Harbor Diversified (HRBR) 10-K 3 Apr 23 2022 FY Annual report Financial data

Cover

Cover - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Mar. 17, 2023	Jun. 30, 2022
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity Registrant Name	HARBOR DIVERSIFIED, INC.
Entity Central Index Key	0000899394
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
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		44,811,419
Entity Public Float			$ 55.4
ICFR Auditor Attestation Flag	false
Auditor Name	GRANT THORNTON LLP
Auditor Firm ID	248
Auditor Location	Milwaukee, Wisconsin

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current Assets
Cash and cash equivalents	$ 33,333	$ 37,170
Restricted cash	849	1,449
Marketable securities	153,827	138,370
Accounts receivable, less allowances of $18 as of December 31, 2022 and $40 as of December 31, 2021	40,341	7,422
Notes receivable	19,452	0
Spare parts and supplies, less allowances of $11,764 as of December 31, 2022 and $10,819 as of December 31, 2021	4,579	5,200
Contract costs	143	518
Prepaid expenses and other	3,732	4,174
Total Current Assets	256,256	194,303
Property and Equipment
Flight property and equipment	263,970	259,720
Ground property and equipment	8,055	8,252
Less accumulated depreciation and amortization	(169,766)	(143,313)
Net Property and Equipment	102,259	124,659
Other Assets
Operating lease right-of-use asset	13,480	18,679
Intangibles	5,300	5,300
Long-term deferred tax assets	0	533
Long-term investments	4,275	4,275
Long-term contract costs	0	96
Long-term notes receivable	0	47,568
Other	1,077	3,988
Total Other Assets	24,132	80,439
Total Assets	382,647	399,401
Current Liabilities
Accounts payable	20,165	20,060
Accrued payroll and employee benefits	12,989	14,885
Current portion of operating lease liability	5,091	5,150
Other accrued expenses	137	172
Contract liabilities	1,985	8,098
Deferred revenues	16,561	35,792
Current portion of long-term debt (stated principal amount of $7,000 as of December 31, 2022 and $3,500 as of December 31, 2021)	9,154	5,880
Total Current Liabilities	66,082	90,037
Other Liabilities
Long-term debt (stated principal amount of $48,600 as of December 31, 2022 and $56,000 as of December 31, 2021)	52,068	61,670
Long-term promissory note	4,275	4,275
Deferred tax liability	7,990	688
Long-term operating lease liability	5,849	10,877
Long-term contract liabilities	0	1,326
Deferred revenue, net of current portion	0	9,046
Other	1,977	2,722
Total Long-Term Liabilities	72,159	90,604
Commitments and Contingencies (Note 8)
Mezzanine Equity
Series C Convertible Redeemable Preferred Stock, $0.01 par value, 4,000,000 shares authorized, issued and outstanding at December 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 December 31, 2022 and December 31, 2021, 45,219,737 shares outstanding at December 31, 2022 and 53,316,299 shares outstanding at December 31, 2021	555	555
Additional paid-in capital	285,668	287,429
Retained deficit	(40,034)	(79,144)
Treasury stock	(14,983)	(3,280)
Total Stockholders' Equity	231,206	205,560
Total Liabilities and Stockholders' Equity	$ 382,647	$ 399,401

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Allowance for doubtful accounts receivables	$ 18	$ 40
Inventory allowances valuation reserves	11,764	10,819
Current portion of long-term debt principal amount	7,000	3,500
Non-current portion of long term debt principal amount	$ 48,600	$ 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	45,219,737	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	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Operating Revenues
Total Operating Revenues	$ 280,863	$ 247,579
Operating Expenses
Payroll and related costs	109,831	106,881
Aircraft fuel and oil	169	171
Aircraft maintenance, materials and repairs	67,096	56,145
Aircraft rent	0	67
Other rents	6,582	5,375
Depreciation, amortization and obsolescence	26,327	26,552
Purchased services and other	14,992	13,535
Payroll Support Program	0	(66,316)
Total Operating Expenses	224,997	142,410
Income From Operations	55,866	105,169
Other (Expense) Income
Interest income	7,024	4,520
Interest expense	(3)	(847)
Loss on marketable securities	(8,826)	(1,158)
Gain on extinguishment of debt	53	10,363
Other, net	(11)	0
Total Other (Expense) Income	(1,763)	12,878
Net Income Before Taxes	54,103	118,047
Income Tax Expense	14,993	25,421
Net Income	39,110	92,626
Preferred stock dividends	792	792
Net income available to common stockholders	$ 38,318	$ 91,834
Basic earnings per share	$ 0.83	$ 1.69
Diluted earnings per share	$ 0.61	$ 1.29
Basic And Diluted Earnings Per Share Other Disclosures [Abstract]
Basic	46,359	54,321
Diluted	62,957	71,249
Contract Revenues [Member]
Operating Revenues
Total Operating Revenues	$ 280,737	$ 247,519
Contract Service and Other [Member]
Operating Revenues
Total Operating Revenues	$ 126	$ 60

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common 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			618	4,000
Net income	92,626			92,626
Preferred stock dividends	(792)		(792)
Repurchased stock	(2,799)				$ (2,799)
Repurchased stock ,Shares		(1,547)			1,547
Ending Balance at Dec. 31, 2021	205,560	$ 555	287,429	(79,144)	$ (3,280)	$ 13,200
Ending balance, shares at Dec. 31, 2021		53,316			2,165	4,000
Net income	39,110			39,110
Preferred stock dividends	(792)		(792)
Repurchase of stock options	(969)		(969)
Repurchased stock	(11,703)				$ (11,703)
Repurchased stock ,Shares		(8,096)			8,096
Ending Balance at Dec. 31, 2022	$ 231,206	$ 555	$ 285,668	$ (40,034)	$ (14,983)	$ 13,200
Ending balance, shares at Dec. 31, 2022		45,220			10,261	4,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Cash Flows from Operating Activities
Net income	$ 39,110	$ 92,626
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and obsolescence allowance	26,327	26,552
Amortization of contract costs	(4,385)	(3,593)
Amortization of engine overhauls	2,757	1,901
Deferred income taxes	7,954	(6,045)
Loss (gain) on disposition of property and equipment	181	(298)
Loss on marketable securities	8,826	1,158
Gain on extinguishment of debt	(53)	(10,363)
Changes in operating assets and liabilities:
Accounts receivable	(32,919)	2,294
Notes Receivable	28,116	(15,128)
Spare parts and supplies	(324)	(433)
Prepaid expenses and other	3,353	(3,803)
Operating lease right-of-use asset	112	218
Accounts payable	105	8,287
Accrued payroll and employee benefits	(1,896)	124
Other accrued expenses	(35)	(173)
Long-term deferred revenues	(9,046)	(21,674)
Contract liabilities	(3,054)	(707)
Deferred revenues	(19,231)	23,293
Income taxes payable	0	(107)
Other long-term liabilities	(864)	84
Net Cash Provided by Operating Activities	45,034	94,213
Cash Flows From Investing Activities
Additions to property and equipment	(5,513)	(3,637)
Proceeds on disposition of property and equipment	64	30
Purchase of marketable securities	(24,283)	(267,157)
Sale of marketable securities	0	127,629
Net Cash Used in Investing Activities	(29,732)	(143,135)
Cash Flows From Financing Activities
Repayments of long-term debt	(6,275)	(40,061)
Dividends paid on preferred stock	(792)	(792)
Repurchase of stock options	(969)	0
Repurchase of common stock	(11,703)	(2,799)
Net Cash Used in Financing Activities	(19,739)	(43,652)
Decrease in Cash, Cash Equivalents and Restricted Cash	(4,437)	(92,574)
Cash, Cash Equivalents and Restricted Cash, beginning of year	38,619	131,193
Cash, Cash Equivalents and Restricted Cash, end of year	$ 34,182	$ 38,619

