SKYWEST INC | 2013 | FY | 3


Agreement
  Number of
aircraft under
contract
  Term / Termination
Dates
  Pass through costs
or costs paid directly
by major partner
  Performance
Incentive
Structure
  Payment Structure

SkyWest Airlines Delta Connection Agreement              

 

CRJ 200 - 41

 

CRJ700 - 19

 

CRJ 900 - 32

 

The contract expires on an individual aircraft basis beginning in 2014

 

The final aircraft expires in 2022

 

The average remaining term of the aircraft under contract is 5.8 years

 

Upon expiration, aircraft may be renewed or extended

 

Fuel

 

Engine Maintenance

 

Landing fees, Station Rents, Deice

 

Insurance

 

No financial performance based incentives

 

Rate per block hour, per departure and per aircraft under contract

ExpressJet Delta Connection Agreement              

 

CRJ 200 - 76

 

CRJ700 - 41

 

CRJ 900 - 28

 

The contract expires on an individual aircraft basis beginning in 2014

 

The final aircraft expires in 2022

 

The average remaining term of the aircraft under contract is 4.4 years

 

Upon expiration, aircraft may be renewed or extended

 

Fuel

 

Engine Maintenance

 

Landing fees, Station Rents, Deice Insurance

 

Performance based financial incentives

 

Rate per block hour, per departure and per aircraft under contract

SkyWest Airlines Prorate Agreement

 

EMB 120 - 9

 

CRJ200 - 8

 

Terminate with 120 days notice

 

None

 

None

 

Pro-rata sharing of the passenger fare revenue


skyw:ScheduleOfDetailsOfAgreementsWithOtherAirlinesTableTextBlock

Agreement
  Number of
aircraft under
contract
  Term / Termination
Dates
  Pass through costs
or costs paid
directly by major
partner
  Performance
Incentive Structure
  Payment Structure

SkyWest Airlines United Express Agreement

 

CRJ 200 - 61

 

CRJ700 - 70

 

EMB 120 - 9

 

The contract expires on an individual aircraft basis beginning in 2014

 

The final aircraft expires in 2024

 

The average remaining term of the aircraft under contract is 3.8 years

 

Upon expiration, aircraft may be renewed or extended

 

Fuel

 

Landing fees, Station Rents, Deice

 

Insurance

 

Performance based incentives

 

Rate per block hour, per departure and per aircraft under contract

Atlantic Southeast United Express Agreement

 

CRJ 200 - 14

 

Terminates 2015

 

Upon expiration, aircraft may be renewed or extended

 

Fuel

 

Landing fees, Station Rents, Deice

 

Insurance

 

Performance based incentives

 

Rate per block hour, per departure and per aircraft under contract

ExpressJet Delaware United Express Agreement

 

EMB 145 - 22

 

Terminates 2015

 

Upon expiration, aircraft may be renewed or extended

 

Fuel

 

Landing fees, Station Rents, Deice

 

Insurance

 

Performance based incentives

 

Rate per block hour, per departure and per aircraft under contract

ExpressJet Delaware United Express Agreement

 

EMB 135 - 9

 

EMB 145 - 220

 

The contract expires on an individual aircraft basis beginning in 2014

 

The final aircraft expires in 2020

 

The average remaining term of the aircraft under contract is 4.3 years

 

Upon expiration, aircraft may be renewed or extended

 

Fuel

 

Engine Maintenance

 

Landing fees, Station Rents, Deice

 

Insurance

 

Performance based incentives or penalties

 

Rate per block hour, per departure and per aircraft under contract

SkyWest Airlines United Express Prorate Agreement

 

CRJ200 - 17

 

EMB 120 - 27

 

Terminate with 120 days notice

 

None

 

None

 

Pro-rata sharing of the passenger fare revenue


skyw:ScheduleOfDetailsOfAgreementsWithOtherAirlinesTableTextBlock

Agreement
  Number of
aircraft under
contract
  Term / Termination
Dates
  Pass through costs
or costs paid
directly by major
partner
  Incentive Structure   Payment Structure

