Harbor Diversified (HRBR) 10-Q 9 May 22 2022 Q1 Quarterly report Financial data

Cover

Cover	3 Months Ended
	Mar. 31, 2022shares
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Registrant Name	HARBOR DIVERSIFIED, INC.
Entity Central Index Key	0000899394
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Interactive Data Current	Yes
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity File Number	001-34584
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 Postal Zip Code	54914-9120
Entity Address State Or Province	WI
City Area Code	920
Local Phone Number	749-4188
Entity Common Stock, Shares Outstanding	47,053,806

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current Assets
Cash and cash equivalents	$ 25,573	$ 37,170
Restricted cash	576	1,449
Marketable securities	136,178	138,370
Accounts receivable, net	15,680	7,422
Notes receivable	51,078	0
Spare parts and supplies, net	5,114	5,200
Contract costs	499	518
Prepaid expenses and other	1,834	4,174
Total Current Assets	236,532	194,303
Property and Equipment
Flight property and equipment	260,926	259,720
Ground property and equipment	8,221	8,252
Less accumulated depreciation and amortization	(150,109)	(143,313)
Net Property and Equipment	119,038	124,659
Other Assets
Operating lease right-of-use asset	17,328	18,679
Intangibles	5,300	5,300
Long-term deferred tax asset	616	533
Long-term investments	4,275	4,275
Long-term contract costs	0	96
Long-term notes receivable	0	47,568
Other	1,805	3,988
Total Other Assets	29,324	80,439
Total Assets	384,894	399,401
Current Liabilities
Accounts payable	15,797	20,060
Accrued payroll and employee benefits	12,484	14,885
Current portion of operating lease liability	5,180	5,150
Other accrued expenses	228	172
Contract liabilities	6,917	8,098
Deferred revenue	40,102	35,792
Income taxes payable	751	0
Current portion of long-term debt (stated principal amount of $3,500 at March 31, 2022 and December 31, 2021)	5,845	5,880
Total Current Liabilities	87,304	90,037
Other Long-Term Liabilities
Long-term debt (stated principal amount of $56,000 at March 31, 2022 and December 31, 2021)	61,110	61,670
Long-term promissory note	4,275	4,275
Deferred tax liability	653	688
Long-term operating lease liability	9,515	10,877
Long-term contract liabilities	0	1,326
Deferred revenue, net of current portion	0	9,046
Other	2,663	2,722
Total Long-Term Liabilities	78,216	90,604
Total Liabilities	165,520	180,641
Commitments and Contingencies (Note 8)
Series C Convertible Redeemable Preferred Stock, $0.01 par value, 4,000,000 shares authorized, issued and outstanding at March 31, 2022 and December 31, 2021	13,200	13,200
Stockholders' Equity
Common Stock, $0.01 par value, 100,000,000 shares authorized, 55,481,140 shares issued at March 31, 2022 and December 31, 2021, 47,053,806 shares outstanding at March 31, 2022 and 53,316,299 shares outstanding at December 31, 2021	555	555
Additional paid-in capital	286,262	287,429
Retained deficit	(69,881)	(79,144)
Treasury stock	(10,762)	(3,280)
Total Stockholders' Equity	206,174	205,560
Total Liabilities and Stockholders' Equity	$ 384,894	$ 399,401

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current portion of long-term debt principal amount	$ 3,500	$ 3,500
Non-current portion of long term debt principal amount	$ 56,000	$ 56,000
Common stock par value	$ 0.01	$ 0.01
Common stock share authorized	100,000,000	100,000,000
Common stock share issued	55,481,140	55,481,140
Common stock share outstanding	47,053,806	53,316,299
Series C Redeemable Convertible Preferred Stock [Member]
Temporary equity par value	$ 0.01	$ 0.01
Temporary equity shares authorized	4,000,000	4,000,000
Temporary equity shares issued	4,000,000	4,000,000
Temporary equity shares outstanding	4,000,000	4,000,000

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating Revenues
Total Operating Revenues	$ 66,975	$ 49,774
Operating Expenses
Payroll and related costs	26,601	22,751
Aircraft fuel and oil	51	13
Aircraft maintenance, materials and repairs	14,501	11,072
Aircraft rent	0	23
Other rents	1,613	922
Depreciation, amortization and obsolescence	6,644	6,500
Payroll Support Program	0	(27,914)
Purchased services and other	3,765	3,150
Total Operating Expenses	53,175	16,517
Income From Operations	13,800	33,257
Other (Expense) Income
Interest income	574	370
Interest expense	0	(362)
Loss on marketable securities	(2,423)	(57)
Other, net	210	0
Total Other (Expense) Income	(1,639)	(49)
Net Income Before Taxes	12,161	33,208
Income Tax Expense	2,898	7,983
Net Income	9,263	25,225
Preferred stock dividends	198	198
Net income available to common stockholders	$ 9,065	$ 25,027
Basic Earnings per share	$ 0.19	$ 0.46
Diluted Earnings per share	$ 0.14	$ 0.35
Weighted Average Common Shares:
Basic	47,638	54,863
Diluted	64,535	71,662
Contract Revenues [Member]
Operating Revenues
Total Operating Revenues	$ 66,968	$ 49,756
Contract Service and Other [Member]
Operating Revenues
Total Operating Revenues	$ 7	$ 18

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Treasury Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Repurchased Stock [Member]	Preferred Stock [Member]Mezzanine Equity Series C Convertible Redeemable Preferred Stock [Member]
Beginning Balance at Dec. 31, 2020	$ 116,525	$ 555		$ 288,221	$ (171,770)	$ (481)	$ 13,200
Beginning balance, Shares at Dec. 31, 2020		54,863,000				618,000	4,000,000
Net income	25,225				25,225
Dividend	(198)			(198)
Ending Balance at Mar. 31, 2021	141,552	$ 555		288,023	(146,545)	$ (481)	$ 13,200
Ending balance, shares at Mar. 31, 2021		54,863,000				618,000	4,000,000
Beginning Balance at Dec. 31, 2021	205,560	$ 555		287,429	(79,144)	$ (3,280)	$ 13,200
Beginning balance, Shares at Dec. 31, 2021		53,316,000	2,165,000				4,000,000
Net income	9,263				9,263
Dividend	(198)			(198)
Cancellation of stock option	(969)			(969)
Ending Balance at Mar. 31, 2022	206,174	$ 555		$ 286,262	$ (69,881)	$ (10,762)	$ 13,200
Ending balance, shares at Mar. 31, 2022		47,054,000				8,427,000	4,000,000
Treasury Stock, Common, Value	$ (7,482)		$ 6,262			$ (7,482)
Treasury Stock, Common, Shares		(6,262)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash Flows From Operating Activities
Net income	$ 9,263	$ 25,225
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and obsolescence allowance	6,644	6,500
Amortization of contract costs	(1,066)	(661)
Amortization of engine overhauls	616	298
Deferred income taxes	(118)	163
(Gain) loss on disposition of property and equipment	(2)	49
Loss on marketable securities	2,423	57
Changes in operating assets and liabilities:
Accounts receivable	(8,258)	(14,193)
Notes Receivable	(3,510)	(7,235)
Federal tax receivable	0	(3,026)
Spare parts and supplies	(229)	211
Prepaid expenses and other	4,523	(1,256)
Operating lease right-of-use asset	19	96
Accounts payable	(4,263)	609
Accrued payroll and employee benefits	(2,401)	(510)
Other accrued expenses	56	33
Long-term deferred revenue	(9,046)	355
Contract liabilities	(1,441)	(312)
Deferred revenue	4,310	7,556
Income taxes payable	751	763
Other long-term liabilities	(59)	24
Net Cash Provided by Operating Activities	(1,788)	14,746
Cash Flows From Investing Activities
Additions to property and equipment	(1,210)	(163)
Proceeds on disposition of property and equipment	3	4
Purchase of marketable securities	(231)	(20,000)
Net Cash Used in Investing Activities	(1,438)	(20,159)
Cash Flows From Financing Activities
Repayments of long-term debt	(595)	(700)
Dividends paid	(198)	(198)
Cancellation of stock option	(969)	0
Repurchase of common stock	(7,482)	0
Net Cash Used in Financing Activities	(9,244)	(898)
(Decrease) Increase in Cash, Cash Equivalents and Restricted Cash	(12,470)	(6,311)
Cash, Cash Equivalents and Restricted Cash, beginning of year	38,619	131,193
Cash, Cash Equivalents and Restricted Cash, end of year	$ 26,149	$ 124,882

