SkyWest (SKYW) 10-Q 5 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Oct. 31, 2015
Document and Entity Information
Entity Registrant Name	SKYWEST INC
Entity Central Index Key	793,733
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		50,752,301
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
CURRENT ASSETS:
Cash and cash equivalents	$ 126,744	$ 132,275
Marketable securities	429,806	415,273
Restricted cash	11,584	11,582
Income tax receivable	393	2,779
Receivables, net	64,702	83,099
Inventories, net	140,109	137,452
Prepaid aircraft rents	402,685	397,850
Deferred tax assets	148,054	94,385
Other current assets	34,308	16,308
Total current assets	1,358,385	1,291,003
PROPERTY AND EQUIPMENT:
Aircraft and rotable spares	5,193,614	4,608,663
Deposits on aircraft	34,822	40,000
Buildings and ground equipment	273,102	274,900
Total property and equipment, gross	5,501,538	4,923,563
Less-accumulated depreciation and amortization	(2,029,907)	(1,902,375)
Total property and equipment, net	3,471,631	3,021,188
OTHER ASSETS
Intangible assets, net	11,061	12,748
Other assets	85,366	84,989
Total other assets	96,427	97,737
Total assets	4,926,443	4,409,928
CURRENT LIABILITIES:
Current maturities of long-term debt	264,852	211,821
Accounts payable	265,807	270,097
Accrued salaries, wages and benefits	134,725	138,902
Accrued aircraft rents	2,495	3,303
Taxes other than income taxes	22,457	17,457
Other current liabilities	43,798	42,775
Total current liabilities	734,134	684,355
OTHER LONG-TERM LIABILITIES	50,052	49,625
LONG-TERM DEBT, net of current maturities	1,842,855	1,533,990
DEFERRED INCOME TAXES PAYABLE	772,710	669,385
DEFERRED AIRCRAFT CREDITS	$ 64,989	$ 72,227
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Preferred stock, 5,000,000 shares authorized; none issued
Common stock, no par value, 120,000,000 shares authorized; 78,705,286 and 77,951,411 shares issued, respectively	$ 635,217	$ 626,521
Retained earnings	1,236,627	1,165,478
Treasury stock, at cost, 28,015,386 and 26,765,386 shares, respectively	(410,090)	(391,364)
Accumulated other comprehensive (loss)	(51)	(289)
Total stockholders' equity	1,461,703	1,400,346
Total liabilities and stockholders' equity	$ 4,926,443	$ 4,409,928

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2015	Dec. 31, 2014
CONSOLIDATED BALANCE SHEETS
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized	120,000,000	120,000,000
Common stock, shares issued	78,705,286	77,951,411
Treasury stock, at cost, shares	28,015,386	26,765,386

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
OPERATING REVENUES:
Passenger	$ 777,480	$ 815,867	$ 2,293,085	$ 2,372,054
Ground handling and other	16,524	18,766	49,734	51,538
Total operating revenues	794,004	834,633	2,342,819	2,423,592
OPERATING EXPENSES:
Salaries, wages and benefits	304,633	315,766	906,051	944,253
Aircraft maintenance, materials and repairs	147,396	159,920	461,972	509,905
Aircraft rentals	68,003	72,899	206,857	232,682
Depreciation and amortization	66,603	65,822	196,953	192,389
Aircraft fuel	31,762	49,177	90,254	154,420
Ground handling services	18,892	31,114	62,981	100,446
Special charges				4,713
Other operating expenses	78,419	80,855	235,447	240,236
Total operating expenses	715,708	775,553	2,160,515	2,379,044
OPERATING INCOME	78,296	59,080	182,304	44,548
OTHER INCOME (EXPENSE):
Interest income	311	2,549	1,647	3,608
Interest expense	(19,914)	(16,883)	(56,460)	(48,697)
Other, net	1,070	23,598	1,070	20,709
Total other expense, net	(18,533)	9,264	(53,743)	(24,308)
INCOME BEFORE INCOME TAXES	59,763	68,344	128,561	20,168
PROVISION FOR INCOME TAXES	23,495	27,006	51,198	16,455
NET INCOME	$ 36,268	$ 41,338	$ 77,363	$ 3,713
BASIC EARNINGS PER SHARE (in dollars per share)	$ 0.72	$ 0.81	$ 1.51	$ 0.07
DILUTED EARNINGS PER SHARE (in dollars per share)	$ 0.71	$ 0.79	$ 1.49	$ 0.07
Weighted average common shares:
Basic (in shares)	50,616	51,322	51,143	51,324
Diluted (in shares)	51,282	52,036	51,882	51,562
Dividends declared per share (in dollars per share)	$ 0.04	$ 0.04	$ 0.12	$ 0.12
COMPREHENSIVE INCOME (LOSS):
Net income	$ 36,268	$ 41,338	$ 77,363	$ 3,713
Proportionate share of other companies foreign currency translation adjustment, net of taxes		(1,130)		(1,130)
Net unrealized appreciation (depreciation) on marketable securities, net of taxes	161	(222)	239	(157)
TOTAL COMPREHENSIVE INCOME	$ 36,429	$ 39,986	$ 77,602	$ 2,426

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
CONSOLIDATED STATEMENTS OF CASH FLOWS
NET CASH PROVIDED BY OPERATING ACTIVITIES	$ 313,540	$ 186,369
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of marketable securities	(864,241)	(198,690)
Sales of marketable securities	849,942	293,056
Proceeds from the sale of equipment	5,771	3,468
Proceeds received from sale of Trip Linhas Aereas S.A. stock		17,237
Acquisition of property and equipment:
Aircraft and rotable spare parts	(647,250)	(479,451)
Buildings and ground equipment	(7,443)	(16,017)
Return of deposits on aircraft	5,178
Increase in other assets	(2,713)	(12,218)
NET CASH USED IN INVESTING ACTIVITIES	(660,756)	(392,615)
CASH FLOWS PROVIDED BY FINANCING ACTIVITIES:
Proceeds from issuance of long-term debt	546,232	323,665
Principal payments on long-term debt	(184,336)	(124,660)
Tax deficiency from exercise of common stock options	(2,093)	(1,245)
Net proceeds from issuance of common stock	6,791	3,831
Purchase of treasury stock	(18,726)	(8,414)
Payment of cash dividends	(6,183)	(6,174)
NET CASH PROVIDED BY FINANCING ACTIVITIES	341,685	187,003
Decrease in cash and cash equivalents	(5,531)	(19,243)
Cash and cash equivalents at beginning of period	132,275	170,636
CASH AND CASH EQUIVALENTS AT END OF PERIOD	126,744	151,393
Cash paid during the year for:
Interest, net of capitalized amounts	56,117	46,757
Income taxes	$ 1,494	$ 485