SkyWest Airlines US Airways Express Agreement

 

CRJ200 - 10

 

CRJ900 - 4

 

Terminates 2015

 

Upon expiration, aircraft may be renewed or extended

 

Fuel

 

Landing fees, Station Rents, Deice

 

Insurance

 

Performance based incentives

 

Rate per block hour, per departure and per aircraft under contract

SkyWest Airlines US Airways Express Prorate Agreement

 

CRJ200 - 1

 

Terminate with 120 days notice

 

None

 

None

 

Pro-rata sharing of the passenger fare revenue


skyw:ScheduleOfDetailsOfAgreementsWithOtherAirlinesTableTextBlock

Agreement
  Number of
aircraft under
contract
  Term / Termination
Dates
  Pass through costs
or costs paid
directly by major
partner
  Incentive Structure   Payment Structure

SkyWest Airlines American Capacity Purchase Agreement

 

CRJ200 - 12

 

Terminate 2016

 

Upon expiration, aircraft may be renewed or extended

 

Fuel

 

Landing fees, Station Rents, Deice

 

Insurance

 

Performance based incentives

 

Rate per block hour, per departure and per aircraft under contract

ExpressJet American Capacity Purchase Agreement

 

CRJ200 - 11

 

Terminates 2017

 

Upon expiration, aircraft may be renewed or extended

 

Fuel

 

Landing fees, Station Rents, Deice

 

Insurance

 

Performance based incentives

 

Rate per block hour, per departure and per aircraft under contract


skyw:ScheduleOfDetailsOfAgreementsWithOtherAirlinesTableTextBlock

Agreement
  Number of
aircraft under
contract
  Term / Termination
Dates
  Pass through costs
or costs paid
directly by major
partner
  Incentive Structure   Payment Structure

SkyWest Airlines Capacity Purchase Agreement

 

CRJ 700 - 7

 

Terminates 2018

 

Upon expiration, aircraft may be renewed or extended

 

Fuel

 

Landing fees, Station Rents, Deice

 

Insurance

 

Performance based incentives

 

Rate per block hour, per departure and per aircraft under contract


skyw:ScheduleOfDetailsOfAgreementsWithOtherAirlinesTableTextBlock

Also, comprehensive income (loss) consisted of net income (loss) plus changes in unrealized appreciation (depreciation) on marketable securities and unrealized gain (loss) on foreign currency translation adjustment related to the Company's equity investment in Trip Linhas Aereas, a regional airline operating in Brazil ("Trip") and Mekong Aviation Joint Stock Company, an airline operating in Vietnam ("Air Mekong") (see note 8), net of tax, for the periods indicated (in thousands):

 
  Year Ended December 31,  
 
  2013   2012   2011  

Net Income (Loss)

  $ 58,956     51,157   $ (27,335 )

Proportionate share of other companies foreign currency translation adjustment, net of tax

    66     (251 )   (295 )

Unrealized appreciation (depreciation) on marketable securities, net of tax

    (13 )   316     534  
               

Comprehensive income (loss)

  $ 59,009   $ 51,222   $ (27,096 )
               
               

us-gaap:ScheduleOfComprehensiveIncomeLossTableTextBlock

The calculation of the weighted average number of common shares outstanding for Basic EPS and Diluted EPS are as follows for the years ended December 31, 2013, 2012and 2011 (in thousands):

 
  Year Ended December 31,  
 
  2013   2012   2011  

Numerator:

                   

Net Income (Loss)

  $ 58,956   $ 51,157   $ (27,335 )

Denominator:

                   

Denominator for basic earnings per-share weighted average shares

    51,688     51,090     52,201  

Dilution due to stock options and restricted stock

    734     656      
               

Denominator for diluted earnings per-share weighted average shares

    52,422     51,746     52,201  

Basic earnings (loss) per-share

  $ 1.14   $ 1.00   $ (0.52 )

Diluted earnings (loss) per-share

  $ 1.12   $ 0.99   $ (0.52 )

us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock