Due to/from affiliate, net 26,572 (19,688 ) (6,884 ) — — Net cash provided by (used in) financing activities 25,534 (19,688 ) (6,884 ) — (1,038 ) Increase (decrease) in cash 12 (772 ) 487 — (273 ) Cash, beginning of period 36 2,100 460 — 2,596 Cash, end of period $ 48 $ 1,328 $ 947 $ — $ 2,323 PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (Thousands of dollars) For the six months ended June 30, 2016 Parent Guarantor (1) Eliminations Consolidated Net cash (used in) provided by operating activities $ (12,954 ) $ 13,753 $ — $ 799 Investing activities: Purchase of property and equipment (39,535 ) (373 ) — (39,908 ) Proceeds from asset dispositions 10,998 — — 10,998 Purchase of short-term investments (151,436 ) — — (151,436 ) Proceeds from sale of short-term investments 148,838 — — 148,838 Payments of deposits on aircraft (131 ) — — (131 ) Net cash used in investing activities (31,266 ) (373 ) — (31,639 ) Financing activities: Proceeds from line of credit 150,800 — — 150,800 Payments on line of credit (113,300 ) — — (113,300 ) Repurchase of common stock (500 ) — — (500 ) Due to/from affiliate, net 7,214 (7,214 ) — — Net cash provided by (used in) financing activities 44,214 (7,214 ) — 37,000 (Decrease) increase in cash (6 ) 6,166 — 6,160 Cash, beginning of period 46 2,361 — 2,407 Cash, end of period $ 40 $ 8,527 $ — $ 8,567 (1) Foreign subsidiaries represent minor subsidiaries and are included in the guarantors’ subsidiaries amounts.

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Mar. 31, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Income tax expense	$ 123	$ (4,160)	$ (7,702)	$ (2,716)
Accounting Standards Update 2016-09 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred tax liability					$ 1,000
Income tax expense			$ 1,500
Retained Earnings [Member] | Accounting Standards Update 2016-09 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect adjustment					$ 1,000

Investments - Components of Inv

Investments - Components of Investments (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Schedule of Available-for-sale Securities [Line Items]
Cost Basis	$ 252,722	$ 305,915
Unrealized Gains	1	2
Unrealized Losses	(347)	(693)
Fair Value	252,376	305,224
Investment Type [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost Basis	250,160	303,521
Unrealized Gains	1	2
Unrealized Losses	(347)	(693)
Fair Value	249,814	302,830
Investment Type [Member] | Money Market Mutual Funds [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost Basis	18,079	18,118
Fair Value	18,079	18,118
Investment Type [Member] | Commercial Paper [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost Basis	17,008	27,906
Unrealized Losses	(10)	(39)
Fair Value	16,998	27,867
Investment Type [Member] | US Government Agencies [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost Basis	15,301	13,295
Unrealized Losses	(19)	(32)
Fair Value	15,282	13,263
Investment Type [Member] | Corporate Bonds and Notes [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost Basis	199,772	244,202
Unrealized Gains	1	2
Unrealized Losses	(318)	(622)
Fair Value	199,455	243,582
Deferred Compensation Plan Assets [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost Basis	2,562	2,394
Fair Value	$ 2,562	$ 2,394

Investments - Additional Inform

Investments - Additional Information (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Investments, Debt and Equity Securities [Abstract]
Restricted cash and investments	$ 12,396	$ 13,038

Investments - Cost and Fair Val

Investments - Cost and Fair Value of Debt Investments Based on Maturities (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Available-for-sale Securities, Debt Maturities [Abstract]
Due in one year or less, Amortized Costs	$ 175,910	$ 184,587
Due within two years, Amortized Costs	56,171	100,816
Total, Amortized Costs	232,081	285,403
Due in one year or less, Fair Value	175,682	184,334
Due within two years, Fair Value	56,053	100,378
Total, Fair Value	$ 231,735	$ 284,712

Investments - Average Coupon Ra

Investments - Average Coupon Rate Percentage and the Average Days to Maturity of Debt (Detail)	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Commercial Paper [Member]
Schedule of Available-for-sale Securities [Line Items]
Average Coupon Rate	98.50%	100.10%
Average Days To Maturity	83 days	184 days
US Government Agencies [Member]
Schedule of Available-for-sale Securities [Line Items]
Average Coupon Rate	105.60%	97.00%
Average Days To Maturity	264 days	400 days
Corporate Bonds and Notes [Member]
Schedule of Available-for-sale Securities [Line Items]
Average Coupon Rate	172.00%	174.50%
Average Days To Maturity	246 days	318 days

