SkyWest Airlines 2011 Annual Report Download - page 99

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SKYWEST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
DECEMBER 31, 2011
(12) Stock Repurchase
The Company’s Board of Directors has authorized the repurchase of up to 20,000,000 shares of
the Company’s common stock in the public market. During the years ended December 31, 2011 and
2010, the Company repurchased 4.1 and 2.1 million shares of common stock for approximately
$60.7 million and $30.0 million, respectively at a weighted average price per share of $14.62 and $14.61,
respectively.
(13) Related-Party Transactions
The Company’s President, Chairman of the Board and Chief Executive Officer, serves on the
Board of Directors of Zions Bancorporation (‘‘Zions’’). The Company maintains a line of credit (see
Note 3) and certain bank accounts with Zions. Zions is an equity participant in leveraged leases on
three CRJ200, two CRJ700 and five Brasilia turboprop aircraft operated by the Company’s subsidiaries.
Zions also serves as the Company’s transfer agent. The Company’s cash balance in the accounts held at
Zions as of December 31, 2011 and 2010 was $51.8 million and $30.4 million, respectively.
(14) Quarterly Financial Data (Unaudited)
Unaudited summarized financial data by quarter for 2011 and 2010 is as follows (in thousands,
except per share data):
Year Ended December 31, 2011
First Second Third Fourth
Quarter Quarter Quarter Quarter Year
Operating revenues (000) ............... $865,951 $933,697 $955,425 $899,850 $3,654,923
Operating income (loss) (000) ........... 227 19,040 26,827 (4,988) 41,106
Net income (loss) (000) ................ (11,063) 1,579 116 (17,967) (27,335)
Net income (loss) per common share:
Basic .............................. (0.21) 0.03 0.00 (0.35) (0.52)
Diluted ............................ (0.21) 0.03 0.00 (0.35) (0.52)
Weighted average common shares:
Basic: ............................. 53,844 52,698 51,570 50,691 52,201
Diluted: ........................... 53,844 53,371 52,315 50,691 52,201
Year Ended December 31, 2010
First Second Third Fourth
Quarter Quarter Quarter Quarter Year
Operating revenues (000) ............... $632,243 $649,759 $686,858 $796,285 $2,765,145
Operating income (000) ................ 42,421 49,288 58,282 51,835 201,826
Net income (000) .................... 15,014 18,655 25,474 37,207 96,350
Net income per common share:
Basic .............................. $ 0.27 0.33 0.46 0.68 1.73
Diluted ............................ 0.26 0.33 0.45 0.67 1.70
Weighted average common shares:
Basic: ............................. 55,855 55,936 55,901 54,747 55,610
Diluted: ........................... 56,864 56,718 56,804 55,719 56,526
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