Condensed Consolidated Financia

Condensed Consolidated Financial Statements	9 Months Ended
	Sep. 30, 2015
Condensed Consolidated Financial Statements
Condensed Consolidated Financial Statements	Note A — Condensed Consolidated Financial Statements Basis of Presentation The condensed consolidated financial statements of SkyWest, Inc. (“SkyWest” or the “Company”) and its operating subsidiaries, SkyWest Airlines, Inc. (“SkyWest Airlines”) and ExpressJet Airlines Inc. (“ExpressJet”) included herein have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the following disclosures are adequate to make the information presented not misleading. These condensed consolidated financial statements reflect all adjustments that, in the opinion of management, are necessary to present fairly the results of operations for the interim periods presented. All adjustments are of a normal recurring nature, unless otherwise disclosed. The Company suggests that these condensed consolidated financial statements be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. The results of operations for the three and nine-month periods ended September 30, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results will likely differ, and may differ materially, from those estimates and assumptions.

Passenger and Ground Handling R

Passenger and Ground Handling Revenue	9 Months Ended
	Sep. 30, 2015
Passenger and Ground Handling Revenues
Passenger and Ground Handling Revenue	Note B — Passenger and Ground Handling Revenue The Company recognizes passenger and ground handling revenues when the service is provided under its code-share agreements. Under the Company’s fixed-fee arrangements (referred to as “fixed-fee arrangements, “contract flying” or “capacity purchase agreements”) with Delta Airlines Inc. (“Delta”), United Airlines Inc. (“United”), American Airlines, Inc. (“American”) and Alaska Airlines, Inc. (“Alaska”), the major airline generally pays the Company a fixed-fee for each departure, flight or block time incurred, and an amount per aircraft in service each month with additional incentives based on flight completion and on-time performance. The major airline partner also directly reimburses the Company for certain direct expenses incurred under the fixed-fee arrangement, such as fuel expense and landing fee expenses. Under the fixed-fee arrangements, revenue is earned when each flight is completed and is reflected in passenger revenues. Ground handling revenue primarily consists of customer service functions such as gate and ramp agent services at applicable airports where the Company provides such services to other airlines. Under the Company’s revenue-sharing arrangements (referred to as “revenue-sharing” or “pro-rate” arrangements), the major airline and the Company negotiate a passenger fare proration formula when a passenger has a connecting flight operated by both the Company and the major airline partner, pursuant to which the Company receives a percentage of the ticket revenues for those passengers traveling for the portion of their trip operated by the Company, and the major airline retains the ticket revenues for the other portion of the passengers’ trips on the major airline. Revenue is recognized under the Company’s pro-rate flying agreements when each flight is completed based upon the portion of the pro-rate passenger fare the Company anticipates that it will receive for each completed flight. Other ancillary revenues commonly associated with airlines such as baggage fee revenue, ticket change fee revenue and the marketing component of the sale of mileage credits are retained by the Company’s major airline partners on flights that the Company operates under its code-share agreements. In the event that the contractual rates under the Company’s flying agreements have not been finalized at quarterly or annual financial statement dates, the Company records revenues based on the lower of the prior period’s approved rates, as adjusted to reflect any contract negotiations, and the Company’s estimate of rates that will be implemented in accordance with revenue recognition guidelines. In the event the Company has a reimbursement dispute with a major partner, the Company evaluates the dispute under its established revenue recognition criteria and, provided the revenue recognition criteria have been met, the Company recognizes revenue based on management’s estimate of the resolution of the dispute. In several of the Company’s agreements, the Company is eligible to receive incentive compensation upon the achievement of certain performance criteria. The incentives are defined in the agreements and are measured and determined on a monthly, quarterly or semi-annual basis. At the end of each period during the term of an agreement, the Company calculates the incentives achieved during that period and recognizes revenue attributable to that agreement accordingly. The following table summarizes the significant provisions of each code share agreement the Company has with each major partner: Delta Connection Agreements Agreement Number of aircraft under respective agreement Term / Termination Dates SkyWest Airlines Delta Connection Agreement (fixed-fee arrangement)  CRJ 200—48  CRJ 700—19  CRJ 900—36  The contract expires on an individual aircraft basis with expirations that commenced in 2015  The final aircraft expires in 2022  Upon expiration, aircraft may be renewed or extended ExpressJet Delta Connection Agreement (fixed-fee arrangement)  CRJ 200—44  CRJ 700—41  CRJ 900—28  The contract expires on an individual aircraft basis with expirations that commenced in 2015  The final aircraft expires in 2022  Upon expiration, aircraft may be renewed or extended SkyWest Airlines Delta Connection Pro-rate Agreement (revenue-sharing arrangement)  CRJ 200—14  Terminates with 30-day notice United Express Agreements Agreement Number of aircraft under respective agreement Term / Termination Dates SkyWest Airlines United Express Agreements (fixed-fee arrangement)  CRJ 200— 50  CRJ 700— 70  E175— 40  The contract expires on an individual aircraft basis with expirations that commenced in 2015  The final aircraft expires in 2026  Upon expiration, aircraft may be renewed or extended ExpressJet United ERJ Agreement (fixed-fee arrangement)  ERJ 135— 5  ERJ 145— 169  The contract expires on an individual aircraft basis with expirations that commenced in 2015  The final aircraft expires in 2017  Upon expiration, aircraft may be renewed or extended SkyWest Airlines United Express Pro-rate Agreement (revenue-sharing arrangement)  CRJ 200— 26  Terminates with 120-day notice Alaska Capacity Purchase Agreement Agreement Number of aircraft under respective agreement Term / Termination Dates SkyWest Airlines Alaska Agreement (fixed-fee arrangement)  CRJ 700— 9  E175— 3  CRJ 700 portion terminates 2016 E175 portion terminates 2027  Upon expiration, aircraft may be renewed or extended American Agreements Agreement Number of aircraft under respective agreement Term / Termination Dates SkyWest Airlines American Agreement Previously under the US Airways Agreement (fixed-fee arrangement)  CRJ 200— 6  Terminates by the end of 2015  Upon expiration, aircraft may be renewed or extended SkyWest Airlines American Agreement Previously under the US Airways Pro-rate Agreement (revenue-sharing arrangement)  CRJ 200— 1  Terminated October 2015 SkyWest Airlines American Agreement (fixed-fee arrangement)  CRJ 200— 12  Terminates 2016  Upon expiration, aircraft may be renewed or extended SkyWest Airlines American Pro-rate Agreement (revenue-sharing arrangement)  CRJ 200— 5  Terminates with 120- day notice ExpressJet American Agreement (fixed-fee arrangement)  CRJ 200— 12  ERJ 145— 16  Terminates 2017  Upon expiration, aircraft may be renewed or extended ExpressJet American Pro-rate Agreement (revenue-sharing arrangement)  CRJ 200— 2  Terminates with 120- day notice In addition to the contractual arrangements described above, SkyWest Airlines has entered into agreements with Alaska, United and Delta to place additional Embraer E175 dual-class jet (“E175”) aircraft into service for those major partners. In June 2015, SkyWest Airlines reached an agreement with Alaska to place eight additional E175 aircraft into service pursuant to the SkyWest Airlines Alaska Agreement. The Company anticipates that those eight E175 aircraft, when added to the three E175 aircraft in service for Alaska and four additional E175 aircraft that Alaska has agreed to place into service under the SkyWest Airlines Alaska Agreement, will result in a total of 15 E175 aircraft under contract with Alaska. In September 2015, SkyWest Airlines reached an agreement with United to place 18 additional E175 aircraft into service pursuant to the SkyWest Airlines United Express Agreement, which the Company believes will result in a total of 58 E175 aircraft under contract with United. In October 2015, SkyWest Airlines reached an agreement with Delta to place 19 new E175 aircraft into service pursuant to the SkyWest Airlines Delta Connection Agreement. Under the agreement, the Company anticipates that delivery of the E175 aircraft to be flown for Delta will begin in August 2016, with all 19 aircraft being delivered by mid-2017. Other Revenue Items The Company’s passenger and ground handling revenues could be impacted by a number of factors, including changes to the Company’s code-share agreements with its major airline partners, contract modifications resulting from contract re-negotiations, the Company’s ability to earn incentive payments contemplated under the Company’s code-share agreements and settlement of reimbursement disputes with the Company’s major airline partners.