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	1. 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 subsidiaries (collectively, the Company). Harbor is a non-operating holding company is a non-operating entity with The consolidated financial statements have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Certain information and disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the following disclosures are adequate to make the information presented not misleading. The consolidated financial statements reflect all adjustments that, in the opinion of management, are necessary to present fairly in all material respects the financial condition and results of operations for the interim periods presented. All adjustments are of a normal recurring nature, unless otherwise disclosed. All of the dollar and share amounts set forth in these condensed notes to consolidated financial statements are presented in thousands except per share and par value amounts. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in Harbor’s Annual Report on Form 10-K (COVID-19) 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. The airline business is operated entirely through Air Wisconsin, which is an independent regional air carrier that is engaged in the business of providing scheduled passenger service under a capacity purchase agreement (United capacity purchase agreement) with United Airlines, Inc. (United) that was entered into in February 2017 and amended in October 2020, April 2021 and April 2022. United is currently Air Wisconsin’s sole airline partner. For additional information, refer to Note 3, Capacity Purchase Agreement with United. Air Wisconsin operates as a United Express carrier with a presence at both Chicago O’Hare and Washington-Dulles, two of United’s key domestic hubs. Contract Revenues The Company recognizes revenue under the United capacity purchase agreement over time as services are provided. United pays Air Wisconsin a fixed rate for each departure and block hour (measured from takeoff to landing, including taxi time), and a fixed amount per aircraft per day, with incentive payments available, and penalties payable, based on the achievement, or failure to achieve, certain performance criteria. Under the agreement, Air Wisconsin’s performance obligation is met and revenue is recognized over time, which is then reflected in contract revenues. The agreement also provides for the reimbursement to Air Wisconsin of certain direct operating expenses such as hull and liability insurance, property taxes and Canadian navigational fees. United 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 United based on actual completed flight activity. As of the date of this filing, these payments are reconciled through December 2021. As of March 31, 2022, United owed Air Wisconsin $5,066 pursuant to the United capacity purchase agreement, which is recorded in accounts receivable, net, on the consolidated balance sheets. United has disputed that it owes a portion of that amount. Under the United capacity purchase agreement, Air Wisconsin is eligible to receive incentive payments, or may be required to pay penalties, upon the achievement of, or failure to achieve, certain performance criteria primarily based on flight completion, on-time Revenue from Contracts with Customers Under the United capacity purchase agreement, Air Wisconsin is paid a fixed amount per aircraft per day for each month during the term of the agreement. In accordance with GAAP, the Company recognizes 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 Consistent with the discussion above, for the three months ended March 31, 2022, as compared to the three months ended March 31, 2021, Air Wisconsin also recognized increased non-refundable As part of the October 2020 amendment to the United capacity purchase agreement (CPA Amendment), United issued a note receivable to Air Wisconsin in the amount of $11,048 along with a cash settlement of $670, of which $4,410 was deferred as of December 31, 2020, with the remaining portion to be recognized in proportion to the number of flights expected to be completed in subsequent periods. In October 2021, in accordance with the CPA Amendment, Air Wisconsin received $294 from United for the opening of a crew base, of which $73 was deferred as of December 31, 2021. For the three months ended March 31, 2022, Air Wisconsin recorded $519 of revenue related to these items, compared to $313 of revenue related to these items for the three months ended March 31, 2021. The deferred CPA Amendment revenue, in the amount of $2,263, is recorded as part of contract liabilities on the consolidated balance sheets. The timing of the recognition of deferred fixed revenues, non-refundable The amount of revenues recognized for the three months ended March 31, 2022 that were previously recorded as contract liabilities were $6,321. The CPA Amendment provided, among other things, for the payment or accrual of certain amounts by United to Air Wisconsin based on certain scheduling benchmarks. In conjunction with the significant reduction in departures and block hours resulting from the COVID-19 recorded $3,509 and $7,235, respectively, in revenue related to this performance obligation. Under the CPA Amendment, United pays this amount by the delivery of a note due at the end of the contract term in February 2023. Therefore, this amount was recorded in notes receivable on the consolidated balance sheets. The notes receivable contain a significant financing component and any interest income is separately reported in the consolidated statements of operations. As of March 31, 2022, these notes totaled $51,078, bore interest at the rate of 4.5%, and had a maturity date of February 28, 2023. As of March 31, 2022, interest receivable on these notes totaled $2,710.​​​​​​​ Other Revenues Other revenues primarily consist of the sales of parts to other airlines and are immaterial in all periods presented. The transaction price for the sale of these parts generally is fair market value. Restricted Cash As of March 31, 2022, the Company had a restricted cash balance of $576. 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, refer to Note 8, Commitments and Contingencies Stock Repurchase Program. 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 on the consolidated balance sheets, in accordance with the guidance in ASC Topic 321, Investments-Equity Securities The calculation of net unrealized gains and losses that relate to marketable securities held as of March 31, 2022 is as follows: Net losses recognized during the three months ended March 31, 2022 on equity securities $ (2,423 ) Less: Net gains and losses recognized during the period on equity securities sold during the three months ended March 31, 2022 — Unrealized losses recognized during the reporting period on equity securities still held at March 31, 2022 $ (2,423 ) The calculation of net unrealized gains and losses that relate to marketable securities held as of March 31, 2021 is as follows: Net losses recognized during the three months ended March 31, 2021 on equity securities $ (57 ) Less: Net gains and losses recognized during the period on equity securities sold during the three months ended March 31, 2021 — Unrealized losses recognized during the reporting period on equity securities still held at March 31, 2021 $ (57 ) 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 % 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 as of March 31, 2022 and 2021 was $6,315 and $6,249, respectively, and is included in depreciation, amortization, and obsolescence in the accompanying consolidated statements of operations. Impairment of Long-Lived and Intangible Assets The Company evaluates long-lived and 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. Impairment losses are measured by comparing the fair value of the assets to their carrying amounts. In determining the need to record impairment charges, the Company is required to make certain estimates and assumptions regarding such things as the current fair market value of the assets and future net cash flows to be generated by the assets. If there are subsequent changes to these estimates or assumptions, or if actual results differ from these estimates or assumptions, such changes could impact the financial statements in the future. The Company conducted a qualitative impairment assessment of its long-lived and intangible assets and determined that no quantitative impairment tests were required to be performed as of March 31, 2022. Income Taxes The Company utilizes the asset and liability method for accounting for income taxes. Under the asset and liability 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 more-likely-than-not The Company is subject to federal, state and local income taxes in the United States and various states. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. The Company is no longer subject to U.S. federal income tax examinations for the years prior to 2018. With a few exceptions, the Company is no longer subject to state or local income tax examinations for years prior to 2017. As of March 31, 2022, the Company had no outstanding tax examinations. Concentration of Customer Risk United is currently Air Wisconsin’s sole airline partner. Substantially all the Company’s revenues in the three months ended March 31, 2022 and 2021 were derived from the United capacity purchase agreement. For additional information, refer to Note 3, Capacity Purchase Agreement with United Estimates and Assumptions The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates. Fair Value of Financial Instruments The Company’s financial instruments include cash and cash equivalents, restricted cash, marketable securities, accounts receivable, 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 interest rates available to the Company for similar obligations. Marketable securities are reported at fair value based on quoted market prices. Long-term investments are held-to-maturity 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). Fair Value Measurement 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. The determination of where an asset or liability falls in the hierarchy requires significant judgment. The Company evaluates these determinations each reporting period, and it is possible that an asset or liability may be classified differently from year to year. The tables below set forth the Company’s classification of marketable securities and long-term investments as of: March 31, 2022 Total Level 1 Level 2 Level 3 Marketable securities – exchange-traded funds $ 111,851 $ 111,851 $ — $ — Marketable securities – mutual funds 24,327 24,327 — — Long-term investments – bonds (see Note 6) 4,275 — 4,275 — Total $ 140,453 $ 136,178 $ 4,275 $ — March 31, 2021 Total Level 1 Level 2 Level 3 Marketable securities – exchange-traded funds $ 19,943 $ 19,943 $ — $ — Long-term investments – bonds (see Note 6) 4,275 — 4,275 — Total $ 24,218 $ 19,943 $ 4,275 $ — Reclassification Certain operating expenses previously recorded in purchased services and other in the consolidated statement of operations for the three months ended March 31, 2021, have been reclassified to aircraft maintenance, materials and repairs to conform to the presentation for the three month period ended March 31, 2022, with no effect on net income. The reclassification relates to certain third party maintenance activities. Certain current liabilities previously recorded in contract liabilities in the consolidated balance sheets as of December 31, 2021 have been reclassified to deferred revenue to conform to the presentation as of March 31, 2022. As a result of this change, the consolidated statements of cash flows also required a reclassification from contract liabilities to deferred revenues in the Cash Flows from Operating Activities Upcoming Accounting Pronouncement In June 2016, FASB issued ASU 2016-13, Financial Instruments Measurement of Credit Losses on Financial Instruments 2016-13). 2016-13 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 within the standard affecting how impairments of other financial assets may be recorded and presented, as well as expanded disclosures. ASU 2016-13 2016-13