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 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 its subsidiaries (collectively, the Company). Harbor is a non-operating holding company is a non-operating entity with 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. The airline business is operated entirely through Air Wisconsin, which is an independent regional air carrier. For the year ended December 31, 2022, Air Wisconsin was engaged in the business of providing scheduled passenger service solely for United Airlines, Inc. (United) under a capacity purchase agreement (United capacity purchase agreement) that was entered into in February 2017 and amended in October 2020, April 2021, April 2022, June 2022, September 2022 and February 2023. Air Wisconsin will cease flying for United in early June 2023. In August 2022 Air Wisconsin entered into a separate capacity purchase agreement (American capacity purchase agreement) with American Airlines, Inc. (American), which was subsequently amended in February 2023 and March 2023, pursuant to which Air Wisconsin has agreed to provide up to 60 CRJ-200 For additional information, refer to Note 3, 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 (ASC) 280, “ Segment Reporting As further discussed below, substantially all of our operating revenues in the years ended December 31, 2022 and December 31, 2021 were derived from operations associated with United. Contract Revenues More than 99.9 % of the Company’s operating revenues for the years ended December 31, 2022 and December 31, 2021 were derived from operations associated with the United capacity purchase agreement. In performing an analysis of the United capacity purchase agreement within the framework of ASC 842 and ASC 606, the Company determined a portion of its compensation designed to reimburse Air Wisconsin for use of a certain number of aircraft, or “right of use,” is considered lease revenue. All other revenue received by Air Wisconsin is considered non-lease revenue. After consideration of the lease and non-lease components based on stand-alone selling prices, the Company determined the non-lease component to be the predominant component of the United capacity purchase agreement and, as such, elected a practical expedient to not separate the lease and non-lease components. Therefore, all compensation received by Air Wisconsin pursuant to the United capacity purchase agreement is accounted for under ASC 606. The Company recognizes revenue under the United capacity purchase agreement over time as services are provided. Under the agreement, Air Wisconsin is entitled to receive 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. 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 October 2022. Subject to final reconciliation of the provisional cash payments for the periods after October 31, 2022, as of December 31, 2022, United owed Air Wisconsin approximately $ Commitments and Contingencies 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 as part of accounts receivable, net, on the consolidated balance sheets related to net incentive amounts. As of December 31, 2021, Air Wisconsin recorded a liability of $ as part of contract liabilities on the consolidated balance sheets related to net penalties owed to United. Under the United capacity purchase agreement, Air Wisconsin is 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 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 Liquidity Consistent with the discussion above, for the year ended December 31, 2022, as compared to the year ended December 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 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 to be recognized in proportion to the number of flights expected to be completed in subsequent periods through the end of the wind-down period. 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 year ended December 31, 2022, Air Wisconsin recorded $2,132 of revenue related to these items, compared to $1,923 of revenue related to these items for the year ended December 31, 2021. As of December 31, 2022, deferred CPA Amendment revenue in the amount of $650 is recorded as part of contract liabilities on the consolidated balance sheets. The timing of the recognition of deferred fixed revenue, non-refundable The amount of revenues recognized for the year ended December 31, 2022 that were previously recorded as contract liabilities were $6,517. 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 Commitments and Contingencies 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, 2022 and December 31, 2021, the Company had a restricted cash balance of $849 and $1,449, 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, 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 December 31, 2022 and December 31, 2021 is as follows: Year Ended Net losses recognized during the period on equity securities $ (8,826 ) $ (1,158 ) Less: Net gains recognized during the period on equity securities sold during the period — 2 Unrealized losses recognized during the period on equity securities held as of the end of the period $ (8,826 ) $ (1,160 ) Spare Parts and Supplies Expendable parts are 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 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. 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 as of the dates presented. The table excludes construction in process of $ 2,237 3,573 For the years ended: December 31, 2022 December 31, 2021 Assets Original Accumulated Original Accumulated Aircraft 70,089 40,544 70,178 31,319 Engines 163,708 103,834 157,510 86,339 Rotable parts 27,936 18,655 28,459 18,834 Ground equipment 2,718 2,063 2,555 1,868 Office equipment 4,519 4,218 4,509 4,130 Leasehold improvements 818 452 1,188 823 269,788 169,766 264,399 143,313 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, 2022 and December 31, 2021 was $24,911 and $24,997, respectively, and is included in depreciation, amortization, and obsolescence in the accompanying consolidated statements of operations. 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. 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 assets and indefinite-lived intangible assets and determined that no quantitative impairment tests were required to be performed as of December 31, 2022 and December 31, 2021. Maintenance The Company operates its aircraft under a continuous inspection and maintenance program. Generally, the normal cost of recurring maintenance is expensed when incurred. However, we use the deferral method of accounting for Air Wisconsin’s planned major maintenance activities for engines pursuant to which the capitalized engine overhaul costs are amortized over the estimated useful life measured in engine cycles remaining until the next scheduled shop visit. 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 more-likely-than-not 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 significant judgment to apply. The Company is no longer subject to U.S. federal income tax examinations for the years prior to 2019. With a few exceptions, the Company is no longer subject to state or local income tax examinations for years prior to 2018. As of December 31, 2022, the Company had no outstanding tax examinations. The Company recognizes interest and penalties related to unrecognized tax benefits in income tax expense for all periods presented. The Company accrued $62 and $57 for the payment of interest and penalties at December 31, 2022 and December 31, 2021, respectively. Comprehensive Income The Company does not have any components of comprehensive income and, as of December 31, 2022 and December 31, 2021, comprehensive income is equal to net income reported in the consolidated statements of operations. 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 (FDIC) insurance limit. The Company maintains its cash accounts with high credit quality financial institutions and, accordingly, the Company believes that minimal credit risk exists with respect to these financial institutions. As of December 31, 2022, in addition to cash and cash equivalents of $33.3 million, the Company had $0.8 million in restricted cash, which relates to a credit facility used for the issuance of cash collateralized letters of credit supporting our worker’s compensation insurance program, landing fees at certain airports and facility leases, 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. Substantially all of the Company’s consolidated revenue for the years ended December 31, 2022, and December 31, 2021, and accounts receivable and notes receivable at the end of both years were 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 will become Air Wisconsin’s sole airline partner once all aircraft are removed from United’s flying operations; and at that point, substantially all of the Company’s revenues will be derived from the American capacity purchase agreement. Neither United’s nor American’s obligations to pay Air Wisconsin the amounts required to be paid under the applicable capacity purchase agreement are collateralized. For additional information, refer to Note 3, Capacity Purchase Agreements with United and American 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 the dates presented: 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 6) 4,275 — 4,275 — Total $ 158,102 $ 153,827 $ 4,275 $ — December 31, 2021 Total Level 1 Level 2 Level 3 Marketable securities – exchange-traded funds $ 113,936 $ 113,936 $ — $ — Marketable securities – mutual funds 24,434 24,434 — — Long-term investments – bonds (see Note 6) 4,275 — 4,275 — Total $ 142,645 $ 138,370 $ 4,275 $ — Reclassifications Certain operating expenses previously recorded in purchased services and other in the consolidated statements of operations in the amount of $12,403 for the year ended December 31, 2021, have been reclassified to aircraft maintenance, materials and repairs to conform to the presentation for the year ended December 31, 2022, with no effect on net income. The reclassification relates to certain third party maintenance activities. Certain non-operating Certain current liabilities previously recorded in contract liabilities in the consolidated balance sheets as of December 31, 2021 have been reclassified to deferred revenue in the amount of $35,792 to conform to the presentation as of December 31, 2022. As a result of this change, the consolidated statements of cash flows also required a reclassification from contract liabilities in the amount of $35,792 to deferred revenues in the Cash Flows from Operating Activities Upcoming Accounting Pronouncement In June 2016, FASB issued ASU 2016-13, Financial Instruments—Credit Losses Measurement of Credit Losses on Financial Instruments 2016-13). 2016-13 2016-13