Share-Based Compensation and St

Share-Based Compensation and Stock Repurchases	9 Months Ended
	Sep. 30, 2015
Share-Based Compensation and Stock Repurchases
Share-Based Compensation and Stock Repurchases	Note C — Share-Based Compensation and Stock Repurchases The fair value of stock options granted by the Company has been estimated as of the grant date using the Black-Scholes option pricing model. The Company uses historical data to estimate option exercises and employee termination in the option pricing model. The expected term of options granted is derived from the output of the option pricing model and represents the period of time that options granted are expected to be outstanding. The expected volatilities are based on the historical volatility of the Company’s traded stock and other factors. During the nine months ended September 30, 2015, the Company granted options to purchase 266,304 shares of common stock under the SkyWest, Inc. 2010 Long-Term Incentive Plan (the “2010 Incentive Plan”). The following table shows the assumptions used and weighted average fair value for stock option grants during the nine months ended September 30, 2015. Expected annual dividend rate % Risk-free interest rate % Average expected life (years) Expected volatility of common stock Forfeiture rate % Weighted average fair value of option grants $ During the nine months ended September 30, 2015, the Company granted 36,950 fully-vested shares of common stock to the Company’s directors. Additionally, during the nine months ended September 30, 2015, the Company granted 407,042 restricted stock units and 224,869 performance restricted stock units to employees of the Company and its subsidiaries under the 2010 Incentive Plan. Both the restricted stock and performance restricted stock units have a three-year vesting period, during which the recipient must remain employed with the Company or one of the Company’s subsidiaries. In addition to the three-year vesting period, certain profit metrics of the Company must be met before the recipient will receive any shares of stock attributable to the performance restricted stock units. Upon vesting, a restricted stock unit and a performance restricted stock unit will be replaced with a share of common stock. The fair value of the restricted stock units on the date of grant was $13.51 per share. The Company records share-based compensation expense only for those options and restricted and performance restricted stock units that are expected to vest. The estimated fair value of the stock options and restricted stock units is amortized over the applicable vesting periods. During the three months ended September 30, 2015 and 2014, the Company recorded pre-tax share-based compensation expense of $1.1 million and $0.9 million, respectively. During the nine months ended September 30, 2015 and 2014, the Company recorded pre-tax share-based compensation expense of $4.0 million and $3.7 million, respectively. The Company repurchased 1.25 million shares of its common stock for $18.7 million during the nine months ended September 30, 2015. The Company repurchased 670,000 shares of its common stock for $8.4 million during the nine months ended September 30, 2014.

