Harbor Diversified (HRBR) 10-K 24 Oct 24 2023 FY Annual report Financial data

Cover

Cover - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Sep. 30, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Entity File Number	001-34584
Entity Registrant Name	HARBOR DIVERSIFIED, INC.
Entity Incorporation State Country Code	DE
Entity Tax Identification Number	13-3697002
Entity Address Address Line1	W6390 Challenger Drive
Entity Address Address Line2	Suite 203
Entity Address City Or Town	Appleton
Entity Address State Or Province	WI
Entity Address Postal Zip Code	54914-9120
City Area Code	920
Local Phone Number	749-4188
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	No
Entity Interactive Data Current	No
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 53.4
Entity Common Stock, Shares Outstanding		58,534,309
Entity Central Index Key	0000899394
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2023
Auditor Information [Abstract]
Auditor Firm ID	248
Auditor Location	Milwaukee, Wisconsin
Auditor Name	GRANT THORNTON LLP

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current Assets
Cash and cash equivalents	$ 20,776	$ 33,333
Restricted cash	755	849
Marketable securities	92,747	153,827
Receivables, net	5,592	11,419
Sales lease receivable, net	753	0
Spare parts and supplies, net	4,810	4,579
Contract costs	111	143
Prepaid expenses and other	2,115	3,732
Total Current Assets	127,659	207,882
Property and Equipment
Flight property and equipment	260,471	263,970
Ground property and equipment	8,792	8,055
Less accumulated depreciation and amortization	(193,457)	(169,766)
Net Property and Equipment	75,806	102,259
Other Assets
Operating lease right-of-use asset	10,270	13,480
Intangibles	5,300	5,300
Long-term sales lease receivable, net	1,171	0
Long-term deferred tax assets	0	258
Long-term investments	4,275	4,275
Long-term contract costs	578	0
Long-term restricted investments	3,194	0
Other	8,051	9,053
Total Other Assets	32,839	32,366
Total Assets	236,304	342,507
Current Liabilities
Accounts payable	12,385	20,165
Accrued payroll and employee benefits	11,495	12,989
Current portion of operating lease liability	4,938	5,091
Other accrued expenses	67	137
Contract liabilities, net	100	1,985
Deferred revenues	0	11,601
Current portion of long-term debt (stated principal amount of $0 as of December 31, 2023 and $7,000 as of December 31, 2022)	0	9,154
Total Current Liabilities	28,985	61,122
Other Liabilities
Long-term debt (stated principal amount of $0 as of December 31, 2023 and $48,600 as of December 31, 2022)	0	52,068
Long-term promissory note	4,275	4,275
Deferred tax liability	1,983	5,510
Long-term operating lease liability	3,010	5,849
Long-term contract liabilities, net	2,984	0
Long-term deferred compensation	3,216	0
Other	2,007	1,977
Total Long-Term Liabilities	17,475	69,679
Commitments and Contingencies (Note 10)
Mezzanine Equity
Series C Convertible Redeemable Preferred Stock, $0.01 par value, 4,000,000 shares authorized, issued and outstanding at December 31, 2023 and December 31, 2022	13,200	13,200
Stockholders’ Equity
Common Stock, $0.01 par value, 100,000,000 shares authorized, 55,481,140 shares issued at December 31, 2023 and December 31, 2022, 43,126,355 shares outstanding at December 31, 2023 and 45,219,737 shares outstanding at December 31, 2022	555	555
Additional paid-in capital	284,340	285,668
Retained deficit	(88,719)	(72,734)
Treasury stock	(19,532)	(14,983)
Total Stockholders’ Equity	176,644	198,506
Total Liabilities, Mezzanine Equity, and Stockholders’ Equity	$ 236,304	$ 342,507

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current portion of long-term debt principal amount	$ 0	$ 7,000
Non-current portion of long term debt principal amount	$ 0	$ 48,600
Common Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, shares authorized (in shares)	100,000,000	100,000,000
Common Stock, shares issued (in shares)	55,481,140	55,481,140
Common Stock, shares outstanding (in shares)	43,126,355	45,219,737
Series C Redeemable Convertible Preferred Stock
Series C Convertible Redeemable Preferred Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Series C Convertible Redeemable Preferred Stock, shares authorized (in shares)	4,000,000	4,000,000
Series C Convertible Redeemable Preferred Stock, shares issued (in shares)	4,000,000	4,000,000
Series C Convertible Redeemable Preferred Stock, shares outstanding (in shares)	4,000,000	4,000,000

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Operating Revenues
Total Operating Revenues	$ 199,205	$ 239,728
Operating Expenses
Payroll and related costs	121,697	109,831
Aircraft fuel and oil	517	169
Aircraft maintenance, materials and repairs	60,783	67,096
Other rents	6,210	6,582
Depreciation, amortization and obsolescence	25,523	26,327
Purchased services and other	21,346	14,992
Total Operating Expenses	236,076	224,997
Income (Loss) From Operations	(36,871)	14,731
Other Income (Expense)
Interest and dividend income	5,476	6,690
Interest expense	(15)	(3)
Gain (Loss) on marketable securities and long-term restricted investments	5,870	(8,826)
Gain on extinguishment of debt	6,204	53
Other, net	(14)	(11)
Total Other Income (Expense)	17,521	(2,097)
Net Income (Loss) Before Taxes	(19,350)	12,634
Income Tax (Benefit) Expense	(3,365)	5,132
Net Income (Loss)	(15,985)	7,502
Preferred stock dividends	1,328	792
Net (loss) income applicable to common stockholders	$ (17,313)	$ 6,710
Basic earnings per share (in dollars per share)	$ (0.39)	$ 0.14
Diluted earnings per share (in dollars per share)	$ (0.39)	$ 0.11
Weighted average common shares:
Basic (in shares)	44,043,175	46,358,909
Diluted (in shares)	44,043,175	62,956,890
Contract revenues
Operating Revenues
Total Operating Revenues	$ 198,833	$ 239,602
Contract services and other
Operating Revenues
Total Operating Revenues	$ 372	$ 126

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Mezzanine Equity - Series C Convertible Redeemable Preferred Stock	Mezzanine Equity - Series C Convertible Redeemable Preferred Stock Mezzanine Equity - Series C Convertible Redeemable Preferred Stock	Common Stock	Repurchased Stock	Additional Paid-In Capital	Retained Deficit	Cost of Repurchased Stock
Mezzanine Equity - Series C Convertible Redeemable Preferred Stock, beginning balance (in shares) at Dec. 31, 2021			4,000,000
Mezzanine Equity - Series C Convertible Redeemable Preferred Stock, ending balance (in shares) at Mar. 31, 2022			4,000,000
Beginning balance at Dec. 31, 2021	$ 204,468		$ 13,200	$ 555		$ 287,429	$ (80,236)	$ (3,280)
Common Stock, beginning balance (in shares) at Dec. 31, 2021				53,316,000
Treasury Stock, beginning balance (in shares) at Dec. 31, 2021					2,165,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	2,294
Ending balance at Mar. 31, 2022	198,113		$ 13,200	$ 555		286,262	(77,942)	(10,762)
Common Stock, ending balance (in shares) at Mar. 31, 2022				47,054,000
Treasury Stock, ending balance (in shares) at Mar. 31, 2022					8,427,000
Mezzanine Equity - Series C Convertible Redeemable Preferred Stock, beginning balance (in shares) at Dec. 31, 2021			4,000,000
Mezzanine Equity - Series C Convertible Redeemable Preferred Stock, ending balance (in shares) at Jun. 30, 2022			4,000,000
Beginning balance at Dec. 31, 2021	204,468		$ 13,200	$ 555		287,429	(80,236)	(3,280)
Common Stock, beginning balance (in shares) at Dec. 31, 2021				53,316,000
Treasury Stock, beginning balance (in shares) at Dec. 31, 2021					2,165,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	8,920
Ending balance at Jun. 30, 2022	202,089		$ 13,200	$ 555		286,064	(71,316)	(13,214)
Common Stock, ending balance (in shares) at Jun. 30, 2022				46,016,000
Treasury Stock, ending balance (in shares) at Jun. 30, 2022					9,465,000
Mezzanine Equity - Series C Convertible Redeemable Preferred Stock, beginning balance (in shares) at Dec. 31, 2021			4,000,000
Mezzanine Equity - Series C Convertible Redeemable Preferred Stock, ending balance (in shares) at Sep. 30, 2022			4,000,000
Beginning balance at Dec. 31, 2021	204,468		$ 13,200	$ 555		287,429	(80,236)	(3,280)
Common Stock, beginning balance (in shares) at Dec. 31, 2021				53,316,000
Treasury Stock, beginning balance (in shares) at Dec. 31, 2021					2,165,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	9,205
Ending balance at Sep. 30, 2022	201,377		$ 13,200	$ 555		285,866	(71,031)	(14,013)
Common Stock, ending balance (in shares) at Sep. 30, 2022				45,652,000
Treasury Stock, ending balance (in shares) at Sep. 30, 2022					9,829,000
Mezzanine Equity - Series C Convertible Redeemable Preferred Stock, beginning balance (in shares) at Dec. 31, 2021			4,000,000
Mezzanine Equity - Series C Convertible Redeemable Preferred Stock, ending balance (in shares) at Dec. 31, 2022		4,000,000	4,000,000
Beginning balance at Dec. 31, 2021	204,468		$ 13,200	$ 555		287,429	(80,236)	(3,280)
Common Stock, beginning balance (in shares) at Dec. 31, 2021				53,316,000
Treasury Stock, beginning balance (in shares) at Dec. 31, 2021					2,165,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	7,502						7,502
Repurchase of stock options	(969)					(969)
Preferred stock dividends	(792)					(792)
Repurchased stock (in shares)				8,096,000	8,096,000
Repurchased stock	(11,703)							(11,703)
Ending balance at Dec. 31, 2022	$ 198,506		$ 13,200	$ 555		285,668	(72,734)	(14,983)
Common Stock, ending balance (in shares) at Dec. 31, 2022	45,219,737			45,220,000
Treasury Stock, ending balance (in shares) at Dec. 31, 2022					10,261,000
Mezzanine Equity - Series C Convertible Redeemable Preferred Stock, beginning balance (in shares) at Mar. 31, 2022			4,000,000
Mezzanine Equity - Series C Convertible Redeemable Preferred Stock, ending balance (in shares) at Jun. 30, 2022			4,000,000
Beginning balance at Mar. 31, 2022	$ 198,113		$ 13,200	$ 555		286,262	(77,942)	(10,762)
Common Stock, beginning balance (in shares) at Mar. 31, 2022				47,054,000
Treasury Stock, beginning balance (in shares) at Mar. 31, 2022					8,427,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	6,626
Ending balance at Jun. 30, 2022	202,089		$ 13,200	$ 555		286,064	(71,316)	(13,214)
Common Stock, ending balance (in shares) at Jun. 30, 2022				46,016,000
Treasury Stock, ending balance (in shares) at Jun. 30, 2022					9,465,000
Mezzanine Equity - Series C Convertible Redeemable Preferred Stock, ending balance (in shares) at Sep. 30, 2022			4,000,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	285
Ending balance at Sep. 30, 2022	201,377		$ 13,200	$ 555		285,866	(71,031)	(14,013)
Common Stock, ending balance (in shares) at Sep. 30, 2022				45,652,000
Treasury Stock, ending balance (in shares) at Sep. 30, 2022					9,829,000
Mezzanine Equity - Series C Convertible Redeemable Preferred Stock, beginning balance (in shares) at Dec. 31, 2022		4,000,000	4,000,000
Mezzanine Equity - Series C Convertible Redeemable Preferred Stock, ending balance (in shares) at Mar. 31, 2023			4,000,000
Beginning balance at Dec. 31, 2022	$ 198,506		$ 13,200	$ 555		285,668	(72,734)	(14,983)
Common Stock, beginning balance (in shares) at Dec. 31, 2022	45,219,737			45,220,000
Treasury Stock, beginning balance (in shares) at Dec. 31, 2022					10,261,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ (4,915)
Ending balance at Mar. 31, 2023	192,359		$ 13,200	$ 555		285,416	(77,649)	(15,963)
Common Stock, ending balance (in shares) at Mar. 31, 2023				44,750,000
Treasury Stock, ending balance (in shares) at Mar. 31, 2023					10,731,000
Mezzanine Equity - Series C Convertible Redeemable Preferred Stock, beginning balance (in shares) at Dec. 31, 2022		4,000,000	4,000,000
Mezzanine Equity - Series C Convertible Redeemable Preferred Stock, ending balance (in shares) at Jun. 30, 2023			4,000,000
Beginning balance at Dec. 31, 2022	$ 198,506		$ 13,200	$ 555		285,668	(72,734)	(14,983)
Common Stock, beginning balance (in shares) at Dec. 31, 2022	45,219,737			45,220,000
Treasury Stock, beginning balance (in shares) at Dec. 31, 2022					10,261,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ (16,903)
Ending balance at Jun. 30, 2023	177,974		$ 13,200	$ 555		285,111	(89,637)	(18,055)
Common Stock, ending balance (in shares) at Jun. 30, 2023				43,830,000
Treasury Stock, ending balance (in shares) at Jun. 30, 2023					11,651,000
Mezzanine Equity - Series C Convertible Redeemable Preferred Stock, beginning balance (in shares) at Dec. 31, 2022		4,000,000	4,000,000
Mezzanine Equity - Series C Convertible Redeemable Preferred Stock, ending balance (in shares) at Sep. 30, 2023			4,000,000
Beginning balance at Dec. 31, 2022	$ 198,506		$ 13,200	$ 555		285,668	(72,734)	(14,983)
Common Stock, beginning balance (in shares) at Dec. 31, 2022	45,219,737			45,220,000
Treasury Stock, beginning balance (in shares) at Dec. 31, 2022					10,261,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ (21,052)
Ending balance at Sep. 30, 2023	172,651		$ 13,200	$ 555		284,753	(93,786)	(18,871)
Common Stock, ending balance (in shares) at Sep. 30, 2023				43,456,000
Treasury Stock, ending balance (in shares) at Sep. 30, 2023					12,025,000
Mezzanine Equity - Series C Convertible Redeemable Preferred Stock, beginning balance (in shares) at Dec. 31, 2022		4,000,000	4,000,000
Mezzanine Equity - Series C Convertible Redeemable Preferred Stock, ending balance (in shares) at Dec. 31, 2023		4,000,000	4,000,000
Beginning balance at Dec. 31, 2022	$ 198,506		$ 13,200	$ 555		285,668	(72,734)	(14,983)
Common Stock, beginning balance (in shares) at Dec. 31, 2022	45,219,737			45,220,000
Treasury Stock, beginning balance (in shares) at Dec. 31, 2022					10,261,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ (15,985)						(15,985)
Preferred stock dividends	(1,328)					(1,328)
Repurchased stock (in shares)				2,094,000	2,094,000
Repurchased stock	(4,549)							(4,549)
Ending balance at Dec. 31, 2023	$ 176,644		$ 13,200	$ 555		284,340	(88,719)	(19,532)
Common Stock, ending balance (in shares) at Dec. 31, 2023	43,126,355			43,126,000
Treasury Stock, ending balance (in shares) at Dec. 31, 2023					12,355,000
Mezzanine Equity - Series C Convertible Redeemable Preferred Stock, beginning balance (in shares) at Mar. 31, 2023			4,000,000
Mezzanine Equity - Series C Convertible Redeemable Preferred Stock, ending balance (in shares) at Jun. 30, 2023			4,000,000
Beginning balance at Mar. 31, 2023	$ 192,359		$ 13,200	$ 555		285,416	(77,649)	(15,963)
Common Stock, beginning balance (in shares) at Mar. 31, 2023				44,750,000
Treasury Stock, beginning balance (in shares) at Mar. 31, 2023					10,731,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(11,988)
Ending balance at Jun. 30, 2023	177,974		$ 13,200	$ 555		285,111	(89,637)	(18,055)
Common Stock, ending balance (in shares) at Jun. 30, 2023				43,830,000
Treasury Stock, ending balance (in shares) at Jun. 30, 2023					11,651,000
Mezzanine Equity - Series C Convertible Redeemable Preferred Stock, ending balance (in shares) at Sep. 30, 2023			4,000,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(4,149)
Ending balance at Sep. 30, 2023	$ 172,651		$ 13,200	$ 555		$ 284,753	$ (93,786)	$ (18,871)
Common Stock, ending balance (in shares) at Sep. 30, 2023				43,456,000
Treasury Stock, ending balance (in shares) at Sep. 30, 2023					12,025,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash Flows from Operating Activities
Net (loss) income	$ (15,985)	$ 7,502
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation, amortization and obsolescence allowance	25,523	26,327
Amortization of engine overhauls	4,202	2,757
Deferred income taxes	(3,269)	5,216
(Gain) loss on disposition of property and equipment	(523)	181
(Gain) loss on marketable securities	(3,651)	8,826
Gain on extinguishment of debt	(6,204)	(53)
Changes in operating assets and liabilities:
Accounts receivable	5,636	(3,997)
Sales lease receivable	208	0
Notes receivable	0	46,139
Spare parts and supplies	(231)	(324)
Prepaid expenses and other	1,843	(4,286)
Operating lease right-of-use asset	218	112
Accounts payable	(7,780)	105
Accrued payroll and employee benefits	(1,494)	(1,896)
Other accrued expenses	(70)	(35)
Long-term deferred revenues	0	(9,046)
Contract liabilities	1,099	(7,439)
Deferred revenues	(11,601)	(24,191)
Other long-term liabilities	52	(864)
Net Cash (Used in) Provided by Operating Activities	(12,027)	45,034
Cash Flows from Investing Activities
Additions to property and equipment	(4,487)	(5,513)
Proceeds on disposition of property and equipment	27	64
Purchase of marketable securities	(35,132)	(24,283)
Sale of marketable securities	99,863	0
Net Cash Provided by (Used in) Investing Activities	60,271	(29,732)
Cash Flows from Financing Activities
Repayments of long-term debt	(55,018)	(6,275)
Dividends paid on preferred stock	(1,328)	(792)
Repurchase of stock options	0	(969)
Repurchase of common stock	(4,549)	(11,703)
Net Cash Used in Financing Activities	(60,895)	(19,739)
Decrease in Cash, Cash Equivalents and Restricted Cash	(12,651)	(4,437)
Cash, Cash Equivalents and Restricted Cash, beginning of year	34,182	38,619
Cash, Cash Equivalents and Restricted Cash, end of year	$ 21,531	$ 34,182

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP") and include the accounts of Harbor Diversified, Inc. ("Harbor") and its subsidiaries (collectively, the "Company"). Harbor is a non-operating holding company that is the parent of a consolidated group of wholly-owned subsidiaries, including AWAC Aviation, Inc. ("AWAC"), which is the sole member of Air Wisconsin Airlines LLC ("Air Wisconsin"), which is a regional air carrier. Harbor is also the direct parent of three other subsidiaries: (1) Lotus Aviation Leasing, LLC ("Lotus"), which leases flight equipment to Air Wisconsin, (2) Air Wisconsin Funding LLC ("AWF"), which provides flight equipment financing to Air Wisconsin, and (3) Harbor Therapeutics, Inc. ("Therapeutics"), which is a non-operating entity with no material assets. Principles of Consolidation The consolidated financial statements include the accounts and transactions of the Company and its wholly-owned subsidiaries. All inter-company accounts and transactions are eliminated in consolidation. Description of Operations The Company has principal lines of business focused on (1) providing regional air services through Air Wisconsin (airline business), (2) acquiring flight equipment for the purpose of leasing the equipment to Air Wisconsin, and (3) providing flight equipment financing to Air Wisconsin. Additionally, Air Wisconsin is continuing to explore aircraft leasing opportunities and entered into its first short-term aircraft lease in September 2022. This lease was subsequently renegotiated into a sales-type lease in December 2023. For additional information refer to Note 9, Sales-type Lease . The airline business is operated entirely through Air Wisconsin, which is an independent regional air carrier. For the year ended December 31, 2023, Air Wisconsin was engaged in the business of providing scheduled passenger service for American Airlines, Inc. ("American") under a capacity purchase agreement ("American capacity purchase agreement") which was entered into in August 2022. Prior to early June 2023, Air Wisconsin was also engaged in the business of providing scheduled passenger service for United Airlines, Inc. (“United”) under a capacity purchase agreement (“United capacity purchase agreement”) which was entered into in February 2017 and which terminated in early June 2023. Air Wisconsin has provided scheduled passenger service for American since March 1, 2023. Pursuant to the American capacity purchase agreement, Air Wisconsin agreed to provide up to 60 CRJ-200 regional jet aircraft for regional airline services for American. The American capacity purchase agreement also provides that the parties may discuss the possibility of adding CRJ-700 regional jets to Air Wisconsin’s fleet for the purpose of providing regional airline services under the agreement, but neither party is currently under any obligation with respect to these aircraft. American became Air Wisconsin’s sole airline partner when all its aircraft were removed from United’s flying operations in early June 2023. As of December 31, 2023 Air Wisconsin had 45 in service for American. For additional information, please refer to Note 4, Capacity Purchase Agreements with United and American . Segment Reporting Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing operating performance. In consideration of Accounting Standards Codification Topic 280, Segment Reporting , we are not organized around specific services or geographic regions. For the year ended December 31, 2023, we operated in one service line providing scheduled flight services in accordance with the United capacity purchase agreement until early June 2023, and in accordance with the American capacity purchase agreement commencing March 1, 2023. Additionally, our chief operating decision maker uses consolidated financial information to evaluate our performance, which is the same basis upon which the results and performance of the Company are communicated to the board of directors. The chief operating decision maker bases all significant decisions regarding the allocation of our resources on a consolidated basis. Based on the information described above and in accordance with the applicable literature, management has concluded that we are organized and operate as one operating and reportable segment. As further discussed below, substantially all of our operating revenues in the year ended December 31, 2023 were derived from both American and United, and in the year ended December 31, 2022 were derived from operations associated with United. Contract Revenues For the years ended December 31, 2023 and December 31, 2022, (i) approximately 63.8% and 0.0%, respectively, of the Company’s operating revenues were derived from operations associated with the American capacity purchase agreement and (ii) approximately 36.0% and 99.9%, respectively, of the Company’s operating revenues were derived from operations associated with the United capacity purchase agreement. In performing an analysis of the American capacity purchase agreement, as amended, and the United capacity purchase agreement, as amended, within the framework of Accounting Standards Update (“ASU”) No. 2016-02, Leases (“ASC 842”) and Accounting Standards Codification Topic 606, Revenue from Contracts with Customers (“ASC 606”), the Company determined that a portion of the payments it receives under the agreements that is designed to reimburse Air Wisconsin for use of a certain number of aircraft, which is referred to as “right of use,” is considered lease revenue. All other revenue received by Air Wisconsin under the capacity purchase agreements is considered non-lease revenue. After consideration of the lease and non-lease components, within the context of ASC 842, the Company determined the non-lease component to be the predominant component of each capacity purchase agreement and elected a practical expedient to not separate the lease and non-lease components. Therefore, all compensation received by Air Wisconsin pursuant to the American capacity purchase agreement and the United capacity purchase agreement has been accounted for under ASC 606. Because our flights are distinct services that have the same pattern of transfer to the customer, satisfied over time with the measure of progress for each flight deemed to be substantially the same, the flight services promised in the American capacity purchase agreement, and previously the United capacity purchase agreement, represent a series of services that are accounted for as a single performance obligation. Therefore, our contract revenues are recognized when service is provided and our performance obligation is met on a per completed flight basis. The performance obligation of each completed flight is measured using departures. The United capacity purchase agreement terminated in early June 2023 and contract revenues have not been recorded under that agreement since then. In March 2023, Air Wisconsin commenced flying operations for American under the American capacity purchase agreement, at which time Air Wisconsin began recording contract revenues under that agreement. Under the American capacity purchase agreement, Air Wisconsin is entitled to receive from American a fixed daily amount for each aircraft covered under the agreement (subject to Air Wisconsin’s ability to meet certain block hour utilization thresholds), a fixed payment for each departure, and a fixed payment for each block hour flown, in each case subject to annual increases during the term of the agreement. The American capacity purchase agreement also provides for the reimbursement to Air Wisconsin of certain direct operating expenses, such as certain insurance premiums and property taxes. Air Wisconsin is also eligible to receive bonus compensation, and may be required to pay rebates, upon the achievement of, or failure to achieve, certain pre-established performance criteria. The contract revenues received under the American capacity purchase agreement are explained in more detail below. Under the United capacity purchase agreement, Air Wisconsin was entitled to receive a fixed rate for each departure and block hour, and a fixed amount per covered aircraft per day, in each case subject to annual increases during the term of the agreement. Air Wisconsin’s performance obligation was met and revenue was recognized over time, which was then reflected in contract revenues. The United capacity purchase agreement also provided for the reimbursement to Air Wisconsin of certain direct operating expenses, such as certain insurance premiums and property taxes. Air Wisconsin was also eligible to receive bonus compensation, or was required to pay penalties, based on the achievement, or failure to achieve, certain pre-established performance criteria. The contract revenues received under the United capacity purchase agreement are explained in further detail below. Prior to the termination of the United capacity purchase agreement in early June 2023, United made provisional cash payments to Air Wisconsin during each month of service based on projected flight schedules. These provisional cash payments were then subsequently reconciled with United based on actual completed flight activity. As of the date of this filing, these payments were reconciled through June 2023, the last month of United operations, and no further reconciliations are expected. American makes provisional cash payments to Air Wisconsin during each month of service based on projected flight schedules. These provisional cash payments are subsequently reconciled with American based on actual completed flight activity. As of the date of this filing, payments through August 2024 have been reconciled. As of December 31, 2023, American owed Air Wisconsin $1,187, which is recorded in Receivables, net, in the consolidated balance sheets. Prior to the termination of the United capacity purchase agreement in early June 2023, Air Wisconsin was eligible to receive incentive payments, or was required to pay penalties, upon the achievement of, or failure to achieve, certain performance criteria primarily based on flight completion, on-time performance, and customer satisfaction ratings. The incentives were defined in the agreement, and performance was measured on a monthly basis. At the end of each month during the term of the agreement, Air Wisconsin calculated the incentives achieved, or penalties payable, during that period and recognized revenue accordingly, subject to the variable constraint guidance under ASC 606. Final reconciliations have been completed with United through June 2023. Air Wisconsin received net payments of $1,419 for the year ended December 31, 2023 as compared to $6,420 for the year ended December 31, 2022. As of December 31, 2023, Air Wisconsin had no amount recorded as part of Receivables, net, in the consolidated balance sheets related to net incentive amounts from United. As of December 31, 2022, Air Wisconsin recorded $2,307 as part of Receivables, net, in the consolidated balance sheets related to net incentive amounts. Commencing in September 2023, Air Wisconsin became eligible under the American capacity purchase agreement to receive bonus payments, and may be required to pay rebates, upon the achievement of, or failure to achieve, certain performance criteria primarily based on flight completion, on-time performance, and customer satisfaction ratings. The bonus and rebate amounts are defined in the agreement, and performance will be measured on a monthly or quarterly basis. At the end of each month or quarter, Air Wisconsin will calculate the bonus amounts achieved, or rebates payable, during that period and recognize revenue accordingly, subject to the variable constraint guidance under ASC 606. As of December 31, 2023, Air Wisconsin recorded $267 in rebate amounts payable under the American capacity purchase agreement. Under the United capacity purchase agreement, Air Wisconsin was entitled to receive a fixed amount per aircraft per day for each month during the term of the agreement. In accordance with GAAP, the Company recognized revenue related to the fixed payments on a proportional basis taking into account the number of flights actually completed in that period relative to the number of flights expected to be completed in subsequent periods during the remaining term of the agreement. Air Wisconsin deferred fixed revenues between April 2020 and June 2021 due to the significant decrease in its completed flights as a result of the COVID-19 pandemic. Beginning in July 2021, due to an increase in completed flights and based on projected future completed flight activity, Air Wisconsin began reversing this deferral of fixed revenues, and it continued to do so until the termination of the agreement in early June 2023. Accordingly, during the year ended December 31, 2023, Air Wisconsin recognized $11,601 of fixed revenues under the United capacity purchase agreement that were previously deferred, compared to $33,237 in the year ended December 31, 2022. As of December 31, 2023 and December 31, 2022, deferred fixed revenues related to the United capacity purchase agreement in the amount of $0 and $11,601, respectively, were recorded as part of Deferred revenues in the consolidated balance sheets. Under the United capacity purchase agreement, Air Wisconsin also recognized decreased non-refundable upfront fee revenues and increased fulfillment costs, both of which were amortized over the remaining term of the United capacity purchase agreement in proportion to the number of flights actually completed in that period relative to the number of flights expected to be completed in subsequent periods. During the year ended December 31, 2023, Air Wisconsin recorded $1,335 of revenue from upfront fees and $143 of fulfillment costs under the United capacity purchase agreement, compared to $4,385 in revenue from upfront fees and $470 of fulfillment costs for the year ended December 31, 2022. As of December 31, 2023 and December 31, 2022, deferred upfront fee revenue in the amount of $0 and $1,335, respectively, under the United capacity purchase agreement is recorded as part of Contract liabilities, net in the consolidated balance sheets. Under the American capacity purchase agreement, Air Wisconsin is entitled to receive from American a fixed daily amount for each aircraft covered under the agreement (subject to Air Wisconsin's ability to meet certain block hour utilization thresholds). Because the fixed daily amounts for each aircraft covered under the agreement are specifically related to the performance obligation completed during the period, they are recognized in contract revenues in the period in which the applicable flights are completed. During the year ended December 31, 2023, Air Wisconsin recorded $59,089 of fixed daily revenues under the American capacity purchase agreement which are included as part of Contract revenues in the consolidated statements of operations, compared to $0 for the year ended December 31, 2022. Under the American capacity purchase agreement, Air Wisconsin is also entitled to be reimbursed for certain startup costs ("non-refundable upfront fee revenue"), such as livery changes to the aircraft, to prepare the aircraft for American flight services. Through December 31, 2023, Air Wisconsin incurred $3,998 in reimbursable costs, and it estimates that it will incur an additional $602 in reimbursable costs over the term of the American capacity purchase agreement. In accordance with GAAP, the Company will recognize revenue related to the total estimated non-refundable upfront fee revenue of $4,600 on a proportional basis taking into account the number of flights actually completed in the period relative to the number of flights expected to be completed in subsequent periods during the remaining term of the agreement. Accordingly, during the years ended December 31, 2023 and December 31, 2022, Air Wisconsin recognized $505 and $0 of non-refundable upfront fee revenues, respectively. As of December 31, 2023 and December 31, 2022, Air Wisconsin deferred $3,493, and $0, respectively, in non-refundable upfront fee revenues under the American capacity purchase agreement. Air Wisconsin’s deferred revenues related to the non-refundable upfront fee revenues under the American capacity purchase agreement will adjust over the remaining contract term, based on the actual expenses incurred that will be reimbursed and recognized based on the number of flights actually completed in the period relative to the number of flights expected to be completed in subsequent periods during the remaining term of the agreement. As of December 31, 2023 and December 31, 2022, deferred non-refundable upfront fee revenues in the amount of $662 and $0, respectively, were netted as part of short-term Contract liabilities, net, and $2,831 and $0, respectively, were recorded as part of Long-term contract liabilities, net in the consolidated balance sheets. Under the American capacity purchase agreement, Air Wisconsin will also receive a monthly support fee and is reimbursed for heavy maintenance expenses based on the fixed covered per aircraft per day rate over the term of the agreement. In addition, amendments to the American capacity purchase agreement entered into in February 2023 and November 2023 ("Amendment No. 1" and "Amendment No. 3", respectively) provided for a one-time payment to assist with increased costs related to pilot compensation as well as revised compensation rates to further assist Air Wisconsin with pilot compensation and retention. In accordance with GAAP, the Company recognizes revenue related to the monthly support fee, heavy maintenance revenue, and one-time pilot compensation assistance payment on a proportional basis taking into account the number of flights actually completed in the period relative to the number of flights expected to be completed in subsequent periods during the remaining term of the agreement. Accordingly, during the years ended December 31, 2023 and December 31, 2022, Air Wisconsin recognized $5,456 and $0, respectively, of revenue related to these amounts. As of December 31, 2023 and December 31, 2022 revenues related to the anticipated heavy maintenance reimbursements and one-time pilot compensation assistance payment in the amounts of $562 and $0, respectively, were netted as part of short-term Contract liabilities, net, and revenues related to the monthly support fee in the amounts of $152 and $0, respectively, were recorded in Long-term contract liabilities, net in the consolidated balance sheets. Air Wisconsin’s contract liabilities related to the one-time pilot compensation assistance payment, estimated monthly support fee and heavy maintenance revenue will adjust over the remaining contract term, based on the actual reimbursement of the monthly support fee and heavy maintenance revenue and on the number of flights actually completed in each reporting period relative to the number of flights expected to be completed in subsequent periods during the remaining term of the agreement. As part of the October 2020 amendment to the United capacity purchase agreement ("United Amendment"), United made a cash settlement payment of $670 and issued a note receivable to Air Wisconsin in the amount of $11,048 of which $4,410 was deferred as of December 31, 2020, with the remaining portion recognized in proportion to the number of flights completed in subsequent periods through the end of the term of the agreement. In October 2021, in accordance with the United Amendment, Air Wisconsin received $294 for the opening of a crew base, of which $73 was deferred as of December 31, 2021, with the remaining portion recognized in proportion to the number of flights completed in subsequent periods through the end of the term of the agreement. For the years ended December 31, 2023 and December 31, 2022, Air Wisconsin recorded $649 and $2,132, respectively, of revenue related to these items. As of December 31, 2023 and December 31, 2022, deferred revenue under the United Amendment, related to these items, in the amount of $0 and $649, was recorded as part of Contract liabilities, net in the consolidated balance sheets. The timing of the recognition under the American capacity purchase agreement of non-refundable upfront fee revenue, fulfillment costs, monthly support fee revenues, heavy check maintenance revenues and one-time support fee revenues in future periods is subject to considerable uncertainty due to a number of factors, including the estimated revenue amounts to be received and the number of flights actually completed in the period relative to the number of flights expected to be completed in subsequent periods during the remaining term of the agreement. The amount of revenues recognized for the years ended December 31, 2023 and December 31, 2022 that were related to the United capacity purchase agreement and previously recorded as Contract liabilities, net was $1,985 and $6,517, respectively. During the years ended December 31, 2023 and December 31, 2022, there were no revenues recognized that were previously recorded as Contract liabilities, net related to the American capacity purchase agreement. Other Revenues Other revenues primarily consist of the sales of parts to other airlines and aircraft lease payments. These other revenues are immaterial in all periods presented. The transaction price for these other revenues generally is fair market value. Cash and Cash Equivalents Money market funds and investments and deposits with an original maturity of three months or less when acquired are considered cash and cash equivalents. Restricted Cash As of December 31, 2023 and December 31, 2022, the Company had a restricted cash balance of $755 and $849, respectively. A portion of the balance secures a credit facility for the issuance of letters of credit guaranteeing the performance of Air Wisconsin’s obligations under certain lease agreements, airport agreements and insurance policies. The remaining portion is cash held for the repurchase of shares under Harbor’s stock repurchase program. For additional information, please refer to Note 10, Commitments and Contingencies and Note 18, Stock Repurchase Program. Receivables, net Subsequent to June 30, 2023, the Company changed the description of Accounts receivable, net to Receivables, net in the consolidated balance sheets. The change did not result in the reclassification of items presented in prior periods. As of December 31, 2023 and December 31, 2022, the Company had a receivables, net balance of $5,592 and $11,419, respectively. The table below sets forth the major categories that make up the balances: December 31, 2023 December 31, 2022 Trade receivables $ 1,187 $ 1,612 Insurance and warranty claim receivables 1,506 2,710 Federal and state tax receivables 1,024 3,384 Other industry related receivables 1,883 3,731 Allowance for expected credit losses (8) (18) Receivables, net $ 5,592 $ 11,419 Other industry related receivables includes employee receivables related to such items as uniforms and relocation expenses, transactions with our unions, and credits from vendors. Allowance for Credit Losses The Company monitors publicly available credit ratings for entities for which the Company has a significant receivables balance. The Company determined that its receivables, as noted in the table above under Receivables, net, are primarily the result of its relationship with American and United, income tax refunds, or insurance related receivables. These receivables are payable by governmental entities or credit-worthy companies. Based on this the Company has not recorded an allowance for credit losses related to these receivables. The Company historically maintained, and continues to maintain, an allowance for expected credit losses primarily related to employee receivables. The allowance for expected credit losses was $8 and $18 as of December 31, 2023 and December 31, 2022, respectively. The Company will continue to monitor its financial instruments for expected credit losses under the newly adopted standard as further described below under Recently Adopted Accounting Pronouncement. In December 2023, Air Wisconsin entered into a sale-type lease for one of its aircraft. The resulting Sales lease receivable was evaluated under ASC 326 resulting in an allowance for credit losses of $229 for the year ended December 31, 2023. For additional information, please refer to Note 9, Sales-type Lease . Marketable Securities The Company's equity security investments, consisting of exchange-traded funds and mutual funds, are recorded at fair value based on quoted market prices (Level 1) in Marketable securities in the consolidated balance sheets, in accordance with the guidance in Accounting Standards Codification Topic 321, Investments-Equity Securities , with the change in fair value during the period included in the consolidated statements of operations. As of December 31, 2023 the fair value of the Company's marketable securities was $92,747, and as of December 31, 2022, the fair value of Air Wisconsin's marketable securities was $153,827. The calculation of net unrealized gains and losses that relate to marketable securities held as of December 31, 2023 and December 31, 2022 is as follows: Year Ended Year Ended Net gains (losses) recognized during the period on equity securities $ 3,651 $ (8,826) Less: Net gains (losses) recognized during the period on equity securities sold during the period — — Unrealized gains (losses) recognized during the period on equity securities held as of the end of the period $ 3,651 $ (8,826) Spare Parts and Supplies Spare parts and supplies include an inventory of expendable parts and miscellaneous aircraft supplies stated at average cost less an obsolescence allowance. The Company provides for an allowance for obsolescence after considering the useful life of the aircraft fleet, the estimated cost of expendable parts expected to be on hand at the end of the useful life and the estimated salvage value of the parts. This allowance is based on management estimates and is subject to change. Expendable parts are charged to expense at average cost when used. Expendable parts that are repairable are returned to inventory at the average cost of comparable parts, less a reserve for scrap. Supplies are stated at average cost. The inventory allowance was $17,146 and $17,180 as of December 31, 2023 and December 31, 2022, respectively. The Company does, from time to time, consign certain of its spare parts and supplies to third parties for sale. Title of any such parts or supplies remains with the Company until a sale is made. To the extent the Company does consign any such spare parts and supplies, it is not material to its inventory. The Company views the net carrying value of any consigned spare parts and supplies to be $0 due to its obsolescence reserve. Contract Costs Contract costs arise from the incremental costs incurred to fulfill our capacity purchase agreements. They include costs such as aircraft painting and aircraft reconfiguration. Contract costs are amortized under the respective capacity purchase agreement based on the completion of our performance obligation as measured by departures. Air Wisconsin incurred certain contract costs ("fulfillment costs") prior to the start of flying operations for American on March 1, 2023. These costs included changes to the livery, fuel costs, and certain training expenses. The total fulfillment costs incurred as of December 31, 2023 and December 31, 2022 were $774 and $0, respectively. The fulfillment costs incurred for the twelve months ended December 31, 2023 are included in Prepaid expenses and other in the Cash Flows from Operating Activities section in our consolidated statements of cash flows. These costs will be amortized on a proportional basis taking into account the number of flights actually completed in the period relative to the number of flights expected to be completed in subsequent periods during the remaining term of the agreement. Those contract costs expected to be amortized over the next one-year period are included in Contract costs in the Current Asset section of the consolidated balance sheets while those contract costs expected to be amortized in periods beyond one-year are included as Long-term Contract costs in the consolidated balance sheets. For the years ended December 31, 2023 and December 31, 2022, Air Wisconsin recorded $85 and $0, respectively, of amortization expense related to fulfillment costs. The amortization of fulfillment costs is included in Depreciation, amortization, and obsolescence allowance in the Cash Flows from Operating Activities section in our consolidated statements of cash flows. As of December 31, 2023, Contract costs and Long-term contract costs were $111 and $578, respectively, in our consolidated balance sheets and incurred under our capacity purchase agreement with American. As of December 31, 2022, Contract costs were $143 in our consolidated balance sheets and incurred under our capacity purchase agreement with United. There were no Long-term contract costs at December 31, 2022. Contract Assets and Liabilities Contract assets arise from revenue earned for services provided that was not yet billable to United or American as of the respective dates of the consolidated balance sheets. Contract liabilities arise from payments received in advance of services provided. Contract assets and liabilities expected to be settled within the next one-year period are netted in the consolidated balance sheets and included in Current Assets or Current Liabilities. Contract assets and liabilities expected to be settled more than a year in the future are netted and included in Long-term Assets or Long-term Liabilities in the consolidated balance sheets. As of December 31, 2023, the Company recorded current Contract liabilities, net of $100 and Long-term contract liabilities, net of $2,984 related to the American capacity purchase agreement. As of December 31, 2022, the Company recorded current Contract liabilities, net of $1,985 related to United capacity purchase agreement. Property and Equipment Property and equipment are stated at cost and depreciated over their useful lives to their estimated residual values using the straight-line method as follows: Assets Depreciable Life Current Residual Value Aircraft 7 years $ 50 Rotable parts 7 years 10 % Spare engines 7 years $ 25 Ground equipment up to 10 years 0 % Office equipment up to 10 years 0 % Leasehold improvements Shorter of asset or lease life 0 % The table below sets forth the original cost of the Company’s fixed assets and accumulated depreciation or amortization as of the dates presented. The table excludes construction in process of $3,983 and $2,237 for the years ended December 31, 2023 and December 31, 2022, respectively. Construction in process primarily relates to the cost of parts that are not capitalized until the parts are placed into service. For the years ended: December 31, 2023 December 31, 2022 Assets Original Accumulated Original Accumulated Aircraft $ 67,459 $ 48,011 $ 70,089 $ 40,544 Spare engines 160,694 119,575 163,708 103,834 Rotable parts 28,335 18,512 27,936 18,655 Ground equipment 2,912 2,277 2,718 2,063 Office equipment 4,757 4,391 4,519 4,218 Leasehold improvements 1,123 691 818 452 $ 265,280 $ 193,457 $ 269,788 $ 169,766 Air Wisconsin’s capitalized engine maintenance costs are amortized over their estimated useful life measured in remaining engine cycles to the next scheduled shop visit. Lotus’ engine maintenance costs are expensed. Depreciation expense in the years ended December 31, 2023 and December 31, 2022 was $25,295 and $24,911, respectively, and is included in depreciation, amortization and obsolescence in the accompanying consolidated statements of operations. Gains and losses from the disposals of fixed assets for the years ended December 31, 2023 and December 31, 2022 were a gain of $523 and a loss of $181, respectively, and are included in Purchased services and other on the accompanying consolidated statements of operations. A portion of the gains for the twelve months ended December 31, 2023 are related to assets disposed of in