Liquidity

Liquidity	12 Months Ended
	Dec. 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, particularly if United fails to pay disputed amounts owed to Air Wisconsin pursuant to the United capacity purchase agreement or if the transition of Air Wisconsin’s aircraft to the American capacity purchase agreement is delayed or more difficult than currently anticipated. Reduced Block Hours Since the beginning of the COVID-19 pre-pandemic In addition, Air Wisconsin expects that its block hours will be temporarily reduced as a result of the transition from flying for United to flying for American. Before any Air Wisconsin aircraft can be available to operate flights for American, that aircraft must first be removed from service under the United capacity purchase agreement, painted to meet the livery requirements of the American capacity purchase agreement and otherwise modified to meet such requirements. During the period from the withdrawal of an aircraft from service under the United capacity purchase agreement until it is placed into service under the American capacity purchase agreement, that aircraft will not generate revenues from either United or American. The period of time that an aircraft will not be covered by either capacity purchase agreement depends on Air Wisconsin’s ability to induct aircraft into service for American, which is not entirely within Air Wisconsin’s control and is subject to many factors, including the time it will take to cause the aircraft to meet the requirements of the American capacity purchase agreement, the painting of the aircraft (which generally has a span time of at least two weeks) and the availability of pilots. There can be no assurance that this transition will proceed smoothly, and unexpected delays in or costs associated with the transition could have a material adverse effect on the Company’s business, financial condition and results of operations. For additional information, refer to Part I, Item 1, “ Business American Capacity Purchase Agreement United Capacity Purchase Agreement The fixed amount Air Wisconsin is entitled to receive under the United capacity purchase agreement is based on a fixed contractual rate and number of covered aircraft, although there is currently a dispute with United as to the number of covered aircraft for which United is required to pay the fixed contractual rate. In October 2022, United initiated arbitration with respect to this dispute. The arbitration process is on-going. Variable revenue may be earned based on the number of block hours and departures. Since the onset of the COVID-19 COVID-19 Commitments and Contingencies A portion of the fixed amount of revenue had 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, including the wind-down period. Beginning with the third quarter of 2021, Air Wisconsin began to reverse prior deferred revenue based on increased completed flights and projected future completed flight activity, and anticipates continuing to do so through the end of the wind-down period. For additional information, refer to Note 1, Summary of Significant Accounting Policies Governmental Assistance Air Wisconsin’s receipt of governmental assistance 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 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 audited consolidated statements of operations for the year ended December 31, 2021 included within the 2021 Annual Report. In April 2020, Air Wisconsin entered into a Payroll Support Program Agreement (PSP-1 Agreement) the PSP-1 Agreement, In December 2020, the federal Consolidated Appropriations Act of 2021 (PSP Extension Law) was adopted, which provided for additional payroll support to eligible air carriers. 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 March 2021, the federal American Rescue Plan Act of 2021 (American Rescue Plan) was adopted, which provided further payroll support to eligible air carriers. 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, some of which have expired. The surviving covenants require that (i) the payroll support proceeds must have been used exclusively for the payment of wages, salaries and benefits, and (ii) Air Wisconsin cannot pay total compensation to certain employees in excess of certain total compensation caps. If Air Wisconsin failed to comply with any of its expired obligations or failed or fails to comply with any of its continuing 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. 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 year ended December 31, 2022, as compared to $66,316 for the year ended December 31, 2021.

Capacity Purchase Agreements wi

Capacity Purchase Agreements with United and American	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Capacity Purchase Agreements with United and American	3. Capacity Purchase Agreements with United and American In February 2017, Air Wisconsin entered into the United capacity purchase agreement. A dispute exists under the agreement with respect to certain recurring amounts owed to Air Wisconsin by United. In October 2022, United initiated arbitration under the United capacity purchase agreement and requested a declaration that it does not owe any of the amounts claimed by Air Wisconsin. Air Wisconsin expects that, unless the parties reach a settlement before then, the arbitration hearing will occur in July 2023 and that the arbitrators will make their award in August 2023. In December 2022 and February 2023, Air Wisconsin sent United notices of termination of the agreement. In the arbitration, United has contested Air Wisconsin’s right to terminate the agreement. In accordance with the termination provisions of the agreement, and in response to Air Wisconsin’s first termination notice, United delivered in January 2023 a revised wind-down schedule. Following the delivery of that revised schedule, in February 2023, the parties agreed, in a sixth amendment to the United capacity purchase agreement, to a replacement wind-down schedule that provides for the withdrawal of aircraft from the agreement beginning in January 2023 and continuing until early June 2023, at which time all of Air Wisconsin’s remaining aircraft will be withdrawn from the agreement, and Air Wisconsin will cease flying for United. For its revenue calculations, Air Wisconsin has assumed that it will cease flying for United in June 2023. For additional information, refer to Note 8, Commitments and Contingencies. In August 2022, Air Wisconsin entered into the American capacity purchase agreement, pursuant to which Air Wisconsin has agreed to provide up to 60 CRJ-200

Property and Equipment

Property and Equipment	12 Months Ended
	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Property and Equipment	4. Property and Equipment As of December 31, 2022, Air Wisconsin owned 64 CRJ-200

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	5. Income Taxes The income tax provision consists of the following: Year ended December 31, 2022 2021 Current Expense Federal $ 6,498 $ 27,084 State 541 4,382 Total Current Expense 7,039 31,466 Deferred Expense (Benefit) Federal 6,910 (5,405 ) State 1,044 (640 ) Total Deferred Expense (Benefit) 7,954 (6,045 ) Income Tax Expense $ 14,993 $ 25,421 The following is a reconciliation between a federal income tax rate of 21% and the effective tax rate which is derived by dividing the provision for income taxes by the income before the provision for income taxes: Year ended December 31, 2022 2021 Computed provision for income taxes at the statutory rate $ 11,362 $ 24,790 Increase (decrease) in income taxes resulting from: State income tax provision, net of federal income tax benefit 1,189 2,757 Non-deductible 60 52 Tax exempt income — (2,100 ) Valuation allowance changes affecting the provision for income taxes 2,375 — Return to provision adjustments 9 — Other, net (2 ) (78 ) Provision for income taxes $ 14,993 $ 25,421 As of December 31, 2022 and December 31, 2021, the Company’s deferred tax assets were primarily the result of deferred revenues which have previously been included in taxable income and 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, 2022 and December 31, 2021, the Company achieved three years of cumulative pretax ordinary income. In addition, the projection of taxable income in future periods 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, 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, 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 positive evidence, leading management to conclude that a valuation allowance was necessary as of December 31, 2022. Deferred tax assets and liabilities reflect temporary differences between financial and tax reporting. Significant components of deferred tax assets and liabilities are as follows: December 31, 2022 2021 Deferred Tax Assets Accruals and reserves not currently deductible $ 5,294 $ 5,647 State NOL carryovers 70 21 Accrued and deferred compensation 1,987 2,562 Prepaid items 111 891 Lease liability 694 1,033 Contract liability 283 1,215 Deferred revenues 4,094 11,328 Unrealized loss on investments 2,375 276 Other 1,240 1,266 Subtotal before valuation allowance 16,148 24,239 Less: valuation allowance (2,375 ) — Total Deferred Tax Assets 13,773 24,239 Deferred Tax Liabilities Property and equipment (20,475 ) (22,607 ) Right-of-use (1,282 ) (1,663 ) Other (6 ) (124 ) Total Deferred Tax Liabilities (21,763 ) (24,394 ) Net Deferred Income Tax Liabilities $ (7,990 ) $ (155 ) At December 31, 2022 and December 31, 2021, the Company had no federal net operating losses, and state net operating losses of approximately $1,280 and $731, respectively. As of December 31, 2022, the estimated effective tax rate applicable to the federal and state net operating losses is 21.0% and 5.5%, respectively. Federal net operating losses are not subject to an expiration date but are subject to an 80% of taxable income limitation after 2020, while the Company expects the state net operating losses to begin to expire in 2040. 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. Federal tax years 2019, 2020, and 2021 are open to examination. Under ASC Topic 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, 2022 and December 31, 2021 is as follows: December 31, 2022 2021 Unrecognized tax benefits at the beginning of the year $ 118 $ 177 Gross increases – current year tax provisions 5 — Gross decreases – lapse of statute — (59 ) Unrecognized tax benefits at the end of the year $ 123 $ 118 Interest and penalties in year-end $ 62 $ 57

Debt

Debt	12 Months Ended
	Dec. 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): December 31, 2022 2021 Notes, due December 31, 2025, 4.0% (a) $ 61,222 $ 67,550 Less: current maturities 9,154 5,880 Long-term debt $ 52,068 $ 61,670 (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, 2022 and December 31, 2021, the future undiscounted interest payments that were capitalized as part of the debt were $5,622 and $8,050, respectively. There is 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 are required. The Aircraft Notes are secured by Air Wisconsin’s owned aircraft and certain spare engines and spare parts. The carrying amount of the collateral exceeds the value of the debt. In September 2022, Air Wisconsin prepaid approximately $400 of debt outstanding under the Aircraft Notes due December 31, 2025. 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. Maturities of long-term debt for the years subsequent to December 31, 2022, are as follows: Fiscal Year Amount 2023 $ 9,154 2024 8,874 2025 43,194 Total $ 61,222 The debt agreements include, among other provisions, certain covenants. At December 31, 2022 and December 31, 2021, Air Wisconsin was in compliance with the covenants of all of its debt agreements. As of December 31, 2022, all of the Company’s long-term debt was subject to fixed interest rates. 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 and 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

Lease Obligations

Lease Obligations	12 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Lease Obligations	7. Lease Obligations The Company reviewed all contracts and service agreements in effect in 2022 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. In those instances, the Company elected to account for such components as a single lease component. 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. 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 six months to years. For leases of 12 months or less, the Company elected a short-term lease practical expedient 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 right-of-use 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, 2022, the Company’s right-of-use The table below presents operating lease related terms and discount rates as of December 31, 2022: Weighted-average remaining lease term 2.93 years Weighted-average discount rate 5.73 % Components of lease costs were as follows for the years ended December 31, 2022 2021 Operating lease costs $ 5,862 $ 4,809 Short-term lease costs 508 499 Variable lease costs 212 134 Total Lease Costs $ 6,582 $ 5,442 As of December 31, 2022 and December 31, 2021, Air Wisconsin leased or subleased certain training simulators and facilities for terms of greater than 12 months. Certain leases are subject to non-cancellable pro-rata The following table summarizes the future minimum rental payments required under operating leases that had initial or remaining non-cancelable Fiscal Year Amount 2023 $ 5,580 2024 3,222 2025 2,487 2026 171 2027 75 Thereafter 357 Total lease payments 11,892 Less imputed interest (952 ) Total Lease Liabilities $ 10,940

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 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 December 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. United Capacity Purchase Agreement Dispute A dispute exists under the United capacity purchase agreement with respect to certain recurring amounts owed to Air Wisconsin by United. As of December 31, 2022, the aggregate amount in dispute was approximately $47,858. In October 2022, United initiated arbitration under the agreement and requested a declaration that it does not owe any of the disputed amounts as claimed by Air Wisconsin. As Air Wisconsin and United are in the early stages of arbitration, Air Wisconsin cannot, with any degree of certainty, estimate the likely outcome of the arbitration including any potential award of the disputed amounts. Air Wisconsin, however, maintains that it has a strong position and is entitled to the disputed amounts under the terms of the United capacity purchase agreement. As a result, the Company has recognized all disputed amounts through December 31, 2022. 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 December 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. As of December 31, 2022, Air Wisconsin maintained a credit facility with a borrowing capacity of $374 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: Payment Due for Year Ending Total 2023 2024 2025 2026 2027 Thereafter Aircraft Notes Principal $ 55,600 $ 7,000 $ 7,000 $ 41,600 $ — $ — $ — Aircraft Notes Interest $ 5,622 $ 2,154 $ 1,874 $ 1,594 $ — $ — $ — Operating Lease Obligations $ 11,892 $ 5,580 $ 3,222 $ 2,487 $ 171 $ 75 $ 357 Total $ 73,114 $ 14,734 $ 12,096 $ 45,681 $ 171 $ 75 $ 357 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 were due prior to December 31, 2022. As of December 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 the section entitled “ Management’s Discussion and Analysis of Financial Condition and Results of Operations – Debt and Credit Facilities Debt

Retirement Plans

Retirement Plans	12 Months Ended
	Dec. 31, 2022
Retirement Benefits [Abstract]
Retirement Plans	9. Retirement 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, 2022 and December 31, 2021 was $3,767 and $4,358, respectively.

Related-Party Transactions

Related-Party Transactions	12 Months Ended
	Dec. 31, 2022
Related Party Transactions [Abstract]
Related-Party Transactions	10. 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, 2022 and December 31, 2021, plus the reimbursement of certain out-of-pocket Certain Relationships and Related Transactions, and Director Independence

Collective Bargaining Agreement

Collective Bargaining Agreements	12 Months Ended
	Dec. 31, 2022
Retirement Benefits [Abstract]
Collective Bargaining Agreements	11. Collective Bargaining Agreements Air Wisconsin has five collective bargaining units. The Airline Pilots Association (ALPA) represents pilots. The Association of Flight Attendants-CWA AFL-CIO As of December 31, 2022, Air Wisconsin was in mediated negotiations with TWU that represents dispatchers. The agreement with the TWU was amendable November 1, 2020, however the negotiation process did not begin until August 17, 2021. Air Wisconsin is in preliminary direct negotiations with ALPA and AFA, but mediated negotiations have not yet commenced. 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 November 21, 2022 43.5 % Dispatchers November 1, 2020 2.6 % Mechanics September 20, 2023 8.8 % Technical store clerks September 20, 2022 2.7 % Flight attendants October 1, 2022 17.4 %

Earnings Per Share and Equity

Earnings Per Share and Equity	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Earnings Per Share and Equity	12. Earnings Per Share and Equity Calculations of net income per common share for the dates presented were as follows: Year ended Year ended Net income $ 39,110 $ 92,626 Preferred stock dividends 792 792 Net income applicable to common stockholders 38,318 91,834 Weighted average common shares outstanding Shares used in calculating basic earnings per share 46,359 54,321 Stock option 98 428 Series C Preferred 16,500 16,500 Shares used in calculating diluted earnings per share 62,957 71,249 Earnings allocated to common stockholders per common share Basic $ 0.83 $ 1.69 Diluted $ 0.61 $ 1.29 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 Series C Convertible Redeemable Preferred Stock 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. 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 $ , subject to certain adjustments set forth in the Certificate of Designations (Conversion Price). The Conversion Price as of the date of this filing is $ . 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, 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 . 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 30, 2022, June 30, 2022, September 30, 2022, and December 30, 2022 , the board of directors declared a Preferential Dividend of $ Based on the applicable accounting guidance, Harbor is required to apply the “if-converted” 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 expired out-of-the-money

Stock Option

Stock Option	12 Months Ended
	Dec. 31, 2022
Share-based Payment Arrangement [Abstract]
Stock Option	13. Stock Option In 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 as of December 31, 2021. 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, 2022
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	14. Supplemental Cash Flow Information Cash payments for interest for the years ended December 31, 2022 and December 31, 2021 were $2,375 and $3,337, respectively. Cash payments for income taxes for the years ended December 31, 2022 and December 31, 2021 were $7,925 and $33,956, respectively. The following table provides a reconciliation of all cash and cash equivalents and restricted cash reported on the consolidated balance sheet that sum to the total of those same amounts shown in the consolidated statement of cash flows: December 31, 2022 December 31, 2021 Cash and cash equivalents $ 33,333 $ 37,170 Restricted cash 849 1,449 Total cash, cash equivalents, and restricted cash $ 34,182 $ 38,619

Intangible Assets

Intangible Assets	12 Months Ended
	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	15. Intangible Assets Intangible assets consist of the following indefinite-lived assets as of the dates presented: December 31, 2022 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	12 Months Ended
	Dec. 31, 2022
Stock Repurchase Program [Abstract]
Stock Repurchase Program	16. 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 8,096,562 shares of its common stock pursuant to the stock repurchase program in the year ended December 31, 2022. As of December 31, 2022, total cash of $475 is held for the repurchase of shares under Harbor’s stock repurchase program. This amount is included in restricted cash. For additional information, refer to Part II, Item 5, “ Purchases of Equity Securities by the Issuer and Affiliated Purchasers