Net Income (Loss) Per Common Sh

Net Income (Loss) Per Common Share	9 Months Ended
	Sep. 30, 2015
Net Income (Loss) Per Common Share
Net Income (Loss) Per Common Share	Note D — Net Income (Loss) Per Common Share Basic net income per common share (“Basic EPS”) excludes dilution and is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted net income per common share (“Diluted EPS”) reflects the potential dilution that could occur if stock options or other contracts to issue common stock were exercised or converted into common stock. The computation of Diluted EPS does not assume exercise or conversion of securities that would have an anti-dilutive effect on net income per common share. During the three and nine months ended September 30, 2015, options to acquire no shares and 672,871 shares, respectively, were excluded from the computation of Diluted EPS as their impact was anti-dilutive. During the three and nine months ended September 30, 2014, options to acquire 2,942,000 and 3,055,000 shares, respectively, were excluded from the computation of Diluted EPS as their impact was anti-dilutive. The calculation of the weighted average number of common shares outstanding for Basic EPS and Diluted EPS for the periods indicated (in thousands, except per share data) is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (Unaudited) (Unaudited) Numerator Net Income $ $ $ $ Denominator Weighted average number of common shares outstanding Effect of outstanding share-based awards Weighted average number of shares for diluted net income per common share Basic earnings per share $ $ $ $ Diluted earnings per share $ $ $ $

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2015
Segment Reporting
Segment Reporting	Note E — Segment Reporting Consistent with generally accepted accounting principles, the Company reports its operating results in two segments, based upon the operations of its two operating subsidiaries, SkyWest Airlines and ExpressJet. The following represents the Company’s segment data for the three-month periods ended September 30, 2015 and 2014 (in thousands). Three months ended September 30, 2015 SkyWest Airlines ExpressJet Corporate / Consolidating Consolidated Operating revenues $ $ $ $ Operating expense Depreciation and amortization expense Interest expense — Segment profit (loss)(1) ) Identifiable intangible assets, other than goodwill — — Total assets — Capital expenditures (including non-cash) — Three months ended September 30, 2014 SkyWest Airlines ExpressJet Corporate / Consolidating Consolidated Operating revenues $ $ $ $ Operating expense ) Depreciation and amortization expense — Interest expense Segment profit (loss)(1) ) ) Identifiable intangible assets, other than goodwill — — Total assets — Capital expenditures (including non-cash) — (1) Segment profit (loss) is equal to operating income less interest expense The following represents the Company’s segment data for the nine-month periods ended September 30, 2015 and 2014 (in thousands). Nine months ended September 30, 2015 SkyWest Airlines ExpressJet Corporate / Consolidating Consolidated Operating revenues $ $ $ $ Operating expense Depreciation and amortization expense Interest expense — Segment profit (loss)(1) ) Identifiable intangible assets, excluding goodwill — — Total assets — Capital expenditures (including non-cash) — Nine months ended September 30, 2014 SkyWest Airlines ExpressJet Corporate / Consolidating Consolidated Operating revenues $ $ $ $ Operating expense ) Depreciation and amortization expense — Interest expense Segment profit (loss)(1) ) ) ) Identifiable intangible assets, other than goodwill — — Total assets — Capital expenditures (including non-cash) — (1) Segment profit (loss) is equal to operating income less interest expense

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies
Commitments and Contingencies	Note F — Commitments and Contingencies As of September 30, 2015, the Company leased aircraft, as well as airport facilities, office space, and various other property and equipment under non-cancelable operating leases which are generally on a long-term net rent basis where the Company pays taxes, maintenance, insurance and certain other operating expenses applicable to the leased property. The Company expects that, in the normal course of business, such operating leases that expire will be renewed or replaced by other leases. The following table summarizes future minimum rental payments required under operating leases that had initial or remaining non-cancelable lease terms in excess of one year as of September 30, 2015 (in thousands): October through December 2015 $ 2016 2017 2018 2019 Thereafter $ During the three months ended September 30, 2015, the Company took delivery of five E175 aircraft and financed the aircraft through the issuance of $113.7 million of long-term debt. During the nine months ended September 30, 2015, the Company took delivery of 23 E175s and financed the aircraft through the issuance of $521.2 million of long-term debt. The debt associated with the E175 aircraft delivered during the nine months ended September 30, 2015 has a twelve-year term with a fixed annual interest rate ranging from 3.4% to 4.0% and is secured by the 23 E175 aircraft. As of September 30, 2015 and December 31, 2014, the Company had accrued future lease obligations of $1.5 million and $3.8 million, respectively, associated with Embraer Brasilia EMB120 aircraft (“EMB120s”) removed from service. The lease payments for the EMB120s are scheduled to continue through June 2016. As of September 30, 2015, the Company had a firm purchase commitment for 49 E175 aircraft with scheduled delivery dates from October 2015 to mid-2017. During the nine months ended September 30, 2015, the Company borrowed $25 million from a bank. The debt has a four year term with a fixed annual interest rate of 3.3% with monthly payments and is secured by spare engines.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2015
Fair Value Measurements
Fair Value Measurements	Note G — Fair Value Measurements The Company holds certain assets that are required to be measured at fair value in accordance with GAAP. The Company determined fair value of these assets based on the following three levels of inputs: Level 1 — Quoted prices in active markets for identical assets or liabilities. Level 2 — Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Some of the Company’s marketable securities primarily utilize broker quotes in a non-active market for valuation of these securities. Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities, therefore requiring an entity to develop its own assumptions. As of September 30, 2015 and December 31, 2014, the Company held certain assets that are required to be measured at fair value on a recurring basis. Assets measured at fair value on a recurring basis are summarized below (in thousands): Fair Value Measurements as of September 30, 2015 Total Level 1 Level 2 Level 3 Marketable Securities Bonds and bond funds $ $ — $ $ — Asset backed securities — — $ — $ — Cash, Cash Equivalents and Restricted Cash — — Other Assets (a) — — Total Assets Measured at Fair Value $ $ $ $ Fair Value Measurements as of December 31, 2014 Total Level 1 Level 2 Level 3 Marketable Securities Bonds and bond funds $ $ — $ $ — Asset backed securities — — $ — $ — Cash, Cash Equivalents and Restricted Cash — — Other Assets (a) — — Total Assets Measured at Fair Value $ $ $ $ (a) Comprised of auction rate securities which are reflected in “Other assets” in the Company’s unaudited condensed consolidated balance sheets Based on market conditions, the Company uses a discounted cash flow valuation methodology for auction rate securities. Accordingly, for purposes of the foregoing condensed consolidated financial statements, these securities were categorized as Level 3 securities. The Company’s “Marketable Securities” classified as Level 2 primarily utilize broker quotes in a non-active market for valuation of these securities. The Company did not make any significant transfers of securities between Level 1, Level 2 and Level 3 during the nine months ended September 30, 2015. The Company’s policy regarding the recording of transfers between levels is to record any such transfers at the end of the reporting period. As of September 30, 2015 and December 31, 2014, the Company classified $429.8 million and $415.3 million of marketable securities, respectively, as short-term since it had the intent to maintain a liquid portfolio and the ability to redeem the securities within one year. As of September 30, 2015 and December 31, 2014, the cost in the Company’s total cash and cash equivalents and available for sale securities (excluding restricted cash and auction rate securities, net of amortized discounts, recorded as other assets) was $556.5 million and $548.0 million, respectively. As of September 30, 2015 and December 31, 2014, the fair value of the Company’s total cash and cash equivalents and available for sale securities (excluding restricted cash and auction rate securities recorded as other assets), was $556.6 million and $547.5 million, respectively. The following table presents the Company’s assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) at September 30, 2015 (in thousands): Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Auction Rate Securities Balance at January 1, 2015 $ Total realized and unrealized gains or (losses) Included in earnings — Included in other comprehensive income Transferred out — Settlements — Balance at September 30, 2015 $ The fair value of the Company’s long-term debt classified as Level 2 was estimated using discounted cash flow analyses, based on the Company’s current estimated incremental borrowing rates for similar types of borrowing arrangements. The fair value of the Company’s long-term debt is estimated based on current rates offered to the Company for similar debt and was estimated to be $2,129.6 million as of September 30, 2015, as compared to the carrying amount of $2,107.7 million as of September 30, 2015. The fair value of the Company’s long-term debt is estimated based on current rates offered to the Company for similar debt and approximated $1,813.1 million as of December 31, 2014, as compared to the carrying amount of $1,745.8 million as of December 31, 2014.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2015
Income Taxes
Income Taxes	Note H — Income Taxes The Company’s estimated annual effective tax rate for the three and nine months ended September 30, 2015 varied from the federal statutory rate of 35% primarily due to the provision for state income taxes and the impact of non-deductible crew per diem meal expenses.