Restatement of 2022 Consolidate

Restatement of 2022 Consolidated Financial Statements	12 Months Ended
	Dec. 31, 2023
Accounting Changes and Error Corrections [Abstract]
Restatement of 2022 Consolidated Financial Statements	Restatement of 2022 Consolidated Financial Statements In February 2024 Harbor’s subsidiary, Air Wisconsin, was subject to an unexpected outcome in the arbitrators’ decision and award (“United Arbitration Award”) relating to the arbitration with United Airlines, Inc. ("United") that commenced in October 2022. The United Arbitration Award held, among other things, that Air Wisconsin was not entitled to the payments from United that were at issue in the arbitration. Following receipt of the United Arbitration Award, we commenced a detailed analysis of the complex accounting treatment of the amounts disputed in the arbitration. In connection with the preparation of the Company’s consolidated financial statements for the year ended December 31, 2023, and following extensive discussions among Company management and the Audit Committee as well as consultation between management and multiple accounting and legal advisors over a period of several months, the Company concluded that (i) its prior determination to recognize certain amounts disputed in the arbitration was inconsistent with the technical requirements of ASC 606, and (ii) the previously issued consolidated financial statements for the year ended December 31, 2022 (the "2022 Annual Period") should no longer be relied upon, and that such financial statements should be restated. The Company is restating its consolidated financial statements for the 2022 Annual Period to remove $41,135 of contract revenues and $334 of interest income in connection with the United Arbitration Award. This results in a reduction in income tax expense of $9,861 and an overall reduction in net income for the year ended December 31, 2022 of $31,608. The Company also determined that it will amend its 2022 federal and state income tax returns, resulting in expected federal and state tax refunds of approximately $7,092. The United Arbitration Award resulted in reduced contract revenues of $1,429 for 2021, resulting in a tax benefit of $337, and a net reduction in net income of $1,092. These adjustments were concluded to be immaterial to the 2021 financial statements and therefore the Company has adjusted the 2022 opening retained deficit balance for this correction. The Company also determined that it will amend its 2021 federal and state income tax returns resulting in expected federal and state refunds of $337. The expected federal and state tax refunds from the amended tax returns for 2021 and 2022 are shown in Other (long-term assets) in the restated consolidated balance sheet as of December 31, 2022. The Company also adjusted $547 of tax receivables from Receivables, net to Other (long-term assets) since certain tax receivables were received outside of the originally expected twelve-month period to be classified as short-term. The Company further adjusted its balance sheet for changes in current and deferred tax assets and liabilities based on its changing tax position for 2022 and the creation of federal and state net operating loss deferred tax assets. As a result of the reduced contract revenues, Receivables, net, Notes receivable, and Deferred revenue were adjusted in the consolidated balance sheet as of December 31, 2022 accordingly. In the operating activities section on the consolidated statement of cash flows for the year ended December 31, 2022, the Company increased amortization of contract costs by $4,385 and reduced contract liabilities by $4,385 which represented deferred revenues which were taken into income during 2022. This amount was previously incorrectly classified as amortization of contract costs, however, the change had no impact on cash flows from operating activities. The restated consolidated balance sheet, consolidated statement of operations, and consolidated statement of cash flows for the 2022 Annual Period, including the balances as previously reported (shown as "As Reported" in each table), adjustments and the balances as restated, are as follows: Harbor Diversified, Inc. and Subsidiaries Consolidated Balance Sheet (in thousands) For the Year Ended December 31, 2022 As Reported Adjustments As Restated Assets Current Assets Cash and cash equivalents $ 33,333 $ — $ 33,333 Restricted cash 849 — 849 Marketable securities 153,827 — 153,827 Receivables, net 40,341 (28,922) 11,419 Notes receivable 18,023 (18,023) — Spare parts and supplies, net 4,579 — 4,579 Contract costs 143 — 143 Prepaid expenses and other 3,732 — 3,732 Total Current Assets 254,827 (46,945) 207,882 Property and Equipment Flight property and equipment 263,970 — 263,970 Ground property and equipment 8,055 — 8,055 Less accumulated depreciation (169,766) — (169,766) Net Property and Equipment 102,259 — 102,259 Other Assets Operating lease right of use asset 13,480 — 13,480 Intangibles 5,300 — 5,300 Long-term deferred tax asset — 258 258 Long-term investments 4,275 — 4,275 Other 1,414 7,639 9,053 Total Other Assets 24,469 7,897 32,366 Total Assets $ 381,555 $ (39,048) $ 342,507 Liabilities, Mezzanine Equity, and Stockholders' Equity Current Liabilities Accounts payable $ 20,165 $ — $ 20,165 Accrued payroll and employee benefits 12,989 — 12,989 Current portion of operating lease liability 5,091 — 5,091 Other accrued expenses 137 — 137 Contract liabilities, net 1,985 — 1,985 Deferred revenues 16,561 (4,960) 11,601 Income taxes payable — — — Current portion of long-term debt 9,154 — 9,154 Total Current Liabilities 66,082 (4,960) 61,122 Other Liabilities Long-term debt 52,068 — 52,068 Long-term promissory note 4,275 — 4,275 Deferred tax liability 7,990 (2,480) 5,510 Long-term operating lease liability 5,849 — 5,849 Other 1,977 — 1,977 Harbor Diversified, Inc. and Subsidiaries Consolidated Balance Sheet (in thousands) Total Long-term Liabilities 72,159 (2,480) 69,679 Total Liabilities 138,241 (7,440) 130,801 Mezzanine Equity Preferred stock 13,200 — 13,200 Stockholders' Equity Common stock 555 — 555 Additional paid-in capital 285,668 — 285,668 Retained deficit (41,126) (31,608) (72,734) Treasury stock (14,983) — (14,983) Total Stockholders' Equity 230,114 (31,608) 198,506 Total Liabilities, Mezzanine Equity, and Stockholders' Equity $ 381,555 $ (39,048) $ 342,507 Harbor Diversified, Inc. and Subsidiaries Consolidated Statement of Operations (in thousands, except share amounts and per share values) For the Year Ended December 31, 2022 As Reported Adjustments As Restated Operating Revenues Contract revenues $ 280,737 $ (41,135) $ 239,602 Contract services and other 126 — 126 Total Operating Revenues 280,863 (41,135) 239,728 Operating Expenses Payroll and related costs 109,831 — 109,831 Aircraft fuel and oil 169 — 169 Aircraft maintenance, materials and repairs 67,096 — 67,096 Other rents 6,582 — 6,582 Depreciation, amortization and obsolescence 26,327 — 26,327 Purchased services and other 14,992 — 14,992 Total Operating Expenses 224,997 — 224,997 Income From Operations 55,866 (41,135) 14,731 Other (Expense) Income Interest and dividend income 7,024 (334) 6,690 Interest expense (3) — (3) Loss on marketable securities (8,826) — (8,826) Gain on extinguishment of debt 53 — 53 Other, net (11) — (11) Total Other Expense (1,763) (334) (2,097) Net Income Before Taxes 54,103 (41,469) 12,634 Income Tax Expense 14,993 (9,861) 5,132 Net Income 39,110 (31,608) 7,502 Preferred Stock Dividends 792 — 792 Net Income Available to Common Shareholders $ 38,318 $ (31,608) $ 6,710 Basic earnings per share $ 0.83 $ (0.69) $ 0.14 Diluted earnings per share $ 0.61 $ (0.50) $ 0.11 Weighted average common shares: Basic 46,358,909 — 46,358,909 Diluted 62,956,890 — 62,956,890 Harbor Diversified, Inc. and Subsidiaries Consolidated Statement of Cash Flows (in thousands) For the Year Ended December 31, 2022 As Reported Adjustments As Restated Cash Flows From Operating Activities Net income $ 39,110 $ (31,608) $ 7,502 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, amortization and obsolescence allowance 26,327 — 26,327 Amortization of contract costs (4,385) 4,385 — Amortization of engine overhauls 2,757 — 2,757 Deferred income taxes 7,954 (2,738) 5,216 Loss on disposition of property 181 — 181 Loss on marketable securities 8,826 — 8,826 Gain on extinguishment of debt (53) — (53) Changes in operating assets and liabilities: Accounts receivable (32,919) 28,922 (3,997) Notes receivable 28,116 18,023 46,139 Spare parts and supplies (324) — (324) Prepaid expenses and other 3,353 (7,639) (4,286) Operating lease right of use asset 112 — 112 Accounts payable 105 — 105 Accrued payroll and employee benefits (1,896) — (1,896) Other accrued expenses (35) — (35) Long-term deferred revenue (9,046) — (9,046) Contract liabilities (3,054) (4,385) (7,439) Deferred revenue (19,231) (4,960) (24,191) Other long-term liabilities (864) — (864) Net Cash Provided by Operating Activities 45,034 — 45,034 Cash Flows From Investing Activities Additions to property and equipment (5,513) — (5,513) Proceeds on disposition of property and equipment 64 — 64 Purchase of marketable securities (24,283) — (24,283) Net Cash Used in Investing Activities (29,732) — (29,732) Cash Flows From Financing Activities Repayments of long-term debt (6,275) — (6,275) Dividends paid (792) — (792) Repurchase of stock options (969) — (969) Repurchased stock (11,703) — (11,703) Net Cash Used in Financing Activities (19,739) — (19,739) Decrease in Cash, Cash Equivalents and Restricted Cash (4,437) — (4,437) Cash, Cash Equivalents and Restricted Cash, beginning of year 38,619 — 38,619 Cash, Cash Equivalents and Restricted Cash, end of year $ 34,182 $ — $ 34,182 In connection with the preparation of the Company’s consolidated financial statements for the year ended December 31, 2023, and following extensive discussions among Company management and the Audit Committee as well as consultation between management and multiple accounting and legal advisors over a period of several months, the Company concluded that (i) its prior determination to recognize certain amounts disputed in the arbitration with United was inconsistent with the technical requirements of ASC 606, and that the previously issued unaudited consolidated financial statements for each of the three months ended March 31, 2022 and March 31, 2023, the three and six months ended June 30, 2022 and June 30, 2023, and the three and nine months ended September 30, 2022 and September 30, 2023 (the "Interim Periods") should no longer be relied upon and that such unaudited financial statements should be restated. For additional information, please refer to the section titled Explanatory Note and Note 2, Restatement of 2022 Consolidated Financial Statements , in this Annual Report. The Company is restating its unaudited condensed consolidated financial statements for the Interim Periods to remove $30,214 of contract revenues and $174 of interest income in connection with the United Arbitration Award. This results in a reduction in income tax expense of $7,227. The Company also determined that it will amend its 2022 federal and state income tax returns for 2022, resulting in expected federal and state tax refunds. Because the United Arbitration Award impacted an immaterial amount of revenue $(1,429) for 2021, after taking into account a tax benefit of $337, a net adjustment of $(1,092) was made to the 2022 opening retained earnings. The Company also determined that it will amend its 2021 federal and state income tax returns resulting in expected federal and state refunds of $337. The expected federal and state tax refunds from the amended tax returns for 2021 and 2022 are shown in "Other" assets in each of the restated consolidated balance sheets for the Interim Periods. The Company also adjusted its balance sheet for changes in current and deferred tax assets and liabilities based on its changing tax position during the 2022 Interim Periods and the creation of federal and state net operating loss deferred tax assets. As a result of the reduced contract revenues, accounts receivable, notes receivable and deferred revenue were adjusted in the condensed consolidated balance sheets for each of the Interim Periods accordingly. In the operating activities section on the consolidated statements of cash flows the Company increased amortization of contract costs and reduced contract liabilities which represented deferred revenues which were taken into income during 2022 and 2023. This amount was previously incorrectly classified as amortization of contract costs, however, the change had no impact on cash flows from operating activities for the three months ended March 31, 2022 and 2023, for the three and six months ended June 30, 2022 and 2023, and for the three and nine months ended September 30, 2022 and 2023. These amounts are included in the adjustments column on the statements of cash flows. In addition to the restatement, the Company is also reclassifying dividend income that was originally reported in Other income to the interest and dividend income line in the consolidated statements of operations for the three months ended March 31, 2022, the three and six months ended June 30, 2022, and the three and nine months ended September 30, 2022. These amounts appear in the column labeled "Reclassification" in the consolidated statements of operations presented for those periods. For periods subsequent to September 30, 2022, dividend income was reported in the financial statement line labeled as Interest and dividend income in the consolidated statements of operations. Therefore, a similar reclassification is not presented for the three-, six-, or nine-month periods ending in 2023. The following table is a summary of the restated three-month periods ending March 31, June 30, and September 30 in 2022 and March 31, June 30, and September 30 in 2023. Harbor Diversified, Inc. and Subsidiaries Statements of Operations (in thousands, except share amounts and per share values) 2023 2022 Three Months Ended Three Months Ended September 30 June 30 March 31 September 30 June 30 March 31 As Restated As Restated As Restated As Restated As Restated As Restated Operating Revenues Contract revenues $ 49,958 $ 48,809 $ 52,519 $ 58,340 $ 66,888 $ 57,838 Contract services and other 98 102 95 21 7 7 Total Operating Revenues 50,056 48,911 52,614 58,361 66,895 57,845 Operating Expenses Payroll and related costs 29,444 29,953 29,768 26,801 27,694 26,601 Aircraft fuel and oil 115 221 102 49 34 51 Aircraft maintenance, materials and repairs 11,175 17,869 19,349 17,494 16,336 14,501 Other rents 1,459 1,474 1,594 1,617 1,657 1,613 Depreciation, amortization and obsolescence 6,398 6,370 6,357 6,639 6,674 6,644 Purchased services and other 6,537 7,532 4,442 3,310 3,514 3,765 Total Operating Expenses 55,128 63,419 61,612 55,910 55,909 53,175 Income (Loss) From Operations (5,072) (14,508) (8,998) 2,451 10,986 4,670 Other (Expense) Income Interest and dividend income 1,296 1,190 1,150 1,631 1,325 768 Interest expense — (11) (1) — — — Gain (loss) on marketable securities (955) (795) 1,740 (3,749) (3,602) (2,423) Gain on extinguishment of debt — 70 — 53 — — Other, net — (1) (13) (8) (2) — Total Other (Expense) Income 341 453 2,876 (2,073) (2,279) (1,655) Net Income (Loss) Before Taxes (4,731) (14,055) (6,122) 378 8,707 3,015 Income Tax Expense (Benefit) (582) (2,067) (1,207) 93 2,081 721 Net Income (Loss) (4,149) (11,988) (4,915) 285 6,626 2,294 Preferred Stock Dividends 358 305 252 198 198 198 Net Income (Loss) Available to Common Shareholders $ (4,507) $ (12,293) $ (5,167) $ 87 $ 6,428 $ 2,096 Basic earnings per share $ (0.10) $ (0.28) $ (0.11) $ — $ 0.14 $ 0.04 Diluted earnings per share $ (0.10) $ (0.28) $ (0.11) $ — $ 0.10 $ 0.03 Weighted average common shares: Harbor Diversified, Inc. and Subsidiaries Statements of Operations (in thousands, except share amounts and per share values) 2023 2022 Three Months Ended Three Months Ended September 30 June 30 March 31 September 30 June 30 March 31 As Restated As Restated As Restated As Restated As Restated As Restated Operating Revenues Basic 43,653,627 44,276,627 44,979,947 45,775,512 46,518,867 47,637,544 Diluted 43,653,627 44,276,627 44,979,947 62,275,512 63,018,867 64,534,912 The restated consolidated balance sheets, consolidated statements of operations, and consolidated statements of cash flows for the Interim Periods, including the balances as previously reported (shown as "As Reported" in each table), adjustments and the balances as restated, are as follows: Harbor Diversified Inc. and Subsidiaries 2023 Condensed Consolidated Balance Sheets (in thousands) September 30, 2023 June 30, 2023 March 31, 2023 As Reported Adjustments As Restated As Reported Adjustments As Restated As Reported Adjustments As Restated Assets Current Assets Cash and cash equivalents $ 15,839 $ — $ 15,839 $ 15,831 $ — $ 15,831 $ 22,509 $ — $ 22,509 Restricted cash 707 — 707 812 — 812 671 — 671 Marketable securities 136,562 — 136,562 141,453 — 141,453 156,305 — 156,305 Receivables, net 40,391 (30,609) 9,782 45,074 (33,571) 11,503 41,147 (31,308) 9,839 Notes receivable 21,093 (21,093) — 21,093 (21,093) — 21,093 (21,093) — Spare parts and supplies, net 5,029 — 5,029 5,184 — 5,184 4,978 — 4,978 Contract costs 108 — 108 114 — 114 161 — 161 Contract assets 1,618 — 1,618 173 — 173 — — — Prepaid expenses and other 2,594 (57) 2,537 2,749 — 2,749 3,512 — 3,512 Total Current Assets 223,941 (51,759) 172,182 232,483 (54,664) 177,819 250,376 (52,401) 197,975 Property and Equipment Flight property and equipment 265,636 — 265,636 265,459 — 265,459 265,285 — 265,285 Ground property and equipment 8,596 — 8,596 8,287 — 8,287 8,240 — 8,240 Less accumulated depreciation (190,606) — (190,606) (183,329) — (183,329) (176,474) — (176,474) Net Property and Equipment 83,626 — 83,626 90,417 — 90,417 97,051 — 97,051 Other Assets Harbor Diversified Inc. and Subsidiaries 2023 Condensed Consolidated Balance Sheets (in thousands) September 30, 2023 June 30, 2023 March 31, 2023 As Reported Adjustments As Restated As Reported Adjustments As Restated As Reported Adjustments As Restated Assets Operating lease right of use asset 9,708 — 9,708 11,113 — 11,113 12,153 — 12,153 Intangibles 5,300 — 5,300 5,300 — 5,300 5,300 — 5,300 Long-term deferred tax asset — — — — — — — 119 119 Long-term investments 4,275 — 4,275 4,275 — 4,275 4,275 — 4,275 Long-term contract costs 613 — 613 639 — 639 751 — 751 Other 969 7,588 8,557 1,146 7,587 8,733 1,126 7,795 8,921 Total Other Assets 20,865 7,588 28,453 22,473 7,587 30,060 23,605 7,914 31,519 Total Assets $ 328,432 $ (44,171) $ 284,261 $ 345,373 $ (47,077) $ 298,296 $ 371,032 $ (44,487) $ 326,545 Liabilities, Mezzanine Equity, and Stockholders' Equity Current Liabilities Accounts payable $ 14,295 $ 640 $ 14,935 $ 21,016 $ 254 $ 21,270 $ 20,950 $ — $ 20,950 Accrued payroll and employee benefits 13,235 — 13,235 13,184 — 13,184 14,216 — 14,216 Current portion of operating lease liability 3,649 — 3,649 4,199 — 4,199 5,125 — 5,125 Other accrued expenses 166 — 166 102 — 102 193 — 193 Contract liabilities, net — — — — — — 1,120 — 1,120 Deferred revenues — — — — — — 5,841 (2,159) 3,682 Current portion of long-term debt 52,554 — 52,554 5,444 — 5,444 9,084 — 9,084 Total Current Liabilities 83,899 640 84,539 43,945 254 44,199 56,529 (2,159) 54,370 Other Liabilities Long-term debt — — — 47,596 — 47,596 51,582 — 51,582 Long-term promissory note 4,275 — 4,275 4,275 — 4,275 4,275 — 4,275 Deferred tax liability 4,424 (3,034) 1,390 7,990 (6,015) 1,975 7,990 (3,831) 4,159 Long-term operating lease liability 3,659 — 3,659 4,500 — 4,500 4,543 — 4,543 Long-term contract liabilities, net 2,792 — 2,792 2,840 — 2,840 398 — 398 Other, net 1,755 — 1,755 1,737 — 1,737 1,659 — 1,659 Total Long-term Liabilities 16,905 (3,034) 13,871 68,938 (6,015) 62,923 70,447 (3,831) 66,616 Total Liabilities 100,804 (2,394) 98,410 112,883 (5,761) 107,122 126,976 (5,990) 120,986 Mezzanine Equity Harbor Diversified Inc. and Subsidiaries 2023 Condensed Consolidated Balance Sheets (in thousands) September 30, 2023 June 30, 2023 March 31, 2023 As Reported Adjustments As Restated As Reported Adjustments As Restated As Reported Adjustments As Restated Assets Preferred stock 13,200 — 13,200 13,200 — 13,200 13,200 — 13,200 Stockholders' Equity Common stock 555 — 555 555 — 555 555 — 555 Additional paid-in capital 284,753 — 284,753 285,111 — 285,111 285,416 — 285,416 Retained deficit (52,009) (41,777) (93,786) (48,321) (41,316) (89,637) (39,152) (38,497) (77,649) Treasury stock (18,871) — (18,871) (18,055) — (18,055) (15,963) — (15,963) Total Stockholders' Equity 214,428 (41,777) 172,651 219,290 (41,316) 177,974 230,856 (38,497) 192,359 Total Liabilities, Mezzanine Equity, and Stockholders' Equity $ 328,432 $ (44,171) $ 284,261 $ 345,373 $ (47,077) $ 298,296 $ 371,032 $ (44,487) $ 326,545 Harbor Diversified, Inc. and Subsidiaries 2022 Condensed Consolidated Balance Sheets (in thousands) September 30, 2022 June 30, 2022 March 31, 2022 As Reported Adjustments As Restated As Reported Adjustments As Restated As Reported Adjustments As Restated Assets Current Assets Cash and cash equivalents $ 19,013 $ — $ 19,013 $ 24,491 $ — $ 24,491 $ 25,573 $ — $ 25,573 Restricted cash 418 — 418 516 — 516 576 — 576 Marketable securities 130,517 — 130,517 133,303 — 133,303 136,178 — 136,178 Receivables, net 33,272 (18,866) 14,406 24,119 (10,383) 13,736 15,680 (3,981) 11,699 Notes receivable 60,315 (14,176) 46,139 55,177 (9,038) 46,139 51,078 (4,939) 46,139 Spare parts and supplies, net 4,404 — 4,404 4,729 — 4,729 5,114 — 5,114 Contract costs 258 — 258 358 — 358 499 — 499 Prepaid expenses and other 2,776 — 2,776 1,640 — 1,640 1,834 — 1,834 Total Current Assets 250,973 (33,042) 217,931 244,333 (19,421) 224,912 236,532 (8,920) 227,612 Property and Equipment Flight property and equipment 262,237 — 262,237 263,199 — 263,199 260,926 — 260,926 Harbor Diversified, Inc. and Subsidiaries 2022 Condensed Consolidated Balance Sheets (in thousands) September 30, 2022 June 30, 2022 March 31, 2022 As Reported Adjustments As Restated As Reported Adjustments As Restated As Reported Adjustments As Restated Assets Ground property and equipment 7,895 — 7,895 8,320 — 8,320 8,221 — 8,221 Less accumulated depreciation (163,336) — (163,336) (156,909) — (156,909) (150,109) — (150,109) Net Property and Equipment 106,796 — 106,796 114,610 — 114,610 119,038 — 119,038 Other Assets Operating lease right of use asset 14,789 — 14,789 16,005 — 16,005 17,328 — 17,328 Intangibles 5,300 — 5,300 5,300 — 5,300 5,300 — 5,300 Long-term deferred tax asset 616 (365) 251 616 (340) 276 616 (88) 528 Long-term investments 4,275 — 4,275 4,275 — 4,275 4,275 — 4,275 Other 1,687 5,837 7,524 1,898 4,466 6,364 1,805 2,485 4,290 Total Other Assets 26,667 5,472 32,139 28,094 4,126 32,220 29,324 2,397 31,721 Total Assets $ 384,436 $ (27,570) $ 356,866 $ 387,037 $ (15,295) $ 371,742 $ 384,894 $ (6,523) $ 378,371 Liabilities, Mezzanine Equity, and Stockholders' Equity Current Liabilities Accounts payable 16,593 — 16,593 18,574 — 18,574 15,797 — 15,797 Accrued payroll and employee benefits 13,057 — 13,057 13,157 — 13,157 12,484 — 12,484 Current portion of operating lease liability 5,078 — 5,078 5,103 — 5,103 5,180 — 5,180 Other accrued expenses 253 — 253 196 — 196 228 — 228 Contract liabilities 3,576 — 3,576 4,961 — 4,961 6,917 — 6,917 Deferred revenues 22,318 (1,225) 21,093 27,500 2,246 29,746 40,102 1,656 41,758 Income taxes payable 4,633 (4,633) — 3,487 (3,487) — 751 (751) — Current portion of long-term debt 9,224 — 9,224 9,310 — 9,310 5,845 — 5,845 Total Current Liabilities 74,732 (5,858) 68,874 82,288 (1,241) 81,047 87,304 905 88,209 Other Liabilities Long-term debt 56,089 — 56,089 57,050 — 57,050 61,110 — 61,110 Long-term promissory note 4,275 — 4,275 4,275 — 4,275 4,275 — 4,275 Deferred tax liability 653 2,541 3,194 653 2,462 3,115 653 633 1,286 Long-term operating lease liability 7,100 — 7,100 8,304 — 8,304 9,515 — 9,515 Other 2,757 — 2,757 2,662 — 2,662 2,663 — 2,663 Harbor Diversified, Inc. and Subsidiaries 2022 Condensed Consolidated Balance Sheets (in thousands) September 30, 2022 June 30, 2022 March 31, 2022 As Reported Adjustments As Restated As Reported Adjustments As Restated As Reported Adjustments As Restated Assets Total Long-term Liabilities 70,874 2,541 73,415 72,944 2,462 75,406 78,216 633 78,849 Total Liabilities 145,606 (3,317) 142,289 155,232 1,221 156,453 165,520 1,538 167,058 Mezzanine Equity Preferred stock 13,200 — 13,200 13,200 — 13,200 13,200 — 13,200 Stockholders' Equity Common stock 555 — 555 555 — 555 555 — 555 Additional paid-in capital 285,866 — 285,866 286,064 — 286,064 286,262 — 286,262 Retained deficit (46,778) (24,253) (71,031) (54,800) (16,516) (71,316) (69,881) (8,061) (77,942) Treasury stock (14,013) — (14,013) (13,214) — (13,214) (10,762) — (10,762) Total Stockholders' Equity 225,630 (24,253) 201,377 218,605 (16,516) 202,089 206,174 (8,061) 198,113 Total Liabilities, Mezzanine Equity, and Stockholders' Equity $ 384,436 $ (27,570) $ 356,866 $ 387,037 $ (15,295) $ 371,742 $ 384,894 $ (6,523) $ 378,371 Harbor Diversified, Inc. and Subsidiaries 2023 Three Month Condensed Consolidated Statements of Operations (in thousands, except share amounts and per share values) Three Months Ended September 30, 2023 June 30, 2023 March 31, 2023 As Reported Adjustments As Restated As Reported Adjustments As Restated As Reported Adjustments As Restated Operating Revenues Contract revenues $ 49,958 $ — $ 49,958 $ 50,970 $ (2,161) $ 48,809 $ 59,037 $ (6,518) $ 52,519 Contract services and other 98 — 98 102 — 102 95 — 95 Total Operating Revenues 50,056 — 50,056 51,072 (2,161) 48,911 59,132 (6,518) 52,614 Operating Expenses Payroll and related costs 29,444 — 29,444 29,953 — 29,953 29,768 — 29,768 Aircraft fuel and oil 115 — 115 221 — 221 102 — 102 Aircraft maintenance, materials and repairs 11,175 — 11,175 17,869 — 17,869 19,349 — 19,349 Other rents 1,459 — 1,459 1,474 — 1,474 1,594 — 1,594 Depreciation, amortization and obsolescence 6,398 — 6,398 6,370 — 6,370 6,357 — 6,357 Harbor Diversified, Inc. and Subsidiaries 2023 Three Month Condensed Consolidated Statements of Operations (in thousands, except share amounts and per share values) Three Months Ended September 30, 2023 June 30, 2023 March 31, 2023 As Reported Adjustments As Restated As Reported Adjustments As Restated As Reported Adjustments As Restated Operating Revenues Purchased services and other 6,537 — 6,537 7,532 — 7,532 4,442 — 4,442 Total Operating Expenses 55,128 — 55,128 63,419 — 63,419 61,612 — 61,612 Loss From Operations (5,072) — (5,072) (12,347) (2,161) (14,508) (2,480) (6,518) (8,998) Other (Expense) Income Interest and dividend income 1,540 (244) 1,296 1,429 (239) 1,190 1,366 (216) 1,150 Interest expense — — — (11) — (11) (1) — (1) Gain (loss) on marketable securities (955) — (955) (795) — (795) 1,740 — 1,740 Gain on extinguishment of debt — — — 70 — 70 — — — Other, net — — — (1) — (1) (13) — (13) Total Other Income 585 (244) 341 692 (239) 453 3,092 (216) 2,876 Net Income (Loss) Before Taxes (4,487) (244) (4,731) (11,655) (2,400) (14,055) 612 (6,734) (6,122) Income Tax Benefit (799) 217 (582) (2,486) 419 (2,067) (270) (937) (1,207) Net Income (Loss) (3,688) (461) (4,149) (9,169) (2,819) (11,988) 882 (5,797) (4,915) Preferred Stock Dividends 358 — 358 305 — 305 252 — 252 Net Income (Loss) Available to $ (4,046) $ (461) $ (4,507) $ (9,474) $ (2,819) $ (12,293) $ 630 $ (5,797) $ (5,167) Basic earnings (loss) per share $ (0.09) $ (0.01) $ (0.10) $ (0.21) $ (0.07) $ (0.28) $ 0.01 $ (0.12) $ (0.11) Diluted (loss) earnings per share $ (0.09) $ (0.01) $ (0.10) $ (0.21) $ (0.07) $ (0.28) $ 0.01 $ (0.12) $ (0.11) Weighted average common shares: Basic 43,653,627 — 43,653,627 44,276,627 — 44,276,627 44,979,947 — 44,979,947 Diluted 43,653,627 — 43,653,627 44,276,627 — 44,276,627 61,479,947 (16,500,000) 44,979,947 Harbor Diversified, Inc. and Subsidiaries 2023 Nine- and Six-Month Condensed Consolidated Statements of Operations (in thousands, except share amounts and per share values) Nine Months Ended Six Months Ended September 30, 2023 June 30, 2023 As Reported Adjustments As Restated As Reported Adjustments As Restated Operating Revenues Contract revenues $ 159,965 $ (8,679) $ 151,286 $ 110,007 $ (8,679) $ 101,328 Contract services and other 295 — 295 197 — 197 Total Operating Revenues 160,260 (8,679) 151,581 110,204 (8,679) 101,525 Operating Expenses Payroll and related costs 89,165 — 89,165 59,721 — 59,721 Aircraft fuel and oil 438 — 438 323 — 323 Aircraft maintenance, materials and repairs 48,393 — 48,393 37,218 — 37,218 Other rents 4,527 — 4,527 3,068 — 3,068 Depreciation, amortization and obsolescence 19,125 — 19,125 12,727 — 12,727 Purchased services and other 18,511 — 18,511 11,974 — 11,974 Total Operating Expenses 180,159 — 180,159 125,031 — 125,031 Loss From Operations (19,899) (8,679) (28,578) (14,827) (8,679) (23,506) Other (Expense) Income Interest and dividend income 4,335 (699) 3,636 2,795 (455) 2,340 Interest expense (12) — (12) (12) — (12) Gain (loss) on marketable securities (10) — (10) 945 — 945 Gain on extinguishment of debt 70 — 70 70 — 70 Other, net (14) — (14) (14) — (14) Total Other Income 4,369 (699) 3,670 3,784 (455) 3,329 Net Loss Before Taxes (15,530) (9,378) (24,908) (11,043) (9,134) (20,177) Income Tax Benefit (3,555) (301) (3,856) (2,756) (518) (3,274) Net Loss (11,975) (9,077) (21,052) (8,287) (8,616) (16,903) Preferred Stock Dividends 915 — 915 557 — 557 Net Loss Available to Common Shareholders $ (12,890) $ (9,077) $ (21,967) $ (8,844) $ (8,616) $ (17,460) Basic loss per share $ (0.29) $ (0.21) $ (0.50) $ (0.20) $ (0.19) $ (0.39) Diluted loss per share $ (0.29) $ (0.21) $ (0.50) $ (0.20) $ (0.19) $ (0.39) Weighted average common shares: Basic 44,298,542 — 44,298,542 44,626,344 — 44,626,344 Diluted 44,298,542 — 44,298,542 44,626,344 — 44,626,344 Harbor Diversified, Inc. and Subsidiaries 2022 Three Month Condensed Consolidated Statements of Operations (in thousands, except share amounts and per share values) Three Months Ended September 30, 2022 June 30, 2022 March 31, 2022 As Reported Adjustments Reclassification As Restated As Reported Adjustments Reclassification As Restated As Reported Adjustments Reclassification As Restated Operating Revenues Contract revenues $ 68,389 $ (10,049) $ — $ 58,340 $ 77,923 $ (11,035) $ — $ 66,888 $ 66,968 $ (9,130) $ — $ 57,838 Contract services and other 21 — — 21 7 — — 7 7 — — 7 Total Operating Revenues 68,410 (10,049) — 58,361 77,930 (11,035) — 66,895 66,975 (9,130) — 57,845 Operating Expenses Payroll and related costs 26,801 — — 26,801 27,694 — — 27,694 26,601 — — 26,601 Aircraft fuel and oil 49 — — 49 34 — — 34 51 — — 51 Aircraft maintenance, materials and repairs 17,494 — — 17,494 16,336 — — 16,336 14,501 — — 14,501 Other rents 1,617 — — 1,617 1,657 — — 1,657 1,613 — — 1,613 Depreciation, amortization and obsolescence 6,639 — — 6,639 6,674 — — 6,674 6,644 — — 6,644 Purchased services and other 3,310 — — 3,310 3,514 — — 3,514 3,765 — — 3,765 Total Operating Expenses 55,910 — — 55,910 55,909 — — 55,909 53,175 — — 53,175 Income From Operations 12,500 (10,049) — 2,451 22,021 (11,035) — 10,986 13,800 (9,130) — 4,670 Other (Expense) Income Interest and dividend income 840 (102) 893 1,631 688 (56) 693 1,325 574 (16) 210 768 Loss on marketable securities (3,749) — — (3,749) (3,602) — — (3,602) (2,423) — — (2,423) Gain on extinguishment of debt 53 — — 53 — — — — — — — — Other, net 885 — (893) (8) 691 — (693) (2) 210 — (210) — Total Other Expense (1,971) (102) — (2,073) (2,223) (56) — (2,279) (1,639) (16) — (1,655) Net Income Before Taxes 10,529 (10,151) — 378 19,798 (11,091) — 8,707 12,161 (9,146) — 3,015 Income Tax Expense 2,507 (2,414) — 93 4,717 (2,636) — 2,081 2,898 (2,177) — 721 Net Income 8,022 (7,737) — 285 15,081 (8,455) — 6,626 9,263 (6,969) — 2,294 Preferred Stock Dividends 198 — — 198 198 — — 198 198 — — 198 Net Income Available to $ 7,824 $ (7,737) $ — $ 87 $ 14,883 $ (8,455) $ — $ 6,428 $ 9,065 $ (6,969) $ — $ 2,096 Basic earnings (loss) per share $ 0.17 $ (0.17) $ — $ — $ 0.32 $ (0.18) $ — $ 0.14 $ 0.19 $ (0.15) $ — $ 0.04 Diluted earnings (loss) per share $ 0.13 $ (0.13) $ — $ — $ 0.24 $ (0.14) $ — $ 0.10 $ 0.14 $ (0.11) $ — $ 0.03 Weighted average common shares: Harbor Diversified, Inc. and Subsidiaries 2022 Three Month Condensed Consolidated Statements of Operations (in thousands, except share amounts and per share values) Three Months Ended September 30, 2022 June 30, 2022 March 31, 2022 As Reported Adjustments Reclassification As Restated As Reported Adjustments Reclassification As Restated As Reported Adjustments Reclassification As Restated Basic 45,775,512 — — 45,775,512 46,518,867 — — 46,518,867

Liquidity

Liquidity	12 Months Ended
	Dec. 31, 2023
Risks and Uncertainties [Abstract]
Liquidity	Liquidity The Company’s ability to meet its liquidity needs is dependent upon its cash, cash equivalents and marketable securities balances and its ability to generate cash flows from operations in the future in amounts sufficient to meet its obligations and repay its liabilities arising from normal business operations when they come due. The Company currently believes its available working capital and anticipated cash flows from operations will be sufficient to meet the Company’s liquidity requirements for at least the next 12 months from the date of this filing. However, there can be no assurance that the Company will be able to generate sufficient cash flows from operations, or that additional funds will be available, to meet its future liquidity needs. Reduced Block Hours Since the beginning of the COVID-19 pandemic, Air Wisconsin has experienced significantly reduced block hours relative to historical levels, both as a result of the pandemic and the prevailing industry-wide pilot shortage. Although the disruption in passenger demand due to the pandemic has largely subsided, the pilot shortage is expected to continue for the foreseeable future and is currently the leading factor preventing Air Wisconsin from consistently achieving block hours in line with pre-pandemic levels. As of December 31, 2023, Air Wisconsin had 45 aircraft in service for American under the American capacity purchase agreement.

Capacity Purchase Agreements wi

Capacity Purchase Agreements with United and American	12 Months Ended
	Dec. 31, 2023
Extractive Industries [Abstract]
Capacity Purchase Agreements with United and American	Capacity Purchase Agreements with United and American In February 2017, Air Wisconsin entered into the United capacity purchase agreement. That agreement terminated and Air Wisconsin ceased flying for United in early June 2023. Prior to its termination, a dispute arose under the United capacity purchase agreement. Air Wisconsin claimed that United owed it certain amounts under the capacity purchase agreement. United denied that it owed those amounts and claimed that Air Wisconsin improperly terminated the agreement and that Air Wisconsin owed it certain amounts for the alleged wrongful termination. In October 2022, United initiated arbitration under the agreement. An arbitration hearing commenced in July 2023. The arbitrators issued the United Arbitration Award in February 2024. The arbitrators denied Air Wisconsin’s claims that United owed it amounts under the United capacity purchase agreement, and they denied United’s claim that Air Wisconsin breached the agreement by terminating it and its claim that Air Wisconsin owed it damages for the alleged wrongful termination. So, neither party owes to the other party any amounts claimed in the arbitration. However, as a result of the arbitration decision, the Company determined that certain revenue relating to its claims against United had been incorrectly recorded in certain of its previously issued consolidated financial statements. For additional information, please refer to Note 2, Restatement of 2022 Consolidated Financial Statements . In August 2022, Air Wisconsin entered into the American capacity purchase agreement, pursuant to which Air Wisconsin agreed to provide up to 60 CRJ-200 regional jet aircraft for regional airline services for American. Air Wisconsin commenced flying operations for American in March 2023. American became Air Wisconsin’s sole airline partner when the last remaining aircraft covered by the United capacity purchase agreement were removed from United’s flying operations in early June 2023. In February 2023 and November 2023, American and Air Wisconsin entered into Amendment No. 1 and Amendment No. 3, respectively, to the American capacity purchase agreement which, among other things, amended (i) the schedule of certain pass-through costs; (ii) the calculation and timing of certain compensation-related payments; (iii) the compensation rates and bonus and rebate reconciliation; and (iv) the period and payment of a fixed amount from American to Air Wisconsin for pilot compensation and retention. The foregoing descriptions of Amendment No. 1 and Amendment No. 3 do not purport to be complete and are qualified in their entirety by reference to Amendment No. 1, a redacted copy of which has been filed as an exhibit to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2023, and Amendment No. 3, a redacted copy of which is filed as an exhibit to this Annual Report. For additional information, please refer to Note 1, Summary of Significant Accounting Policies—Contract Revenues , and Note 10, C ommitments and Contingencies .

Property and Equipment

Property and Equipment	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment As of December 31, 2023, Air Wisconsin owned 63 CRJ-200 regional jets.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The income tax provision consists of the following: Year ended December 31, 2023 2022 Current Expense (Benefit) Federal $ 11 $ (33) State (107) (50) Total Current Expense (Benefit) (96) (83) Deferred (Benefit) Expense Federal (3,831) 4,857 State 562 358 Total Deferred (Benefit) Expense (3,269) 5,215 Income Tax (Benefit) Expense $ (3,365) $ 5,132 The following is a reconciliation between a federal income tax rate of 21% and the effective tax rate which is derived by dividing the (benefit) provision for income taxes by the income before the (benefit) provision for income taxes: Year ended December 31, 2023 2022 Computed provision for income taxes at the statutory rate $ (4,064) $ 2,653 Increase (decrease) in income taxes resulting from: State income tax provision, net of federal income tax benefit (714) 38 Non-deductible expenses 183 60 Valuation allowance changes affecting the provision for income taxes 1,428 2,375 Return to provision adjustments (16) 9 Other, net (182) (3) (Benefit) provision for income taxes $ (3,365) $ 5,132 Deferred tax assets and liabilities reflect temporary differences between financial and tax reporting. As of December 31, 2023 and December 31, 2022, the Company’s deferred tax assets were primarily the result of federal and state net operating losses, accruals, and reserves that have not yet been deducted in determining taxable income. As of each reporting date, management considers new evidence, both positive and negative, that could affect its view of the future realization of deferred tax assets. As of December 31, 2023, management determined that the available negative evidence outweighs the available positive evidence leading management to conclude that it is more likely than not that some deferred tax assets that are ordinary in nature will not be realizable. As of December 31, 2023, the Company recorded a valuation allowance of $2,278 against deferred tax assets that are ordinary in nature. The valuation allowance is primarily associated with federal and state net operating losses. The three year cumulative pre-tax ordinary income position as of December 31, 2022 led management to believe that there is sufficient positive evidence to conclude that it is more likely than not that deferred tax assets that are ordinary in nature are realizable. Therefore, no valuation allowance is necessary as of December 31, 2022 with respect to deferred tax assets that are ordinary in nature. For the year ended December 31, 2023, the Company recorded a valuation allowance of $1,525 against deferred tax assets that are capital in nature and consist of an unrealized loss on investments and capital loss carryovers. For the year ended December 31, 2022, the Company recorded a valuation allowance of $2,375 against deferred tax assets that are capital in nature and consist of an unrealized loss on investments. As of December 31, 2023 and December 31, 2022, the Company sustained three years of cumulative pretax capital losses. In addition, management considered other positive and negative evidence when assessing whether a valuation allowance was necessary against deferred tax assets that were capital in nature. The negative evidence outweighed the positive evidence, leading management to conclude that a valuation allowance was necessary as of December 31, 2023 and December 31, 2022. Significant components of deferred tax assets and liabilities are as follows: 2022 Year ended December 31, 2023 As Restated Deferred Tax Assets Accruals and reserves not currently deductible $ 4,164 $ 5,294 Federal NOL carryover 6,652 3,095 State NOL carryovers 1,691 894 Capital loss carryover 32 — Accrued and deferred compensation 2,308 1,987 Prepaid items 596 111 Lease liability 412 694 Contract liability 681 283 Deferred revenues 37 2,914 Unrealized loss on investments 1,494 2,375 Other 718 1,239 Subtotal before valuation allowance 18,785 18,886 Less: valuation allowance: Valuation allowance - ordinary deferred tax assets (2,278) — Valuation allowance - capital deferred tax assets (1,525) (2,375) Total valuation allowance (3,803) (2,375) Total Deferred Tax Assets 14,982 16,511 Deferred Tax Liabilities Property and equipment (15,858) (20,475) Right-of-use asset (963) (1,282) Other (144) (6) Total Deferred Tax Liabilities (16,965) (21,763) Net Deferred Income Tax Liabilities $ (1,983) $ (5,252) At December 31, 2023 and December 31, 2022, the Company had federal net operating losses of approximately $31,649 and $14,726, and state net operating losses of approximately $28,701 and $15,480, respectively. As of December 31, 2023, the estimated effective tax rate applicable to the federal and state net operating losses is 21.0% and 5.9%, respectively. As of December 31, 2022, the estimated effective tax rate applicable to the federal and state net operating losses is 21.0% and 5.8%, respectively. Federal net operating losses are not subject to an expiration date but are subject to an 80% of taxable income limitation, while the Company expects the state net operating losses to begin to expire in 2027. State net operating losses differ with respect to expiration dates and limitations dependent on state specific regulations. The Company has no ongoing federal or state examinations. The Company is no longer subject to U.S. federal income tax examinations for years prior to 2020. With a few exceptions, the Company is no longer subject to state or local income tax examinations for the years prior to 2019. The Company plans to file amended 2021 and 2022 federal and state amended income tax returns as a result of the United Arbitration Award that is discussed in Note 2. The 2021 amended income tax returns are expected to result in federal and state income tax refunds of approximately $290 and $47, respectively. The 2022 amended income tax returns are expected to result in federal and state income tax refunds of approximately $6,496 and $596, respectively. The expected 2021 and 2022 federal income tax refunds from the amended returns are shown in Other (long-term assets) in the consolidated balance sheets for the year ended December 31, 2023, while the state income tax refunds are split between Receivables, net of $412 and Other (long-term assets) of $231 in the consolidated balance sheets. The filing of the 2022 amended income tax return will also result in a federal net operating loss of approximately $14,726, and various state net operating losses totaling approximately $14,200. These net operating losses are included in the amounts referenced in the above paragraph. Under ASC 740, the accounting guidance related to uncertain tax positions requires that the impact of a tax position be recognized in the financial statements if that position is more likely than not of being sustained on audit, based on the technical merits of the position. A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31, 2023 and December 31, 2022 is as follows: December 31, 2023 2022 Unrecognized tax benefits at the beginning of the year $ 123 $ 118 Gross increases – current year tax provisions 11 5 Gross decreases – settlements with taxing authorities (87) — Unrecognized tax benefits at the end of the year $ 47 $ 123 Interest and penalties in year-end balance $ 47 $ 62

Debt

Debt	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Debt	Debt Long-Term Debt Long-term debt consists of the following (with interest rates, as of the dates presented): December 31, 2023 2022 Notes, due December 31, 2025, 4.0% (a) $ — $ 61,222 Less: current maturities — 9,154 Long-term debt $ — $ 52,068 (a) In December 2018, Air Wisconsin entered into a debt restructuring agreement with a lender ("Lender"), which held certain senior aircraft notes and subordinated aircraft notes. The senior aircraft notes were exchanged for notes in an aggregate principal amount of $70,000 ("Aircraft Notes") and the maturity date was extended to December 31, 2025. The aggregate principal amount of the senior aircraft notes in excess of $70,000, the entire outstanding principal balance of the subordinated aircraft notes and all accrued interest were cancelled. Air Wisconsin concluded the restructuring should be classified as a troubled debt restructuring. As such, the future undiscounted interest payments were capitalized as part of the carrying value. As of December 31, 2023 and December 31, 2022, the future undiscounted interest payments that were capitalized as part of the debt were $0 and $5,622, respectively. Prior to the prepayment of the Aircraft Notes as described below, there was a mandatory amortization of the Aircraft Notes in the aggregate amount of $3,500 semi-annually, and certain additional mandatory prepayments based on excess cash flow were required. The Aircraft Notes were secured by Air Wisconsin’s owned aircraft and certain spare engines and spare parts. At all times prior to the prepayment of the debt as detailed below, the carrying amount of the collateral exceeded the value of the debt. In September 2022, Air Wisconsin prepaid approximately $400 of debt outstanding under the Aircraft Notes. The prepayment under the Aircraft Notes resulted in a $53 gain on extinguishment of debt due to the decrease in previously expected future undiscounted cash flows used in determining the carrying value of the debt. In June 2023, Air Wisconsin prepaid approximately $3,500 of the principal amount of the Aircraft Notes outstanding due December 31, 2025, resulting in a gain on extinguishment of debt of $70. In December 2023, Air Wisconsin prepaid the entire outstanding principal balance of the Aircraft Notes at a discount of 5.5%, together with all accrued interest. The prepayment of the Aircraft Notes resulted in a gain on extinguishment of debt of $6,134 due to the discount and the decrease in previously expected future undiscounted cash flows used in determining the carrying value of the debt. As a result of the prepayment, as of December 31, 2023, Air Wisconsin no longer has any debt outstanding. Long-Term Promissory Note In July 2003, Air Wisconsin financed a hangar through the issuance of $4,275 City of Milwaukee, Wisconsin variable rate Industrial Development Bonds. The bonds mature November 1, 2033. Prior to May 1, 2006, the bonds were secured by a guaranteed investment contract, which was collateralized with cash, and interest was payable semi-annually on each May 1 and November 1. In May 2006, Air Wisconsin acquired the bonds using the cash collateral. The bonds are reported as long-term investments in the consolidated balance sheets. The hangar is accounted for as a right-of-use asset with a value of $2,315 and $2,547 as of December 31, 2023 and December 31, 2022, respectively.

Lease Obligations

Lease Obligations	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Lease Obligations	Lease Obligations The Company reviewed all contracts and service agreements in effect in 2023 for criteria meeting the definition of a lease within the framework of ASC 842 and ASC 606. Those that were determined to be a lease may contain both a lease and a non-lease component. The Company has elected as an accounting policy to not separate lease and non-lease components for major moveable equipment, as well as for building and commercial property leases. For all other underlying classes of assets, the Company identifies the separate lease and non-lease components within the contract. If the Company can benefit from the underlying asset individually or in conjunction with other readily available goods and resources and the asset is not highly dependent upon nor highly interrelated with another underlying asset in the contract, the Company considers the underlying asset to be a separate lease component. In those instances where the Company identifies a separate lease and non-lease component, consideration in the contract is allocated to the components based on their standalone selling prices. If standalone selling prices are not available, the Company estimates those prices, maximizing the use of observable information. The Company’s operating lease activities are recorded in operating lease right-of-use assets, current portion of operating lease liability, and long-term operating lease liability in the consolidated balance sheets. The creation of a right-of-use asset on the balance sheet is often offset by the creation of a lease liability, resulting in a non-cash transaction. Air Wisconsin has operating leases with terms greater than twelve months for training simulators and facility space including office space and maintenance facilities. The remaining lease terms for training simulators and facility space vary from two months to 10 years. For leases of 12 months or less, the Company elected as an accounting policy a short-term lease exception for all leases, regardless of the underlying class of asset, that allows the lessee to not recognize a lease right-of-use asset or lease liability. As a result, the Company recognized lease payments for short-term leases as an expense on a straight-line basis over the lease term. 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 the lease payments over the lease term. The Company used Air Wisconsin’s incremental borrowing rate to discount the lease payments based on information available at lease inception. Air Wisconsin’s operating leases with lease rates that are variable based on operating costs, use of the facilities, or other variable factors were excluded from the Company’s right-of-use assets and operating lease liabilities in accordance with the applicable accounting guidance. The variable amounts are paid as invoiced according to the terms of the lease. Leasehold improvements are capitalized at cost and amortized over the lesser of their expected useful life or the lease term. Certain leases contain an option to extend or terminate the lease agreement. The Company evaluates each option prior to its expiration and may or may not exercise such option depending on conditions present at the time. At the inception of the lease, if it is reasonably certain that the Company will exercise an option to extend or terminate a lease, the Company considers the option in determining the classification and measurement of the lease. The Company expects that in the normal course of business operating leases that expire will be renewed or replaced by other leases. As of December 31, 2023, the Company’s right-of-use assets were $10,270, the Company’s current maturities of operating lease liabilities were $4,938, and the Company’s non-current lease liabilities were $3,010. During the years ended December 31, 2023 and December 31, 2022, the Company entered into operating leases that resulted in right-of-use assets in the amounts of $2,172 and $70, respectively. During the years ended December 31, 2023 and December 31, 2022, the Company paid $5,701 and $5,881, respectively, in operating lease payments, which are reflected as a reduction from operating cash flows. For additional information, please refer to Note 16, Supplemental Cash Flow Information . The table below presents operating lease related terms and discount rates as of December 31, 2023: Weighted-average remaining lease term 2.25 years Weighted-average discount rate 7.25 % Components of lease costs were as follows for the years ended December 31, 2023 2022 Operating lease costs $ 5,842 $ 5,862 Short-term lease costs 319 508 Variable lease costs 49 212 Total Lease Costs $ 6,210 $ 6,582 As of December 31, 2023 and December 31, 2022, Air Wisconsin leased or subleased certain training simulators and facilities for terms of greater than 12 months. Certain leases are subject to non-cancellable lease terms or may include variable rate increases tied to the consumer price index. One of our leases also provides that Air Wisconsin reimburse the lessor for Air Wisconsin’s pro-rata share of taxes and other operating expenses applicable to the leased property. During the second and third quarters of 2023, Air Wisconsin received a temporary rent concession due to construction at a leased facility, which is being recorded as negative variable rent. The Company expects that, in the normal course of business, such operating leases that expire will be renewed or replaced by other leases. Rent expense recorded under all operating leases, inclusive of engine leases, was $6,210 and $6,582 for the years ended December 31, 2023 and December 31, 2022, respectively. The following table summarizes the future minimum rental payments required under operating leases that had initial or remaining non-cancelable lease terms greater than twelve months as of December 31, 2023: Fiscal Year Amount 2024 $ 5,329 2025 2,596 2026 202 2027 75 2028 60 Thereafter 298 Total lease payments 8,560 Less imputed interest (612) Total Lease Liabilities $ 7,948

Sales-type Lease

Sales-type Lease	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Sales-type Lease	Sales-type Lease In December 2023, Air Wisconsin entered into a sales-type lease for one of its aircraft that was previously treated as an operating lease since September 2022. The term of the sales type lease is for 36 months, with monthly payments of $64 commencing in December 2023 and ending in November 2026. If the Lessee is not in default at the end of the lease term, the Lessee may purchase the aircraft for a minimal amount at that time. Air Wisconsin has provided no residual value guarantee as part of the sales-type lease. Accounting for the transaction as a sales-type lease required significant judgment by management in determining whether collection of the monthly payments over the term of the sales-type lease was probable. Primarily based on the receipt of payments under the prior operating lease, management made the determination that collection was probable and thus treated the transaction as a sales-type lease. As a result of this determination, the Company de-recognized the aircraft asset from the consolidated balance sheet as of December 31, 2023. This resulted in a gain on disposal of fixed assets of $864, which is included in Purchased services and other in the consolidated statement of operations for the twelve months ended December 31, 2023. Since the initial transaction to enter into the sales-type lease did not result in any cash receipts or disbursements, the consolidated statement of cash flows was not affected by this non-cash transaction. For additional information, please refer to the table in Note 16, Supplemental Cash Flow Information . Based on the expected payments due under the sales-type lease, and using an implicit rate of 12.6%, Air Wisconsin determined the net investment in the lease to be $2,132. ASC 326 requires assessment of the net investment in the lease as of the commencement date. Management determined that a credit loss reserve of $229 was appropriate under ASC 326 as of December 31, 2023. Management also added $21 of interest accrued to the carrying value of the sales lease receivable under the sales-type lease as of December 31, 2023, bringing the net sales lease receivable to $1,924. This amount is shown as $753 for Sales lease receivable, net, which reflects the amount expected to be received over the next one-year period, and $1,171 for Long-term sales receivable, net, which reflects the remaining amounts to be collected over the term, as shown in the consolidated balance sheets as of December 31, 2023. Undiscounted cash flows expected over the term of the sales-type lease as of December 31, 2023 are as follows: Fiscal year Amount 2024 $ 1,029 2025 773 2026 709 Total expected cash flows 2,511 Interest income (358) Total sales lease receivable 2,153 Less credit loss reserve 229 Total sales lease receivable, net $ 1,924 Air Wisconsin does not currently have any other assets in which it is the lessor. However, Air Wisconsin may enter into similar transactions in the future dependent on the needs of its current or future capacity purchase agreements, pilot availability, and other industry factors as they pertain to Air Wisconsin's current fleet of CRJ-200 aircraft.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Matters From time to time, the Company is involved in various legal proceedings, regulatory matters, and other disputes or claims arising from or related to claims incident to the normal course of the Company’s business activities. Although the results of such legal proceedings and claims cannot be predicted with certainty, as of December 31, 2023, the Company believes that it is not currently a party to any legal proceedings, regulatory matters, or other disputes or claims for which a material loss is considered probable and for which the amount (or range) of loss was reasonably estimable. However, regardless of the merit of the claims raised, legal proceedings may have an adverse impact on the Company as a result of adverse determinations, defense and settlement costs, diversion of management’s time and resources, and other factors. Treasury Payroll Support Program Audit In April 2020, Air Wisconsin entered into a Payroll Support Program Agreement (“PSP-1 Agreement”) with respect to payroll support (“Treasury Payroll Support”) from the U.S. Department of Treasury (“Treasury”) under a program (“Payroll Support Program”) provided by the Coronavirus Aid, Relief, and Economic Security Act, pursuant to which Air Wisconsin received approximately $42,185 (“PSP-1”). In September 2020, the Treasury’s Office of Inspector General (“OIG”) commenced a routine audit in connection with Air Wisconsin’s receipt of funds under the PSP-1 Agreement. The audit focused on, among other things, certain calculations used to determine the amount of Treasury Payroll Support Air Wisconsin was entitled to receive under the program. Air Wisconsin has disputed in good faith the Treasury’s interpretation of certain provisions of the application for Treasury Payroll Support and the PSP-1 Agreement, as well as the Treasury’s guidance regarding the Payroll Support Program. Air Wisconsin received preliminary results from the OIG of the audit in June 2023. Those results are subject to Air Wisconsin’s opportunity to contest the findings and the OIG releasing its final determination. The OIG initially determined that Air Wisconsin overstated its awardable amount on its PSP-1 application; however, Air Wisconsin does not believe this results in any amounts due back to the Treasury and the Treasury has not required Air Wisconsin to repay any PSP-1 amounts. As part of Air Wisconsin’s application for a Payroll Support Program Agreement 2 ("PSP-2 Agreement", and such award granted thereunder, "PSP-2"), Air Wisconsin was required to recertify its PSP-1 application and amend portions of the application pursuant to further guidance by the Treasury. Air Wisconsin’s recertified PSP-1 application resulted in a reduction to its PSP-2 award to reconcile the difference between its initial PSP-1 award and a recalculated award based on its PSP-1 recertification. Based on the OIG’s audit results, Air Wisconsin believes the Treasury may have reduced its PSP-2 award by more than it should have; however, Air Wisconsin does not reasonably believe it will be able to recover any underpayment from the Treasury. Subsequent to the September 2020 audit, the Treasury entered into the PSP-2 Agreement and a Payroll Support Program Agreement 3 ("PSP-3 Agreement") with Air Wisconsin and has paid to Air Wisconsin the amounts to be paid under the PSP-2 Agreement and the PSP-3 Agreement. Standby Letters of Credit As of December 31, 2023, Air Wisconsin had five outstanding letters of credit in the aggregate amount of $303 to guarantee the performance of its obligations under certain lease agreements, airport agreements and insurance policies. As of December 31, 2023, Air Wisconsin maintained a credit facility with a borrowing capacity of $379 for the issuance of such letters of credit as needed to support its operations. A significant portion of Air Wisconsin’s restricted cash balance secures the credit facility. Cash Obligations As the Company no longer has any outstanding debt as of December 31, 2023, the Company's cash obligations are primarily its operating lease obligations as outlined in Note 8, Lease Obligations. As of December 31, 2023, Air Wisconsin had $8,560 of operating lease obligations primarily related to certain training simulators and facilities.