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	17. Subsequent Events The Company evaluated its consolidated financial statements for the year ended December 31, 2022 for subsequent events through March 31, 2023, the date the financial statements were available to be issued. The following subsequent events are noted: • In February 2023, United and Air Wisconsin entered into a sixth amendment to the United capacity purchase agreement which provided a schedule for the withdrawal of aircraft from the agreement and provided the maximum number of block hours that Air Wisconsin could be scheduled to fly for United and American until early June 2023. • In February 2023, American and Air Wisconsin entered into a first amendment to the American capacity purchase agreement which revised compensation rates for 2023 through 2027 and obligated American to a fixed payment to assist Air Wisconsin with current pilot compensation. • In March 2023, Air Wisconsin commenced flying for American under the American capacity purchase agreement.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 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 its subsidiaries (collectively, the Company). Harbor is a non-operating holding company is a non-operating entity with
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. The airline business is operated entirely through Air Wisconsin, which is an independent regional air carrier. For the year ended December 31, 2022, Air Wisconsin was engaged in the business of providing scheduled passenger service solely for United Airlines, Inc. (United) under a capacity purchase agreement (United capacity purchase agreement) that was entered into in February 2017 and amended in October 2020, April 2021, April 2022, June 2022, September 2022 and February 2023. Air Wisconsin will cease flying for United in early June 2023. In August 2022 Air Wisconsin entered into a separate capacity purchase agreement (American capacity purchase agreement) with American Airlines, Inc. (American), which was subsequently amended in February 2023 and March 2023, pursuant to which Air Wisconsin has agreed to provide up to 60 CRJ-200 For additional information, refer to Note 3, 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 (ASC) 280, “ Segment Reporting As further discussed below, substantially all of our operating revenues in the years ended December 31, 2022 and December 31, 2021 were derived from operations associated with United.
Contract Revenues	Contract Revenues More than 99.9 % of the Company’s operating revenues for the years ended December 31, 2022 and December 31, 2021 were derived from operations associated with the United capacity purchase agreement. In performing an analysis of the United capacity purchase agreement within the framework of ASC 842 and ASC 606, the Company determined a portion of its compensation designed to reimburse Air Wisconsin for use of a certain number of aircraft, or “right of use,” is considered lease revenue. All other revenue received by Air Wisconsin is considered non-lease revenue. After consideration of the lease and non-lease components based on stand-alone selling prices, the Company determined the non-lease component to be the predominant component of the United capacity purchase agreement and, as such, elected a practical expedient to not separate the lease and non-lease components. Therefore, all compensation received by Air Wisconsin pursuant to the United capacity purchase agreement is accounted for under ASC 606. The Company recognizes revenue under the United capacity purchase agreement over time as services are provided. Under the agreement, Air Wisconsin is entitled to receive 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. 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 October 2022. Subject to final reconciliation of the provisional cash payments for the periods after October 31, 2022, as of December 31, 2022, United owed Air Wisconsin approximately $ Commitments and Contingencies 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 as part of accounts receivable, net, on the consolidated balance sheets related to net incentive amounts. As of December 31, 2021, Air Wisconsin recorded a liability of $ as part of contract liabilities on the consolidated balance sheets related to net penalties owed to United. Under the United capacity purchase agreement, Air Wisconsin is 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 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 Liquidity Consistent with the discussion above, for the year ended December 31, 2022, as compared to the year ended December 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 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 to be recognized in proportion to the number of flights expected to be completed in subsequent periods through the end of the wind-down period. 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 year ended December 31, 2022, Air Wisconsin recorded $2,132 of revenue related to these items, compared to $1,923 of revenue related to these items for the year ended December 31, 2021. As of December 31, 2022, deferred CPA Amendment revenue in the amount of $650 is recorded as part of contract liabilities on the consolidated balance sheets. The timing of the recognition of deferred fixed revenue, non-refundable The amount of revenues recognized for the year ended December 31, 2022 that were previously recorded as contract liabilities were $6,517. 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 Commitments and Contingencies
Other Revenues	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	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	Restricted Cash As of December 31, 2022 and December 31, 2021, the Company had a restricted cash balance of $849 and $1,449, 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, 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 December 31, 2022 and December 31, 2021 is as follows: Year Ended Net losses recognized during the period on equity securities $ (8,826 ) $ (1,158 ) Less: Net gains recognized during the period on equity securities sold during the period — 2 Unrealized losses recognized during the period on equity securities held as of the end of the period $ (8,826 ) $ (1,160 )
Spare Parts and Supplies	Spare Parts and Supplies Expendable parts are 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 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.
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% The table below sets forth the original cost of the Company’s fixed assets and accumulated depreciation as of the dates presented. The table excludes construction in process of $ 2,237 3,573 For the years ended: December 31, 2022 December 31, 2021 Assets Original Accumulated Original Accumulated Aircraft 70,089 40,544 70,178 31,319 Engines 163,708 103,834 157,510 86,339 Rotable parts 27,936 18,655 28,459 18,834 Ground equipment 2,718 2,063 2,555 1,868 Office equipment 4,519 4,218 4,509 4,130 Leasehold improvements 818 452 1,188 823 269,788 169,766 264,399 143,313 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.
Impairment of Long-Lived and 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. 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 assets and indefinite-lived intangible assets and determined that no quantitative impairment tests were required to be performed as of December 31, 2022 and December 31, 2021.
Maintenance	Maintenance The Company operates its aircraft under a continuous inspection and maintenance program. Generally, the normal cost of recurring maintenance is expensed when incurred. However, we use the deferral method of accounting for Air Wisconsin’s planned major maintenance activities for engines pursuant to which the capitalized engine overhaul costs are amortized over the estimated useful life measured in engine cycles remaining until the next scheduled shop visit.
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 more-likely-than-not 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 significant judgment to apply. The Company is no longer subject to U.S. federal income tax examinations for the years prior to 2019. With a few exceptions, the Company is no longer subject to state or local income tax examinations for years prior to 2018. As of December 31, 2022, the Company had no outstanding tax examinations. The Company recognizes interest and penalties related to unrecognized tax benefits in income tax expense for all periods presented. The Company accrued $62 and $57 for the payment of interest and penalties at December 31, 2022 and December 31, 2021, respectively.
Comprehensive Income	Comprehensive Income The Company does not have any components of comprehensive income and, as of December 31, 2022 and December 31, 2021, comprehensive income is equal to net income reported in the consolidated statements of operations.
Concentration of 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 (FDIC) insurance limit. The Company maintains its cash accounts with high credit quality financial institutions and, accordingly, the Company believes that minimal credit risk exists with respect to these financial institutions. As of December 31, 2022, in addition to cash and cash equivalents of $33.3 million, the Company had $0.8 million in restricted cash, which relates to a credit facility used for the issuance of cash collateralized letters of credit supporting our worker’s compensation insurance program, landing fees at certain airports and facility leases, 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. Substantially all of the Company’s consolidated revenue for the years ended December 31, 2022, and December 31, 2021, and accounts receivable and notes receivable at the end of both years were 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 will become Air Wisconsin’s sole airline partner once all aircraft are removed from United’s flying operations; and at that point, substantially all of the Company’s revenues will be derived from the American capacity purchase agreement. Neither United’s nor American’s obligations to pay Air Wisconsin the amounts required to be paid under the applicable capacity purchase agreement are collateralized. For additional information, refer to Note 3, Capacity Purchase Agreements with United and American
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 the dates presented: 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 6) 4,275 — 4,275 — Total $ 158,102 $ 153,827 $ 4,275 $ — December 31, 2021 Total Level 1 Level 2 Level 3 Marketable securities – exchange-traded funds $ 113,936 $ 113,936 $ — $ — Marketable securities – mutual funds 24,434 24,434 — — Long-term investments – bonds (see Note 6) 4,275 — 4,275 — Total $ 142,645 $ 138,370 $ 4,275 $ —
Reclassifications	Reclassifications Certain operating expenses previously recorded in purchased services and other in the consolidated statements of operations in the amount of $12,403 for the year ended December 31, 2021, have been reclassified to aircraft maintenance, materials and repairs to conform to the presentation for the year ended December 31, 2022, with no effect on net income. The reclassification relates to certain third party maintenance activities. Certain non-operating Certain current liabilities previously recorded in contract liabilities in the consolidated balance sheets as of December 31, 2021 have been reclassified to deferred revenue in the amount of $35,792 to conform to the presentation as of December 31, 2022. As a result of this change, the consolidated statements of cash flows also required a reclassification from contract liabilities in the amount of $35,792 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—Credit Losses Measurement of Credit Losses on Financial Instruments 2016-13). 2016-13 2016-13

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 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 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 as of the dates presented. The table excludes construction in process of $ 2,237 3,573 For the years ended: December 31, 2022 December 31, 2021 Assets Original Accumulated Original Accumulated Aircraft 70,089 40,544 70,178 31,319 Engines 163,708 103,834 157,510 86,339 Rotable parts 27,936 18,655 28,459 18,834 Ground equipment 2,718 2,063 2,555 1,868 Office equipment 4,519 4,218 4,509 4,130 Leasehold improvements 818 452 1,188 823 269,788 169,766 264,399 143,313
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 December 31, 2022 and December 31, 2021 is as follows: Year Ended Net losses recognized during the period on equity securities $ (8,826 ) $ (1,158 ) Less: Net gains recognized during the period on equity securities sold during the period — 2 Unrealized losses recognized during the period on equity securities held as of the end of the period $ (8,826 ) $ (1,160 )
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 the dates presented: 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 6) 4,275 — 4,275 — Total $ 158,102 $ 153,827 $ 4,275 $ — December 31, 2021 Total Level 1 Level 2 Level 3 Marketable securities – exchange-traded funds $ 113,936 $ 113,936 $ — $ — Marketable securities – mutual funds 24,434 24,434 — — Long-term investments – bonds (see Note 6) 4,275 — 4,275 — Total $ 142,645 $ 138,370 $ 4,275 $ —