Investments - Investments in Co

Investments - Investments in Continuous Unrealized Loss Position for Less Than Twelve Months (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Schedule of Available-for-sale Securities [Line Items]
Fair Value	$ 202,464	$ 251,966
Unrealized Losses	(311)	(673)
Commercial Paper [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value	16,998	27,867
Unrealized Losses	(10)	(39)
US Government Agencies [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value	13,287	13,263
Unrealized Losses	(15)	(32)
Corporate Bonds and Notes [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value	172,179	210,836
Unrealized Losses	$ (286)	$ (602)

Investments - Investments in 36

Investments - Investments in Continuous Unrealized Loss Position for More Than Twelve Months (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Schedule of Available-for-sale Securities [Line Items]
Fair Value	$ 21,060	$ 24,196
Unrealized Losses	(36)	(20)
US Government Agencies [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value	1,996	0
Unrealized Losses	(4)	0
Corporate Bonds and Notes [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value	19,064	24,196
Unrealized Losses	$ (32)	$ (20)

Revenue Recognition and Valua37

Revenue Recognition and Valuation Accounts - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Valuation and Qualifying Accounts Disclosure [Line Items]
Allowance for doubtful accounts	$ 6		$ 6		$ 6
Value of services to patients who are unable to pay	2	$ 2.2	4.4	$ 4.7
Estimated cost of providing charity services	0.4	$ 0.5	1	$ 1.2
Valuation reserves related to obsolescence and slow moving inventory	17.7		17.7		17.3
Air Medical [Member]
Valuation and Qualifying Accounts Disclosure [Line Items]
Allowance for contractual discounts against outstanding accounts receivable	110.9		110.9		111.9
Allowance for uncompensated care against outstanding accounts receivable	$ 46.2		$ 46.2		$ 46.3

Revenue Recognition and Valua38

Revenue Recognition and Valuation Accounts - Schedule of Allowance for Contractual Discounts and Estimated Uncompensated Care as a Percentage of Gross Segment Accounts Receivable (Detail) - Air Medical [Member] - Trade Accounts Receivable [Member]	Jun. 30, 2017	Dec. 31, 2016
Valuation and Qualifying Accounts Disclosure [Line Items]
Allowance for Contractual Discounts	56.00%	56.00%
Allowance for Uncompensated Care	23.00%	23.00%

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Valuation of Investments and Financial Instruments Pricing Levels (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	$ 252,376	$ 305,224
Investment Type [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	249,814	302,830
Investment Type [Member] | Money Market Mutual Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	18,079	18,118
Investment Type [Member] | Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	16,998	27,867
Investment Type [Member] | US Government Agencies [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	15,282	13,263
Investment Type [Member] | Corporate Bonds and Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	199,455	243,582
Deferred Compensation Plan Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	2,562	2,394
(Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	20,641	20,512
(Level 1) [Member] | Investment Type [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	18,079	18,118
(Level 1) [Member] | Investment Type [Member] | Money Market Mutual Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	18,079	18,118
(Level 1) [Member] | Deferred Compensation Plan Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	2,562	2,394
(Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	231,735	284,712
(Level 2) [Member] | Investment Type [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	231,735	284,712
(Level 2) [Member] | Investment Type [Member] | Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	16,998	27,867
(Level 2) [Member] | Investment Type [Member] | US Government Agencies [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	15,282	13,263
(Level 2) [Member] | Investment Type [Member] | Corporate Bonds and Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	$ 199,455	$ 243,582

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($)	Jun. 30, 2017	Dec. 31, 2016	Mar. 17, 2014
Fair Value Measurements Disclosure [Line Items]
The fair value investments reclassification of assets between level 1 and level 2	$ 0	$ 0
The fair value of Senior Notes, based on quoted market prices	463,000,000	474,400,000
Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements Disclosure [Line Items]
Level 3 investments	$ 0	$ 0
5.25% Senior Notes due March 15, 2019 [Member] | Senior Notes [Member]
Fair Value Measurements Disclosure [Line Items]
Interest rate on Senior Notes	5.25%		5.25%

Long Term Debt - Components of

Long Term Debt - Components of Long-term Debt (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Principal	$ 633,225	$ 634,000
Unamortized debt issuance debt costs	2,129	2,753
5.25% Senior Notes due March 15, 2019 [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Principal	500,000	500,000
Unamortized debt issuance debt costs	2,129	2,753
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Principal	$ 133,225	$ 134,000

Long Term Debt - Components o42

Long Term Debt - Components of Long-term Debt (Additional Information) - 5.25% Senior Notes due March 15, 2019 [Member] - Senior Notes [Member]	6 Months Ended
	Jun. 30, 2017	Mar. 17, 2014
Debt Instrument [Line Items]
Interest rate on Senior Notes	5.25%	5.25%
Senior Notes payable periods	Mar. 15, 2019