Retirement and Other Benefit Pl

Retirement and Other Benefit Plans	12 Months Ended
	Dec. 31, 2023
Retirement Benefits [Abstract]
Retirement and Other Benefit Plans	Retirement and Other Benefit Plans 401(k) Plans The Company has defined contribution retirement plans that cover substantially all employees. The Company contributes to these plans. Total expense under all plans for the years ended December 31, 2023 and December 31, 2022 was $4,262 and $3,767, respectively. Supplemental Executive Savings Plan As of December 31, 2023, the Company recorded assets and liabilities associated with its SESP. These amounts were not previously recorded and were assessed and concluded to not be material to the prior period consolidated financial statements. As of December 31, 2023, the Company recorded Long-term restricted investments of $3,194 and Long-term deferred compensation liability of $3,216 on its consolidated balance sheet in addition to an accrual of $22 for SESP contributions that were made in January 2024. The Company also recorded additional Payroll and related costs of $2,219 which was offset by recording a Gain on marketable securities and long-term restricted investments of $2,219, resulting in no impact to the net loss before taxes for the twelve months ended December 31, 2023. The transactions were non-cash and thus are not reflected in the consolidated statement of cash flows for the twelve months ended December 31, 2023.

Related-Party Transactions

Related-Party Transactions	12 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
Related-Party Transactions	Related-Party Transactions Resource Holdings Associates ("Resource Holdings") provides AWAC and Air Wisconsin with financial advisory and management services pursuant to an agreement entered into in January 2012. AWAC paid a total of $240 to Resource Holdings for each of the years ended December 31, 2023 and December 31, 2022, plus the reimbursement of certain out-of-pocket expenses. In June 2021, the board of directors agreed to require Harbor to pay Resource Holdings an annual fee of $150, payable monthly, which amount is in addition to the amount paid to Resource Holdings by AWAC. Harbor paid an aggregate of $150 to Resource Holdings for the years ended December 31, 2023 and December 31, 2022, respectively. These amounts are included in Purchased services and other on the consolidated statements of operations. In January 2020, the Company completed an acquisition from Southshore of regional jets and engines, in exchange for the issuance of 4,000,000 shares of Series C Preferred Stock with an aggregate value of $13,200, or $3.30 per share (Series C Issue Price) and the assumption of liabilities of $3,466. As of the year ended December 31, 2023, the Series C Preferred was convertible into an aggregate of 16,500,000 shares of common stock. In June 2024, Southshore exercised its option to convert its Series C Preferred to common stock. For additional information, please refer to Note 14, Earning Per Share and Equity and Note 19, Subsequent Events .

Collective Bargaining Agreement

Collective Bargaining Agreements	12 Months Ended
	Dec. 31, 2023
Retirement Benefits [Abstract]
Collective Bargaining Agreements	Collective Bargaining Agreements Air Wisconsin has five collective bargaining units. The Airline Pilots Association ("ALPA") represents pilots. The Association of Flight Attendants-CWA ("AFA") represents flight attendants. The International Association of Machinists and Aerospace Workers AFL-CIO ("IAMAW") represents both mechanics and technical store clerks under two separate collective bargaining agreements. The Transport Workers Union of America ("TWU") represents dispatchers. As of December 31, 2023, Air Wisconsin had reached a new agreement with ALPA and its pilots which became effective in October 2023. Additionally, Air Wisconsin was in mediated negotiations with TWU and its dispatchers with a new agreement having been reached in April 2024. Air Wisconsin is in mediated direct negotiations with AFA and direct negotiations with IAMAW. Air Wisconsin believes the resolution of its negotiations will not have a material impact on its financial position or operations. Amendable dates for each bargaining unit are: Bargaining Unit Amendable Date Percentage of Workforce Pilots October 11, 2026 36.1 % Dispatchers April 12, 2028 2.5 % Mechanics September 20, 2023 13.0 % Technical store clerks September 20, 2022 2.9 % Flight attendants October 1, 2022 18.3 %

Earnings Per Share and Equity

Earnings Per Share and Equity	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Earnings Per Share and Equity	Earnings Per Share and Equity Calculations of net (loss) income per common share were as follows for the periods presented: Year ended December 31, 2023 Year ended December 31, 2022 As Restated Net (loss) income $ (15,985) $ 7,502 Preferred stock dividends 1,328 792 Net (loss) income applicable to common stockholders $ (17,313) $ 6,710 Weighted average common shares outstanding Shares used in calculating basic earnings per share 44,043,175 46,358,909 Stock option — 97,981 Series C Preferred — 16,500,000 Shares used in calculating diluted earnings per share 44,043,175 62,956,890 Earnings allocated to common stockholders per common share Basic $ (0.39) $ 0.14 Diluted $ (0.39) $ 0.11 Basic earnings per share of common stock is computed by dividing the net (loss) income applicable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is computed by dividing net income by the weighted average number of shares outstanding assuming the conversion of the Series C Preferred into an aggregate of 16,500,000 shares of common stock under the if-converted method, and the exercise of a stock option granted in 2015 (the “2015 Option”) into 0 and 97,981 shares of common stock under the treasury stock method for the years ended December 31, 2023 and December 31, 2022, respectively. In March 2022, Harbor entered into an agreement with the holder to cancel the 2015 Option in exchange for $969. The shares underlying the 2015 Option are included in computing diluted earnings per share under the treasury stock method for the portion of the reporting period during which it was outstanding. Series C Convertible Redeemable Preferred Stock In January 2020, Harbor issued 4,000,000 shares of the Series C Preferred. The rights, preferences, privileges, qualifications, restrictions and limitations relating to the Series C Preferred are set forth in the Certificate of Designations, Preferences and Rights of Series C Convertible Redeemable Preferred Stock ("Certificate of Designations"), which Harbor filed with the Secretary of State of the State of Delaware. The Series C Preferred accrues cumulative quarterly dividends at the rate per share of 6.0% of the Series C Issue Price per annum, which are cumulative and compound quarterly to the extent dividends have not been declared by the board of directors ("Preferential Dividends"). From and after December 31, 2023, upon the election of holders of a majority of the outstanding Series C Preferred, the rate of the Preferential Dividends shall be increased by an additional 1.0% per annum per share for each and every six-month period following such election ("Dividend Ratchet"). At the option of the board of directors, in lieu of paying the Preferential Dividends and the Conversion Cap Excess Dividends (as defined below) in cash, all or some of such dividends may be paid in additional shares of Series C Preferred ("PIK Dividends"). Each share of Series C Preferred was initially convertible at the election of the holders, at any time after issuance, into that number of shares of common stock determined by dividing the then applicable Series C Liquidation Amount (as defined below) by $0.80, subject to certain adjustments set forth in the Certificate of Designations ("Conversion Price"). The Conversion Price as of the date of this filing is $0.15091. The Conversion Price may be subject to further adjustment as described in the Certificate of Designations. The conversion of Series C Preferred is subject to a limitation on the number of shares of the common stock that may be issued upon conversion of Series C Preferred equal to the sum of (a) 16,500,000, plus (b) the quotient of (i) the aggregate amount of all accrued and unpaid Preferential Dividends divided by (ii) $0.80, plus (c) the quotient of (i) the number of shares of Series C Preferred issued as PIK Dividends multiplied by the Series C Issue Price, divided by (ii) $0.80. Any outstanding shares of Series C Preferred that may not be converted into common stock pursuant to the limitation described herein ("Conversion Cap Excess Shares"), from and after December 31, 2022, in addition to the Preferential Dividends, shall accrue cumulative quarterly dividends in an amount per share equal to 0.5% of the Series C Liquidation Amount of each outstanding Conversion Cap Excess Share in the first quarter after December 31, 2022, and increasing an additional 0.5% of the Series C Liquidation Amount in each subsequent quarter ("Conversion Cap Excess Dividends"). As of December 31, 2023, 754,550 shares of the Series C Preferred were immediately convertible into 16,500,000 shares of common stock (representing approximately 27.7% of the outstanding shares of Harbor's common stock), and the remaining 3,245,450 shares of the Series C Preferred are deemed Conversion Cap Excess Shares. Harbor may redeem all, but not less than all, of the Conversion Cap Excess Shares at any time upon notice to the holders for a cash payment in an amount equal to the Series C Liquidation Amount per share. In the event of any liquidation, dissolution or winding up of Harbor or a sale of Harbor, the Series C Preferred shall be entitled to receive, prior and in preference to any distribution of any assets of Harbor to the common stock or other junior capital stock, an amount equal to the Series C Issue Price, plus an amount equal to all accrued but unpaid Preferential Dividends, Conversion Cap Excess Dividends and any other accrued but unpaid dividends ("Series C Liquidation Amount"). On March 31, 2023, June 30, 2023, September 27, 2023, and December 17, 2023, the board of directors declared a Preferential Dividend of $198 on the Series C Preferred, which was paid on March 31, 2023, June 30, 2023, September 29, 2023 and December 29, 2023, respectively. On those same dates in 2023, Conversion Cap Excess Dividends were also declared on the Series C Preferred, and paid in the amount of $53, $107, $161 and $214 respectively. On March 30, 2022, June 30, 2022, September 30, 2022, and December 30, 2022, the board of directors declared a Preferential Dividend of $198 on the Series C Preferred, which was paid on March 31, 2022, June 30, 2022, September 30, 2022 and December 30, 2022, respectively. On June 28, 2024, 754,550 shares of Series C Preferred were converted into 16,500,000 shares of Harbor's common stock, and all of the 3,245,450 Conversion Cap Excess Shares were redeemed for $10,710. After giving effect to such conversion and redemption, no shares of Series C Preferred remain outstanding. Based on the applicable accounting guidance, Harbor is required to apply the “if-converted” method to the Series C Preferred to determine the weighted average number of shares outstanding for purposes of calculating the net income (loss) per share of common stock. However, conversion is not assumed for purposes of computing diluted earnings per share if the effect would be anti-dilutive. Harbor accounts for its Series C Preferred in accordance with the guidance in ASC 480, Distinguishing Liabilities from Equity . Based on the applicable accounting guidance, preferred stock that is conditionally redeemable is classified as temporary or “mezzanine” equity. Accordingly, the Series C Preferred, which is subject to conditional redemption, is presented at redemption value as mezzanine equity outside of the stockholders’ equity section of the consolidated balance sheets.

Stock Option

Stock Option	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stock Option	Stock OptionIn 2015, Harbor issued a stock option (the "2015 Stock Option") to purchase 558,835 shares of its common stock at an exercise price of $0.21386 per share. The value of the 2015 Stock Option at the date of grant was deemed to be $0.07 per share based on a life of 7.0 years, a risk-free interest rate of 2.01% and expected volatility of 157.1%. The 2015 Stock Option was the only stock option outstanding during the year ended December 31, 2022. In March 2022, the Company and the holder of the 2015 Stock Option entered into an agreement pursuant to which the 2015 Stock Option was cancelled and terminated in exchange for a cash payment by the Company of approximately $969.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	12 Months Ended
	Dec. 31, 2023
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information Cash payments for interest for the years ended December 31, 2023 and December 31, 2022 were $2,083 and $2,375, respectively. Cash refunds and payments for income taxes for the years ended December 31, 2023 and December 31, 2022 were $2,471 and $7,925, respectively. The following table provides a schedule of the non-cash investing and financing activities pertaining to the statements of cash flows: December 31, 2023 December 31, 2022 Gain on Long-term Restricted Investments (SESP) $ 2,219 $ — Net investment in sales lease $ 2,132 $ — Right-of-use assets acquired under operating leases $ 2,172 $ 70 The following table provides a reconciliation of all cash and cash equivalents and restricted cash reported in the consolidated balance sheets that sum to the total of those same amounts shown in the consolidated statements of cash flows: December 31, 2023 December 31, 2022 Cash and cash equivalents $ 20,776 $ 33,333 Restricted cash 755 849 Total cash, cash equivalents, and restricted cash $ 21,531 $ 34,182

Intangible Assets

Intangible Assets	12 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Intangible Assets Intangible assets consist of the following indefinite-lived assets as of the dates presented: December 31, 2023 2022 Gross Carrying Amount Gross Carrying Amount Trade names and air carrier certificate $ 5,300 $ 5,300 Total $ 5,300 $ 5,300

Stock Repurchase Program

Stock Repurchase Program	12 Months Ended
	Dec. 31, 2023
Stock Repurchase Program [Abstract]
Stock Repurchase Program	Stock Repurchase Program On March 30, 2021, the board of directors adopted a stock repurchase program pursuant to which Harbor was initially authorized to repurchase up to $1,000 of shares of its common stock during the first calendar month of the program, subject to an automatic increase of $1,000 per calendar month thereafter. Harbor is not obligated under the program to acquire any particular number or value of shares and can suspend or terminate the program at any time. In January 2023, a federal corporate stock repurchase excise tax of 1.0% took effect once share repurchases exceed $1,000. Harbor accrued an excise tax liability of $45 during the year ended December 31, 2023, which is included in the cost of Treasury stock in the consolidated statements of stockholders’ equity. Harbor acquired a total of 2,093,382 shares of its common stock pursuant to the stock repurchase program in the year ended December 31, 2023. As of December 31, 2023, total cash of $376 is held for the repurchase of shares under Harbor’s stock repurchase program. This amount is included in restricted cash.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company evaluated its consolidated financial statements for the year ended December 31, 2023 for subsequent events through the date the consolidated financial statements were available to be issued. The following subsequent events are noted: • The United Arbitration Award was issued in February 2024. • In April 2024, Air Wisconsin reached an agreement with its dispatchers, represented by the Transport Workers Union of America. The new agreement will become amendable in April of 2028 and includes, among other things, increased pay rates and duty provisions. • On June 28, 2024, 754,550 shares of Series C Preferred were converted into 16,500,000 shares of Harbor's common stock, and all of the 3,245,450 Conversion Cap Excess Shares were redeemed for a cash payment in the amount of $10,710. After giving effect to the conversion and redemption, no shares of Series C Preferred Stock remain outstanding. • In September 2024, Air Wisconsin executed an agreement with a charterer to provide certain supplemental flying on its aircraft that are not subject to the American capacity purchase agreement. Air Wisconsin expects to begin charter operations in November 2024.

Restatement of Prior Quarterly

Restatement of Prior Quarterly 2023 and 2022 Condensed Consolidated Financial Statements (Unaudited)	12 Months Ended
	Dec. 31, 2023
Accounting Changes and Error Corrections [Abstract]
Restatement of Prior Quarterly 2023 and 2022 Condensed Consolidated Financial Statements (Unaudited)	Restatement of 2022 Consolidated Financial Statements In February 2024 Harbor’s subsidiary, Air Wisconsin, was subject to an unexpected outcome in the arbitrators’ decision and award (“United Arbitration Award”) relating to the arbitration with United Airlines, Inc. ("United") that commenced in October 2022. The United Arbitration Award held, among other things, that Air Wisconsin was not entitled to the payments from United that were at issue in the arbitration. Following receipt of the United Arbitration Award, we commenced a detailed analysis of the complex accounting treatment of the amounts disputed in the arbitration. In connection with the preparation of the Company’s consolidated financial statements for the year ended December 31, 2023, and following extensive discussions among Company management and the Audit Committee as well as consultation between management and multiple accounting and legal advisors over a period of several months, the Company concluded that (i) its prior determination to recognize certain amounts disputed in the arbitration was inconsistent with the technical requirements of ASC 606, and (ii) the previously issued consolidated financial statements for the year ended December 31, 2022 (the "2022 Annual Period") should no longer be relied upon, and that such financial statements should be restated. The Company is restating its consolidated financial statements for the 2022 Annual Period to remove $41,135 of contract revenues and $334 of interest income in connection with the United Arbitration Award. This results in a reduction in income tax expense of $9,861 and an overall reduction in net income for the year ended December 31, 2022 of $31,608. The Company also determined that it will amend its 2022 federal and state income tax returns, resulting in expected federal and state tax refunds of approximately $7,092. The United Arbitration Award resulted in reduced contract revenues of $1,429 for 2021, resulting in a tax benefit of $337, and a net reduction in net income of $1,092. These adjustments were concluded to be immaterial to the 2021 financial statements and therefore the Company has adjusted the 2022 opening retained deficit balance for this correction. The Company also determined that it will amend its 2021 federal and state income tax returns resulting in expected federal and state refunds of $337. The expected federal and state tax refunds from the amended tax returns for 2021 and 2022 are shown in Other (long-term assets) in the restated consolidated balance sheet as of December 31, 2022. The Company also adjusted $547 of tax receivables from Receivables, net to Other (long-term assets) since certain tax receivables were received outside of the originally expected twelve-month period to be classified as short-term. The Company further adjusted its balance sheet for changes in current and deferred tax assets and liabilities based on its changing tax position for 2022 and the creation of federal and state net operating loss deferred tax assets. As a result of the reduced contract revenues, Receivables, net, Notes receivable, and Deferred revenue were adjusted in the consolidated balance sheet as of December 31, 2022 accordingly. In the operating activities section on the consolidated statement of cash flows for the year ended December 31, 2022, the Company increased amortization of contract costs by $4,385 and reduced contract liabilities by $4,385 which represented deferred revenues which were taken into income during 2022. This amount was previously incorrectly classified as amortization of contract costs, however, the change had no impact on cash flows from operating activities. The restated consolidated balance sheet, consolidated statement of operations, and consolidated statement of cash flows for the 2022 Annual Period, including the balances as previously reported (shown as "As Reported" in each table), adjustments and the balances as restated, are as follows: Harbor Diversified, Inc. and Subsidiaries Consolidated Balance Sheet (in thousands) For the Year Ended December 31, 2022 As Reported Adjustments As Restated Assets Current Assets Cash and cash equivalents $ 33,333 $ — $ 33,333 Restricted cash 849 — 849 Marketable securities 153,827 — 153,827 Receivables, net 40,341 (28,922) 11,419 Notes receivable 18,023 (18,023) — Spare parts and supplies, net 4,579 — 4,579 Contract costs 143 — 143 Prepaid expenses and other 3,732 — 3,732 Total Current Assets 254,827 (46,945) 207,882 Property and Equipment Flight property and equipment 263,970 — 263,970 Ground property and equipment 8,055 — 8,055 Less accumulated depreciation (169,766) — (169,766) Net Property and Equipment 102,259 — 102,259 Other Assets Operating lease right of use asset 13,480 — 13,480 Intangibles 5,300 — 5,300 Long-term deferred tax asset — 258 258 Long-term investments 4,275 — 4,275 Other 1,414 7,639 9,053 Total Other Assets 24,469 7,897 32,366 Total Assets $ 381,555 $ (39,048) $ 342,507 Liabilities, Mezzanine Equity, and Stockholders' Equity Current Liabilities Accounts payable $ 20,165 $ — $ 20,165 Accrued payroll and employee benefits 12,989 — 12,989 Current portion of operating lease liability 5,091 — 5,091 Other accrued expenses 137 — 137 Contract liabilities, net 1,985 — 1,985 Deferred revenues 16,561 (4,960) 11,601 Income taxes payable — — — Current portion of long-term debt 9,154 — 9,154 Total Current Liabilities 66,082 (4,960) 61,122 Other Liabilities Long-term debt 52,068 — 52,068 Long-term promissory note 4,275 — 4,275 Deferred tax liability 7,990 (2,480) 5,510 Long-term operating lease liability 5,849 — 5,849 Other 1,977 — 1,977 Harbor Diversified, Inc. and Subsidiaries Consolidated Balance Sheet (in thousands) Total Long-term Liabilities 72,159 (2,480) 69,679 Total Liabilities 138,241 (7,440) 130,801 Mezzanine Equity Preferred stock 13,200 — 13,200 Stockholders' Equity Common stock 555 — 555 Additional paid-in capital 285,668 — 285,668 Retained deficit (41,126) (31,608) (72,734) Treasury stock (14,983) — (14,983) Total Stockholders' Equity 230,114 (31,608) 198,506 Total Liabilities, Mezzanine Equity, and Stockholders' Equity $ 381,555 $ (39,048) $ 342,507 Harbor Diversified, Inc. and Subsidiaries Consolidated Statement of Operations (in thousands, except share amounts and per share values) For the Year Ended December 31, 2022 As Reported Adjustments As Restated Operating Revenues Contract revenues $ 280,737 $ (41,135) $ 239,602 Contract services and other 126 — 126 Total Operating Revenues 280,863 (41,135) 239,728 Operating Expenses Payroll and related costs 109,831 — 109,831 Aircraft fuel and oil 169 — 169 Aircraft maintenance, materials and repairs 67,096 — 67,096 Other rents 6,582 — 6,582 Depreciation, amortization and obsolescence 26,327 — 26,327 Purchased services and other 14,992 — 14,992 Total Operating Expenses 224,997 — 224,997 Income From Operations 55,866 (41,135) 14,731 Other (Expense) Income Interest and dividend income 7,024 (334) 6,690 Interest expense (3) — (3) Loss on marketable securities (8,826) — (8,826) Gain on extinguishment of debt 53 — 53 Other, net (11) — (11) Total Other Expense (1,763) (334) (2,097) Net Income Before Taxes 54,103 (41,469) 12,634 Income Tax Expense 14,993 (9,861) 5,132 Net Income 39,110 (31,608) 7,502 Preferred Stock Dividends 792 — 792 Net Income Available to Common Shareholders $ 38,318 $ (31,608) $ 6,710 Basic earnings per share $ 0.83 $ (0.69) $ 0.14 Diluted earnings per share $ 0.61 $ (0.50) $ 0.11 Weighted average common shares: Basic 46,358,909 — 46,358,909 Diluted 62,956,890 — 62,956,890 Harbor Diversified, Inc. and Subsidiaries Consolidated Statement of Cash Flows (in thousands) For the Year Ended December 31, 2022 As Reported Adjustments As Restated Cash Flows From Operating Activities Net income $ 39,110 $ (31,608) $ 7,502 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, amortization and obsolescence allowance 26,327 — 26,327 Amortization of contract costs (4,385) 4,385 — Amortization of engine overhauls 2,757 — 2,757 Deferred income taxes 7,954 (2,738) 5,216 Loss on disposition of property 181 — 181 Loss on marketable securities 8,826 — 8,826 Gain on extinguishment of debt (53) — (53) Changes in operating assets and liabilities: Accounts receivable (32,919) 28,922 (3,997) Notes receivable 28,116 18,023 46,139 Spare parts and supplies (324) — (324) Prepaid expenses and other 3,353 (7,639) (4,286) Operating lease right of use asset 112 — 112 Accounts payable 105 — 105 Accrued payroll and employee benefits (1,896) — (1,896) Other accrued expenses (35) — (35) Long-term deferred revenue (9,046) — (9,046) Contract liabilities (3,054) (4,385) (7,439) Deferred revenue (19,231) (4,960) (24,191) Other long-term liabilities (864) — (864) Net Cash Provided by Operating Activities 45,034 — 45,034 Cash Flows From Investing Activities Additions to property and equipment (5,513) — (5,513) Proceeds on disposition of property and equipment 64 — 64 Purchase of marketable securities (24,283) — (24,283) Net Cash Used in Investing Activities (29,732) — (29,732) Cash Flows From Financing Activities Repayments of long-term debt (6,275) — (6,275) Dividends paid (792) — (792) Repurchase of stock options (969) — (969) Repurchased stock (11,703) — (11,703) Net Cash Used in Financing Activities (19,739) — (19,739) Decrease in Cash, Cash Equivalents and Restricted Cash (4,437) — (4,437) Cash, Cash Equivalents and Restricted Cash, beginning of year 38,619 — 38,619 Cash, Cash Equivalents and Restricted Cash, end of year $ 34,182 $ — $ 34,182 In connection with the preparation of the Company’s consolidated financial statements for the year ended December 31, 2023, and following extensive discussions among Company management and the Audit Committee as well as consultation between management and multiple accounting and legal advisors over a period of several months, the Company concluded that (i) its prior determination to recognize certain amounts disputed in the arbitration with United was inconsistent with the technical requirements of ASC 606, and that the previously issued unaudited consolidated financial statements for each of the three months ended March 31, 2022 and March 31, 2023, the three and six months ended June 30, 2022 and June 30, 2023, and the three and nine months ended September 30, 2022 and September 30, 2023 (the "Interim Periods") should no longer be relied upon and that such unaudited financial statements should be restated. For additional information, please refer to the section titled Explanatory Note and Note 2, Restatement of 2022 Consolidated Financial Statements , in this Annual Report. The Company is restating its unaudited condensed consolidated financial statements for the Interim Periods to remove $30,214 of contract revenues and $174 of interest income in connection with the United Arbitration Award. This results in a reduction in income tax expense of $7,227. The Company also determined that it will amend its 2022 federal and state income tax returns for 2022, resulting in expected federal and state tax refunds. Because the United Arbitration Award impacted an immaterial amount of revenue $(1,429) for 2021, after taking into account a tax benefit of $337, a net adjustment of $(1,092) was made to the 2022 opening retained earnings. The Company also determined that it will amend its 2021 federal and state income tax returns resulting in expected federal and state refunds of $337. The expected federal and state tax refunds from the amended tax returns for 2021 and 2022 are shown in "Other" assets in each of the restated consolidated balance sheets for the Interim Periods. The Company also adjusted its balance sheet for changes in current and deferred tax assets and liabilities based on its changing tax position during the 2022 Interim Periods and the creation of federal and state net operating loss deferred tax assets. As a result of the reduced contract revenues, accounts receivable, notes receivable and deferred revenue were adjusted in the condensed consolidated balance sheets for each of the Interim Periods accordingly. In the operating activities section on the consolidated statements of cash flows the Company increased amortization of contract costs and reduced contract liabilities which represented deferred revenues which were taken into income during 2022 and 2023. This amount was previously incorrectly classified as amortization of contract costs, however, the change had no impact on cash flows from operating activities for the three months ended March 31, 2022 and 2023, for the three and six months ended June 30, 2022 and 2023, and for the three and nine months ended September 30, 2022 and 2023. These amounts are included in the adjustments column on the statements of cash flows. In addition to the restatement, the Company is also reclassifying dividend income that was originally reported in Other income to the interest and dividend income line in the consolidated statements of operations for the three months ended March 31, 2022, the three and six months ended June 30, 2022, and the three and nine months ended September 30, 2022. These amounts appear in the column labeled "Reclassification" in the consolidated statements of operations presented for those periods. For periods subsequent to September 30, 2022, dividend income was reported in the financial statement line labeled as Interest and dividend income in the consolidated statements of operations. Therefore, a similar reclassification is not presented for the three-, six-, or nine-month periods ending in 2023. The following table is a summary of the restated three-month periods ending March 31, June 30, and September 30 in 2022 and March 31, June 30, and September 30 in 2023. Harbor Diversified, Inc. and Subsidiaries Statements of Operations (in thousands, except share amounts and per share values) 2023 2022 Three Months Ended Three Months Ended September 30 June 30 March 31 September 30 June 30 March 31 As Restated As Restated As Restated As Restated As Restated As Restated Operating Revenues Contract revenues $ 49,958 $ 48,809 $ 52,519 $ 58,340 $ 66,888 $ 57,838 Contract services and other 98 102 95 21 7 7 Total Operating Revenues 50,056 48,911 52,614 58,361 66,895 57,845 Operating Expenses Payroll and related costs 29,444 29,953 29,768 26,801 27,694 26,601 Aircraft fuel and oil 115 221 102 49 34 51 Aircraft maintenance, materials and repairs 11,175 17,869 19,349 17,494 16,336 14,501 Other rents 1,459 1,474 1,594 1,617 1,657 1,613 Depreciation, amortization and obsolescence 6,398 6,370 6,357 6,639 6,674 6,644 Purchased services and other 6,537 7,532 4,442 3,310 3,514 3,765 Total Operating Expenses 55,128 63,419 61,612 55,910 55,909 53,175 Income (Loss) From Operations (5,072) (14,508) (8,998) 2,451 10,986 4,670 Other (Expense) Income Interest and dividend income 1,296 1,190 1,150 1,631 1,325 768 Interest expense — (11) (1) — — — Gain (loss) on marketable securities (955) (795) 1,740 (3,749) (3,602) (2,423) Gain on extinguishment of debt — 70 — 53 — — Other, net — (1) (13) (8) (2) — Total Other (Expense) Income 341 453 2,876 (2,073) (2,279) (1,655) Net Income (Loss) Before Taxes (4,731) (14,055) (6,122) 378 8,707 3,015 Income Tax Expense (Benefit) (582) (2,067) (1,207) 93 2,081 721 Net Income (Loss) (4,149) (11,988) (4,915) 285 6,626 2,294 Preferred Stock Dividends 358 305 252 198 198 198 Net Income (Loss) Available to Common Shareholders $ (4,507) $ (12,293) $ (5,167) $ 87 $ 6,428 $ 2,096 Basic earnings per share $ (0.10) $ (0.28) $ (0.11) $ — $ 0.14 $ 0.04 Diluted earnings per share $ (0.10) $ (0.28) $ (0.11) $ — $ 0.10 $ 0.03 Weighted average common shares: Harbor Diversified, Inc. and Subsidiaries Statements of Operations (in thousands, except share amounts and per share values) 2023 2022 Three Months Ended Three Months Ended September 30 June 30 March 31 September 30 June 30 March 31 As Restated As Restated As Restated As Restated As Restated As Restated Operating Revenues Basic 43,653,627 44,276,627 44,979,947 45,775,512 46,518,867 47,637,544 Diluted 43,653,627 44,276,627 44,979,947 62,275,512 63,018,867 64,534,912 The restated consolidated balance sheets, consolidated statements of operations, and consolidated statements of cash flows for the Interim Periods, including the balances as previously reported (shown as "As Reported" in each table), adjustments and the balances as restated, are as follows: Harbor Diversified Inc. and Subsidiaries 2023 Condensed Consolidated Balance Sheets (in thousands) September 30, 2023 June 30, 2023 March 31, 2023 As Reported Adjustments As Restated As Reported Adjustments As Restated As Reported Adjustments As Restated Assets Current Assets Cash and cash equivalents $ 15,839 $ — $ 15,839 $ 15,831 $ — $ 15,831 $ 22,509 $ — $ 22,509 Restricted cash 707 — 707 812 — 812 671 — 671 Marketable securities 136,562 — 136,562 141,453 — 141,453 156,305 — 156,305 Receivables, net 40,391 (30,609) 9,782 45,074 (33,571) 11,503 41,147 (31,308) 9,839 Notes receivable 21,093 (21,093) — 21,093 (21,093) — 21,093 (21,093) — Spare parts and supplies, net 5,029 — 5,029 5,184 — 5,184 4,978 — 4,978 Contract costs 108 — 108 114 — 114 161 — 161 Contract assets 1,618 — 1,618 173 — 173 — — — Prepaid expenses and other 2,594 (57) 2,537 2,749 — 2,749 3,512 — 3,512 Total Current Assets 223,941 (51,759) 172,182 232,483 (54,664) 177,819 250,376 (52,401) 197,975 Property and Equipment Flight property and equipment 265,636 — 265,636 265,459 — 265,459 265,285 — 265,285 Ground property and equipment 8,596 — 8,596 8,287 — 8,287 8,240 — 8,240 Less accumulated depreciation (190,606) — (190,606) (183,329) — (183,329) (176,474) — (176,474) Net Property and Equipment 83,626 — 83,626 90,417 — 90,417 97,051 — 97,051 Other Assets Harbor Diversified Inc. and Subsidiaries 2023 Condensed Consolidated Balance Sheets (in thousands) September 30, 2023 June 30, 2023 March 31, 2023 As Reported Adjustments As Restated As Reported Adjustments As Restated As Reported Adjustments As Restated Assets Operating lease right of use asset 9,708 — 9,708 11,113 — 11,113 12,153 — 12,153 Intangibles 5,300 — 5,300 5,300 — 5,300 5,300 — 5,300 Long-term deferred tax asset — — — — — — — 119 119 Long-term investments 4,275 — 4,275 4,275 — 4,275 4,275 — 4,275 Long-term contract costs 613 — 613 639 — 639 751 — 751 Other 969 7,588 8,557 1,146 7,587 8,733 1,126 7,795 8,921 Total Other Assets 20,865 7,588 28,453 22,473 7,587 30,060 23,605 7,914 31,519 Total Assets $ 328,432 $ (44,171) $ 284,261 $ 345,373 $ (47,077) $ 298,296 $ 371,032 $ (44,487) $ 326,545 Liabilities, Mezzanine Equity, and Stockholders' Equity Current Liabilities Accounts payable $ 14,295 $ 640 $ 14,935 $ 21,016 $ 254 $ 21,270 $ 20,950 $ — $ 20,950 Accrued payroll and employee benefits 13,235 — 13,235 13,184 — 13,184 14,216 — 14,216 Current portion of operating lease liability 3,649 — 3,649 4,199 — 4,199 5,125 — 5,125 Other accrued expenses 166 — 166 102 — 102 193 — 193 Contract liabilities, net — — — — — — 1,120 — 1,120 Deferred revenues — — — — — — 5,841 (2,159) 3,682 Current portion of long-term debt 52,554 — 52,554 5,444 — 5,444 9,084 — 9,084 Total Current Liabilities 83,899 640 84,539 43,945 254 44,199 56,529 (2,159) 54,370 Other Liabilities Long-term debt — — — 47,596 — 47,596 51,582 — 51,582 Long-term promissory note 4,275 — 4,275 4,275 — 4,275 4,275 — 4,275 Deferred tax liability 4,424 (3,034) 1,390 7,990 (6,015) 1,975 7,990 (3,831) 4,159 Long-term operating lease liability 3,659 — 3,659 4,500 — 4,500 4,543 — 4,543 Long-term contract liabilities, net 2,792 — 2,792 2,840 — 2,840 398 — 398 Other, net 1,755 — 1,755 1,737 — 1,737 1,659 — 1,659 Total Long-term Liabilities 16,905 (3,034) 13,871 68,938 (6,015) 62,923 70,447 (3,831) 66,616 Total Liabilities 100,804 (2,394) 98,410 112,883 (5,761) 107,122 126,976 (5,990) 120,986 Mezzanine Equity Harbor Diversified Inc. and Subsidiaries 2023 Condensed Consolidated Balance Sheets (in thousands) September 30, 2023 June 30, 2023 March 31, 2023 As Reported Adjustments As Restated As Reported Adjustments As Restated As Reported Adjustments As Restated Assets Preferred stock 13,200 — 13,200 13,200 — 13,200 13,200 — 13,200 Stockholders' Equity Common stock 555 — 555 555 — 555 555 — 555 Additional paid-in capital 284,753 — 284,753 285,111 — 285,111 285,416 — 285,416 Retained deficit (52,009) (41,777) (93,786) (48,321) (41,316) (89,637) (39,152) (38,497) (77,649) Treasury stock (18,871) — (18,871) (18,055) — (18,055) (15,963) — (15,963) Total Stockholders' Equity 214,428 (41,777) 172,651 219,290 (41,316) 177,974 230,856 (38,497) 192,359 Total Liabilities, Mezzanine Equity, and Stockholders' Equity $ 328,432 $ (44,171) $ 284,261 $ 345,373 $ (47,077) $ 298,296 $ 371,032 $ (44,487) $ 326,545 Harbor Diversified, Inc. and Subsidiaries 2022 Condensed Consolidated Balance Sheets (in thousands) September 30, 2022 June 30, 2022 March 31, 2022 As Reported Adjustments As Restated As Reported Adjustments As Restated As Reported Adjustments As Restated Assets Current Assets Cash and cash equivalents $ 19,013 $ — $ 19,013 $ 24,491 $ — $ 24,491 $ 25,573 $ — $ 25,573 Restricted cash 418 — 418 516 — 516 576 — 576 Marketable securities 130,517 — 130,517 133,303 — 133,303 136,178 — 136,178 Receivables, net 33,272 (18,866) 14,406 24,119 (10,383) 13,736 15,680 (3,981) 11,699 Notes receivable 60,315 (14,176) 46,139 55,177 (9,038) 46,139 51,078 (4,939) 46,139 Spare parts and supplies, net 4,404 — 4,404 4,729 — 4,729 5,114 — 5,114 Contract costs 258 — 258 358 — 358 499 — 499 Prepaid expenses and other 2,776 — 2,776 1,640 — 1,640 1,834 — 1,834 Total Current Assets 250,973 (33,042) 217,931 244,333 (19,421) 224,912 236,532 (8,920) 227,612 Property and Equipment Flight property and equipment 262,237 — 262,237 263,199 — 263,199 260,926 — 260,926 Harbor Diversified, Inc. and Subsidiaries 2022 Condensed Consolidated Balance Sheets (in thousands) September 30, 2022 June 30, 2022 March 31, 2022 As Reported Adjustments As Restated As Reported Adjustments As Restated As Reported Adjustments As Restated Assets Ground property and equipment 7,895 — 7,895 8,320 — 8,320 8,221 — 8,221 Less accumulated depreciation (163,336) — (163,336) (156,909) — (156,909) (150,109) — (150,109) Net Property and Equipment 106,796 — 106,796 114,610 — 114,610 119,038 — 119,038 Other Assets Operating lease right of use asset 14,789 — 14,789 16,005 — 16,005 17,328 — 17,328 Intangibles 5,300 — 5,300 5,300 — 5,300 5,300 — 5,300 Long-term deferred tax asset 616 (365) 251 616 (340) 276 616 (88) 528 Long-term investments 4,275 — 4,275 4,275 — 4,275 4,275 — 4,275 Other 1,687 5,837 7,524 1,898 4,466 6,364 1,805 2,485 4,290 Total Other Assets 26,667 5,472 32,139 28,094 4,126 32,220 29,324 2,397 31,721 Total Assets $ 384,436 $ (27,570) $ 356,866 $ 387,037 $ (15,295) $ 371,742 $ 384,894 $ (6,523) $ 378,371 Liabilities, Mezzanine Equity, and Stockholders' Equity Current Liabilities Accounts payable 16,593 — 16,593 18,574 — 18,574 15,797 — 15,797 Accrued payroll and employee benefits 13,057 — 13,057 13,157 — 13,157 12,484 — 12,484 Current portion of operating lease liability 5,078 — 5,078 5,103 — 5,103 5,180 — 5,180 Other accrued expenses 253 — 253 196 — 196 228 — 228 Contract liabilities 3,576 — 3,576 4,961 — 4,961 6,917 — 6,917 Deferred revenues 22,318 (1,225) 21,093 27,500 2,246 29,746 40,102 1,656 41,758 Income taxes payable 4,633 (4,633) — 3,487 (3,487) — 751 (751) — Current portion of long-term debt 9,224 — 9,224 9,310 — 9,310 5,845 — 5,845 Total Current Liabilities 74,732 (5,858) 68,874 82,288 (1,241) 81,047 87,304 905 88,209 Other Liabilities Long-term debt 56,089 — 56,089 57,050 — 57,050 61,110 — 61,110 Long-term promissory note 4,275 — 4,275 4,275 — 4,275 4,275 — 4,275 Deferred tax liability 653 2,541 3,194 653 2,462 3,115 653 633 1,286 Long-term operating lease liability 7,100 — 7,100 8,304 — 8,304 9,515 — 9,515 Other 2,757 — 2,757 2,662 — 2,662 2,663 — 2,663 Harbor Diversified, Inc. and Subsidiaries 2022 Condensed Consolidated Balance Sheets (in thousands) September 30, 2022 June 30, 2022 March 31, 2022 As Reported Adjustments As Restated As Reported Adjustments As Restated As Reported Adjustments As Restated Assets Total Long-term Liabilities 70,874 2,541 73,415 72,944 2,462 75,406 78,216 633 78,849 Total Liabilities 145,606 (3,317) 142,289 155,232 1,221 156,453 165,520 1,538 167,058 Mezzanine Equity Preferred stock 13,200 — 13,200 13,200 — 13,200 13,200 — 13,200 Stockholders' Equity Common stock 555 — 555 555 — 555 555 — 555 Additional paid-in capital 285,866 — 285,866 286,064 — 286,064 286,262 — 286,262 Retained deficit (46,778) (24,253) (71,031) (54,800) (16,516) (71,316) (69,881) (8,061) (77,942) Treasury stock (14,013) — (14,013) (13,214) — (13,214) (10,762) — (10,762) Total Stockholders' Equity 225,630 (24,253) 201,377 218,605 (16,516) 202,089 206,174 (8,061) 198,113 Total Liabilities, Mezzanine Equity, and Stockholders' Equity $ 384,436 $ (27,570) $ 356,866 $ 387,037 $ (15,295) $ 371,742 $ 384,894 $ (6,523) $ 378,371 Harbor Diversified, Inc. and Subsidiaries 2023 Three Month Condensed Consolidated Statements of Operations (in thousands, except share amounts and per share values) Three Months Ended September 30, 2023 June 30, 2023 March 31, 2023 As Reported Adjustments As Restated As Reported Adjustments As Restated As Reported Adjustments As Restated Operating Revenues Contract revenues $ 49,958 $ — $ 49,958 $ 50,970 $ (2,161) $ 48,809 $ 59,037 $ (6,518) $ 52,519 Contract services and other 98 — 98 102 — 102 95 — 95 Total Operating Revenues 50,056 — 50,056 51,072 (2,161) 48,911 59,132 (6,518) 52,614 Operating Expenses Payroll and related costs 29,444 — 29,444 29,953 — 29,953 29,768 — 29,768 Aircraft fuel and oil 115 — 115 221 — 221 102 — 102 Aircraft maintenance, materials and repairs 11,175 — 11,175 17,869 — 17,869 19,349 — 19,349 Other rents 1,459 — 1,459 1,474 — 1,474 1,594 — 1,594 Depreciation, amortization and obsolescence 6,398 — 6,398 6,370 — 6,370 6,357 — 6,357 Harbor Diversified, Inc. and Subsidiaries 2023 Three Month Condensed Consolidated Statements of Operations (in thousands, except share amounts and per share values) Three Months Ended September 30, 2023 June 30, 2023 March 31, 2023 As Reported Adjustments As Restated As Reported Adjustments As Restated As Reported Adjustments As Restated Operating Revenues Purchased services and other 6,537 — 6,537 7,532 — 7,532 4,442 — 4,442 Total Operating Expenses 55,128 — 55,128 63,419 — 63,419 61,612 — 61,612 Loss From Operations (5,072) — (5,072) (12,347) (2,161) (14,508) (2,480) (6,518) (8,998) Other (Expense) Income Interest and dividend income 1,540 (244) 1,296 1,429 (239) 1,190 1,366 (216) 1,150 Interest expense — — — (11) — (11) (1) — (1) Gain (loss) on marketable securities (955) — (955) (795) — (795) 1,740 — 1,740 Gain on extinguishment of debt — — — 70 — 70 — — — Other, net — — — (1) — (1) (13) — (13) Total Other Income 585 (244) 341 692 (239) 453 3,092 (216) 2,876 Net Income (Loss) Before Taxes (4,487) (244) (4,731) (11,655) (2,400) (14,055) 612 (6,734) (6,122) Income Tax Benefit (799) 217 (582) (2,486) 419 (2,067) (270) (937) (1,207) Net Income (Loss) (3,688) (461) (4,149) (9,169) (2,819) (11,988) 882 (5,797) (4,915) Preferred Stock Dividends 358 — 358 305 — 305 252 — 252 Net Income (Loss) Available to $ (4,046) $ (461) $ (4,507) $ (9,474) $ (2,819) $ (12,293) $ 630 $ (5,797) $ (5,167) Basic earnings (loss) per share $ (0.09) $ (0.01) $ (0.10) $ (0.21) $ (0.07) $ (0.28) $ 0.01 $ (0.12) $ (0.11) Diluted (loss) earnings per share $ (0.09) $ (0.01) $ (0.10) $ (0.21) $ (0.07) $ (0.28) $ 0.01 $ (0.12) $ (0.11) Weighted average common shares: Basic 43,653,627 — 43,653,627 44,276,627 — 44,276,627 44,979,947 — 44,979,947 Diluted 43,653,627 — 43,653,627 44,276,627 — 44,276,627 61,479,947 (16,500,000) 44,979,947 Harbor Diversified, Inc. and Subsidiaries 2023 Nine- and Six-Month Condensed Consolidated Statements of Operations (in thousands, except share amounts and per share values) Nine Months Ended Six Months Ended September 30, 2023 June 30, 2023 As Reported Adjustments As Restated As Reported Adjustments As Restated Operating Revenues Contract revenues $ 159,965 $ (8,679) $ 151,286 $ 110,007 $ (8,679) $ 101,328 Contract services and other 295 — 295 197 — 197 Total Operating Revenues 160,260 (8,679) 151,581 110,204 (8,679) 101,525 Operating Expenses Payroll and related costs 89,165 — 89,165 59,721 — 59,721 Aircraft fuel and oil 438 — 438 323 — 323 Aircraft maintenance, materials and repairs 48,393 — 48,393 37,218 — 37,218 Other rents 4,527 — 4,527 3,068 — 3,068 Depreciation, amortization and obsolescence 19,125 — 19,125 12,727 — 12,727 Purchased services and other 18,511 — 18,511 11,974 — 11,974 Total Operating Expenses 180,159 — 180,159 125,031 — 125,031 Loss From Operations (19,899) (8,679) (28,578) (14,827) (8,679) (23,506) Other (Expense) Income Interest and dividend income 4,335 (699) 3,636 2,795 (455) 2,340 Interest expense (12) — (12) (12) — (12) Gain (loss) on marketable securities (10) — (10) 945 — 945 Gain on extinguishment of debt 70 — 70 70 — 70 Other, net (14) — (14) (14) — (14) Total Other Income 4,369 (699) 3,670 3,784 (455) 3,329 Net Loss Before Taxes (15,530) (9,378) (24,908) (11,043) (9,134) (20,177) Income Tax Benefit (3,555) (301) (3,856) (2,756) (518) (3,274) Net Loss (11,975) (9,077) (21,052) (8,287) (8,616) (16,903) Preferred Stock Dividends 915 — 915 557 — 557 Net Loss Available to Common Shareholders $ (12,890) $ (9,077) $ (21,967) $ (8,844) $ (8,616) $ (17,460) Basic loss per share $ (0.29) $ (0.21) $ (0.50) $ (0.20) $ (0.19) $ (0.39) Diluted loss per share $ (0.29) $ (0.21) $ (0.50) $ (0.20) $ (0.19) $ (0.39) Weighted average common shares: Basic 44,298,542 — 44,298,542 44,626,344 — 44,626,344 Diluted 44,298,542 — 44,298,542 44,626,344 — 44,626,344 Harbor Diversified, Inc. and Subsidiaries 2022 Three Month Condensed Consolidated Statements of Operations (in thousands, except share amounts and per share values) Three Months Ended September 30, 2022 June 30, 2022 March 31, 2022 As Reported Adjustments Reclassification As Restated As Reported Adjustments Reclassification As Restated As Reported Adjustments Reclassification As Restated Operating Revenues Contract revenues $ 68,389 $ (10,049) $ — $ 58,340 $ 77,923 $ (11,035) $ — $ 66,888 $ 66,968 $ (9,130) $ — $ 57,838 Contract services and other 21 — — 21 7 — — 7 7 — — 7 Total Operating Revenues 68,410 (10,049) — 58,361 77,930 (11,035) — 66,895 66,975 (9,130) — 57,845 Operating Expenses Payroll and related costs 26,801 — — 26,801 27,694 — — 27,694 26,601 — — 26,601 Aircraft fuel and oil 49 — — 49 34 — — 34 51 — — 51 Aircraft maintenance, materials and repairs 17,494 — — 17,494 16,336 — — 16,336 14,501 — — 14,501 Other rents 1,617 — — 1,617 1,657 — — 1,657 1,613 — — 1,613 Depreciation, amortization and obsolescence 6,639 — — 6,639 6,674 — — 6,674 6,644 — — 6,644 Purchased services and other 3,310 — — 3,310 3,514 — — 3,514 3,765 — — 3,765 Total Operating Expenses 55,910 — — 55,910 55,909 — — 55,909 53,175 — — 53,175 Income From Operations 12,500 (10,049) — 2,451 22,021 (11,035) — 10,986 13,800 (9,130) — 4,670 Other (Expense) Income Interest and dividend income 840 (102) 893 1,631 688 (56) 693 1,325 574 (16) 210 768 Loss on marketable securities (3,749) — — (3,749) (3,602) — — (3,602) (2,423) — — (2,423) Gain on extinguishment of debt 53 — — 53 — — — — — — — — Other, net 885 — (893) (8) 691 — (693) (2) 210 — (210) — Total Other Expense (1,971) (102) — (2,073) (2,223) (56) — (2,279) (1,639) (16) — (1,655) Net Income Before Taxes 10,529 (10,151) — 378 19,798 (11,091) — 8,707 12,161 (9,146) — 3,015 Income Tax Expense 2,507 (2,414) — 93 4,717 (2,636) — 2,081 2,898 (2,177) — 721 Net Income 8,022 (7,737) — 285 15,081 (8,455) — 6,626 9,263 (6,969) — 2,294 Preferred Stock Dividends 198 — — 198 198 — — 198 198 — — 198 Net Income Available to $ 7,824 $ (7,737) $ — $ 87 $ 14,883 $ (8,455) $ — $ 6,428 $ 9,065 $ (6,969) $ — $ 2,096 Basic earnings (loss) per share $ 0.17 $ (0.17) $ — $ — $ 0.32 $ (0.18) $ — $ 0.14 $ 0.19 $ (0.15) $ — $ 0.04 Diluted earnings (loss) per share $ 0.13 $ (0.13) $ — $ — $ 0.24 $ (0.14) $ — $ 0.10 $ 0.14 $ (0.11) $ — $ 0.03 Weighted average common shares: Harbor Diversified, Inc. and Subsidiaries 2022 Three Month Condensed Consolidated Statements of Operations (in thousands, except share amounts and per share values) Three Months Ended September 30, 2022 June 30, 2022 March 31, 2022 As Reported Adjustments Reclassification As Restated As Reported Adjustments Reclassification As Restated As Reported Adjustments Reclassification As Restated Basic 45,775,512 — — 45,775,512 46,518,867 — — 46,518,867

