SkyWest (SKYW) 10-Q 9 Aug 21 2021 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2021	Jul. 30, 2021
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	0-14719
Entity Registrant Name	SKYWEST INC
Entity Incorporation, State or Country Code	UT
Entity Tax Identification Number	87-0292166
Entity Address, Address Line One	444 South River Road
Entity Address, City or Town	St. George
Entity Address, State or Province	UT
Entity Address, Postal Zip Code	84790
City Area Code	435
Local Phone Number	634-3000
Title of 12(b) Security	Common Stock, No Par Value
Trading Symbol	SKYW
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		50,379,791
Entity Central Index Key	0000793733
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
CURRENT ASSETS:
Cash and cash equivalents	$ 345,854	$ 215,723
Marketable securities	609,821	610,185
Receivables, net	55,908	34,462
Inventories, net	97,987	91,196
Other current assets	21,263	31,236
Total current assets	1,130,833	982,802
PROPERTY AND EQUIPMENT:
Aircraft and rotable spares	7,613,584	7,527,555
Deposits on aircraft	90,044	31,625
Buildings and ground equipment	252,638	258,863
Total property and equipment, gross	7,956,266	7,818,043
Less-accumulated depreciation and amortization	(2,671,940)	(2,455,995)
Total property and equipment, net	5,284,326	5,362,048
OTHER ASSETS:
Operating lease right-of-use assets	262,172	282,362
Long-term receivables and other assets	314,432	260,410
Total other assets	576,604	542,772
Total assets	6,991,763	6,887,622
CURRENT LIABILITIES:
Current maturities of long-term debt	360,968	402,158
Accounts payable	299,757	278,677
Accrued salaries, wages and benefits	141,842	125,944
Current maturities of operating lease liabilities	78,289	82,641
Taxes other than income taxes	28,505	26,183
Other current liabilities	199,997	26,119
Total current liabilities	1,109,358	941,722
LONG-TERM DEBT, net of current maturities	2,652,262	2,801,538
DEFERRED INCOME TAXES PAYABLE	656,259	625,931
NONCURRENT OPERATING LEASE LIABILITIES	187,860	205,845
OTHER LONG-TERM LIABILITIES	137,119	173,041
COMMITMENTS AND CONTINGENCIES (Note 7)
STOCKHOLDERS' EQUITY:
Preferred stock, 5,000,000 shares authorized; none issued
Common stock, no par value, 120,000,000 shares authorized; 82,301,551 and 82,094,985 shares issued as of June 30, 2021 and December 31, 2020, respectively	717,714	704,675
Retained earnings	2,149,900	2,052,006
Treasury stock, at cost, 31,955,991 and 31,913,635 shares as of June 30, 2021 and December 31, 2020, respectively	(618,709)	(617,136)
Total stockholders' equity	2,248,905	2,139,545
Total liabilities and stockholders' equity	$ 6,991,763	$ 6,887,622

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
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	82,301,551	82,094,985
Treasury stock, at cost, shares	31,955,991	31,913,635

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
OPERATING REVENUES:
Total operating revenues	$ 656,990	$ 350,039	$ 1,191,545	$ 1,079,975
OPERATING EXPENSES:
Salaries, wages and benefits	233,423	170,218	453,265	419,379
Depreciation and amortization	109,895	131,638	219,492	243,346
Payroll support grant	(114,144)	(151,938)	(307,317)	(151,938)
Other operating expenses	58,286	38,167	112,774	107,589
Total operating expenses	541,967	354,442	995,680	1,018,057
OPERATING INCOME (LOSS)	115,023	(4,403)	195,865	61,918
OTHER INCOME (EXPENSE):
Interest income	210	1,685	494	4,249
Interest expense	(33,940)	(30,926)	(65,294)	(61,130)
Other income, net	80	402	296	800
Total other expense, net	(33,650)	(28,839)	(64,504)	(56,081)
INCOME (LOSS) BEFORE INCOME TAXES	81,373	(33,242)	131,361	5,837
PROVISION (BENEFIT) FOR INCOME TAXES	19,379	(7,527)	33,467	1,564
NET INCOME (LOSS)	$ 61,994	$ (25,715)	$ 97,894	$ 4,273
BASIC EARNINGS (LOSS) PER SHARE (in dollars per share)	$ 1.23	$ (0.51)	$ 1.95	$ 0.09
DILUTED EARNINGS (LOSS) PER SHARE (in dollars per share)	$ 1.22	$ (0.51)	$ 1.93	$ 0.08
Weighted average common shares:
Basic (in shares)	50,346	50,140	50,316	50,208
Diluted (in shares)	50,725	50,140	50,727	50,357
COMPREHENSIVE INCOME (LOSS):
Net income (loss)	$ 61,994	$ (25,715)	$ 97,894	$ 4,273
Net unrealized appreciation on marketable securities, net of taxes		307		307
TOTAL COMPREHENSIVE INCOME (LOSS)	61,994	(25,408)	97,894	4,580
Flying agreements
OPERATING REVENUES:
Total operating revenues	632,967	336,370	1,144,158	1,045,864
Lease, airport services and other
OPERATING REVENUES:
Total operating revenues	24,023	13,669	47,387	34,111
Aircraft maintenance, materials and repairs
OPERATING EXPENSES:
Total operating expenses	190,879	121,289	394,706	281,505
Airport-related expenses
OPERATING EXPENSES:
Total operating expenses	22,038	21,550	46,486	52,190
Aircraft fuel
OPERATING EXPENSES:
Total operating expenses	25,867	6,821	45,061	32,234
Aircraft rentals
OPERATING EXPENSES:
Total operating expenses	$ 15,723	$ 16,697	$ 31,213	$ 33,752

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY - USD ($) shares in Thousands, $ in Thousands	Common StockCumulative Effect, Period of Adoption, as Adjusted	Common Stock	Retained EarningsCumulative Effect, Period of Adoption, Adjustment	Retained EarningsCumulative Effect, Period of Adoption, as Adjusted	Retained Earnings	Treasury StockCumulative Effect, Period of Adoption, as Adjusted	Treasury Stock	Accumulated Other Comprehensive Income (Loss)	Cumulative Effect, Period of Adoption, Adjustment	Cumulative Effect, Period of Adoption, as Adjusted	Total
Balance at Dec. 31, 2019	$ 686,806	$ 686,806	$ (11,639)	$ 2,067,540	$ 2,079,179	$ (590,971)	$ (590,971)		$ (11,639)	$ 2,163,375	$ 2,175,014
Balance (in shares) at Dec. 31, 2019	81,743	81,743				(31,420)	(31,420)
Increase (Decrease) in Stockholders' Equity
Net income (loss)					29,988						29,988
Exercise of common stock options and vested employee stock awards		$ 38									38
Exercise of common stock options and vested employee stock awards (in shares)		287
Employee income tax paid on vested equity awards							$ (6,165)				(6,165)
Employee income tax paid on vested equity awards (in shares)							(108)
Sale of common stock under employee stock purchase plan		$ 1,494									1,494
Sale of common stock under employee stock purchase plan (in shares)		24
Stock based compensation expense		$ 1,727									1,727
Treasury stock purchases							$ (20,000)				(20,000)
Treasury stock purchases (in shares)							(386)
Cash dividends declared ($0.14 per share)					(7,019)						(7,019)
Balance at Mar. 31, 2020		$ 690,065			2,090,509		$ (617,136)				2,163,438
Balance (in shares) at Mar. 31, 2020		82,054					(31,914)
Balance at Dec. 31, 2019	$ 686,806	$ 686,806	$ (11,639)	$ 2,067,540	2,079,179	$ (590,971)	$ (590,971)		$ (11,639)	$ 2,163,375	2,175,014
Balance (in shares) at Dec. 31, 2019	81,743	81,743				(31,420)	(31,420)
Increase (Decrease) in Stockholders' Equity
Net income (loss)											4,273
Net unrealized appreciation on marketable securities, net of tax											307
Balance at Jun. 30, 2020		$ 694,997			2,064,794		$ (617,136)	$ 307			2,142,962
Balance (in shares) at Jun. 30, 2020		82,054					(31,914)
Balance at Mar. 31, 2020		$ 690,065			2,090,509		$ (617,136)				2,163,438
Balance (in shares) at Mar. 31, 2020		82,054					(31,914)
Increase (Decrease) in Stockholders' Equity
Net income (loss)					(25,715)						(25,715)
Stock based compensation expense		$ 2,087									2,087
Warrants issued to U.S. Treasury		2,845									2,845
Net unrealized appreciation on marketable securities, net of tax								307			307
Balance at Jun. 30, 2020		$ 694,997			2,064,794		$ (617,136)	$ 307			2,142,962
Balance (in shares) at Jun. 30, 2020		82,054					(31,914)
Balance at Dec. 31, 2020		$ 704,675			2,052,006		$ (617,136)				2,139,545
Balance (in shares) at Dec. 31, 2020		82,095					(31,914)
Increase (Decrease) in Stockholders' Equity
Net income (loss)					35,900						35,900
Exercise of common stock options and vested employee stock awards		$ 606									606
Exercise of common stock options and vested employee stock awards (in shares)		177
Employee income tax paid on vested equity awards							$ (1,573)				(1,573)
Employee income tax paid on vested equity awards (in shares)							(42)
Sale of common stock under employee stock purchase plan		$ 1,139									1,139
Sale of common stock under employee stock purchase plan (in shares)		30
Stock based compensation expense		$ 2,613									2,613
Warrants issued to U.S. Treasury		3,291									3,291
Balance at Mar. 31, 2021		$ 712,324			2,087,906		$ (618,709)				2,181,521
Balance (in shares) at Mar. 31, 2021		82,302					(31,956)
Balance at Dec. 31, 2020		$ 704,675			2,052,006		$ (617,136)				2,139,545
Balance (in shares) at Dec. 31, 2020		82,095					(31,914)
Increase (Decrease) in Stockholders' Equity
Net income (loss)											97,894
Balance at Jun. 30, 2021		$ 717,714			2,149,900		$ (618,709)				2,248,905
Balance (in shares) at Jun. 30, 2021		82,302					(31,956)
Balance at Mar. 31, 2021		$ 712,324			2,087,906		$ (618,709)				2,181,521
Balance (in shares) at Mar. 31, 2021		82,302					(31,956)
Increase (Decrease) in Stockholders' Equity
Net income (loss)					61,994						61,994
Stock based compensation expense		$ 2,877									2,877
Warrants issued to U.S. Treasury		2,513									2,513
Balance at Jun. 30, 2021		$ 717,714			$ 2,149,900		$ (618,709)				$ 2,248,905
Balance (in shares) at Jun. 30, 2021		82,302					(31,956)