Long Term Debt - Additional Inf

Long Term Debt - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016	Mar. 17, 2014
Debt Instrument [Line Items]
Letters of credit outstanding under the facility	$ 12,400,000		$ 12,400,000		$ 13,000,000
5.25% Senior Notes due March 15, 2019 [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Interest rate on Senior Notes	5.25%		5.25%			5.25%
Maturity date of Senior notes payable			Mar. 15, 2019
Debt instrument interest rate term			Interest is payable semi-annually on March 15 and September 15 of each year.
Debt instrument redemption date			On or after March 15, 2016
Percentage of principal amount redeemed			101.00%
Debt instrument restrictive covenants			The indenture governing the 2019 Notes (the “2019 Indenture”) contains, among other things, certain restrictive covenants, including limitations on incurring indebtedness, creating liens, selling assets and entering into certain transactions with affiliates. The covenants also limit PHI’s ability to, among other things, pay cash dividends on common stock, repurchase or redeem common or preferred equity, prepay subordinated debt and make certain investments.
Interest Expense Fund [Member]
Debt Instrument [Line Items]
Periodic payment of debt interest	$ 1,200,000	$ 600,000	$ 15,300,000	$ 14,300,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Revolving credit facility, maturity date			Oct. 1, 2018
Increased Borrowing capacity	$ 150,000,000		$ 150,000,000
Revolving Credit facility, Covenants, consolidated working capital ratio	200.00%		200.00%
Revolving Credit facility, Covenants, consolidated net worth ratio	150.00%		150.00%
Revolving Credit facility, Covenants, fixed coverage ratio	110.00%		110.00%
Revolving Credit facility, Covenants, consolidated net worth	$ 450,000,000		$ 450,000,000
Letters of credit outstanding under the facility	$ 7,600,000		$ 7,600,000
Revolving Credit Facility [Member] | LIBOR [Member]
Debt Instrument [Line Items]
LIBOR plus interest rate on borrowed funds			2.25%

Earnings Per Share - Components

Earnings Per Share - Components of Basic and Diluted Earnings Per Share (Detail) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Weighted average outstanding shares of common stock, basic	15,716	15,677	15,716	15,650
Dilutive effect of unvested restricted stock units	0	41	0	0
Weighted average outstanding shares of common stock, diluted	15,716	15,718	15,716	15,650

Earnings Per Share - Componen45

Earnings Per Share - Components of Basic and Diluted Earnings Per Share (Additional Information) (Detail) - shares	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Anti-dilutive securities	438,812	3,180

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Share Based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Stock-based compensation expense:
Total stock-based compensation expense	$ 1,261	$ 1,406	$ 1,816	$ 2,896
Time-based Restricted Units [Member]
Stock-based compensation expense:
Total stock-based compensation expense	556	597	1,111	1,216
Performance-based Restricted Units [Member]
Stock-based compensation expense:
Total stock-based compensation expense	$ 705	$ 809	$ 705	$ 1,680

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Time-based Restricted Units [Member]
Stock Based Compensation [Line Items]
Restricted units awarded to managers (shares)	417,266	14,288	447,477	14,288,000
Performance-based Restricted Units [Member]
Stock Based Compensation [Line Items]
Restricted units awarded to managers (shares)	365,539	5,102	365,539,000	308,163

Asset Disposals - Additional In

Asset Disposals - Additional Information (Detail) $ in Millions	3 Months Ended
	Jun. 30, 2017Aircraft	Mar. 31, 2017Aircraft	Jun. 30, 2016USD ($)Aircraft	Mar. 31, 2016USD ($)Aircraft
Assets Held For Sale And Impairments [Line Items]
Number of aircraft sold		0
Cash realized from sale of assets | $			$ 10.1	$ 0.9
Gain (loss) on disposal of assets | $			$ 4.3	$ 0.4
Oil and Gas [Member] | Light Aircraft [Member]
Assets Held For Sale And Impairments [Line Items]
Number of aircraft sold			4	1
Oil and Gas [Member] | Medium Aircraft [Member]
Assets Held For Sale And Impairments [Line Items]
Number of aircraft sold	5		3