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands

3 Months Ended

6 Months Ended

9 Months Ended

12 Months Ended

Sep. 30, 2023

Jun. 30, 2023

Mar. 31, 2023

Sep. 30, 2022

Jun. 30, 2022

Mar. 31, 2022

Jun. 30, 2023

Jun. 30, 2022

Sep. 30, 2023

Sep. 30, 2022

Dec. 31, 2023

Dec. 31, 2022

Pay vs Performance Disclosure

Net income (loss)

$ (4,149)

$ (11,988)

$ (4,915)

$ 285

$ 6,626

$ 2,294

$ (16,903)

$ 8,920

$ (21,052)

$ 9,205

$ (15,985)

$ 7,502

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP") and include the accounts of Harbor Diversified, Inc. ("Harbor") and its subsidiaries (collectively, the "Company").
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts and transactions of the Company and its wholly-owned subsidiaries. All inter-company accounts and transactions are eliminated in consolidation.
Description of Operations	Description of Operations The Company has principal lines of business focused on (1) providing regional air services through Air Wisconsin (airline business), (2) acquiring flight equipment for the purpose of leasing the equipment to Air Wisconsin, and (3) providing flight equipment financing to Air Wisconsin. Additionally, Air Wisconsin is continuing to explore aircraft leasing opportunities and entered into its first short-term aircraft lease in September 2022. This lease was subsequently renegotiated into a sales-type lease in December 2023. For additional information refer to Note 9, Sales-type Lease . The airline business is operated entirely through Air Wisconsin, which is an independent regional air carrier. For the year ended December 31, 2023, Air Wisconsin was engaged in the business of providing scheduled passenger service for American Airlines, Inc. ("American") under a capacity purchase agreement ("American capacity purchase agreement") which was entered into in August 2022. Prior to early June 2023, Air Wisconsin was also engaged in the business of providing scheduled passenger service for United Airlines, Inc. (“United”) under a capacity purchase agreement (“United capacity purchase agreement”) which was entered into in February 2017 and which terminated in early June 2023. Air Wisconsin has provided scheduled passenger service for American since March 1, 2023. Pursuant to the American capacity purchase agreement, Air Wisconsin agreed to provide up to 60 CRJ-200 regional jet aircraft for regional airline services for American. The American capacity purchase agreement also provides that the parties may discuss the possibility of adding CRJ-700 regional jets to Air Wisconsin’s fleet for the purpose of providing regional airline services under the agreement, but neither party is currently under any obligation with respect to these aircraft. American became Air Wisconsin’s sole airline partner when all its aircraft were removed from United’s flying operations in early June 2023. As of December 31, 2023 Air Wisconsin had 45 in service for American. For additional information, please refer to Note 4, Capacity Purchase Agreements with United and American
Segment Reporting	Segment Reporting Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing operating performance. In consideration of Accounting Standards Codification Topic 280, Segment Reporting , we are not organized around specific services or geographic regions. For the year ended December 31, 2023, we operated in one service line providing scheduled flight services in accordance with the United capacity purchase agreement until early June 2023, and in accordance with the American capacity purchase agreement commencing March 1, 2023. Additionally, our chief operating decision maker uses consolidated financial information to evaluate our performance, which is the same basis upon which the results and performance of the Company are communicated to the board of directors. The chief operating decision maker bases all significant decisions regarding the allocation of our resources on a consolidated basis. Based on the information described above and in accordance with the applicable literature, management has concluded that we are organized and operate as one operating and reportable segment.
Contract Revenues and Contract Assets and Liabilities	Contract Revenues For the years ended December 31, 2023 and December 31, 2022, (i) approximately 63.8% and 0.0%, respectively, of the Company’s operating revenues were derived from operations associated with the American capacity purchase agreement and (ii) approximately 36.0% and 99.9%, respectively, of the Company’s operating revenues were derived from operations associated with the United capacity purchase agreement. In performing an analysis of the American capacity purchase agreement, as amended, and the United capacity purchase agreement, as amended, within the framework of Accounting Standards Update (“ASU”) No. 2016-02, Leases (“ASC 842”) and Accounting Standards Codification Topic 606, Revenue from Contracts with Customers (“ASC 606”), the Company determined that a portion of the payments it receives under the agreements that is designed to reimburse Air Wisconsin for use of a certain number of aircraft, which is referred to as “right of use,” is considered lease revenue. All other revenue received by Air Wisconsin under the capacity purchase agreements is considered non-lease revenue. After consideration of the lease and non-lease components, within the context of ASC 842, the Company determined the non-lease component to be the predominant component of each capacity purchase agreement and elected a practical expedient to not separate the lease and non-lease components. Therefore, all compensation received by Air Wisconsin pursuant to the American capacity purchase agreement and the United capacity purchase agreement has been accounted for under ASC 606. Because our flights are distinct services that have the same pattern of transfer to the customer, satisfied over time with the measure of progress for each flight deemed to be substantially the same, the flight services promised in the American capacity purchase agreement, and previously the United capacity purchase agreement, represent a series of services that are accounted for as a single performance obligation. Therefore, our contract revenues are recognized when service is provided and our performance obligation is met on a per completed flight basis. The performance obligation of each completed flight is measured using departures. The United capacity purchase agreement terminated in early June 2023 and contract revenues have not been recorded under that agreement since then. In March 2023, Air Wisconsin commenced flying operations for American under the American capacity purchase agreement, at which time Air Wisconsin began recording contract revenues under that agreement. Under the American capacity purchase agreement, Air Wisconsin is entitled to receive from American a fixed daily amount for each aircraft covered under the agreement (subject to Air Wisconsin’s ability to meet certain block hour utilization thresholds), a fixed payment for each departure, and a fixed payment for each block hour flown, in each case subject to annual increases during the term of the agreement. The American capacity purchase agreement also provides for the reimbursement to Air Wisconsin of certain direct operating expenses, such as certain insurance premiums and property taxes. Air Wisconsin is also eligible to receive bonus compensation, and may be required to pay rebates, upon the achievement of, or failure to achieve, certain pre-established performance criteria. The contract revenues received under the American capacity purchase agreement are explained in more detail below. Under the United capacity purchase agreement, Air Wisconsin was entitled to receive a fixed rate for each departure and block hour, and a fixed amount per covered aircraft per day, in each case subject to annual increases during the term of the agreement. Air Wisconsin’s performance obligation was met and revenue was recognized over time, which was then reflected in contract revenues. The United capacity purchase agreement also provided for the reimbursement to Air Wisconsin of certain direct operating expenses, such as certain insurance premiums and property taxes. Air Wisconsin was also eligible to receive bonus compensation, or was required to pay penalties, based on the achievement, or failure to achieve, certain pre-established performance criteria. The contract revenues received under the United capacity purchase agreement are explained in further detail below. Prior to the termination of the United capacity purchase agreement in early June 2023, United made provisional cash payments to Air Wisconsin during each month of service based on projected flight schedules. These provisional cash payments were then subsequently reconciled with United based on actual completed flight activity. As of the date of this filing, these payments were reconciled through June 2023, the last month of United operations, and no further reconciliations are expected. American makes provisional cash payments to Air Wisconsin during each month of service based on projected flight schedules. These provisional cash payments are subsequently reconciled with American based on actual completed flight activity. As of the date of this filing, payments through August 2024 have been reconciled. As of December 31, 2023, American owed Air Wisconsin $1,187, which is recorded in Receivables, net, in the consolidated balance sheets. Prior to the termination of the United capacity purchase agreement in early June 2023, Air Wisconsin was eligible to receive incentive payments, or was required to pay penalties, upon the achievement of, or failure to achieve, certain performance criteria primarily based on flight completion, on-time performance, and customer satisfaction ratings. The incentives were defined in the agreement, and performance was measured on a monthly basis. At the end of each month during the term of the agreement, Air Wisconsin calculated the incentives achieved, or penalties payable, during that period and recognized revenue accordingly, subject to the variable constraint guidance under ASC 606. Final reconciliations have been completed with United through June 2023. Air Wisconsin received net payments of $1,419 for the year ended December 31, 2023 as compared to $6,420 for the year ended December 31, 2022. As of December 31, 2023, Air Wisconsin had no amount recorded as part of Receivables, net, in the consolidated balance sheets related to net incentive amounts from United. As of December 31, 2022, Air Wisconsin recorded $2,307 as part of Receivables, net, in the consolidated balance sheets related to net incentive amounts. Commencing in September 2023, Air Wisconsin became eligible under the American capacity purchase agreement to receive bonus payments, and may be required to pay rebates, upon the achievement of, or failure to achieve, certain performance criteria primarily based on flight completion, on-time performance, and customer satisfaction ratings. The bonus and rebate amounts are defined in the agreement, and performance will be measured on a monthly or quarterly basis. At the end of each month or quarter, Air Wisconsin will calculate the bonus amounts achieved, or rebates payable, during that period and recognize revenue accordingly, subject to the variable constraint guidance under ASC 606. As of December 31, 2023, Air Wisconsin recorded $267 in rebate amounts payable under the American capacity purchase agreement. Under the United capacity purchase agreement, Air Wisconsin was entitled to receive a fixed amount per aircraft per day for each month during the term of the agreement. In accordance with GAAP, the Company recognized revenue related to the fixed payments on a proportional basis taking into account the number of flights actually completed in that period relative to the number of flights expected to be completed in subsequent periods during the remaining term of the agreement. Air Wisconsin deferred fixed revenues between April 2020 and June 2021 due to the significant decrease in its completed flights as a result of the COVID-19 pandemic. Beginning in July 2021, due to an increase in completed flights and based on projected future completed flight activity, Air Wisconsin began reversing this deferral of fixed revenues, and it continued to do so until the termination of the agreement in early June 2023. Accordingly, during the year ended December 31, 2023, Air Wisconsin recognized $11,601 of fixed revenues under the United capacity purchase agreement that were previously deferred, compared to $33,237 in the year ended December 31, 2022. As of December 31, 2023 and December 31, 2022, deferred fixed revenues related to the United capacity purchase agreement in the amount of $0 and $11,601, respectively, were recorded as part of Deferred revenues in the consolidated balance sheets. Under the United capacity purchase agreement, Air Wisconsin also recognized decreased non-refundable upfront fee revenues and increased fulfillment costs, both of which were amortized over the remaining term of the United capacity purchase agreement in proportion to the number of flights actually completed in that period relative to the number of flights expected to be completed in subsequent periods. During the year ended December 31, 2023, Air Wisconsin recorded $1,335 of revenue from upfront fees and $143 of fulfillment costs under the United capacity purchase agreement, compared to $4,385 in revenue from upfront fees and $470 of fulfillment costs for the year ended December 31, 2022. As of December 31, 2023 and December 31, 2022, deferred upfront fee revenue in the amount of $0 and $1,335, respectively, under the United capacity purchase agreement is recorded as part of Contract liabilities, net in the consolidated balance sheets. Under the American capacity purchase agreement, Air Wisconsin is entitled to receive from American a fixed daily amount for each aircraft covered under the agreement (subject to Air Wisconsin's ability to meet certain block hour utilization thresholds). Because the fixed daily amounts for each aircraft covered under the agreement are specifically related to the performance obligation completed during the period, they are recognized in contract revenues in the period in which the applicable flights are completed. During the year ended December 31, 2023, Air Wisconsin recorded $59,089 of fixed daily revenues under the American capacity purchase agreement which are included as part of Contract revenues in the consolidated statements of operations, compared to $0 for the year ended December 31, 2022. Under the American capacity purchase agreement, Air Wisconsin is also entitled to be reimbursed for certain startup costs ("non-refundable upfront fee revenue"), such as livery changes to the aircraft, to prepare the aircraft for American flight services. Through December 31, 2023, Air Wisconsin incurred $3,998 in reimbursable costs, and it estimates that it will incur an additional $602 in reimbursable costs over the term of the American capacity purchase agreement. In accordance with GAAP, the Company will recognize revenue related to the total estimated non-refundable upfront fee revenue of $4,600 on a proportional basis taking into account the number of flights actually completed in the period relative to the number of flights expected to be completed in subsequent periods during the remaining term of the agreement. Accordingly, during the years ended December 31, 2023 and December 31, 2022, Air Wisconsin recognized $505 and $0 of non-refundable upfront fee revenues, respectively. As of December 31, 2023 and December 31, 2022, Air Wisconsin deferred $3,493, and $0, respectively, in non-refundable upfront fee revenues under the American capacity purchase agreement. Air Wisconsin’s deferred revenues related to the non-refundable upfront fee revenues under the American capacity purchase agreement will adjust over the remaining contract term, based on the actual expenses incurred that will be reimbursed and recognized based on the number of flights actually completed in the period relative to the number of flights expected to be completed in subsequent periods during the remaining term of the agreement. As of December 31, 2023 and December 31, 2022, deferred non-refundable upfront fee revenues in the amount of $662 and $0, respectively, were netted as part of short-term Contract liabilities, net, and $2,831 and $0, respectively, were recorded as part of Long-term contract liabilities, net in the consolidated balance sheets. Under the American capacity purchase agreement, Air Wisconsin will also receive a monthly support fee and is reimbursed for heavy maintenance expenses based on the fixed covered per aircraft per day rate over the term of the agreement. In addition, amendments to the American capacity purchase agreement entered into in February 2023 and November 2023 ("Amendment No. 1" and "Amendment No. 3", respectively) provided for a one-time payment to assist with increased costs related to pilot compensation as well as revised compensation rates to further assist Air Wisconsin with pilot compensation and retention. In accordance with GAAP, the Company recognizes revenue related to the monthly support fee, heavy maintenance revenue, and one-time pilot compensation assistance payment on a proportional basis taking into account the number of flights actually completed in the period relative to the number of flights expected to be completed in subsequent periods during the remaining term of the agreement. Accordingly, during the years ended December 31, 2023 and December 31, 2022, Air Wisconsin recognized $5,456 and $0, respectively, of revenue related to these amounts. As of December 31, 2023 and December 31, 2022 revenues related to the anticipated heavy maintenance reimbursements and one-time pilot compensation assistance payment in the amounts of $562 and $0, respectively, were netted as part of short-term Contract liabilities, net, and revenues related to the monthly support fee in the amounts of $152 and $0, respectively, were recorded in Long-term contract liabilities, net in the consolidated balance sheets. Air Wisconsin’s contract liabilities related to the one-time pilot compensation assistance payment, estimated monthly support fee and heavy maintenance revenue will adjust over the remaining contract term, based on the actual reimbursement of the monthly support fee and heavy maintenance revenue and on the number of flights actually completed in each reporting period relative to the number of flights expected to be completed in subsequent periods during the remaining term of the agreement. As part of the October 2020 amendment to the United capacity purchase agreement ("United Amendment"), United made a cash settlement payment of $670 and issued a note receivable to Air Wisconsin in the amount of $11,048 of which $4,410 was deferred as of December 31, 2020, with the remaining portion recognized in proportion to the number of flights completed in subsequent periods through the end of the term of the agreement. In October 2021, in accordance with the United Amendment, Air Wisconsin received $294 for the opening of a crew base, of which $73 was deferred as of December 31, 2021, with the remaining portion recognized in proportion to the number of flights completed in subsequent periods through the end of the term of the agreement. For the years ended December 31, 2023 and December 31, 2022, Air Wisconsin recorded $649 and $2,132, respectively, of revenue related to these items. As of December 31, 2023 and December 31, 2022, deferred revenue under the United Amendment, related to these items, in the amount of $0 and $649, was recorded as part of Contract liabilities, net in the consolidated balance sheets. The timing of the recognition under the American capacity purchase agreement of non-refundable upfront fee revenue, fulfillment costs, monthly support fee revenues, heavy check maintenance revenues and one-time support fee revenues in future periods is subject to considerable uncertainty due to a number of factors, including the estimated revenue amounts to be received and the number of flights actually completed in the period relative to the number of flights expected to be completed in subsequent periods during the remaining term of the agreement. The amount of revenues recognized for the years ended December 31, 2023 and December 31, 2022 that were related to the United capacity purchase agreement and previously recorded as Contract liabilities, net was $1,985 and $6,517, respectively. During the years ended December 31, 2023 and December 31, 2022, there were no revenues recognized that were previously recorded as Contract liabilities, net related to the American capacity purchase agreement. Contract Assets and Liabilities
Other Revenues	Other Revenues
Cash and Cash Equivalents	Cash and Cash Equivalents
Restricted Cash	Restricted Cash As of December 31, 2023 and December 31, 2022, the Company had a restricted cash balance of $755 and $849, respectively. A portion of the balance secures a credit facility for the issuance of letters of credit guaranteeing the performance of Air Wisconsin’s obligations under certain lease agreements, airport agreements and insurance policies. The remaining portion is cash held for the repurchase of shares under Harbor’s stock repurchase program. For additional information, please refer to Note 10, Commitments and Contingencies and Note 18, Stock Repurchase Program.
Allowance for Credit Losses	Allowance for Credit Losses
Marketable Securities	Marketable Securities The Company's equity security investments, consisting of exchange-traded funds and mutual funds, are recorded at fair value based on quoted market prices (Level 1) in Marketable securities in the consolidated balance sheets, in accordance with the guidance in Accounting Standards Codification Topic 321, Investments-Equity Securities
Spare Parts and Supplies	Spare Parts and Supplies
Contract Costs	Contract Costs Contract costs arise from the incremental costs incurred to fulfill our capacity purchase agreements. They include costs such as aircraft painting and aircraft reconfiguration. Contract costs are amortized under the respective capacity purchase agreement based on the completion of our performance obligation as measured by departures. Air Wisconsin incurred certain contract costs ("fulfillment costs") prior to the start of flying operations for American on March 1, 2023. These costs included changes to the livery, fuel costs, and certain training expenses. The total fulfillment costs incurred as of December 31, 2023 and December 31, 2022 were $774 and $0, respectively. The fulfillment costs incurred for the twelve months ended December 31, 2023 are included in Prepaid expenses and other in the Cash Flows from Operating Activities section in our consolidated statements of cash flows. These costs will be amortized on a proportional basis taking into account the number of flights actually completed in the period relative to the number of flights expected to be completed in subsequent periods during the remaining term of the agreement. Those contract costs expected to be amortized over the next one-year period are included in Contract costs in the Current Asset section of the consolidated balance sheets while those contract costs expected to be amortized in periods beyond one-year are included as Long-term Contract costs in the
Property and Equipment	Property and Equipment Property and equipment are stated at cost and depreciated over their useful lives to their estimated residual values using the straight-line method as follows: Assets Depreciable Life Current Residual Value Aircraft 7 years $ 50 Rotable parts 7 years 10 % Spare engines 7 years $ 25 Ground equipment up to 10 years 0 % Office equipment up to 10 years 0 % Leasehold improvements Shorter of asset or lease life 0 %
Impairment of Long-Lived Assets and Indefinite-Lived Intangible Assets	Impairment of Long-Lived Assets and Indefinite-Lived Intangible Assets The Company evaluates long-lived assets and indefinite-lived intangible assets for potential impairment and records impairment losses when events and circumstances indicate the assets might be impaired and the undiscounted cash flows estimated to be generated by those assets are less than their carrying amounts.
Supplemental Executive Savings Plan	Supplemental Executive Savings Plan The Company maintains a supplemental executive savings plan for certain executives ("SESP"). The SESP offers deferred compensation retirement benefits that would otherwise be subject to the compensation limits imposed by the Internal Revenue Code on Company contributions to the Air Wisconsin Airlines Savings Plan. At the end of each year, the Company accrues a long-term deferred compensation liability for contributions earned during that year that are contributed to the SESP in January of the successive year. Assets acquired within the plan are recorded as long-term restricted assets in the Long-term Asset section of the consolidated balance sheets. An offsetting Long-term deferred compensation liability is recorded in the Long-term Liabilities section of the consolidated balance sheets. Any increases or decreases in plan assets due to changes in market value are recorded as a Gain (loss) on marketable securities and long-term restricted investments, with an offsetting entry made to the compensation expense in the consolidated statement of operations. This results in no
Other Assets	Other Assets
Maintenance	Maintenance
Interest and Dividend Income	Interest and Dividend Income
Income Taxes	Income Taxes The Company utilizes the asset and liability method for accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based upon the estimated future tax effects of differences between the financial statement and tax basis of assets and liabilities, as measured by the current applicable tax rates. Deferred tax expense represents the result of changes in deferred tax assets and liabilities. As required by the uncertain tax position guidance, the Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more-likely-than-not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the consolidated financial statements is the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the relevant tax authority. The Company has applied the uncertain tax position guidance to all tax positions for which the statute of limitations remains open. The Company is subject to federal, state and local income taxes in the United States. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require the application of significant judgment. The Company is no longer subject to U.S. federal income tax examinations for the years prior to 2020. With a few exceptions, the Company is no longer subject to state or local income tax examinations for years prior to 2019. As of December 31, 2023, the Company had no outstanding tax examinations.
Comprehensive Income	Comprehensive Income
Concentration of Credit Risk and Customer Risk	Concentration of Credit Risk and Customer Risk Financial instruments that potentially expose the Company to a concentration of credit risk consist principally of cash and cash equivalents that are held by financial institutions in the United States and accounts receivable. The Company at times has had bank deposits in excess of the Federal Deposit Insurance Corporation insurance limit. The Company maintains its cash accounts with high credit quality financial institutions and, accordingly, the Company believes it has minimal credit risk with respect to these financial institutions. As of December 31, 2023, in addition to cash and cash equivalents of $20,776, the Company had $755 in restricted cash, which relates to a credit facility used for the issuance of cash collateralized letters of credit supporting Air Wisconsin's obligations under certain lease agreements, airport agreements and insurance policies, as well as cash held for the repurchase of shares under Harbor’s stock repurchase program. Restricted cash includes amounts escrowed in an interest-bearing account that secures the credit facility. Significant customers are those which represent more than 10% of the Company’s total revenue or net accounts receivable balance at each respective balance sheet date. Approximately 36.0% and 99.9% of the Company’s consolidated revenues for the years ended December 31, 2023, and December 31, 2022, respectively, were derived from the United capacity purchase agreement. As of December 31, 2023 there were no outstanding accounts receivable derived from the United capacity purchase agreement while approximately 14.1% of the Receivables, net balance in the consolidated balance sheet as of December 31, 2022 was derived from the United capacity purchase agreement. Air Wisconsin entered into the American capacity purchase agreement in August 2022 and commenced flying operations for American in March 2023. American became Air Wisconsin’s sole airline partner once all aircraft were removed from United’s flying operations in early June 2023, at which point substantially all of the Company’s revenues were derived from the American capacity purchase agreement. Approximately 63.8% of the Company's consolidated revenues for the year ended December 31, 2023 were derived from the American capacity purchase agreement, while there were no revenues derived from the American capacity purchase agreement for the year ended December 31, 2022. As of December 31, 2023 approximately 21.2% of the Receivables, net balance in the consolidated balance sheets was derived from the American capacity purchase agreement, while as of December 31, 2022 there were no outstanding accounts receivable related to the American capacity purchase agreement. Neither American's nor United’s obligations to pay Air Wisconsin the amounts required to be paid under the applicable capacity purchase agreement are or were collateralized. For additional information, please refer to Note 4, Capacity Purchase Agreements with United and American .
Estimates and Assumptions	Estimates and Assumptions
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company’s financial instruments include cash and cash equivalents, restricted cash, marketable securities, receivables, net, long-term investments, accounts payable, and long-term debt. The Company believes the carrying amounts of these financial instruments, with the exception of marketable securities, are a reasonable estimate of their fair value because of the short-term nature of such instruments, or, in the case of long-term debt, because of fixed interest rates on such debt. Marketable securities are reported at fair value based on quoted market prices. Long-term investments are held-to-maturity debt securities and are reported at amortized cost. Fair value is defined as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date (that is, an exit price). Accounting Standards Codification Topic 820, Fair Value Measurement ("ASC 820") establishes a three-tier fair value hierarchy, which prioritizes inputs used in fair value. The tiers are as follows: Level 1 - Quoted market prices in active markets for identical assets or liabilities. Level 2 - Inputs other than Level 1 inputs that are either directly or indirectly observable. Level 3 - Unobservable inputs developed using the Company’s estimates and assumptions, which reflect those that market participants would use.
Recently Adopted Accounting Pronouncement and Upcoming Accounting Pronouncements	Recently Adopted Accounting Pronouncement On January 1, 2023 the Company adopted ASU No. 2016-13, Financial Instruments-Credit Losses (“ASC 326”). ASC 326 introduces a new accounting model known as Current Expected Credit Losses (“CECL”). CECL requires earlier recognition of credit losses, while also providing transparency about credit risk. The CECL model utilizes a lifetime expected credit loss measurement objective for the recognition of credit losses for receivables at the time the financial asset is originated or acquired. The expected credit losses are adjusted each period for changes in expected lifetime credit losses. This model replaces the multiple existing impairment models in current GAAP, which generally require that a loss be incurred before it is recognized. The new standard will also apply to receivables arising from revenue transactions such as contract assets and accounts receivable. There are other provisions in the standard affecting how impairments of other financial assets may be recorded and presented, as well as expanded disclosures. The Company further determined that its receivables are primarily the result of its relationship with American and United, or insurance related receivables. These receivables are payable by credit-worthy companies and any resulting adjustment related to the adoption of CECL was determined to be immaterial. Therefore, the adoption of this standard did not have a material impact on the Company’s consolidated financial statements. Further, no adjustment was made to opening retained earnings as a result of the adoption of the accounting standard using the modified retrospective method. Upcoming Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update No. 2023-07, Segment Reporting (ASC Topic 280) – Improvements to Reportable Segment Disclosures , which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This ASU also expands disclosure requirements to enable users of financial statements to better understand the entity’s measurement and assessment of segment performance and resource allocation. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the potential impact of adopting this new guidance on the consolidated financial statements and related disclosures. In December 2023, the FASB issued Accounting Standards Update No. 2023-09, Income Taxes (ASC Topic740) – Improvements to Income Tax Disclosures ("ASC 740"), which enhances the transparency, effectiveness and comparability of income tax disclosures by requiring consistent categories and greater disaggregation of information related to income tax rate reconciliations and the jurisdictions in which income taxes are paid. The guidance is effective for annual periods beginning after December 15, 2024, with early adoption permitted. While the Company is currently evaluating the potential impact of adopting this new guidance on the consolidated financial statements and related disclosures, it does expect expanded disclosures in the future as a result of the Pronouncement.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Summary of Receivables, Net	The table below sets forth the major categories that make up the balances: December 31, 2023 December 31, 2022 Trade receivables $ 1,187 $ 1,612 Insurance and warranty claim receivables 1,506 2,710 Federal and state tax receivables 1,024 3,384 Other industry related receivables 1,883 3,731 Allowance for expected credit losses (8) (18) Receivables, net $ 5,592 $ 11,419
Unrealized Gain (Loss) on Investments	The calculation of net unrealized gains and losses that relate to marketable securities held as of December 31, 2023 and December 31, 2022 is as follows: Year Ended Year Ended Net gains (losses) recognized during the period on equity securities $ 3,651 $ (8,826) Less: Net gains (losses) recognized during the period on equity securities sold during the period — — Unrealized gains (losses) recognized during the period on equity securities held as of the end of the period $ 3,651 $ (8,826)
Schedule of Property and Equipment Useful lives	Property and equipment are stated at cost and depreciated over their useful lives to their estimated residual values using the straight-line method as follows: Assets Depreciable Life Current Residual Value Aircraft 7 years $ 50 Rotable parts 7 years 10 % Spare engines 7 years $ 25 Ground equipment up to 10 years 0 % Office equipment up to 10 years 0 % Leasehold improvements Shorter of asset or lease life 0 %
Summary of Original Cost of Company's Fixed Assets and Accumulated Depreciation	The table below sets forth the original cost of the Company’s fixed assets and accumulated depreciation or amortization as of the dates presented. The table excludes construction in process of $3,983 and $2,237 for the years ended December 31, 2023 and December 31, 2022, respectively. Construction in process primarily relates to the cost of parts that are not capitalized until the parts are placed into service. For the years ended: December 31, 2023 December 31, 2022 Assets Original Accumulated Original Accumulated Aircraft $ 67,459 $ 48,011 $ 70,089 $ 40,544 Spare engines 160,694 119,575 163,708 103,834 Rotable parts 28,335 18,512 27,936 18,655 Ground equipment 2,912 2,277 2,718 2,063 Office equipment 4,757 4,391 4,519 4,218 Leasehold improvements 1,123 691 818 452 $ 265,280 $ 193,457 $ 269,788 $ 169,766
Other Assets	Other assets is made up of the items presented in the table below. For the years ended: December 31, 2023 December 31, 2022 State income tax receivables - 2022 originally filed tax returns $ — $ 547 Expected state tax refunds from 2021 and 2022 amended returns 231 643 Expected federal refunds from 2021 and 2022 income tax returns to be amended 6,786 6,786 Workers compensation loss fund 945 984 Long-term deposits 89 93 Other assets $ 8,051 $ 9,053
Summary of Classification of Marketable Securities and Long Term Investments	The tables below set forth the Company’s classification of marketable securities and long-term investments as of the dates presented: December 31, 2023 Total Level 1 Level 2 Level 3 Marketable securities – exchange-traded funds $ 83,826 $ 83,826 $ — $ — Marketable securities – mutual funds 8,921 8,921 — — Long-term investments – bonds (see Note 7) 4,275 — 4,275 — Long-term restricted investments - mutual funds 3,194 3,194 — — Total $ 100,216 $ 95,941 $ 4,275 $ — December 31, 2022 Total Level 1 Level 2 Level 3 Marketable securities – exchange-traded funds $ 109,178 $ 109,178 $ — $ — Marketable securities – mutual funds 44,649 44,649 — — Long-term investments – bonds (see Note 7) 4,275 — 4,275 — Total $ 158,102 $ 153,827 $ 4,275 $ —