Legal Matters

Legal Matters	9 Months Ended
	Sep. 30, 2015
Legal Matters
Legal Matters	Note I — Legal Matters The Company is subject to certain legal actions which it considers routine to its business activities. As of September 30, 2015, the Company’s management believed, after consultation with legal counsel, that the ultimate outcome of such legal matters was not likely to have a material adverse effect on the Company’s financial position, liquidity or results of operations.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	9 Months Ended
	Sep. 30, 2015
Recent Accounting Pronouncements
Recent Accounting Pronouncements	Note J — Recent Accounting Pronouncements In April 2015, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update No. 2015-03, “Simplifying the Presentation of Debt Issuance Costs” (“ASU No. 2015-03”). In August 2015, ASU No. 2015-03 was amended to modify existing guidance to require the presentation of debt issuance costs in the balance sheet as a deduction from the carrying amount of the related debt liability instead of as a deferred charge. It is effective for annual reporting periods beginning after December 15, 2015, but early adoption is permitted. The Company anticipates reclassifying the unamortized debt issuance costs and present debt net of those unamortized costs on its balance sheet upon adoption of ASU No. 2015-03. In May 2014, the FASB issued Accounting Standards Update No. 2014-09, “Revenue from Contracts with Customers” (“ASU No. 2014-09”). Under ASU No. 2014-09, revenue is recognized at the time a good or service is transferred to a customer for the amount of consideration received for that specific good or service. In July 2015, the FASB deferred the effective date of ASU No. 2014-09 to January 1, 2018. The FASB also proposed permitting early adoption of the standard, but not before January 1, 2017. Entities may use a full retrospective approach or report the cumulative effect as of the date of adoption. The Company’s management is currently evaluating the impact the adoption of ASU No. 2014-09 is anticipated to have on the Company’s consolidated financial statements.

Passenger and Ground Handling16

Passenger and Ground Handling Revenue (Tables)	9 Months Ended
	Sep. 30, 2015
Delta Connection Agreements
Agreements with other airlines
Schedule of details of agreements with other airlines	Agreement Number of aircraft under respective agreement Term / Termination Dates SkyWest Airlines Delta Connection Agreement (fixed-fee arrangement)  CRJ 200—48  CRJ 700—19  CRJ 900—36  The contract expires on an individual aircraft basis with expirations that commenced in 2015  The final aircraft expires in 2022  Upon expiration, aircraft may be renewed or extended ExpressJet Delta Connection Agreement (fixed-fee arrangement)  CRJ 200—44  CRJ 700—41  CRJ 900—28  The contract expires on an individual aircraft basis with expirations that commenced in 2015  The final aircraft expires in 2022  Upon expiration, aircraft may be renewed or extended SkyWest Airlines Delta Connection Pro-rate Agreement (revenue-sharing arrangement)  CRJ 200—14  Terminates with 30-day notice
United Express Agreements
Agreements with other airlines
Schedule of details of agreements with other airlines	Agreement Number of aircraft under respective agreement Term / Termination Dates SkyWest Airlines United Express Agreements (fixed-fee arrangement)  CRJ 200— 50  CRJ 700— 70  E175— 40  The contract expires on an individual aircraft basis with expirations that commenced in 2015  The final aircraft expires in 2026  Upon expiration, aircraft may be renewed or extended ExpressJet United ERJ Agreement (fixed-fee arrangement)  ERJ 135— 5  ERJ 145— 169  The contract expires on an individual aircraft basis with expirations that commenced in 2015  The final aircraft expires in 2017  Upon expiration, aircraft may be renewed or extended SkyWest Airlines United Express Pro-rate Agreement (revenue-sharing arrangement)  CRJ 200— 26  Terminates with 120-day notice
Alaska Capacity Purchase Agreement
Agreements with other airlines
Schedule of details of agreements with other airlines	Agreement Number of aircraft under respective agreement Term / Termination Dates SkyWest Airlines Alaska Agreement (fixed-fee arrangement)  CRJ 700— 9  E175— 3  CRJ 700 portion terminates 2016 E175 portion terminates 2027  Upon expiration, aircraft may be renewed or extended
American Agreements
Agreements with other airlines
Schedule of details of agreements with other airlines	Agreement Number of aircraft under respective agreement Term / Termination Dates SkyWest Airlines American Agreement Previously under the US Airways Agreement (fixed-fee arrangement)  CRJ 200— 6  Terminates by the end of 2015  Upon expiration, aircraft may be renewed or extended SkyWest Airlines American Agreement Previously under the US Airways Pro-rate Agreement (revenue-sharing arrangement)  CRJ 200— 1  Terminated October 2015 SkyWest Airlines American Agreement (fixed-fee arrangement)  CRJ 200— 12  Terminates 2016  Upon expiration, aircraft may be renewed or extended SkyWest Airlines American Pro-rate Agreement (revenue-sharing arrangement)  CRJ 200— 5  Terminates with 120- day notice ExpressJet American Agreement (fixed-fee arrangement)  CRJ 200— 12  ERJ 145— 16  Terminates 2017  Upon expiration, aircraft may be renewed or extended ExpressJet American Pro-rate Agreement (revenue-sharing arrangement)  CRJ 200— 2  Terminates with 120- day notice