Liquidity

Liquidity	3 Months Ended
	Mar. 31, 2022
Text Block [Abstract]
Liquidity and Management's Plan, COVID-19	2. 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. Reduction in Block Hours Public concerns about the COVID-19 virus, the COVID-19 virus, pre-pandemic pre-pandemic United Capacity Purchase Agreement Since a portion of the Company’s revenues is fixed due to the structure of the United capacity purchase agreement, the impact of the COVID-19 pandemic on the Company’s financial position has been partially mitigated or offset. However, if United does not pay the full amount required under the agreement, whether due to its own financial disruption resulting from the COVID-19 pandemic, as a result of a dispute with Air Wisconsin, or otherwise, the Company could experience a significant adverse effect on its results of operations, financial condition and liquidity. Currently, a dispute exists under the United capacity purchase agreement with respect to certain recurring amounts owed to Air Wisconsin by United. As of March 31, 2022, the amount in dispute was approximately The Company believes that United’s claims have no support under the United capacity purchase agreement, however the outcome cannot be predicted. The Company has recognized all disputed amounts through March 31, 2022 in the consolidated financial statements. The fixed amount received under the United capacity purchase agreement is based on a fixed contractual rate and number of covered aircraft, while variable revenue earned is based on the number of block hours and departures. Since the onset of the pandemic, variable revenues have been significantly reduced due to the lower number of flights relative to historical levels. In addition, a portion of the fixed amount of revenue has been deferred based on future expected flight activity, since fixed revenue is allocated over current and expected future departures through the end of the contract term. Due to a recent increase in completed flights, and based on projected future completed flight activity, Air Wisconsin has begun to reverse the prior deferral of revenues and anticipates continuing to do so through the end of the contract period. For additional information, refer to Note 1, Summary of Significant Accounting Policies Paycheck Protection Program Air Wisconsin’s receipt of governmental assistance has mitigated to some extent the adverse impacts of the COVID-19 In April 2020, Air Wisconsin received a $10,000 loan (SBA Loan) under the small business Paycheck Protection Program (PPP) established under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and administered by the Small Business Administration (SBA). Under the CARES Act, Air Wisconsin applied for forgiveness of the SBA Loan, and the SBA granted forgiveness of all principal and accrued interest on the SBA Loan in August 2021 in the amount of $10,135, which was recorded as gain on extinguishment of debt in the consolidated statements of operations for the year ended December 31, 2021 included within our 2021 Annual Report. Payroll Support Program In April 2020, Air Wisconsin entered into a Payroll Support Program Agreement (PSP-1 Agreement) the PSP-1 Agreement, In March 2021, pursuant to the PSP Extension Law, Air Wisconsin entered into a Payroll Support Program Extension Agreement with the Treasury (the PSP-2 Agreement), the PSP-1 Agreement. the PSP-2 Agreement, In June 2021, pursuant to the American Rescue Plan, Air Wisconsin entered into a Payroll Support Program 3 Agreement with the Treasury (the PSP-3 Agreement the PSP-1 Agreement the PSP-2 Agreement, the PSP-1 Agreement the PSP-2 Agreement. the PSP-3 Agreement, The PSP Agreements contain various covenants, including that (i) the payroll support proceeds must be used exclusively for the payment of wages, salaries and benefits, (ii) Air Wisconsin cannot involuntarily terminate or furlough any employee or reduce any employee’s pay rates or benefits without that employee’s consent, in any case prior to certain dates, (iii) Air Wisconsin cannot pay total compensation to certain employees in excess of certain total compensation caps, (iv) Air Wisconsin cannot pay dividends or make other capital distributions prior to certain dates, and (v) neither Air Wisconsin nor any of its affiliates can purchase an equity security of Air Wisconsin or any direct or indirect parent company of Air Wisconsin that is listed on a national securities exchange prior to certain dates. If Air Wisconsin fails to comply with its obligations under these agreements, it may be required to repay some or all of the funds provided to it under the PSP Agreements. Any such default, acceleration, insolvency or failure to comply would likely have a material adverse effect on the Company’s business. The Treasury commenced a routine audit of Air Wisconsin’s compliance with the terms of the PSP-1 Agreement. the PSP-2 Agreement or PSP-3 Agreement Commitments and Contingencies. The proceeds of the Treasury Payroll Support under the PSP Agreements were recorded in cash and cash equivalents when received and were recognized as a contra-expense under Payroll Support Program in the consolidated statements of operations for the periods for which the funds were intended to offset payroll expenses. As all amounts were recognized at December 31, 2021; Air Wisconsin did not recognize a reduction in operating expense in the three months ended March 31, 2022, as compared to $27,914 for the three months ended March 31, 2021.