Restatement of 2022 Consolida_2

Restatement of 2022 Consolidated Financial Statements (Tables)	12 Months Ended
	Dec. 31, 2023
Accounting Changes and Error Corrections [Abstract]
Restated Unaudited Condensed Consolidated Balance Sheet, Consolidated Statement of Operations and Consolidated Statement of Cash Flows	The restated consolidated balance sheet, consolidated statement of operations, and consolidated statement of cash flows for the 2022 Annual Period, including the balances as previously reported (shown as "As Reported" in each table), adjustments and the balances as restated, are as follows: Harbor Diversified, Inc. and Subsidiaries Consolidated Balance Sheet (in thousands) For the Year Ended December 31, 2022 As Reported Adjustments As Restated Assets Current Assets Cash and cash equivalents $ 33,333 $ — $ 33,333 Restricted cash 849 — 849 Marketable securities 153,827 — 153,827 Receivables, net 40,341 (28,922) 11,419 Notes receivable 18,023 (18,023) — Spare parts and supplies, net 4,579 — 4,579 Contract costs 143 — 143 Prepaid expenses and other 3,732 — 3,732 Total Current Assets 254,827 (46,945) 207,882 Property and Equipment Flight property and equipment 263,970 — 263,970 Ground property and equipment 8,055 — 8,055 Less accumulated depreciation (169,766) — (169,766) Net Property and Equipment 102,259 — 102,259 Other Assets Operating lease right of use asset 13,480 — 13,480 Intangibles 5,300 — 5,300 Long-term deferred tax asset — 258 258 Long-term investments 4,275 — 4,275 Other 1,414 7,639 9,053 Total Other Assets 24,469 7,897 32,366 Total Assets $ 381,555 $ (39,048) $ 342,507 Liabilities, Mezzanine Equity, and Stockholders' Equity Current Liabilities Accounts payable $ 20,165 $ — $ 20,165 Accrued payroll and employee benefits 12,989 — 12,989 Current portion of operating lease liability 5,091 — 5,091 Other accrued expenses 137 — 137 Contract liabilities, net 1,985 — 1,985 Deferred revenues 16,561 (4,960) 11,601 Income taxes payable — — — Current portion of long-term debt 9,154 — 9,154 Total Current Liabilities 66,082 (4,960) 61,122 Other Liabilities Long-term debt 52,068 — 52,068 Long-term promissory note 4,275 — 4,275 Deferred tax liability 7,990 (2,480) 5,510 Long-term operating lease liability 5,849 — 5,849 Other 1,977 — 1,977 Harbor Diversified, Inc. and Subsidiaries Consolidated Balance Sheet (in thousands) Total Long-term Liabilities 72,159 (2,480) 69,679 Total Liabilities 138,241 (7,440) 130,801 Mezzanine Equity Preferred stock 13,200 — 13,200 Stockholders' Equity Common stock 555 — 555 Additional paid-in capital 285,668 — 285,668 Retained deficit (41,126) (31,608) (72,734) Treasury stock (14,983) — (14,983) Total Stockholders' Equity 230,114 (31,608) 198,506 Total Liabilities, Mezzanine Equity, and Stockholders' Equity $ 381,555 $ (39,048) $ 342,507 Harbor Diversified, Inc. and Subsidiaries Consolidated Statement of Operations (in thousands, except share amounts and per share values) For the Year Ended December 31, 2022 As Reported Adjustments As Restated Operating Revenues Contract revenues $ 280,737 $ (41,135) $ 239,602 Contract services and other 126 — 126 Total Operating Revenues 280,863 (41,135) 239,728 Operating Expenses Payroll and related costs 109,831 — 109,831 Aircraft fuel and oil 169 — 169 Aircraft maintenance, materials and repairs 67,096 — 67,096 Other rents 6,582 — 6,582 Depreciation, amortization and obsolescence 26,327 — 26,327 Purchased services and other 14,992 — 14,992 Total Operating Expenses 224,997 — 224,997 Income From Operations 55,866 (41,135) 14,731 Other (Expense) Income Interest and dividend income 7,024 (334) 6,690 Interest expense (3) — (3) Loss on marketable securities (8,826) — (8,826) Gain on extinguishment of debt 53 — 53 Other, net (11) — (11) Total Other Expense (1,763) (334) (2,097) Net Income Before Taxes 54,103 (41,469) 12,634 Income Tax Expense 14,993 (9,861) 5,132 Net Income 39,110 (31,608) 7,502 Preferred Stock Dividends 792 — 792 Net Income Available to Common Shareholders $ 38,318 $ (31,608) $ 6,710 Basic earnings per share $ 0.83 $ (0.69) $ 0.14 Diluted earnings per share $ 0.61 $ (0.50) $ 0.11 Weighted average common shares: Basic 46,358,909 — 46,358,909 Diluted 62,956,890 — 62,956,890 Harbor Diversified, Inc. and Subsidiaries Consolidated Statement of Cash Flows (in thousands) For the Year Ended December 31, 2022 As Reported Adjustments As Restated Cash Flows From Operating Activities Net income $ 39,110 $ (31,608) $ 7,502 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, amortization and obsolescence allowance 26,327 — 26,327 Amortization of contract costs (4,385) 4,385 — Amortization of engine overhauls 2,757 — 2,757 Deferred income taxes 7,954 (2,738) 5,216 Loss on disposition of property 181 — 181 Loss on marketable securities 8,826 — 8,826 Gain on extinguishment of debt (53) — (53) Changes in operating assets and liabilities: Accounts receivable (32,919) 28,922 (3,997) Notes receivable 28,116 18,023 46,139 Spare parts and supplies (324) — (324) Prepaid expenses and other 3,353 (7,639) (4,286) Operating lease right of use asset 112 — 112 Accounts payable 105 — 105 Accrued payroll and employee benefits (1,896) — (1,896) Other accrued expenses (35) — (35) Long-term deferred revenue (9,046) — (9,046) Contract liabilities (3,054) (4,385) (7,439) Deferred revenue (19,231) (4,960) (24,191) Other long-term liabilities (864) — (864) Net Cash Provided by Operating Activities 45,034 — 45,034 Cash Flows From Investing Activities Additions to property and equipment (5,513) — (5,513) Proceeds on disposition of property and equipment 64 — 64 Purchase of marketable securities (24,283) — (24,283) Net Cash Used in Investing Activities (29,732) — (29,732) Cash Flows From Financing Activities Repayments of long-term debt (6,275) — (6,275) Dividends paid (792) — (792) Repurchase of stock options (969) — (969) Repurchased stock (11,703) — (11,703) Net Cash Used in Financing Activities (19,739) — (19,739) Decrease in Cash, Cash Equivalents and Restricted Cash (4,437) — (4,437) Cash, Cash Equivalents and Restricted Cash, beginning of year 38,619 — 38,619 Cash, Cash Equivalents and Restricted Cash, end of year $ 34,182 $ — $ 34,182 The following table is a summary of the restated three-month periods ending March 31, June 30, and September 30 in 2022 and March 31, June 30, and September 30 in 2023. Harbor Diversified, Inc. and Subsidiaries Statements of Operations (in thousands, except share amounts and per share values) 2023 2022 Three Months Ended Three Months Ended September 30 June 30 March 31 September 30 June 30 March 31 As Restated As Restated As Restated As Restated As Restated As Restated Operating Revenues Contract revenues $ 49,958 $ 48,809 $ 52,519 $ 58,340 $ 66,888 $ 57,838 Contract services and other 98 102 95 21 7 7 Total Operating Revenues 50,056 48,911 52,614 58,361 66,895 57,845 Operating Expenses Payroll and related costs 29,444 29,953 29,768 26,801 27,694 26,601 Aircraft fuel and oil 115 221 102 49 34 51 Aircraft maintenance, materials and repairs 11,175 17,869 19,349 17,494 16,336 14,501 Other rents 1,459 1,474 1,594 1,617 1,657 1,613 Depreciation, amortization and obsolescence 6,398 6,370 6,357 6,639 6,674 6,644 Purchased services and other 6,537 7,532 4,442 3,310 3,514 3,765 Total Operating Expenses 55,128 63,419 61,612 55,910 55,909 53,175 Income (Loss) From Operations (5,072) (14,508) (8,998) 2,451 10,986 4,670 Other (Expense) Income Interest and dividend income 1,296 1,190 1,150 1,631 1,325 768 Interest expense — (11) (1) — — — Gain (loss) on marketable securities (955) (795) 1,740 (3,749) (3,602) (2,423) Gain on extinguishment of debt — 70 — 53 — — Other, net — (1) (13) (8) (2) — Total Other (Expense) Income 341 453 2,876 (2,073) (2,279) (1,655) Net Income (Loss) Before Taxes (4,731) (14,055) (6,122) 378 8,707 3,015 Income Tax Expense (Benefit) (582) (2,067) (1,207) 93 2,081 721 Net Income (Loss) (4,149) (11,988) (4,915) 285 6,626 2,294 Preferred Stock Dividends 358 305 252 198 198 198 Net Income (Loss) Available to Common Shareholders $ (4,507) $ (12,293) $ (5,167) $ 87 $ 6,428 $ 2,096 Basic earnings per share $ (0.10) $ (0.28) $ (0.11) $ — $ 0.14 $ 0.04 Diluted earnings per share $ (0.10) $ (0.28) $ (0.11) $ — $ 0.10 $ 0.03 Weighted average common shares: Harbor Diversified, Inc. and Subsidiaries Statements of Operations (in thousands, except share amounts and per share values) 2023 2022 Three Months Ended Three Months Ended September 30 June 30 March 31 September 30 June 30 March 31 As Restated As Restated As Restated As Restated As Restated As Restated Operating Revenues Basic 43,653,627 44,276,627 44,979,947 45,775,512 46,518,867 47,637,544 Diluted 43,653,627 44,276,627 44,979,947 62,275,512 63,018,867 64,534,912 The restated consolidated balance sheets, consolidated statements of operations, and consolidated statements of cash flows for the Interim Periods, including the balances as previously reported (shown as "As Reported" in each table), adjustments and the balances as restated, are as follows: Harbor Diversified Inc. and Subsidiaries 2023 Condensed Consolidated Balance Sheets (in thousands) September 30, 2023 June 30, 2023 March 31, 2023 As Reported Adjustments As Restated As Reported Adjustments As Restated As Reported Adjustments As Restated Assets Current Assets Cash and cash equivalents $ 15,839 $ — $ 15,839 $ 15,831 $ — $ 15,831 $ 22,509 $ — $ 22,509 Restricted cash 707 — 707 812 — 812 671 — 671 Marketable securities 136,562 — 136,562 141,453 — 141,453 156,305 — 156,305 Receivables, net 40,391 (30,609) 9,782 45,074 (33,571) 11,503 41,147 (31,308) 9,839 Notes receivable 21,093 (21,093) — 21,093 (21,093) — 21,093 (21,093) — Spare parts and supplies, net 5,029 — 5,029 5,184 — 5,184 4,978 — 4,978 Contract costs 108 — 108 114 — 114 161 — 161 Contract assets 1,618 — 1,618 173 — 173 — — — Prepaid expenses and other 2,594 (57) 2,537 2,749 — 2,749 3,512 — 3,512 Total Current Assets 223,941 (51,759) 172,182 232,483 (54,664) 177,819 250,376 (52,401) 197,975 Property and Equipment Flight property and equipment 265,636 — 265,636 265,459 — 265,459 265,285 — 265,285 Ground property and equipment 8,596 — 8,596 8,287 — 8,287 8,240 — 8,240 Less accumulated depreciation (190,606) — (190,606) (183,329) — (183,329) (176,474) — (176,474) Net Property and Equipment 83,626 — 83,626 90,417 — 90,417 97,051 — 97,051 Other Assets Harbor Diversified Inc. and Subsidiaries 2023 Condensed Consolidated Balance Sheets (in thousands) September 30, 2023 June 30, 2023 March 31, 2023 As Reported Adjustments As Restated As Reported Adjustments As Restated As Reported Adjustments As Restated Assets Operating lease right of use asset 9,708 — 9,708 11,113 — 11,113 12,153 — 12,153 Intangibles 5,300 — 5,300 5,300 — 5,300 5,300 — 5,300 Long-term deferred tax asset — — — — — — — 119 119 Long-term investments 4,275 — 4,275 4,275 — 4,275 4,275 — 4,275 Long-term contract costs 613 — 613 639 — 639 751 — 751 Other 969 7,588 8,557 1,146 7,587 8,733 1,126 7,795 8,921 Total Other Assets 20,865 7,588 28,453 22,473 7,587 30,060 23,605 7,914 31,519 Total Assets $ 328,432 $ (44,171) $ 284,261 $ 345,373 $ (47,077) $ 298,296 $ 371,032 $ (44,487) $ 326,545 Liabilities, Mezzanine Equity, and Stockholders' Equity Current Liabilities Accounts payable $ 14,295 $ 640 $ 14,935 $ 21,016 $ 254 $ 21,270 $ 20,950 $ — $ 20,950 Accrued payroll and employee benefits 13,235 — 13,235 13,184 — 13,184 14,216 — 14,216 Current portion of operating lease liability 3,649 — 3,649 4,199 — 4,199 5,125 — 5,125 Other accrued expenses 166 — 166 102 — 102 193 — 193 Contract liabilities, net — — — — — — 1,120 — 1,120 Deferred revenues — — — — — — 5,841 (2,159) 3,682 Current portion of long-term debt 52,554 — 52,554 5,444 — 5,444 9,084 — 9,084 Total Current Liabilities 83,899 640 84,539 43,945 254 44,199 56,529 (2,159) 54,370 Other Liabilities Long-term debt — — — 47,596 — 47,596 51,582 — 51,582 Long-term promissory note 4,275 — 4,275 4,275 — 4,275 4,275 — 4,275 Deferred tax liability 4,424 (3,034) 1,390 7,990 (6,015) 1,975 7,990 (3,831) 4,159 Long-term operating lease liability 3,659 — 3,659 4,500 — 4,500 4,543 — 4,543 Long-term contract liabilities, net 2,792 — 2,792 2,840 — 2,840 398 — 398 Other, net 1,755 — 1,755 1,737 — 1,737 1,659 — 1,659 Total Long-term Liabilities 16,905 (3,034) 13,871 68,938 (6,015) 62,923 70,447 (3,831) 66,616 Total Liabilities 100,804 (2,394) 98,410 112,883 (5,761) 107,122 126,976 (5,990) 120,986 Mezzanine Equity Harbor Diversified Inc. and Subsidiaries 2023 Condensed Consolidated Balance Sheets (in thousands) September 30, 2023 June 30, 2023 March 31, 2023 As Reported Adjustments As Restated As Reported Adjustments As Restated As Reported Adjustments As Restated Assets Preferred stock 13,200 — 13,200 13,200 — 13,200 13,200 — 13,200 Stockholders' Equity Common stock 555 — 555 555 — 555 555 — 555 Additional paid-in capital 284,753 — 284,753 285,111 — 285,111 285,416 — 285,416 Retained deficit (52,009) (41,777) (93,786) (48,321) (41,316) (89,637) (39,152) (38,497) (77,649) Treasury stock (18,871) — (18,871) (18,055) — (18,055) (15,963) — (15,963) Total Stockholders' Equity 214,428 (41,777) 172,651 219,290 (41,316) 177,974 230,856 (38,497) 192,359 Total Liabilities, Mezzanine Equity, and Stockholders' Equity $ 328,432 $ (44,171) $ 284,261 $ 345,373 $ (47,077) $ 298,296 $ 371,032 $ (44,487) $ 326,545 Harbor Diversified, Inc. and Subsidiaries 2022 Condensed Consolidated Balance Sheets (in thousands) September 30, 2022 June 30, 2022 March 31, 2022 As Reported Adjustments As Restated As Reported Adjustments As Restated As Reported Adjustments As Restated Assets Current Assets Cash and cash equivalents $ 19,013 $ — $ 19,013 $ 24,491 $ — $ 24,491 $ 25,573 $ — $ 25,573 Restricted cash 418 — 418 516 — 516 576 — 576 Marketable securities 130,517 — 130,517 133,303 — 133,303 136,178 — 136,178 Receivables, net 33,272 (18,866) 14,406 24,119 (10,383) 13,736 15,680 (3,981) 11,699 Notes receivable 60,315 (14,176) 46,139 55,177 (9,038) 46,139 51,078 (4,939) 46,139 Spare parts and supplies, net 4,404 — 4,404 4,729 — 4,729 5,114 — 5,114 Contract costs 258 — 258 358 — 358 499 — 499 Prepaid expenses and other 2,776 — 2,776 1,640 — 1,640 1,834 — 1,834 Total Current Assets 250,973 (33,042) 217,931 244,333 (19,421) 224,912 236,532 (8,920) 227,612 Property and Equipment Flight property and equipment 262,237 — 262,237 263,199 — 263,199 260,926 — 260,926 Harbor Diversified, Inc. and Subsidiaries 2022 Condensed Consolidated Balance Sheets (in thousands) September 30, 2022 June 30, 2022 March 31, 2022 As Reported Adjustments As Restated As Reported Adjustments As Restated As Reported Adjustments As Restated Assets Ground property and equipment 7,895 — 7,895 8,320 — 8,320 8,221 — 8,221 Less accumulated depreciation (163,336) — (163,336) (156,909) — (156,909) (150,109) — (150,109) Net Property and Equipment 106,796 — 106,796 114,610 — 114,610 119,038 — 119,038 Other Assets Operating lease right of use asset 14,789 — 14,789 16,005 — 16,005 17,328 — 17,328 Intangibles 5,300 — 5,300 5,300 — 5,300 5,300 — 5,300 Long-term deferred tax asset 616 (365) 251 616 (340) 276 616 (88) 528 Long-term investments 4,275 — 4,275 4,275 — 4,275 4,275 — 4,275 Other 1,687 5,837 7,524 1,898 4,466 6,364 1,805 2,485 4,290 Total Other Assets 26,667 5,472 32,139 28,094 4,126 32,220 29,324 2,397 31,721 Total Assets $ 384,436 $ (27,570) $ 356,866 $ 387,037 $ (15,295) $ 371,742 $ 384,894 $ (6,523) $ 378,371 Liabilities, Mezzanine Equity, and Stockholders' Equity Current Liabilities Accounts payable 16,593 — 16,593 18,574 — 18,574 15,797 — 15,797 Accrued payroll and employee benefits 13,057 — 13,057 13,157 — 13,157 12,484 — 12,484 Current portion of operating lease liability 5,078 — 5,078 5,103 — 5,103 5,180 — 5,180 Other accrued expenses 253 — 253 196 — 196 228 — 228 Contract liabilities 3,576 — 3,576 4,961 — 4,961 6,917 — 6,917 Deferred revenues 22,318 (1,225) 21,093 27,500 2,246 29,746 40,102 1,656 41,758 Income taxes payable 4,633 (4,633) — 3,487 (3,487) — 751 (751) — Current portion of long-term debt 9,224 — 9,224 9,310 — 9,310 5,845 — 5,845 Total Current Liabilities 74,732 (5,858) 68,874 82,288 (1,241) 81,047 87,304 905 88,209 Other Liabilities Long-term debt 56,089 — 56,089 57,050 — 57,050 61,110 — 61,110 Long-term promissory note 4,275 — 4,275 4,275 — 4,275 4,275 — 4,275 Deferred tax liability 653 2,541 3,194 653 2,462 3,115 653 633 1,286 Long-term operating lease liability 7,100 — 7,100 8,304 — 8,304 9,515 — 9,515 Other 2,757 — 2,757 2,662 — 2,662 2,663 — 2,663 Harbor Diversified, Inc. and Subsidiaries 2022 Condensed Consolidated Balance Sheets (in thousands) September 30, 2022 June 30, 2022 March 31, 2022 As Reported Adjustments As Restated As Reported Adjustments As Restated As Reported Adjustments As Restated Assets Total Long-term Liabilities 70,874 2,541 73,415 72,944 2,462 75,406 78,216 633 78,849 Total Liabilities 145,606 (3,317) 142,289 155,232 1,221 156,453 165,520 1,538 167,058 Mezzanine Equity Preferred stock 13,200 — 13,200 13,200 — 13,200 13,200 — 13,200 Stockholders' Equity Common stock 555 — 555 555 — 555 555 — 555 Additional paid-in capital 285,866 — 285,866 286,064 — 286,064 286,262 — 286,262 Retained deficit (46,778) (24,253) (71,031) (54,800) (16,516) (71,316) (69,881) (8,061) (77,942) Treasury stock (14,013) — (14,013) (13,214) — (13,214) (10,762) — (10,762) Total Stockholders' Equity 225,630 (24,253) 201,377 218,605 (16,516) 202,089 206,174 (8,061) 198,113 Total Liabilities, Mezzanine Equity, and Stockholders' Equity $ 384,436 $ (27,570) $ 356,866 $ 387,037 $ (15,295) $ 371,742 $ 384,894 $ (6,523) $ 378,371 Harbor Diversified, Inc. and Subsidiaries 2023 Three Month Condensed Consolidated Statements of Operations (in thousands, except share amounts and per share values) Three Months Ended September 30, 2023 June 30, 2023 March 31, 2023 As Reported Adjustments As Restated As Reported Adjustments As Restated As Reported Adjustments As Restated Operating Revenues Contract revenues $ 49,958 $ — $ 49,958 $ 50,970 $ (2,161) $ 48,809 $ 59,037 $ (6,518) $ 52,519 Contract services and other 98 — 98 102 — 102 95 — 95 Total Operating Revenues 50,056 — 50,056 51,072 (2,161) 48,911 59,132 (6,518) 52,614 Operating Expenses Payroll and related costs 29,444 — 29,444 29,953 — 29,953 29,768 — 29,768 Aircraft fuel and oil 115 — 115 221 — 221 102 — 102 Aircraft maintenance, materials and repairs 11,175 — 11,175 17,869 — 17,869 19,349 — 19,349 Other rents 1,459 — 1,459 1,474 — 1,474 1,594 — 1,594 Depreciation, amortization and obsolescence 6,398 — 6,398 6,370 — 6,370 6,357 — 6,357 Harbor Diversified, Inc. and Subsidiaries 2023 Three Month Condensed Consolidated Statements of Operations (in thousands, except share amounts and per share values) Three Months Ended September 30, 2023 June 30, 2023 March 31, 2023 As Reported Adjustments As Restated As Reported Adjustments As Restated As Reported Adjustments As Restated Operating Revenues Purchased services and other 6,537 — 6,537 7,532 — 7,532 4,442 — 4,442 Total Operating Expenses 55,128 — 55,128 63,419 — 63,419 61,612 — 61,612 Loss From Operations (5,072) — (5,072) (12,347) (2,161) (14,508) (2,480) (6,518) (8,998) Other (Expense) Income Interest and dividend income 1,540 (244) 1,296 1,429 (239) 1,190 1,366 (216) 1,150 Interest expense — — — (11) — (11) (1) — (1) Gain (loss) on marketable securities (955) — (955) (795) — (795) 1,740 — 1,740 Gain on extinguishment of debt — — — 70 — 70 — — — Other, net — — — (1) — (1) (13) — (13) Total Other Income 585 (244) 341 692 (239) 453 3,092 (216) 2,876 Net Income (Loss) Before Taxes (4,487) (244) (4,731) (11,655) (2,400) (14,055) 612 (6,734) (6,122) Income Tax Benefit (799) 217 (582) (2,486) 419 (2,067) (270) (937) (1,207) Net Income (Loss) (3,688) (461) (4,149) (9,169) (2,819) (11,988) 882 (5,797) (4,915) Preferred Stock Dividends 358 — 358 305 — 305 252 — 252 Net Income (Loss) Available to $ (4,046) $ (461) $ (4,507) $ (9,474) $ (2,819) $ (12,293) $ 630 $ (5,797) $ (5,167) Basic earnings (loss) per share $ (0.09) $ (0.01) $ (0.10) $ (0.21) $ (0.07) $ (0.28) $ 0.01 $ (0.12) $ (0.11) Diluted (loss) earnings per share $ (0.09) $ (0.01) $ (0.10) $ (0.21) $ (0.07) $ (0.28) $ 0.01 $ (0.12) $ (0.11) Weighted average common shares: Basic 43,653,627 — 43,653,627 44,276,627 — 44,276,627 44,979,947 — 44,979,947 Diluted 43,653,627 — 43,653,627 44,276,627 — 44,276,627 61,479,947 (16,500,000) 44,979,947 Harbor Diversified, Inc. and Subsidiaries 2023 Nine- and Six-Month Condensed Consolidated Statements of Operations (in thousands, except share amounts and per share values) Nine Months Ended Six Months Ended September 30, 2023 June 30, 2023 As Reported Adjustments As Restated As Reported Adjustments As Restated Operating Revenues Contract revenues $ 159,965 $ (8,679) $ 151,286 $ 110,007 $ (8,679) $ 101,328 Contract services and other 295 — 295 197 — 197 Total Operating Revenues 160,260 (8,679) 151,581 110,204 (8,679) 101,525 Operating Expenses Payroll and related costs 89,165 — 89,165 59,721 — 59,721 Aircraft fuel and oil 438 — 438 323 — 323 Aircraft maintenance, materials and repairs 48,393 — 48,393 37,218 — 37,218 Other rents 4,527 — 4,527 3,068 — 3,068 Depreciation, amortization and obsolescence 19,125 — 19,125 12,727 — 12,727 Purchased services and other 18,511 — 18,511 11,974 — 11,974 Total Operating Expenses 180,159 — 180,159 125,031 — 125,031 Loss From Operations (19,899) (8,679) (28,578) (14,827) (8,679) (23,506) Other (Expense) Income Interest and dividend income 4,335 (699) 3,636 2,795 (455) 2,340 Interest expense (12) — (12) (12) — (12) Gain (loss) on marketable securities (10) — (10) 945 — 945 Gain on extinguishment of debt 70 — 70 70 — 70 Other, net (14) — (14) (14) — (14) Total Other Income 4,369 (699) 3,670 3,784 (455) 3,329 Net Loss Before Taxes (15,530) (9,378) (24,908) (11,043) (9,134) (20,177) Income Tax Benefit (3,555) (301) (3,856) (2,756) (518) (3,274) Net Loss (11,975) (9,077) (21,052) (8,287) (8,616) (16,903) Preferred Stock Dividends 915 — 915 557 — 557 Net Loss Available to Common Shareholders $ (12,890) $ (9,077) $ (21,967) $ (8,844) $ (8,616) $ (17,460) Basic loss per share $ (0.29) $ (0.21) $ (0.50) $ (0.20) $ (0.19) $ (0.39) Diluted loss per share $ (0.29) $ (0.21) $ (0.50) $ (0.20) $ (0.19) $ (0.39) Weighted average common shares: Basic 44,298,542 — 44,298,542 44,626,344 — 44,626,344 Diluted 44,298,542 — 44,298,542 44,626,344 — 44,626,344 Harbor Diversified, Inc. and Subsidiaries 2022 Three Month Condensed Consolidated Statements of Operations (in thousands, except share amounts and per share values) Three Months Ended September 30, 2022 June 30, 2022 March 31, 2022 As Reported Adjustments Reclassification As Restated As Reported Adjustments Reclassification As Restated As Reported Adjustments Reclassification As Restated Operating Revenues Contract revenues $ 68,389 $ (10,049) $ — $ 58,340 $ 77,923 $ (11,035) $ — $ 66,888 $ 66,968 $ (9,130) $ — $ 57,838 Contract services and other 21 — — 21 7 — — 7 7 — — 7 Total Operating Revenues 68,410 (10,049) — 58,361 77,930 (11,035) — 66,895 66,975 (9,130) — 57,845 Operating Expenses Payroll and related costs 26,801 — — 26,801 27,694 — — 27,694 26,601 — — 26,601 Aircraft fuel and oil 49 — — 49 34 — — 34 51 — — 51 Aircraft maintenance, materials and repairs 17,494 — — 17,494 16,336 — — 16,336 14,501 — — 14,501 Other rents 1,617 — — 1,617 1,657 — — 1,657 1,613 — — 1,613 Depreciation, amortization and obsolescence 6,639 — — 6,639 6,674 — — 6,674 6,644 — — 6,644 Purchased services and other 3,310 — — 3,310 3,514 — — 3,514 3,765 — — 3,765 Total Operating Expenses 55,910 — — 55,910 55,909 — — 55,909 53,175 — — 53,175 Income From Operations 12,500 (10,049) — 2,451 22,021 (11,035) — 10,986 13,800 (9,130) — 4,670 Other (Expense) Income Interest and dividend income 840 (102) 893 1,631 688 (56) 693 1,325 574 (16) 210 768 Loss on marketable securities (3,749) — — (3,749) (3,602) — — (3,602) (2,423) — — (2,423) Gain on extinguishment of debt 53 — — 53 — — — — — — — — Other, net 885 — (893) (8) 691 — (693) (2) 210 — (210) — Total Other Expense (1,971) (102) — (2,073) (2,223) (56) — (2,279) (1,639) (16) — (1,655) Net Income Before Taxes 10,529 (10,151) — 378 19,798 (11,091) — 8,707 12,161 (9,146) — 3,015 Income Tax Expense 2,507 (2,414) — 93 4,717 (2,636) — 2,081 2,898 (2,177) — 721 Net Income 8,022 (7,737) — 285 15,081 (8,455) — 6,626 9,263 (6,969) — 2,294 Preferred Stock Dividends 198 — — 198 198 — — 198 198 — — 198 Net Income Available to $ 7,824 $ (7,737) $ — $ 87 $ 14,883 $ (8,455) $ — $ 6,428 $ 9,065 $ (6,969) $ — $ 2,096 Basic earnings (loss) per share $ 0.17 $ (0.17) $ — $ — $ 0.32 $ (0.18) $ — $ 0.14 $ 0.19 $ (0.15) $ — $ 0.04 Diluted earnings (loss) per share $ 0.13 $ (0.13) $ — $ — $ 0.24 $ (0.14) $ — $ 0.10 $ 0.14 $ (0.11) $ — $ 0.03 Weighted average common shares: Harbor Diversified, Inc. and Subsidiaries 2022 Three Month Condensed Consolidated Statements of Operations (in thousands, except share amounts and per share values) Three Months Ended September 30, 2022 June 30, 2022 March 31, 2022 As Reported Adjustments Reclassification As Restated As Reported Adjustments Reclassification As Restated As Reported Adjustments Reclassification As Restated Basic 45,775,512 — — 45,775,512 46,518,867 — — 46,518,867 47,637,544 — — 47,637,544 Diluted 62,275,512 — — 62,275,512 63,018,867 — — 63,018,867 64,534,912 — — 64,534,912 Harbor Diversified, Inc. and Subsidiaries 2022 Nine- and Six- Month Condensed Consolidated Statements of Operations (in thousands, except share amounts and per share values) Nine Months Ended Six Months Ended September 30, 2022 June 30, 2022 As Reported Adjustments Reclassification As Restated As Reported Adjustments Reclassification As Restated Operating Revenues Contract revenues $ 213,280 $ (30,214) $ — $ 183,066 $ 144,891 $ (20,165) $ — $ 124,726 Contract services and other 35 — — 35 14 — — 14 Total Operating Revenues 213,315 (30,214) — 183,101 144,905 (20,165) — 124,740 Operating Expenses Payroll and related costs 81,096 — — 81,096 54,295 — — 54,295 Aircraft fuel and oil 134 — — 134 85 — — 85 Aircraft maintenance, materials and repairs 48,331 — — 48,331 30,837 — — 30,837 Other rents 4,887 — — 4,887 3,270 — — 3,270 Depreciation, amortization and obsolescence 19,957 — — 19,957 13,318 — — 13,318 Purchased services and other 10,589 — — 10,589 7,279 — — 7,279 Total Operating Expenses 164,994 — — 164,994 109,084 — — 109,084 Income From Operations 48,321 (30,214) — 18,107 35,821 (20,165) — 15,656 Other (Expense) Income Interest and dividend income 2,102 (174) 1,796 3,724 1,262 (72) 903 2,093 Loss on marketable securities (9,774) — — (9,774) (6,025) — — (6,025) Gain on extinguishment of debt 53 — — 53 — — — — Other, net 1,786 — (1,796) (10) 901 — (903) (2) Total Other Expense (5,833) (174) — (6,007) (3,862) (72) — (3,934) Net Income Before Taxes 42,488 (30,388) — 12,100 31,959 (20,237) — 11,722 Harbor Diversified, Inc. and Subsidiaries 2022 Nine- and Six- Month Condensed Consolidated Statements of Operations (in thousands, except share amounts and per share values) Nine Months Ended Six Months Ended September 30, 2022 June 30, 2022 As Reported Adjustments Reclassification As Restated As Reported Adjustments Reclassification As Restated Operating Revenues Income Tax Expense 10,122 (7,227) — 2,895 7,615 (4,813) — 2,802 Net Income 32,366 (23,161) — 9,205 24,344 (15,424) — 8,920 Preferred Stock Dividends 594 — — 594 396 — — 396 Net Income Available to $ 31,772 $ (23,161) $ — $ 8,611 $ 23,948 $ (15,424) $ — $ 8,524 Basic earnings (loss) per share $ 0.68 $ (0.50) $ — $ 0.18 $ 0.51 $ (0.33) $ — $ 0.18 Diluted earnings (loss) per share $ 0.50 $ (0.36) $ — $ 0.14 $ 0.38 $ (0.25) $ — $ 0.13 Weighted average common shares: Basic 46,637,154 — — 46,637,154 47,075,115 — — 47,075,115 Diluted 63,268,154 — — 63,268,154 63,772,701 — — 63,772,701 Harbor Diversified, Inc. and Subsidiaries 2023 Condensed Consolidated Statement of Stockholders' Equity (in thousands) Mezzanine Equity Amount Shares Common Repurchased Common Additional Paid-In Capital Retained Deficit Cost of Repurchased Stock Total Shareholders' Equity Balance, March 31, 2023 as reported 4,000 $ 13,200 44,750 10,731 $ 555 $ 285,416 $ (39,152) $ (15,963) $ 230,856 Cumulative adjustments to Net Loss — — — — — — (38,497) — (38,497) Balance, March 31, 2023, as restated 4,000 $ 13,200 44,750 10,731 $ 555 $ 285,416 $ (77,649) $ (15,963) $ 192,359 Mezzanine Equity Amount Shares Common Repurchased Common Additional Retained Cost of Total Balance, June 30, 2023, as reported 4,000 $ 13,200 43,830 11,651 $ 555 $ 285,111 $ (48,321) $ (18,055) $ 219,290 Cumulative adjustments to Net Loss — — — — — — (41,316) — (41,316) Balance, June 30, 2023, as restated 4,000 $ 13,200 43,830 11,651 $ 555 $ 285,111 $ (89,637) $ (18,055) $ 177,974 Mezzanine Equity Amount Shares Common Repurchased Common Additional Retained Cost of Total Balance, September 30, 2023 as reported 4,000 $ 13,200 43,456 12,025 $ 555 $ 284,753 $ (52,009) $ (18,871) $ 214,428 Cumulative adjustments to Net Loss — — — — — — (41,777) — (41,777) Balance, September 30, 2023, as restated 4,000 $ 13,200 43,456 12,025 $ 555 $ 284,753 $ (93,786) $ (18,871) $ 172,651 Harbor Diversified, Inc. and Subsidiaries 2022 Condensed Consolidated Statement of Stockholders' Equity (in thousands) Mezzanine Equity Amount Shares Common Repurchased Common Additional Retained Cost of Total Balance, March 31, 2022 as reported 4,000 $ 13,200 47,054 8,427 $ 555 $ 286,262 $ (69,881) $ (10,762) $ 206,174 Cumulative adjustments to Net Income — — — — — — (8,061) — (8,061) Balance, March 31, 2022, as restated 4,000 $ 13,200 47,054 8,427 $ 555 $ 286,262 $ (77,942) $ (10,762) $ 198,113 Mezzanine Equity Amount Shares Common Repurchased Common Additional Retained Cost of Total Balance, June 30, 2022, as reported 4,000 $ 13,200 46,016 9,465 $ 555 $ 286,064 $ (54,800) $ (13,214) $ 218,605 Cumulative adjustments to Net Income — — — — — — (16,516) — (16,516) Balance, June 30, 2022, as restated 4,000 $ 13,200 46,016 9,465 $ 555 $ 286,064 $ (71,316) $ (13,214) $ 202,089 Mezzanine Equity Amount Shares Common Repurchased Common Additional Retained Cost of Total Balance, September 30, 2022 as reported 4,000 $ 13,200 45,652 9,829 $ 555 $ 285,866 $ (46,778) $ (14,013) $ 225,630 Cumulative adjustments to Net Income — — — — — — (24,253) — (24,253) Balance, September 30, 2022, as restated 4,000 $ 13,200 45,652 9,829 $ 555 $ 285,866 $ (71,031) $ (14,013) $ 201,377 Harbor Diversified, Inc. and Subsidiaries 2023 Condensed Consolidated Statements of Cash Flows (in thousands) Nine months ended September 30, 2023 Six months ended June 30, 2023 Three months ended March 31, 2023 As Reported Adjustments As Restated As Reported Adjustments As Restated As Reported Adjustments As Restated Cash Flows From Operating Activities Net income (loss) $ (11,975) $ (9,077) $ (21,052) $ (8,287) $ (8,616) $ (16,903) $ 882 $ (5,797) $ (4,915) Adjustments to reconcile net income (loss) to net cash Depreciation, amortization and obsolescence allowance 19,125 — 19,125 12,727 — 12,727 6,357 — 6,357 Amortization of contract costs (1,654) 1,654 — (1,461) 1,461 — (936) 936 — Amortization of engine overhauls 2,485 — 2,485 1,515 — 1,515 676 — 676 Deferred income taxes (3,566) (296) (3,862) — (3,277) (3,277) — (1,212) (1,212) Loss on disposition of property 219 — 219 208 — 208 92 — 92 Loss (gain) on marketable securities 10 — 10 (945) — (945) (1,740) — (1,740) Gain on extinguishment of debt (70) — (70) (70) — (70) — — — Changes in operating assets and liabilities: Accounts receivable (51) 1,687 1,636 (4,733) 4,649 (84) (807) 2,386 1,579 Notes receivable (1,641) 1,641 — (1,641) 1,641 — (1,641) 1,641 — Spare parts and supplies (450) — (450) (605) — (605) (399) — (399) Prepaid expenses and other 471 445 916 139 389 528 (698) 181 (517) Operating lease right of use asset 140 — 140 126 — 126 55 — 55 Accounts payable (5,870) 640 (5,230) 851 254 1,105 784 — 784 Accrued payroll and employee benefits 246 — 246 195 — 195 1,227 — 1,227 Other accrued expenses 29 — 29 (35) — (35) 56 — 56 Contract liabilities 843 (1,654) (811) 2,143 (1,461) 682 469 (936) (467) Deferred revenue (16,561) 4,960 (11,601) (16,561) 4,960 (11,601) (10,720) 2,801 (7,919) Other long-term liabilities (222) — (222) (240) — (240) (318) — (318) Net Cash Used in Operating Activities (18,492) — (18,492) (16,674) — (16,674) (6,661) — (6,661) Cash Flows From Investing Activities Additions to property and equipment (3,017) — (3,017) (2,453) — (2,453) (1,817) — (1,817) Proceeds on disposition of property and equipment 19 — 19 10 — 10 2 — 2 Purchase of marketable securities (2,745) — (2,745) (1,681) — (1,681) (738) — (738) Sale of marketable securities 20,000 — 20,000 15,000 — 15,000 — — — Net Cash Provided by (Used in) Investing Activities 14,257 — 14,257 10,876 — 10,876 (2,553) — (2,553) Harbor Diversified, Inc. and Subsidiaries 2023 Condensed Consolidated Statements of Cash Flows (in thousands) Nine months ended September

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Summary of Income Tax Provision	The income tax provision consists of the following: Year ended December 31, 2023 2022 Current Expense (Benefit) Federal $ 11 $ (33) State (107) (50) Total Current Expense (Benefit) (96) (83) Deferred (Benefit) Expense Federal (3,831) 4,857 State 562 358 Total Deferred (Benefit) Expense (3,269) 5,215 Income Tax (Benefit) Expense $ (3,365) $ 5,132
Schedule of Effective Income Tax Rate Reconciliation	The following is a reconciliation between a federal income tax rate of 21% and the effective tax rate which is derived by dividing the (benefit) provision for income taxes by the income before the (benefit) provision for income taxes: Year ended December 31, 2023 2022 Computed provision for income taxes at the statutory rate $ (4,064) $ 2,653 Increase (decrease) in income taxes resulting from: State income tax provision, net of federal income tax benefit (714) 38 Non-deductible expenses 183 60 Valuation allowance changes affecting the provision for income taxes 1,428 2,375 Return to provision adjustments (16) 9 Other, net (182) (3) (Benefit) provision for income taxes $ (3,365) $ 5,132
Components of Deferred Tax Assets and Liabilities	Significant components of deferred tax assets and liabilities are as follows: 2022 Year ended December 31, 2023 As Restated Deferred Tax Assets Accruals and reserves not currently deductible $ 4,164 $ 5,294 Federal NOL carryover 6,652 3,095 State NOL carryovers 1,691 894 Capital loss carryover 32 — Accrued and deferred compensation 2,308 1,987 Prepaid items 596 111 Lease liability 412 694 Contract liability 681 283 Deferred revenues 37 2,914 Unrealized loss on investments 1,494 2,375 Other 718 1,239 Subtotal before valuation allowance 18,785 18,886 Less: valuation allowance: Valuation allowance - ordinary deferred tax assets (2,278) — Valuation allowance - capital deferred tax assets (1,525) (2,375) Total valuation allowance (3,803) (2,375) Total Deferred Tax Assets 14,982 16,511 Deferred Tax Liabilities Property and equipment (15,858) (20,475) Right-of-use asset (963) (1,282) Other (144) (6) Total Deferred Tax Liabilities (16,965) (21,763) Net Deferred Income Tax Liabilities $ (1,983) $ (5,252)
Schedule of Unrecognized Tax Benefits	A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31, 2023 and December 31, 2022 is as follows: December 31, 2023 2022 Unrecognized tax benefits at the beginning of the year $ 123 $ 118 Gross increases – current year tax provisions 11 5 Gross decreases – settlements with taxing authorities (87) — Unrecognized tax benefits at the end of the year $ 47 $ 123 Interest and penalties in year-end balance $ 47 $ 62

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Schedule of Long-term Debt	Long-term debt consists of the following (with interest rates, as of the dates presented): December 31, 2023 2022 Notes, due December 31, 2025, 4.0% (a) $ — $ 61,222 Less: current maturities — 9,154 Long-term debt $ — $ 52,068 (a)

Lease Obligations (Tables)

Lease Obligations (Tables)	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Summary of Operating Lease Related Terms and Discount Rates	The table below presents operating lease related terms and discount rates as of December 31, 2023: Weighted-average remaining lease term 2.25 years Weighted-average discount rate 7.25 %
Schedule of Component of Lease Cost	Components of lease costs were as follows for the years ended December 31, 2023 2022 Operating lease costs $ 5,842 $ 5,862 Short-term lease costs 319 508 Variable lease costs 49 212 Total Lease Costs $ 6,210 $ 6,582
Schedule of Future Minimum Lease Payments Under Non-Cancelable Operating Leases	The following table summarizes the future minimum rental payments required under operating leases that had initial or remaining non-cancelable lease terms greater than twelve months as of December 31, 2023: Fiscal Year Amount 2024 $ 5,329 2025 2,596 2026 202 2027 75 2028 60 Thereafter 298 Total lease payments 8,560 Less imputed interest (612) Total Lease Liabilities $ 7,948

Sales-type Lease (Tables)

Sales-type Lease (Tables)	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Undiscounted Cash Flows Over Expected Term Of Sales-Type Lease	Undiscounted cash flows expected over the term of the sales-type lease as of December 31, 2023 are as follows: Fiscal year Amount 2024 $ 1,029 2025 773 2026 709 Total expected cash flows 2,511 Interest income (358) Total sales lease receivable 2,153 Less credit loss reserve 229 Total sales lease receivable, net $ 1,924

Collective Bargaining Agreeme_2

Collective Bargaining Agreements (Tables)	12 Months Ended
	Dec. 31, 2023
Retirement Benefits [Abstract]
Schedule Of Multiemployer Plans	Amendable dates for each bargaining unit are: Bargaining Unit Amendable Date Percentage of Workforce Pilots October 11, 2026 36.1 % Dispatchers April 12, 2028 2.5 % Mechanics September 20, 2023 13.0 % Technical store clerks September 20, 2022 2.9 % Flight attendants October 1, 2022 18.3 %

Earnings Per Share and Equity (

Earnings Per Share and Equity (Tables)	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Schedule of Calculations of Net Income (Loss) Per Common Share	Calculations of net (loss) income per common share were as follows for the periods presented: Year ended December 31, 2023 Year ended December 31, 2022 As Restated Net (loss) income $ (15,985) $ 7,502 Preferred stock dividends 1,328 792 Net (loss) income applicable to common stockholders $ (17,313) $ 6,710 Weighted average common shares outstanding Shares used in calculating basic earnings per share 44,043,175 46,358,909 Stock option — 97,981 Series C Preferred — 16,500,000 Shares used in calculating diluted earnings per share 44,043,175 62,956,890 Earnings allocated to common stockholders per common share Basic $ (0.39) $ 0.14 Diluted $ (0.39) $ 0.11

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	12 Months Ended
	Dec. 31, 2023
Supplemental Cash Flow Elements [Abstract]
Summary of Non-Cash Investing and Financing Activities and Reconciliation of Cash and Cash Equivalents and Restricted Cash	The following table provides a schedule of the non-cash investing and financing activities pertaining to the statements of cash flows: December 31, 2023 December 31, 2022 Gain on Long-term Restricted Investments (SESP) $ 2,219 $ — Net investment in sales lease $ 2,132 $ — Right-of-use assets acquired under operating leases $ 2,172 $ 70 The following table provides a reconciliation of all cash and cash equivalents and restricted cash reported in the consolidated balance sheets that sum to the total of those same amounts shown in the consolidated statements of cash flows: December 31, 2023 December 31, 2022 Cash and cash equivalents $ 20,776 $ 33,333 Restricted cash 755 849 Total cash, cash equivalents, and restricted cash $ 21,531 $ 34,182

Intangible Assets (Tables)

Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets	Intangible assets consist of the following indefinite-lived assets as of the dates presented: December 31, 2023 2022 Gross Carrying Amount Gross Carrying Amount Trade names and air carrier certificate $ 5,300 $ 5,300 Total $ 5,300 $ 5,300