Share-Based Compensation and 17

Share-Based Compensation and Stock Repurchases (Tables)	9 Months Ended
	Sep. 30, 2015
Share-Based Compensation and Stock Repurchases
Schedule of assumptions used and weighted average fair value for stock option grants	Expected annual dividend rate % Risk-free interest rate % Average expected life (years) Expected volatility of common stock Forfeiture rate % Weighted average fair value of option grants $

Net Income (Loss) Per Common 18

Net Income (Loss) Per Common Share (Tables)	9 Months Ended
	Sep. 30, 2015
Net Income (Loss) Per Common Share
Schedule of net income (loss) per common share	The calculation of the weighted average number of common shares outstanding for Basic EPS and Diluted EPS for the periods indicated (in thousands, except per share data) is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (Unaudited) (Unaudited) Numerator Net Income $ $ $ $ Denominator Weighted average number of common shares outstanding Effect of outstanding share-based awards Weighted average number of shares for diluted net income per common share Basic earnings per share $ $ $ $ Diluted earnings per share $ $ $ $

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2015
Segment Reporting
Schedule of Company's segment data	The following represents the Company’s segment data for the three-month periods ended September 30, 2015 and 2014 (in thousands). Three months ended September 30, 2015 SkyWest Airlines ExpressJet Corporate / Consolidating Consolidated Operating revenues $ $ $ $ Operating expense Depreciation and amortization expense Interest expense — Segment profit (loss)(1) ) Identifiable intangible assets, other than goodwill — — Total assets — Capital expenditures (including non-cash) — Three months ended September 30, 2014 SkyWest Airlines ExpressJet Corporate / Consolidating Consolidated Operating revenues $ $ $ $ Operating expense ) Depreciation and amortization expense — Interest expense Segment profit (loss)(1) ) ) Identifiable intangible assets, other than goodwill — — Total assets — Capital expenditures (including non-cash) — (1) Segment profit (loss) is equal to operating income less interest expense The following represents the Company’s segment data for the nine-month periods ended September 30, 2015 and 2014 (in thousands). Nine months ended September 30, 2015 SkyWest Airlines ExpressJet Corporate / Consolidating Consolidated Operating revenues $ $ $ $ Operating expense Depreciation and amortization expense Interest expense — Segment profit (loss)(1) ) Identifiable intangible assets, excluding goodwill — — Total assets — Capital expenditures (including non-cash) — Nine months ended September 30, 2014 SkyWest Airlines ExpressJet Corporate / Consolidating Consolidated Operating revenues $ $ $ $ Operating expense ) Depreciation and amortization expense — Interest expense Segment profit (loss)(1) ) ) ) Identifiable intangible assets, other than goodwill — — Total assets — Capital expenditures (including non-cash) — (1) Segment profit (loss) is equal to operating income less interest expense

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies
Schedule of Future Minimum Rental Payments for Operating Leases	The following table summarizes future minimum rental payments required under operating leases that had initial or remaining non-cancelable lease terms in excess of one year as of September 30, 2015 (in thousands): October through December 2015 $ 2016 2017 2018 2019 Thereafter $

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2015
Fair Value Measurements
Schedule of assets measured at fair value on a recurring basis	As of September 30, 2015 and December 31, 2014, the Company held certain assets that are required to be measured at fair value on a recurring basis. Assets measured at fair value on a recurring basis are summarized below (in thousands): Fair Value Measurements as of September 30, 2015 Total Level 1 Level 2 Level 3 Marketable Securities Bonds and bond funds $ $ — $ $ — Asset backed securities — — $ — $ — Cash, Cash Equivalents and Restricted Cash — — Other Assets (a) — — Total Assets Measured at Fair Value $ $ $ $ Fair Value Measurements as of December 31, 2014 Total Level 1 Level 2 Level 3 Marketable Securities Bonds and bond funds $ $ — $ $ — Asset backed securities — — $ — $ — Cash, Cash Equivalents and Restricted Cash — — Other Assets (a) — — Total Assets Measured at Fair Value $ $ $ $ (a) Comprised of auction rate securities which are reflected in “Other assets” in the Company’s unaudited condensed consolidated balance sheets
Schedule of fair value measurements using significant unobservable inputs	The following table presents the Company’s assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) at September 30, 2015 (in thousands): Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Auction Rate Securities Balance at January 1, 2015 $ Total realized and unrealized gains or (losses) Included in earnings — Included in other comprehensive income Transferred out — Settlements — Balance at September 30, 2015 $