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	3 Months Ended	6 Months Ended
	Jun. 30, 2017USD ($)Aircraft	Jun. 30, 2017USD ($)Land_Parcel
Long-term Purchase Commitment [Line Items]
Purchase commitment for aircraft		$ 0
Total aircraft deposits	$ 500,000	500,000
Aggregate estimated probable liability environmental matters	150,000	$ 150,000
Number of parcels of land exists | Land_Parcel		2
Aggregate commitments under operating leases	205,200,000	$ 205,200,000
Operational lease payable	21,600,000	21,600,000
Lease commitment for aircraft	191,400,000	191,400,000
Facility lease commitments	13,800,000	13,800,000
2017 [Member]
Long-term Purchase Commitment [Line Items]
Aggregate purchase price for aircraft		18,500,000
2018 [Member]
Long-term Purchase Commitment [Line Items]
Aggregate purchase price for aircraft		127,000,000
2019 [Member]
Long-term Purchase Commitment [Line Items]
Aggregate purchase price for aircraft		129,000,000
2020 [Member]
Long-term Purchase Commitment [Line Items]
Aggregate purchase price for aircraft		$ 22,700,000
Heavy Aircraft [Member]
Long-term Purchase Commitment [Line Items]
Aggregate purchase price for aircraft	$ 17,000,000
Number of aircraft purchased | Aircraft	1

Segment Information - Additiona

Segment Information - Additional Information (Detail)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017StatesAircraftLocationSegment	Jun. 30, 2016
Segment Reporting Information [Line Items]
Number of reportable segments | Segment			3
National Science Foundation [Member]
Segment Reporting Information [Line Items]
Number of aircraft assigned			6
Hospitals Contracts [Member]
Segment Reporting Information [Line Items]
Segment revenue	18.00%	29.00%	30.00%	30.00%
Fixed Term Customer Contract [Member]
Segment Reporting Information [Line Items]
Segment revenue	88.00%	92.00%	88.00%	92.00%
Contracted Customers [Member]
Segment Reporting Information [Line Items]
Segment revenue			12.00%	8.00%
Minimum [Member]
Segment Reporting Information [Line Items]
Term of contract			1 year
Maximum [Member]
Segment Reporting Information [Line Items]
Term of contract			7 years
Oil and Gas [Member]
Segment Reporting Information [Line Items]
Number of aircraft available for use			128
Segment revenue	51.00%	52.00%	52.00%	52.00%
Oil and Gas [Member] | Minimum [Member] | Major Customer [Member]
Segment Reporting Information [Line Items]
Working period with major customers			30 years
Oil and Gas [Member] | Minimum [Member] | ENI Petroleum [Member]
Segment Reporting Information [Line Items]
Working period with major customers			15 years
Technical Services [Member]
Segment Reporting Information [Line Items]
Segment revenue	3.00%	5.00%	4.00%	4.00%
Air Medical [Member]
Segment Reporting Information [Line Items]
Segment revenue	46.00%	45.00%	44.00%	44.00%
Number of aircraft assigned			104
Number of states in which company operates aircrafts | States			18
Locations in which company operates Aircrafts | Location			72

Segment Information - Schedule

Segment Information - Schedule of Provisions for Contractual Discounts and Estimated Uncompensated Care as a Percentage of Gross Segment Billings (Detail) - Air Medical [Member]	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Provisions For Contractual Discounts And Estimated Uncompensated Care [Line Items]
Provision for contractual discounts	63.00%	65.00%	66.00%	69.00%
Provision for uncompensated care	10.00%	7.00%	7.00%	4.00%

Segment Information - Schedul52

Segment Information - Schedule of Net Revenue Attributable to Insurance, Medicare, Medicaid, and Self-Pay as Percentage of Net Air Medical Revenues (Detail) - Air Medical [Member]	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Insurance [Member]
Segment Reporting Information [Line Items]
Percentage of net Air Medical revenues	72.00%	69.00%	71.00%	70.00%
Medicare [Member]
Segment Reporting Information [Line Items]
Percentage of net Air Medical revenues	18.00%	18.00%	18.00%	18.00%
Medicaid [Member]
Segment Reporting Information [Line Items]
Percentage of net Air Medical revenues	8.00%	9.00%	9.00%	10.00%
Self Pay [Member]
Segment Reporting Information [Line Items]
Percentage of net Air Medical revenues	2.00%	4.00%	2.00%	2.00%