Restatement of Prior Quarterl_2

Restatement of Prior Quarterly 2023 and 2022 Condensed Consolidated Financial Statements (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2023
Accounting Changes and Error Corrections [Abstract]
Restated Unaudited Condensed Consolidated Balance Sheet, Consolidated Statement of Operations and Consolidated Statement of Cash Flows	The restated consolidated balance sheet, consolidated statement of operations, and consolidated statement of cash flows for the 2022 Annual Period, including the balances as previously reported (shown as "As Reported" in each table), adjustments and the balances as restated, are as follows: Harbor Diversified, Inc. and Subsidiaries Consolidated Balance Sheet (in thousands) For the Year Ended December 31, 2022 As Reported Adjustments As Restated Assets Current Assets Cash and cash equivalents $ 33,333 $ — $ 33,333 Restricted cash 849 — 849 Marketable securities 153,827 — 153,827 Receivables, net 40,341 (28,922) 11,419 Notes receivable 18,023 (18,023) — Spare parts and supplies, net 4,579 — 4,579 Contract costs 143 — 143 Prepaid expenses and other 3,732 — 3,732 Total Current Assets 254,827 (46,945) 207,882 Property and Equipment Flight property and equipment 263,970 — 263,970 Ground property and equipment 8,055 — 8,055 Less accumulated depreciation (169,766) — (169,766) Net Property and Equipment 102,259 — 102,259 Other Assets Operating lease right of use asset 13,480 — 13,480 Intangibles 5,300 — 5,300 Long-term deferred tax asset — 258 258 Long-term investments 4,275 — 4,275 Other 1,414 7,639 9,053 Total Other Assets 24,469 7,897 32,366 Total Assets $ 381,555 $ (39,048) $ 342,507 Liabilities, Mezzanine Equity, and Stockholders' Equity Current Liabilities Accounts payable $ 20,165 $ — $ 20,165 Accrued payroll and employee benefits 12,989 — 12,989 Current portion of operating lease liability 5,091 — 5,091 Other accrued expenses 137 — 137 Contract liabilities, net 1,985 — 1,985 Deferred revenues 16,561 (4,960) 11,601 Income taxes payable — — — Current portion of long-term debt 9,154 — 9,154 Total Current Liabilities 66,082 (4,960) 61,122 Other Liabilities Long-term debt 52,068 — 52,068 Long-term promissory note 4,275 — 4,275 Deferred tax liability 7,990 (2,480) 5,510 Long-term operating lease liability 5,849 — 5,849 Other 1,977 — 1,977 Harbor Diversified, Inc. and Subsidiaries Consolidated Balance Sheet (in thousands) Total Long-term Liabilities 72,159 (2,480) 69,679 Total Liabilities 138,241 (7,440) 130,801 Mezzanine Equity Preferred stock 13,200 — 13,200 Stockholders' Equity Common stock 555 — 555 Additional paid-in capital 285,668 — 285,668 Retained deficit (41,126) (31,608) (72,734) Treasury stock (14,983) — (14,983) Total Stockholders' Equity 230,114 (31,608) 198,506 Total Liabilities, Mezzanine Equity, and Stockholders' Equity $ 381,555 $ (39,048) $ 342,507 Harbor Diversified, Inc. and Subsidiaries Consolidated Statement of Operations (in thousands, except share amounts and per share values) For the Year Ended December 31, 2022 As Reported Adjustments As Restated Operating Revenues Contract revenues $ 280,737 $ (41,135) $ 239,602 Contract services and other 126 — 126 Total Operating Revenues 280,863 (41,135) 239,728 Operating Expenses Payroll and related costs 109,831 — 109,831 Aircraft fuel and oil 169 — 169 Aircraft maintenance, materials and repairs 67,096 — 67,096 Other rents 6,582 — 6,582 Depreciation, amortization and obsolescence 26,327 — 26,327 Purchased services and other 14,992 — 14,992 Total Operating Expenses 224,997 — 224,997 Income From Operations 55,866 (41,135) 14,731 Other (Expense) Income Interest and dividend income 7,024 (334) 6,690 Interest expense (3) — (3) Loss on marketable securities (8,826) — (8,826) Gain on extinguishment of debt 53 — 53 Other, net (11) — (11) Total Other Expense (1,763) (334) (2,097) Net Income Before Taxes 54,103 (41,469) 12,634 Income Tax Expense 14,993 (9,861) 5,132 Net Income 39,110 (31,608) 7,502 Preferred Stock Dividends 792 — 792 Net Income Available to Common Shareholders $ 38,318 $ (31,608) $ 6,710 Basic earnings per share $ 0.83 $ (0.69) $ 0.14 Diluted earnings per share $ 0.61 $ (0.50) $ 0.11 Weighted average common shares: Basic 46,358,909 — 46,358,909 Diluted 62,956,890 — 62,956,890 Harbor Diversified, Inc. and Subsidiaries Consolidated Statement of Cash Flows (in thousands) For the Year Ended December 31, 2022 As Reported Adjustments As Restated Cash Flows From Operating Activities Net income $ 39,110 $ (31,608) $ 7,502 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, amortization and obsolescence allowance 26,327 — 26,327 Amortization of contract costs (4,385) 4,385 — Amortization of engine overhauls 2,757 — 2,757 Deferred income taxes 7,954 (2,738) 5,216 Loss on disposition of property 181 — 181 Loss on marketable securities 8,826 — 8,826 Gain on extinguishment of debt (53) — (53) Changes in operating assets and liabilities: Accounts receivable (32,919) 28,922 (3,997) Notes receivable 28,116 18,023 46,139 Spare parts and supplies (324) — (324) Prepaid expenses and other 3,353 (7,639) (4,286) Operating lease right of use asset 112 — 112 Accounts payable 105 — 105 Accrued payroll and employee benefits (1,896) — (1,896) Other accrued expenses (35) — (35) Long-term deferred revenue (9,046) — (9,046) Contract liabilities (3,054) (4,385) (7,439) Deferred revenue (19,231) (4,960) (24,191) Other long-term liabilities (864) — (864) Net Cash Provided by Operating Activities 45,034 — 45,034 Cash Flows From Investing Activities Additions to property and equipment (5,513) — (5,513) Proceeds on disposition of property and equipment 64 — 64 Purchase of marketable securities (24,283) — (24,283) Net Cash Used in Investing Activities (29,732) — (29,732) Cash Flows From Financing Activities Repayments of long-term debt (6,275) — (6,275) Dividends paid (792) — (792) Repurchase of stock options (969) — (969) Repurchased stock (11,703) — (11,703) Net Cash Used in Financing Activities (19,739) — (19,739) Decrease in Cash, Cash Equivalents and Restricted Cash (4,437) — (4,437) Cash, Cash Equivalents and Restricted Cash, beginning of year 38,619 — 38,619 Cash, Cash Equivalents and Restricted Cash, end of year $ 34,182 $ — $ 34,182 The following table is a summary of the restated three-month periods ending March 31, June 30, and September 30 in 2022 and March 31, June 30, and September 30 in 2023. Harbor Diversified, Inc. and Subsidiaries Statements of Operations (in thousands, except share amounts and per share values) 2023 2022 Three Months Ended Three Months Ended September 30 June 30 March 31 September 30 June 30 March 31 As Restated As Restated As Restated As Restated As Restated As Restated Operating Revenues Contract revenues $ 49,958 $ 48,809 $ 52,519 $ 58,340 $ 66,888 $ 57,838 Contract services and other 98 102 95 21 7 7 Total Operating Revenues 50,056 48,911 52,614 58,361 66,895 57,845 Operating Expenses Payroll and related costs 29,444 29,953 29,768 26,801 27,694 26,601 Aircraft fuel and oil 115 221 102 49 34 51 Aircraft maintenance, materials and repairs 11,175 17,869 19,349 17,494 16,336 14,501 Other rents 1,459 1,474 1,594 1,617 1,657 1,613 Depreciation, amortization and obsolescence 6,398 6,370 6,357 6,639 6,674 6,644 Purchased services and other 6,537 7,532 4,442 3,310 3,514 3,765 Total Operating Expenses 55,128 63,419 61,612 55,910 55,909 53,175 Income (Loss) From Operations (5,072) (14,508) (8,998) 2,451 10,986 4,670 Other (Expense) Income Interest and dividend income 1,296 1,190 1,150 1,631 1,325 768 Interest expense — (11) (1) — — — Gain (loss) on marketable securities (955) (795) 1,740 (3,749) (3,602) (2,423) Gain on extinguishment of debt — 70 — 53 — — Other, net — (1) (13) (8) (2) — Total Other (Expense) Income 341 453 2,876 (2,073) (2,279) (1,655) Net Income (Loss) Before Taxes (4,731) (14,055) (6,122) 378 8,707 3,015 Income Tax Expense (Benefit) (582) (2,067) (1,207) 93 2,081 721 Net Income (Loss) (4,149) (11,988) (4,915) 285 6,626 2,294 Preferred Stock Dividends 358 305 252 198 198 198 Net Income (Loss) Available to Common Shareholders $ (4,507) $ (12,293) $ (5,167) $ 87 $ 6,428 $ 2,096 Basic earnings per share $ (0.10) $ (0.28) $ (0.11) $ — $ 0.14 $ 0.04 Diluted earnings per share $ (0.10) $ (0.28) $ (0.11) $ — $ 0.10 $ 0.03 Weighted average common shares: Harbor Diversified, Inc. and Subsidiaries Statements of Operations (in thousands, except share amounts and per share values) 2023 2022 Three Months Ended Three Months Ended September 30 June 30 March 31 September 30 June 30 March 31 As Restated As Restated As Restated As Restated As Restated As Restated Operating Revenues Basic 43,653,627 44,276,627 44,979,947 45,775,512 46,518,867 47,637,544 Diluted 43,653,627 44,276,627 44,979,947 62,275,512 63,018,867 64,534,912 The restated consolidated balance sheets, consolidated statements of operations, and consolidated statements of cash flows for the Interim Periods, including the balances as previously reported (shown as "As Reported" in each table), adjustments and the balances as restated, are as follows: Harbor Diversified Inc. and Subsidiaries 2023 Condensed Consolidated Balance Sheets (in thousands) September 30, 2023 June 30, 2023 March 31, 2023 As Reported Adjustments As Restated As Reported Adjustments As Restated As Reported Adjustments As Restated Assets Current Assets Cash and cash equivalents $ 15,839 $ — $ 15,839 $ 15,831 $ — $ 15,831 $ 22,509 $ — $ 22,509 Restricted cash 707 — 707 812 — 812 671 — 671 Marketable securities 136,562 — 136,562 141,453 — 141,453 156,305 — 156,305 Receivables, net 40,391 (30,609) 9,782 45,074 (33,571) 11,503 41,147 (31,308) 9,839 Notes receivable 21,093 (21,093) — 21,093 (21,093) — 21,093 (21,093) — Spare parts and supplies, net 5,029 — 5,029 5,184 — 5,184 4,978 — 4,978 Contract costs 108 — 108 114 — 114 161 — 161 Contract assets 1,618 — 1,618 173 — 173 — — — Prepaid expenses and other 2,594 (57) 2,537 2,749 — 2,749 3,512 — 3,512 Total Current Assets 223,941 (51,759) 172,182 232,483 (54,664) 177,819 250,376 (52,401) 197,975 Property and Equipment Flight property and equipment 265,636 — 265,636 265,459 — 265,459 265,285 — 265,285 Ground property and equipment 8,596 — 8,596 8,287 — 8,287 8,240 — 8,240 Less accumulated depreciation (190,606) — (190,606) (183,329) — (183,329) (176,474) — (176,474) Net Property and Equipment 83,626 — 83,626 90,417 — 90,417 97,051 — 97,051 Other Assets Harbor Diversified Inc. and Subsidiaries 2023 Condensed Consolidated Balance Sheets (in thousands) September 30, 2023 June 30, 2023 March 31, 2023 As Reported Adjustments As Restated As Reported Adjustments As Restated As Reported Adjustments As Restated Assets Operating lease right of use asset 9,708 — 9,708 11,113 — 11,113 12,153 — 12,153 Intangibles 5,300 — 5,300 5,300 — 5,300 5,300 — 5,300 Long-term deferred tax asset — — — — — — — 119 119 Long-term investments 4,275 — 4,275 4,275 — 4,275 4,275 — 4,275 Long-term contract costs 613 — 613 639 — 639 751 — 751 Other 969 7,588 8,557 1,146 7,587 8,733 1,126 7,795 8,921 Total Other Assets 20,865 7,588 28,453 22,473 7,587 30,060 23,605 7,914 31,519 Total Assets $ 328,432 $ (44,171) $ 284,261 $ 345,373 $ (47,077) $ 298,296 $ 371,032 $ (44,487) $ 326,545 Liabilities, Mezzanine Equity, and Stockholders' Equity Current Liabilities Accounts payable $ 14,295 $ 640 $ 14,935 $ 21,016 $ 254 $ 21,270 $ 20,950 $ — $ 20,950 Accrued payroll and employee benefits 13,235 — 13,235 13,184 — 13,184 14,216 — 14,216 Current portion of operating lease liability 3,649 — 3,649 4,199 — 4,199 5,125 — 5,125 Other accrued expenses 166 — 166 102 — 102 193 — 193 Contract liabilities, net — — — — — — 1,120 — 1,120 Deferred revenues — — — — — — 5,841 (2,159) 3,682 Current portion of long-term debt 52,554 — 52,554 5,444 — 5,444 9,084 — 9,084 Total Current Liabilities 83,899 640 84,539 43,945 254 44,199 56,529 (2,159) 54,370 Other Liabilities Long-term debt — — — 47,596 — 47,596 51,582 — 51,582 Long-term promissory note 4,275 — 4,275 4,275 — 4,275 4,275 — 4,275 Deferred tax liability 4,424 (3,034) 1,390 7,990 (6,015) 1,975 7,990 (3,831) 4,159 Long-term operating lease liability 3,659 — 3,659 4,500 — 4,500 4,543 — 4,543 Long-term contract liabilities, net 2,792 — 2,792 2,840 — 2,840 398 — 398 Other, net 1,755 — 1,755 1,737 — 1,737 1,659 — 1,659 Total Long-term Liabilities 16,905 (3,034) 13,871 68,938 (6,015) 62,923 70,447 (3,831) 66,616 Total Liabilities 100,804 (2,394) 98,410 112,883 (5,761) 107,122 126,976 (5,990) 120,986 Mezzanine Equity Harbor Diversified Inc. and Subsidiaries 2023 Condensed Consolidated Balance Sheets (in thousands) September 30, 2023 June 30, 2023 March 31, 2023 As Reported Adjustments As Restated As Reported Adjustments As Restated As Reported Adjustments As Restated Assets Preferred stock 13,200 — 13,200 13,200 — 13,200 13,200 — 13,200 Stockholders' Equity Common stock 555 — 555 555 — 555 555 — 555 Additional paid-in capital 284,753 — 284,753 285,111 — 285,111 285,416 — 285,416 Retained deficit (52,009) (41,777) (93,786) (48,321) (41,316) (89,637) (39,152) (38,497) (77,649) Treasury stock (18,871) — (18,871) (18,055) — (18,055) (15,963) — (15,963) Total Stockholders' Equity 214,428 (41,777) 172,651 219,290 (41,316) 177,974 230,856 (38,497) 192,359 Total Liabilities, Mezzanine Equity, and Stockholders' Equity $ 328,432 $ (44,171) $ 284,261 $ 345,373 $ (47,077) $ 298,296 $ 371,032 $ (44,487) $ 326,545 Harbor Diversified, Inc. and Subsidiaries 2022 Condensed Consolidated Balance Sheets (in thousands) September 30, 2022 June 30, 2022 March 31, 2022 As Reported Adjustments As Restated As Reported Adjustments As Restated As Reported Adjustments As Restated Assets Current Assets Cash and cash equivalents $ 19,013 $ — $ 19,013 $ 24,491 $ — $ 24,491 $ 25,573 $ — $ 25,573 Restricted cash 418 — 418 516 — 516 576 — 576 Marketable securities 130,517 — 130,517 133,303 — 133,303 136,178 — 136,178 Receivables, net 33,272 (18,866) 14,406 24,119 (10,383) 13,736 15,680 (3,981) 11,699 Notes receivable 60,315 (14,176) 46,139 55,177 (9,038) 46,139 51,078 (4,939) 46,139 Spare parts and supplies, net 4,404 — 4,404 4,729 — 4,729 5,114 — 5,114 Contract costs 258 — 258 358 — 358 499 — 499 Prepaid expenses and other 2,776 — 2,776 1,640 — 1,640 1,834 — 1,834 Total Current Assets 250,973 (33,042) 217,931 244,333 (19,421) 224,912 236,532 (8,920) 227,612 Property and Equipment Flight property and equipment 262,237 — 262,237 263,199 — 263,199 260,926 — 260,926 Harbor Diversified, Inc. and Subsidiaries 2022 Condensed Consolidated Balance Sheets (in thousands) September 30, 2022 June 30, 2022 March 31, 2022 As Reported Adjustments As Restated As Reported Adjustments As Restated As Reported Adjustments As Restated Assets Ground property and equipment 7,895 — 7,895 8,320 — 8,320 8,221 — 8,221 Less accumulated depreciation (163,336) — (163,336) (156,909) — (156,909) (150,109) — (150,109) Net Property and Equipment 106,796 — 106,796 114,610 — 114,610 119,038 — 119,038 Other Assets Operating lease right of use asset 14,789 — 14,789 16,005 — 16,005 17,328 — 17,328 Intangibles 5,300 — 5,300 5,300 — 5,300 5,300 — 5,300 Long-term deferred tax asset 616 (365) 251 616 (340) 276 616 (88) 528 Long-term investments 4,275 — 4,275 4,275 — 4,275 4,275 — 4,275 Other 1,687 5,837 7,524 1,898 4,466 6,364 1,805 2,485 4,290 Total Other Assets 26,667 5,472 32,139 28,094 4,126 32,220 29,324 2,397 31,721 Total Assets $ 384,436 $ (27,570) $ 356,866 $ 387,037 $ (15,295) $ 371,742 $ 384,894 $ (6,523) $ 378,371 Liabilities, Mezzanine Equity, and Stockholders' Equity Current Liabilities Accounts payable 16,593 — 16,593 18,574 — 18,574 15,797 — 15,797 Accrued payroll and employee benefits 13,057 — 13,057 13,157 — 13,157 12,484 — 12,484 Current portion of operating lease liability 5,078 — 5,078 5,103 — 5,103 5,180 — 5,180 Other accrued expenses 253 — 253 196 — 196 228 — 228 Contract liabilities 3,576 — 3,576 4,961 — 4,961 6,917 — 6,917 Deferred revenues 22,318 (1,225) 21,093 27,500 2,246 29,746 40,102 1,656 41,758 Income taxes payable 4,633 (4,633) — 3,487 (3,487) — 751 (751) — Current portion of long-term debt 9,224 — 9,224 9,310 — 9,310 5,845 — 5,845 Total Current Liabilities 74,732 (5,858) 68,874 82,288 (1,241) 81,047 87,304 905 88,209 Other Liabilities Long-term debt 56,089 — 56,089 57,050 — 57,050 61,110 — 61,110 Long-term promissory note 4,275 — 4,275 4,275 — 4,275 4,275 — 4,275 Deferred tax liability 653 2,541 3,194 653 2,462 3,115 653 633 1,286 Long-term operating lease liability 7,100 — 7,100 8,304 — 8,304 9,515 — 9,515 Other 2,757 — 2,757 2,662 — 2,662 2,663 — 2,663 Harbor Diversified, Inc. and Subsidiaries 2022 Condensed Consolidated Balance Sheets (in thousands) September 30, 2022 June 30, 2022 March 31, 2022 As Reported Adjustments As Restated As Reported Adjustments As Restated As Reported Adjustments As Restated Assets Total Long-term Liabilities 70,874 2,541 73,415 72,944 2,462 75,406 78,216 633 78,849 Total Liabilities 145,606 (3,317) 142,289 155,232 1,221 156,453 165,520 1,538 167,058 Mezzanine Equity Preferred stock 13,200 — 13,200 13,200 — 13,200 13,200 — 13,200 Stockholders' Equity Common stock 555 — 555 555 — 555 555 — 555 Additional paid-in capital 285,866 — 285,866 286,064 — 286,064 286,262 — 286,262 Retained deficit (46,778) (24,253) (71,031) (54,800) (16,516) (71,316) (69,881) (8,061) (77,942) Treasury stock (14,013) — (14,013) (13,214) — (13,214) (10,762) — (10,762) Total Stockholders' Equity 225,630 (24,253) 201,377 218,605 (16,516) 202,089 206,174 (8,061) 198,113 Total Liabilities, Mezzanine Equity, and Stockholders' Equity $ 384,436 $ (27,570) $ 356,866 $ 387,037 $ (15,295) $ 371,742 $ 384,894 $ (6,523) $ 378,371 Harbor Diversified, Inc. and Subsidiaries 2023 Three Month Condensed Consolidated Statements of Operations (in thousands, except share amounts and per share values) Three Months Ended September 30, 2023 June 30, 2023 March 31, 2023 As Reported Adjustments As Restated As Reported Adjustments As Restated As Reported Adjustments As Restated Operating Revenues Contract revenues $ 49,958 $ — $ 49,958 $ 50,970 $ (2,161) $ 48,809 $ 59,037 $ (6,518) $ 52,519 Contract services and other 98 — 98 102 — 102 95 — 95 Total Operating Revenues 50,056 — 50,056 51,072 (2,161) 48,911 59,132 (6,518) 52,614 Operating Expenses Payroll and related costs 29,444 — 29,444 29,953 — 29,953 29,768 — 29,768 Aircraft fuel and oil 115 — 115 221 — 221 102 — 102 Aircraft maintenance, materials and repairs 11,175 — 11,175 17,869 — 17,869 19,349 — 19,349 Other rents 1,459 — 1,459 1,474 — 1,474 1,594 — 1,594 Depreciation, amortization and obsolescence 6,398 — 6,398 6,370 — 6,370 6,357 — 6,357 Harbor Diversified, Inc. and Subsidiaries 2023 Three Month Condensed Consolidated Statements of Operations (in thousands, except share amounts and per share values) Three Months Ended September 30, 2023 June 30, 2023 March 31, 2023 As Reported Adjustments As Restated As Reported Adjustments As Restated As Reported Adjustments As Restated Operating Revenues Purchased services and other 6,537 — 6,537 7,532 — 7,532 4,442 — 4,442 Total Operating Expenses 55,128 — 55,128 63,419 — 63,419 61,612 — 61,612 Loss From Operations (5,072) — (5,072) (12,347) (2,161) (14,508) (2,480) (6,518) (8,998) Other (Expense) Income Interest and dividend income 1,540 (244) 1,296 1,429 (239) 1,190 1,366 (216) 1,150 Interest expense — — — (11) — (11) (1) — (1) Gain (loss) on marketable securities (955) — (955) (795) — (795) 1,740 — 1,740 Gain on extinguishment of debt — — — 70 — 70 — — — Other, net — — — (1) — (1) (13) — (13) Total Other Income 585 (244) 341 692 (239) 453 3,092 (216) 2,876 Net Income (Loss) Before Taxes (4,487) (244) (4,731) (11,655) (2,400) (14,055) 612 (6,734) (6,122) Income Tax Benefit (799) 217 (582) (2,486) 419 (2,067) (270) (937) (1,207) Net Income (Loss) (3,688) (461) (4,149) (9,169) (2,819) (11,988) 882 (5,797) (4,915) Preferred Stock Dividends 358 — 358 305 — 305 252 — 252 Net Income (Loss) Available to $ (4,046) $ (461) $ (4,507) $ (9,474) $ (2,819) $ (12,293) $ 630 $ (5,797) $ (5,167) Basic earnings (loss) per share $ (0.09) $ (0.01) $ (0.10) $ (0.21) $ (0.07) $ (0.28) $ 0.01 $ (0.12) $ (0.11) Diluted (loss) earnings per share $ (0.09) $ (0.01) $ (0.10) $ (0.21) $ (0.07) $ (0.28) $ 0.01 $ (0.12) $ (0.11) Weighted average common shares: Basic 43,653,627 — 43,653,627 44,276,627 — 44,276,627 44,979,947 — 44,979,947 Diluted 43,653,627 — 43,653,627 44,276,627 — 44,276,627 61,479,947 (16,500,000) 44,979,947 Harbor Diversified, Inc. and Subsidiaries 2023 Nine- and Six-Month Condensed Consolidated Statements of Operations (in thousands, except share amounts and per share values) Nine Months Ended Six Months Ended September 30, 2023 June 30, 2023 As Reported Adjustments As Restated As Reported Adjustments As Restated Operating Revenues Contract revenues $ 159,965 $ (8,679) $ 151,286 $ 110,007 $ (8,679) $ 101,328 Contract services and other 295 — 295 197 — 197 Total Operating Revenues 160,260 (8,679) 151,581 110,204 (8,679) 101,525 Operating Expenses Payroll and related costs 89,165 — 89,165 59,721 — 59,721 Aircraft fuel and oil 438 — 438 323 — 323 Aircraft maintenance, materials and repairs 48,393 — 48,393 37,218 — 37,218 Other rents 4,527 — 4,527 3,068 — 3,068 Depreciation, amortization and obsolescence 19,125 — 19,125 12,727 — 12,727 Purchased services and other 18,511 — 18,511 11,974 — 11,974 Total Operating Expenses 180,159 — 180,159 125,031 — 125,031 Loss From Operations (19,899) (8,679) (28,578) (14,827) (8,679) (23,506) Other (Expense) Income Interest and dividend income 4,335 (699) 3,636 2,795 (455) 2,340 Interest expense (12) — (12) (12) — (12) Gain (loss) on marketable securities (10) — (10) 945 — 945 Gain on extinguishment of debt 70 — 70 70 — 70 Other, net (14) — (14) (14) — (14) Total Other Income 4,369 (699) 3,670 3,784 (455) 3,329 Net Loss Before Taxes (15,530) (9,378) (24,908) (11,043) (9,134) (20,177) Income Tax Benefit (3,555) (301) (3,856) (2,756) (518) (3,274) Net Loss (11,975) (9,077) (21,052) (8,287) (8,616) (16,903) Preferred Stock Dividends 915 — 915 557 — 557 Net Loss Available to Common Shareholders $ (12,890) $ (9,077) $ (21,967) $ (8,844) $ (8,616) $ (17,460) Basic loss per share $ (0.29) $ (0.21) $ (0.50) $ (0.20) $ (0.19) $ (0.39) Diluted loss per share $ (0.29) $ (0.21) $ (0.50) $ (0.20) $ (0.19) $ (0.39) Weighted average common shares: Basic 44,298,542 — 44,298,542 44,626,344 — 44,626,344 Diluted 44,298,542 — 44,298,542 44,626,344 — 44,626,344 Harbor Diversified, Inc. and Subsidiaries 2022 Three Month Condensed Consolidated Statements of Operations (in thousands, except share amounts and per share values) Three Months Ended September 30, 2022 June 30, 2022 March 31, 2022 As Reported Adjustments Reclassification As Restated As Reported Adjustments Reclassification As Restated As Reported Adjustments Reclassification As Restated Operating Revenues Contract revenues $ 68,389 $ (10,049) $ — $ 58,340 $ 77,923 $ (11,035) $ — $ 66,888 $ 66,968 $ (9,130) $ — $ 57,838 Contract services and other 21 — — 21 7 — — 7 7 — — 7 Total Operating Revenues 68,410 (10,049) — 58,361 77,930 (11,035) — 66,895 66,975 (9,130) — 57,845 Operating Expenses Payroll and related costs 26,801 — — 26,801 27,694 — — 27,694 26,601 — — 26,601 Aircraft fuel and oil 49 — — 49 34 — — 34 51 — — 51 Aircraft maintenance, materials and repairs 17,494 — — 17,494 16,336 — — 16,336 14,501 — — 14,501 Other rents 1,617 — — 1,617 1,657 — — 1,657 1,613 — — 1,613 Depreciation, amortization and obsolescence 6,639 — — 6,639 6,674 — — 6,674 6,644 — — 6,644 Purchased services and other 3,310 — — 3,310 3,514 — — 3,514 3,765 — — 3,765 Total Operating Expenses 55,910 — — 55,910 55,909 — — 55,909 53,175 — — 53,175 Income From Operations 12,500 (10,049) — 2,451 22,021 (11,035) — 10,986 13,800 (9,130) — 4,670 Other (Expense) Income Interest and dividend income 840 (102) 893 1,631 688 (56) 693 1,325 574 (16) 210 768 Loss on marketable securities (3,749) — — (3,749) (3,602) — — (3,602) (2,423) — — (2,423) Gain on extinguishment of debt 53 — — 53 — — — — — — — — Other, net 885 — (893) (8) 691 — (693) (2) 210 — (210) — Total Other Expense (1,971) (102) — (2,073) (2,223) (56) — (2,279) (1,639) (16) — (1,655) Net Income Before Taxes 10,529 (10,151) — 378 19,798 (11,091) — 8,707 12,161 (9,146) — 3,015 Income Tax Expense 2,507 (2,414) — 93 4,717 (2,636) — 2,081 2,898 (2,177) — 721 Net Income 8,022 (7,737) — 285 15,081 (8,455) — 6,626 9,263 (6,969) — 2,294 Preferred Stock Dividends 198 — — 198 198 — — 198 198 — — 198 Net Income Available to $ 7,824 $ (7,737) $ — $ 87 $ 14,883 $ (8,455) $ — $ 6,428 $ 9,065 $ (6,969) $ — $ 2,096 Basic earnings (loss) per share $ 0.17 $ (0.17) $ — $ — $ 0.32 $ (0.18) $ — $ 0.14 $ 0.19 $ (0.15) $ — $ 0.04 Diluted earnings (loss) per share $ 0.13 $ (0.13) $ — $ — $ 0.24 $ (0.14) $ — $ 0.10 $ 0.14 $ (0.11) $ — $ 0.03 Weighted average common shares: Harbor Diversified, Inc. and Subsidiaries 2022 Three Month Condensed Consolidated Statements of Operations (in thousands, except share amounts and per share values) Three Months Ended September 30, 2022 June 30, 2022 March 31, 2022 As Reported Adjustments Reclassification As Restated As Reported Adjustments Reclassification As Restated As Reported Adjustments Reclassification As Restated Basic 45,775,512 — — 45,775,512 46,518,867 — — 46,518,867 47,637,544 — — 47,637,544 Diluted 62,275,512 — — 62,275,512 63,018,867 — — 63,018,867 64,534,912 — — 64,534,912 Harbor Diversified, Inc. and Subsidiaries 2022 Nine- and Six- Month Condensed Consolidated Statements of Operations (in thousands, except share amounts and per share values) Nine Months Ended Six Months Ended September 30, 2022 June 30, 2022 As Reported Adjustments Reclassification As Restated As Reported Adjustments Reclassification As Restated Operating Revenues Contract revenues $ 213,280 $ (30,214) $ — $ 183,066 $ 144,891 $ (20,165) $ — $ 124,726 Contract services and other 35 — — 35 14 — — 14 Total Operating Revenues 213,315 (30,214) — 183,101 144,905 (20,165) — 124,740 Operating Expenses Payroll and related costs 81,096 — — 81,096 54,295 — — 54,295 Aircraft fuel and oil 134 — — 134 85 — — 85 Aircraft maintenance, materials and repairs 48,331 — — 48,331 30,837 — — 30,837 Other rents 4,887 — — 4,887 3,270 — — 3,270 Depreciation, amortization and obsolescence 19,957 — — 19,957 13,318 — — 13,318 Purchased services and other 10,589 — — 10,589 7,279 — — 7,279 Total Operating Expenses 164,994 — — 164,994 109,084 — — 109,084 Income From Operations 48,321 (30,214) — 18,107 35,821 (20,165) — 15,656 Other (Expense) Income Interest and dividend income 2,102 (174) 1,796 3,724 1,262 (72) 903 2,093 Loss on marketable securities (9,774) — — (9,774) (6,025) — — (6,025) Gain on extinguishment of debt 53 — — 53 — — — — Other, net 1,786 — (1,796) (10) 901 — (903) (2) Total Other Expense (5,833) (174) — (6,007) (3,862) (72) — (3,934) Net Income Before Taxes 42,488 (30,388) — 12,100 31,959 (20,237) — 11,722 Harbor Diversified, Inc. and Subsidiaries 2022 Nine- and Six- Month Condensed Consolidated Statements of Operations (in thousands, except share amounts and per share values) Nine Months Ended Six Months Ended September 30, 2022 June 30, 2022 As Reported Adjustments Reclassification As Restated As Reported Adjustments Reclassification As Restated Operating Revenues Income Tax Expense 10,122 (7,227) — 2,895 7,615 (4,813) — 2,802 Net Income 32,366 (23,161) — 9,205 24,344 (15,424) — 8,920 Preferred Stock Dividends 594 — — 594 396 — — 396 Net Income Available to $ 31,772 $ (23,161) $ — $ 8,611 $ 23,948 $ (15,424) $ — $ 8,524 Basic earnings (loss) per share $ 0.68 $ (0.50) $ — $ 0.18 $ 0.51 $ (0.33) $ — $ 0.18 Diluted earnings (loss) per share $ 0.50 $ (0.36) $ — $ 0.14 $ 0.38 $ (0.25) $ — $ 0.13 Weighted average common shares: Basic 46,637,154 — — 46,637,154 47,075,115 — — 47,075,115 Diluted 63,268,154 — — 63,268,154 63,772,701 — — 63,772,701 Harbor Diversified, Inc. and Subsidiaries 2023 Condensed Consolidated Statement of Stockholders' Equity (in thousands) Mezzanine Equity Amount Shares Common Repurchased Common Additional Paid-In Capital Retained Deficit Cost of Repurchased Stock Total Shareholders' Equity Balance, March 31, 2023 as reported 4,000 $ 13,200 44,750 10,731 $ 555 $ 285,416 $ (39,152) $ (15,963) $ 230,856 Cumulative adjustments to Net Loss — — — — — — (38,497) — (38,497) Balance, March 31, 2023, as restated 4,000 $ 13,200 44,750 10,731 $ 555 $ 285,416 $ (77,649) $ (15,963) $ 192,359 Mezzanine Equity Amount Shares Common Repurchased Common Additional Retained Cost of Total Balance, June 30, 2023, as reported 4,000 $ 13,200 43,830 11,651 $ 555 $ 285,111 $ (48,321) $ (18,055) $ 219,290 Cumulative adjustments to Net Loss — — — — — — (41,316) — (41,316) Balance, June 30, 2023, as restated 4,000 $ 13,200 43,830 11,651 $ 555 $ 285,111 $ (89,637) $ (18,055) $ 177,974 Mezzanine Equity Amount Shares Common Repurchased Common Additional Retained Cost of Total Balance, September 30, 2023 as reported 4,000 $ 13,200 43,456 12,025 $ 555 $ 284,753 $ (52,009) $ (18,871) $ 214,428 Cumulative adjustments to Net Loss — — — — — — (41,777) — (41,777) Balance, September 30, 2023, as restated 4,000 $ 13,200 43,456 12,025 $ 555 $ 284,753 $ (93,786) $ (18,871) $ 172,651 Harbor Diversified, Inc. and Subsidiaries 2022 Condensed Consolidated Statement of Stockholders' Equity (in thousands) Mezzanine Equity Amount Shares Common Repurchased Common Additional Retained Cost of Total Balance, March 31, 2022 as reported 4,000 $ 13,200 47,054 8,427 $ 555 $ 286,262 $ (69,881) $ (10,762) $ 206,174 Cumulative adjustments to Net Income — — — — — — (8,061) — (8,061) Balance, March 31, 2022, as restated 4,000 $ 13,200 47,054 8,427 $ 555 $ 286,262 $ (77,942) $ (10,762) $ 198,113 Mezzanine Equity Amount Shares Common Repurchased Common Additional Retained Cost of Total Balance, June 30, 2022, as reported 4,000 $ 13,200 46,016 9,465 $ 555 $ 286,064 $ (54,800) $ (13,214) $ 218,605 Cumulative adjustments to Net Income — — — — — — (16,516) — (16,516) Balance, June 30, 2022, as restated 4,000 $ 13,200 46,016 9,465 $ 555 $ 286,064 $ (71,316) $ (13,214) $ 202,089 Mezzanine Equity Amount Shares Common Repurchased Common Additional Retained Cost of Total Balance, September 30, 2022 as reported 4,000 $ 13,200 45,652 9,829 $ 555 $ 285,866 $ (46,778) $ (14,013) $ 225,630 Cumulative adjustments to Net Income — — — — — — (24,253) — (24,253) Balance, September 30, 2022, as restated 4,000 $ 13,200 45,652 9,829 $ 555 $ 285,866 $ (71,031) $ (14,013) $ 201,377 Harbor Diversified, Inc. and Subsidiaries 2023 Condensed Consolidated Statements of Cash Flows (in thousands) Nine months ended September 30, 2023 Six months ended June 30, 2023 Three months ended March 31, 2023 As Reported Adjustments As Restated As Reported Adjustments As Restated As Reported Adjustments As Restated Cash Flows From Operating Activities Net income (loss) $ (11,975) $ (9,077) $ (21,052) $ (8,287) $ (8,616) $ (16,903) $ 882 $ (5,797) $ (4,915) Adjustments to reconcile net income (loss) to net cash Depreciation, amortization and obsolescence allowance 19,125 — 19,125 12,727 — 12,727 6,357 — 6,357 Amortization of contract costs (1,654) 1,654 — (1,461) 1,461 — (936) 936 — Amortization of engine overhauls 2,485 — 2,485 1,515 — 1,515 676 — 676 Deferred income taxes (3,566) (296) (3,862) — (3,277) (3,277) — (1,212) (1,212) Loss on disposition of property 219 — 219 208 — 208 92 — 92 Loss (gain) on marketable securities 10 — 10 (945) — (945) (1,740) — (1,740) Gain on extinguishment of debt (70) — (70) (70) — (70) — — — Changes in operating assets and liabilities: Accounts receivable (51) 1,687 1,636 (4,733) 4,649 (84) (807) 2,386 1,579 Notes receivable (1,641) 1,641 — (1,641) 1,641 — (1,641) 1,641 — Spare parts and supplies (450) — (450) (605) — (605) (399) — (399) Prepaid expenses and other 471 445 916 139 389 528 (698) 181 (517) Operating lease right of use asset 140 — 140 126 — 126 55 — 55 Accounts payable (5,870) 640 (5,230) 851 254 1,105 784 — 784 Accrued payroll and employee benefits 246 — 246 195 — 195 1,227 — 1,227 Other accrued expenses 29 — 29 (35) — (35) 56 — 56 Contract liabilities 843 (1,654) (811) 2,143 (1,461) 682 469 (936) (467) Deferred revenue (16,561) 4,960 (11,601) (16,561) 4,960 (11,601) (10,720) 2,801 (7,919) Other long-term liabilities (222) — (222) (240) — (240) (318) — (318) Net Cash Used in Operating Activities (18,492) — (18,492) (16,674) — (16,674) (6,661) — (6,661) Cash Flows From Investing Activities Additions to property and equipment (3,017) — (3,017) (2,453) — (2,453) (1,817) — (1,817) Proceeds on disposition of property and equipment 19 — 19 10 — 10 2 — 2 Purchase of marketable securities (2,745) — (2,745) (1,681) — (1,681) (738) — (738) Sale of marketable securities 20,000 — 20,000 15,000 — 15,000 — — — Net Cash Provided by (Used in) Investing Activities 14,257 — 14,257 10,876 — 10,876 (2,553) — (2,553) Harbor Diversified, Inc. and Subsidiaries 2023 Condensed Consolidated Statements of Cash Flows (in thousands) Nine months ended September

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Description of Operations, Out-Of-Period Adjustment and Segment Reporting (Details)	12 Months Ended
	Dec. 31, 2023 segment aircraft service_line
Related Party Transaction [Line Items]
Number of service lines (in service line) | service_line	1
Number of operating segments (in segment) | segment	1
Number of reportable segments ((in segment) | segment	1
American Capacity Purchase Agreement | Air Wisconsin | American Airlines
Related Party Transaction [Line Items]
Number of aircraft operated | aircraft	60
American Capacity Purchase Agreement | Air Wisconsin | Related Party | American Airlines
Related Party Transaction [Line Items]
Number of aircraft operated | aircraft	45

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Contract Revenues (Detail) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended						6 Months Ended		9 Months Ended		12 Months Ended
	Oct. 31, 2020	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Oct. 31, 2021	Dec. 31, 2020
Summary of Significant Accounting Policies [Line Items]
Receivables, net		$ 9,782	$ 11,503	$ 9,839	$ 14,406	$ 13,736	$ 11,699	$ 11,503	$ 13,736	$ 9,782	$ 14,406	$ 5,592	$ 11,419
Payments for proceeds from incentives and penalties												1,419	6,420
Accounts receivable, net												0	2,307
Fulfillment costs												774	0
Purchased services and other		6,537	7,532	4,442	$ 3,310	$ 3,514	$ 3,765	11,974	$ 7,279	18,511	$ 10,589	21,346	14,992
Amortization expense related to fulfillment costs												85	0
Short-term contract assets		$ 1,618	$ 173	$ 0				$ 173		$ 1,618
Cash paid	$ 670
Accrued liabilities	$ 11,048
Cash received from united for the opening of a crew base															$ 294
Short-Term Contract with Customer
Summary of Significant Accounting Policies [Line Items]
Deferred revenue current												662	0
Long-Term Contract with Customer
Summary of Significant Accounting Policies [Line Items]
Deferred revenue, noncurrent												2,831	0
American Airlines | Air Wisconsin
Summary of Significant Accounting Policies [Line Items]
Rebates payable												267
American Capacity Purchase Agreement
Summary of Significant Accounting Policies [Line Items]
Deferred revenue recognized												0	0
American Capacity Purchase Agreement | Monthly Support Fee And Anticipated Heavy Maintenance Reimbursements
Summary of Significant Accounting Policies [Line Items]
Short-term contract assets												562	0
Long-term contract assets												152	0
United Capacity Purchase Agreement
Summary of Significant Accounting Policies [Line Items]
Deferred income												0	11,601
Deferred revenue recognized												1,985	6,517
October 2020 Amendment
Summary of Significant Accounting Policies [Line Items]
Deferred revenue recognition												649	2,132
Deferred revenue, noncurrent												0	649
Deferred cash payable																$ 4,410
Deferred revenue														$ 73
October 2020 Amendment | United Capacity Purchase Agreement
Summary of Significant Accounting Policies [Line Items]
Deferred revenue current												0	1,335
Related Party | Air Wisconsin
Summary of Significant Accounting Policies [Line Items]
Receivables, net												1,187
Deferred revenue current												3,493	0
Purchased services and other												602
Estimated non-refundable upfront fee revenue												4,600
Non-refundable upfront fee revenues												505	0
Revenue related to one-time assistance payment, estimated monthly support fee and heavy maintenance revenues												5,456	0
Related Party | American Capacity Purchase Agreement | Air Wisconsin
Summary of Significant Accounting Policies [Line Items]
Deferred revenue recognition												59,089	0
Purchased services and other												3,998
Related Party | United Capacity Purchase Agreement | Air Wisconsin
Summary of Significant Accounting Policies [Line Items]
Deferred revenue recognition												11,601	33,237
Upfront fee												1,335	4,385
Fulfillment costs												$ 143	$ 470
Revenue Benchmark | American Capacity Purchase Agreement | Customer Concentration Risk
Summary of Significant Accounting Policies [Line Items]
Concentration risk												63.80%	0%
Revenue Benchmark | United Capacity Purchase Agreement | Customer Concentration Risk
Summary of Significant Accounting Policies [Line Items]
Concentration risk												36%	99.90%

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Restricted cash	$ 755	$ 849

Summary of Significant Accoun_7

Summary of Significant Accounting Policies- Summary of Receivables, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022
Accounting Policies [Abstract]
Trade receivables	$ 1,187				$ 1,612
Insurance and warranty claim receivables	1,506				2,710
Federal and state tax receivables	1,024				3,384
Other industry related receivables	1,883				3,731
Allowance for expected credit losses	(8)				(18)
Receivables, net	$ 5,592	$ 9,782	$ 11,503	$ 9,839	$ 11,419	$ 14,406	$ 13,736	$ 11,699

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Allowance for Credit Losses (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Allowance for accounts receivables	$ 8	$ 18
Allowance for sales lease receivable	$ 229

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Marketable Securities and Long-Term Restricted Investments and Spare Parts and Supplies (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022
Summary of Significant Accounting Policies [Line Items]
Marketable securities	$ 92,747	$ 136,562	$ 141,453	$ 156,305	$ 153,827	$ 130,517	$ 133,303	$ 136,178
Inventory allowance	17,146				17,180
Spare parts and supplies carrying value	$ 0
Air Wisconsin
Summary of Significant Accounting Policies [Line Items]
Marketable securities					$ 153,827

Summary of Significant Accou_10

Summary of Significant Accounting Policies - Contract Costs and Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022
Accounting Policies [Abstract]
Fulfillment costs	$ 774	$ 0
Amortization expense related to fulfillment costs	85	0
Contract costs	111	143	$ 108	$ 114	$ 161	$ 258	$ 358	$ 499
Long-term contract costs	578	0	613	639	751
Contract liabilities, net	100	1,985	0	0	1,120	$ 3,576	$ 4,961	$ 6,917
Contract with Customer, Liability, Noncurrent	$ 2,984	$ 0	$ 2,792	$ 2,840	$ 398

Summary of Significant Accou_11

Summary of Significant Accounting Policies - Summary of Net Unrealized Gains and Losses That Relate To Marketable Securities (Detail) - USD ($) $ in Thousands	3 Months Ended						6 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Net gains (losses) recognized during the period on equity securities	$ (955)	$ (795)	$ 1,740	$ (3,749)	$ (3,602)	$ (2,423)	$ 945	$ (6,025)	$ (10)	$ (9,774)	$ 3,651	$ (8,826)
Less: Net gains (losses) recognized during the period on equity securities sold during the period											0	0
Unrealized gains (losses) recognized during the period on equity securities held as of the end of the period											$ 3,651	$ (8,826)

Summary of Significant Accou_12

Summary of Significant Accounting Policies - Schedule of Property and Equipment Useful Lives (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Aircraft
Property, Plant and Equipment [Line Items]
Depreciable Life (in years)	7 years
Current Residual Value	$ 50
Rotable parts
Property, Plant and Equipment [Line Items]
Depreciable Life (in years)	7 years
Current Residual Value, percent	10%
Spare engines
Property, Plant and Equipment [Line Items]
Depreciable Life (in years)	7 years
Current Residual Value	$ 25
Ground equipment
Property, Plant and Equipment [Line Items]
Depreciable Life (in years)	10 years
Current Residual Value, percent	0%
Office equipment
Property, Plant and Equipment [Line Items]
Depreciable Life (in years)	10 years
Current Residual Value, percent	0%
Leasehold improvements
Property, Plant and Equipment [Line Items]
Current Residual Value, percent	0%

Summary of Significant Accou_13

Summary of Significant Accounting Policies - Property and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	$ 75,806	$ 102,259	$ 83,626	$ 90,417	$ 97,051	$ 106,796	$ 114,610	$ 119,038
Depreciation expense	25,295	24,911
Gain (loss) on disposal of fixed assets	523	(181)
Construction in Progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	$ 3,983	$ 2,237

Summary of Significant Accou_14

Summary of Significant Accounting Policies - Summary of Original Cost of Company's Fixed Assets and Accumulated Depreciation or Amortization (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022
Property, Plant and Equipment [Line Items]
Accumulated Depreciation/ Amortization	$ 193,457	$ 190,606	$ 183,329	$ 176,474	$ 169,766	$ 163,336	$ 156,909	$ 150,109
Property, Plant And Equipment, Excluding Construction In Progress
Property, Plant and Equipment [Line Items]
Original Cost	265,280				269,788
Accumulated Depreciation/ Amortization	193,457				169,766
Aircraft
Property, Plant and Equipment [Line Items]
Original Cost	67,459				70,089
Accumulated Depreciation/ Amortization	48,011				40,544
Spare engines
Property, Plant and Equipment [Line Items]
Original Cost	160,694				163,708
Accumulated Depreciation/ Amortization	119,575				103,834
Rotable parts
Property, Plant and Equipment [Line Items]
Original Cost	28,335				27,936
Accumulated Depreciation/ Amortization	18,512				18,655
Ground equipment
Property, Plant and Equipment [Line Items]
Original Cost	2,912				2,718
Accumulated Depreciation/ Amortization	2,277				2,063
Office equipment
Property, Plant and Equipment [Line Items]
Original Cost	4,757				4,519
Accumulated Depreciation/ Amortization	4,391				4,218
Leasehold improvements
Property, Plant and Equipment [Line Items]
Original Cost	1,123				818
Accumulated Depreciation/ Amortization	$ 691				$ 452

Summary of Significant Accou_15

Summary of Significant Accounting Policies - Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022
Income Tax Examination [Line Items]
State income tax receivables - 2022 originally filed tax returns	$ 0				$ 547
Workers compensation loss fund	945				984
Long-term deposits	89				93
Other assets	8,051	$ 8,557	$ 8,733	$ 8,921	9,053	$ 7,524	$ 6,364	$ 4,290
State
Income Tax Examination [Line Items]
Expected tax refunds from 2021 and 2022 amended returns	231				643
Federal Tax Authority
Income Tax Examination [Line Items]
Expected tax refunds from 2021 and 2022 amended returns	$ 6,786				$ 6,786

Summary of Significant Accou_16

Summary of Significant Accounting Policies - Interest and Dividend Income and Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Interest income	$ 160	$ 1,832
Dividend income	5,316	4,858
Accrued payment of interest and penalties	$ 48	$ 62

Summary of Significant Accou_17

Summary of Significant Accounting Policies - Concentration of Credit Risk (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022
Concentration Risk [Line Items]
Cash and cash equivalents	$ 20,776	$ 33,333	$ 15,839	$ 15,831	$ 22,509	$ 19,013	$ 24,491	$ 25,573
Restricted cash	$ 755	$ 849
United Capacity Purchase Agreement | Revenue Benchmark | Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk	36%	99.90%
United Capacity Purchase Agreement | Accounts Receivable | Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk	0%	14.10%
American Capacity Purchase Agreement | Revenue Benchmark | Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk	63.80%	0%
American Capacity Purchase Agreement | Accounts Receivable | Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk	21.20%	0%

Summary of Significant Accou_18

Summary of Significant Accounting Policies - Summary of Classification of Marketable Securities And Long Term Investments (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	$ 100,216	$ 158,102
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	95,941	153,827
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	4,275	4,275
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	0	0
Marketable securities – exchange-traded funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	83,826	109,178
Marketable securities – exchange-traded funds | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	83,826	109,178
Marketable securities – exchange-traded funds | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	0	0
Marketable securities – exchange-traded funds | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	0	0
Marketable securities – mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	8,921	44,649
Marketable securities – mutual funds | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	8,921	44,649
Marketable securities – mutual funds | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	0	0
Marketable securities – mutual funds | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	0	0
Long-term investments – bonds (see Note 7)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	4,275	4,275
Long-term investments – bonds (see Note 7) | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	0	0
Long-term investments – bonds (see Note 7) | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	4,275	4,275
Long-term investments – bonds (see Note 7) | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	0	$ 0
Long-term restricted investments - mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	3,194
Long-term restricted investments - mutual funds | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	3,194
Long-term restricted investments - mutual funds | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	0
Long-term restricted investments - mutual funds | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	$ 0

Restatement of 2022 Consolida_3

Restatement of 2022 Consolidated Financial Statements - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended						6 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Adjustment to contract revenue	$ 50,056	$ 48,911	$ 52,614	$ 58,361	$ 66,895	$ 57,845	$ 101,525	$ 124,740	$ 151,581	$ 183,101	$ 199,205	$ 239,728
Adjustment to interest income											(160)	(1,832)
Reduction in income tax expense	582	2,067	1,207	(93)	(2,081)	(721)	3,274	(2,802)	3,856	(2,895)	3,365	(5,132)
Adjustment to net income	4,507	12,293	5,167	(87)	(6,428)	(2,096)	17,460	(8,524)	21,967	(8,611)	17,313	(6,710)
Expected federal and state refunds												7,092	$ 337
Reclassification of tax receivable, current											(1,024)	(3,384)
Amortization of contract costs			0			0	0	0	0	0		0
Adjustment to contract liabilities			467			2,507	(682)	4,463	811	5,848	(1,099)	7,439
Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Adjustment to contract revenue	0	(2,161)	(6,518)	(10,049)	(11,035)	(9,130)	(8,679)	(20,165)	(8,679)	(30,214)		(41,135)	(1,429)
Adjustment to interest income										174		334
Reduction in income tax expense	(217)	(419)	937	2,414	2,636	2,177	518	4,813	301	7,227		9,861	337
Adjustment to net income	461	2,819	5,797	7,737	8,455	6,969	8,616	15,424	9,077	23,161		31,608	1,092
Reclassification of tax receivable, current												547
Amortization of contract costs			936			1,066	1,461	2,383	1,654	3,314		4,385
Adjustment to contract liabilities			936			1,066	1,461	2,383	1,654	3,314		4,385
Contract revenues
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Adjustment to contract revenue	49,958	48,809	52,519	58,340	66,888	57,838	101,328	124,726	151,286	183,066	$ 198,833	239,602
Contract revenues | Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Adjustment to contract revenue	$ 0	$ (2,161)	$ (6,518)	$ (10,049)	$ (11,035)	$ (9,130)	$ (8,679)	$ (20,165)	$ (8,679)	$ (30,214)		$ (41,135)	$ (1,429)