CONSOLIDATED STATEMENTS OF ST_2

CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2020	Mar. 31, 2020
CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY
Cash dividends declared (in dollars per share)		$ 0.14
Net unrealized appreciation (depreciation) on marketable securities, tax	$ 99

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
NET CASH PROVIDED BY OPERATING ACTIVITIES	$ 498,688	$ 492,283
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of marketable securities	(798,877)	(475,156)
Sales of marketable securities	799,241	598,606
Acquisition of property and equipment:
Aircraft and rotable spare parts	(63,450)	(161,167)
Buildings and ground equipment	(8,700)	(8,695)
Proceeds from the sale of property and equipment	2,282	1,366
Deposits on aircraft	(58,269)	(625)
Return of deposits applied towards acquired aircraft		9,220
Increase in other assets	(54,608)	(34,172)
NET CASH USED IN INVESTING ACTIVITIES	(182,381)	(70,623)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of long-term debt	95,430	98,059
Principal payments on long-term debt	(281,778)	(115,189)
Net proceeds from issuance of common stock	1,745	1,532
Purchase of treasury stock		(20,000)
Employee income tax paid on vested equity awards	(1,573)	(6,165)
Payment of debt issuance cost		(1,797)
Payment of cash dividends		(13,059)
NET CASH USED IN FINANCING ACTIVITIES	(186,176)	(56,619)
Increase in cash and cash equivalents	130,131	365,041
Cash and cash equivalents at beginning of period	215,723	87,206
CASH AND CASH EQUIVALENTS AT END OF PERIOD	345,854	452,247
Non-cash investing and financing activities:
Acquisition of rotable spare parts	11,797	13,522
Warrants issued to U.S. Treasury	5,804	2,845
Cash paid during the period for:
Interest, net of capitalized amounts	66,767	41,881
Income taxes	$ 457	$ 303

Condensed Consolidated Financia

Condensed Consolidated Financial Statements	6 Months Ended
	Jun. 30, 2021
Condensed Consolidated Financial Statements
Condensed Consolidated Financial Statements	( 1) Condensed Consolidated Financial Statements Basis of Presentation The condensed consolidated financial statements of SkyWest, Inc. (“SkyWest” or the “Company”) and its operating subsidiary SkyWest Airlines, Inc. (“SkyWest Airlines”) and its leasing subsidiary SkyWest Leasing, Inc. (“SkyWest Leasing”) included herein have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). 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. These condensed consolidated financial statements should 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, 2020. Due in part to the severe effects from the global COVID-19 pandemic, in addition to other factors, the results of operations for the three and six months ended June 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. 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 could differ materially from those estimates and assumptions.

Impact of the COVID-19 Pandemic

Impact of the COVID-19 Pandemic	6 Months Ended
	Jun. 30, 2021
Impact of the COVID-19 Pandemic
Impact of the COVID-19 Pandemic	(2) Impact of the COVID-19 Pandemic COVID-19, which was declared a global health pandemic by the World Health Organization in March 2020, has had a significant, negative impact on the Company’s business and financial results beginning in March 2020 and has materially and adversely affected the Company’s revenues, particularly under its prorate agreements. The Company operated 80,755 flights during the second quarter of 2020, which increased to 185,498 flights, or 129.7%, during second quarter of 2021. However, the Company operated 215,052 flights during the second quarter of 2019 and the Company has not returned to pre-COVID flight levels as of June 30, 2021. The rate of recovery from the impact of COVID-19 and whether such recovery will be sustained are uncertain as factors outside of the Company’s control, including the distribution and efficacy of vaccines, new variants of the virus, and continued or new government travel restrictions, cannot be estimated. Liquidity. 2021 Appropriations Act. In connection with the receipt of financial assistance under the PSP Extension Agreement, SkyWest Airlines is required to comply with the relevant provisions of the 2021 Appropriations Act, many of which are substantially similar to the requirements placed on SkyWest Airlines by the Payroll Support Program under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) that the Company entered into with U.S. Treasury in April 2020. The PSP Extension Agreement payments received through June 30, 2021 included $217.7 million in the form of a payroll grant and $50.4 million in the form of an unsecured 10-year The relative fair value of the warrants is recorded within stockholder's equity and as a discount reducing the carrying value of the loan, which will be amortized as interest expense in the Company’s income statement over the term of the loan. The proceeds of the grant are recorded in cash and cash equivalents when received and will be recognized as a reduction in expense in payroll support grant in the Company’s income statement over the periods that the funds are intended to compensate. American Rescue Plan Act of 2021. In connection with the receipt of financial assistance under the PSP 3 Agreement, SkyWest Airlines is required to comply with the relevant provisions of the American Rescue Plan Act, many of which are substantially similar to the requirements placed on SkyWest Airlines by the Payroll Support Program Agreement under the CARES Act and the PSP Extension Agreement under the 2021 Appropriations Act. The relevant provisions include the requirement that the funding be used exclusively for the continuation of payment of employee wages, salaries and benefits. Similar to the previous Payroll Support Programs, SkyWest Airlines and, in some cases, the Company is also subject to certain restrictions, including, but not limited to, limitations on involuntary terminations, pay rate reductions and furloughs through September 30, 2021, restrictions on the payment of dividends and the repurchase of shares through September 30, 2022, and certain limitations on executive compensation through April 1, 2023. The PSP 3 Agreement payments received through June 30, 2021 included $205.0 million in the form of a payroll grant and $45.0 million in the form of an unsecured 10-year loan. The loan bears interest at an annual rate of 1.00% for the first five years (through April 2026) and the Secured Overnight Financing Rate plus 2.00% in the final five years. In return, the Company issued to U.S. Treasury warrants to purchase up to 78,317 shares of the Company’s common stock. These warrants have an exercise price of $57.47 per share and a five-year term from the date of issuance. The relative fair value of the warrants is recorded within stockholder's equity and as a discount reducing the carrying value of the loan, which will be amortized as interest expense in the Company’s income statement over the term of the loan. The proceeds of the grant are recorded in cash and cash equivalents when received and will be recognized as a reduction in expense in payroll support grant in the Company’s income statement over the periods that the funds are intended to compensate. Treasury Secured Loan. of aircraft engines and aircraft parts, was released.