Capacity Purchase Agreement wit

Capacity Purchase Agreement with United	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Capacity Purchase Agreement with United	3. Capacity Purchase Agreement with United In February 2017, Air Wisconsin entered into the United capacity purchase agreement with United to operate up to 65 CRJ-200 regional agreement February 2023

Property and Equipment

Property and Equipment	3 Months Ended
	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Property and Equipment	4. Property and Equipment As of March 31, 2022, Air Wisconsin owned 64 CRJ-200

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	5. Income Taxes The Company’s effective tax rate for the three months ended March 31, 2022 was 23.8%. The Company’s effective tax rate for the three months ended March 31, 2022 varied from the federal statutory rate of 21.0% primarily due to the impact of state income taxes and permanent differences between financial statement and taxable income. The Company’s effective tax rate for the three months ended March 31, 2021 was 24.0%. The Company’s effective tax rate for the three months ended March 31, 2021 varied from the federal statutory rate of 21.0% primarily due to the impact of state taxes and permanent differences between financial statement and taxable income.

Debt

Debt	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Debt	6. Debt Long-Term Debt Long-term debt consists of the following (with interest rates, as of the dates presented): March 31, December 31, Notes, due December 31, 2025 (4.0%) $ 66,955 $ 67,550 Less: current maturities 5,845 5,880 Total Long-Term Debt $ 61,110 $ 61,670 Maturities of long-term debt for the periods subsequent to March 31, 2022, are as follows: Fiscal Year Amount April 2022 through December 2022 $ 5,285 2023 9,170 2024 8,890 2025 43,610 Total $ 66,955 The debt agreements include, among other provisions, certain covenants. As of March 31, 2022, and March 31, 2021, Air Wisconsin was in compliance with the covenants included in each of its debt agreements. For additional information regarding Long-Term Debt, refer to Note 6, Debt, 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 semiannually 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 on the consolidated balance sheets. The hangar is accounted for as a right-of-use Fair Value of Financial Instruments

Lease Obligations

Lease Obligations	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Lease Obligations	7. Lease Obligations 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 1 month to 12 years. For leases with durations longer than 12 months, the Company recorded the related operating lease right-of-use right-of-use 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 March 31, 2022, the Company’s right-of-use assets The table below presents operating lease related terms and discount rates as of March 31, 2022: Weighted-average remaining lease term 3.47 years Weighted-average discount rate 5.41% Components of lease costs were as follows for the dates presented: Three Months Ended 2022 2021 Operating lease costs $ 1,474 $ 766 Short-term lease costs 104 146 Variable lease costs 35 33 Total Lease Costs $ 1,613 $ 945 As of March 31, 2022, Air Wisconsin leased or subleased certain training simulators and facilities for terms of greater than 12 months. Rent expense recorded under all operating leases, inclusive of engine leases, was $1,613 and $945 for the three months ended March 31, 2022 and March 31, 2021, respectively. The following table summarizes the future minimum rental payments required under operating leases that had initial or remaining non-cancelable lease Fiscal Year Amount April 2022 through December 2022 $ 4,558 2023 5,832 2024 3,356 2025 2,645 2026 147 Thereafter 511 Total lease payments 17,049 Less imputed interest (2,354 ) Total Lease Liabilities $ 14,695

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	8. Commitments and Contingencies Legal Matters The Company is subject to certain legal proceedings, which it considers routine to its business activities. As of March 31, 2022, the Company believes, after consultation with legal counsel, that the ultimate outcome of such legal proceedings, whether individually or in the aggregate, is not likely to have a material adverse effect on the Company’s financial position, liquidity, or results of operations. Treasury Payroll Support Program Audit 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 PSP-1 PSP-2 PSP-3 PSP-2 PSP-3 PSP-1 Standby Letters of Credit As of March 31, 2022, Air Wisconsin had six outstanding letters of credit in the aggregate amount of $372 to guarantee the performance of its obligations under certain lease agreements, airport agreements and insurance policies. Air Wisconsin maintained a credit facility with a borrowing capacity of $372 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 The following table sets forth the Company’s cash obligations for the periods presented: Total April through December 2022 2023 2024 2025 2026 Thereafter Aircraft Notes Principal $ 59,500 $ 3,500 $ 7,000 $ 7,000 $ 42,000 $ — $ — Aircraft Notes Interest 7,455 1,785 2,170 1,890 1,610 — — Operating Lease Obligations 17,049 4,558 5,832 3,356 2,645 147 511 Total $ 84,004 $ 9,843 $ 15,002 $ 12,246 $ 46,255 $ 147 $ 511 The principal amount of the Aircraft Notes is payable in semi-annual installments of $3,500, and certain additional amounts may be payable based on excess cash flow. The amounts set forth in the table do not reflect any such additional excess cash flow payments. As a result of certain prepayments made under the Aircraft Notes in June 2021, no semi-annual installments are due prior to December 31, 2022. As of March 31, 2022, all of the Company’s long-term debt was subject to fixed interest rates. For additional information regarding the Aircraft Notes, refer to Note 6, Debt, Management’s Discussion and Analysis of Financial Condition and Results of Operations

Related-Party Transactions

Related-Party Transactions	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
Related-Party Transactions	9. 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 $60 to Resource Holdings for the three months ended March 31, 2022 and March 31, 2021, plus the reimbursement of certain out-of-pocket Certain Relationships and Related Transactions, and Director Independence

Earnings Per Share and Equity

Earnings Per Share and Equity	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Earnings Per Share and Equity	10. Earnings Per Share and Equity Calculations of net income per common share for the dates presented were as follows: Three Months Ended 2022 2021 Net income $ 9,263 $ 25,225 Preferred stock dividends 198 198 Net income applicable to common stockholders 9,065 25,027 Weighted average common shares outstanding Shares used in calculating basic earnings per share 47,638 54,863 Stock option 397 299 Series C Preferred 16,500 16,500 Shares used in calculating diluted earnings per share 64,535 71,662 Earnings allocated to common stockholders per common share Basic $ 0.19 $ 0.46 Diluted $ 0.14 $ 0.35 Basic earnings per share of common stock is computed by dividing the net 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 shares of common stock under the if-converted shares of common stock under the treasury stock method for the three months ended March 31, 2022. In March 2022, Harbor entered into an agreement with the holder of the stock option to cancel the option in exchange for Series C Preferred In January 2020, Harbor issued 4,000 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. Each share of Series C Preferred was initially convertible, at any time after issuance, into that number of shares of common stock determined by dividing the then applicable Series C Liquidation Amount (defined below) by $0.80, subject to certain adjustments set forth in the Certificate of Designations (Conversion Price). The adjusted Conversion Price as of the date of this filing is $0.15091. 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, 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 (as defined below) 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 March 31, 2022, 755 shares of the Series C Preferred were immediately convertible into 16,500 shares of common stock (representing 26.0% of the fully diluted shares of capital stock of Harbor), and the remaining 3,245 shares of the Series C Preferred would be deemed Conversion Cap Excess Shares. 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 30, 2022, the board of directors declared a dividend of $198 on the Series C Preferred, which was paid on March 31, 2022. Based on the applicable accounting guidance, Harbor is required to apply the “if-converted” method Harbor accounts for its Series C Preferred in accordance with the guidance in ASC Topic 480, Distinguishing Liabilities from Equity Excluded Stock Options In January 2022, Harbor granted a group of affiliated stockholders options to sell additional shares of Harbor’s common stock owned by the stockholders at fixed prices. As these options were out-of-the-money during the three month period ended March 31, 2022, they would have an anti-dilutive effect on the calculation of earnings per share and thus are not included in the calculation above. For additional information regarding these options, refer to Note 13, Stock Repurchase Program

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	3 Months Ended
	Mar. 31, 2022
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	11. Supplemental Cash Flow Information Cash payments for interest for the three months ended March 31, 2022 and March 31, 2021 were $595 and $1,037, respectively. Cash payments for income taxes for the three months ended March 31, 2022 and March 31, 2021 were $6 and $10,083, respectively. Cash payments included in the measurement of lease liabilities related to operating leases were $1,490 and $700 for the three months ended March 31, 2022 and March 31, 2021, respectively.