Segment Information - Schedul53

Segment Information - Schedule of Financial Information Concerning Reportable Operating Segments (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Segment Reporting Information [Line Items]
Total operating revenues, net	$ 146,424	$ 167,136	$ 281,042	$ 331,152
Total segment direct expenses	126,951	152,417	263,464	304,971
Total segment selling, general and administrative expenses	14,247	11,778	27,290	23,451
Total net segment profit	4,228	7,163	(11,713)	6,593
Interest expense	(8,083)	(7,540)	(16,278)	(15,073)
(Loss) earnings before income taxes	(3,150)	117	(26,223)	(7,371)
Reportable Operating Segments [Member]
Segment Reporting Information [Line Items]
Total operating revenues, net	146,424	167,136	281,042	331,152
Total segment direct expenses	127,941	152,493	265,457	305,047
Total segment selling, general and administrative expenses	5,254	4,520	10,192	8,866
Total segment expenses	133,195	157,013	275,649	313,913
Total net segment profit	13,229	10,123	5,393	17,239
Reportable Operating Segments [Member] | Oil and Gas [Member]
Segment Reporting Information [Line Items]
Total operating revenues, net	74,668	83,185	146,399	171,622
Total segment direct expenses	73,681	87,400	155,410	179,316
Total segment selling, general and administrative expenses	1,635	1,605	3,354	3,132
Total net segment profit	(648)	(5,820)	(12,365)	(10,826)
Reportable Operating Segments [Member] | Air Medical [Member]
Segment Reporting Information [Line Items]
Total operating revenues, net	67,222	75,547	122,559	145,607
Total segment direct expenses	50,402	58,997	101,243	116,041
Total segment selling, general and administrative expenses	3,263	2,642	6,144	5,237
Total net segment profit	13,557	13,908	15,172	24,329
Reportable Operating Segments [Member] | Technical Services [Member]
Segment Reporting Information [Line Items]
Total operating revenues, net	4,534	8,404	12,084	13,923
Total segment direct expenses	3,858	6,096	8,804	9,690
Total segment selling, general and administrative expenses	356	273	694	497
Total net segment profit	320	2,035	2,586	3,736
Segment Reconciling Items [Member]
Segment Reporting Information [Line Items]
Other, net	697	4,792	1,761	5,048
Interest expense	(8,083)	(7,540)	(16,278)	(15,073)
Corporate [Member]
Segment Reporting Information [Line Items]
Unallocated selling, general and administrative costs	$ (8,993)	$ (7,258)	$ (17,099)	$ (14,585)

Segment Information - Depreciat

Segment Information - Depreciation and Amortization Expense Included in Direct Expenses and Unallocated Selling, General, and Administrative Costs (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Reportable Operating Segments [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Depreciation and Amortization Expenses	$ 15,191	$ 15,313	$ 30,676	$ 29,614
Reportable Operating Segments [Member] | Oil and Gas [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Depreciation and Amortization Expenses	9,824	10,024	19,686	19,942
Reportable Operating Segments [Member] | Air Medical [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Depreciation and Amortization Expenses	5,219	5,132	10,696	9,387
Reportable Operating Segments [Member] | Technical Services [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Depreciation and Amortization Expenses	148	157	294	285
Corporate [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Depreciation and Amortization Expenses	$ 622	$ 2,476	$ 3,335	$ 5,147

Investment in Variable Intere55

Investment in Variable Interest Entity and Other Investments and Affiliates - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 2017	Jun. 30, 2016
PHI Century Limited [Member]
Variable Interest Entity [Line Items]
Investment in the common stock	49.00%		49.00%	49.00%
Earnings (loss) in equity of unconsolidated affiliate	$ 0.1		$ (0.9)	$ 0.1
Trade receivables	2.4	$ 2	2.4
Other assets	0.4	$ 0.2	$ 0.4
PHIC's date of incorporation			May 26, 2011
PHI-HNZ Australia Ltd [Member]
Variable Interest Entity [Line Items]
Investment in the common stock		50.00%
Earnings (loss) in equity of unconsolidated affiliate	$ 1.1		$ 1.1
HNZ Group, Inc. [Member] | PHI-HNZ Australia Ltd [Member]
Variable Interest Entity [Line Items]
Investment in the common stock		50.00%

Condensed Consolidating Finan56

Condensed Consolidating Financial Information - Additional Information (Detail) - USD ($)	Jun. 30, 2017	Mar. 17, 2014
Supplemental Guarantor Financial Information [Line Items]
Ownership percentage in domestic subsidiaries	100.00%
5.25% Senior Notes due March 15, 2019 [Member] | Senior Notes [Member]
Supplemental Guarantor Financial Information [Line Items]
Senior notes, amount issued		$ 500,000,000
Interest rate on Senior Notes	5.25%	5.25%