Flying Agreements Revenue and L

Flying Agreements Revenue and Lease, Airport Services and Other Revenues	6 Months Ended
	Jun. 30, 2021
Flying Agreements Revenue and Lease, Airport Services and Other Revenues
Flying Agreements Revenue and Lease, Airport Services and Other Revenues	(3) Flying Agreements Revenue and Lease, Airport Services and Other Revenues The Company recognizes flying agreements revenue and lease, airport services and other revenues when the service is provided under the applicable agreement. Under the Company’s fixed-fee arrangements (referred to as “capacity purchase agreements”) with United Airlines, Inc. (“United”), Delta Air Lines, Inc. (“Delta”), American Airlines, Inc. (“American”) and Alaska Airlines, Inc. (“Alaska”) (each, a “major airline partner”), the major airline partner generally pays the Company a fixed-fee for each departure, flight hour (measured from takeoff to landing, excluding taxi time) or block hour (measured from takeoff to landing, including taxi 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 pays for or reimburses the Company for certain direct expenses incurred under the capacity purchase agreement, such as fuel, airport landing fees and airport rents. Under the capacity purchase agreements, the Company’s performance obligation is met when each flight is completed, measured in completed block hours, and is reflected in flying agreements revenue. The transaction price for the capacity purchase agreements is determined from the fixed-fee consideration, incentive consideration and directly reimbursed expenses earned as flights are completed over the agreement term. For the six months ended June 30, 2021 and 2020, capacity purchase agreements represented approximately 85.0% and 86.9% of the Company’s flying agreements revenue, respectively. Under the Company’s prorate arrangements (referred to as a “prorate” or “revenue-sharing” agreement), the major airline partner and the Company negotiate a passenger fare proration formula, pursuant to which the Company receives a percentage of the ticket revenues for those passengers traveling for one portion of their trip on a Company airline and the other portion of their trip on the major airline partner. Under the Company’s prorate flying agreements, the performance obligation is met and revenue is recognized when each flight is completed based upon the portion of the prorate passenger fare the Company anticipates that it will receive for each completed flight. The transaction price for the prorate agreements is determined from the proration formula derived from each passenger ticket amount on each completed flight over the agreement term. For the six months ended June 30, 2021 and 2020, prorate flying agreements represented approximately The following table represents the Company’s flying agreements revenue by type for the three and six months ended June 30, 2021 and 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended June 30, ​ For the six months ended June 30, ​ 2021 2020 2021 2020 Capacity purchase agreements revenue: flight operations ​ $ 273,176 ​ $ 132,061 ​ $ 484,228 ​ $ 498,469 Capacity purchase agreements revenue: aircraft lease and fixed revenue ​ 256,559 ​ 168,103 ​ 488,050 ​ 410,838 Prorate agreements revenue ​ 103,232 ​ 36,206 ​ 171,880 ​ 136,557 Flying agreements revenue ​ $ 632,967 ​ $ 336,370 ​ $ 1,144,158 $ 1,045,864 ​ A portion of the Company’s compensation under its capacity purchase agreements is designed to reimburse the Company for certain aircraft ownership costs. The consideration for aircraft ownership costs varies by agreement but is intended to cover either the Company’s aircraft principal and interest debt service costs, its aircraft depreciation and interest expense or its aircraft lease expense costs while the aircraft is under contract. The consideration received for the use of the aircraft under the Company’s capacity purchase agreements is reflected as lease revenue, inasmuch as the agreements identify the “right of use” of a specific type and number of aircraft over a stated period of time. The lease revenue associated with the Company’s capacity purchase agreements is accounted for as an operating lease and is reflected as flying agreements revenue on the Company’s consolidated statements of comprehensive income. The Company has not separately stated aircraft rental income and aircraft rental expense in the consolidated statement of comprehensive income since the use of the aircraft is not a separate activity of the total service provided. Under the Company’s capacity purchase agreements, the Company is paid a fixed amount per aircraft each month over the contract term. The Company recognizes revenue attributed to the fixed monthly payments proportionate to the number of block hours completed during each reporting period, relative to the estimated number of block hours the Company anticipates completing over the remaining contract term. Due to the lower number of flights operated during the six months ended June 30, 2021 and 2020 compared to historical levels, the amount of cash collected for the fixed amount per aircraft exceeded the revenue recognized based on flights completed. Accordingly, the Company deferred recognizing revenue of $26.8 million and $69.1 million of fixed monthly cash payments the Company received under its capacity purchase agreements during the six months ended June 30, 2021 and 2020, respectively. The Company’s deferred revenue balance was $137.5 million as of June 30, 2021, including $60.5 million in other current liabilities and $77.0 million in other long-term liabilities. The Company anticipates the future monthly flight levels will increase over the remaining applicable contract terms compared to the six months ended June 30, 2021. The Company’s deferred revenue balance will be recognized based on the number of block hours completed during each period relative to the estimated number of block hours the Company anticipates completing over the remaining contract term. The Company’s capacity purchase and prorate agreements include weekly provisional cash payments from the respective major airline partner based on a projected level of flying each month. The Company and each major airline partner subsequently reconcile these payments to the actual completed flight activity on a monthly or quarterly basis. As of June 30, 2021, the Company had 478 aircraft in scheduled service under code-share agreements. The following table summarizes the significant provisions of each code-share agreement SkyWest Airlines has with each major airline partner: ​ ​ ​ ​ ​ ​ ​ United Express Agreements Agreement Aircraft type Number of Term / Termination Dates United Express Agreements (capacity purchase agreement) ​ • E175 • CRJ 700 • CRJ 200 ​ 90 19 70 ​ • Individual aircraft have scheduled removal dates from 2022 to 2029 United Express Prorate Agreement (prorate agreement) ​ • CRJ 200 ​ 42 ​ • Terminable with 120-day notice Total under United Express Agreements ​ ​ ​ 221 ​ ​ ​ ​ Delta Connection Agreements Agreement Aircraft type Number of Term / Termination Dates Delta Connection Agreement (capacity purchase agreement) ​ • E175 • CRJ 900 • CRJ 700 ​ 71 40 5 ​ • Individual aircraft have scheduled removal dates from 2022 to 2031 Delta Connection Prorate Agreement (prorate agreement) ​ • CRJ 200 ​ 29 ​ • Terminable with 30-day notice Total under Delta Connection Agreements ​ ​ ​ 145 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ American Capacity Purchase Agreement Agreement Aircraft type Number of Term / Termination Dates American Agreement (capacity purchase agreement) ​ • CRJ 700 ​ 80 ​ • Individual aircraft have scheduled removal dates from 2024 to 2026 ​ ​ Alaska Capacity Purchase Agreement Agreement Aircraft type Number of Term / Termination Dates Alaska Agreement (capacity purchase agreement) ​ • E175 ​ 32 ​ • Individual aircraft have scheduled removal dates in 2030 ​ In addition to the contractual arrangements described above, as of June 30, 2021, SkyWest Airlines has a capacity purchase agreement with American to place 20 Embraer E175 dual-class regional jet aircraft (“E175”) into service. The delivery dates for the 20 new E175 aircraft are currently scheduled for the third and fourth quarters of 2021 and early 2022 and the aircraft are expected to be placed into service in 2022. As of June 30, 2021, SkyWest Airlines has a capacity purchase agreement with Alaska to place nine E175 aircraft into service. The delivery dates for the nine new E175 aircraft are currently scheduled for 2022 and the first half of 2023, and the aircraft are expected to be placed into service in 2022 and 2023. SkyWest Airlines also has an agreement with American to place 21 used Canadair CRJ700 regional jet aircraft (“CRJ700”) under a multi-year capacity purchase agreement with scheduled in service dates into 2023. Final delivery dates may be adjusted based on various factors. When an aircraft is scheduled to be removed from a capacity purchase agreement, the Company may, as practical under the circumstances, negotiate an extension with the respective major airline partner, negotiate the placement of the aircraft with another major airline partner, return the aircraft to the lessor if the aircraft is leased and the lease is expiring, place owned aircraft for sale, or pursue other uses for the aircraft. Other uses for the aircraft may include placing the aircraft in a prorate agreement, leasing the aircraft to a third party or parting out the aircraft to use the engines and parts as spare inventory or to lease the engines to a third party. The following represents the Company’s lease, airport services and other revenue for the three and six months ended June 30, 2021 and 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended June 30, ​ For the six months ended June 30, ​ 2021 2020 2021 2020 Operating lease revenue ​ $ 16,458 ​ $ 9,485 ​ $ 31,408 ​ $ 20,026 Airport customer service and other revenue ​ ​ 7,565 ​ ​ 4,184 ​ ​ 15,979 ​ ​ 14,085 Lease, airport services and other ​ $ 24,023 ​ $ 13,669 $ 47,387 ​ $ 34,111 ​ The following table summarizes future minimum rental income under operating leases primarily related to leased aircraft and engines that had remaining non-cancelable lease terms as of June 30, 2021 (in thousands): ​ ​ ​ ​ ​ July 2021 through December 2021 $ 22,776 2022 ​ 45,428 2023 ​ 44,945 2024 ​ 42,530 2025 ​ 39,082 Thereafter ​ 155,089 ​ ​ $ 349,850 ​ Of the Company’s $5.3 billion of property and equipment, net as of June 30, 2021, $260.9 million of regional jet aircraft and spare engines was leased to third parties under operating leases. The Company mitigates the residual asset risks of these assets by leasing aircraft and engine types that can be operated by the Company in the event of a default. Additionally, the operating leases typically have specified lease return condition requirements paid by the lessee to the Company and the Company typically maintains inspection rights under the leases. Additionally, lease, airport services and other revenues includes airport agent services, such as gate and ramp agent services at applicable airports where the Company provides such services. The transaction price for airport customer service agreements is determined from an agreed-upon rate by location applied to the applicable number of flights handled by the Company over the agreement term. The Company’s operating revenues could be impacted by a number of factors, including changes to the Company’s code-share agreements with its major airline partners, changes in flight schedules, contract modifications resulting from contract renegotiations, 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. 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. Allowance for credit losses The Company adopted on January 1, 2020. At adoption, the Company’s primary financial assets included trade receivables from its flying agreements, a note receivable from the sale of the Company’s subsidiary, ExpressJet Airlines, Inc., in 2019, and receivables from aircraft manufacturers and other third parties in the airline industry. The Company recorded a credit loss of $11.6 million net of income tax in conjunction with the adoption of Topic 326. The Company recorded this credit loss as a January 1, 2020 beginning balance sheet entry to retained earnings (net of income tax). The Company monitors publicly available credit ratings for entities for which the Company has a significant receivable balance. As of June 30, 2021, the Company had gross receivables of $77.7 million in current assets and gross receivables of $223.9 million in other long-term assets. The Company has established credit loss reserves based on publicly available historic default rates issued by a third party for companies with similar credit ratings, factoring in the term of the respective accounts receivable or note receivable. During the six months ended June 30, 2021, there were no significant changes in the outstanding accounts receivable or notes receivable or the credit ratings of the entities. The Company’s credit loss reserve was $44.6 million at June 30, 2021, compared to $46.2 million at December 31, 2020. The $1.6 million decrease in the credit loss reserve for the six months ended June 30, 2021 was reflected as a reduction to the credit loss expense.

Share-Based Compensation and St

Share-Based Compensation and Stock Repurchases	6 Months Ended
	Jun. 30, 2021
Share-Based Compensation and Stock Repurchases
Share-Based Compensation and Stock Repurchases	(4) Share-Based Compensation and Stock Repurchases During the six months ended June 30, 2021, the Company granted 44,770 restricted stock units and 157,210 performance shares to certain employees of the Company under the SkyWest, Inc. 2019 Long-Term Incentive Plan. Both the restricted stock units and performance shares have a three-year vesting period, during which the recipient must remain employed with the Company. The number of performance shares awardable from the 2021 grants can range from 0% to 250% of the original amount granted depending on the Company’s performance over a two-year measurement period against the pre-established targets. Upon vesting, each restricted stock unit and performance share will be replaced with one share of common stock. The fair value of these restricted stock units and performance shares on their date of grant was $44.87 per share. During the six months ended June 30, 2021, the Company did not grant any options to purchase shares of common stock to employees. Additionally, during the six months ended June 30, 2021, the Company granted 21,175 fully vested shares of common stock to the Company’s directors at a grant date fair value of $44.87. The Company accounts for forfeitures of restricted stock units and performance shares when forfeitures occur. The estimated fair value of the restricted stock units and performance shares is amortized over the applicable vesting periods. During the six ended June 30, 2021 and 2020, the Company recorded pre-tax share-based compensation expense of $5.5 million and $3.8 million, respectively. During the six months ended June 30, 2021, the Company paid $1.6 million for the income tax obligation on vested employee equity awards and issued the net, after-tax shares to employees. The Company did not repurchase any shares of its common stock during the six months ended June 30, 2021. During the six months ended June 30, 2020, the Company repurchased 385,606 shares of its common stock for $20.0 million and paid $6.2 million for the income tax obligation on vested employee equity awards and issued the net, after-tax shares to employees. Under the terms of the

Net Income Per Common Share

Net Income Per Common Share	6 Months Ended
	Jun. 30, 2021
Net Income Per Common Share
Net Income Per Common Share	(5) Net Income 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 six months ended June 30, 2021, 295,000 performance shares (at target performance) were excluded from the computation of Diluted EPS since the Company had not achieved the minimum target thresholds as of June 30, 2021. During the six months ended June 30, 2020, 219,000 performance shares (at target performance) were excluded from the computation of Diluted EPS since the Company had not achieved the minimum target thresholds as of June 30, 2020. During the three months ended June 30, 2021, warrants to purchase 78,000 shares of common stock at $57.47 per share were excluded from the computation of Diluted EPS since the warrants' exercise price was greater than the average market price of the common shares during the quarter ended June 30, 2021. The calculation of the weighted average number of shares of common stock outstanding for Basic EPS and Diluted EPS for the periods indicated (in thousands, except per share data) is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ ​ 2021 ​ 2020 2021 ​ 2020 Numerator: ​ ​ ​ ​ ​ Net income (loss) ​ $ 61,994 ​ $ (25,715) ​ $ 97,894 ​ $ 4,273 Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic earnings per share weighted average shares ​ 50,346 ​ 50,140 ​ 50,316 ​ 50,208 Dilution due to stock options and restricted stock units ​ 379 ​ — ​ 411 ​ 149 Diluted earnings per share weighted average shares ​ 50,725 ​ 50,140 ​ 50,727 ​ 50,357 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic earnings (loss) per share ​ $ 1.23 ​ $ (0.51) ​ $ 1.95 ​ $ 0.09 Diluted earnings (loss) per share ​ $ 1.22 ​ $ (0.51) ​ $ 1.93 ​ $ 0.08 ​

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 2021
Segment Reporting
Segment Reporting	(6) Segment Reporting The Company’s two reporting segments consist of the operations of SkyWest Airlines and SkyWest Leasing activities. The Company’s chief operating decision maker analyzes the profitability of operating new aircraft financed through the issuance of debt, including the Company’s E175 fleet, separately from the profitability of the Company’s capital deployed for ownership and financing of such aircraft. The SkyWest Airlines segment includes revenue earned under the applicable capacity purchase agreements attributed to operating such aircraft and the respective operating costs. The SkyWest Leasing segment includes applicable revenue earned under the applicable capacity purchase agreements attributed to the ownership of new aircraft acquired through the issuance of debt and the respective depreciation and interest expense of such aircraft. The SkyWest Leasing segment also includes the activity of leasing regional jet aircraft and spare engines to third parties. The SkyWest Leasing segment’s total assets and capital expenditures include new aircraft acquired through the issuance of debt and assets leased to third parties. The following represents the Company’s segment data for the three-month periods ended June 30, 2021 and 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended June 30, 2021 ​ ​ SkyWest ​ SkyWest ​ ​ ​ Airlines Leasing Consolidated Operating revenues (1) ​ $ 527,595 ​ $ 129,395 ​ $ 656,990 Operating expense ​ 477,188 ​ 64,779 ​ 541,967 Depreciation and amortization expense ​ 53,151 ​ 56,744 ​ 109,895 Interest expense ​ 6,219 ​ 27,721 ​ 33,940 Segment profit (2) ​ 44,188 ​ 36,895 ​ 81,083 Total assets (as of June 30, 2021) ​ 3,089,404 ​ 3,902,359 ​ 6,991,763 Capital expenditures (including non-cash) ​ 21,822 ​ 4,617 ​ 26,439 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended June 30, 2020 ​ ​ SkyWest ​ SkyWest ​ ​ ​ Airlines Leasing Consolidated Operating revenues (1) ​ $ 227,808 ​ $ 122,231 ​ $ 350,039 Operating expense ​ 275,869 ​ 78,573 ​ 354,442 Depreciation and amortization expense ​ 59,421 ​ 72,217 ​ 131,638 Interest expense ​ 3,438 ​ 27,488 ​ 30,926 Segment profit (loss) (2) ​ (51,499) ​ 16,170 ​ (35,329) Total assets (as of June 30, 2020) ​ 2,789,321 ​ 3,984,062 ​ 6,773,383 Capital expenditures (including non-cash) ​ 29,247 ​ 43,013 ​ 72,260 (1) Prorate revenue and airport customer service revenue are primarily reflected in the SkyWest Airlines segment. (2) Segment profit (loss) is equal to operating income less interest expense. The following represents the Company’s segment data for the six-month periods ended June 30, 2021 and 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six months ended June 30, 2021 ​ ​ SkyWest ​ SkyWest ​ ​ ​ Airlines Leasing Consolidated Operating revenues (1) ​ $ 934,045 ​ $ 257,500 ​ $ 1,191,545 Operating expense ​ 865,058 ​ 130,622 ​ 995,680 Depreciation and amortization expense ​ 103,477 ​ 116,015 ​ 219,492 Interest expense ​ 9,348 ​ 55,946 ​ 65,294 Segment profit (2) ​ 59,639 ​ 70,932 ​ 130,571 Total assets (as of June 30, 2021) ​ 3,089,404 ​ 3,902,359 ​ 6,991,763 Capital expenditures (including non-cash) ​ 57,028 ​ 26,919 ​ 83,947 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six months ended June 30, 2020 ​ ​ SkyWest ​ SkyWest ​ ​ ​ Airlines Leasing Consolidated Operating revenues (1) ​ $ 834,650 ​ $ 245,325 ​ $ 1,079,975 Operating expense ​ 870,010 ​ 148,047 ​ 1,018,057 Depreciation and amortization expense ​ 111,197 ​ 132,149 ​ 243,346 Interest expense ​ 5,979 ​ 55,151 ​ 61,130 Segment profit (loss) (2) ​ (41,339) ​ 42,127 ​ 788 Total assets (as of June 30, 2020) ​ 2,789,321 ​ ​ 3,984,062 ​ 6,773,383 Capital expenditures (including non-cash) ​ 68,126 ​ ​ 115,258 ​ 183,384 (1) Prorate revenue and airport customer service revenue are primarily reflected in the SkyWest Airlines segment. (2) Segment profit (loss) is equal to operating income less interest expense

Leases, Commitments and Conting

Leases, Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
Leases, Commitments and Contingencies
Leases, Commitments and Contingencies	(7) — Leases, Commitments and Contingencies The Company leases property and equipment under operating leases. For leases with durations longer than 12 months, the Company recorded the related operating lease right-of-use asset and operating lease liability at the present value of lease payments over the term. The Company used its incremental borrowing rate to discount the lease payments based on information available at lease commencement. Aircraft As of June 30, 2021, excluding aircraft financed by the Company’s major airline partners that the Company operates for them under contract, the Company had 43 aircraft under long-term lease agreements with remaining terms ranging from three Airport facilities The Company has operating leases for facility space including airport terminals, office space, cargo warehouses and maintenance facilities. The Company generally leases this space from government agencies that control the use of the various airports. The remaining lease terms for facility space vary from one month to 35 years Leases As of June 30, 2021, the Company’s right-of-use assets were $262.2 million, the Company’s current maturities of operating lease liabilities were $78.3 million, and the Company’s noncurrent lease liabilities were $187.9 million. During the six months ended June 30, 2021, the Company paid $40.8 million in operating leases reflected as a reduction from operating cash flows. The table below presents lease related terms and discount rates as of June 30, 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2021 Weighted-average remaining lease term for operating leases 6.3 Weighted-average discount rate for operating leases ​ 6.1% ​ The Company’s lease costs for the three and six months ended June 30, 2021 and 2020 included the following components (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended June 30, ​ For the six months ended June 30, ​ 2021 2020 2021 2020 Operating lease cost ​ $ 22,085 ​ $ 24,140 ​ $ 44,211 ​ $ 49,158 Variable and short-term lease cost ​ 1,056 ​ 1,207 ​ 2,280 ​ 2,551 Sublease income ​ ​ (1,493) ​ ​ (1,560) ​ ​ (2,829) ​ ​ (3,131) Total lease cost ​ $ 21,648 ​ $ 23,787 $ 43,662 ​ $ 48,578 ​ As of June 30, 2021, the Company leased aircraft, airport facilities, office space, and other property and equipment under non-cancelable operating leases, which are generally on a long-term, triple-net lease basis pursuant to which 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 may be renewed or replaced by other leases, or the property may be purchased rather than leased. The following table summarizes future minimum rental payments primarily related to leased aircraft required under operating leases that had initial or remaining non-cancelable lease terms as of June 30, 2021 (in thousands): ​ ​ ​ ​ ​ July 2021 through December 2021 $ 45,463 2022 ​ 79,858 2023 ​ 73,192 2024 ​ 29,954 2025 ​ 17,354 Thereafter ​ 83,918 ​ ​ $ 329,739 ​ As of June 30, 2021, the Company had a firm purchase commitment for 29 E175 aircraft from Embraer, S.A. (“Embraer”) with anticipated delivery dates through the first half of 2023 and a firm purchase commitment for eight used CRJ700 aircraft from a third party with anticipated delivery dates through 2021. The following table summarizes the Company’s commitments and obligations as noted for each of the next five years and thereafter (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Jul - Dec 2021 2022 2023 2024 2025 Thereafter Operating lease payments for aircraft and facility obligations ​ $ 329,739 ​ $ 45,463 ​ $ 79,858 ​ $ 73,192 ​ $ 29,954 ​ $ 17,354 ​ $ 83,918 Firm aircraft and spare engine commitments ​ 791,308 ​ ​ 482,500 ​ ​ 276,398 ​ ​ 32,410 ​ ​ — ​ ​ — ​ ​ — Interest commitments (1) ​ 493,412 ​ ​ 58,414 ​ ​ 106,040 ​ ​ 88,289 ​ ​ 72,111 ​ ​ 57,377 ​ ​ 111,181 Principal maturities on long-term debt ​ 3,045,633 ​ ​ 180,380 ​ ​ 407,082 ​ ​ 417,575 ​ ​ 371,850 ​ ​ 386,779 ​ ​ 1,281,967 Total commitments and obligations ​ $ 4,660,092 ​ $ 766,757 ​ $ 869,378 ​ $ 611,466 ​ $ 473,915 ​ $ 461,510 ​ $ 1,477,066 (1) At June 30, 2021, the Company’s long-term debt had fixed interest rates.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2021
Fair Value Measurements
Fair Value Measurements	Note 8 — Fair Value Measurements The Company holds certain assets that are required to be measured at fair value in accordance with GAAP. The Company determined the 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 June 30, 2021, and December 31, 2020, 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 June 30, 2021 ​ Total Level 1 Level 2 Level 3 Marketable Securities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bonds and bond funds ​ $ 80,991 ​ $ — ​ $ 80,991 ​ $ — Commercial paper ​ 528,830 ​ — ​ 528,830 ​ — ​ ​ $ 609,821 ​ $ — ​ $ 609,821 ​ $ — Cash and Cash Equivalents ​ ​ 345,854 ​ ​ 345,854 ​ ​ — ​ ​ — Total Assets Measured at Fair Value ​ $ 955,675 ​ $ 345,854 ​ $ 609,821 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements as of December 31, 2020 ​ ​ Total ​ Level 1 ​ Level 2 ​ Level 3 Marketable Securities ​ ​ ​ ​ Bonds and bond funds ​ $ 117,928 ​ $ — ​ $ 117,928 ​ $ — Commercial paper ​ 492,257 ​ — ​ 492,257 ​ — ​ ​ $ 610,185 ​ $ — ​ $ 610,185 ​ $ — Cash and Cash Equivalents ​ ​ 215,723 ​ ​ 215,723 ​ ​ — ​ ​ — Total Assets Measured at Fair Value ​ $ 825,908 ​ $ 215,723 ​ $ 610,185 ​ $ — ​ The Company’s “marketable securities” classified as Level 2 securities 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 six months ended June 30, 2021. 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 June 30, 2021, and December 31, 2020, the Company classified $609.8 million and $610.2 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 June 30, 2021, and December 31, 2020, the cost of the Company’s total cash and cash equivalents and available for sale securities was $955.7 million and $825.9 million, respectively. The fair value of the Company’s long-term debt classified as Level 2 debt 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 $2.9 billion as of June 30, 2021 and $3.2 billion as of December 31, 2020, as compared to the carrying amount of $3.0 billion as of June 30, 2021 and $3.2 billion as of December 31, 2020.