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Summary of Income Tax Provision	The income tax provision consists of the following: Year ended December 31, 2022 2021 Current Expense Federal $ 6,498 $ 27,084 State 541 4,382 Total Current Expense 7,039 31,466 Deferred Expense (Benefit) Federal 6,910 (5,405 ) State 1,044 (640 ) Total Deferred Expense (Benefit) 7,954 (6,045 ) Income Tax Expense $ 14,993 $ 25,421
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 provision for income taxes by the income before the provision for income taxes: Year ended December 31, 2022 2021 Computed provision for income taxes at the statutory rate $ 11,362 $ 24,790 Increase (decrease) in income taxes resulting from: State income tax provision, net of federal income tax benefit 1,189 2,757 Non-deductible 60 52 Tax exempt income — (2,100 ) Valuation allowance changes affecting the provision for income taxes 2,375 — Return to provision adjustments 9 — Other, net (2 ) (78 ) Provision for income taxes $ 14,993 $ 25,421
Components of Deferred Tax Assets and Liabilities	Deferred tax assets and liabilities reflect temporary differences between financial and tax reporting. Significant components of deferred tax assets and liabilities are as follows: December 31, 2022 2021 Deferred Tax Assets Accruals and reserves not currently deductible $ 5,294 $ 5,647 State NOL carryovers 70 21 Accrued and deferred compensation 1,987 2,562 Prepaid items 111 891 Lease liability 694 1,033 Contract liability 283 1,215 Deferred revenues 4,094 11,328 Unrealized loss on investments 2,375 276 Other 1,240 1,266 Subtotal before valuation allowance 16,148 24,239 Less: valuation allowance (2,375 ) — Total Deferred Tax Assets 13,773 24,239 Deferred Tax Liabilities Property and equipment (20,475 ) (22,607 ) Right-of-use (1,282 ) (1,663 ) Other (6 ) (124 ) Total Deferred Tax Liabilities (21,763 ) (24,394 ) Net Deferred Income Tax Liabilities $ (7,990 ) $ (155 )
Schedule of Unrecognized Tax Benefits	A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31, 2022 and December 31, 2021 is as follows: December 31, 2022 2021 Unrecognized tax benefits at the beginning of the year $ 118 $ 177 Gross increases – current year tax provisions 5 — Gross decreases – lapse of statute — (59 ) Unrecognized tax benefits at the end of the year $ 123 $ 118 Interest and penalties in year-end $ 62 $ 57

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 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): December 31, 2022 2021 Notes, due December 31, 2025, 4.0% (a) $ 61,222 $ 67,550 Less: current maturities 9,154 5,880 Long-term debt $ 52,068 $ 61,670
Schedule of Maturities of Long-Term Debt	Maturities of long-term debt for the years subsequent to December 31, 2022, are as follows: Fiscal Year Amount 2023 $ 9,154 2024 8,874 2025 43,194 Total $ 61,222

Lease Obligations (Tables)

Lease Obligations (Tables)	12 Months Ended
	Dec. 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 December 31, 2022: Weighted-average remaining lease term 2.93 years Weighted-average discount rate 5.73 %
Schedule of Component of Lease Cost	Components of lease costs were as follows for the years ended December 31, 2022 2021 Operating lease costs $ 5,862 $ 4,809 Short-term lease costs 508 499 Variable lease costs 212 134 Total Lease Costs $ 6,582 $ 5,442
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 Fiscal Year Amount 2023 $ 5,580 2024 3,222 2025 2,487 2026 171 2027 75 Thereafter 357 Total lease payments 11,892 Less imputed interest (952 ) Total Lease Liabilities $ 10,940

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 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: Payment Due for Year Ending Total 2023 2024 2025 2026 2027 Thereafter Aircraft Notes Principal $ 55,600 $ 7,000 $ 7,000 $ 41,600 $ — $ — $ — Aircraft Notes Interest $ 5,622 $ 2,154 $ 1,874 $ 1,594 $ — $ — $ — Operating Lease Obligations $ 11,892 $ 5,580 $ 3,222 $ 2,487 $ 171 $ 75 $ 357 Total $ 73,114 $ 14,734 $ 12,096 $ 45,681 $ 171 $ 75 $ 357

Collective Bargaining Agreeme_2

Collective Bargaining Agreements (Tables)	12 Months Ended
	Dec. 31, 2022
Retirement Benefits [Abstract]
Schedule Of Multiemployer Plans	Amendable dates for each bargaining unit are: Bargaining Unit Amendable Date Percentage of Workforce Pilots November 21, 2022 43.5 % Dispatchers November 1, 2020 2.6 % Mechanics September 20, 2023 8.8 % Technical store clerks September 20, 2022 2.7 % Flight attendants October 1, 2022 17.4 %

Earnings Per Share and Equity (

Earnings Per Share and Equity (Tables)	12 Months Ended
	Dec. 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: Year ended Year ended Net income $ 39,110 $ 92,626 Preferred stock dividends 792 792 Net income applicable to common stockholders 38,318 91,834 Weighted average common shares outstanding Shares used in calculating basic earnings per share 46,359 54,321 Stock option 98 428 Series C Preferred 16,500 16,500 Shares used in calculating diluted earnings per share 62,957 71,249 Earnings allocated to common stockholders per common share Basic $ 0.83 $ 1.69 Diluted $ 0.61 $ 1.29

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	12 Months Ended
	Dec. 31, 2022
Supplemental Cash Flow Elements [Abstract]
Summary of Cash and Cash Equivalents	The following table provides a reconciliation of all cash and cash equivalents and restricted cash reported on the consolidated balance sheet that sum to the total of those same amounts shown in the consolidated statement of cash flows: December 31, 2022 December 31, 2021 Cash and cash equivalents $ 33,333 $ 37,170 Restricted cash 849 1,449 Total cash, cash equivalents, and restricted cash $ 34,182 $ 38,619

Intangible Assets (Tables)

Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2022
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, 2022 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	12 Months Ended
	Oct. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Nov. 04, 2022
Summary of Significant Accounting Policies [Line Items]
Depreciation expense		$ 24,911	$ 24,997
Accrued payment of interest and penalties		62	57
Fixed Revenues Deferred		$ 16,561	44,838
Notes Receivable Instrument, Interest Rate		4.50%
Notes Receivable Instrument, Maturity Date		Feb. 28, 2023
Interest receivable		$ 335
Accounts receivable, net		2,307
Deferred revenue recognized		6,517
Revenue, Performance Obligation		18,023	15,128
Cash Settlement				$ 670
Note Receivable		11,048		11,048
Contract with Customer, Liability, Current		1,985	8,098
Payments for proceeds from incentives and penalties		6,420	3,028
Cash Received From United For The Opening Of A Crew Base	$ 294
Restricted Cash		849	1,449
Marketable securities		153,827	138,370
Revenue from contract with customers amount of consideration receivable due for settlement		28,071
Property, plant and equipment, net		102,259	124,659
Nonoperating income (expense)		(1,763)	12,878
Operating expenses		224,997	142,410
Undisputed notes receivables					$ 50,126
Deferred income current		16,561	35,792
Notes receivable		19,452
Cash and Cash Equivalents		33,333	37,170
Construction in progress [member]
Summary of Significant Accounting Policies [Line Items]
Property, plant and equipment, net		2,237	3,573
October 2020 Amendment [Member]
Summary of Significant Accounting Policies [Line Items]
Deferred recognizing revenue	$ 73
Deferred revenue current		1,335
Deferred Revenue, Noncurrent		650
Deferred Cash Settlement due from United				$ 4,410
Deferred Revenue Recognition		2,132	1,923
Air Wisconsin [Member]
Summary of Significant Accounting Policies [Line Items]
Accounts receivable, net		29,435
Upfront fee		4,385	3,593
Fulfillment costs		470	385
Contract with Customer, Liability, Current			117
Deferred Revenue Recognition		$ 28,277	$ 1,618
Revenue Benchmark [Member]
Summary of Significant Accounting Policies [Line Items]
Concentration Risk, Percentage		99.90%	99.90%
Revision of prior period, reclassification, adjustment [Member]
Summary of Significant Accounting Policies [Line Items]
Nonoperating income (expense)			$ 2,496
Operating expenses			12,403
Deferred income current			35,792
Reclassification from contract liabilities to deferred revenue			$ 35,792