Condensed Consolidating Finan57

Condensed Consolidating Financial Information - Guarantor Subsidiaries - Condensed Consolidating Balance Sheets (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 2016	Dec. 31, 2015
Current Assets:
Cash	$ 2,323	$ 2,596	$ 8,567	$ 2,407
Short-term investments	237,433	289,806
Accounts receivable - net	147,504	138,265
Inventories of spare parts – net	76,155	70,402
Prepaid expenses	13,131	9,259
Deferred income taxes	10,798	10,798
Income taxes receivable	414	540
Total current assets	487,758	521,666
Property and equipment – net	918,134	903,977
Restricted cash and investments	12,396	13,038
Other assets	10,172	9,759
Total assets	1,428,460	1,448,440
Current Liabilities:
Accounts payable	27,791	28,704
Accrued and other current liabilities	33,384	28,346
Total current liabilities	61,175	57,050
Long-term debt	631,096	631,247
Deferred income taxes and other long-term liabilities	152,128	160,365
Shareholders’ Equity:
Common stock and paid-in capital	307,367	305,815
Accumulated other comprehensive loss	(254)	(478)
Retained earnings	276,948	294,441
Total shareholders’ equity	584,061	599,778	625,346	626,998
Total liabilities and shareholders’ equity	1,428,460	1,448,440
Eliminations [Member]
Current Assets:
Accounts receivable - net	(2,819)
Intercompany receivable	(105,938)	(57,904)
Total current assets	(108,757)	(57,904)
Investment in subsidiaries and others	(376,032)	(353,160)
Total assets	(484,789)	(411,064)
Current Liabilities:
Accounts payable	(2,819)
Intercompany payable	(105,938)	(57,904)
Total current liabilities	(108,757)	(57,904)
Shareholders’ Equity:
Common stock and paid-in capital	(79,326)	(79,191)
Retained earnings	(296,706)	(273,969)
Total shareholders’ equity	(376,032)	(353,160)
Total liabilities and shareholders’ equity	(484,789)	(411,064)
Parent Company Only (issuer) [Member]
Current Assets:
Cash	48	36	40	46
Short-term investments	237,433	289,806
Accounts receivable - net	78,334	71,458
Inventories of spare parts – net	67,148	61,834
Prepaid expenses	10,554	6,990
Deferred income taxes	10,798	10,798
Income taxes receivable	418	558
Total current assets	404,733	441,480
Investment in subsidiaries and others	376,032	353,160
Property and equipment – net	626,402	589,104
Restricted cash and investments	12,382	13,023
Other assets	9,168	8,660
Total assets	1,428,717	1,405,427
Current Liabilities:
Accounts payable	24,177	22,744
Accrued and other current liabilities	24,508	18,725
Intercompany payable	97,739	57,904
Total current liabilities	146,424	99,373
Long-term debt	631,096	631,247
Deferred income taxes and other long-term liabilities	67,136	75,029
Shareholders’ Equity:
Common stock and paid-in capital	307,367	305,815
Accumulated other comprehensive loss	(254)	(478)
Retained earnings	276,948	294,441
Total shareholders’ equity	584,061	599,778
Total liabilities and shareholders’ equity	1,428,717	1,405,427
Guarantor Subsidiaries [Member]
Current Assets:
Cash	1,328	2,100	$ 8,527	$ 2,361
Accounts receivable - net	63,020	66,807
Intercompany receivable	105,938	57,904
Inventories of spare parts – net	9,007	8,568
Prepaid expenses	2,394	2,269
Income taxes receivable	(4)	(18)
Total current assets	181,683	138,090
Property and equipment – net	291,118	314,873
Restricted cash and investments	0	15
Other assets	1,004	1,099
Total assets	473,805	454,077
Current Liabilities:
Accounts payable	3,200	5,960
Accrued and other current liabilities	7,836	9,621
Total current liabilities	11,036	15,581
Deferred income taxes and other long-term liabilities	83,926	85,336
Shareholders’ Equity:
Common stock and paid-in capital	77,951	79,191
Retained earnings	300,892	273,969
Total shareholders’ equity	378,843	353,160
Total liabilities and shareholders’ equity	473,805	454,077
Non-Guarantor Subsidiaries [Member]
Current Assets:
Cash	947	460
Accounts receivable - net	8,969
Prepaid expenses	183
Income taxes receivable	0
Total current assets	10,099
Property and equipment – net	614
Restricted cash and investments	14
Total assets	10,727
Current Liabilities:
Accounts payable	3,233
Accrued and other current liabilities	1,040
Intercompany payable	8,199
Total current liabilities	12,472
Deferred income taxes and other long-term liabilities	1,066
Shareholders’ Equity:
Common stock and paid-in capital	1,375
Retained earnings	(4,186)
Total shareholders’ equity	(2,811)
Total liabilities and shareholders’ equity	$ 10,727
Guarantor and Non-Guarantor Subsidiaries [Member]
Current Assets:
Cash		$ 2,560