Long-term Debt

Long-term Debt	6 Months Ended
	Jun. 30, 2021
Long-term Debt
Long-term Debt	(9) Long-term Debt ​ Long-term debt consisted of the following as of June 30, 2021 and December 31, 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 ​ ​ December 31, 2020 Current portion of long-term debt $ 364,429 ​ $ 406,005 Current portion of unamortized debt issue cost, net ​ (3,461) ​ ​ (3,847) Current portion of long-term debt, net of debt issue costs $ 360,968 ​ $ 402,158 ​ ​ ​ ​ ​ ​ Long-term debt, net of current maturities $ 2,681,204 ​ $ 2,829,997 Long-term portion of unamortized debt issue cost, net ​ (28,942) ​ ​ (28,459) Long-term debt, net of current maturities and debt issue costs $ 2,652,262 ​ $ 2,801,538 ​ ​ ​ ​ ​ ​ Total long-term debt (including current portion) $ 3,045,633 ​ $ 3,236,002 Total unamortized debt issue cost, net ​ (32,403) ​ ​ (32,306) Total long-term debt, net of debt issue costs $ 3,013,230 ​ $ 3,203,696 ​ During the six months ended June 30, 2021, in connection with the PSP Extension Agreement and the PSP 3 Agreement, the Company issued to U.S. Treasury promissory notes for an aggregate principal amount of $95.4 million and issued warrants to purchase up to 203,090 shares of the Company’s common stock. The Company has recorded the value of the promissory note and warrants on a relative fair value basis as $95.4 million of long-term debt and $5.8 million in common stock, respectively. The warrants have a five-year term from the date of issuance and 124,773 of the warrants have an exercise price of $40.41 per share and 78,317 of the warrants During the second quarter of 2021, the Company repaid all amounts outstanding under the secured loan with U.S. Treasury, and in connection with such repayment, terminated the secured loan agreement. The total repayment amount was $61.2 million, which included all outstanding principal and accrued interest under the secured loan. As a result of the repayment, the collateral securing the obligations of SkyWest Airlines under the secured loan agreement, consisting of aircraft engines and aircraft parts, was released. As of June 30, 2021, and December 31, 2020, the Company had $59.5 million and $61.1 million, respectively, in letters of credit and surety bonds outstanding with various banks and surety institutions. As of June 30, 2021, SkyWest Airlines had a $75 million line of credit. The line of credit includes minimum liquidity and profitability covenants and is secured by certain assets. As of June 30, 2021, SkyWest Airlines had no amount outstanding under the facility. However, at June 30, 2021 SkyWest Airlines had $34.0 million in letters of credit issued under the facility, which reduced the amount available under the facility to $41.0 million. The Company obtained waivers for the line of credit agreement that permitted the Company to receive funding under the CARES Act and waived compliance with minimum profitability covenants through June 30, 2021. The line of credit expires on September 30, 2021. ​

Investment in Other Companies

Investment in Other Companies	6 Months Ended
	Jun. 30, 2021
Investment in Other Companies
Investment in Other Companies	(10) — Investment in Other Companies ​ During 2019, the Company created a joint venture with Regional One, Inc. (“Regional One”) by investing $22.3 million for a 75% ownership interest in Aero Engines, LLC. (“Aero Engines”). The primary purpose of Aero Engines is to lease engines to third parties. Aero Engines requires unanimous approval from the Company and Regional One for its engine purchases, dispositions, lease agreements with third parties and all other material transactions. The Company determined Aero Engines is a variable interest entity as the Company has a 75% ownership interest in Aero Engines and all material decisions require unanimous approval from the Company and Regional One, resulting in disproportionate ownership rights relative to voting rights. As unanimous approval is required for all Aero Engines’ material activities, Aero Engines has no primary beneficiary. The Company accounts for its investment in Aero Engines under the equity method. The Company’s exposure in its investment in Aero Engines primarily consists of the Company’s portion of income or loss from Aero Engines’ engine lease agreements with third parties and the Company’s ownership percentage in Aero Engines’ engines book value. The Company invested an additional $1.0 million into Aero Engines in 2020. Aero Engines had no debt outstanding as of June 30, 2021. As of June 30, 2021, the Company’s investment balance in Aero Engines was $25.8 million. The Company’s investment in Aero Engines has been recorded in “Other Assets” on the Company’s consolidated balance sheet. The Company’s portion of the income generated by Aero Engines for the six months ended June 30, 2021 was $0.3 million, which is recorded in “Other Income” on the Company’s consolidated statements of comprehensive income. ​

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2021
Income Taxes
Income Taxes	(11) Income Taxes ​ The Company’s effective tax rate for the three and six months ended June 30, 2021 was 23.8% and 25.5%, respectively. The Company’s effective tax rate for the three and six months ended June 30, 2021 varied from the federal statutory rate of 21.0% primarily due to the provision for state income taxes and the impact of non-deductible expenses. ​ The Company’s effective tax rate for the three months ended June 30, 2020 was 22.6%. The Company’s effective tax rate for the three months ended June 30, 2020 varied from the federal statutory rate of 21.0% primarily due to the provision for state income taxes and the impact of non-deductible expenses. ​ The Company’s effective tax rate for the six months ended June 30, 2020 was 26.8%. The Company’s effective tax rate for the six months ended June 30, 2020 varied from the federal statutory rate of 21.0% primarily due to the provision for state income taxes and the impact of non-deductible expenses, partially offset by a $1.4 million discrete tax benefit from excess tax deductions generated from employee equity transactions that occurred during the six months ended June 30, 2020. ​

Legal Matters

Legal Matters	6 Months Ended
	Jun. 30, 2021
Legal Matters
Legal Matters	(12) Legal Matters ​ The Company is subject to certain legal actions which it considers routine to its business activities. As of June 30, 2021, 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.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2021
Subsequent Events
Subsequent Events	(13) Subsequent Events In August 2021, the Company entered into an agreement with Delta to purchase and operate 16 new E175 aircraft under a multi-year capacity purchase agreement. The aircraft deliveries are scheduled from mid-2022 to the end of 2022. SkyWest expects the 16 new E175 aircraft will replace 16 SkyWest-owned or financed CRJ900s currently under its Delta contract with expirations ranging from the second half of 2022 to early 2023. SkyWest is evaluating the impact of the anticipated displacement of the CRJ900s, including a potential non-cash impairment charge. ​ ​ ​ ​ ​ ​ ​ ​ ​

Condensed Consolidated Financ_2

Condensed Consolidated Financial Statements (Policies)	6 Months Ended
	Jun. 30, 2021
Condensed Consolidated Financial Statements
Basis of Presentation	Basis of Presentation The condensed consolidated financial statements of SkyWest, Inc. (“SkyWest” or the “Company”) and its operating subsidiary SkyWest Airlines, Inc. (“SkyWest Airlines”) and its leasing subsidiary SkyWest Leasing, Inc. (“SkyWest Leasing”) included herein have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). 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. These condensed consolidated financial statements should 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, 2020. Due in part to the severe effects from the global COVID-19 pandemic, in addition to other factors, the results of operations for the three and six months ended June 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. 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 could differ materially from those estimates and assumptions.

Flying Agreements Revenue and_2

Flying Agreements Revenue and Lease, Airport Services and Other Revenues (Tables)	6 Months Ended
	Jun. 30, 2021
Agreements with other airlines
Schedule of revenue by type	The following table represents the Company’s flying agreements revenue by type for the three and six months ended June 30, 2021 and 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended June 30, ​ For the six months ended June 30, ​ 2021 2020 2021 2020 Capacity purchase agreements revenue: flight operations ​ $ 273,176 ​ $ 132,061 ​ $ 484,228 ​ $ 498,469 Capacity purchase agreements revenue: aircraft lease and fixed revenue ​ 256,559 ​ 168,103 ​ 488,050 ​ 410,838 Prorate agreements revenue ​ 103,232 ​ 36,206 ​ 171,880 ​ 136,557 Flying agreements revenue ​ $ 632,967 ​ $ 336,370 ​ $ 1,144,158 $ 1,045,864
Schedule of details of agreements with other airlines	As of June 30, 2021, the Company had 478 aircraft in scheduled service under code-share agreements. The following table summarizes the significant provisions of each code-share agreement SkyWest Airlines has with each major airline partner: ​ ​ ​ ​ ​ ​ ​ United Express Agreements Agreement Aircraft type Number of Term / Termination Dates United Express Agreements (capacity purchase agreement) ​ • E175 • CRJ 700 • CRJ 200 ​ 90 19 70 ​ • Individual aircraft have scheduled removal dates from 2022 to 2029 United Express Prorate Agreement (prorate agreement) ​ • CRJ 200 ​ 42 ​ • Terminable with 120-day notice Total under United Express Agreements ​ ​ ​ 221 ​ ​ ​ ​ Delta Connection Agreements Agreement Aircraft type Number of Term / Termination Dates Delta Connection Agreement (capacity purchase agreement) ​ • E175 • CRJ 900 • CRJ 700 ​ 71 40 5 ​ • Individual aircraft have scheduled removal dates from 2022 to 2031 Delta Connection Prorate Agreement (prorate agreement) ​ • CRJ 200 ​ 29 ​ • Terminable with 30-day notice Total under Delta Connection Agreements ​ ​ ​ 145 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ American Capacity Purchase Agreement Agreement Aircraft type Number of Term / Termination Dates American Agreement (capacity purchase agreement) ​ • CRJ 700 ​ 80 ​ • Individual aircraft have scheduled removal dates from 2024 to 2026 ​ ​ Alaska Capacity Purchase Agreement Agreement Aircraft type Number of Term / Termination Dates Alaska Agreement (capacity purchase agreement) ​ • E175 ​ 32 ​ • Individual aircraft have scheduled removal dates in 2030
Schedule of future minimum rental payments for operating leases	The following table summarizes future minimum rental payments primarily related to leased aircraft required under operating leases that had initial or remaining non-cancelable lease terms as of June 30, 2021 (in thousands): ​ ​ ​ ​ ​ July 2021 through December 2021 $ 45,463 2022 ​ 79,858 2023 ​ 73,192 2024 ​ 29,954 2025 ​ 17,354 Thereafter ​ 83,918 ​ ​ $ 329,739
Aircraft
Agreements with other airlines
Schedule of future minimum rental payments for operating leases	​ ​ ​ ​ ​ July 2021 through December 2021 $ 22,776 2022 ​ 45,428 2023 ​ 44,945 2024 ​ 42,530 2025 ​ 39,082 Thereafter ​ 155,089 ​ ​ $ 349,850
Airport customer service and other
Agreements with other airlines
Schedule of revenue by type	The following represents the Company’s lease, airport services and other revenue for the three and six months ended June 30, 2021 and 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended June 30, ​ For the six months ended June 30, ​ 2021 2020 2021 2020 Operating lease revenue ​ $ 16,458 ​ $ 9,485 ​ $ 31,408 ​ $ 20,026 Airport customer service and other revenue ​ ​ 7,565 ​ ​ 4,184 ​ ​ 15,979 ​ ​ 14,085 Lease, airport services and other ​ $ 24,023 ​ $ 13,669 $ 47,387 ​ $ 34,111