Passenger and Ground Handling22

Passenger and Ground Handling Revenue (Details)	1 Months Ended			9 Months Ended
	Oct. 31, 2015aircraft	Sep. 30, 2015aircraft	Jun. 30, 2015aircraft	Sep. 30, 2015item
Delta Connection Agreements | CRJ 200 | Sky West Airlines Inc
Agreements with other airlines
Number of aircraft under contract				48
Delta Connection Agreements | CRJ 200 | ExpressJet
Agreements with other airlines
Number of aircraft under contract				44
Delta Connection Agreements | CRJ 700 | Sky West Airlines Inc
Agreements with other airlines
Number of aircraft under contract				19
Delta Connection Agreements | CRJ 700 | ExpressJet
Agreements with other airlines
Number of aircraft under contract				41
Delta Connection Agreements | CRJ 900 | Sky West Airlines Inc
Agreements with other airlines
Number of aircraft under contract				36
Delta Connection Agreements | CRJ 900 | ExpressJet
Agreements with other airlines
Number of aircraft under contract				28
Delta Connection Agreements | E 175
Agreements with other airlines
Number of new aircrafts into service | aircraft	19
Delta Connection Pro-rate Agreement | Sky West Airlines Inc
Agreements with other airlines
Notice period for termination of agreement				30 days
Delta Connection Pro-rate Agreement | CRJ 200 | Sky West Airlines Inc
Agreements with other airlines
Number of aircraft under contract				14
United Express Agreements | CRJ 200 | Sky West Airlines Inc
Agreements with other airlines
Number of aircraft under contract				50
United Express Agreements | CRJ 700 | Sky West Airlines Inc
Agreements with other airlines
Number of aircraft under contract				70
United Express Agreements | E 175
Agreements with other airlines
Number of additional aircrafts into service | aircraft		18
Number of total aircrafts into service | aircraft		58
United Express Agreements | E 175 | Sky West Airlines Inc
Agreements with other airlines
Number of aircraft under contract				40
United Express Agreements | ERJ 145 | ExpressJet
Agreements with other airlines
Number of aircraft under contract				169
United Express Agreements | ERJ135 | ExpressJet
Agreements with other airlines
Number of aircraft under contract				5
United Express Prorate Agreement | Sky West Airlines Inc
Agreements with other airlines
Notice period for termination of agreement				120 days
United Express Prorate Agreement | CRJ 200 | Sky West Airlines Inc
Agreements with other airlines
Number of aircraft under contract				26
Alaska Capacity Purchase Agreement | CRJ 700 | Sky West Airlines Inc
Agreements with other airlines
Number of aircraft under contract				9
Alaska Capacity Purchase Agreement | E 175
Agreements with other airlines
Number of additional aircrafts into service | aircraft			8
Number of agreed additional aircrafts into service | aircraft			4
Number of total aircrafts into service | aircraft			15
Alaska Capacity Purchase Agreement | E 175 | Sky West Airlines Inc
Agreements with other airlines
Number of aircraft under contract				3
American Agreement Previously under US Airways Agreement | CRJ 200 | Sky West Airlines Inc
Agreements with other airlines
Number of aircraft under contract				6
American Pro-rate Agreement Previously under US Airways Pro-rate Agreement | CRJ 200 | Sky West Airlines Inc
Agreements with other airlines
Number of aircraft under contract				1
American Capacity Purchase Agreement | CRJ 200 | Sky West Airlines Inc
Agreements with other airlines
Number of aircraft under contract				12
American Capacity Purchase Agreement | CRJ 200 | ExpressJet
Agreements with other airlines
Number of aircraft under contract				12
American Capacity Purchase Agreement | ERJ 145 | ExpressJet
Agreements with other airlines
Number of aircraft under contract				16
American Prorate Agreement | Sky West Airlines Inc
Agreements with other airlines
Notice period for termination of agreement				120 days
American Prorate Agreement | ExpressJet
Agreements with other airlines
Term of agreement				120 days
American Prorate Agreement | CRJ 200 | Sky West Airlines Inc
Agreements with other airlines
Number of aircraft under contract				5
American Prorate Agreement | CRJ 200 | ExpressJet
Agreements with other airlines
Number of aircraft under contract				2

Share-Based Compensation and 23

Share-Based Compensation and Stock Repurchases (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Share-Based Compensation and Stock Repurchases
Stock based compensation expense	$ 1.1	$ 0.9	$ 4	$ 3.7
Common stock repurchased (in shares)			1,250,000	670,000
Common stock repurchased, value			$ 18.7	$ 8.4
Employee Stock Option
Assumptions used to determine value of the shares purchased under the stock purchase plan using Black-Scholes option pricing model
Expected annual dividend rate (as a percent)			1.18%
Risk-free interest rate (as a percent)			1.62%
Average expected life			5 years 8 months 12 days
Expected volatility of common stock (as a percent)			0.401%
Forfeiture rate (as a percent)			0.00%
Weighted average fair value of option grants			$ 4.75
Restricted Stock Units (RSUs)
Assumptions used to determine value of the shares purchased under the stock purchase plan using Black-Scholes option pricing model
Granted (in dollars per share)			$ 13.51
Restricted Stock Units (RSUs) | Director
Assumptions used to determine value of the shares purchased under the stock purchase plan using Black-Scholes option pricing model
Granted (in shares)			36,950
Long Term Incentive Plan 2010 | Employee Stock Option
Stock Compensation
Options granted (in shares)			266,304
Long Term Incentive Plan 2010 | Restricted Stock Units (RSUs)
Assumptions used to determine value of the shares purchased under the stock purchase plan using Black-Scholes option pricing model
Granted (in shares)			407,042
Vesting period			3 years
Long Term Incentive Plan 2010 | Performance Restricted Stock Units
Assumptions used to determine value of the shares purchased under the stock purchase plan using Black-Scholes option pricing model
Granted (in shares)			224,869
Vesting period			3 years

Net Income (Loss) Per Common 24

Net Income (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Net Income (Loss) Per Common Share
Number of outstanding options not included in computation of Diluted EPS (in shares)	0	2,942,000	672,871	3,055,000
Numerator
Net Income	$ 36,268	$ 41,338	$ 77,363	$ 3,713
Denominator
Weighted average number of common shares outstanding	50,616,000	51,322,000	51,143,000	51,324,000
Effect of outstanding share-based awards	666,000	714,000	739,000	238,000
Weighted average number of shares for diluted net income per common share	51,282,000	52,036,000	51,882,000	51,562,000
Basic earnings per share (in dollars per share)	$ 0.72	$ 0.81	$ 1.51	$ 0.07
Diluted earnings per share (in dollars per share)	$ 0.71	$ 0.79	$ 1.49	$ 0.07