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Property and Equipment Useful lives (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
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%
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%
Property Plant And Equipment Useful Life	up to 10 years
Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Current Residual Value, percent	0%
Property Plant And Equipment Useful Life	up to 10 years
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Current Residual Value, percent	0%
Property Plant And Equipment Useful Life	Shorter of asset or lease life

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Summary of Original Cost of Company's Fixed Assets and Accumulated Depreciation (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Original Cost	$ 269,788	$ 264,399
Accumulated Depreciation/ Amortization	169,766	143,313
Aircraft [Member]
Property, Plant and Equipment [Line Items]
Original Cost	70,089	70,178
Accumulated Depreciation/ Amortization	40,544	31,319
Engines [Member]
Property, Plant and Equipment [Line Items]
Original Cost	163,708	157,510
Accumulated Depreciation/ Amortization	103,834	86,339
Rotable Parts [Member]
Property, Plant and Equipment [Line Items]
Original Cost	27,936	28,459
Accumulated Depreciation/ Amortization	18,655	18,834
Ground Equipment [Member]
Property, Plant and Equipment [Line Items]
Original Cost	2,718	2,555
Accumulated Depreciation/ Amortization	2,063	1,868
Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Original Cost	4,519	4,509
Accumulated Depreciation/ Amortization	4,218	4,130
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Original Cost	818	1,188
Accumulated Depreciation/ Amortization	$ 452	$ 823

Summary of Significant Accoun_7

Summary of Significant Accounting Policies- Summary of company's classification of Marketable Securities And Long Term Investments (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Instruments, Owned, at Fair Value	$ 158,102	$ 142,645
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Instruments, Owned, at Fair Value	153,827	138,370
Level 2 [Member]
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 [Member]
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 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Instruments, Owned, at Fair Value	109,178	113,936
Marketable securities – exchange-traded funds [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Instruments, Owned, at Fair Value	109,178	113,936
Marketable securities – exchange-traded funds [Member] | Level 2 [Member]
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 [Member] | Level 3 [Member]
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 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Instruments, Owned, at Fair Value	44,649	24,434
Marketable securities –mutual funds [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Instruments, Owned, at Fair Value	44,649	24,434
Long-term investments – bonds [Member]
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 [Member] | Level 1 [Member]
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 [Member] | Level 2 [Member]
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 [Member] | Level 3 [Member]
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_8

Summary of Significant Accounting Policies- Summary of net unrealized gains and losses for the period that relate to marketable securities (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Marketable Securities, Gain (Loss) [Abstract]
Net losses recognized during the period on equity securities	$ (8,826)	$ (1,158)
Less: Net gains recognized during the period on equity securities sold during the period	0	2
Unrealized losses recognized during the period on equity securities held	$ (8,826)	$ (1,160)

Liquidity - Additional Informat

Liquidity - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Liquidity Uncertainty And Going Concern [Line Items]
Gain (Loss) on Extinguishment of Debt	$ 53	$ 10,363
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]
Proceeds from american rescue plan grant		33,329
HRBR Payroll Support Program Agreement [Member] | Air Wisconsin [Member]
Liquidity Uncertainty And Going Concern [Line Items]
Payroll Support Program Contra Expense		$ 66,316

Capacity Purchase Agreements _2

Capacity Purchase Agreements with United and American - Additional Information (Detail)	1 Months Ended
	Aug. 31, 2022 Aircraft
American Airlines [Member] | CRJ-200 [Member] | Maximum [member]
Number of aircraft to be operated for American Airlines	60

Property and Equipment - Additi

Property and Equipment - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2022 Aircraft
CRJ-200 [Member]
Property, Plant and Equipment [Line Items]
Number of aircraft acquired	64

Income Taxes - Summary of incom

Income Taxes - Summary of income tax provision (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Current Expense
Federal	$ 6,498	$ 27,084
State	541	4,382
Total Current Expense	7,039	31,466
Deferred Expense (Benefit)
Federal	6,910	(5,405)
State	1,044	(640)
Total Deferred Expense (Benefit)	7,954	(6,045)
Provision for income taxes	$ 14,993	$ 25,421

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Line Items]
Effective Income Tax Rate, Federal statutory rate	21%
Estimated effective tax rate applicable to federal net operating losses	21%
Estimated effective tax rate applicable to state net operating losses	5.50%
Effective income tax rate reconciliation, change in deferred tax assets valuation allowance, amount	$ 2,375	$ 0
Federal [Member]
Income Tax Disclosure [Line Items]
Net operating losses	0	0
State [Member]
Income Tax Disclosure [Line Items]
Net operating losses	$ 1,280	$ 731

Income Taxes - Schedule of Effe

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Effective income tax rate reconciliation
Computed provision for income taxes at the statutory rate	$ 11,362	$ 24,790
State income tax provision, net of federal income tax benefit	1,189	2,757
Non-deductible expenses	60	52
Tax exempt income	0	(2,100)
Valuation allowance changes affecting the provision for income taxes	2,375	0
Return to provision adjustments	9	0
Other, net	(2)	(78)
Provision for income taxes	$ 14,993	$ 25,421

Income Taxes - Schedule of Comp

Income Taxes - Schedule of Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred Tax Assets
Accruals and reserves not currently deductible	$ 5,294	$ 5,647
State NOL carryovers	70	21
Accrued and deferred compensation	1,987	2,562
Prepaid items	111	891
Lease liability	694	1,033
Contract liability	283	1,215
Deferred revenues	4,094	11,328
Unrealized loss on investments	2,375	276
Other	1,240	1,266
Subtotal before valuation allowance	16,148	24,239
Less: valuation allowance	(2,375)	0
Total Deferred Tax Assets	13,773	24,239
Deferred Tax Liabilities
Property and equipment	(20,475)	(22,607)
Right-of-use asset	(1,282)	(1,663)
Other	(6)	(124)
Total Deferred Tax Liabilities	(21,763)	(24,394)
Net Deferred Income Tax Liabilities	$ (7,990)	$ (155)

Income Taxes - Schedule of unre

Income Taxes - Schedule of unrecognized tax benefits (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Unrecognized tax benefits
Unrecognized tax benefits at the beginning of the year	$ 118	$ 177
Gross increases – current year tax provisions	5	0
Gross decreases - lapse of statute	0	(59)
Unrecognized tax benefits at the end of the year	123	118
Interest and penalties in year-end balance	$ 62	$ 57

Debt - Schedule Of Long Term De

Debt - Schedule Of Long Term Debt (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Total debt	$ 61,222
Less: current maturities	9,154	$ 5,880
Long-term debt	52,068	61,670
Notes Due December 31, 2025 [Member]
Total debt	$ 61,222	$ 67,550

Debt - Schedule Of Long Term _2

Debt - Schedule Of Long Term Debt (Parenthetical) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2025	Dec. 31, 2021	Dec. 31, 2019	Feb. 24, 2018
Aggregate principal amount		$ 70,000
Future undiscounted interest payments	$ 5,622
Aircraft Notes [Member]
Aggregate principal amount				$ 70,000	$ 70,000
Future undiscounted interest payments			$ 8,050
Debt instrument, periodic payment	$ 3,500

Debt - Additional information (

Debt - Additional information (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2025	Sep. 30, 2022	Dec. 31, 2019	Feb. 24, 2018	Jul. 31, 2003
Aggregate principal amount				$ 70,000
Operating lease right of use asset	$ 13,480	$ 13,480	$ 18,679
Gain (Loss) on Extinguishment of Debt		53	10,363
Hangar [Member]
Operating lease right of use asset	2,547	$ 2,547	$ 2,778
Aircraft Notes [Member]
Aggregate principal amount						$ 70,000	$ 70,000
Gain (Loss) on Extinguishment of Debt	$ 53
City of Milwaukee, Wisconsin variable rate Industrial Development Bonds [Member]
Aggregate principal amount								$ 4,275
Notes Due December Thirty One Two Thousand And Twenty Five Prepaid [Member]
Aggregate principal amount					$ 400

Debt - Schedule of Maturities o

Debt - Schedule of Maturities of Long-term Debt (Detail) $ in Thousands	Dec. 31, 2022 USD ($)
Maturities of Long-term Debt [Abstract]
2023	$ 9,154
2024	8,874
2025	43,194
Total	$ 61,222