Net Income Per Common Share (Ta

Net Income Per Common Share (Tables)	6 Months Ended
	Jun. 30, 2021
Net Income Per Common Share
Schedule of Basic EPS and Diluted EPS	The calculation of the weighted average number of shares of common stock outstanding for Basic EPS and Diluted EPS for the periods indicated (in thousands, except per share data) is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ ​ 2021 ​ 2020 2021 ​ 2020 Numerator: ​ ​ ​ ​ ​ Net income (loss) ​ $ 61,994 ​ $ (25,715) ​ $ 97,894 ​ $ 4,273 Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic earnings per share weighted average shares ​ 50,346 ​ 50,140 ​ 50,316 ​ 50,208 Dilution due to stock options and restricted stock units ​ 379 ​ — ​ 411 ​ 149 Diluted earnings per share weighted average shares ​ 50,725 ​ 50,140 ​ 50,727 ​ 50,357 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic earnings (loss) per share ​ $ 1.23 ​ $ (0.51) ​ $ 1.95 ​ $ 0.09 Diluted earnings (loss) per share ​ $ 1.22 ​ $ (0.51) ​ $ 1.93 ​ $ 0.08

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2021
Segment Reporting
Schedule of Company's segment data	The following represents the Company’s segment data for the three-month periods ended June 30, 2021 and 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended June 30, 2021 ​ ​ SkyWest ​ SkyWest ​ ​ ​ Airlines Leasing Consolidated Operating revenues (1) ​ $ 527,595 ​ $ 129,395 ​ $ 656,990 Operating expense ​ 477,188 ​ 64,779 ​ 541,967 Depreciation and amortization expense ​ 53,151 ​ 56,744 ​ 109,895 Interest expense ​ 6,219 ​ 27,721 ​ 33,940 Segment profit (2) ​ 44,188 ​ 36,895 ​ 81,083 Total assets (as of June 30, 2021) ​ 3,089,404 ​ 3,902,359 ​ 6,991,763 Capital expenditures (including non-cash) ​ 21,822 ​ 4,617 ​ 26,439 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended June 30, 2020 ​ ​ SkyWest ​ SkyWest ​ ​ ​ Airlines Leasing Consolidated Operating revenues (1) ​ $ 227,808 ​ $ 122,231 ​ $ 350,039 Operating expense ​ 275,869 ​ 78,573 ​ 354,442 Depreciation and amortization expense ​ 59,421 ​ 72,217 ​ 131,638 Interest expense ​ 3,438 ​ 27,488 ​ 30,926 Segment profit (loss) (2) ​ (51,499) ​ 16,170 ​ (35,329) Total assets (as of June 30, 2020) ​ 2,789,321 ​ 3,984,062 ​ 6,773,383 Capital expenditures (including non-cash) ​ 29,247 ​ 43,013 ​ 72,260 (1) Prorate revenue and airport customer service revenue are primarily reflected in the SkyWest Airlines segment. (2) Segment profit (loss) is equal to operating income less interest expense. The following represents the Company’s segment data for the six-month periods ended June 30, 2021 and 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six months ended June 30, 2021 ​ ​ SkyWest ​ SkyWest ​ ​ ​ Airlines Leasing Consolidated Operating revenues (1) ​ $ 934,045 ​ $ 257,500 ​ $ 1,191,545 Operating expense ​ 865,058 ​ 130,622 ​ 995,680 Depreciation and amortization expense ​ 103,477 ​ 116,015 ​ 219,492 Interest expense ​ 9,348 ​ 55,946 ​ 65,294 Segment profit (2) ​ 59,639 ​ 70,932 ​ 130,571 Total assets (as of June 30, 2021) ​ 3,089,404 ​ 3,902,359 ​ 6,991,763 Capital expenditures (including non-cash) ​ 57,028 ​ 26,919 ​ 83,947 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six months ended June 30, 2020 ​ ​ SkyWest ​ SkyWest ​ ​ ​ Airlines Leasing Consolidated Operating revenues (1) ​ $ 834,650 ​ $ 245,325 ​ $ 1,079,975 Operating expense ​ 870,010 ​ 148,047 ​ 1,018,057 Depreciation and amortization expense ​ 111,197 ​ 132,149 ​ 243,346 Interest expense ​ 5,979 ​ 55,151 ​ 61,130 Segment profit (loss) (2) ​ (41,339) ​ 42,127 ​ 788 Total assets (as of June 30, 2020) ​ 2,789,321 ​ ​ 3,984,062 ​ 6,773,383 Capital expenditures (including non-cash) ​ 68,126 ​ ​ 115,258 ​ 183,384 (1) Prorate revenue and airport customer service revenue are primarily reflected in the SkyWest Airlines segment. (2) Segment profit (loss) is equal to operating income less interest expense

Leases, Commitments and Conti_2

Leases, Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2021
Leases, Commitments and Contingencies
Summary of related terms and discount rates	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2021 Weighted-average remaining lease term for operating leases 6.3 Weighted-average discount rate for operating leases ​ 6.1%
Summary of lease costs	The Company’s lease costs for the three and six months ended June 30, 2021 and 2020 included the following components (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended June 30, ​ For the six months ended June 30, ​ 2021 2020 2021 2020 Operating lease cost ​ $ 22,085 ​ $ 24,140 ​ $ 44,211 ​ $ 49,158 Variable and short-term lease cost ​ 1,056 ​ 1,207 ​ 2,280 ​ 2,551 Sublease income ​ ​ (1,493) ​ ​ (1,560) ​ ​ (2,829) ​ ​ (3,131) Total lease cost ​ $ 21,648 ​ $ 23,787 $ 43,662 ​ $ 48,578
Schedule of future minimum rental payments for operating leases	The following table summarizes future minimum rental payments primarily related to leased aircraft required under operating leases that had initial or remaining non-cancelable lease terms as of June 30, 2021 (in thousands): ​ ​ ​ ​ ​ July 2021 through December 2021 $ 45,463 2022 ​ 79,858 2023 ​ 73,192 2024 ​ 29,954 2025 ​ 17,354 Thereafter ​ 83,918 ​ ​ $ 329,739
Summary of commitments and obligations	The following table summarizes the Company’s commitments and obligations as noted for each of the next five years and thereafter (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Jul - Dec 2021 2022 2023 2024 2025 Thereafter Operating lease payments for aircraft and facility obligations ​ $ 329,739 ​ $ 45,463 ​ $ 79,858 ​ $ 73,192 ​ $ 29,954 ​ $ 17,354 ​ $ 83,918 Firm aircraft and spare engine commitments ​ 791,308 ​ ​ 482,500 ​ ​ 276,398 ​ ​ 32,410 ​ ​ — ​ ​ — ​ ​ — Interest commitments (1) ​ 493,412 ​ ​ 58,414 ​ ​ 106,040 ​ ​ 88,289 ​ ​ 72,111 ​ ​ 57,377 ​ ​ 111,181 Principal maturities on long-term debt ​ 3,045,633 ​ ​ 180,380 ​ ​ 407,082 ​ ​ 417,575 ​ ​ 371,850 ​ ​ 386,779 ​ ​ 1,281,967 Total commitments and obligations ​ $ 4,660,092 ​ $ 766,757 ​ $ 869,378 ​ $ 611,466 ​ $ 473,915 ​ $ 461,510 ​ $ 1,477,066 (1) At June 30, 2021, the Company’s long-term debt had fixed interest rates.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2021
Fair Value Measurements
Schedule of assets 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 June 30, 2021 ​ Total Level 1 Level 2 Level 3 Marketable Securities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bonds and bond funds ​ $ 80,991 ​ $ — ​ $ 80,991 ​ $ — Commercial paper ​ 528,830 ​ — ​ 528,830 ​ — ​ ​ $ 609,821 ​ $ — ​ $ 609,821 ​ $ — Cash and Cash Equivalents ​ ​ 345,854 ​ ​ 345,854 ​ ​ — ​ ​ — Total Assets Measured at Fair Value ​ $ 955,675 ​ $ 345,854 ​ $ 609,821 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements as of December 31, 2020 ​ ​ Total ​ Level 1 ​ Level 2 ​ Level 3 Marketable Securities ​ ​ ​ ​ Bonds and bond funds ​ $ 117,928 ​ $ — ​ $ 117,928 ​ $ — Commercial paper ​ 492,257 ​ — ​ 492,257 ​ — ​ ​ $ 610,185 ​ $ — ​ $ 610,185 ​ $ — Cash and Cash Equivalents ​ ​ 215,723 ​ ​ 215,723 ​ ​ — ​ ​ — Total Assets Measured at Fair Value ​ $ 825,908 ​ $ 215,723 ​ $ 610,185 ​ $ — ​

Long-term Debt (Tables)

Long-term Debt (Tables)	6 Months Ended
	Jun. 30, 2021
Long-term Debt
Schedule of long-term debt	Long-term debt consisted of the following as of June 30, 2021 and December 31, 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 ​ ​ December 31, 2020 Current portion of long-term debt $ 364,429 ​ $ 406,005 Current portion of unamortized debt issue cost, net ​ (3,461) ​ ​ (3,847) Current portion of long-term debt, net of debt issue costs $ 360,968 ​ $ 402,158 ​ ​ ​ ​ ​ ​ Long-term debt, net of current maturities $ 2,681,204 ​ $ 2,829,997 Long-term portion of unamortized debt issue cost, net ​ (28,942) ​ ​ (28,459) Long-term debt, net of current maturities and debt issue costs $ 2,652,262 ​ $ 2,801,538 ​ ​ ​ ​ ​ ​ Total long-term debt (including current portion) $ 3,045,633 ​ $ 3,236,002 Total unamortized debt issue cost, net ​ (32,403) ​ ​ (32,306) Total long-term debt, net of debt issue costs $ 3,013,230 ​ $ 3,203,696