Condensed Consolidating Finan58

Condensed Consolidating Financial Information - Guarantor Subsidiaries - Condensed Consolidating Statements of Operations (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Condensed Income Statements, Captions [Line Items]
Operating revenues, net	$ 146,424	$ 167,136	$ 281,042	$ 331,152
Expenses:
Direct expenses	126,951	152,417	263,464	304,971
Selling, general and administrative expenses	14,247	11,778	27,290	23,451
Total operating expenses	141,198	164,195	290,754	328,422
Loss (gain) on disposal of assets	7	(4,298)	7	(3,939)
Equity in loss of unconsolidated affiliate, net	991	76	1,994	76
Operating (loss) income	4,228	7,163	(11,713)	6,593
Equity in net income of consolidated subsidiaries				0
Interest expense	8,083	7,540	16,278	15,073
Other income, net	(705)	(494)	(1,768)	(1,109)
Total expenses	7,378	7,046	14,510	13,964
(Loss) earnings before income taxes	(3,150)	117	(26,223)	(7,371)
Income tax expense (benefit)	123	(4,160)	(7,702)	(2,716)
Net (loss) earnings	(3,273)	4,277	(18,521)	(4,655)
Eliminations [Member]
Condensed Income Statements, Captions [Line Items]
Operating revenues, net	(2,819)		(2,819)
Expenses:
Direct expenses	(2,819)		(2,819)
Selling, general and administrative expenses	(4)	(325)	(9)	(498)
Total operating expenses	(2,823)	(325)	(2,828)	(498)
Equity in loss of unconsolidated affiliate, net		0		0
Operating (loss) income	4	325	9	498
Equity in net income of consolidated subsidiaries	14,613	7,035	17,243	12,090
Interest expense				0
Other income, net	4	325	9	498
Total expenses	14,617	7,360	17,252	12,588
(Loss) earnings before income taxes	(14,613)	(7,035)	(17,243)	(12,090)
Income tax expense (benefit)				0
Net (loss) earnings	(14,613)	(7,035)	(17,243)	(12,090)
Parent Company Only (issuer) [Member]
Condensed Income Statements, Captions [Line Items]
Operating revenues, net	75,045	89,365	149,329	181,234
Expenses:
Direct expenses	72,598	89,535	154,942	181,572
Selling, general and administrative expenses	10,916	9,232	21,024	18,275
Total operating expenses	83,514	98,767	175,966	199,847
Loss (gain) on disposal of assets	8	(4,298)	8	(3,939)
Equity in loss of unconsolidated affiliate, net	(75)	76	928	76
Operating (loss) income	(8,402)	(5,180)	(27,573)	(14,750)
Equity in net income of consolidated subsidiaries	(14,613)	(7,035)	(17,243)	(12,090)
Interest expense	8,082	7,534	16,256	15,047
Other income, net	(708)	(819)	(1,776)	(1,603)
Total expenses	(7,239)	(320)	(2,763)	1,354
(Loss) earnings before income taxes	(1,163)	(4,860)	(24,810)	(16,104)
Income tax expense (benefit)	2,110	(9,137)	(6,289)	(11,449)
Net (loss) earnings	(3,273)	4,277	(18,521)	(4,655)
Guarantor Subsidiaries [Member]
Condensed Income Statements, Captions [Line Items]
Operating revenues, net	68,857	77,771	126,330	149,918
Expenses:
Direct expenses	51,806	62,882	104,187	123,399
Selling, general and administrative expenses	3,269	2,871	6,155	5,674
Total operating expenses	55,075	65,753	110,342	129,073
Loss (gain) on disposal of assets	(1)		(1)
Equity in loss of unconsolidated affiliate, net		0		0
Operating (loss) income	13,783	12,018	15,989	20,845
Interest expense	1	6	22	26
Other income, net	(1)	0	(1)	(4)
Total expenses	0	6	21	22
(Loss) earnings before income taxes	13,783	12,012	15,968	20,823
Income tax expense (benefit)	(1,987)	4,977	(1,413)	8,733
Net (loss) earnings	15,770	$ 7,035	17,381	$ 12,090
Non-Guarantor Subsidiaries [Member]
Condensed Income Statements, Captions [Line Items]
Operating revenues, net	5,341		8,202
Expenses:
Direct expenses	5,366		7,154
Selling, general and administrative expenses	66		120
Total operating expenses	5,432		7,274
Loss (gain) on disposal of assets	0		0
Equity in loss of unconsolidated affiliate, net	1,066		1,066
Operating (loss) income	(1,157)		(138)
Interest expense	0		0
Other income, net	0		0
Total expenses	0		0
(Loss) earnings before income taxes	(1,157)		(138)
Income tax expense (benefit)	0
Net (loss) earnings	$ (1,157)		$ (138)