Intangible Assets

Intangible Assets	3 Months Ended
	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	12. Intangible Assets Intangible assets consist of the following as of the dates presented: March 31, 2022 December 31, 2021 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	3 Months Ended
	Mar. 31, 2022
Stock Repurchase Program [Abstract]
Stock Repurchase Program	13. 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. Harbor acquired a total of 6,262 shares of its common stock pursuant to the stock repurchase program in the three months ended March 31, 2022. In January 2022, Harbor entered into an agreement with a group of affiliated stockholders pursuant to which Harbor agreed to repurchase an aggregate of 5,437,500 shares of common stock for a purchase price of $5,655 pursuant to the settlement of a legal claim Harbor had against the stockholders. As part of the transaction, Harbor also granted to the stockholders three options to sell additional shares of Harbor’s common stock owned by the stockholders at fixed prices. The first option provided the right to require Harbor to purchase up to 1,600,000 shares at a price of $1.95 from January 1, 2022 through and including February 15, 2022. The second option provided the right to require Harbor to purchase up to 1,000,000 shares at a price of $1.90 from February 16, 2022 through and including March 31, 2022. The third option provided the right to require Harbor to purchase 500,000 shares at a price of $1.85 from April 1, 2022 through and including May 15, 2022. As of March 31, 2022, the first two options had expired without exercise. For additional information, refer to Part II, Item 2, “ Purchases of Equity Securities by the Issuer and Affiliated Purchasers

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	14. Subsequent Events The Company evaluated its consolidated financial statements included in this Quarterly Report for subsequent events through May 9, 2022, the date the consolidated financial statements were available to be issued. The following subsequent event is noted: • In April 2022, Air Wisconsin and United entered into a third amendment to the United capacity purchase agreement which addressed the date by which United must provide a wind-down schedule for the period following the expiration of the term of the agreement.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
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 subsidiaries (collectively, the Company). Harbor is a non-operating holding company is a non-operating entity with The consolidated financial statements have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Certain information and disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the following disclosures are adequate to make the information presented not misleading. The consolidated financial statements reflect all adjustments that, in the opinion of management, are necessary to present fairly in all material respects the financial condition and results of operations for the interim periods presented. All adjustments are of a normal recurring nature, unless otherwise disclosed. All of the dollar and share amounts set forth in these condensed notes to consolidated financial statements are presented in thousands except per share and par value amounts. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in Harbor’s Annual Report on Form 10-K (COVID-19)
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. The airline business is operated entirely through Air Wisconsin, which is an independent regional air carrier that is engaged in the business of providing scheduled passenger service under a capacity purchase agreement (United capacity purchase agreement) with United Airlines, Inc. (United) that was entered into in February 2017 and amended in October 2020, April 2021 and April 2022. United is currently Air Wisconsin’s sole airline partner. For additional information, refer to Note 3, Capacity Purchase Agreement with United. Air Wisconsin operates as a United Express carrier with a presence at both Chicago O’Hare and Washington-Dulles, two of United’s key domestic hubs.
Contract Revenues	Contract Revenues The Company recognizes revenue under the United capacity purchase agreement over time as services are provided. United pays Air Wisconsin a fixed rate for each departure and block hour (measured from takeoff to landing, including taxi time), and a fixed amount per aircraft per day, with incentive payments available, and penalties payable, based on the achievement, or failure to achieve, certain performance criteria. Under the agreement, Air Wisconsin’s performance obligation is met and revenue is recognized over time, which is then reflected in contract revenues. The agreement also provides for the reimbursement to Air Wisconsin of certain direct operating expenses such as hull and liability insurance, property taxes and Canadian navigational fees. United 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 United based on actual completed flight activity. As of the date of this filing, these payments are reconciled through December 2021. As of March 31, 2022, United owed Air Wisconsin $5,066 pursuant to the United capacity purchase agreement, which is recorded in accounts receivable, net, on the consolidated balance sheets. United has disputed that it owes a portion of that amount. Under the United capacity purchase agreement, Air Wisconsin is eligible to receive incentive payments, or may be required to pay penalties, upon the achievement of, or failure to achieve, certain performance criteria primarily based on flight completion, on-time Revenue from Contracts with Customers Under the United capacity purchase agreement, Air Wisconsin is paid a fixed amount per aircraft per day for each month during the term of the agreement. In accordance with GAAP, the Company recognizes 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 Consistent with the discussion above, for the three months ended March 31, 2022, as compared to the three months ended March 31, 2021, Air Wisconsin also recognized increased non-refundable As part of the October 2020 amendment to the United capacity purchase agreement (CPA Amendment), United issued a note receivable to Air Wisconsin in the amount of $11,048 along with a cash settlement of $670, of which $4,410 was deferred as of December 31, 2020, with the remaining portion to be recognized in proportion to the number of flights expected to be completed in subsequent periods. In October 2021, in accordance with the CPA Amendment, Air Wisconsin received $294 from United for the opening of a crew base, of which $73 was deferred as of December 31, 2021. For the three months ended March 31, 2022, Air Wisconsin recorded $519 of revenue related to these items, compared to $313 of revenue related to these items for the three months ended March 31, 2021. The deferred CPA Amendment revenue, in the amount of $2,263, is recorded as part of contract liabilities on the consolidated balance sheets. The timing of the recognition of deferred fixed revenues, non-refundable The amount of revenues recognized for the three months ended March 31, 2022 that were previously recorded as contract liabilities were $6,321. The CPA Amendment provided, among other things, for the payment or accrual of certain amounts by United to Air Wisconsin based on certain scheduling benchmarks. In conjunction with the significant reduction in departures and block hours resulting from the COVID-19
Other Revenues	Other Revenues Other revenues primarily consist of the sales of parts to other airlines and are immaterial in all periods presented. The transaction price for the sale of these parts generally is fair market value.
Restricted Cash	Restricted Cash As of March 31, 2022, the Company had a restricted cash balance of $576. 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, refer to Note 8, Commitments and Contingencies Stock Repurchase Program.
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 on the consolidated balance sheets, in accordance with the guidance in ASC Topic 321, Investments-Equity Securities The calculation of net unrealized gains and losses that relate to marketable securities held as of March 31, 2022 is as follows: Net losses recognized during the three months ended March 31, 2022 on equity securities $ (2,423 ) Less: Net gains and losses recognized during the period on equity securities sold during the three months ended March 31, 2022 — Unrealized losses recognized during the reporting period on equity securities still held at March 31, 2022 $ (2,423 ) The calculation of net unrealized gains and losses that relate to marketable securities held as of March 31, 2021 is as follows: Net losses recognized during the three months ended March 31, 2021 on equity securities $ (57 ) Less: Net gains and losses recognized during the period on equity securities sold during the three months ended March 31, 2021 — Unrealized losses recognized during the reporting period on equity securities still held at March 31, 2021 $ (57 )
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 % 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 as of March 31, 2022 and 2021 was $6,315 and $6,249, respectively, and is included in depreciation, amortization, and obsolescence in the accompanying consolidated statements of operations.
Impairment of Long-Lived and Intangible Assets	Impairment of Long-Lived and Intangible Assets The Company evaluates long-lived and 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. Impairment losses are measured by comparing the fair value of the assets to their carrying amounts. In determining the need to record impairment charges, the Company is required to make certain estimates and assumptions regarding such things as the current fair market value of the assets and future net cash flows to be generated by the assets. If there are subsequent changes to these estimates or assumptions, or if actual results differ from these estimates or assumptions, such changes could impact the financial statements in the future. The Company conducted a qualitative impairment assessment of its long-lived and intangible assets and determined that no quantitative impairment tests were required to be performed as of March 31, 2022.
Income Taxes	Income Taxes The Company utilizes the asset and liability method for accounting for income taxes. Under the asset and liability 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 more-likely-than-not The Company is subject to federal, state and local income taxes in the United States and various states. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. The Company is no longer subject to U.S. federal income tax examinations for the years prior to 2018. With a few exceptions, the Company is no longer subject to state or local income tax examinations for years prior to 2017. As of March 31, 2022, the Company had no outstanding tax examinations.
Concentration of Customer Risk	Concentration of Customer Risk United is currently Air Wisconsin’s sole airline partner. Substantially all the Company’s revenues in the three months ended March 31, 2022 and 2021 were derived from the United capacity purchase agreement. For additional information, refer to Note 3, Capacity Purchase Agreement with United
Estimates and Assumptions	Estimates and Assumptions The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company’s financial instruments include cash and cash equivalents, restricted cash, marketable securities, accounts receivable, 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 interest rates available to the Company for similar obligations. Marketable securities are reported at fair value based on quoted market prices. Long-term investments are held-to-maturity 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). Fair Value Measurement 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. The determination of where an asset or liability falls in the hierarchy requires significant judgment. The Company evaluates these determinations each reporting period, and it is possible that an asset or liability may be classified differently from year to year. The tables below set forth the Company’s classification of marketable securities and long-term investments as of: March 31, 2022 Total Level 1 Level 2 Level 3 Marketable securities – exchange-traded funds $ 111,851 $ 111,851 $ — $ — Marketable securities – mutual funds 24,327 24,327 — — Long-term investments – bonds (see Note 6) 4,275 — 4,275 — Total $ 140,453 $ 136,178 $ 4,275 $ — March 31, 2021 Total Level 1 Level 2 Level 3 Marketable securities – exchange-traded funds $ 19,943 $ 19,943 $ — $ — Long-term investments – bonds (see Note 6) 4,275 — 4,275 — Total $ 24,218 $ 19,943 $ 4,275 $ —
Reclassifications	Reclassification Certain operating expenses previously recorded in purchased services and other in the consolidated statement of operations for the three months ended March 31, 2021, have been reclassified to aircraft maintenance, materials and repairs to conform to the presentation for the three month period ended March 31, 2022, with no effect on net income. The reclassification relates to certain third party maintenance activities. Certain current liabilities previously recorded in contract liabilities in the consolidated balance sheets as of December 31, 2021 have been reclassified to deferred revenue to conform to the presentation as of March 31, 2022. As a result of this change, the consolidated statements of cash flows also required a reclassification from contract liabilities to deferred revenues in the Cash Flows from Operating Activities
Upcoming Accounting Pronouncement	Upcoming Accounting Pronouncement In June 2016, FASB issued ASU 2016-13, Financial Instruments Measurement of Credit Losses on Financial Instruments 2016-13). 2016-13 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 within the standard affecting how impairments of other financial assets may be recorded and presented, as well as expanded disclosures. ASU 2016-13 2016-13