Impact of the COVID-19 Pandem_2

Impact of the COVID-19 Pandemic (Details) $ / shares in Units, $ in Millions	May 10, 2021USD ($)	Jun. 30, 2021USD ($)item$ / sharesshares	Jun. 30, 2020item	Jun. 30, 2019item	Jun. 30, 2021USD ($)$ / sharesshares
Unusual or Infrequent Item, or Both [Line Items]
Number of flights operated | item		185,498	80,755	215,052
Flights increase percentage		129.70%
Liquid assets		$ 996.7			$ 996.7
Cash and marketable securities		955.7			955.7
Line of credit facility, reduction of amount available		$ 41			$ 41
Warrants to purchase shares | shares		78,000			78,000
Warrants exercise price | $ / shares		$ 57.47			$ 57.47
Repayments of secured debt	$ 61.2	$ 61.2
PSP Extension Agreement
Unusual or Infrequent Item, or Both [Line Items]
Principal amount		268.1			$ 268.1
PSP 3 Agreement
Unusual or Infrequent Item, or Both [Line Items]
Principal amount		250			250
PSP 3 Agreement | Other noncurrent liabilities
Unusual or Infrequent Item, or Both [Line Items]
Principal amount		115.3			115.3
PSP 3 Agreement | Operating expenses
Unusual or Infrequent Item, or Both [Line Items]
Principal amount		89.7			89.7
Grant | PSP Extension Agreement
Unusual or Infrequent Item, or Both [Line Items]
Principal amount		217.7			217.7
Grant | PSP 3 Agreement
Unusual or Infrequent Item, or Both [Line Items]
Principal amount		205			205
Unsecured term loan | PSP Extension Agreement
Unusual or Infrequent Item, or Both [Line Items]
Principal amount		$ 50.4			$ 50.4
Debt term		10 years			10 years
Unsecured term loan | PSP 3 Agreement
Unusual or Infrequent Item, or Both [Line Items]
Principal amount		$ 45			$ 45
Debt term		10 years			10 years
Unsecured term loan | First five years | PSP Extension Agreement
Unusual or Infrequent Item, or Both [Line Items]
Interest rate (as a percent)					1.00%
Unsecured term loan | First five years | PSP 3 Agreement
Unusual or Infrequent Item, or Both [Line Items]
Debt term		5 years			5 years
Interest rate (as a percent)					1.00%
Unsecured term loan | Final five years | PSP Extension Agreement
Unusual or Infrequent Item, or Both [Line Items]
Interest rate (as a percent)					2.00%
Unsecured term loan | Final five years | PSP 3 Agreement
Unusual or Infrequent Item, or Both [Line Items]
Debt term		5 years			5 years
Interest rate (as a percent)					2.00%
Warrant Shares | PSP Extension Agreement
Unusual or Infrequent Item, or Both [Line Items]
Warrants to purchase shares | shares		124,773			124,773
Warrants exercise price | $ / shares		$ 40.41			$ 40.41
Warrant term					5 years
Warrant Shares | PSP Extension Agreement | Maximum
Unusual or Infrequent Item, or Both [Line Items]
Warrants to purchase shares | shares		124,773			124,773
Warrant Shares | PSP 3 Agreement
Unusual or Infrequent Item, or Both [Line Items]
Warrants to purchase shares | shares		78,317			78,317
Warrants exercise price | $ / shares		$ 57.47			$ 57.47
Warrant term					5 years
Warrant Shares | PSP 3 Agreement | Maximum
Unusual or Infrequent Item, or Both [Line Items]
Warrants to purchase shares | shares		78,317			78,317

Flying Agreements Revenue and_3

Flying Agreements Revenue and Lease, Airport Services and Other Revenues (Details) $ in Thousands	Jun. 30, 2021USD ($)aircraft	Jan. 01, 2020USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)aircraft	Jun. 30, 2020USD ($)	Jun. 30, 2023aircraft	Dec. 31, 2020USD ($)
Agreements with other airlines
Percentage of ASMs flown under fixed-fee arrangements					85.00%	86.90%
Percentage of ASMs flown under pro-rate arrangements					15.00%	13.10%
Revenues [Abstract]
Operating revenues			$ 656,990	$ 350,039	$ 1,191,545	$ 1,079,975
Rental income under operating leases
Operating lease revenue			16,458	9,485	31,408	20,026
Future minimum rental income
July 2021 through December 2021	$ 22,776		22,776		22,776
2022	45,428		45,428		45,428
2023	44,945		44,945		44,945
2024	42,530		42,530		42,530
2025	39,082		39,082		39,082
Thereafter	155,089		155,089		155,089
Total	349,850		349,850		349,850
Deferred revenue	137,500		137,500		137,500
Deferred revenue in other current liabilities	60,500		60,500		60,500
Deferred revenue in other long-term liabilities	$ 77,000		77,000		77,000
Number of aircraft | aircraft	478
Property and equipment and related assets	$ 5,284,326		5,284,326		5,284,326			$ 5,362,048
Credit loss reserve	44,600		44,600		44,600			$ 46,200
Credit loss					1,600
Topic 326
Future minimum rental income
Credit loss		$ 11,600
Capacity Purchase Agreements
Future minimum rental income
Deferred revenue	26,800		26,800	69,100	$ 26,800	69,100
Sky West Airlines Inc | Delta Connection Agreement
Future minimum rental income
Number of aircraft | aircraft					145
Sky West Airlines Inc | United Express Agreements
Future minimum rental income
Number of aircraft | aircraft					221
Third Party Lease
Future minimum rental income
Property and equipment and related assets	260,900		260,900		$ 260,900
CRJ 200 | Sky West Airlines Inc | Delta Connection Prorate Agreement
Future minimum rental income
Number of aircraft | aircraft					29
Agreement term					30 days
CRJ 200 | Sky West Airlines Inc | United Express Agreements
Future minimum rental income
Number of aircraft | aircraft					70
CRJ 200 | Sky West Airlines Inc | United Express Prorate Agreement
Future minimum rental income
Number of aircraft | aircraft					42
Agreement term					120 days
CRJ 700
Future minimum rental income
Number of aircraft under purchase agreement | aircraft					8
CRJ 700 | Sky West Airlines Inc | Delta Connection Agreement
Future minimum rental income
Number of aircraft | aircraft					5
CRJ 700 | Sky West Airlines Inc | United Express Agreements
Future minimum rental income
Number of aircraft | aircraft					19
CRJ 700 | Sky West Airlines Inc | American Capacity Purchase Agreement
Future minimum rental income
Number of aircraft | aircraft					80
Number of aircraft under purchase agreement | aircraft					21
CRJ 900 | Forecast
Future minimum rental income
Number of aircraft to be replaced | aircraft							16
CRJ 900 | Sky West Airlines Inc | Delta Connection Agreement
Future minimum rental income
Number of aircraft | aircraft					40
E175
Future minimum rental income
Number of aircraft under purchase agreement | aircraft					29
E175 | Sky West Airlines Inc | Delta Connection Agreement
Future minimum rental income
Number of aircraft | aircraft					71
E175 | Sky West Airlines Inc | United Express Agreements
Future minimum rental income
Number of aircraft | aircraft					90
E175 | Sky West Airlines Inc | American Capacity Purchase Agreement
Future minimum rental income
Number of aircraft under purchase agreement | aircraft					20
E175 | Sky West Airlines Inc | Alaska Capacity Purchase Agreement
Future minimum rental income
Number of aircraft | aircraft					32
Number of aircraft under purchase agreement | aircraft					9
Current assets
Future minimum rental income
Gross receivables current	77,700		77,700		$ 77,700
Other noncurrent assets
Future minimum rental income
Gross receivables Non-current	$ 223,900		223,900		223,900
Flying agreements
Revenues [Abstract]
Operating revenues			632,967	336,370	1,144,158	1,045,864
Flight operations
Revenues [Abstract]
Operating revenues			273,176	132,061	484,228	498,469
Aircraft lease and fixed revenue
Revenues [Abstract]
Operating revenues			256,559	168,103	488,050	410,838
Prorate agreements
Revenues [Abstract]
Operating revenues			103,232	36,206	171,880	136,557
Airport customer service and other revenue
Revenues [Abstract]
Operating revenues			7,565	4,184	15,979	14,085
Lease, airport services and other
Revenues [Abstract]
Operating revenues			$ 24,023	$ 13,669	$ 47,387	$ 34,111

Share-Based Compensation and _2

Share-Based Compensation and Stock Repurchases (Details) - USD ($) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Share-Based Compensation
Upon vesting, each restricted stock unit and performance share replaced with common stock	1
Stock based compensation expense	$ 5.5	$ 3.8
Common stock repurchased (in shares)	0	385,606
Common stock repurchased, value		$ 20
Payment of income tax obligation on employee equity awards	$ 1.6	$ 6.2
Restricted stock units
Share-Based Compensation
Granted (in dollars per share)	$ 44.87
Restricted stock units | Long Term Incentive Plan 2010
Share-Based Compensation
Granted (in shares)	44,770
Vesting period	3 years
Performance stock units | Long Term Incentive Plan 2010
Share-Based Compensation
Granted (in shares)	157,210
Performance stock units | Minimum | Long Term Incentive Plan 2010
Share-Based Compensation
Percentage number of performance shares awarded	0.00%
Performance stock units | Maximum | Long Term Incentive Plan 2010
Share-Based Compensation
Percentage number of performance shares awarded	250.00%
Director
Share-Based Compensation
Granted (in shares)	21,175
Granted (in dollars per share)	$ 44.87

Net Income Per Common Share (De

Net Income Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Net Income Per Common Share
Number of outstanding units not included in computation of Diluted EPS (in shares)					295,000	219,000
Warrants to purchase shares	78,000				78,000
Warrants exercise price	$ 57.47				$ 57.47
Numerator:
Net income (loss)	$ 61,994	$ 35,900	$ (25,715)	$ 29,988	$ 97,894	$ 4,273
Denominator:
Basic earnings per share weighted average shares	50,346,000		50,140,000		50,316,000	50,208,000
Dilution due to stock options and restricted stock units	379,000				411,000	149,000
Diluted earnings per share weighted average shares	50,725,000		50,140,000		50,727,000	50,357,000
Basic earnings (loss) per share (in dollars per share)	$ 1.23		$ (0.51)		$ 1.95	$ 0.09
Diluted earnings (loss) per share (in dollars per share)	$ 1.22		$ (0.51)		$ 1.93	$ 0.08