Lease Obligations - Additional

Lease Obligations - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Lessee, Lease, Description [Line Items]
Operating lease right of use asset	$ 13,480	$ 18,679
Current portion of operating lease liability	5,091	5,150
Long-term operating lease liability	5,849	10,877
Cash payments included in the measurement of lease liabilities related to operating leases	5,881	4,714
Operating lease rent expense	$ 6,582	$ 5,442
Minimum [Member]
Lessee, Lease, Description [Line Items]
Lease term of training simulators	12 months
Maximum [Member]
Lessee, Lease, Description [Line Items]
Operating Lease Remaining Lease	11 years

Lease Obligations - Summary Of

Lease Obligations - Summary Of Weighted average Terms and Discount Rate For Operating Leases (Detail)	Dec. 31, 2022
Leases [Abstract]
Weighted-average remaining lease term	2 years 11 months 4 days
Weighted-average discount rate	5.73%

Lease Obligations - Schedule of

Lease Obligations - Schedule of Component Of Lease Cost (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Lease, Cost [Abstract]
Operating lease costs	$ 5,862	$ 4,809
Short-term lease costs	508	499
Variable lease costs	212	134
Total Lease Costs	$ 6,582	$ 5,442

Lease Obligations - Schedule _2

Lease Obligations - Schedule of Future Minimum Lease Payments Under Non-Cancelable Operating Leases (Detail) $ in Thousands	Dec. 31, 2022 USD ($)
Leases [Abstract]
2023	$ 5,580
2024	3,222
2025	2,487
2026	171
2027	75
Thereafter	357
Total lease payments	11,892
Less imputed interest	(952)
Total Lease Liabilities	$ 10,940

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) Letter_Of_Credit
Other Commitments [Line Items]
Number of outstanding letters of credit | Letter_Of_Credit	6
Dispute Amount	$ 47,858
Air Wisconsin [Member]
Other Commitments [Line Items]
Outstanding credit facility	374
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	Dec. 31, 2022 USD ($)
Contractual Obligation Fiscal Year Maturity [Line Items]
Long-term debt, Total	$ 61,222
Long-term debt, due in 2023	9,154
Long-term debt, due in 2024	8,874
Long-term debt, due in 2025	43,194
Total lease payments	11,892
Operating lease obligations, due in 2023	5,580
Operating lease obligations, due in 2024	3,222
Operating lease obligations, due in 2025	2,487
Operating lease obligations, due in 2026	171
Operating lease obligations, due in 2027	75
Operating lease obligations, due Thereafter	357
Total cash obligations	73,114
Total cash obligations, due in 2023	14,734
Total cash obligations, due in 2024	12,096
Total cash obligations, due in 2025	45,681
Total cash obligations, due in 2026	171
Total cash obligations, due in 2027	75
Total cash obligations, due Thereafter	357
Aircraft Notes Principal [Member]
Contractual Obligation Fiscal Year Maturity [Line Items]
Long-term debt, Total	55,600
Long-term debt, due in 2023	7,000
Long-term debt, due in 2024	7,000
Long-term debt, due in 2025	41,600
Long-term debt, due in 2026	0
Long-term debt, due in 2027	0
Aircraft Notes Interest [Member]
Contractual Obligation Fiscal Year Maturity [Line Items]
Long-term debt, Total	5,622
Long-term debt, due in 2023	2,154
Long-term debt, due in 2024	1,874
Long-term debt, due in 2025	1,594
Long-term debt, due in 2026	0
Long-term debt, due in 2027	$ 0

Retirement Plans - Additional I

Retirement Plans - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Retirement Benefits [Abstract]
Total expense under defined contribution retirement plans	$ 3,767	$ 4,358

Related-Party Transactions - Ad

Related-Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Annual recurring fee payable monthly pursuant to service agreement	$ 150
Payment For Management services fee	150	$ 113
AWAC Aviation Inc [Member] | Financial Advisory And Management Services [Member]
Related Party Transaction [Line Items]
Payment For Management services fee	$ 240	$ 240

Collective Bargaining Agreeme_3

Collective Bargaining Agreements - Schedule Of Multiemployer Plans (Detail)	Sep. 20, 2023	Nov. 21, 2022	Oct. 01, 2022	Sep. 20, 2022	Nov. 01, 2020
Pilots [Member]
Multiemployer Plan [Line Items]
Multiemployer Plan, Pension, Significant, Employees Covered by Collective-Bargaining Arrangement (CBA) to All Entity's Employees under CBA, Percentage		43.50%
Dispatchers [Member]
Multiemployer Plan [Line Items]
Multiemployer Plan, Pension, Significant, Employees Covered by Collective-Bargaining Arrangement (CBA) to All Entity's Employees under CBA, Percentage					2.60%
Mechanics [Member]
Multiemployer Plan [Line Items]
Multiemployer Plan, Pension, Significant, Employees Covered by Collective-Bargaining Arrangement (CBA) to All Entity's Employees under CBA, Percentage	8.80%
Technical store clerks [Member]
Multiemployer Plan [Line Items]
Multiemployer Plan, Pension, Significant, Employees Covered by Collective-Bargaining Arrangement (CBA) to All Entity's Employees under CBA, Percentage				2.70%
Flight attendants [Member]
Multiemployer Plan [Line Items]
Multiemployer Plan, Pension, Significant, Employees Covered by Collective-Bargaining Arrangement (CBA) to All Entity's Employees under CBA, Percentage			17.40%

Earnings Per Share and Equity -

Earnings Per Share and Equity - Calculations of Net Income Per Common Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share Reconciliation [Abstract]
Net income	$ 39,110	$ 92,626
Preferred stock dividends	792	792
Net income applicable to common stockholders	$ 38,318	$ 91,834
Weighted average common shares outstanding
Shares used in calculating basic earnings per share	46,359	54,321
Stock option	98	428
Series C Preferred	16,500	16,500
Shares used in calculating diluted earnings per share	62,957	71,249
Basic And Earnings Per Share [Abstract]
Basic	$ 0.83	$ 1.69
Diluted	$ 0.61	$ 1.29

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
	Dec. 31, 2022	Dec. 30, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Mar. 30, 2022	Jan. 31, 2020	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Dividend declared								$ 792	$ 792
Preferred stock, liquidation preference	$ 0.8							$ 0.8
Common stock, convertible, conversion price								$ 0.15091
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements								98	428
Percentage of the diluted capital stock								26.70%
Share Based Arrangement Cash Payment For Stock Options Cancellation					$ 969
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
Dividend declared	$ 198
Date of dividend declaration		Dec. 30, 2022	Sep. 30, 2022	Jun. 30, 2022		Mar. 30, 2022
Date of dividend payment		Dec. 30, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022
Cumulative quarterly preferred stock dividend rate percentage								6%
Temporary Equity, Shares Outstanding	4,000,000							4,000,000	4,000,000
Common stock converted								16,500
Increase or decrease in rate of preferential dividends								1%
Series C Preferred Stock [Member]
Class of Stock [Line Items]
Temporary Equity:Conversion Cap Excess Shares								3,245
Cumulative quarterly preferred stock dividend rate percentage	0.50%
Temporary Equity, Shares Outstanding	755							755
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements								98	428
Common stock converted	16,500

Stock Option - Additional Infor

Stock Option - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Based Arrangement Cash Payment For Stock Options Cancellation and Termination	$ 969
2015 Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted			558,835
Stock option issued, exercise price			$ 0.21386
Value of the option at the date of grant		$ 0.07
Options granted, life		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 - Summary of Cash and Cash Equivalents (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 33,333	$ 37,170
Restricted Cash	849	1,449
Total cash, cash equivalents, and restricted cash	$ 34,182	$ 38,619

Supplemental Cash Flow Inform_4

Supplemental Cash Flow Information - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Cash payments for interest	$ 2,375	$ 3,337
Cash payments for income taxes	$ 7,925	$ 33,956

Intangible Assets - Components

Intangible Assets - Components of Intangible Assets (Detail) - USD ($) $ in Thousands	Dec. 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- Addit

Stock Repurchase Program- Additional Information (Detail) - Common Stock [Member] - USD ($) $ in Thousands		12 Months Ended
	Dec. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Mar. 30, 2021
Equity, Class of Treasury Stock [Line Items]
Stock Repurchased During Period, Shares		(8,096,000)	(1,547,000)
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	8,096,562
Stock Repurchase Program [Member] | Restricted Cash [Member]
Equity, Class of Treasury Stock [Line Items]
Total cash				$ 475