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
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 net unrealized gains and losses for the period that relate to marketable securities	The calculation of net unrealized gains and losses that relate to marketable securities held as of March 31, 2022 is as follows: Net losses recognized during the three months ended March 31, 2022 on equity securities $ (2,423 ) Less: Net gains and losses recognized during the period on equity securities sold during the three months ended March 31, 2022 — Unrealized losses recognized during the reporting period on equity securities still held at March 31, 2022 $ (2,423 ) The calculation of net unrealized gains and losses that relate to marketable securities held as of March 31, 2021 is as follows: Net losses recognized during the three months ended March 31, 2021 on equity securities $ (57 ) Less: Net gains and losses recognized during the period on equity securities sold during the three months ended March 31, 2021 — Unrealized losses recognized during the reporting period on equity securities still held at March 31, 2021 $ (57 )
Summary of company's 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: March 31, 2022 Total Level 1 Level 2 Level 3 Marketable securities – exchange-traded funds $ 111,851 $ 111,851 $ — $ — Marketable securities – mutual funds 24,327 24,327 — — Long-term investments – bonds (see Note 6) 4,275 — 4,275 — Total $ 140,453 $ 136,178 $ 4,275 $ — March 31, 2021 Total Level 1 Level 2 Level 3 Marketable securities – exchange-traded funds $ 19,943 $ 19,943 $ — $ — Long-term investments – bonds (see Note 6) 4,275 — 4,275 — Total $ 24,218 $ 19,943 $ 4,275 $ —

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Schedule of Long-term Debt	Long-term debt consists of the following (with interest rates, as of the dates presented): March 31, December 31, Notes, due December 31, 2025 (4.0%) $ 66,955 $ 67,550 Less: current maturities 5,845 5,880 Total Long-Term Debt $ 61,110 $ 61,670
Schedule of Maturities of Long-Term Debt	Maturities of long-term debt for the periods subsequent to March 31, 2022, are as follows: Fiscal Year Amount April 2022 through December 2022 $ 5,285 2023 9,170 2024 8,890 2025 43,610 Total $ 66,955

Lease Obligations (Tables)

Lease Obligations (Tables)	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Summary of Operating Lease Related Terms and Discount Rates	The table below presents operating lease related terms and discount rates as of March 31, 2022: Weighted-average remaining lease term 3.47 years Weighted-average discount rate 5.41%
Schedule of Component of Lease Cost	Components of lease costs were as follows for the dates presented: Three Months Ended 2022 2021 Operating lease costs $ 1,474 $ 766 Short-term lease costs 104 146 Variable lease costs 35 33 Total Lease Costs $ 1,613 $ 945
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 Fiscal Year Amount April 2022 through December 2022 $ 4,558 2023 5,832 2024 3,356 2025 2,645 2026 147 Thereafter 511 Total lease payments 17,049 Less imputed interest (2,354 ) Total Lease Liabilities $ 14,695

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Schedule of Cash Obligations	The following table sets forth the Company’s cash obligations for the periods presented: Total April through December 2022 2023 2024 2025 2026 Thereafter Aircraft Notes Principal $ 59,500 $ 3,500 $ 7,000 $ 7,000 $ 42,000 $ — $ — Aircraft Notes Interest 7,455 1,785 2,170 1,890 1,610 — — Operating Lease Obligations 17,049 4,558 5,832 3,356 2,645 147 511 Total $ 84,004 $ 9,843 $ 15,002 $ 12,246 $ 46,255 $ 147 $ 511

Earnings Per Share and Equity (

Earnings Per Share and Equity (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Schedule of Calculations of Net Income Per Common Share	Calculations of net income per common share for the dates presented were as follows: Three Months Ended 2022 2021 Net income $ 9,263 $ 25,225 Preferred stock dividends 198 198 Net income applicable to common stockholders 9,065 25,027 Weighted average common shares outstanding Shares used in calculating basic earnings per share 47,638 54,863 Stock option 397 299 Series C Preferred 16,500 16,500 Shares used in calculating diluted earnings per share 64,535 71,662 Earnings allocated to common stockholders per common share Basic $ 0.19 $ 0.46 Diluted $ 0.14 $ 0.35

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets	Intangible assets consist of the following as of the dates presented: March 31, 2022 December 31, 2021 Gross Carrying Amount Gross Carrying Amount Trade names and air carrier certificate 5,300 5,300 Total $ 5,300 $ 5,300