Condensed Consolidating Finan59

Condensed Consolidating Financial Information - Guarantor Subsidiaries - Condensed Consolidated Statements of Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Condensed Financial Statements, Captions [Line Items]
Net (loss) earnings	$ (3,273)	$ 4,277	$ (18,521)	$ (4,655)
Unrealized gain (loss) on short-term investments	167	210	329	1,017
Changes in pension plan asset and benefit obligation	23	1	22	2
Tax effect of the above-listed adjustments	(68)	(75)	(127)	(407)
Total comprehensive (loss) income	(3,151)	4,413	(18,297)	(4,043)
Eliminations [Member]
Condensed Financial Statements, Captions [Line Items]
Net (loss) earnings	(14,613)	(7,035)	(17,243)	(12,090)
Total comprehensive (loss) income	(14,613)	(7,035)	(17,243)	(12,090)
Parent Company Only (issuer) [Member]
Condensed Financial Statements, Captions [Line Items]
Net (loss) earnings	(3,273)	4,277	(18,521)	(4,655)
Unrealized gain (loss) on short-term investments	167	210	329	1,017
Changes in pension plan asset and benefit obligation	23	1	22	2
Tax effect of the above-listed adjustments	(68)	(75)	(127)	(407)
Total comprehensive (loss) income	(3,151)	4,413	(18,297)	(4,043)
Guarantor Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Net (loss) earnings	15,770	7,035	17,381	12,090
Total comprehensive (loss) income	15,770	$ 7,035	17,381	$ 12,090
Non-Guarantor Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Net (loss) earnings	(1,157)		(138)
Total comprehensive (loss) income	$ (1,157)		$ (138)

Condensed Consolidating Finan60

Condensed Consolidating Financial Information - Guarantor Subsidiaries - Condensed Consolidating Statements of Cash Flows (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Condensed Cash Flow Statements, Captions [Line Items]
Net cash (used in) provided by operating activities	$ (7,949)	$ 799	$ (7,949)	$ 799
Investing activities:
Purchase of property and equipment	(43,892)	(39,908)	(43,892)	(39,908)
Proceeds from asset dispositions	17	10,998	17	10,998
Purchase of short-term investments	(134,518)	(151,436)	(134,518)	(151,436)
Proceeds from sale of short-term investments	187,217	148,838	187,217	148,838
Payments of deposits on aircraft	(110)	(131)	(110)	(131)
Net cash provided by (used in) investing activities	8,714	(31,639)	8,714	(31,639)
Financing activities:
Proceeds from line of credit	66,525	150,800	66,525	150,800
Payments on line of credit	(67,300)	(113,300)	(67,300)	(113,300)
Repurchase of common stock	(263)	(500)	(263)	(500)
Net cash (used in) provided by financing activities	(1,038)	37,000	(1,038)	37,000
Increase (decrease) in cash	(273)	6,160	(273)	6,160
Cash, beginning of period			2,596	2,407
Cash, end of period	2,323	8,567	2,323	8,567
Parent Company Only (issuer) [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Net cash (used in) provided by operating activities	(34,236)	(12,954)
Investing activities:
Purchase of property and equipment	(43,892)	(39,535)
Proceeds from asset dispositions	17	10,998
Purchase of short-term investments	(134,518)	(151,436)
Proceeds from sale of short-term investments	187,217	148,838
Payments of deposits on aircraft	(110)	(131)
Net cash provided by (used in) investing activities	8,714	(31,266)
Financing activities:
Proceeds from line of credit	66,525	150,800
Payments on line of credit	(67,300)	(113,300)
Repurchase of common stock	(263)	(500)
Due to/from affiliate, net	26,572	7,214
Net cash (used in) provided by financing activities	25,534	44,214
Increase (decrease) in cash	12	(6)
Cash, beginning of period			36	46
Cash, end of period	48	40	48	40
Guarantor Subsidiaries [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Net cash (used in) provided by operating activities	18,916	13,753
Investing activities:
Purchase of property and equipment	0	(373)
Net cash provided by (used in) investing activities	0	(373)
Financing activities:
Due to/from affiliate, net	(19,688)	(7,214)
Net cash (used in) provided by financing activities	(19,688)	(7,214)
Increase (decrease) in cash	(772)	6,166
Cash, beginning of period			2,100	2,361
Cash, end of period	1,328	$ 8,527	1,328	$ 8,527
Non-Guarantor Subsidiaries [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Net cash (used in) provided by operating activities	7,371
Investing activities:
Net cash provided by (used in) investing activities	0
Financing activities:
Due to/from affiliate, net	(6,884)
Net cash (used in) provided by financing activities	(6,884)
Increase (decrease) in cash	487
Cash, beginning of period			460
Cash, end of period	$ 947		$ 947