Segment Reporting (Details)

Segment Reporting (Details) $ in Thousands	Jun. 30, 2021USD ($)aircraft	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)segment	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Segment Reporting
Number of operating segments | segment				2
Operating revenues		$ 656,990	$ 350,039	$ 1,191,545	$ 1,079,975
Operating expense		541,967	354,442	995,680	1,018,057
Depreciation and amortization expense		109,895	131,638	219,492	243,346
Interest expense		33,940	30,926	65,294	61,130
Segment profit (loss)		81,083	(35,329)	130,571	788
Total assets (as of June 30)	$ 6,991,763	6,991,763	6,773,383	6,991,763	6,773,383	$ 6,887,622
Capital expenditures (including non-cash)		26,439	72,260	83,947	183,384
Number of aircraft | aircraft	478
SkyWest Airlines
Segment Reporting
Operating revenues		527,595	227,808	934,045	834,650
Operating expense		477,188	275,869	865,058	870,010
Depreciation and amortization expense		53,151	59,421	103,477	111,197
Interest expense		6,219	3,438	9,348	5,979
Segment profit (loss)		44,188	(51,499)	59,639	(41,339)
Total assets (as of June 30)	$ 3,089,404	3,089,404	2,789,321	3,089,404	2,789,321
Capital expenditures (including non-cash)		21,822	29,247	57,028	68,126
SkyWest Leasing
Segment Reporting
Operating revenues		129,395	122,231	257,500	245,325
Operating expense		64,779	78,573	130,622	148,047
Depreciation and amortization expense		56,744	72,217	116,015	132,149
Interest expense		27,721	27,488	55,946	55,151
Segment profit (loss)		36,895	16,170	70,932	42,127
Total assets (as of June 30)	$ 3,902,359	3,902,359	3,984,062	3,902,359	3,984,062
Capital expenditures (including non-cash)		$ 4,617	$ 43,013	$ 26,919	$ 115,258

Leases, Commitments and Conti_3

Leases, Commitments and Contingencies (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)aircraft	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Lessee, Lease, Description [Line Items]
Number of aircraft leased | aircraft			43
Retained earnings	$ 2,149,900		$ 2,149,900		$ 2,052,006
Operating lease right-of-use assets	262,172		262,172		282,362
Current maturities of lease liabilities	78,289		78,289		82,641
Noncurrent operating leases	$ 187,860		187,860		$ 205,845
Operating leases			$ 40,800
Weighted-average remaining lease term for operating leases	6 years 3 months 18 days		6 years 3 months 18 days
Weighted-average discount rate for operating leases	6.10%		6.10%
Lease costs
Operating lease cost	$ 22,085	$ 24,140	$ 44,211	$ 49,158
Variable and short-term lease cost	1,056	1,207	2,280	2,551
Sublease income	(1,493)	(1,560)	(2,829)	(3,131)
Total lease cost	$ 21,648	$ 23,787	$ 43,662	$ 48,578
Aircraft | Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term	3 years		3 years
Aircraft | Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term	9 years		9 years
Airport Facilities | Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term	1 month		1 month
Airport Facilities | Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term	35 years		35 years

Leases, Commitments and Conti_4

Leases, Commitments and Contingencies - Operating Leases (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)aircraft
Future minimum rental payments required under operating leases
July 2021 through December 2021	$ 45,463
2022	79,858
2023	73,192
2024	29,954
2025	17,354
Thereafter	83,918
Total	$ 329,739
E175
Future minimum rental payments required under operating leases
Number of aircraft under purchase agreement | aircraft	29
CRJ 700
Future minimum rental payments required under operating leases
Number of aircraft under purchase agreement | aircraft	8

Leases, Commitments and Conti_5

Leases, Commitments and Contingencies - Commitments and Obligations (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Operating lease payments for aircraft and facility obligations
Jul - Dec 2021	$ 45,463
2022	79,858
2023	73,192
2024	29,954
2025	17,354
Thereafter	83,918
Total	329,739
Firm aircraft and spare engine commitments
Jul - Dec 2021	482,500
2022	276,398
2023	32,410
Total	791,308
Interest commitments
Jul - Dec 2021	58,414
2022	106,040
2023	88,289
2024	72,111
2025	57,377
Thereafter	111,181
Total	493,412
Principal maturities on long-term debt
Jul - Dec 2021	180,380
2022	407,082
2023	417,575
2024	371,850
2025	386,779
Thereafter	1,281,967
Total long-term debt	3,045,633	$ 3,236,002
Total commitments and obligations
Jul - Dec 2021	766,757
2022	869,378
2023	611,466
2024	473,915
2025	461,510
Thereafter	1,477,066
Total	$ 4,660,092

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Fair Value Measurements
Marketable securities	$ 609,821	$ 610,185
Fair Value of Financial Instruments
Carrying amount of long-term debt	3,013,230	3,203,696
Recurring
Fair Value Measurements
Cost of cash and cash equivalents and available for sale securities	955,700	825,900
Recurring | Fair value
Fair Value Measurements
Marketable securities	609,821	610,185
Cash and Cash Equivalents	345,854	215,723
Total Assets Measured at Fair Value	955,675	825,908
Recurring | Fair value | Bonds and bond funds
Fair Value Measurements
Marketable securities	80,991	117,928
Recurring | Fair value | Commercial paper
Fair Value Measurements
Marketable securities	528,830	492,257
Recurring | Level 1
Fair Value Measurements
Cash and Cash Equivalents	345,854	215,723
Total Assets Measured at Fair Value	345,854	215,723
Recurring | Level 2
Fair Value Measurements
Marketable securities	609,821	610,185
Total Assets Measured at Fair Value	609,821	610,185
Fair Value of Financial Instruments
Fair value of long-term debt	2,900,000	3,200,000
Carrying amount of long-term debt	3,000,000	3,200,000
Recurring | Level 2 | Bonds and bond funds
Fair Value Measurements
Marketable securities	80,991	117,928
Recurring | Level 2 | Commercial paper
Fair Value Measurements
Marketable securities	$ 528,830	$ 492,257

Long-term Debt (Details)

Long-term Debt (Details) - USD ($) $ / shares in Units, $ in Thousands	May 10, 2021	Jun. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Current portion long-term debt		$ 364,429	$ 364,429	$ 406,005
Current portion of unamortized debt issue cost, net		(3,461)	(3,461)	(3,847)
Current portion of long-term debt, net of debt issue costs		360,968	360,968	402,158
Long-term debt, net of current maturities		2,681,204	2,681,204	2,829,997
Long-term portion of unamortized debt issue cost, net		(28,942)	(28,942)	(28,459)
Long-term debt, net of current maturities and debt issue costs		2,652,262	2,652,262	2,801,538
Total long-term debt (including current portion)		3,045,633	3,045,633	3,236,002
Total unamortized debt issue cost, net		(32,403)	(32,403)	(32,306)
Total long-term debt, net of debt issue costs		$ 3,013,230	$ 3,013,230	3,203,696
Warrants to purchase shares		78,000	78,000
Long-term debt		$ 3,013,230	$ 3,013,230	3,203,696
Warrants exercise price		$ 57.47	$ 57.47
Amount outstanding		$ 0	$ 0
Maximum borrowing capacity		75,000	75,000
Current borrowing capacity		41,000	41,000
Repayments of secured debt	$ 61,200	61,200
Letters of credit and surety bonds
Debt Instrument [Line Items]
Amount outstanding		59,500	59,500	$ 61,100
Letters of credit
Debt Instrument [Line Items]
Amount outstanding		34,000	34,000
Promissory note
Debt Instrument [Line Items]
Total long-term debt, net of debt issue costs		95,400	95,400
Principal amount		95,400	95,400
Long-term debt		95,400	95,400
Common stock value issued		$ 5,800	$ 5,800
Maximum | Promissory note
Debt Instrument [Line Items]
Warrants to purchase shares		203,090	203,090
PSP Extension Agreement
Debt Instrument [Line Items]
Principal amount		$ 268,100	$ 268,100
PSP 3 Agreement
Debt Instrument [Line Items]
Principal amount		$ 250,000	$ 250,000
Warrant Shares | PSP Extension Agreement
Debt Instrument [Line Items]
Warrants to purchase shares		124,773	124,773
Warrants exercise price		$ 40.41	$ 40.41
Warrant term			5 years
Warrant Shares | PSP Extension Agreement | Maximum
Debt Instrument [Line Items]
Warrants to purchase shares		124,773	124,773
Warrant Shares | PSP 3 Agreement
Debt Instrument [Line Items]
Warrants to purchase shares		78,317	78,317
Warrants exercise price		$ 57.47	$ 57.47
Warrant term			5 years
Warrant Shares | PSP 3 Agreement | Maximum
Debt Instrument [Line Items]
Warrants to purchase shares		78,317	78,317

Investment in Other Companies (

Investment in Other Companies (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Long-term debt	$ 3,013,230	$ 3,203,696
Aero Engines, LLC.
Payments to acquire interest in joint venture			$ 22,300
Investment ownership (as a percent)		75.00%	75.00%
Additional interest in Joint venture		$ 1,000
Long-term debt	0
Aero Engines, LLC. | Other Assets
Investment balance in Aero Engines	25,800
Aero Engines, LLC. | Other Nonoperating Income.
Company's portion of income generated by Aero Engines	$ 300

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Taxes
Effective tax rate (as a percent)	23.80%	22.60%	25.50%	26.80%
Statutory Federal income tax rate (as a percent)	21.00%	21.00%	21.00%	21.00%
Offset of discrete tax benefit				$ 1.4

Subsequent Events (Details)

Subsequent Events (Details) - aircraft	1 Months Ended	6 Months Ended	12 Months Ended
	Aug. 31, 2021	Jun. 30, 2021	Jun. 30, 2023
E175
Subsequent Event [Line Items]
Number of aircraft under purchase agreement		29
CRJ 900 | Forecast
Subsequent Event [Line Items]
Number of aircraft to be replaced			16
Subsequent event | Delta Capacity Purchase Agreement | E175
Subsequent Event [Line Items]
Number of aircraft under purchase agreement	16