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	Oct. 31, 2021	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2020	Dec. 31, 2021
Summary of Significant Accounting Policies [Line Items]
Depreciation expense		$ 6,315	$ 6,249
Deferred Revenue, Noncurrent		40,102			$ 35,792
Long-term note receivable		$ 51,078
Notes Receivable Instrument, Interest Rate		4.50%
Notes Receivable Instrument, Maturity Date		Feb. 28, 2023
Interest Receivable		$ 2,710
Deferred revenue recognized		6,321
Revenue, Performance Obligation		3,509	7,235
Cash Settlement				$ 670
Note Receivable				11,048
Payments for proceeds from incentives and penalties		777	1,819
Cash Received From United For The Opening Of A Crew Base	$ 294
Restricted Cash		576
Marketable securities		136,178			$ 138,370
October 2020 Amendment [Member]
Summary of Significant Accounting Policies [Line Items]
Deferred recognizing revenue	$ 73
Deferred revenue current		4,654
Deferred Revenue, Noncurrent		2,263
Deferred Cash Settlement due from United				$ 4,410
Deferred Revenue Recognition		519	313
Air Wisconsin [Member]
Summary of Significant Accounting Policies [Line Items]
Accounts receivable, net		5,066
Upfront fee		1,066	661
Fulfillment costs		114	71
Deferred Revenue Recognition		$ 4,736	$ 7,911

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Property and Equipment Useful lives (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Aircraft [Member]
Property, Plant and Equipment [Line Items]
Property Plant And Equipment Useful Life	7 years
Current Residual Value	$ 50
Rotable Parts [Member]
Property, Plant and Equipment [Line Items]
Property Plant And Equipment Useful Life	7 years
Current Residual Value, percent	10.00%
Spare Engines [Member]
Property, Plant and Equipment [Line Items]
Property Plant And Equipment Useful Life	7 years
Current Residual Value	$ 25
Ground Equipment [Member]
Property, Plant and Equipment [Line Items]
Current Residual Value, percent	0.00%
Property Plant And Equipment Useful Life	up to 10 years
Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Current Residual Value, percent	0.00%
Property Plant And Equipment Useful Life	up to 10 years
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Current Residual Value, percent	0.00%
Property Plant And Equipment Useful Life	Shorter of asset or lease life

Summary of Significant Accoun_6

Summary of Significant Accounting Policies- Summary of company's classification of Marketable Securities And Long Term Investments (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Instruments, Owned, at Fair Value	$ 140,453	$ 24,218
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Instruments, Owned, at Fair Value	136,178	19,943
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Instruments, Owned, at Fair Value	4,275	4,275
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Instruments, Owned, at Fair Value	0	0
Marketable securities – exchange-traded funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Instruments, Owned, at Fair Value	111,851	19,943
Marketable securities – exchange-traded funds | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Instruments, Owned, at Fair Value	111,851	19,943
Marketable securities – exchange-traded funds | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Instruments, Owned, at Fair Value	0	0
Marketable securities – exchange-traded funds | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Instruments, Owned, at Fair Value	0	0
Marketable securities –mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Instruments, Owned, at Fair Value	24,327
Marketable securities –mutual funds | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Instruments, Owned, at Fair Value	24,327
Long-term investments – bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Instruments, Owned, at Fair Value	4,275	4,275
Long-term investments – bonds | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Instruments, Owned, at Fair Value	0	0
Long-term investments – bonds | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Instruments, Owned, at Fair Value	4,275	4,275
Long-term investments – bonds | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Instruments, Owned, at Fair Value	$ 0	$ 0

Summary of Significant Accoun_7

Summary of Significant Accounting Policies- Summary of net unrealized gains and losses for the period that relate to marketable securities (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Marketable Securities, Gain (Loss) [Abstract]
Net losses recognized during the period on equity securities	$ (2,423)	$ (57)
Less: Net gains recognized during the period on equity securities sold during the period	0	0
Unrealized losses recognized during the period on equity securities held as of December 31, 2021	$ (2,423)	$ (57)

Liquidity - Additional Informat

Liquidity - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Liquidity Uncertainty And Going Concern [Line Items]
Dispute Amount	$ 9,371
Small Business Administration Payroll Protection Program [Member] | Paycheck Protection Program Notes [Member]
Liquidity Uncertainty And Going Concern [Line Items]
Gain (Loss) on Extinguishment of Debt	$ 10,135
Small Business Administration Payroll Protection Program [Member] | Air Wisconsin [Member]
Liquidity Uncertainty And Going Concern [Line Items]
Amount received from Small Business Administration under PPP				$ 10,000
Treasury Department Payroll Support Program [Member]
Liquidity Uncertainty And Going Concern [Line Items]
Payroll Support Agreement Awardable Amount				$ 42,185
PSP2 Agreement [member] | Air Wisconsin [Member] | Minimum [member]
Liquidity Uncertainty And Going Concern [Line Items]
Proceeds from cares act payroll support program grant			$ 32,987
PSP3 Agreement [member] | Air Wisconsin [Member]
Liquidity Uncertainty And Going Concern [Line Items]
Cares act payroll support program grant receivable			$ 33,329
HRBR Payroll Support Program Agreement [Member] | Air Wisconsin [Member]
Liquidity Uncertainty And Going Concern [Line Items]
Payroll Support Program Contra Expense		$ 27,914

Capacity Purchase Agreement w_2

Capacity Purchase Agreement with United - Additional Information (Detail) - United Airlines [Member] - CRJ-200 [Member] - Aircraft	1 Months Ended	3 Months Ended
	Feb. 28, 2017	Mar. 31, 2022
Date of expiration of the agreement	Feb. 1, 2023
Maximum [member]
Number of aircraft operated	65	63

Property and Equipment - Additi

Property and Equipment - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2022Aircraft
CRJ-200 [Member]
Property, Plant and Equipment [Line Items]
Number of aircraft acquired	64

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Line Items]
Effective income tax rate reconciliation percent total	23.80%	24.00%
Effective Income Tax Rate, Federal statutory rate	21.00%	21.00%

Debt - Schedule Of Long Term De

Debt - Schedule Of Long Term Debt (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Total debt	$ 66,955
Less: current maturities	5,845	$ 5,880
Long-Term Debt	61,110	61,670
Notes Due December 31, 2025 [Member]
Total debt	$ 66,955	$ 67,550

Debt - Additional information (

Debt - Additional information (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Jul. 31, 2003
Operating lease right of use asset	$ 17,328	$ 18,679
Hangar [Member]
Operating lease right of use asset	$ 2,720
City of Milwaukee, Wisconsin variable rate Industrial Development Bonds [Member]
Aggregate principal amount			$ 4,275

Debt - Schedule of Maturities o

Debt - Schedule of Maturities of Long-term Debt (Detail) $ in Thousands	Mar. 31, 2022USD ($)
Maturities of Long-term Debt [Abstract]
April 2022 through December 2022	$ 5,285
2023	9,170
2024	8,890
2025	43,610
Total	$ 66,955

Lease Obligations - Additional

Lease Obligations - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Lessee, Lease, Description [Line Items]
Operating lease right of use asset	$ 17,328		$ 18,679
Current portion of operating lease liability	5,180		5,150
Long-term operating lease liability	9,515		$ 10,877
Cash payments included in the measurement of lease liabilities related to operating leases	1,490	$ 700
Operating lease rent expense	$ 1,613	$ 945
Minimum [Member]
Lessee, Lease, Description [Line Items]
Lease term of training simulators	12 months
Operating Lease Remaining Lease	1 month
Maximum [Member]
Lessee, Lease, Description [Line Items]
Operating Lease Remaining Lease	12 years