Restatement of 2022 Consolida_4

Restatement of 2022 Consolidated Financial Statements - Restated Unaudited Condensed Consolidated Balance Sheet, Consolidated Statement of Operations and Consolidated Statement of Cash Flows (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						6 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current Assets
Cash and cash equivalents	$ 15,839	$ 15,831	$ 22,509	$ 19,013	$ 24,491	$ 25,573	$ 15,831	$ 24,491	$ 15,839	$ 19,013	$ 20,776	$ 33,333
Restricted cash	707	812	671	418	516	576	812	516	707	418	755	849
Marketable securities	136,562	141,453	156,305	130,517	133,303	136,178	141,453	133,303	136,562	130,517	92,747	153,827
Receivables, net	9,782	11,503	9,839	14,406	13,736	11,699	11,503	13,736	9,782	14,406	5,592	11,419
Notes receivable	0	0	0	46,139	46,139	46,139	0	46,139	0	46,139		0
Spare parts and supplies, net	5,029	5,184	4,978	4,404	4,729	5,114	5,184	4,729	5,029	4,404	4,810	4,579
Contract costs	108	114	161	258	358	499	114	358	108	258	111	143
Prepaid expenses and other	2,537	2,749	3,512	2,776	1,640	1,834	2,749	1,640	2,537	2,776	2,115	3,732
Total Current Assets	172,182	177,819	197,975	217,931	224,912	227,612	177,819	224,912	172,182	217,931	127,659	207,882
Property and Equipment
Flight property and equipment	265,636	265,459	265,285	262,237	263,199	260,926	265,459	263,199	265,636	262,237	260,471	263,970
Ground property and equipment	8,596	8,287	8,240	7,895	8,320	8,221	8,287	8,320	8,596	7,895	8,792	8,055
Less accumulated depreciation and amortization	(190,606)	(183,329)	(176,474)	(163,336)	(156,909)	(150,109)	(183,329)	(156,909)	(190,606)	(163,336)	(193,457)	(169,766)
Net Property and Equipment	83,626	90,417	97,051	106,796	114,610	119,038	90,417	114,610	83,626	106,796	75,806	102,259
Other Assets
Operating lease right-of-use asset	9,708	11,113	12,153	14,789	16,005	17,328	11,113	16,005	9,708	14,789	10,270	13,480
Intangibles	5,300	5,300	5,300	5,300	5,300	5,300	5,300	5,300	5,300	5,300	5,300	5,300
Long-term deferred tax assets	0	0	119	251	276	528	0	276	0	251	0	258
Long-term investments	4,275	4,275	4,275	4,275	4,275	4,275	4,275	4,275	4,275	4,275	4,275	4,275
Other	8,557	8,733	8,921	7,524	6,364	4,290	8,733	6,364	8,557	7,524	8,051	9,053
Total Other Assets	28,453	30,060	31,519	32,139	32,220	31,721	30,060	32,220	28,453	32,139	32,839	32,366
Total Assets	284,261	298,296	326,545	356,866	371,742	378,371	298,296	371,742	284,261	356,866	236,304	342,507
Current Liabilities
Accounts payable	14,935	21,270	20,950	16,593	18,574	15,797	21,270	18,574	14,935	16,593	12,385	20,165
Accrued payroll and employee benefits	13,235	13,184	14,216	13,057	13,157	12,484	13,184	13,157	13,235	13,057	11,495	12,989
Current portion of operating lease liability	3,649	4,199	5,125	5,078	5,103	5,180	4,199	5,103	3,649	5,078	4,938	5,091
Other accrued expenses	166	102	193	253	196	228	102	196	166	253	67	137
Contract liabilities, net	0	0	1,120	3,576	4,961	6,917	0	4,961	0	3,576	100	1,985
Deferred revenues	0	0	3,682	21,093	29,746	41,758	0	29,746	0	21,093	0	11,601
Income taxes payable				0	0	0		0		0		0
Current portion of long-term debt	52,554	5,444	9,084	9,224	9,310	5,845	5,444	9,310	52,554	9,224	0	9,154
Total Current Liabilities	84,539	44,199	54,370	68,874	81,047	88,209	44,199	81,047	84,539	68,874	28,985	61,122
Other Liabilities
Long-term debt	0	47,596	51,582	56,089	57,050	61,110	47,596	57,050	0	56,089	0	52,068
Long-term promissory note	4,275	4,275	4,275	4,275	4,275	4,275	4,275	4,275	4,275	4,275	4,275	4,275
Deferred tax liability	1,390	1,975	4,159	3,194	3,115	1,286	1,975	3,115	1,390	3,194	1,983	5,510
Long-term operating lease liability	3,659	4,500	4,543	7,100	8,304	9,515	4,500	8,304	3,659	7,100	3,010	5,849
Other	1,755	1,737	1,659	2,757	2,662	2,663	1,737	2,662	1,755	2,757	2,007	1,977
Total Long-Term Liabilities	13,871	62,923	66,616	73,415	75,406	78,849	62,923	75,406	13,871	73,415	17,475	69,679
Total Liabilities	98,410	107,122	120,986	142,289	156,453	167,058	107,122	156,453	98,410	142,289		130,801
Mezzanine Equity
Preferred stock	13,200	13,200	13,200	13,200	13,200	13,200	13,200	13,200	13,200	13,200	13,200	13,200
Stockholders’ Equity
Common stock	555	555	555	555	555	555	555	555	555	555	555	555
Additional paid-in capital	284,753	285,111	285,416	285,866	286,064	286,262	285,111	286,064	284,753	285,866	284,340	285,668
Retained deficit	(93,786)	(89,637)	(77,649)	(71,031)	(71,316)	(77,942)	(89,637)	(71,316)	(93,786)	(71,031)	(88,719)	(72,734)
Treasury stock	(18,871)	(18,055)	(15,963)	(14,013)	(13,214)	(10,762)	(18,055)	(13,214)	(18,871)	(14,013)	(19,532)	(14,983)
Total Stockholders’ Equity	172,651	177,974	192,359	201,377	202,089	198,113	177,974	202,089	172,651	201,377	176,644	198,506	$ 204,468
Total Liabilities, Mezzanine Equity, and Stockholders’ Equity	284,261	298,296	326,545	356,866	371,742	378,371	298,296	371,742	284,261	356,866	236,304	342,507
Operating Revenues
Total Operating Revenues	50,056	48,911	52,614	58,361	66,895	57,845	101,525	124,740	151,581	183,101	199,205	239,728
Operating Expenses
Payroll and related costs	29,444	29,953	29,768	26,801	27,694	26,601	59,721	54,295	89,165	81,096	121,697	109,831
Aircraft fuel and oil	115	221	102	49	34	51	323	85	438	134	517	169
Aircraft maintenance, materials and repairs	11,175	17,869	19,349	17,494	16,336	14,501	37,218	30,837	48,393	48,331	60,783	67,096
Other rents	1,459	1,474	1,594	1,617	1,657	1,613	3,068	3,270	4,527	4,887	6,210	6,582
Depreciation, amortization and obsolescence	6,398	6,370	6,357	6,639	6,674	6,644	12,727	13,318	19,125	19,957	25,523	26,327
Purchased services and other	6,537	7,532	4,442	3,310	3,514	3,765	11,974	7,279	18,511	10,589	21,346	14,992
Total Operating Expenses	55,128	63,419	61,612	55,910	55,909	53,175	125,031	109,084	180,159	164,994	236,076	224,997
Income (Loss) From Operations	(5,072)	(14,508)	(8,998)	2,451	10,986	4,670	(23,506)	15,656	(28,578)	18,107	(36,871)	14,731
Other Income (Expense)
Interest and dividend income	1,296	1,190	1,150	1,631	1,325	768	2,340	2,093	3,636	3,724	5,476	6,690
Interest expense	0	(11)	(1)	0	0	0	(12)		(12)		(15)	(3)
Loss on marketable securities	(955)	(795)	1,740	(3,749)	(3,602)	(2,423)	945	(6,025)	(10)	(9,774)	3,651	(8,826)
Gain on extinguishment of debt	0	70	0	53	0	0	70	0	70	53	6,204	53
Other, net	0	(1)	(13)	(8)	(2)	0	(14)	(2)	(14)	(10)	(14)	(11)
Total Other Income (Expense)	341	453	2,876	(2,073)	(2,279)	(1,655)	3,329	(3,934)	3,670	(6,007)	17,521	(2,097)
Net Income (Loss) Before Taxes	(4,731)	(14,055)	(6,122)	378	8,707	3,015	(20,177)	11,722	(24,908)	12,100	(19,350)	12,634
Income Tax Expense	(582)	(2,067)	(1,207)	93	2,081	721	(3,274)	2,802	(3,856)	2,895	(3,365)	5,132
Net Income (Loss)	(4,149)	(11,988)	(4,915)	285	6,626	2,294	(16,903)	8,920	(21,052)	9,205	(15,985)	7,502
Preferred Stock Dividends	358	305	252	198	198	198	557	396	915	594	1,328	792
Net (loss) income applicable to common stockholders	$ (4,507)	$ (12,293)	$ (5,167)	$ 87	$ 6,428	$ 2,096	$ (17,460)	$ 8,524	$ (21,967)	$ 8,611	$ (17,313)	$ 6,710
Basic earnings per share (in dollars per share)	$ (0.10)	$ (0.28)	$ (0.11)	$ 0	$ 0.14	$ 0.04	$ (0.39)	$ 0.18	$ (0.50)	$ 0.18	$ (0.39)	$ 0.14
Diluted earnings per share (in dollars per share)	$ (0.10)	$ (0.28)	$ (0.11)	$ 0	$ 0.10	$ 0.03	$ (0.39)	$ 0.13	$ (0.50)	$ 0.14	$ (0.39)	$ 0.11
Weighted average common shares:
Basic (in shares)	43,653,627	44,276,627	44,979,947	45,775,512	46,518,867	47,637,544	44,626,344	47,075,115	44,298,542	46,637,154	44,043,175	46,358,909
Diluted (in shares)	43,653,627	44,276,627	44,979,947	62,275,512	63,018,867	64,534,912	44,626,344	63,772,701	44,298,542	63,268,154	44,043,175	62,956,890
Cash Flows from Operating Activities
Net (loss) income			$ (4,915)			$ 2,294	$ (16,903)	$ 8,920	$ (21,052)	$ 9,205	$ (15,985)	$ 7,502
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation, amortization and obsolescence allowance			6,357			6,644	12,727	13,318	19,125	19,957	25,523	26,327
Amortization of contract costs			0			0	0	0	0	0		0
Amortization of engine overhauls			676			616	1,515	1,305	2,485	2,098	4,202	2,757
Deferred income taxes			(1,212)			603	(3,277)	2,684	(3,862)	2,788	(3,269)	5,216
Loss on disposition of property			92			(2)	208	38	219	62	(523)	181
Loss (gain) on marketable securities	$ 955	$ 795	(1,740)	$ 3,749	$ 3,602	2,423	(945)	6,025	10	9,774	(3,651)	8,826
Gain on extinguishment of debt	0	(70)	0	(53)	0	0	(70)	0	(70)	(53)	(6,204)	(53)
Changes in operating assets and liabilities:
Accounts receivable			1,579			(4,277)	(84)	(6,314)	1,636	(6,984)	5,636	(3,997)
Notes receivable			0			0	0	0	0	0	0	46,139
Spare parts and supplies			(399)			(229)	(605)	(159)	(450)	(149)	(231)	(324)
Prepaid expenses and other			(517)			2,375	528	494	916	(1,801)	1,843	(4,286)
Operating lease right-of-use asset			55			19	126	54	140	41	218	112
Accounts payable			784			(4,263)	1,105	(1,486)	(5,230)	(3,467)	(7,780)	105
Accrued payroll and employee benefits			1,227			(2,401)	195	(1,728)	246	(1,828)	(1,494)	(1,896)
Other accrued expenses			56			56	(35)	24	29	81	(70)	(35)
Long-term deferred revenues						(9,046)		(9,046)		(9,046)	0	(9,046)
Contract liabilities			(467)			(2,507)	682	(4,463)	(811)	(5,848)	1,099	(7,439)
Deferred revenues			(7,919)			5,966	(11,601)	(6,046)	(11,601)	(14,699)	(11,601)	(24,191)
Other long-term liabilities			(318)			(59)	(240)	(60)	(222)	35	52	(864)
Net Cash (Used in) Provided by Operating Activities			(6,661)			(1,788)	(16,674)	3,560	(18,492)	166	(12,027)	45,034
Cash Flows from Investing Activities
Additions to property and equipment			(1,817)			(1,210)	(2,453)	(3,732)	(3,017)		(4,487)	(5,513)
Proceeds on disposition of property and equipment			2			3	10	7	19	10	27	64
Purchase of marketable securities			(738)			(231)	(1,681)	(958)	(2,745)	(1,921)	(35,132)	(24,283)
Net Cash Provided by (Used in) Investing Activities			(2,553)			(1,438)	10,876	(4,683)	14,257	(4,874)	60,271	(29,732)
Cash Flows from Financing Activities
Repayments of long-term debt			(556)			(595)	(8,112)	(1,190)	(8,598)	(2,184)	(55,018)	(6,275)
Dividends paid			(252)			(198)	(557)	(396)	(915)	(594)	(1,328)	(792)
Repurchase of stock options						(969)		(969)		(969)	0	(969)
Repurchased stock			(980)			(7,482)	(3,072)	(9,934)	(3,888)	(10,733)	(4,549)	(11,703)
Net Cash Used in Financing Activities			(1,788)			(9,244)	(11,741)	(12,489)	(13,401)	(14,480)	(60,895)	(19,739)
Decrease in Cash, Cash Equivalents and Restricted Cash			(11,002)			(12,470)	(17,539)	(13,612)	(17,636)	(19,188)	(12,651)	(4,437)
Cash, Cash Equivalents and Restricted Cash, beginning of year	16,643	23,180	34,182	25,007	26,149	38,619	34,182	38,619	34,182	38,619	34,182	38,619
Cash, Cash Equivalents and Restricted Cash, end of year	16,546	16,643	23,180	19,431	25,007	26,149	16,643	25,007	16,546	19,431	21,531	34,182	38,619
Contract revenues
Operating Revenues
Total Operating Revenues	49,958	48,809	52,519	58,340	66,888	57,838	101,328	124,726	151,286	183,066	198,833	239,602
Contract services and other
Operating Revenues
Total Operating Revenues	98	102	95	21	7	7	197	14	295	35	372	126
As Reported
Current Assets
Cash and cash equivalents	15,839	15,831	22,509	19,013	24,491	25,573	15,831	24,491	15,839	19,013		33,333
Restricted cash	707	812	671	418	516	576	812	516	707	418		849
Marketable securities	136,562	141,453	156,305	130,517	133,303	136,178	141,453	133,303	136,562	130,517		153,827
Receivables, net	40,391	45,074	41,147	33,272	24,119	15,680	45,074	24,119	40,391	33,272		40,341
Notes receivable	21,093	21,093	21,093	60,315	55,177	51,078	21,093	55,177	21,093	60,315		18,023
Spare parts and supplies, net	5,029	5,184	4,978	4,404	4,729	5,114	5,184	4,729	5,029	4,404		4,579
Contract costs	108	114	161	258	358	499	114	358	108	258		143
Prepaid expenses and other	2,594	2,749	3,512	2,776	1,640	1,834	2,749	1,640	2,594	2,776		3,732
Total Current Assets	223,941	232,483	250,376	250,973	244,333	236,532	232,483	244,333	223,941	250,973		254,827
Property and Equipment
Flight property and equipment	265,636	265,459	265,285	262,237	263,199	260,926	265,459	263,199	265,636	262,237		263,970
Ground property and equipment	8,596	8,287	8,240	7,895	8,320	8,221	8,287	8,320	8,596	7,895		8,055
Less accumulated depreciation and amortization	(190,606)	(183,329)	(176,474)	(163,336)	(156,909)	(150,109)	(183,329)	(156,909)	(190,606)	(163,336)		(169,766)
Net Property and Equipment	83,626	90,417	97,051	106,796	114,610	119,038	90,417	114,610	83,626	106,796		102,259
Other Assets
Operating lease right-of-use asset	9,708	11,113	12,153	14,789	16,005	17,328	11,113	16,005	9,708	14,789		13,480
Intangibles	5,300	5,300	5,300	5,300	5,300	5,300	5,300	5,300	5,300	5,300		5,300
Long-term deferred tax assets	0	0	0	616	616	616	0	616	0	616		0
Long-term investments	4,275	4,275	4,275	4,275	4,275	4,275	4,275	4,275	4,275	4,275		4,275
Other	969	1,146	1,126	1,687	1,898	1,805	1,146	1,898	969	1,687		1,414
Total Other Assets	20,865	22,473	23,605	26,667	28,094	29,324	22,473	28,094	20,865	26,667		24,469
Total Assets	328,432	345,373	371,032	384,436	387,037	384,894	345,373	387,037	328,432	384,436		381,555
Current Liabilities
Accounts payable	14,295	21,016	20,950	16,593	18,574	15,797	21,016	18,574	14,295	16,593		20,165
Accrued payroll and employee benefits	13,235	13,184	14,216	13,057	13,157	12,484	13,184	13,157	13,235	13,057		12,989
Current portion of operating lease liability	3,649	4,199	5,125	5,078	5,103	5,180	4,199	5,103	3,649	5,078		5,091
Other accrued expenses	166	102	193	253	196	228	102	196	166	253		137
Contract liabilities, net	0	0	1,120	3,576	4,961	6,917	0	4,961	0	3,576		1,985
Deferred revenues	0	0	5,841	22,318	27,500	40,102	0	27,500	0	22,318		16,561
Income taxes payable				4,633	3,487	751		3,487		4,633		0
Current portion of long-term debt	52,554	5,444	9,084	9,224	9,310	5,845	5,444	9,310	52,554	9,224		9,154
Total Current Liabilities	83,899	43,945	56,529	74,732	82,288	87,304	43,945	82,288	83,899	74,732		66,082
Other Liabilities
Long-term debt	0	47,596	51,582	56,089	57,050	61,110	47,596	57,050	0	56,089		52,068
Long-term promissory note	4,275	4,275	4,275	4,275	4,275	4,275	4,275	4,275	4,275	4,275		4,275
Deferred tax liability	4,424	7,990	7,990	653	653	653	7,990	653	4,424	653		7,990
Long-term operating lease liability	3,659	4,500	4,543	7,100	8,304	9,515	4,500	8,304	3,659	7,100		5,849
Other	1,755	1,737	1,659	2,757	2,662	2,663	1,737	2,662	1,755	2,757		1,977
Total Long-Term Liabilities	16,905	68,938	70,447	70,874	72,944	78,216	68,938	72,944	16,905	70,874		72,159
Total Liabilities	100,804	112,883	126,976	145,606	155,232	165,520	112,883	155,232	100,804	145,606		138,241
Mezzanine Equity
Preferred stock	13,200	13,200	13,200	13,200	13,200	13,200	13,200	13,200	13,200	13,200		13,200
Stockholders’ Equity
Common stock	555	555	555	555	555	555	555	555	555	555		555
Additional paid-in capital	284,753	285,111	285,416	285,866	286,064	286,262	285,111	286,064	284,753	285,866		285,668
Retained deficit	(52,009)	(48,321)	(39,152)	(46,778)	(54,800)	(69,881)	(48,321)	(54,800)	(52,009)	(46,778)		(41,126)
Treasury stock	(18,871)	(18,055)	(15,963)	(14,013)	(13,214)	(10,762)	(18,055)	(13,214)	(18,871)	(14,013)		(14,983)
Total Stockholders’ Equity	214,428	219,290	230,856	225,630	218,605	206,174	219,290	218,605	214,428	225,630		230,114
Total Liabilities, Mezzanine Equity, and Stockholders’ Equity	328,432	345,373	371,032	384,436	387,037	384,894	345,373	387,037	328,432	384,436		381,555
Operating Revenues
Total Operating Revenues	50,056	51,072	59,132	68,410	77,930	66,975	110,204	144,905	160,260	213,315		280,863
Operating Expenses
Payroll and related costs	29,444	29,953	29,768	26,801	27,694	26,601	59,721	54,295	89,165	81,096		109,831
Aircraft fuel and oil	115	221	102	49	34	51	323	85	438	134		169
Aircraft maintenance, materials and repairs	11,175	17,869	19,349	17,494	16,336	14,501	37,218	30,837	48,393	48,331		67,096
Other rents	1,459	1,474	1,594	1,617	1,657	1,613	3,068	3,270	4,527	4,887		6,582
Depreciation, amortization and obsolescence	6,398	6,370	6,357	6,639	6,674	6,644	12,727	13,318	19,125	19,957		26,327
Purchased services and other	6,537	7,532	4,442	3,310	3,514	3,765	11,974	7,279	18,511	10,589		14,992
Total Operating Expenses	55,128	63,419	61,612	55,910	55,909	53,175	125,031	109,084	180,159	164,994		224,997
Income (Loss) From Operations	(5,072)	(12,347)	(2,480)	12,500	22,021	13,800	(14,827)	35,821	(19,899)	48,321		55,866
Other Income (Expense)
Interest and dividend income	1,540	1,429	1,366	840	688	574	2,795	1,262	4,335	2,102		7,024
Interest expense	0	(11)	(1)				(12)		(12)			(3)
Loss on marketable securities	(955)	(795)	1,740	(3,749)	(3,602)	(2,423)	945	(6,025)	(10)	(9,774)		(8,826)
Gain on extinguishment of debt	0	70	0	53	0	0	70	0	70	53		53
Other, net	0	(1)	(13)	885	691	210	(14)	901	(14)	1,786		(11)
Total Other Income (Expense)	585	692	3,092	(1,971)	(2,223)	(1,639)	3,784	(3,862)	4,369	(5,833)		(1,763)
Net Income (Loss) Before Taxes	(4,487)	(11,655)	612	10,529	19,798	12,161	(11,043)	31,959	(15,530)	42,488		54,103
Income Tax Expense	(799)	(2,486)	(270)	2,507	4,717	2,898	(2,756)	7,615	(3,555)	10,122		14,993
Net Income (Loss)	(3,688)	(9,169)	882	8,022	15,081	9,263	(8,287)	24,344	(11,975)	32,366		39,110
Preferred Stock Dividends	358	305	252	198	198	198	557	396	915	594		792
Net (loss) income applicable to common stockholders	$ (4,046)	$ (9,474)	$ 630	$ 7,824	$ 14,883	$ 9,065	$ (8,844)	$ 23,948	$ (12,890)	$ 31,772		$ 38,318
Basic earnings per share (in dollars per share)	$ (0.09)	$ (0.21)	$ 0.01	$ 0.17	$ 0.32	$ 0.19	$ (0.20)	$ 0.51	$ (0.29)	$ 0.68		$ 0.83
Diluted earnings per share (in dollars per share)	$ (0.09)	$ (0.21)	$ 0.01	$ 0.13	$ 0.24	$ 0.14	$ (0.20)	$ 0.38	$ (0.29)	$ 0.50		$ 0.61
Weighted average common shares:
Basic (in shares)	43,653,627	44,276,627	44,979,947	45,775,512	46,518,867	47,637,544	44,626,344	47,075,115	44,298,542	46,637,154		46,358,909
Diluted (in shares)	43,653,627	44,276,627	61,479,947	62,275,512	63,018,867	64,534,912	44,626,344	63,772,701	44,298,542	63,268,154		62,956,890
Cash Flows from Operating Activities
Net (loss) income			$ 882			$ 9,263	$ (8,287)	$ 24,344	$ (11,975)	$ 32,366		$ 39,110
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation, amortization and obsolescence allowance			6,357			6,644	12,727	13,318	19,125	19,957		26,327
Amortization of contract costs			(936)			(1,066)	(1,461)	(2,383)	(1,654)	(3,314)		(4,385)
Amortization of engine overhauls			676			616	1,515	1,305	2,485	2,098		2,757
Deferred income taxes			0			(118)	0	(118)	(3,566)	(118)		7,954
Loss on disposition of property			92			(2)	208	38	219	62		181
Loss (gain) on marketable securities	$ 955	$ 795	(1,740)	$ 3,749	$ 3,602	2,423	(945)	6,025	10	9,774		8,826
Gain on extinguishment of debt	0	(70)	0	(53)	0	0	(70)	0	(70)	(53)		(53)
Changes in operating assets and liabilities:
Accounts receivable			(807)			(8,258)	(4,733)	(16,697)	(51)	(25,850)		(32,919)
Notes receivable			(1,641)			(3,510)	(1,641)	(7,609)	(1,641)	(12,747)		28,116
Spare parts and supplies			(399)			(229)	(605)	(159)	(450)	(149)		(324)
Prepaid expenses and other			(698)			4,523	139	4,623	471	3,699		3,353
Operating lease right-of-use asset			55			19	126	54	140	41		112
Accounts payable			784			(4,263)	851	(1,486)	(5,870)	(3,467)		105
Accrued payroll and employee benefits			1,227			(2,401)	195	(1,728)	246	(1,828)		(1,896)
Other accrued expenses			56			56	(35)	24	29	81		(35)
Long-term deferred revenues						(9,046)		(9,046)		(9,046)		(9,046)
Contract liabilities			469			(1,441)	2,143	(2,080)	843	(2,534)		(3,054)
Deferred revenues			(10,720)			4,310	(16,561)	(8,292)	(16,561)	(13,474)		(19,231)
Other long-term liabilities			(318)			(59)	(240)	(60)	(222)	35		(864)
Net Cash (Used in) Provided by Operating Activities			(6,661)			(1,788)	(16,674)	3,560	(18,492)	166		45,034
Cash Flows from Investing Activities
Additions to property and equipment			(1,817)			(1,210)	(2,453)	(3,732)	(3,017)			(5,513)
Proceeds on disposition of property and equipment			2			3	10	7	19	10		64
Purchase of marketable securities			(738)			(231)	(1,681)	(958)	(2,745)	(1,921)		(24,283)
Net Cash Provided by (Used in) Investing Activities			(2,553)			(1,438)	10,876	(4,683)	14,257	(4,874)		(29,732)
Cash Flows from Financing Activities
Repayments of long-term debt			(556)			(595)	(8,112)	(1,190)	(8,598)	(2,184)		(6,275)
Dividends paid			(252)			(198)	(557)	(396)	(915)	(594)		(792)
Repurchase of stock options						(969)		(969)		(969)		(969)
Repurchased stock			(980)			(7,482)	(3,072)	(9,934)	(3,888)	(10,733)		(11,703)
Net Cash Used in Financing Activities			(1,788)			(9,244)	(11,741)	(12,489)	(13,401)	(14,480)		(19,739)
Decrease in Cash, Cash Equivalents and Restricted Cash			(11,002)			(12,470)	(17,539)	(13,612)	(17,636)	(19,188)		(4,437)
Cash, Cash Equivalents and Restricted Cash, beginning of year	16,643	23,180	34,182	25,007	26,149	38,619	34,182	38,619	34,182	38,619	34,182	38,619
Cash, Cash Equivalents and Restricted Cash, end of year	16,546	16,643	23,180	19,431	25,007	26,149	16,643	25,007	16,546	19,431		34,182	38,619
As Reported | Contract revenues
Operating Revenues
Total Operating Revenues	49,958	50,970	59,037	68,389	77,923	66,968	110,007	144,891	159,965	213,280		280,737
As Reported | Contract services and other
Operating Revenues
Total Operating Revenues	98	102	95	21	7	7	197	14	295	35		126
Adjustments
Current Assets
Cash and cash equivalents	0	0	0	0	0	0	0	0	0	0		0
Restricted cash	0	0	0	0	0	0	0	0	0	0		0
Marketable securities	0	0	0	0	0	0	0	0	0	0		0
Receivables, net	(30,609)	(33,571)	(31,308)	(18,866)	(10,383)	(3,981)	(33,571)	(10,383)	(30,609)	(18,866)		(28,922)
Notes receivable	(21,093)	(21,093)	(21,093)	(14,176)	(9,038)	(4,939)	(21,093)	(9,038)	(21,093)	(14,176)		(18,023)
Spare parts and supplies, net	0	0	0	0	0	0	0	0	0	0		0
Contract costs	0	0	0	0	0	0	0	0	0	0		0
Prepaid expenses and other	(57)	0	0	0	0	0	0	0	(57)	0		0
Total Current Assets	(51,759)	(54,664)	(52,401)	(33,042)	(19,421)	(8,920)	(54,664)	(19,421)	(51,759)	(33,042)		(46,945)
Property and Equipment
Flight property and equipment	0	0	0	0	0	0	0	0	0	0		0
Ground property and equipment	0	0	0	0	0	0	0	0	0	0		0
Less accumulated depreciation and amortization	0	0	0	0	0	0	0	0	0	0		0
Net Property and Equipment	0	0	0	0	0	0	0	0	0	0		0
Other Assets
Operating lease right-of-use asset	0	0	0	0	0	0	0	0	0	0		0
Intangibles	0	0	0	0	0	0	0	0	0	0		0
Long-term deferred tax assets	0	0	119	(365)	(340)	(88)	0	(340)	0	(365)		258
Long-term investments	0	0	0	0	0	0	0	0	0	0		0
Other	7,588	7,587	7,795	5,837	4,466	2,485	7,587	4,466	7,588	5,837		7,639
Total Other Assets	7,588	7,587	7,914	5,472	4,126	2,397	7,587	4,126	7,588	5,472		7,897
Total Assets	(44,171)	(47,077)	(44,487)	(27,570)	(15,295)	(6,523)	(47,077)	(15,295)	(44,171)	(27,570)		(39,048)
Current Liabilities
Accounts payable	640	254	0	0	0	0	254	0	640	0		0
Accrued payroll and employee benefits	0	0	0	0	0	0	0	0	0	0		0
Current portion of operating lease liability	0	0	0	0	0	0	0	0	0	0		0
Other accrued expenses	0	0	0	0	0	0	0	0	0	0		0
Contract liabilities, net	0	0	0	0	0	0	0	0	0	0		0
Deferred revenues	0	0	(2,159)	(1,225)	2,246	1,656	0	2,246	0	(1,225)		(4,960)
Income taxes payable				(4,633)	(3,487)	(751)		(3,487)		(4,633)		0
Current portion of long-term debt	0	0	0	0	0	0	0	0	0	0		0
Total Current Liabilities	640	254	(2,159)	(5,858)	(1,241)	905	254	(1,241)	640	(5,858)		(4,960)
Other Liabilities
Long-term debt	0	0	0	0	0	0	0	0	0	0		0
Long-term promissory note	0	0	0	0	0	0	0	0	0	0		0
Deferred tax liability	(3,034)	(6,015)	(3,831)	2,541	2,462	633	(6,015)	2,462	(3,034)	2,541		(2,480)
Long-term operating lease liability	0	0	0	0	0	0	0	0	0	0		0
Other	0	0	0	0	0	0	0	0	0	0		0
Total Long-Term Liabilities	(3,034)	(6,015)	(3,831)	2,541	2,462	633	(6,015)	2,462	(3,034)	2,541		(2,480)
Total Liabilities	(2,394)	(5,761)	(5,990)	(3,317)	1,221	1,538	(5,761)	1,221	(2,394)	(3,317)		(7,440)
Mezzanine Equity
Preferred stock	0	0	0	0	0	0	0	0	0	0		0
Stockholders’ Equity
Common stock	0	0	0	0	0	0	0	0	0	0		0
Additional paid-in capital	0	0	0	0	0	0	0	0	0	0		0
Retained deficit	(41,777)	(41,316)	(38,497)	(24,253)	(16,516)	(8,061)	(41,316)	(16,516)	(41,777)	(24,253)		(31,608)	(1,092)
Treasury stock	0	0	0	0	0	0	0	0	0	0		0
Total Stockholders’ Equity	(41,777)	(41,316)	(38,497)	(24,253)	(16,516)	(8,061)	(41,316)	(16,516)	(41,777)	(24,253)		(31,608)
Total Liabilities, Mezzanine Equity, and Stockholders’ Equity	(44,171)	(47,077)	(44,487)	(27,570)	(15,295)	(6,523)	(47,077)	(15,295)	(44,171)	(27,570)		(39,048)
Operating Revenues
Total Operating Revenues	0	(2,161)	(6,518)	(10,049)	(11,035)	(9,130)	(8,679)	(20,165)	(8,679)	(30,214)		(41,135)	(1,429)
Operating Expenses
Payroll and related costs	0	0	0	0	0	0	0	0	0	0		0
Aircraft fuel and oil	0	0	0	0	0	0	0	0	0	0		0
Aircraft maintenance, materials and repairs	0	0	0	0	0	0	0	0	0	0		0
Other rents	0	0	0	0	0	0	0	0	0	0		0
Depreciation, amortization and obsolescence	0	0	0	0	0	0	0	0	0	0		0
Purchased services and other	0	0	0	0	0	0	0	0	0	0		0
Total Operating Expenses	0	0	0	0	0	0	0	0	0	0		0
Income (Loss) From Operations	0	(2,161)	(6,518)	(10,049)	(11,035)	(9,130)	(8,679)	(20,165)	(8,679)	(30,214)		(41,135)
Other Income (Expense)
Interest and dividend income	(244)	(239)	(216)	(102)	(56)	(16)	(455)	(72)	(699)	(174)		(334)
Interest expense	0	0	0				0		0			0
Loss on marketable securities	0	0	0	0	0	0	0	0	0	0		0
Gain on extinguishment of debt	0	0	0	0	0	0	0	0	0	0		0
Other, net	0	0	0	0	0	0	0	0	0	0		0
Total Other Income (Expense)	(244)	(239)	(216)	(102)	(56)	(16)	(455)	(72)	(699)	(174)		(334)
Net Income (Loss) Before Taxes	(244)	(2,400)	(6,734)	(10,151)	(11,091)	(9,146)	(9,134)	(20,237)	(9,378)	(30,388)		(41,469)
Income Tax Expense	217	419	(937)	(2,414)	(2,636)	(2,177)	(518)	(4,813)	(301)	(7,227)		(9,861)	(337)
Net Income (Loss)	(461)	(2,819)	(5,797)	(7,737)	(8,455)	(6,969)	(8,616)	(15,424)	(9,077)	(23,161)		(31,608)
Preferred Stock Dividends	0	0	0	0	0	0	0	0	0	0		0
Net (loss) income applicable to common stockholders	$ (461)	$ (2,819)	$ (5,797)	$ (7,737)	$ (8,455)	$ (6,969)	$ (8,616)	$ (15,424)	$ (9,077)	$ (23,161)		$ (31,608)	(1,092)
Basic earnings per share (in dollars per share)	$ (0.01)	$ (0.07)	$ (0.12)	$ (0.17)	$ (0.18)	$ (0.15)	$ (0.19)	$ (0.33)	$ (0.21)	$ (0.50)		$ (0.69)
Diluted earnings per share (in dollars per share)	$ (0.01)	$ (0.07)	$ (0.12)	$ (0.13)	$ (0.14)	$ (0.11)	$ (0.19)	$ (0.25)	$ (0.21)	$ (0.36)		$ (0.50)
Weighted average common shares:
Basic (in shares)	0	0	0	0	0	0	0	0	0	0		0
Diluted (in shares)	0	0	(16,500,000)	0	0	0	0	0	0	0		0
Cash Flows from Operating Activities
Net (loss) income			$ (5,797)			$ (6,969)	$ (8,616)	$ (15,424)	$ (9,077)	$ (23,161)		$ (31,608)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation, amortization and obsolescence allowance			0			0	0	0	0	0		0
Amortization of contract costs			936			1,066	1,461	2,383	1,654	3,314		4,385
Amortization of engine overhauls			0			0	0	0	0	0		0
Deferred income taxes			(1,212)			721	(3,277)	2,802	(296)	2,906		(2,738)
Loss on disposition of property			0			0	0	0	0	0		0
Loss (gain) on marketable securities	$ 0	$ 0	0	$ 0	$ 0	0	0	0	0	0		0
Gain on extinguishment of debt	0	0	0	0	0	0	0	0	0	0		0
Changes in operating assets and liabilities:
Accounts receivable			2,386			3,981	4,649	10,383	1,687	18,866		28,922
Notes receivable			1,641			3,510	1,641	7,609	1,641	12,747		18,023
Spare parts and supplies			0			0	0	0	0	0		0
Prepaid expenses and other			181			(2,148)	389	(4,129)	445	(5,500)		(7,639)
Operating lease right-of-use asset			0			0	0	0	0	0		0
Accounts payable			0			0	254	0	640	0		0
Accrued payroll and employee benefits			0			0	0	0	0	0		0
Other accrued expenses			0			0	0	0	0	0		0
Long-term deferred revenues						0		0		0		0
Contract liabilities			(936)			(1,066)	(1,461)	(2,383)	(1,654)	(3,314)		(4,385)
Deferred revenues			2,801			1,656	4,960	2,246	4,960	(1,225)		(4,960)
Other long-term liabilities			0			0	0	0	0	0		0
Net Cash (Used in) Provided by Operating Activities			0			0	0	0	0	0		0
Cash Flows from Investing Activities
Additions to property and equipment			0			0	0	0	0			0
Proceeds on disposition of property and equipment			0			0	0	0	0	0		0
Purchase of marketable securities			0			0	0	0	0	0		0
Net Cash Provided by (Used in) Investing Activities			0			0	0	0	0	0		0
Cash Flows from Financing Activities
Repayments of long-term debt			0			0	0	0	0	0		0
Dividends paid			0			0	0	0	0	0		0
Repurchase of stock options						0		0		0		0
Repurchased stock			0			0	0	0	0	0		0
Net Cash Used in Financing Activities			0			0	0	0	0	0		0
Decrease in Cash, Cash Equivalents and Restricted Cash			0			0	0	0	0	0		0
Cash, Cash Equivalents and Restricted Cash, beginning of year	0	0	0	0	0	0	0	0	0	0	$ 0	0
Cash, Cash Equivalents and Restricted Cash, end of year	0	0	0	0	0	0	0	0	0	0		0	0
Adjustments | Contract revenues
Operating Revenues
Total Operating Revenues	0	(2,161)	(6,518)	(10,049)	(11,035)	(9,130)	(8,679)	(20,165)	(8,679)	(30,214)		(41,135)	$ (1,429)
Adjustments | Contract services and other
Operating Revenues
Total Operating Revenues	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0		$ 0

Liquidity (Detail)

Liquidity (Detail) - American Capacity Purchase Agreement - Air Wisconsin - American Airlines	12 Months Ended
	Dec. 31, 2023 aircraft
Liquidity Uncertainty And Going Concern [Line Items]
Number of aircraft operated	60
Related Party
Liquidity Uncertainty And Going Concern [Line Items]
Number of aircraft operated	45

Capacity Purchase Agreements _2

Capacity Purchase Agreements with United and American (Detail) - American Capacity Purchase Agreement - Air Wisconsin - American Airlines - aircraft	1 Months Ended	12 Months Ended
	Aug. 31, 2022	Dec. 31, 2023
Types Of Commercial Aircraft [Line Items]
Number of aircraft operated		60
CRJ-200
Types Of Commercial Aircraft [Line Items]
Number of aircraft operated	60

Property and Equipment (Detail)

Property and Equipment (Detail)	12 Months Ended
	Dec. 31, 2023 aircraft
CRJ-200
Property, Plant and Equipment [Line Items]
Number of aircraft acquired	63

Income Taxes - Summary of Incom

Income Taxes - Summary of Income Tax Provision (Detail) - USD ($) $ in Thousands	3 Months Ended						6 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2023	Dec. 31, 2022
Current Expense (Benefit)
Federal											$ 11	$ (33)
State											(107)	(50)
Total Current Expense (Benefit)											(96)	(83)
Deferred (Benefit) Expense
Federal											(3,831)	4,857
State											562	358
Total Deferred (Benefit) Expense											(3,269)	5,215
Income Tax (Benefit) Expense	$ (582)	$ (2,067)	$ (1,207)	$ 93	$ 2,081	$ 721	$ (3,274)	$ 2,802	$ (3,856)	$ 2,895	$ (3,365)	$ 5,132

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Line Items]
Effective income tax rate, federal statutory rate	21%
Valuation allowance against deferred tax assets that are ordinary in nature	$ 2,278	$ 0
Valuation allowance against deferred tax assets that are capital in nature	$ 1,525	$ 2,375
Estimated effective tax rate applicable to federal net operating losses	21%	21%
Estimated effective tax rate applicable to state net operating losses	5.90%	5.80%
Expected federal and state refunds		$ 7,092							$ 337
Receivables, net	$ 5,592	11,419	$ 9,782	$ 11,503	$ 9,839	$ 14,406	$ 13,736	$ 11,699
Other long term asset	32,839	32,366	$ 28,453	$ 30,060	$ 31,519	$ 32,139	$ 32,220	$ 31,721
Federal net operating loss		14,726
State net operating loss		14,200
Federal
Income Tax Disclosure [Line Items]
Net operating losses	31,649	14,726
Expected federal and state refunds		6,496							290
State
Income Tax Disclosure [Line Items]
Net operating losses	28,701	15,480
Expected federal and state refunds		$ 596							$ 47
Receivables, net	412
Other long term asset	$ 231

Income Taxes - Schedule of Effe

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Detail) - USD ($) $ in Thousands	3 Months Ended						6 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Computed provision for income taxes at the statutory rate											$ (4,064)	$ 2,653
Increase (decrease) in income taxes resulting from:
State income tax provision, net of federal income tax benefit											(714)	38
Non-deductible expenses											183	60
Valuation allowance changes affecting the provision for income taxes											1,428	2,375
Return to provision adjustments											(16)	9
Other, net											(182)	(3)
Income Tax (Benefit) Expense	$ (582)	$ (2,067)	$ (1,207)	$ 93	$ 2,081	$ 721	$ (3,274)	$ 2,802	$ (3,856)	$ 2,895	$ (3,365)	$ 5,132

Income Taxes - Schedule of Comp

Income Taxes - Schedule of Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred Tax Assets
Accruals and reserves not currently deductible	$ 4,164	$ 5,294
Federal NOL carryover	6,652	3,095
State NOL carryovers	1,691	894
Capital loss carryover	32	0
Accrued and deferred compensation	2,308	1,987
Prepaid items	596	111
Lease liability	412	694
Contract liability	681	283
Deferred revenues	37	2,914
Unrealized loss on investments	1,494	2,375
Other	718	1,239
Subtotal before valuation allowance	18,785	18,886
Less: valuation allowance:
Valuation allowance - ordinary deferred tax assets	(2,278)	0
Valuation allowance - capital deferred tax assets	(1,525)	(2,375)
Less: valuation allowance:	(3,803)	(2,375)
Total Deferred Tax Assets	14,982	16,511
Deferred Tax Liabilities
Property and equipment	(15,858)	(20,475)
Right-of-use asset	(963)	(1,282)
Other	(144)	(6)
Total Deferred Tax Liabilities	(16,965)	(21,763)
Net Deferred Income Tax Liabilities	$ (1,983)	$ (5,252)

Income Taxes - Schedule of Unre

Income Taxes - Schedule of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Unrecognized tax benefits
Unrecognized tax benefits at the beginning of the year	$ 123	$ 118
Gross increases – current year tax provisions	11	5
Gross decreases – settlements with taxing authorities	(87)	0
Unrecognized tax benefits at the end of the year	47	123
Interest and penalties in year-end balance	$ 47	$ 62

Debt - Schedule Of Long Term De

Debt - Schedule Of Long Term Debt (Detail) - USD ($)	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022
Debt Instrument [Line Items]
Less: current maturities	$ 0	$ 52,554,000	$ 5,444,000	$ 9,084,000	$ 9,154,000	$ 9,224,000	$ 9,310,000	$ 5,845,000
Long-term debt	$ 0	$ 0	$ 47,596,000	$ 51,582,000	52,068,000	$ 56,089,000	$ 57,050,000	$ 61,110,000
Aircraft Notes
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	4%
Notes, due December 31, 2025, 4.0%	$ 0				$ 61,222,000

Debt - Additional information (

Debt - Additional information (Detail) - USD ($)	1 Months Ended			3 Months Ended						6 Months Ended		9 Months Ended		12 Months Ended
	Dec. 31, 2023	Jun. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2018	Jul. 31, 2003
Extinguishment of Debt [Line Items]
Gain on extinguishment of debt				$ 0	$ 70,000	$ 0	$ 53,000	$ 0	$ 0	$ 70,000	$ 0	$ 70,000	$ 53,000	$ 6,204,000	$ 53,000
Operating lease right-of-use asset	$ 10,270,000	$ 11,113,000	$ 14,789,000	$ 9,708,000	$ 11,113,000	$ 12,153,000	$ 14,789,000	$ 16,005,000	$ 17,328,000	$ 11,113,000	$ 16,005,000	$ 9,708,000	$ 14,789,000	10,270,000	13,480,000
Hangar
Extinguishment of Debt [Line Items]
Operating lease right-of-use asset	2,315,000													2,315,000	2,547,000
Aircraft Notes
Extinguishment of Debt [Line Items]
Aggregate principal amount																$ 70,000,000
Future undiscounted interest payments	0													0	5,622,000
Debt instrument, periodic payment														3,500,000
Extinguishment of debt, amount		3,500,000	400,000
Gain on extinguishment of debt	$ 6,134,000	$ 70,000	$ 53,000
Discount rate	5.50%
Debt oustanding	$ 0													$ 0	$ 61,222,000
City of Milwaukee, Wisconsin variable rate Industrial Development Bonds
Extinguishment of Debt [Line Items]
Aggregate principal amount																	$ 4,275,000

Lease Obligations - Additional

Lease Obligations - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022
Lessee, Lease, Description [Line Items]
Operating lease right-of-use asset	$ 10,270	$ 13,480	$ 9,708	$ 11,113	$ 12,153	$ 14,789	$ 16,005	$ 17,328
Current portion of operating lease liability	4,938	5,091	3,649	4,199	5,125	5,078	5,103	5,180
Long-term operating lease liability	3,010	5,849	$ 3,659	$ 4,500	$ 4,543	$ 7,100	$ 8,304	$ 9,515
Operating lease right-of-use asset obtained	2,172	70
Cash payments included in the measurement of lease liabilities related to operating leases	5,701	5,881
Operating lease rent expense	$ 6,210	$ 6,582
Minimum
Lessee, Lease, Description [Line Items]
Operating lease remaining lease	2 months
Lease term of training simulators	12 months
Maximum
Lessee, Lease, Description [Line Items]
Operating lease remaining lease	10 years

Lease Obligations - Summary Of

Lease Obligations - Summary Of Weighted average Terms and Discount Rate For Operating Leases (Detail)	Dec. 31, 2023
Leases [Abstract]
Weighted-average remaining lease term	2 years 3 months
Weighted-average discount rate	7.25%

Lease Obligations - Schedule of

Lease Obligations - Schedule of Component Of Lease Cost (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease costs	$ 5,842	$ 5,862
Short-term lease costs	319	508
Variable lease costs	49	212
Total Lease Costs	$ 6,210	$ 6,582

Lease Obligations - Schedule _2

Lease Obligations - Schedule of Future Minimum Lease Payments Under Non-Cancelable Operating Leases (Detail) $ in Thousands	Dec. 31, 2023 USD ($)
Leases [Abstract]
2024	$ 5,329
2025	2,596
2026	202
2027	75
2028	60
Thereafter	298
Total lease payments	8,560
Less imputed interest	(612)
Total Lease Liabilities	$ 7,948

Sales-type Lease - Additional I

Sales-type Lease - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Term of sales type lease (in months)	36 months	36 months
Rental payments	$ 64
Gain on disposal of fixed assets		$ 864
Implicit rate	12.60%	12.60%
Net investment in sales lease	$ 2,132	$ 2,132	$ 0
Allowance for sales lease receivable	229	229
Accrued interest	21	$ 21
Sales-Type Lease, Net Investment In Lease, Accrued Interest, After Allowance For Credit Loss, Statement Of Financial Position, Extensible List Not Disclosed Flag		interest accrued
Total sales lease receivable, net	1,924	$ 1,924
Receivables, net	753	753	0
Long-term sales lease receivable, net	$ 1,171	$ 1,171	$ 0

Sales-type Lease - Undiscounted

Sales-type Lease - Undiscounted Cash Flows Over Expected Term Of Sales-Type Lease (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Leases [Abstract]
2024	$ 1,029
2025	773
2026	709
Total expected cash flows	2,511
Interest income	(358)
Total sales lease receivable	2,153
Less credit loss reserve	229
Total sales lease receivable, net	$ 1,924

Commitments and Contingencies (

Commitments and Contingencies (Detail) $ in Thousands	1 Months Ended
	Apr. 30, 2020 USD ($)	Dec. 31, 2023 USD ($) letter_of_credit
Other Commitments [Line Items]
Number of outstanding letters of credit | letter_of_credit		5
Operating lease obligations		$ 8,560
Related Party | Air Wisconsin
Other Commitments [Line Items]
Outstanding credit facility		379
Letter of Credit
Other Commitments [Line Items]
Outstanding credit facility		$ 303
Treasury Payroll And Support Programme
Other Commitments [Line Items]
Proceeds from other long term debt	$ 42,185

Retirement and Other Benefit _2

Retirement and Other Benefit Plans (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Retirement Benefits [Abstract]
Total expense under defined contribution retirement plans	$ 4,262	$ 3,767
Long-term restricted investments	3,194	0
Long-term deferred compensation	3,216	0
Accrual for Supplemental Executive Savings Plan contributions	22
Additional payroll and related cost	2,219
Gain on marketable security	$ 2,219	$ 0

Related-Party Transactions (Det

Related-Party Transactions (Detail) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2020	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022
Related Party Transaction [Line Items]
Financial advisory and management services payments		$ 150	$ 150
Annual recurring fee payable monthly		150
Preferred stock		$ 13,200	13,200	$ 13,200	$ 13,200	$ 13,200	$ 13,200	$ 13,200	$ 13,200
Mezzanine Equity - Series C Convertible Redeemable Preferred Stock
Related Party Transaction [Line Items]
Issuance of stock (in shares)	4,000,000
Common stock converted (in shares)		16,500,000
Related Party | Southshore
Related Party Transaction [Line Items]
Liabilities assumed	$ 3,466
Related Party | Southshore | Mezzanine Equity - Series C Convertible Redeemable Preferred Stock
Related Party Transaction [Line Items]
Issuance of stock (in shares)	4,000,000
Preferred stock	$ 13,200
Issue price per share (in dollars per share)	$ 3.30
Common stock converted (in shares)		16,500,000
Related Party | Financial Advisory And Management Services | AWAC Aviation Inc
Related Party Transaction [Line Items]
Financial advisory and management services payments		$ 240	$ 240

Collective Bargaining Agreeme_3

Collective Bargaining Agreements - Additional Information (Details)	Dec. 31, 2023 collective_bargaining_unit
Retirement Benefits [Abstract]
Number of collective bargaining units	5

Collective Bargaining Agreeme_4

Collective Bargaining Agreements - Schedule Of Multiemployer Plans (Detail)	12 Months Ended
	Dec. 31, 2023
Pilots
Multiemployer Plan [Line Items]
Percentage of Workforce	36.10%
Dispatchers
Multiemployer Plan [Line Items]
Percentage of Workforce	2.50%
Mechanics
Multiemployer Plan [Line Items]
Percentage of Workforce	13%
Technical store clerks
Multiemployer Plan [Line Items]
Percentage of Workforce	2.90%
Flight attendants
Multiemployer Plan [Line Items]
Percentage of Workforce	18.30%

Earnings Per Share and Equity -

Earnings Per Share and Equity - Calculations of Net Income (Loss) Per Common Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						6 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share [Abstract]
Net (loss) income	$ (4,149)	$ (11,988)	$ (4,915)	$ 285	$ 6,626	$ 2,294	$ (16,903)	$ 8,920	$ (21,052)	$ 9,205	$ (15,985)	$ 7,502
Preferred stock dividends	358	305	252	198	198	198	557	396	915	594	1,328	792
Net (loss) income applicable to common stockholders	$ (4,507)	$ (12,293)	$ (5,167)	$ 87	$ 6,428	$ 2,096	$ (17,460)	$ 8,524	$ (21,967)	$ 8,611	$ (17,313)	$ 6,710
Weighted average common shares outstanding
Shares used in calculating basic earnings per share (in shares)	43,653,627	44,276,627	44,979,947	45,775,512	46,518,867	47,637,544	44,626,344	47,075,115	44,298,542	46,637,154	44,043,175	46,358,909
Stock option (in shares)											0	97,981
Series C Preferred (in shares)											0	16,500,000
Shares used in calculating diluted earnings per share (in shares)	43,653,627	44,276,627	44,979,947	62,275,512	63,018,867	64,534,912	44,626,344	63,772,701	44,298,542	63,268,154	44,043,175	62,956,890
Earnings allocated to common stockholders per common share
Basic (in dollars per share)	$ (0.10)	$ (0.28)	$ (0.11)	$ 0	$ 0.14	$ 0.04	$ (0.39)	$ 0.18	$ (0.50)	$ 0.18	$ (0.39)	$ 0.14
Diluted (in dollars per share)	$ (0.10)	$ (0.28)	$ (0.11)	$ 0	$ 0.10	$ 0.03	$ (0.39)	$ 0.13	$ (0.50)	$ 0.14	$ (0.39)	$ 0.11

Earnings Per Share and Equity_2

Earnings Per Share and Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands										1 Months Ended		12 Months Ended
	Jun. 28, 2024	Dec. 17, 2023	Sep. 27, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 30, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 30, 2022	Mar. 31, 2022	Jan. 31, 2020	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Stock option (in shares)												0	97,981
Cash received for cancellations of options										$ 969
Preferred stock, liquidation preference (in dollars per share)												$ 0.80
Common stock, convertible, conversion price (in dollars per share)												$ 0.15091
Percentage of outstanding shares of common stock												27.70%
Repurchased Stock
Class of Stock [Line Items]
Cash received for cancellations of options										$ 969
Mezzanine Equity - Series C Convertible Redeemable Preferred Stock
Class of Stock [Line Items]
Common stock converted (in shares)												16,500,000
Issuance of stock (in shares)											4,000,000
Cumulative quarterly preferred stock dividend rate percentage												6%
Increase or decrease in rate of preferential dividends												1%
Period of increase in rate of preferential dividends (in months)												6 months
Series C Preferred Stock, outstanding (in shares)												4,000,000	4,000,000
Dividend declared		$ 198	$ 198	$ 198	$ 198	$ 198	$ 198	$ 198	$ 198
Temporary equity conversion cap excess dividend		$ 214	$ 161	$ 107	$ 53
Mezzanine Equity - Series C Convertible Redeemable Preferred Stock | Subsequent Event
Class of Stock [Line Items]
Common stock converted (in shares)	16,500,000
Series C Preferred Stock
Class of Stock [Line Items]
Common stock converted (in shares)												16,500,000
Stock option (in shares)												0	97,981
Issuance of stock (in shares)												3,245,450
Cumulative quarterly preferred stock dividend rate percentage													0.50%
Series C Preferred Stock, outstanding (in shares)												754,550
Series C Preferred Stock | Subsequent Event
Class of Stock [Line Items]
Series C Preferred Stock, outstanding (in shares)	754,550
Shares redeemed (in shares)	3,245,450
Redemption value	$ 10,710

Stock Option (Detail)

Stock Option (Detail) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash received for cancellations of options	$ 969
2015 Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (in shares)			558,835
Stock option issued, exercise price (in dollars per share)			$ 0.21386
Value of the option at the date of grant (in dollars per share)		$ 0.07
Options granted, life (in years)		7 years
Options granted, risk free interest rate		2.01%
Options granted, expected volatility		157.10%

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Supplemental Cash Flow Elements [Abstract]
Cash payments for interest	$ 2,083	$ 2,375
Cash payments for income taxes	$ 2,471	$ 7,925

Supplemental Cash Flow Inform_4

Supplemental Cash Flow Information - Summary of Non-Cash Investing and Financing Activities and Reconciliation of Cash and Cash Equivalents and Restricted Cash (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022
Supplemental Cash Flow Elements [Abstract]
Gain on Long-term Restricted Investments (SESP)	$ 2,219	$ 0
Net investment in sales lease	2,132	0
Right-of-use assets acquired under operating leases	2,172	70
Cash and cash equivalents	20,776	33,333	$ 15,839	$ 15,831	$ 22,509	$ 19,013	$ 24,491	$ 25,573
Restricted cash	755	849
Total cash, cash equivalents, and restricted cash	$ 21,531	$ 34,182

Intangible Assets (Detail)

Intangible Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Trade names and air carrier certificate	$ 5,300	$ 5,300
Total	$ 5,300	$ 5,300

Stock Repurchase Program (Detai

Stock Repurchase Program (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Mar. 30, 2021
Equity, Class of Treasury Stock [Line Items]
Accrued excise tax liability	$ 45
Common Stock | Stock Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Authorized amount of repurchase, up to		$ 1,000
Automatic increase per calendar month		$ 1,000
Repurchased stock (in shares)	2,093,382
Common Stock | Stock Repurchase Program | Restricted Cash
Equity, Class of Treasury Stock [Line Items]
Total cash	$ 376

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Thousands		12 Months Ended
	Jun. 28, 2024	Dec. 31, 2023	Dec. 31, 2022
Series C Preferred Stock
Subsequent Event [Line Items]
Series C Convertible Redeemable Preferred Stock, shares outstanding (in shares)		754,550
Common stock converted (in shares)		16,500,000
Series C Preferred Stock | Subsequent Event
Subsequent Event [Line Items]
Series C Convertible Redeemable Preferred Stock, shares outstanding (in shares)	754,550
Shares redeemed (in shares)	3,245,450
Redemption value	$ 10,710
Mezzanine Equity - Series C Convertible Redeemable Preferred Stock
Subsequent Event [Line Items]
Series C Convertible Redeemable Preferred Stock, shares outstanding (in shares)		4,000,000	4,000,000
Common stock converted (in shares)		16,500,000
Mezzanine Equity - Series C Convertible Redeemable Preferred Stock | Subsequent Event
Subsequent Event [Line Items]
Common stock converted (in shares)	16,500,000

Restatement of Prior Quarterl_3

Restatement of Prior Quarterly 2023 and 2022 Condensed Consolidated Financial Statements (Unaudited) - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended						6 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Adjustment to contract revenue	$ 50,056	$ 48,911	$ 52,614	$ 58,361	$ 66,895	$ 57,845	$ 101,525	$ 124,740	$ 151,581	$ 183,101	$ 199,205	$ 239,728
Adjustment to interest income											(160)	(1,832)
Reduction in income tax expense	582	2,067	1,207	(93)	(2,081)	(721)	3,274	(2,802)	3,856	(2,895)	3,365	(5,132)
Overall impact on retained deficit	(93,786)	(89,637)	(77,649)	(71,031)	(71,316)	(77,942)	(89,637)	(71,316)	(93,786)	(71,031)	(88,719)	(72,734)
Expected federal and state refunds												7,092	$ 337
Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Adjustment to contract revenue	0	(2,161)	(6,518)	(10,049)	(11,035)	(9,130)	(8,679)	(20,165)	(8,679)	(30,214)		(41,135)	(1,429)
Adjustment to interest income										174		334
Reduction in income tax expense	(217)	(419)	937	2,414	2,636	2,177	518	4,813	301	7,227		9,861	337
Overall impact on retained deficit	(41,777)	(41,316)	(38,497)	(24,253)	(16,516)	(8,061)	(41,316)	(16,516)	(41,777)	(24,253)		(31,608)	(1,092)
Contract revenues
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Adjustment to contract revenue	49,958	48,809	52,519	58,340	66,888	57,838	101,328	124,726	151,286	183,066	$ 198,833	239,602
Contract revenues | Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Adjustment to contract revenue	$ 0	$ (2,161)	$ (6,518)	$ (10,049)	$ (11,035)	$ (9,130)	$ (8,679)	$ (20,165)	$ (8,679)	$ (30,214)		$ (41,135)	$ (1,429)

