SkyWest Airlines 2009 Annual Report Download - page 74
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SKYWEST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
DECEMBER 31, 2009
(1) Nature of Operations and Summary of Significant Accounting Policies (Continued)
Net Income Per Common Share
Basic net income per common share (‘‘Basic EPS’’) excludes dilution and is computed by dividing
net income by the weighted average number of common shares outstanding during the period. Diluted
net income per common share (‘‘Diluted EPS’’) reflects the potential dilution that could occur if stock
options or other contracts to issue common stock were exercised or converted into common stock. The
computation of Diluted EPS does not assume exercise or conversion of securities that would have an
anti-dilutive effect on net income per common share. During the years ended December 31, 2009, 2008
and 2007, 4,356,000, 3,665,000 and 529,000 shares reserved for issuance upon the exercise of
outstanding options were excluded from the computation of Diluted EPS respectively, as their inclusion
would be anti-dilutive.
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, 2009, 2008 and 2007 (in thousands):
Year Ended December 31,
2009 2008 2007
Numerator:
Numerator for earnings per share ........................... $83,658 $112,929 $159,192
Denominator:
Denominator for basic earnings per-share weighted average shares . . . 55,854 57,790 62,710
Dilution due to stock options and restricted stock ................ 960 843 1,334
Denominator for diluted earnings per-share weighted average shares . . 56,814 58,633 64,044
Basic earnings per-share .................................. $ 1.50 $ 1.95 $ 2.54
Diluted earnings per-share ................................ $ 1.47 $ 1.93 $ 2.49
Comprehensive Income
Comprehensive income includes charges and credits to stockholders’ equity that are not the result
of transactions with shareholders. Also, comprehensive income consisted of net income plus changes in
unrealized appreciation on marketable securities and unrealized loss on foreign currency translation
adjustment related to the Company’s equity investment in Trip Linhas Aereas (see note 8), net of tax,
for the periods indicated (in thousands):
Year Ended December 31,
2009 2008 2007
Net Income .............................. $83,658 $112,929 $159,192
Proportionate share of other companies foreign
currency translation adjustment, net of tax ...... 972 — —
Unrealized appreciation (depreciation) on
marketable securities, net of tax .............. 3,774 (2,566) 475
Comprehensive income ...................... $88,404 $110,363 $159,667
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