Lease Obligations - Summary Of

Lease Obligations - Summary Of Weighted average Terms and Discount Rate For Operating Leases (Detail)	Mar. 31, 2022
Leases [Abstract]
Weighted-average remaining lease term	3 years 5 months 19 days
Weighted-average discount rate	5.41%

Lease Obligations - Schedule of

Lease Obligations - Schedule of Component Of Lease Cost (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Lease, Cost [Abstract]
Operating lease costs	$ 1,474	$ 766
Short-term lease costs	104	146
Variable lease costs	35	33
Total Lease Costs	$ 1,613	$ 945

Lease Obligations - Schedule _2

Lease Obligations - Schedule of Future Minimum Lease Payments Under Non-Cancelable Operating Leases (Detail) $ in Thousands	Mar. 31, 2022USD ($)
Leases [Abstract]
April 2022 through December 2022	$ 4,558
2023	5,832
2024	3,356
2025	2,645
2026	147
Thereafter	511
Total lease payments	17,049
Less imputed interest	(2,354)
Total Lease Liabilities	$ 14,695

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Thousands	Mar. 31, 2022USD ($)Letter_Of_Credit
Other Commitments [Line Items]
Number of outstanding letters of credit | Letter_Of_Credit	6
Air Wisconsin [Member]
Other Commitments [Line Items]
Outstanding credit facility	$ 372
Aircraft Notes principal [Member]
Other Commitments [Line Items]
Semi-Annual Principal amount of notes payable	3,500
Letter of Credit [Member]
Other Commitments [Line Items]
Outstanding credit facility	$ 372

Commitments and Contingencies_2

Commitments and Contingencies - Cash Obligations (Detail) $ in Thousands	Mar. 31, 2022USD ($)
Contractual Obligation Fiscal Year Maturity [Line Items]
Long-term debt, Total	$ 66,955
Long-term debt, due in 2022	5,285
Long-term debt, due in 2023	9,170
Long-term debt, due in 2024	8,890
Long-term debt, due in 2025	43,610
Total lease payments	17,049
Operating lease obligations, due in 2022	4,558
Operating lease obligations, due in 2023	5,832
Operating lease obligations, due in 2024	3,356
Operating lease obligations, due in 2025	2,645
Operating lease obligations, due in 2026	147
Operating lease obligations, due Thereafter	511
Total cash obligations	84,004
Total cash obligations, due in 2022	9,843
Total cash obligations, due in 2023	15,002
Total cash obligations, due in 2024	12,246
Total cash obligations, due in 2025	46,255
Total cash obligations, due in 2026	147
Total cash obligations, due Thereafter	511
Aircraft Notes Principal [Member]
Contractual Obligation Fiscal Year Maturity [Line Items]
Long-term debt, Total	59,500
Long-term debt, due in 2022	3,500
Long-term debt, due in 2023	7,000
Long-term debt, due in 2024	7,000
Long-term debt, due in 2025	42,000
Long-term debt, due in 2026	0
Aircraft Notes Interest [Member]
Contractual Obligation Fiscal Year Maturity [Line Items]
Long-term debt, Total	7,455
Long-term debt, due in 2022	1,785
Long-term debt, due in 2023	2,170
Long-term debt, due in 2024	1,890
Long-term debt, due in 2025	1,610
Long-term debt, due in 2026	$ 0

Related-Party Transactions - Ad

Related-Party Transactions - Additional Information (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Related Party Transaction [Line Items]
Annual recurring fee payable monthly pursuant to service agreement	$ 150
Payment For Management services fee	38
AWAC Aviation Inc [Member] | Financial Advisory And Management Services [Member]
Related Party Transaction [Line Items]
Payment For Management services fee	$ 60

Earnings Per Share and Equity -

Earnings Per Share and Equity - Calculations of Net Income Per Common Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share Reconciliation [Abstract]
Net income	$ 9,263	$ 25,225
Preferred stock dividends	198	198
Net income applicable to common stockholders	$ 9,065	$ 25,027
Weighted average common shares outstanding
Shares used in calculating basic earnings per share	47,638	54,863
Stock option	397	299
Series C Preferred	16,500	16,500
Shares used in calculating diluted earnings per share	64,535	71,662
Earnings allocated to common stockholders per common share
Basic	$ 0.19	$ 0.46
Diluted	$ 0.14	$ 0.35

Earnings Per Share and Equity_2

Earnings Per Share and Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 2022	Mar. 30, 2022	Jan. 31, 2020	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Class of Stock [Line Items]
Preferred stock, liquidation preference				$ 0.80
Common stock, convertible, conversion price				$ 0.15091
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements				397	299
Percentage of the diluted capital stock				26.00%
Treasury Stock, Common [Member]
Class of Stock [Line Items]
Share Based Arrangement Cash Payment For Stock Options Cancellation				$ 969
Series C Redeemable Convertible Preferred Stock [Member]
Class of Stock [Line Items]
Temporary Equity:Conversion Cap Excess Shares			4,000,000
Dividend declared		$ 198
Date of dividend declaration		Mar. 30, 2022
Date of dividend payment		Mar. 31, 2022
Temporary Equity, Shares Outstanding				4,000,000		4,000,000
Common stock converted				16,500
Series C Preferred Stock [Member]
Class of Stock [Line Items]
Temporary Equity:Conversion Cap Excess Shares				3,245
Conversion of preferred stock, maximum amount converted				$ 16,500
Temporary Equity, Shares Outstanding				755
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements				397
Series C Preferred Stock [Member] | Forecast [Member]
Class of Stock [Line Items]
Cumulative quarterly preferred stock dividend rate increase after Dec.31, 2022	0.50%

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Business Acquisition [Line Items]
Cash payments for interest	$ 595	$ 1,037
Cash payments for income taxes	6	10,083
Cash payments included in the measurement of lease liabilities related to operating leases	$ 1,490	$ 700

Intangible Assets - Components

Intangible Assets - Components of Intangible Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Trade names and air carrier certificate	$ 5,300	$ 5,300
Total	$ 5,300	$ 5,300

Stock Repurchase Program - Addi

Stock Repurchase Program - Additional Information (Detail) - Common Stock [Member] - USD ($) $ / shares in Units, $ in Thousands	Jan. 31, 2022	May 15, 2022	Mar. 31, 2022	Feb. 15, 2022	Mar. 31, 2022	Mar. 30, 2021
Equity, Class of Treasury Stock [Line Items]
Stock Repurchased During Period, Shares	5,437,500
Stock Repurchased During Period, Value	$ 5,655
First Option [Member]
Equity, Class of Treasury Stock [Line Items]
As part of repurchase transaction, option provided right to purchase number of additional shares				1,600,000
Purchase price per share				$ 1.95
Second Option [Member]
Equity, Class of Treasury Stock [Line Items]
As part of repurchase transaction, option provided right to purchase number of additional shares			1,000,000
Purchase price per share			$ 1.90
Third Option [Member] | Subsequent Event [Member]
Equity, Class of Treasury Stock [Line Items]
As part of repurchase transaction, option provided right to purchase number of additional shares		500,000
Purchase price per share		$ 1.85
Stock Repurchase Program [Member]
Equity, Class of Treasury Stock [Line Items]
Stock Repurchase Program, Authorized Amount in First Calendar Month						$ 1,000
Stock Repurchase Program, Authorized Amount to be Repurchased Each Month						1,000
Stock Repurchased During Period, Shares					6,262