Restatement of Prior Quarterl_4

Restatement of Prior Quarterly 2023 and 2022 Condensed Consolidated Financial Statements (Unaudited) - Restated Unaudited Condensed Consolidated Financial Statements (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						6 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Revenues
Total Operating Revenues	$ 50,056	$ 48,911	$ 52,614	$ 58,361	$ 66,895	$ 57,845	$ 101,525	$ 124,740	$ 151,581	$ 183,101	$ 199,205	$ 239,728
Operating Expenses
Payroll and related costs	29,444	29,953	29,768	26,801	27,694	26,601	59,721	54,295	89,165	81,096	121,697	109,831
Aircraft fuel and oil	115	221	102	49	34	51	323	85	438	134	517	169
Aircraft maintenance, materials and repairs	11,175	17,869	19,349	17,494	16,336	14,501	37,218	30,837	48,393	48,331	60,783	67,096
Other rents	1,459	1,474	1,594	1,617	1,657	1,613	3,068	3,270	4,527	4,887	6,210	6,582
Depreciation, amortization and obsolescence	6,398	6,370	6,357	6,639	6,674	6,644	12,727	13,318	19,125	19,957	25,523	26,327
Purchased services and other	6,537	7,532	4,442	3,310	3,514	3,765	11,974	7,279	18,511	10,589	21,346	14,992
Total Operating Expenses	55,128	63,419	61,612	55,910	55,909	53,175	125,031	109,084	180,159	164,994	236,076	224,997
Income (Loss) From Operations	(5,072)	(14,508)	(8,998)	2,451	10,986	4,670	(23,506)	15,656	(28,578)	18,107	(36,871)	14,731
Interest and dividend income	1,296	1,190	1,150	1,631	1,325	768	2,340	2,093	3,636	3,724	5,476	6,690
Other Income (Expense)
Interest expense	0	(11)	(1)	0	0	0	(12)		(12)		(15)	(3)
Gain (Loss) on marketable securities and long-term restricted investments	(955)	(795)	1,740	(3,749)	(3,602)	(2,423)	945	(6,025)	(10)	(9,774)	3,651	(8,826)
Gain on extinguishment of debt	0	70	0	53	0	0	70	0	70	53	6,204	53
Other, net	0	(1)	(13)	(8)	(2)	0	(14)	(2)	(14)	(10)	(14)	(11)
Total Other Income (Expense)	341	453	2,876	(2,073)	(2,279)	(1,655)	3,329	(3,934)	3,670	(6,007)	17,521	(2,097)
Net Income (Loss) Before Taxes	(4,731)	(14,055)	(6,122)	378	8,707	3,015	(20,177)	11,722	(24,908)	12,100	(19,350)	12,634
Income Tax (Benefit) Expense	(582)	(2,067)	(1,207)	93	2,081	721	(3,274)	2,802	(3,856)	2,895	(3,365)	5,132
Net Income (Loss)	(4,149)	(11,988)	(4,915)	285	6,626	2,294	(16,903)	8,920	(21,052)	9,205	(15,985)	7,502
Preferred stock dividends	358	305	252	198	198	198	557	396	915	594	1,328	792
Net (loss) income applicable to common stockholders	$ (4,507)	$ (12,293)	$ (5,167)	$ 87	$ 6,428	$ 2,096	$ (17,460)	$ 8,524	$ (21,967)	$ 8,611	$ (17,313)	$ 6,710
Basic earnings (loss) per share (in dollars per share)	$ (0.10)	$ (0.28)	$ (0.11)	$ 0	$ 0.14	$ 0.04	$ (0.39)	$ 0.18	$ (0.50)	$ 0.18	$ (0.39)	$ 0.14
Diluted earnings (loss) per share (in dollars per share)	$ (0.10)	$ (0.28)	$ (0.11)	$ 0	$ 0.10	$ 0.03	$ (0.39)	$ 0.13	$ (0.50)	$ 0.14	$ (0.39)	$ 0.11
Weighted average common shares:
Basic (in shares)	43,653,627	44,276,627	44,979,947	45,775,512	46,518,867	47,637,544	44,626,344	47,075,115	44,298,542	46,637,154	44,043,175	46,358,909
Diluted (in shares)	43,653,627	44,276,627	44,979,947	62,275,512	63,018,867	64,534,912	44,626,344	63,772,701	44,298,542	63,268,154	44,043,175	62,956,890
Current Assets
Cash and cash equivalents	$ 15,839	$ 15,831	$ 22,509	$ 19,013	$ 24,491	$ 25,573	$ 15,831	$ 24,491	$ 15,839	$ 19,013	$ 20,776	$ 33,333
Restricted cash	707	812	671	418	516	576	812	516	707	418	755	849
Marketable securities	136,562	141,453	156,305	130,517	133,303	136,178	141,453	133,303	136,562	130,517	92,747	153,827
Receivables, net	9,782	11,503	9,839	14,406	13,736	11,699	11,503	13,736	9,782	14,406	5,592	11,419
Notes receivable	0	0	0	46,139	46,139	46,139	0	46,139	0	46,139		0
Spare parts and supplies, net	5,029	5,184	4,978	4,404	4,729	5,114	5,184	4,729	5,029	4,404	4,810	4,579
Contract costs	108	114	161	258	358	499	114	358	108	258	111	143
Contract assets	1,618	173	0				173		1,618
Prepaid expenses and other	2,537	2,749	3,512	2,776	1,640	1,834	2,749	1,640	2,537	2,776	2,115	3,732
Total Current Assets	172,182	177,819	197,975	217,931	224,912	227,612	177,819	224,912	172,182	217,931	127,659	207,882
Property and Equipment
Flight property and equipment	265,636	265,459	265,285	262,237	263,199	260,926	265,459	263,199	265,636	262,237	260,471	263,970
Ground property and equipment	8,596	8,287	8,240	7,895	8,320	8,221	8,287	8,320	8,596	7,895	8,792	8,055
Less accumulated depreciation and amortization	(190,606)	(183,329)	(176,474)	(163,336)	(156,909)	(150,109)	(183,329)	(156,909)	(190,606)	(163,336)	(193,457)	(169,766)
Net Property and Equipment	83,626	90,417	97,051	106,796	114,610	119,038	90,417	114,610	83,626	106,796	75,806	102,259
Other Assets
Operating lease right-of-use asset	9,708	11,113	12,153	14,789	16,005	17,328	11,113	16,005	9,708	14,789	10,270	13,480
Intangibles	5,300	5,300	5,300	5,300	5,300	5,300	5,300	5,300	5,300	5,300	5,300	5,300
Long-term deferred tax assets	0	0	119	251	276	528	0	276	0	251	0	258
Long-term investments	4,275	4,275	4,275	4,275	4,275	4,275	4,275	4,275	4,275	4,275	4,275	4,275
Long-term contract costs	613	639	751				639		613		578	0
Other	8,557	8,733	8,921	7,524	6,364	4,290	8,733	6,364	8,557	7,524	8,051	9,053
Total Other Assets	28,453	30,060	31,519	32,139	32,220	31,721	30,060	32,220	28,453	32,139	32,839	32,366
Total Assets	284,261	298,296	326,545	356,866	371,742	378,371	298,296	371,742	284,261	356,866	236,304	342,507
Current Liabilities
Accounts payable	14,935	21,270	20,950	16,593	18,574	15,797	21,270	18,574	14,935	16,593	12,385	20,165
Accrued payroll and employee benefits	13,235	13,184	14,216	13,057	13,157	12,484	13,184	13,157	13,235	13,057	11,495	12,989
Current portion of operating lease liability	3,649	4,199	5,125	5,078	5,103	5,180	4,199	5,103	3,649	5,078	4,938	5,091
Other accrued expenses	166	102	193	253	196	228	102	196	166	253	67	137
Contract liabilities, net	0	0	1,120	3,576	4,961	6,917	0	4,961	0	3,576	100	1,985
Deferred revenues	0	0	3,682	21,093	29,746	41,758	0	29,746	0	21,093	0	11,601
Income taxes payable				0	0	0		0		0		0
Current portion of long-term debt	52,554	5,444	9,084	9,224	9,310	5,845	5,444	9,310	52,554	9,224	0	9,154
Total Current Liabilities	84,539	44,199	54,370	68,874	81,047	88,209	44,199	81,047	84,539	68,874	28,985	61,122
Other Liabilities
Long-term debt	0	47,596	51,582	56,089	57,050	61,110	47,596	57,050	0	56,089	0	52,068
Long-term promissory note	4,275	4,275	4,275	4,275	4,275	4,275	4,275	4,275	4,275	4,275	4,275	4,275
Deferred tax liability	1,390	1,975	4,159	3,194	3,115	1,286	1,975	3,115	1,390	3,194	1,983	5,510
Long-term operating lease liability	3,659	4,500	4,543	7,100	8,304	9,515	4,500	8,304	3,659	7,100	3,010	5,849
Long-term contract liabilities, net	2,792	2,840	398				2,840		2,792		2,984	0
Other, net	1,755	1,737	1,659	2,757	2,662	2,663	1,737	2,662	1,755	2,757	2,007	1,977
Total Long-Term Liabilities	13,871	62,923	66,616	73,415	75,406	78,849	62,923	75,406	13,871	73,415	17,475	69,679
Total Liabilities	98,410	107,122	120,986	142,289	156,453	167,058	107,122	156,453	98,410	142,289		130,801
Mezzanine Equity
Preferred stock	13,200	13,200	13,200	13,200	13,200	13,200	13,200	13,200	13,200	13,200	13,200	13,200
Stockholders’ Equity
Common stock	555	555	555	555	555	555	555	555	555	555	555	555
Additional paid-in capital	284,753	285,111	285,416	285,866	286,064	286,262	285,111	286,064	284,753	285,866	284,340	285,668
Retained deficit	(93,786)	(89,637)	(77,649)	(71,031)	(71,316)	(77,942)	(89,637)	(71,316)	(93,786)	(71,031)	(88,719)	(72,734)
Treasury stock	(18,871)	(18,055)	(15,963)	(14,013)	(13,214)	(10,762)	(18,055)	(13,214)	(18,871)	(14,013)	(19,532)	(14,983)
Total Stockholders’ Equity	172,651	177,974	192,359	201,377	202,089	198,113	177,974	202,089	172,651	201,377	176,644	198,506	$ 204,468
Total Liabilities, Mezzanine Equity, and Stockholders’ Equity	284,261	298,296	326,545	356,866	371,742	378,371	298,296	371,742	284,261	356,866	236,304	342,507
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	177,974	192,359	$ 198,506	202,089	198,113	204,468	$ 198,506	204,468	$ 198,506	204,468	$ 198,506	204,468
Common Stock, beginning balance (in shares)			45,219,737				45,219,737		45,219,737		45,219,737
Ending balance	172,651	177,974	$ 192,359	201,377	202,089	198,113	$ 177,974	202,089	$ 172,651	201,377	$ 176,644	$ 198,506	204,468
Common Stock, ending balance (in shares)											43,126,355	45,219,737
Cash Flows from Operating Activities
Net (loss) income			(4,915)			2,294	(16,903)	8,920	(21,052)	9,205	$ (15,985)	$ 7,502
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation, amortization and obsolescence allowance			6,357			6,644	12,727	13,318	19,125	19,957	25,523	26,327
Amortization of contract costs			0			0	0	0	0	0		0
Amortization of engine overhauls			676			616	1,515	1,305	2,485	2,098	4,202	2,757
Deferred income taxes			(1,212)			603	(3,277)	2,684	(3,862)	2,788	(3,269)	5,216
Loss (gain) on disposition of property			92			(2)	208	38	219	62	(523)	181
Loss on marketable securities	955	795	(1,740)	3,749	3,602	2,423	(945)	6,025	10	9,774	(3,651)	8,826
Gain on extinguishment of debt	0	(70)	0	(53)	0	0	(70)	0	(70)	(53)	(6,204)	(53)
Changes in operating assets and liabilities:
Accounts receivable			1,579			(4,277)	(84)	(6,314)	1,636	(6,984)	5,636	(3,997)
Notes receivable			0			0	0	0	0	0	0	46,139
Spare parts and supplies			(399)			(229)	(605)	(159)	(450)	(149)	(231)	(324)
Prepaid expenses and other			(517)			2,375	528	494	916	(1,801)	1,843	(4,286)
Operating lease right-of-use asset			55			19	126	54	140	41	218	112
Accounts payable			784			(4,263)	1,105	(1,486)	(5,230)	(3,467)	(7,780)	105
Accrued payroll and employee benefits			1,227			(2,401)	195	(1,728)	246	(1,828)	(1,494)	(1,896)
Other accrued expenses			56			56	(35)	24	29	81	(70)	(35)
Long-term deferred revenues						(9,046)		(9,046)		(9,046)	0	(9,046)
Contract liabilities			(467)			(2,507)	682	(4,463)	(811)	(5,848)	1,099	(7,439)
Deferred revenues			(7,919)			5,966	(11,601)	(6,046)	(11,601)	(14,699)	(11,601)	(24,191)
Income taxes payable						0		0		0
Other long-term liabilities			(318)			(59)	(240)	(60)	(222)	35	52	(864)
Net Cash (Used in) Provided by Operating Activities			(6,661)			(1,788)	(16,674)	3,560	(18,492)	166	(12,027)	45,034
Cash Flows from Investing Activities
Additions to property and equipment			(1,817)			(1,210)	(2,453)	(3,732)	(3,017)		(4,487)	(5,513)
Additions to property and equipment										(2,963)
Proceeds on disposition of property and equipment			2			3	10	7	19	10	27	64
Purchase of marketable securities			(738)			(231)	(1,681)	(958)	(2,745)	(1,921)	(35,132)	(24,283)
Sale of marketable securities			0				15,000		20,000		99,863	0
Net Cash Provided by (Used in) Investing Activities			(2,553)			(1,438)	10,876	(4,683)	14,257	(4,874)	60,271	(29,732)
Cash Flows from Financing Activities
Repayments of long-term debt			(556)			(595)	(8,112)	(1,190)	(8,598)	(2,184)	(55,018)	(6,275)
Dividends paid			(252)			(198)	(557)	(396)	(915)	(594)	(1,328)	(792)
Repurchase of stock options						(969)		(969)		(969)	0	(969)
Repurchased stock			(980)			(7,482)	(3,072)	(9,934)	(3,888)	(10,733)	(4,549)	(11,703)
Net Cash Used in Financing Activities			(1,788)			(9,244)	(11,741)	(12,489)	(13,401)	(14,480)	(60,895)	(19,739)
Decrease in Cash, Cash Equivalents and Restricted Cash			(11,002)			(12,470)	(17,539)	(13,612)	(17,636)	(19,188)	(12,651)	(4,437)
Cash, Cash Equivalents and Restricted Cash, beginning of year	16,643	23,180	34,182	25,007	26,149	38,619	34,182	38,619	34,182	38,619	34,182	38,619
Cash, Cash Equivalents and Restricted Cash, end of year	16,546	16,643	$ 23,180	19,431	25,007	26,149	$ 16,643	25,007	$ 16,546	19,431	$ 21,531	$ 34,182	38,619
Mezzanine Equity - Series C Convertible Redeemable Preferred Stock
Increase (Decrease) in Temporary Equity [Roll Forward]
Mezzanine Equity - Series C Convertible Redeemable Preferred Stock, beginning balance (in shares)			4,000,000				4,000,000		4,000,000		4,000,000
Mezzanine Equity - Series C Convertible Redeemable Preferred Stock, ending balance (in shares)											4,000,000	4,000,000
Mezzanine Equity - Series C Convertible Redeemable Preferred Stock | Mezzanine Equity - Series C Convertible Redeemable Preferred Stock
Stockholders’ Equity
Total Stockholders’ Equity	$ 13,200	$ 13,200	$ 13,200	$ 13,200	$ 13,200	$ 13,200	$ 13,200	$ 13,200	$ 13,200	$ 13,200	$ 13,200	$ 13,200	$ 13,200
Increase (Decrease) in Temporary Equity [Roll Forward]
Mezzanine Equity - Series C Convertible Redeemable Preferred Stock, beginning balance (in shares)	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000
Mezzanine Equity - Series C Convertible Redeemable Preferred Stock, ending balance (in shares)	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 13,200	$ 13,200	$ 13,200	$ 13,200	$ 13,200	$ 13,200	$ 13,200	$ 13,200	$ 13,200	$ 13,200	$ 13,200	$ 13,200
Ending balance	13,200	13,200	13,200	13,200	13,200	13,200	13,200	13,200	13,200	13,200	13,200	13,200	$ 13,200
Common Stock
Stockholders’ Equity
Total Stockholders’ Equity	555	555	555	555	555	555	555	555	555	555	555	555	555
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 555	$ 555	$ 555	$ 555	$ 555	$ 555	$ 555	$ 555	$ 555	$ 555	$ 555	$ 555
Common Stock, beginning balance (in shares)	43,830,000	44,750,000	45,220,000	46,016,000	47,054,000	53,316,000	45,220,000	53,316,000	45,220,000	53,316,000	45,220,000	53,316,000
Ending balance	$ 555	$ 555	$ 555	$ 555	$ 555	$ 555	$ 555	$ 555	$ 555	$ 555	$ 555	$ 555	$ 555
Common Stock, ending balance (in shares)	43,456,000	43,830,000	44,750,000	45,652,000	46,016,000	47,054,000	43,830,000	46,016,000	43,456,000	45,652,000	43,126,000	45,220,000	53,316,000
Repurchased Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Treasury Stock, beginning balance (in shares)	11,651,000	10,731,000	10,261,000	9,465,000	8,427,000	2,165,000	10,261,000	2,165,000	10,261,000	2,165,000	10,261,000	2,165,000
Treasury Stock, ending balance (in shares)	12,025,000	11,651,000	10,731,000	9,829,000	9,465,000	8,427,000	11,651,000	9,465,000	12,025,000	9,829,000	12,355,000	10,261,000	2,165,000
Additional Paid-In Capital
Stockholders’ Equity
Total Stockholders’ Equity	$ 284,753	$ 285,111	$ 285,416	$ 285,866	$ 286,064	$ 286,262	$ 285,111	$ 286,064	$ 284,753	$ 285,866	$ 284,340	$ 285,668	$ 287,429
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	285,111	285,416	285,668	286,064	286,262	287,429	285,668	287,429	285,668	287,429	285,668	287,429
Ending balance	284,753	285,111	285,416	285,866	286,064	286,262	285,111	286,064	284,753	285,866	284,340	285,668	287,429
Retained Deficit
Other Income (Expense)
Net Income (Loss)											(15,985)	7,502
Stockholders’ Equity
Total Stockholders’ Equity	(93,786)	(89,637)	(77,649)	(71,031)	(71,316)	(77,942)	(89,637)	(71,316)	(93,786)	(71,031)	(88,719)	(72,734)	(80,236)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(89,637)	(77,649)	(72,734)	(71,316)	(77,942)	(80,236)	(72,734)	(80,236)	(72,734)	(80,236)	(72,734)	(80,236)
Ending balance	(93,786)	(89,637)	(77,649)	(71,031)	(71,316)	(77,942)	(89,637)	(71,316)	(93,786)	(71,031)	(88,719)	(72,734)	(80,236)
Cost of Repurchased Stock
Stockholders’ Equity
Total Stockholders’ Equity	(18,871)	(18,055)	(15,963)	(14,013)	(13,214)	(10,762)	(18,055)	(13,214)	(18,871)	(14,013)	(19,532)	(14,983)	(3,280)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(18,055)	(15,963)	(14,983)	(13,214)	(10,762)	(3,280)	(14,983)	(3,280)	(14,983)	(3,280)	(14,983)	(3,280)
Ending balance	(18,871)	(18,055)	(15,963)	(14,013)	(13,214)	(10,762)	(18,055)	(13,214)	(18,871)	(14,013)	(19,532)	(14,983)	(3,280)
As Reported
Operating Revenues
Total Operating Revenues	50,056	51,072	59,132	68,410	77,930	66,975	110,204	144,905	160,260	213,315		280,863
Operating Expenses
Payroll and related costs	29,444	29,953	29,768	26,801	27,694	26,601	59,721	54,295	89,165	81,096		109,831
Aircraft fuel and oil	115	221	102	49	34	51	323	85	438	134		169
Aircraft maintenance, materials and repairs	11,175	17,869	19,349	17,494	16,336	14,501	37,218	30,837	48,393	48,331		67,096
Other rents	1,459	1,474	1,594	1,617	1,657	1,613	3,068	3,270	4,527	4,887		6,582
Depreciation, amortization and obsolescence	6,398	6,370	6,357	6,639	6,674	6,644	12,727	13,318	19,125	19,957		26,327
Purchased services and other	6,537	7,532	4,442	3,310	3,514	3,765	11,974	7,279	18,511	10,589		14,992
Total Operating Expenses	55,128	63,419	61,612	55,910	55,909	53,175	125,031	109,084	180,159	164,994		224,997
Income (Loss) From Operations	(5,072)	(12,347)	(2,480)	12,500	22,021	13,800	(14,827)	35,821	(19,899)	48,321		55,866
Interest and dividend income	1,540	1,429	1,366	840	688	574	2,795	1,262	4,335	2,102		7,024
Other Income (Expense)
Interest expense	0	(11)	(1)				(12)		(12)			(3)
Gain (Loss) on marketable securities and long-term restricted investments	(955)	(795)	1,740	(3,749)	(3,602)	(2,423)	945	(6,025)	(10)	(9,774)		(8,826)
Gain on extinguishment of debt	0	70	0	53	0	0	70	0	70	53		53
Other, net	0	(1)	(13)	885	691	210	(14)	901	(14)	1,786		(11)
Total Other Income (Expense)	585	692	3,092	(1,971)	(2,223)	(1,639)	3,784	(3,862)	4,369	(5,833)		(1,763)
Net Income (Loss) Before Taxes	(4,487)	(11,655)	612	10,529	19,798	12,161	(11,043)	31,959	(15,530)	42,488		54,103
Income Tax (Benefit) Expense	(799)	(2,486)	(270)	2,507	4,717	2,898	(2,756)	7,615	(3,555)	10,122		14,993
Net Income (Loss)	(3,688)	(9,169)	882	8,022	15,081	9,263	(8,287)	24,344	(11,975)	32,366		39,110
Preferred stock dividends	358	305	252	198	198	198	557	396	915	594		792
Net (loss) income applicable to common stockholders	$ (4,046)	$ (9,474)	$ 630	$ 7,824	$ 14,883	$ 9,065	$ (8,844)	$ 23,948	$ (12,890)	$ 31,772		$ 38,318
Basic earnings (loss) per share (in dollars per share)	$ (0.09)	$ (0.21)	$ 0.01	$ 0.17	$ 0.32	$ 0.19	$ (0.20)	$ 0.51	$ (0.29)	$ 0.68		$ 0.83
Diluted earnings (loss) per share (in dollars per share)	$ (0.09)	$ (0.21)	$ 0.01	$ 0.13	$ 0.24	$ 0.14	$ (0.20)	$ 0.38	$ (0.29)	$ 0.50		$ 0.61
Weighted average common shares:
Basic (in shares)	43,653,627	44,276,627	44,979,947	45,775,512	46,518,867	47,637,544	44,626,344	47,075,115	44,298,542	46,637,154		46,358,909
Diluted (in shares)	43,653,627	44,276,627	61,479,947	62,275,512	63,018,867	64,534,912	44,626,344	63,772,701	44,298,542	63,268,154		62,956,890
Current Assets
Cash and cash equivalents	$ 15,839	$ 15,831	$ 22,509	$ 19,013	$ 24,491	$ 25,573	$ 15,831	$ 24,491	$ 15,839	$ 19,013		$ 33,333
Restricted cash	707	812	671	418	516	576	812	516	707	418		849
Marketable securities	136,562	141,453	156,305	130,517	133,303	136,178	141,453	133,303	136,562	130,517		153,827
Receivables, net	40,391	45,074	41,147	33,272	24,119	15,680	45,074	24,119	40,391	33,272		40,341
Notes receivable	21,093	21,093	21,093	60,315	55,177	51,078	21,093	55,177	21,093	60,315		18,023
Spare parts and supplies, net	5,029	5,184	4,978	4,404	4,729	5,114	5,184	4,729	5,029	4,404		4,579
Contract costs	108	114	161	258	358	499	114	358	108	258		143
Contract assets	1,618	173	0				173		1,618
Prepaid expenses and other	2,594	2,749	3,512	2,776	1,640	1,834	2,749	1,640	2,594	2,776		3,732
Total Current Assets	223,941	232,483	250,376	250,973	244,333	236,532	232,483	244,333	223,941	250,973		254,827
Property and Equipment
Flight property and equipment	265,636	265,459	265,285	262,237	263,199	260,926	265,459	263,199	265,636	262,237		263,970
Ground property and equipment	8,596	8,287	8,240	7,895	8,320	8,221	8,287	8,320	8,596	7,895		8,055
Less accumulated depreciation and amortization	(190,606)	(183,329)	(176,474)	(163,336)	(156,909)	(150,109)	(183,329)	(156,909)	(190,606)	(163,336)		(169,766)
Net Property and Equipment	83,626	90,417	97,051	106,796	114,610	119,038	90,417	114,610	83,626	106,796		102,259
Other Assets
Operating lease right-of-use asset	9,708	11,113	12,153	14,789	16,005	17,328	11,113	16,005	9,708	14,789		13,480
Intangibles	5,300	5,300	5,300	5,300	5,300	5,300	5,300	5,300	5,300	5,300		5,300
Long-term deferred tax assets	0	0	0	616	616	616	0	616	0	616		0
Long-term investments	4,275	4,275	4,275	4,275	4,275	4,275	4,275	4,275	4,275	4,275		4,275
Long-term contract costs	613	639	751				639		613
Other	969	1,146	1,126	1,687	1,898	1,805	1,146	1,898	969	1,687		1,414
Total Other Assets	20,865	22,473	23,605	26,667	28,094	29,324	22,473	28,094	20,865	26,667		24,469
Total Assets	328,432	345,373	371,032	384,436	387,037	384,894	345,373	387,037	328,432	384,436		381,555
Current Liabilities
Accounts payable	14,295	21,016	20,950	16,593	18,574	15,797	21,016	18,574	14,295	16,593		20,165
Accrued payroll and employee benefits	13,235	13,184	14,216	13,057	13,157	12,484	13,184	13,157	13,235	13,057		12,989
Current portion of operating lease liability	3,649	4,199	5,125	5,078	5,103	5,180	4,199	5,103	3,649	5,078		5,091
Other accrued expenses	166	102	193	253	196	228	102	196	166	253		137
Contract liabilities, net	0	0	1,120	3,576	4,961	6,917	0	4,961	0	3,576		1,985
Deferred revenues	0	0	5,841	22,318	27,500	40,102	0	27,500	0	22,318		16,561
Income taxes payable				4,633	3,487	751		3,487		4,633		0
Current portion of long-term debt	52,554	5,444	9,084	9,224	9,310	5,845	5,444	9,310	52,554	9,224		9,154
Total Current Liabilities	83,899	43,945	56,529	74,732	82,288	87,304	43,945	82,288	83,899	74,732		66,082
Other Liabilities
Long-term debt	0	47,596	51,582	56,089	57,050	61,110	47,596	57,050	0	56,089		52,068
Long-term promissory note	4,275	4,275	4,275	4,275	4,275	4,275	4,275	4,275	4,275	4,275		4,275
Deferred tax liability	4,424	7,990	7,990	653	653	653	7,990	653	4,424	653		7,990
Long-term operating lease liability	3,659	4,500	4,543	7,100	8,304	9,515	4,500	8,304	3,659	7,100		5,849
Long-term contract liabilities, net	2,792	2,840	398				2,840		2,792
Other, net	1,755	1,737	1,659	2,757	2,662	2,663	1,737	2,662	1,755	2,757		1,977
Total Long-Term Liabilities	16,905	68,938	70,447	70,874	72,944	78,216	68,938	72,944	16,905	70,874		72,159
Total Liabilities	100,804	112,883	126,976	145,606	155,232	165,520	112,883	155,232	100,804	145,606		138,241
Mezzanine Equity
Preferred stock	13,200	13,200	13,200	13,200	13,200	13,200	13,200	13,200	13,200	13,200		13,200
Stockholders’ Equity
Common stock	555	555	555	555	555	555	555	555	555	555		555
Additional paid-in capital	284,753	285,111	285,416	285,866	286,064	286,262	285,111	286,064	284,753	285,866		285,668
Retained deficit	(52,009)	(48,321)	(39,152)	(46,778)	(54,800)	(69,881)	(48,321)	(54,800)	(52,009)	(46,778)		(41,126)
Treasury stock	(18,871)	(18,055)	(15,963)	(14,013)	(13,214)	(10,762)	(18,055)	(13,214)	(18,871)	(14,013)		(14,983)
Total Stockholders’ Equity	214,428	219,290	230,856	225,630	218,605	206,174	219,290	218,605	214,428	225,630		230,114
Total Liabilities, Mezzanine Equity, and Stockholders’ Equity	328,432	345,373	371,032	384,436	387,037	384,894	345,373	387,037	328,432	384,436		381,555
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	219,290	230,856	230,114	218,605	206,174		230,114		230,114		230,114
Ending balance	214,428	219,290	230,856	225,630	218,605	206,174	219,290	218,605	214,428	225,630		230,114
Cash Flows from Operating Activities
Net (loss) income			882			9,263	(8,287)	24,344	(11,975)	32,366		39,110
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation, amortization and obsolescence allowance			6,357			6,644	12,727	13,318	19,125	19,957		26,327
Amortization of contract costs			(936)			(1,066)	(1,461)	(2,383)	(1,654)	(3,314)		(4,385)
Amortization of engine overhauls			676			616	1,515	1,305	2,485	2,098		2,757
Deferred income taxes			0			(118)	0	(118)	(3,566)	(118)		7,954
Loss (gain) on disposition of property			92			(2)	208	38	219	62		181
Loss on marketable securities	955	795	(1,740)	3,749	3,602	2,423	(945)	6,025	10	9,774		8,826
Gain on extinguishment of debt	0	(70)	0	(53)	0	0	(70)	0	(70)	(53)		(53)
Changes in operating assets and liabilities:
Accounts receivable			(807)			(8,258)	(4,733)	(16,697)	(51)	(25,850)		(32,919)
Notes receivable			(1,641)			(3,510)	(1,641)	(7,609)	(1,641)	(12,747)		28,116
Spare parts and supplies			(399)			(229)	(605)	(159)	(450)	(149)		(324)
Prepaid expenses and other			(698)			4,523	139	4,623	471	3,699		3,353
Operating lease right-of-use asset			55			19	126	54	140	41		112
Accounts payable			784			(4,263)	851	(1,486)	(5,870)	(3,467)		105
Accrued payroll and employee benefits			1,227			(2,401)	195	(1,728)	246	(1,828)		(1,896)
Other accrued expenses			56			56	(35)	24	29	81		(35)
Long-term deferred revenues						(9,046)		(9,046)		(9,046)		(9,046)
Contract liabilities			469			(1,441)	2,143	(2,080)	843	(2,534)		(3,054)
Deferred revenues			(10,720)			4,310	(16,561)	(8,292)	(16,561)	(13,474)		(19,231)
Income taxes payable						751		3,487		4,633
Other long-term liabilities			(318)			(59)	(240)	(60)	(222)	35		(864)
Net Cash (Used in) Provided by Operating Activities			(6,661)			(1,788)	(16,674)	3,560	(18,492)	166		45,034
Cash Flows from Investing Activities
Additions to property and equipment			(1,817)			(1,210)	(2,453)	(3,732)	(3,017)			(5,513)
Additions to property and equipment										(2,963)
Proceeds on disposition of property and equipment			2			3	10	7	19	10		64
Purchase of marketable securities			(738)			(231)	(1,681)	(958)	(2,745)	(1,921)		(24,283)
Sale of marketable securities			0				15,000		20,000
Net Cash Provided by (Used in) Investing Activities			(2,553)			(1,438)	10,876	(4,683)	14,257	(4,874)		(29,732)
Cash Flows from Financing Activities
Repayments of long-term debt			(556)			(595)	(8,112)	(1,190)	(8,598)	(2,184)		(6,275)
Dividends paid			(252)			(198)	(557)	(396)	(915)	(594)		(792)
Repurchase of stock options						(969)		(969)		(969)		(969)
Repurchased stock			(980)			(7,482)	(3,072)	(9,934)	(3,888)	(10,733)		(11,703)
Net Cash Used in Financing Activities			(1,788)			(9,244)	(11,741)	(12,489)	(13,401)	(14,480)		(19,739)
Decrease in Cash, Cash Equivalents and Restricted Cash			(11,002)			(12,470)	(17,539)	(13,612)	(17,636)	(19,188)		(4,437)
Cash, Cash Equivalents and Restricted Cash, beginning of year	16,643	23,180	34,182	25,007	26,149	38,619	34,182	38,619	34,182	38,619	34,182	38,619
Cash, Cash Equivalents and Restricted Cash, end of year	16,546	16,643	23,180	19,431	25,007	26,149	16,643	25,007	16,546	19,431		34,182	38,619
As Reported | Mezzanine Equity - Series C Convertible Redeemable Preferred Stock | Mezzanine Equity - Series C Convertible Redeemable Preferred Stock
Stockholders’ Equity
Total Stockholders’ Equity	$ 13,200	$ 13,200	$ 13,200	$ 13,200	$ 13,200	$ 13,200	$ 13,200	$ 13,200	$ 13,200	$ 13,200
Increase (Decrease) in Temporary Equity [Roll Forward]
Mezzanine Equity - Series C Convertible Redeemable Preferred Stock, beginning balance (in shares)	4,000,000	4,000,000		4,000,000	4,000,000
Mezzanine Equity - Series C Convertible Redeemable Preferred Stock, ending balance (in shares)	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 13,200	$ 13,200		$ 13,200	$ 13,200
Ending balance	13,200	13,200	$ 13,200	13,200	13,200	$ 13,200	$ 13,200	$ 13,200	$ 13,200	$ 13,200
As Reported | Common Stock
Stockholders’ Equity
Total Stockholders’ Equity	555	555	555	555	555	555	555	555	555	555
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 555	$ 555		$ 555	$ 555
Common Stock, beginning balance (in shares)	43,830,000	44,750,000		46,016,000	47,054,000
Ending balance	$ 555	$ 555	$ 555	$ 555	$ 555	$ 555	$ 555	$ 555	$ 555	$ 555
Common Stock, ending balance (in shares)	43,456,000	43,830,000	44,750,000	45,652,000	46,016,000	47,054,000	43,830,000	46,016,000	43,456,000	45,652,000
As Reported | Repurchased Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Treasury Stock, beginning balance (in shares)	11,651,000	10,731,000		9,465,000	8,427,000
Treasury Stock, ending balance (in shares)	12,025,000	11,651,000	10,731,000	9,829,000	9,465,000	8,427,000	11,651,000	9,465,000	12,025,000	9,829,000
As Reported | Additional Paid-In Capital
Stockholders’ Equity
Total Stockholders’ Equity	$ 284,753	$ 285,111	$ 285,416	$ 285,866	$ 286,064	$ 286,262	$ 285,111	$ 286,064	$ 284,753	$ 285,866
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	285,111	285,416		286,064	286,262
Ending balance	284,753	285,111	285,416	285,866	286,064	286,262	285,111	286,064	284,753	285,866
As Reported | Retained Deficit
Stockholders’ Equity
Total Stockholders’ Equity	(52,009)	(48,321)	(39,152)	(46,778)	(54,800)	(69,881)	(48,321)	(54,800)	(52,009)	(46,778)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(48,321)	(39,152)		(54,800)	(69,881)
Ending balance	(52,009)	(48,321)	(39,152)	(46,778)	(54,800)	(69,881)	(48,321)	(54,800)	(52,009)	(46,778)
As Reported | Cost of Repurchased Stock
Stockholders’ Equity
Total Stockholders’ Equity	(18,871)	(18,055)	(15,963)	(14,013)	(13,214)	(10,762)	(18,055)	(13,214)	(18,871)	(14,013)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(18,055)	(15,963)		(13,214)	(10,762)
Ending balance	(18,871)	(18,055)	(15,963)	(14,013)	(13,214)	(10,762)	(18,055)	(13,214)	(18,871)	(14,013)
Adjustments
Operating Revenues
Total Operating Revenues	0	(2,161)	(6,518)	(10,049)	(11,035)	(9,130)	(8,679)	(20,165)	(8,679)	(30,214)		(41,135)	(1,429)
Operating Expenses
Payroll and related costs	0	0	0	0	0	0	0	0	0	0		0
Aircraft fuel and oil	0	0	0	0	0	0	0	0	0	0		0
Aircraft maintenance, materials and repairs	0	0	0	0	0	0	0	0	0	0		0
Other rents	0	0	0	0	0	0	0	0	0	0		0
Depreciation, amortization and obsolescence	0	0	0	0	0	0	0	0	0	0		0
Purchased services and other	0	0	0	0	0	0	0	0	0	0		0
Total Operating Expenses	0	0	0	0	0	0	0	0	0	0		0
Income (Loss) From Operations	0	(2,161)	(6,518)	(10,049)	(11,035)	(9,130)	(8,679)	(20,165)	(8,679)	(30,214)		(41,135)
Interest and dividend income	(244)	(239)	(216)	(102)	(56)	(16)	(455)	(72)	(699)	(174)		(334)
Other Income (Expense)
Interest expense	0	0	0				0		0			0
Gain (Loss) on marketable securities and long-term restricted investments	0	0	0	0	0	0	0	0	0	0		0
Gain on extinguishment of debt	0	0	0	0	0	0	0	0	0	0		0
Other, net	0	0	0	0	0	0	0	0	0	0		0
Total Other Income (Expense)	(244)	(239)	(216)	(102)	(56)	(16)	(455)	(72)	(699)	(174)		(334)
Net Income (Loss) Before Taxes	(244)	(2,400)	(6,734)	(10,151)	(11,091)	(9,146)	(9,134)	(20,237)	(9,378)	(30,388)		(41,469)
Income Tax (Benefit) Expense	217	419	(937)	(2,414)	(2,636)	(2,177)	(518)	(4,813)	(301)	(7,227)		(9,861)	(337)
Net Income (Loss)	(461)	(2,819)	(5,797)	(7,737)	(8,455)	(6,969)	(8,616)	(15,424)	(9,077)	(23,161)		(31,608)
Preferred stock dividends	0	0	0	0	0	0	0	0	0	0		0
Net (loss) income applicable to common stockholders	$ (461)	$ (2,819)	$ (5,797)	$ (7,737)	$ (8,455)	$ (6,969)	$ (8,616)	$ (15,424)	$ (9,077)	$ (23,161)		$ (31,608)	(1,092)
Basic earnings (loss) per share (in dollars per share)	$ (0.01)	$ (0.07)	$ (0.12)	$ (0.17)	$ (0.18)	$ (0.15)	$ (0.19)	$ (0.33)	$ (0.21)	$ (0.50)		$ (0.69)
Diluted earnings (loss) per share (in dollars per share)	$ (0.01)	$ (0.07)	$ (0.12)	$ (0.13)	$ (0.14)	$ (0.11)	$ (0.19)	$ (0.25)	$ (0.21)	$ (0.36)		$ (0.50)
Weighted average common shares:
Basic (in shares)	0	0	0	0	0	0	0	0	0	0		0
Diluted (in shares)	0	0	(16,500,000)	0	0	0	0	0	0	0		0
Current Assets
Cash and cash equivalents	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0		$ 0
Restricted cash	0	0	0	0	0	0	0	0	0	0		0
Marketable securities	0	0	0	0	0	0	0	0	0	0		0
Receivables, net	(30,609)	(33,571)	(31,308)	(18,866)	(10,383)	(3,981)	(33,571)	(10,383)	(30,609)	(18,866)		(28,922)
Notes receivable	(21,093)	(21,093)	(21,093)	(14,176)	(9,038)	(4,939)	(21,093)	(9,038)	(21,093)	(14,176)		(18,023)
Spare parts and supplies, net	0	0	0	0	0	0	0	0	0	0		0
Contract costs	0	0	0	0	0	0	0	0	0	0		0
Contract assets	0	0	0				0		0
Prepaid expenses and other	(57)	0	0	0	0	0	0	0	(57)	0		0
Total Current Assets	(51,759)	(54,664)	(52,401)	(33,042)	(19,421)	(8,920)	(54,664)	(19,421)	(51,759)	(33,042)		(46,945)
Property and Equipment
Flight property and equipment	0	0	0	0	0	0	0	0	0	0		0
Ground property and equipment	0	0	0	0	0	0	0	0	0	0		0
Less accumulated depreciation and amortization	0	0	0	0	0	0	0	0	0	0		0
Net Property and Equipment	0	0	0	0	0	0	0	0	0	0		0
Other Assets
Operating lease right-of-use asset	0	0	0	0	0	0	0	0	0	0		0
Intangibles	0	0	0	0	0	0	0	0	0	0		0
Long-term deferred tax assets	0	0	119	(365)	(340)	(88)	0	(340)	0	(365)		258
Long-term investments	0	0	0	0	0	0	0	0	0	0		0
Long-term contract costs	0	0	0				0		0
Other	7,588	7,587	7,795	5,837	4,466	2,485	7,587	4,466	7,588	5,837		7,639
Total Other Assets	7,588	7,587	7,914	5,472	4,126	2,397	7,587	4,126	7,588	5,472		7,897
Total Assets	(44,171)	(47,077)	(44,487)	(27,570)	(15,295)	(6,523)	(47,077)	(15,295)	(44,171)	(27,570)		(39,048)
Current Liabilities
Accounts payable	640	254	0	0	0	0	254	0	640	0		0
Accrued payroll and employee benefits	0	0	0	0	0	0	0	0	0	0		0
Current portion of operating lease liability	0	0	0	0	0	0	0	0	0	0		0
Other accrued expenses	0	0	0	0	0	0	0	0	0	0		0
Contract liabilities, net	0	0	0	0	0	0	0	0	0	0		0
Deferred revenues	0	0	(2,159)	(1,225)	2,246	1,656	0	2,246	0	(1,225)		(4,960)
Income taxes payable				(4,633)	(3,487)	(751)		(3,487)		(4,633)		0
Current portion of long-term debt	0	0	0	0	0	0	0	0	0	0		0
Total Current Liabilities	640	254	(2,159)	(5,858)	(1,241)	905	254	(1,241)	640	(5,858)		(4,960)
Other Liabilities
Long-term debt	0	0	0	0	0	0	0	0	0	0		0
Long-term promissory note	0	0	0	0	0	0	0	0	0	0		0
Deferred tax liability	(3,034)	(6,015)	(3,831)	2,541	2,462	633	(6,015)	2,462	(3,034)	2,541		(2,480)
Long-term operating lease liability	0	0	0	0	0	0	0	0	0	0		0
Long-term contract liabilities, net	0	0	0				0		0
Other, net	0	0	0	0	0	0	0	0	0	0		0
Total Long-Term Liabilities	(3,034)	(6,015)	(3,831)	2,541	2,462	633	(6,015)	2,462	(3,034)	2,541		(2,480)
Total Liabilities	(2,394)	(5,761)	(5,990)	(3,317)	1,221	1,538	(5,761)	1,221	(2,394)	(3,317)		(7,440)
Mezzanine Equity
Preferred stock	0	0	0	0	0	0	0	0	0	0		0
Stockholders’ Equity
Common stock	0	0	0	0	0	0	0	0	0	0		0
Additional paid-in capital	0	0	0	0	0	0	0	0	0	0		0
Retained deficit	(41,777)	(41,316)	(38,497)	(24,253)	(16,516)	(8,061)	(41,316)	(16,516)	(41,777)	(24,253)		(31,608)	(1,092)
Treasury stock	0	0	0	0	0	0	0	0	0	0		0
Total Stockholders’ Equity	(41,777)	(41,316)	(38,497)	(24,253)	(16,516)	(8,061)	(41,316)	(16,516)	(41,777)	(24,253)		(31,608)
Total Liabilities, Mezzanine Equity, and Stockholders’ Equity	(44,171)	(47,077)	(44,487)	(27,570)	(15,295)	(6,523)	(47,077)	(15,295)	(44,171)	(27,570)		(39,048)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(41,316)	(38,497)	(31,608)	(16,516)	(8,061)		(31,608)		(31,608)		(31,608)
Ending balance	(41,777)	(41,316)	(38,497)	(24,253)	(16,516)	(8,061)	(41,316)	(16,516)	(41,777)	(24,253)		(31,608)
Cash Flows from Operating Activities
Net (loss) income			(5,797)			(6,969)	(8,616)	(15,424)	(9,077)	(23,161)		(31,608)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation, amortization and obsolescence allowance			0			0	0	0	0	0		0
Amortization of contract costs			936			1,066	1,461	2,383	1,654	3,314		4,385
Amortization of engine overhauls			0			0	0	0	0	0		0
Deferred income taxes			(1,212)			721	(3,277)	2,802	(296)	2,906		(2,738)
Loss (gain) on disposition of property			0			0	0	0	0	0		0
Loss on marketable securities	0	0	0	0	0	0	0	0	0	0		0
Gain on extinguishment of debt	0	0	0	0	0	0	0	0	0	0		0
Changes in operating assets and liabilities:
Accounts receivable			2,386			3,981	4,649	10,383	1,687	18,866		28,922
Notes receivable			1,641			3,510	1,641	7,609	1,641	12,747		18,023
Spare parts and supplies			0			0	0	0	0	0		0
Prepaid expenses and other			181			(2,148)	389	(4,129)	445	(5,500)		(7,639)
Operating lease right-of-use asset			0			0	0	0	0	0		0
Accounts payable			0			0	254	0	640	0		0
Accrued payroll and employee benefits			0			0	0	0	0	0		0
Other accrued expenses			0			0	0	0	0	0		0
Long-term deferred revenues						0		0		0		0
Contract liabilities			(936)			(1,066)	(1,461)	(2,383)	(1,654)	(3,314)		(4,385)
Deferred revenues			2,801			1,656	4,960	2,246	4,960	(1,225)		(4,960)
Income taxes payable						(751)		(3,487)		(4,633)
Other long-term liabilities			0			0	0	0	0	0		0
Net Cash (Used in) Provided by Operating Activities			0			0	0	0	0	0		0
Cash Flows from Investing Activities
Additions to property and equipment			0			0	0	0	0			0
Additions to property and equipment										0
Proceeds on disposition of property and equipment			0			0	0	0	0	0		0
Purchase of marketable securities			0			0	0	0	0	0		0
Sale of marketable securities			0				0		0
Net Cash Provided by (Used in) Investing Activities			0			0	0	0	0	0		0
Cash Flows from Financing Activities
Repayments of long-term debt			0			0	0	0	0	0		0
Dividends paid			0			0	0	0	0	0		0
Repurchase of stock options						0		0		0		0
Repurchased stock			0			0	0	0	0	0		0
Net Cash Used in Financing Activities			0			0	0	0	0	0		0
Decrease in Cash, Cash Equivalents and Restricted Cash			0			0	0	0	0	0		0
Cash, Cash Equivalents and Restricted Cash, beginning of year	0	0	0	0	0	0	0	0	0	0	0	0
Cash, Cash Equivalents and Restricted Cash, end of year	0	0	0	0	0	0	0	0	0	0		0	0
Adjustments | Retained Deficit
Stockholders’ Equity
Total Stockholders’ Equity	(41,777)	(41,316)	(38,497)	(24,253)	(16,516)	(8,061)	(41,316)	(16,516)	(41,777)	(24,253)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(41,316)	(38,497)		(16,516)	(8,061)
Ending balance	(41,777)	(41,316)	(38,497)	(24,253)	(16,516)	(8,061)	(41,316)	(16,516)	(41,777)	(24,253)
Reclassification
Operating Revenues
Total Operating Revenues				0	0	0		0		0
Operating Expenses
Payroll and related costs				0	0	0		0		0
Aircraft fuel and oil				0	0	0		0		0
Aircraft maintenance, materials and repairs				0	0	0		0		0
Other rents				0	0	0		0		0
Depreciation, amortization and obsolescence				0	0	0		0		0
Purchased services and other				0	0	0		0		0
Total Operating Expenses				0	0	0		0		0
Income (Loss) From Operations				0	0	0		0		0
Interest and dividend income				893	693	210		903		1,796
Other Income (Expense)
Gain (Loss) on marketable securities and long-term restricted investments				0	0	0		0		0
Gain on extinguishment of debt				0	0	0		0		0
Other, net				(893)	(693)	(210)		(903)		(1,796)
Total Other Income (Expense)				0	0	0		0		0
Net Income (Loss) Before Taxes				0	0	0		0		0
Income Tax (Benefit) Expense				0	0	0		0		0
Net Income (Loss)				0	0	0		0		0
Preferred stock dividends				0	0	0		0		0
Net (loss) income applicable to common stockholders				$ 0	$ 0	$ 0		$ 0		$ 0
Basic earnings (loss) per share (in dollars per share)				$ 0	$ 0	$ 0		$ 0		$ 0
Diluted earnings (loss) per share (in dollars per share)				$ 0	$ 0	$ 0		$ 0		$ 0
Weighted average common shares:
Basic (in shares)				0	0	0		0		0
Diluted (in shares)				0	0	0		0		0
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Loss on marketable securities				$ 0	$ 0	$ 0		$ 0		$ 0
Gain on extinguishment of debt				0	0	0		0		0
Contract revenues
Operating Revenues
Total Operating Revenues	49,958	48,809	52,519	58,340	66,888	57,838	101,328	124,726	151,286	183,066	198,833	239,602
Contract revenues | As Reported
Operating Revenues
Total Operating Revenues	49,958	50,970	59,037	68,389	77,923	66,968	110,007	144,891	159,965	213,280		280,737
Contract revenues | Adjustments
Operating Revenues
Total Operating Revenues	0	(2,161)	(6,518)	(10,049)	(11,035)	(9,130)	(8,679)	(20,165)	(8,679)	(30,214)		(41,135)	$ (1,429)
Contract revenues | Reclassification
Operating Revenues
Total Operating Revenues				0	0	0		0		0
Contract services and other
Operating Revenues
Total Operating Revenues	98	102	95	21	7	7	197	14	295	35	$ 372	126
Contract services and other | As Reported
Operating Revenues
Total Operating Revenues	98	102	95	21	7	7	197	14	295	35		126
Contract services and other | Adjustments
Operating Revenues
Total Operating Revenues	$ 0	$ 0	$ 0	0	0	0	$ 0	0	$ 0	0		$ 0
Contract services and other | Reclassification
Operating Revenues
Total Operating Revenues				$ 0	$ 0	$ 0		$ 0		$ 0