Segment Reporting (Details)

Segment Reporting (Details) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)segment	Sep. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Segment Reporting
Operating segments number | segment				2
Number of operating subsidiaries representing operating segments | segment				2
Segment Reporting
Operating revenues		$ 794,004	$ 834,633	$ 2,342,819	$ 2,423,592
Operating expense		715,708	775,553	2,160,515	2,379,044
Depreciation and amortization expense		66,603	65,822	196,953	192,389
Interest expense		19,914	16,883	56,460	48,697
Segment profit (loss)		59,763	68,344	128,561	20,168
Identifiable intangible assets, other than goodwill		11,061	13,311	11,061	13,311	$ 12,748
Total assets		4,926,443	4,397,632	4,926,443	4,397,632	$ 4,409,928
Capital expenditures (including non - cash)		149,504	192,830	672,574	506,364
Corporate/Consolidating
Segment Reporting
Operating revenues		6,439	474	15,414	1,422
Operating expense		651	(77)	2,355	(97)
Depreciation and amortization expense		262		787
Interest expense			699		2,208
SkyWest Airlines
Segment Reporting
Operating revenues		504,531	493,606	1,430,722	1,416,149
Operating expense		428,116	430,024	1,246,378	1,289,218
Depreciation and amortization expense		44,766	43,853	131,249	125,811
Interest expense		17,048	11,492	46,515	32,180
Total assets		3,523,549	2,825,243	3,523,549	2,825,243
Capital expenditures (including non - cash)		144,367	186,678	652,714	487,711
Express Jet Airlines Inc
Segment Reporting
Operating revenues		283,034	340,553	896,683	1,006,021
Operating expense		286,941	345,606	911,782	1,089,923
Depreciation and amortization expense		21,575	21,969	64,917	66,578
Interest expense		2,866	4,692	9,945	14,309
Identifiable intangible assets, other than goodwill		11,061	13,311	11,061	13,311
Total assets		1,402,894	1,572,389	1,402,894	1,572,389
Capital expenditures (including non - cash)		5,137	6,152	19,860	18,653
Segment [Member]
Segment Reporting
Segment profit (loss)	[1]	58,382	42,197	125,844	(4,149)
Segment [Member] | Corporate/Consolidating
Segment Reporting
Segment profit (loss)	[1]	5,788	(148)	13,059	(689)
Segment [Member] | SkyWest Airlines
Segment Reporting
Segment profit (loss)	[1]	59,367	52,090	137,829	94,751
Segment [Member] | Express Jet Airlines Inc
Segment Reporting
Segment profit (loss)	[1]	$ (6,773)	$ (9,745)	$ (25,044)	$ (98,211)
[1]	Segment profit (loss) is equal to operating income less interest expense

Commitments and Contingencies26

Commitments and Contingencies (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2015USD ($)aircraft	Sep. 30, 2015USD ($)aircraft	Dec. 31, 2014USD ($)
Supply Commitment [Line Items]
Long-term debt amount	$ 25,000	$ 25,000
Debt Instrument, Term		4 years
Interest rate (as a percent)	3.30%	3.30%
Future minimum rental payments required under operating leases
October through December 2015	$ 93,236	$ 93,236
2,016	267,353	267,353
2,017	191,506	191,506
2,018	153,042	153,042
2,019	120,072	120,072
Thereafter	472,800	472,800
Total future lease obligations	$ 1,298,009	$ 1,298,009
E 175
Supply Commitment [Line Items]
Number of aircrafts committed to purchase | aircraft		49
Number of aircraft delivered | aircraft	5	23
Debt issued to purchase of aircraft	$ 113,700	$ 521,200
Debt Instrument, Term		12 years
E 175 | Minimum
Supply Commitment [Line Items]
Interest rate (as a percent)	3.40%	3.40%
E 175 | Maximum
Supply Commitment [Line Items]
Interest rate (as a percent)	4.00%	4.00%
EMB 120
Future minimum rental payments required under operating leases
Total future lease obligations	$ 1,500	$ 1,500	$ 3,800

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Fair Value Measurements
Marketable securities	$ 429,806	$ 415,273
Auction Rate Securities
Changes in assets measured at fair value on a recurring basis using significant unobservable inputs (level 3)
Balance at the beginning of the period	2,309
Total realized and unrealized gains or (losses) Included in other comprehensive income	4
Balance at the end of the period	2,313
Recurring
Fair Value Measurements
Marketable securities	429,806	415,273
Cash, Cash Equivalents and Restricted Cash	138,328	143,857
Other Assets	2,313	2,309
Total Assets Measured at Fair Value	570,447	561,439
Cost of cash and cash equivalents and available for sale securities	556,500	548,000
Fair value of cash and cash equivalents and available for sale securities	556,600	547,500
Recurring | Bonds and bond funds
Fair Value Measurements
Marketable securities	429,756	410,163
Recurring | Asset-backed Securities
Fair Value Measurements
Marketable securities	50	5,110
Recurring | Level 1
Fair Value Measurements
Cash, Cash Equivalents and Restricted Cash	138,328	143,857
Total Assets Measured at Fair Value	138,328	143,857
Recurring | Level 2
Fair Value Measurements
Marketable securities	429,806	415,273
Total Assets Measured at Fair Value	429,806	415,273
Fair Value of Financial Instruments
Fair value of long-term debt	2,129,600	1,813,100
Carrying amount of long-term debt	2,107,700	1,745,800
Recurring | Level 2 | Bonds and bond funds
Fair Value Measurements
Marketable securities	429,756	410,163
Recurring | Level 2 | Asset-backed Securities
Fair Value Measurements
Marketable securities	50	5,110
Recurring | Level 3
Fair Value Measurements
Other Assets	2,313	2,309	[1]
Total Assets Measured at Fair Value	$ 2,313	$ 2,309
[1]	Comprised of auction rate securities which is reflected in “Other assets” in the Company’s unaudited condensed consolidated balance sheets

Income Taxes (Details)

Income Taxes (Details)	9 Months Ended
	Sep. 30, 2015
Income Taxes
Statutory Federal income tax rate (as a percent)	35.00%